Investment Grade Managed Duration Income Fund Announces Exchange Ratios for Exchange Option

TORONTO, Aug. 18, 2015 /CNW/ - Purpose Investments Inc., on behalf of the Investment Grade Managed Duration Income Fund (the "Fund"), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated July 30, 2015.

The Fund's investment objectives are to:

(i)	provide holders of units with a stable stream of monthly distributions;
(ii)	preserve the net asset value per unit; and
(iii)	reduce the risk of rising interest rates by managing portfolio duration,

by investing primarily in U.S. and Canadian dollar denominated investment grade preferred securities.

The initial target distribution yield for the fund is 5.0% per annum based on the original subscription price (or $0.0417 per unit per month or $0.50 per unit per annum).

The number of units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of such security during the period of five consecutive trading days ending on August 18, 2015 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars have been determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on the Bank of Canada noon rate of exchange on the last day of the Pricing Period. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio has been rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.

NAME	TICKER SYMBOL	CUSIP	ISIN	VWAP ($)	EXCHANGE RATIO
AltaGas Ltd	ALA PRA	021361209	CA0213612090	16.5791	1.65791
Artis Real Estate Investment Trust	AX PRE	04315L709	CA04315L7097	15.3642	1.53642
Artis Real Estate Investment Trust	AX PRA	04315L303	CA04315L3039	17.6858	1.76858
Bank of Montreal	BMO PRW	063679880	CA0636798807	21.8789	2.18789
Bank of Montreal	BMO PRS	063679401	CA0636794012	22.6751	2.26751
Bank of Montreal	BMO PRT	063679609	CA0636796090	22.4687	2.24687
Bank of Nova Scotia/The	BNS PRZ	064149610	CA0641496108	22.4256	2.24256
Bank of Nova Scotia/The	BNS PRM	064149776	CA0641497767	25.1884	2.51884
Bank of Nova Scotia/The	BNS PRY	064149636	CA0641496363	22.3165	2.23165
BCE Inc	BCE PRK	05534B679	CA05534B6796	14.9271	1.49271
BCE Inc	BCE PRB	05534B695	CA05534B6952	15.5248	1.55248
BCE Inc	BCE PRQ	05534B596	CA05534B5962	22.6960	2.26960
BCE Inc	BCE PRM	05534B646	CA05534B6465	15.6393	1.56393
BCE Inc	BCE PRC	05534B786	CA05534B7869	15.8398	1.58398
Bombardier Inc	BBD PRB	097751507	CA0977515075	4.4895	0.44895
Bombardier Inc	BBD PRC	097751705	CA0977517055	8.7061	0.87061
Brookfield Asset Management Inc	BAM PRX	112585690	CA1125856908	16.1514	1.61514
Brookfield Asset Management Inc	BAM PFA	112585641	CA1125856411	22.0071	2.20071
Brookfield Asset Management Inc	BAM PFE	112585559	CA1125855595	21.7208	2.17208
Brookfield Asset Management Inc	BAM PRR	112585740	CA1125857401	17.5889	1.75889
Brookfield Asset Management Inc	BAM PFD	112585567	CA1125855678	21.4301	2.14301
Brookfield Office Properties	BPO PRR	112900782	CA1129007821	19.5173	1.95173
Brookfield Office Properties	BPO PRP	112900816	CA1129008167	18.3689	1.83689
Brookfield Renewable Power Preferred Equity	BRF PRE	11283Q602	CA11283Q6022	20.3272	2.03272
Canadian Imperial Bank of Commerce/Canada	CM PRO	136069440	CA1360694402	22.7761	2.27761
Canadian Imperial Bank of Commerce/Canada	CM PRP	136069424	CA1360694246	21.8269	2.18269
Canadian Imperial Bank of Commerce/Canada	CM PRQ	136069390	CA1360693909	24.0622	2.40622
Canadian Utilities Ltd	CU PRC	136717691	CA1367176916	23.1267	2.31267
Canadian Utilities Ltd	CU PRD	136717675	CA1367176759	22.5153	2.25153
Canadian Western Bank	CWB PRB	136765500	CA1367655000	19.9092	1.99092
Dundee Corp	DC PRD	264901802	CA2649018025	15.7925	1.57925
Emera Inc	EMA PRF	290876804	CA2908768047	21.5667	2.15667
Emera Inc	EMA PRC	290876507	CA2908765076	20.0286	2.00286
Enbridge Inc	ENB PRN	29250N774	CA29250N7743	16.8424	1.68424
Enbridge Inc	ENB PRY	29250N683	CA29250N6836	16.6221	1.66221
Enbridge Inc	ENB PFC	29250N592	CA29250N5929	17.8870	1.78870
Enbridge Inc	ENB PRB	29250N709	CA29250N7099	15.3034	1.53034
Enbridge Inc	ENB PRF	29250N865	CA29250N8659	16.1166	1.61166
Enbridge Inc	ENB PRD	29250N881	CA29250N8816	15.6282	1.56282
Enbridge Inc	ENB PRJ	29250N642	CA29250N6422	17.3298	1.73298
Enbridge Inc	ENB PRP	29250N758	CA29250N7586	16.4459	1.64459
Enbridge Inc	ENB PRH	29250N840	CA29250N8402	15.1518	1.51518
Enbridge Inc	ENB PFG	29250N550	CA29250N5507	18.1093	1.81093
Enbridge Inc	ENB PFE	29250N576	CA29250N5762	17.9717	1.79717
Fairfax Financial Holdings Ltd	FFH PRM	303901797	CA3039017973	21.8153	2.18153
Fairfax Financial Holdings Ltd	FFH PRC	303901508	CA3039015084	20.0218	2.00218
First National Financial Corp	FN PRA	33564P202	CA33564P2026	12.0882	1.20882
Fortis Inc/Canada	FTS PRH	349553826	CA3495538264	16.3110	1.63110
Fortis Inc/Canada	FTS PRI	349553818	CA3495538181	15.6050	1.56050
Fortis Inc/Canada	FTS PRG	349553834	CA3495538348	19.8011	1.98011
GMP Capital Inc	GMP PRB	380134205	CA3801342054	11.5487	1.15487
Great-West Lifeco Inc	GWO PRI	39138C866	CA39138C8667	22.2346	2.22346
Husky Energy Inc	HSE PRG	448055806	CA4480558069	22.8927	2.28927
Husky Energy Inc	HSE PRC	448055400	CA4480554001	22.2486	2.22486
Industrial Alliance Insurance & Financial Services	IAG PRG	455871806	CA4558718066	24.5117	2.45117
Innergex Renewable Energy Inc	INE PRA	45790B500	CA45790B5009	13.4252	1.34252
Intact Financial Corp	IFC PRC	45823T601	CA45823T6016	21.6103	2.16103
Manulife Financial Corp	MFC PRC	56501R502	CA56501R5024	21.6392	2.16392
Manulife Financial Corp	MFC PRK	56501R742	CA56501R7426	21.3680	2.13680
Manulife Financial Corp	MFC PRF	56501R858	CA56501R8580	16.7858	1.67858
National Bank of Canada	NA PRW	633067285	CA6330672859	21.7896	2.17896
National Bank of Canada	NA PRS	633067319	CA6330673196	22.9494	2.29494
National Bank of Canada	NA PRQ	633067335	CA6330673352	24.9959	2.49959
Northland Power Inc	NPI PRA	666511308	CA6665113081	14.8458	1.48458
Northland Power Inc	NPI PRC	666511605	CA6665116050	18.0662	1.80662
Pembina Pipeline Corp	PPL PRI	706327806	CA7063278062	23.5523	2.35523
Pembina Pipeline Corp	PPL PRA	706327202	CA7063272024	16.9905	1.69905
Power Financial Corp	PWF PRT	73927C738	CA73927C7382	24.0505	2.40505
Power Financial Corp	PWF PRF	73927C886	CA73927C8869	24.3414	2.43414
Power Financial Corp	PWF PRP	73927C779	CA73927C7796	17.0687	1.70687
Royal Bank of Canada	RY PRZ	78012G411	CA78012G4117	22.5135	2.25135
Royal Bank of Canada	RY PRH	78012H567	CA78012H5675	22.5365	2.25365
Royal Bank of Canada	RY PRA	780085445	CA7800854456	25.0916	2.50916
Royal Bank of Canada	RY PRF	780102653	CA7801026534	25.0735	2.50735
Royal Bank of Canada	RY PRJ	78012Q112	CA78012Q1129	23.8163	2.38163
Royal Bank of Canada	RY PRI	78010A416	CA78010A4164	25.0482	2.50482
Royal Bank of Canada	RY PRG	780102554	CA7801025544	25.1530	2.51530
Royal Bank of Canada	RY PRM	78012T470	CA78012T4708	23.6445	2.36445
Sun Life Financial Inc	SLF PRB	866796303	CA8667963034	22.7190	2.27190
Sun Life Financial Inc	SLF PRI	866796832	CA8667968322	23.3463	2.33463
Sun Life Financial Inc	SLF PRG	866796881	CA8667968819	16.6445	1.66445
Sun Life Financial Inc	SLF PRH	866796865	CA8667968652	20.2065	2.02065
Toronto-Dominion Bank/The	TD PFC	891145658	CA8911456587	21.9145	2.19145
Toronto-Dominion Bank/The	TD PFB	891145674	CA8911456744	22.1234	2.21234
Toronto-Dominion Bank/The	TD PFD	891145633	CA8911456330	24.2372	2.42372
Toronto-Dominion Bank/The	TD PFE	891145617	CA8911456173	24.7138	2.47138
Toronto-Dominion Bank/The	TD PRY	891145708	CA8911457080	25.0899	2.50899
TransAlta Corp	TA PRJ	89346D677	CA89346D6770	14.3959	1.43959
TransCanada Corp	TRP PRB	89353D503	CA89353D5038	13.3426	1.33426
TransCanada Corp	TRP PRD	89353D883	CA89353D8834	19.8023	1.98023
TransCanada Corp	TRP PRC	89353D701	CA89353D7018	13.8793	1.38793
TransCanada Corp	TRP PRH	89353D602	CA89353D6028	12.9252	1.29252
TransCanada Corp	TRP PRA	89353D404	CA89353D4049	17.4116	1.74116
Veresen Inc	VSN PRC	92340R502	CA92340R5024	20.5851	2.05851
iShares S&P/TSX Canadian Preferred Share Index ETF	CPD	46431G205	CA46431G2053	13.7749	1.37749
BMO S&P/TSX Laddered Preferred Share Index ETF	ZPR	05575R104	CA05575R1047	11.1735	1.11735

The syndicate of agents is being led by National Bank Financial Inc. and includes CIBC World Markets Inc., Scotia Capital Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Desjardins Securities Ltd., Dundee Securities Ltd., Global Securities Corporation, Mackie Research Capital Corporation, Manulife Securities Incorporated, PI Financial Corp. and Rothenberg Capital Management Inc.

This offering is made by prospectus. The prospectus contains important information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

SOURCE Investment Grade Managed Duration Income Fund

please visit our website at www.purposeinvest.com or contact Dan Rubin, Vice President, Marketing at [phone] or toll-free at [email protected]