Investment Grade Managed Duration Income Fund Announces the completion of its initial public offering

TORONTO, Aug. 21, 2015 /CNW/ - Purpose Investments Inc. ("Purpose"), on behalf of the Investment Grade Managed Duration Income Fund (the "Fund"), is pleased to announce that it completed its initial public offering of, in aggregate, 3,083,288 Class A Units and Class T Units (together, the "Units") at a price of $10.00 per Unit for gross proceeds of $30,832,880. The Class T Units are listed on the Toronto Stock Exchange under the symbol PFU.UN.

The Fund uses the Unit Traded Fund (UTF) structure which has been developed to accomplish two goals, namely (a) to enable the Fund to invest virtually all of the gross proceeds from the Offering in the Portfolio, and (b) to encourage the Fund's Class T Units to trade in the market at a price not less than 98.50% of their net asset value throughout the life of the Fund.

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).

Purpose, the investment advisor, will provide investment management advice with regards to the U.S. portion of the Fund's portfolio.

The syndicate of agents was 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.

SOURCE Investment Grade Managed Duration Income Fund

please visit our website at www.purposeinvest.com or contact Dan Rubin, Vice President, Marketing, at 416-583-3853.