TORONTO, April 24, 2018 (GLOBE NEWSWIRE) -- Purpose Investments Inc., the manager of Investment Grade Managed Duration Income Fund (the “Fund”), announced today that the Class A units of the Fund were automatically converted in accordance with their terms into Class T units effective April 23, 2018. The exchange ratio used for the conversion is 0.96607901 Class T units for each Class A unit converted. No fractional Class T units or cash in lieu thereof will be issued or paid under the conversion. Unitholder holdings are in the process of being updated by the Canadian Depository for Securities Limited and their participant dealers.
The Class A units will be converted into Class T units prior to the April 30, 2018 record date of the upcoming monthly distribution and as such entitled to receive the Class T distribution.
About Purpose Investments Inc.
Purpose Investments Inc. is an asset management company with approximately $5.2 billion under management. Purpose has an unrelenting focus on customer-centric innovation, and offers 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 company.
For further information please contact:
Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.