BMO Nesbitt Burns Announces Completion of Fund Reorganizations and Prospectus Filings

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

TORONTO, Dec. 10, 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 that the previously-approved reorganization of each of the Funds (the "Fund Reorganizations") was completed on December 7, 2018. Details of the Fund Reorganizations are set out in the management information circular dated October 1, 2018 (the "Circular"). The Manager also announced the filing of the final offering documents relating to the funds resulting from the Fund Reorganizations.

Fund Reorganizations

DoubleLine Fund Conversion and Merger with PineBridge Fund

DoubleLine Fund converted to an open-end daily redeemable mutual fund governed by National Instrument 81-102 ? Investment Funds ("NI 81-102") that constitutes a commodity pool under National Instrument 81-104 ? Commodity Pools and adopted an investment mandate substantially similar to the PineBridge Fund and was renamed "BMO PineBridge Preferred Securities TACTIC^TM Fund" (as so renamed, the "Continuing Fund"). Following the conversion of the DoubleLine Fund, the PineBridge Fund merged with the Continuing Fund (the "Merger"). The PineBridge Fund was terminated following the completion of the Merger.

Prior to the conversion of the DoubleLine Fund, class U units of the DoubleLine Fund were converted into class A units of the DoubleLine Fund on December 3, 2018. In connection with its conversion, class A units of the DoubleLine Fund were re-designated into class X units of the Continuing Fund.  Class X units of the Continuing Fund will automatically be converted to class A units of the Continuing Fund on or about February 28, 2019. Holders of class X units are encouraged to consider whether they wish to exchange their class X units for a different class of units with a different fee structure offered by the Continuing Fund as described below.  There will be no fees or tax consequences for doing so.

As part of the Merger, PineBridge Fund transferred all of its net assets to the Continuing Fund in exchange for one class P unit of the Continuing Fund for each unit of PineBridge Fund outstanding. Immediately thereafter, all outstanding units of the PineBridge Fund were automatically redeemed and each unitholder of PineBridge Fund participating in the Merger received such number of class P units of the Continuing Fund as was equal to the number of units of PineBridge Fund then held.  Class P units of the Continuing Fund will automatically be converted into class A units of the Continuing Fund on or about February 28, 2019.  Holders of class P units are encouraged to consider whether they wish to exchange their class P units for a different class of units with a different fee structure offered by the Continuing Fund as described below.  There will be no fees or tax consequences for doing so.

All classes of units (including class X units and class P units) of the Continuing Fund are redeemable on a daily basis at their respective net asset value per unit. There are no fees charged for redemption of such units.

The following is a summary of the key features of each class of units of the Continuing Fund:

Global Water Fund and Global Alpha Fund

Under the Fund Reorganizations, each of Global Water Fund and Global Alpha Fund was converted to an open-end mutual fund governed by NI 81-102. Global Water Fund changed its name to "BMO Global Water Solutions TACTIC^TM Fund", and Global Alpha Fund changed its name to "BMO Global Growth TACTIC^TM Fund".

As part of the Fund Reorganizations, existing units of each of Global Water Fund and Global Alpha Fund were re-designated into class X units of BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund, respectively, on a conversion ratio of one (1) to one (1).  Class X units of each of BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund will automatically be converted into class A units of BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund, respectively, on or about February 28, 2019. Holders of class X units are encouraged to consider whether they wish to exchange their class X units for a different class of units with a different fee structure offered by BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund, respectively, as described below.  There will be no fees or tax consequences for doing so.

All classes of units (including class X units) of BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund are redeemable on a daily basis at their respective net asset value per unit.  There are no fees charged for redemption of such units.

The following is a summary of the key features of each class of units of BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund:

Filings and Further Information

The Manager announced that it has filed and obtained a receipt for the final offering documents of the funds resulting from the Fund Reorganizations in each of the provinces and territories of Canada as follows:

• the final simplified prospectus, annual information form and fund facts for BMO Global Water Solutions TACTIC^TM Fund and BMO Global Growth TACTIC^TM Fund; and
• the final prospectus for the Continuing Fund.

All such offering documents are available on SEDAR at www.sedar.com and on the Manager's website at www.bmonotes.com/Type/Investment-Funds and contain details of each class of units of the Funds.

Further information about the Fund Reorganizations is set forth in the Circular and other materials in respect of the special meetings of unitholders of each of the Funds 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

BMO Capital Markets

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.