BMO Nesbitt Burns Announces Unitholder Approval of Reorganization Proposals and Final Distributions

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 12, 2018 /CNW/ - BMO Nesbitt Burns Inc., the manager (the "Manager") of Global Water Solutions Fund (the "Global Water Fund"), Global Alpha Worldwide Growth Fund (the "Global Alpha Fund"), DoubleLine Income Solutions Trust (the "DoubleLine Fund"), and PineBridge Investment Grade Preferred Securities Fund (the "PineBridge Fund" and, together with the Global Water Fund, the Global Alpha Fund and the DoubleLine Fund, the "Funds"), announced today that, at the special meetings of unitholders of each of the Funds held today (the "Meetings"), the unitholders approved the proposed reorganization of each of the Funds (the "Fund Reorganizations"). Details of the Fund Reorganizations are set out in the management information circular dated October 1, 2018 (the "Circular").

Fund Reorganizations

As described in the Circular, under the Fund Reorganizations, each of Global Water Fund and Global Alpha Fund will be converted to an open-end mutual fund governed by National Instrument 81-102 – Investment Funds ("NI 81-102"). Global Water Fund will change its name to "BMO Global Water Solutions TACTIC^TM Fund", and Global Alpha Fund will change its name to "BMO Global Growth TACTIC^TM Fund". Further, DoubleLine Fund and PineBridge Fund will merge with the continuing fund to follow the investment mandate of the PineBridge Fund and to be renamed "BMO PineBridge Preferred Securities TACTIC^TM Fund" (the "Merger"). BMO PineBridge Preferred Securities TACTIC^TM Fund will be an open-end daily redeemable mutual fund governed by NI 81-102 that constitutes a commodity pool under National Instrument 81-104 – Commodity Pools. The Fund Reorganizations are subject to receipt of all necessary regulatory approvals.

As part of the Fund Reorganizations, class U units of the DoubleLine Fund will convert into class A units of the DoubleLine Fund on or about December 3, 2018, prior to its conversion to an open-end mutual fund (being the BMO PineBridge Preferred Securities TACTIC^TM Fund).

Further information about the Fund Reorganizations is set forth in the materials in respect of the Meetings which are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on the Manager's website at www.bmonotes.com/Type/Investment-Funds.

Voluntary Delisting from the Toronto Stock Exchange

The Manager also announced that the units of the Global Water Fund, the Global Alpha Fund, the DoubleLine Fund and the PineBridge Fund, currently listed on the Toronto Stock Exchange ("TSX") under the symbols HTO.UN, GAF.UN, DSL.UN and PRF.UN, respectively, will be voluntarily delisted from the TSX at the close of markets on or about November 26, 2018 pursuant to the Manager's application for voluntary delisting and the satisfaction of the conditions to delist from the TSX.

Special Redemption Rights

Unitholders of the PineBridge Fund and unitholders of the DoubleLine Fund who wish to redeem their units prior to the Merger will be granted a special redemption right (the "Special Redemption Right"), allowing such unitholders to redeem their units prior to the Merger on the same terms that are applicable to the annual redemptions of each Fund.

For each DoubleLine Fund unit and PineBridge Fund unit submitted for redemption pursuant to the Special Redemption Right, DoubleLine Fund unitholders and PineBridge Fund unitholders, as applicable, will receive a redemption price per unit equal to the applicable NAV per unit on November 29, 2018, together with any unpaid distributions (including any special distribution) in respect of such unit, less any costs and expenses incurred by the applicable Fund in order to fund such redemption, including brokerage costs, and less any net realized capital gains or income of the applicable Fund that are distributed to redeeming DoubleLine Fund unitholders and PineBridge Fund unitholders concurrently with the proceeds of disposition on redemption (the "Redemption Amount"). The Redemption Amount will be paid to applicable unitholders on or before December 15, 2018. For DoubleLine Fund unitholders, the Redemption Amount in respective of Class A Units will be paid in Canadian dollars and the Redemption Amount in respective of Class U Units will be paid in United States Dollars.

In order to exercise the Special Redemption Right, the PineBridge Fund units and the DoubleLine Fund units, as applicable, must be surrendered for redemption prior to 5:00 p.m. (Toronto time) on November 20, 2018, subject to the applicable Fund's right to suspend redemptions in certain circumstances.

Additional Distributions

In connection with the Merger, the PineBridge Fund and the DoubleLine Fund may make an additional distribution prior to the Merger to the extent it has net realized capital gains or income that has not been distributed prior to the Merger (any such distribution, an "Additional Distribution"). Any such Additional Distribution will be payable in cash with a record date of December 6, 2018.

Final Distributions

Each of the PineBridge Fund and the DoubleLine Fund also announced today a final regular distribution, as follows:

Fund	Distribution Type	Record Date	Amount	Payment Date
DoubleLine Fund	Regular Monthly	November 30, 2018	Class A $0.05417 (CAD) Class U $0.05417 (USD)	December 4, 2018
PineBridge Fund	Regular Monthly	November 30, 2018	$ 0.125	December 4, 2018

BMO Capital Markets

For further information, please contact BMO Capital Markets at 1-866-864-7760 (English) or 1-866-529-0017 (French), or visit our website at www.bmonotes.com.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will", "estimate" and similar expressions to the extent they relate to the Funds and the Manager. The forward-looking statements are not historical facts but reflect the current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Funds and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Funds nor the Manager undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

SOURCE BMO Nesbitt Burns Inc.