BLACK

DIAMOND
GLOBAL
ENHANCED
INCOME
FUND
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE
For the financial period ended December 31, 2022
 BLACK DIAMOND GLOBAL ENHANCED INCOME FUND

This annual management report of fund performances contains financial TABLE OF CONTENTS
highlights, but does not contain either interim or annual financial statements
of the investment fund. You can get a copy of the interim or annual financial Letter to investors 1
statements at your request, and at no cost, by calling 1-866-261-4569, by writing
Annual management report of fund performance 2
to us at 130 Adelaide St. W, Suite 3100, P.O. Box 109, Toronto, ON M5H 3P5 or by
visiting our website at www.purposeinvest.com or SEDAR at www.sedar.com. Financial highlights 3
Securityholders may also contact us using one of these methods to request a Summary of investment portfolio 5
copy of the investment fund’s proxy voting policies and procedures, proxy voting Fund information Back cover
disclosure record, or quarterly portfolio disclosure.

CAUTION REGARDING FORWARD-LOOKING

STATEMENTS
This report may contain forward-looking statements about the Fund, including
its strategy, expected performance and condition. Forward-looking statements
include statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “estimates,” or negative versions
thereof and similar expressions.
In addition, any statement that may be made concerning future performance,
strategies or prospects, and possible future action, is also a forward-looking
statement. Forward-looking statements are based on current expectations
and projections about future events and are inherently subject to, among
other things, risks, uncertainties, and assumptions about the Fund and
economic factors.
Forward-looking statements are not guarantees of future performance, and
actual events and results could differ materially from those expressed or implied
in any forward-looking statements made by the Fund. Any number of important
factors could contribute to these digressions, including, but not limited to,
general economic, political and market factors, interest and foreign exchange
rates, global equity and capital markets, business competition, technological
change, changes in government regulations, unexpected judicial or regulatory
proceedings, and catastrophic events. We stress that the abovementioned list
of important factors is not exhaustive. We encourage you to consider these and
other factors carefully before making any investment decisions, and urge you
to avoid placing undue reliance on forward-looking statements. Further, you
should be aware of the fact that the Fund has no specific intention of updating
any forward-looking statements whether as a result of new information, future
events or otherwise, prior to the release of the next Management Report of
Fund Performance.

2022 ANNUAL REPORT

 BLACK DIAMOND GLOBAL ENHANCED INCOME FUND
LETTER TO INVESTORS
Last year continued to be challenging for much of society with high inflation,
rising interest rates, and heightened market uncertainty. We have always
navigated uncertain and challenging periods here at Purpose by keeping you –
our investors – at the centre of everything we do.
Our focus is on creating industry-leading investment products and solutions
focused on helping clients meet their specific goals and to enable the building
of more resilient portfolios to achieve long-term success. And no matter what
challenges or hurdles may come in 2023 and beyond, we will always continue
to measure our success by the happiness of our clients.
While the past year had its challenges in the markets, we continued to work
hard to create innovative investment solutions for Canadians. We expanded
our industry-leading cash solutions lineup with the launch of the Purpose
Cash Management Fund. We designed this fund to take advantage of the current
economic environment of rising interest rates into higher yields for investors’
cash allocations while still keeping true to the safety and stability of other
money market funds, giving investors a safe place to generate good returns
without market exposure.
In addition, through a carefully managed portfolio and thoughtfully designed
income policy, the Longevity Pension Fund is proud to be able to hold its
distribution levels steady for 2023. This is Longevity doing what it was set out
to do. It was built conservatively to be robust and manage through both good
and bad times in the market. While we did not want to see the markets as they
were last year, holding its distribution levels after such a challenging year really
shows Longevity’s ground-breaking solution in helping to provide income
security to clients in retirement.
Most recently, we launched Yield Shares by Purpose. The first of its kind, this
unique suite of yield-focused ETFs provides investors with enhanced monthly
distribution yield through an investment in funds holding some of the world’s
most widely held and sought after stocks. With a different risk-return profile
that is geared to proving a high level of current yield on the different underlying
stocks, these ETFs allow investors to access some of their favorite companies
with a higher income stream.
It’s hard to know for sure what 2023 will throw at us. This bear market will end
at some point, but like many others, it’s hard to say exactly when. And while
there are still economic and social challenges to overcome, we must remain
mindful and vigilant. Our portfolio management team continues to do an
excellent job of focusing on risk management, finding ways to improve how
we manage money on behalf of our customers, and maintaining a solid sense
of perspective.
We’re confident that we’ve built a phenomenal lineup of investment products
and solutions to serve any part of your needs as we move forward, and know
that we are not done. We will continue to drive our innovation cycle around
products that solve real problems Canadians have and provide opportunities
to meet your goals in a meaningful way.
I want to take a moment to thank the incredible team that makes up Purpose.
I continue to be inspired by their relentless drive to redefine what a modern
asset management firm can be.
Finally, and most importantly, Purpose exists to help build the success of our
customers, investors, and partners. I want to thank you personally for your
support and for being a part of our growing story. As we enter our tenth year,
we continue to be humbled and honoured that you’ve placed your trust in us,
and we don’t take it for granted, especially in challenging times like these.
Warmly,
Som Seif
CEO
Purpose Investments Inc.
2022 ANNUAL REPORT 1
 BLACK DIAMOND GLOBAL ENHANCED INCOME FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE

The management report of fund performance presents the views of the portfolio down much more. The bond market had a huge reset of interest rates. Heading
management team concerning significant factors and developments that have into the year, short-term interest rates were still near the pandemic-era low of
affected the Fund’s performance and outlook. almost zero. However, the US Federal Reserve (the “Fed”) began a gradual shift
Please read the caution on the inside of the cover page regarding forward- to a tighter monetary policy and embarked on an aggressive rate hiking cycle,
looking statements. taking the Fed funds rate from 0% at the beginning of the year to 4.25% at the
December meeting.
INVESTMENT OBJECTIVES AND STRATEGIES The Fund was positive on the year. By sector, losses in information technology,
communication services, and consumer discretionary were offset by gains in
Black Diamond Global Enhanced Income Fund’s (the “Fund”) investment equity index. Within asset classes, equities detracted from performance, but
objectives are to provide unitholders with income, and the potential these losses were offset by options and cash. Geographically, the United States,
for long-term capital growth, by investing primarily in equity securities, Brazil, and Sweden contributed positively, while Japan, Europe, and the
derivative instruments, fixed‑income and/or income-oriented securities United Kingdom detracted.
anywhere in the world.
Purpose Investments Inc. (“Purpose” or the “Manager”) is the manager of RECENT DEVELOPMENTS
the Fund.
There were no changes to the Manager of the Fund, nor were there any material
The Fund will not change its fundamental investment objectives unless the changes to the investment philosophy or process. The Manager actively
consent of a majority of the Fund’s unitholders has been obtained. monitors the positioning of the Fund’s portfolio for changes in current market
conditions and the economic environment.
RISK
The risks of investing in the Fund are disclosed in the Fund’s prospectus and RELATED PARTY TRANSACTIONS
there have been no significant changes during the year that affected the overall Purpose is deemed to be a related party as Manager of the Fund. Please refer
level of risk associated with the Fund. below to the “Management Fee” section for fees paid to Purpose. Purpose
has also appointed an Independent Review Committee (“IRC”) as required
RESULTS OF OPERATIONS by National Instrument 81-107 Independent Review Committee for Investment
The net asset value per unit as at: Funds. The mandate of the IRC is to review, and provide input on, the Manager’s
written policies and procedures that deal with conflict of interest matters in
December 31, December 31, respect of the Funds. IRC members receive fees and reimbursement of expenses
2022 2021 for services provided to the Fund and other Purpose managed funds and
Class ($) ($) such costs are allocated among all the Funds on a fair and reasonable basis.
Class A Units 18.97 18.29 The fees for services rendered to the Funds are reported in the Statement
Class F Units 19.22 18.32 of Comprehensive Income. There are no other related party transactions for
the Fund.
During the year ended December 31, 2022 the Fund paid distributions
as follows: INDEPENDENT REVIEW COMMITTEE
The Manager is required to comply with the policies and procedures presented
Class A Units Class F Units to the IRC with respect to various potential conflicts of interest including
Month ($) ($)
valuation and the allocation of operating expenses and to provide periodic
January 0.0502 0.0505 reports to the IRC in accordance with NI 81-107.
February 0.0502 0.0505
March 0.0502 0.0505
The members of the Independent Review Committee as at December 31, 2022
were Douglas G. Hall (Chair), Randall C. Barnes, and Jean M. Fraser.
April 0.0502 0.0505
May 0.0502 0.0505
June 0.0502 0.0505
July 0.0502 0.0505
August 0.0502 0.0505
September 0.0502 0.0505
October 0.0502 0.0505
November 0.0502 0.0505
December 0.0502 0.0505
Total 0.6024 0.6060

Many investors consider 2022 to have been a disaster, as almost all asset classes
finished the year with negative returns. However, it may be better to think of it
as the year that yields returned to normal. The investing period from the start of
the pandemic until the end of 2021 was not normal, and the returns investors
realized in that period were mainly a function of the increase in the money
supply from governments and global central banks.
2022 was a historically bad year for risk assets as equities and long bonds have
never both been down over -10% YTD in the last 150 years. Within equities, value
outperformed growth last year and should once again. Many of the winning
stocks from the last cycle (e.g., FAANG) fell over 50% from their highs, while
the stay-at-home winners from the pandemic (e.g., PTON, ZOOM, SHOP) were

2022 ANNUAL REPORT 2

 BLACK DIAMOND GLOBAL ENHANCED INCOME FUND

FINANCIAL HIGHLIGHTS NET ASSETS PER UNIT 1

The following tables show selected key financial information about the Fund 2022 2021 2020 a
Class F Units ($) ($) ($)
and are intended to help you understand the Fund’s financial performance for
Net asset value, beginning of year 18.32 20.75 20.00 b
the years ended December 31:
Increase (decrease) from operations:
NET ASSETS PER UNIT 1 Total revenue 0.11 0.13 0.03
2022 2021 2020 a Total expenses (1.20) (0.35) (0.08)
Class A Units ($) ($) ($) Realized gains (losses) for the year (4.46) 0.06 (0.01)
Net asset value, beginning of year 18.29 20.70 20.00 b Unrealized gains (losses) for the year 1.36 (1.91) 0.83
Increase (decrease) from operations: Total increase (decrease) from operations 2 (4.19) (2.07) 0.77
Total revenue 0.11 0.12 0.04 Distributions:
Total expenses (1.69) (0.77) (0.13) From capital gains – (0.65) (0.05)
Realized gains (losses) for the year (5.85) 0.31 – Return of capital (0.61) (0.06) –
Unrealized gains (losses) for the year 3.20 (1.54) 0.60 Total distributions 3 (0.61) (0.71) (0.05)
Total increase (decrease) from operations 2 (4.23) (1.88) 0.51 Net asset value, end of year 19.22 18.32 20.75
Distributions:
Notes:
From capital gains – (0.44) (0.05) a) Information presented is for the period October 15, 2020 to December 31, 2020.
Return of capital (0.60) (0.04) – b) Initial offering price.
Total distributions 3 (0.60) (0.48) (0.05) 1) This information is derived from the Fund’s financial statements prepared in accordance with IFRS. For purposes of
unitholder transactions, the Net Asset Value is calculated in accordance with the valuation rules as set out in the Fund’s
Net asset value, end of year 18.97 18.29 20.70 prospectus. The Fund’s accounting policies for measuring the fair value of investments and derivatives are consistent
Notes: with those used in measuring the Net Asset Value for transactions with unitholders.
a) Information presented is for the period October 15, 2020 to December 31, 2020. 2) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase
b) Initial offering price. (decrease) from operations is based on the weighted-average number of units outstanding over the financial period.
1) This information is derived from the Fund’s financial statements prepared in accordance with IFRS. For purposes of 3) Distributions were paid in cash or reinvested in additional units of the Fund.
unitholder transactions, the Net Asset Value is calculated in accordance with the valuation rules as set out in the Fund’s
prospectus. The Fund’s accounting policies for measuring the fair value of investments and derivatives are consistent
with those used in measuring the Net Asset Value for transactions with unitholders.
RATIOS AND SUPPLEMENTAL DATA
2) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase Class F Units 2022 2021 2020
(decrease) from operations is based on the weighted-average number of units outstanding over the financial period. Total net asset value ($) (000s) 1 14,969 49,514 24,855
3) Distributions were paid in cash or reinvested in additional units of the Fund.
Number of units outstanding (000s) 1 779 2,703 1,198
Management expense ratio 2 1.90% 1.35% 1.56%
RATIOS AND SUPPLEMENTAL DATA
Management expense ratio before waivers or absorptions 2 1.90% 1.35% 1.56%
Class A Units 2022 2021 2020 Management expense ratio before allocation of expenses from
Total net asset value ($) (000s) 1 1,437 3,160 4,495 underlying funds 2 1.89% 1.35% 1.56%
Number of units outstanding (000s) 1 76 173 217 Trading expense ratio 3 4.87% 0.44% 0.18%
Management expense ratio 2 3.06% 2.48% 2.65% Portfolio turnover rate 4 715.71% 98.17% 1.95%
Management expense ratio before waivers or absorptions 2 3.06% 2.48% 2.65% Notes:
Management expense ratio before allocation of expenses from 1) The financial information presented in the Ratios and Supplemental Data table is derived from the Fund’s net asset
underlying funds 2 3.06% 2.48% 2.65% value calculated for fund pricing purposes (“NAV”) and is provided as at December 31 of the year shown.
Trading expense ratio 3 4.87% 0.44% 0.18% 2) The management expense ratio (“MER”) is calculated as the total expenses, excluding distributions, commissions and
other portfolio transaction costs, for the stated period and is expressed as an annualized percentage of the average
Portfolio turnover rate 4 715.71% 98.17% 1.95% daily NAV of the Fund. The Manager, at its sole discretion, may waive management fees or absorb expenses. Such
Notes: waivers and absorptions can be terminated at any time. If the Fund invests in underlying funds managed by the
1) The financial information presented in the Ratios and Supplemental Data table is derived from the Fund’s net asset Manager, the Manager does not charge management fees and administrative fees that would result in the duplication
value calculated for fund pricing purposes (“NAV”) and is provided as at December 31 of the year shown. of a fee for the same services.
2) The management expense ratio (“MER”) is calculated as the total expenses, excluding distributions, commissions and 3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an
other portfolio transaction costs, for the stated period and is expressed as an annualized percentage of the average annualized percentage of the Fund’s daily average NAV. The trading expense ratio is calculated at the portfolio level
daily NAV of the Fund. The Manager, at its sole discretion, may waive management fees or absorb expenses. Such and applies to all classes of units of the Fund.
waivers and absorptions can be terminated at any time. If the Fund invests in underlying funds managed by the 4) The portfolio turnover rate is calculated at the portfolio level based on the lesser of purchases or proceeds of sales
Manager, the Manager does not charge management fees and administrative fees that would result in the duplication of securities for the year, excluding cash, short-term notes, and bonds having maturity dates at acquisition of one
of a fee for the same services. year or less, divided by the average value of the portfolio securities for the year. The Fund’s portfolio turnover rate
3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an indicates how actively the Fund’s investment sub-advisor manages its portfolio investments. A portfolio turnover rate
annualized percentage of the Fund’s daily average NAV. The trading expense ratio is calculated at the portfolio level of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year.
and applies to all classes of units of the Fund. The higher the portfolio turnover rate in a year, the greater the trading costs payable in the year and the greater the
4) The portfolio turnover rate is calculated at the portfolio level based on the lesser of purchases or proceeds of sales chance of taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and
of securities for the year, excluding cash, short-term notes, and bonds having maturity dates at acquisition of one fund performance. The portfolio turnover rate is calculated at the portfolio level and applies to all classes of units of
year or less, divided by the average value of the portfolio securities for the year. The Fund’s portfolio turnover rate the Fund.
indicates how actively the Fund’s investment sub-advisor manages its portfolio investments. A portfolio turnover rate
of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year.
The higher the portfolio turnover rate in a year, the greater the trading costs payable in the year and the greater the
chance of taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and
fund performance. The portfolio turnover rate is calculated at the portfolio level and applies to all classes of units of
the Fund.

2022 ANNUAL REPORT 3

 BLACK DIAMOND GLOBAL ENHANCED INCOME FUND

MANAGEMENT FEES Class A Units – NAV

Series A
Purpose manages and administers the business, operations and affairs of the
15.0%
Fund. As compensation for the services it provides the Fund will pay Purpose
an annual management fee (the “Management Fees”), plus applicable HST, 10.0% 7.3%
calculated and accrued daily and paid monthly in arrears, equal to the following 5.0%
3.5%
percentage of the net assets of each class of units: 0.0%
Annual Management Fee -5.0%
(% of Net Asset Value of each unit)
-10.0%
Class Management Fee -9.5%
-15.0%
Class A Units* 1.95%
2020 2021 2022
Class F Units 0.95%
* Includes a service fee at an annual rate of 1.00% of the daily average Net Asset Value of the Class A Units. Return labelled 2020 is for the period from October 15, 2020 to December 31, 2020.

The Fund may from time to time invest in other investment funds which are Class F Units – NAV Series F
related funds managed by Purpose. An investment is made where it is an
15.0%
efficient and cost-effective way for the Fund to execute its investment strategy.
10.0%
8.5%
The Investment may only be made on the basis that there will be no duplication
of management fees. 3.8%
5.0%
0.0%
PAST PERFORMANCE -5.0%
Please note that the performance information shown in this section assumes -10.0%
that all distributions made by the Fund, if any, in the period shown were -9.6%
reinvested in additional securities of the Fund. It does not take into account -15.0%
2020 2021 2022
sales, redemptions, distributions or other optional charges, or income
taxes payable by any investor, which would have reduced the returns. The Return labelled 2020 is for the period from October 15, 2020 to December 31, 2020.
performance of the Fund in the past does not necessarily indicate how it will
perform in the future. ANNUAL COMPOUND RETURNS
YEAR‑BY‑YEAR RETURNS The table below summarizes the Fund’s annual compound total returns for
The bar charts show the performance of each class of units for the financial the periods ended December 31 as indicated. As a basis of comparison we have
period in percentage terms, indicating how much an investment made on provided the performance of 20% ICE BofA US Cash Pay High Yield Index, 20%
the first day of the period would have grown or decreased by the last day of S&P/TSX North American Preferred Stock Index, 10% S&P/TSX Capped REIT
the period. Index, 20% S&P/TSX Dividend Index and 30% FTSE TMX Canada Universe Bond
Index (“Index”). As the criteria for determining the constituents of the Fund and
the Index differ, it is not expected that the Fund’s performance will mirror that of
the Index. Further, the return of the Index is calculated without the deduction of
management fees and fund expenses whereas the performance of the Fund is
calculated after deducting such fees and expenses.
Class A Units Class F Units
NAV NAV Index
Period (%) (%) (%)
1 year 7.33 8.54 (11.44)
Since inception 1 0.34 0.93 0.69
1) Return since inception is for the period starting October 15, 2020.

2022 ANNUAL REPORT 4

 BLACK DIAMOND GLOBAL ENHANCED INCOME FUND

SUMMARY OF INVESTMENT PORTFOLIO

As at December 31, 2022
SECTOR MIX TOP 25 HOLDINGS
% of Fund’s % of Fund’s
Net Asset Value Net Asset Value
Long Positions Cash and Cash Equivalents 12.8
Information Technology 21.9 iShares iBoxx $ Investment Grade Corporate Bond ETF 7.0
Communication Services 18.7 SPDR S&P 500 ETF Trust 3.0
Consumer Discretionary 13.4 Invesco QQQ Trust, Series '1' 2.9
Health Care 10.6 Tesla Inc. 2.7
Investment Funds 7.0 Alphabet Inc., Class 'A' 2.7
Equity Put Options 6.7 ANGI Homeservices Inc. 2.6
Consumer Staples 3.4 NVIDIA Corp. 2.5
Financials 3.3 Sea Ltd. 2.5
Materials 3.2 First Solar Inc. 2.5
Industrials 2.1 Exact Sciences Corp. 2.3
Real Estate 1.2 salesforce.com Inc. 2.2
Cash and Cash Equivalents 12.8 Straumann Holding AG 2.2
Net Other Assets (3.5) Sika AG 2.2
Short Positions Align Technology Inc. 2.2
Equity Put Options (0.8) Walt Disney Co. (The) 2.1
Total Net Asset Value 100.0 Amazon.com Inc. 2.1
Anheuser-Busch InBev SA 2.0
Auction Technology Group PLC 2.0
PayPal Holdings Inc. 2.0
Meta Platforms Inc., Class 'A' 1.9
Workday Inc., Class 'A' 1.9
Inogen Inc. 1.9
Ringcentral Inc. 1.9
ROBLOX Corporation 1.8
For investments in other investment funds, their prospectus and other information is available at www.sedar.com.
The investment portfolio may change due to ongoing portfolio transactions. An updated listing is available quarterly.

2022 ANNUAL REPORT 5

FUND INFORMATION
MANAGER BOARD OF DIRECTORS AND
Purpose Investments Inc. INDEPENDENT REVIEW COMMITTEE
130 Adelaide Street West OF PURPOSE INVESTMENTS INC.
Suite 3100, P.O. Box 109
Toronto, ON M5H 3P5 DOUGLAS G. HALL
Chair of the Independent Review Committee
AUDITOR
Ernst & Young LLP RANDALL C. BARNES
EY Tower Member of the Independent Review Committee
100 Adelaide Street West, P.O. Box 1
JEAN M. FRASER
Toronto, ON M5H 0B3
Member of the Independent Review Committee
CUSTODIAN
CIBC Mellon Trust Company
1 York Street, Suite 700
Toronto, ON M5J 0B6 OFFICERS AND DIRECTORS OF
PURPOSE INVESTMENTS INC.
UNITHOLDER AND RECORDKEEPING
CIBC Mellon Global Securities Company SOM SEIF
1 York Street, Suite 700 Chief Executive Officer, Chairman of the Board of Directors
Toronto, ON M5J 0B6 and Director

VLADIMIR TASEVSKI
Chief Operating Officer and Director

JEFF BOUGANIM
Chief Financial Officer and Director

ALESSIA CRESCENZI
Chief Compliance Officer and Senior Legal Counsel

Front cover photo by Kalen Emsley on Unsplash.

Purpose Investments Inc. T 416 583-3850 www.purposeinvest.com

130 Adelaide St. W, Suite 3100 TF 877 789-1517 info@purposeinvest.com
P.O. Box 109, Toronto, ON M5H 3P5 F 416 583-3851