Purpose Investments Inc. (“Purpose”) today announced its proposal to merge Purpose Structured Equity Yield Portfolio (PSY) and Purpose Structured Equity Yield Portfolio II (PSY II) (the “Merger”) on or about November 23, 2021 (the “Effective Date”). These funds are designed to provide investors with (i) the opportunity for long-term capital appreciation, (ii) stable, monthly distributions, and (iii) less downside risk than a direct investment in the broad equity markets by investing, directly or indirectly, in a broad portfolio of North American and global equity securities and partially hedging the portfolio’s downside risk. The Merger is being implemented in order to more effectively and efficiently manage the fund portfolios as well as to reduce costs for the benefit of shareholders.
The Merger will be implemented on a tax-deferred basis. Following the Merger, PSY II will continue to provide an opportunity for long-term capital appreciation, stable monthly distributions, and less downside risk than a direct investment in the broad equity markets.
As a result of the Merger, holders of Series A shares, Series F shares and Series I shares of PSY will become holders of Series A shares, Series F shares and Series I shares, respectively, of PSY II on the Effective Date.
“We see this merger as a strategic way to streamline our popular family of structured funds to help benefit investors. We are very proud of our family of structured products that also includes Purpose Structured Equity Yield Plus Portfolio and Purpose Structured Equity Growth Fund. We believe Purpose Structured Equity Yield Portfolio II will continue to provide investors with a unique way to add portfolio stability over the long term while generating above market distributions, at times of record low interest rates,” says Vlad Tasevski, Chief Operating Officer and Head of Product at Purpose Investments.
About Purpose Investments Inc.
Purpose is an asset management company with more than $12 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent, technology-driven financial services platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.
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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and other disclosure documents before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Purpose cautions the reader not to place undue reliance upon any such forward-looking statements contained herein, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.
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