US Banks Income & Growth Fund completes IPO

Investment Grade Managed Duration Income Fund completed its initial public offering of units at $10 per unit in December 2015 raising over $30 million of proceeds. The Fund’s investment objectives are (i) maximize total return through capital appreciation and distributions; and (ii) provide unitholders with monthly cash distributions by investing in a portfolio comprised primarily of equity securities from a universe of financial sector securities listed in the U.S., including but not limited to commercial banks and industrial banks, and financial services companies such as insurance companies and financial holding companies. Purpose Investments Inc. is the manager of the Fund, with Breton Hill Capital acting as sub-advisor. 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 investment 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. Fasken Martineau advised the issuer and the syndicate of agents, with a team that included John Kruk, Jean-Pierre Chamberland and Mitchell Thaw (tax).