Purpose Tactical Hedged Equity Fund

The fund seeks to provide (i) consistent long-term capital appreciation with an attractive risk-adjusted rate of return investing in a portfolio of U.S. listed equities, and (ii) less volatility and low correlation to U.S. equity markets by tactically hedging the fund’s exposure to overall market risk. Its proprietary methodology emphasizes factors that highlight strong performing stocks such as fundamental change, valuation, growth and quality. Hedging is intended to enable the fund to take advantage of the expected value (or alpha) associated with the fund’s individual portfolio investments but with reduced risk that is associated with the overall market (or beta). The fund may use derivatives in order to further meet its investment objectives, and may also engage in short selling or other securities lending transactions to generate additional income. Portfolio holdings are reconstituted and rebalanced monthly.