Purpose Investments Inc. on Wednesday announced its proposal to merge two funds.
In a release, the Toronto-based firm said it was terminating the Purpose Structured Equity Yield Portfolio and merging the fund with the Purpose Structured Equity Yield Portfolio II.
The merged fund will be renamed the Purpose Structured Equity Yield Portfolio immediately following the merger, which is expected to take place on or about Nov. 23.
Holders of Series A, F and I shares of the Purpose Structured Equity Yield Portfolio will become holders of Series A shares, Series F shares and Series I shares, respectively, of the merged fund on the effective date.
The merged fund will continue to provide an opportunity for long-term capital appreciation, stable monthly distributions, and less downside risk than a direct investment in broad equity markets, the release said.