TORONTO, ONTARIO--(Marketwire - Aug. 19, 2009) - Flaherty & Crumrine Investment Grade Fixed Income Fund (TSX:FFI.UN - News) announces distributions in the amount of $0.08 per unit per month for record dates in August and September 2009 as follows:

                  Record Date            Payment Date
                  ------------------     ------------------
                  August 31, 2009        September 15, 2009
                  September 30, 2009     October 15, 2009

The reduction in distribution rate is due to the expectation of a reduced amount of distributable cash per unit available to the Fund. The announced distribution rate accounts for the anticipated effect of the exercise of the Fund's warrants which expire on September 15. The reduction in distributable cash flow can also be partly explained by the decreased cash flow available from US dollar-denominated income received by the investment portfolio, in light of the recent significant rise in the Canadian dollar.

The new distribution of $0.96 per annum represents an attractive yield of 11.8% p.a. based on fully-diluted net asset value and 13.0% based on market price, as of August 14, 2009. Holders of warrants who subscribe for new units will receive a yield of 14.4% on their $6.65 subscription price.

For additional information concerning the Fund, please call our investor relations line at 416-642-9051 (toll-free at 1-866-642-6001) or visit our website at www.bromptongroup.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed; their values change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.

Forward-looking statements in this press release include among other things, the opinion of the portfolio manager. While we consider these assumptions to be reasonable based on information currently available to the portfolio manager, they may prove to be incorrect. There are no assurances that the actual outcomes will match the forward-looking statements as a result of a number of risks and uncertainties that could cause actual results to differ materially from what we currently expect. Other than as required under securities laws, we do not undertake to update this information at any particular time.

David E. Roode
Brompton Funds Management Limited
Senior Vice President
(416) 642-6008
www.bromptongroup.com