Purpose Investments Inc. Announces Completion of Transaction and Merger of Legg Mason BW Investment Grade Focus Fund With the Limited Duration Investment Grade Preferred Securities Fund

TORONTO, ONTARIO--(Marketwired - March 14, 2014) - Legg Mason BW Investment Grade Focus Fund (TSX:BWI.UN) ("BWI Fund") and Limited Duration Investment Grade Preferred Securities Fund (TSX:PFD.UN) ("Purpose Fund") announced today the completion of the previously announced Change of Manager, Change of Auditor and Merger of the BWI Fund into the Purpose Fund.

The Merger was effected by the transfer of all of the assets of the BWI Fund in exchange for the assumption of liabilities and issuance of class A units ("Class A units") by the Purpose Fund. The exchange ratio for determining the number of redeemable, transferable Class A Units of the Purpose Fund to be received by unitholders of the BWI Fund is 0.381662192 Class A Units for each unit of the BWI Fund held. This exchange ratio was calculated as the relative net asset values between the units of the BWI Fund and the Class A Units of the Purpose Fund as of the close of business on March 13, 2014. Any fractional units were rounded down to the nearest whole number.

Trading in the units of the BWI Fund will be halted on Friday, March 14, 2014 and will be delisted at the close of business that day. Following the delisting, the all the units of the BWI Fund will be redeemed in exchange for Class A Units of the Purpose Fund and the BWI Fund will cease to be a reporting issuer in each of the Provinces and Territories of Canada and will be terminated.

Unitholders of the BWI Fund are not required to take any action in order to receive Class A Units of the Purpose Fund. Registration of such beneficial interests in Class A Units of the Purpose Fund will be made only through the book-entry only system administered by CDS Clearing and Depository Services Inc.

As of today, Purpose has also become the manager of the Purpose Investment Grade Focus Fund (formally LMIG Trust) (the "Trust") and has retained Nuveen Asset Management, LLC as portfolio advisor to the Trust. The investment objectives and strategies of the Trust have also been updated to correspond to the investment objectives and strategies of the Purpose Fund, which obtains economic exposure to the portfolio held by the Trust through a forward purchase and sale agreement.