Purpose Total Return Bond Fund May Commentary & Fund Update

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Fund Commentary

The Fund was flat in May. This month, high yield was the best performer while corporate investment grade underperformed. U.S. yields rose as rising inflationary expectations increased the probability of an interest rate hike by year end.

Canada yields rallied higher early in the month, but poor data caused them to decline into month end.

Throughout the month, the Fund maintained a relatively large weight to high yield at 66%, while decreasing its allocation to corporate investment grade bonds to 17% and increasing Government bond positions to 5%. Cash increased to 12%.

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