U.S. Banks Income & Growth Fund Announces the completion of its initial public offering

TORONTO, Dec. 14, 2015 /CNW/ - Purpose Investments Inc. ("Purpose"), on behalf of the U.S. Banks Income & Growth Fund (the "Fund"), is pleased to announce that it completed its initial public offering of, in aggregate, 3,187,167 Class A Units and Class T Units (together, the "Units") at a price of $10.00 per Unit for gross proceeds of $31,871,670. The Class T Units are listed on the Toronto Stock Exchange under the symbol PUB.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:



maximize total return through capital appreciation and distributions; and


provide holders of Units ("Unitholders") with monthly cash distributions.


To achieve its investment objectives, the Fund will invest in a portfolio (the "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. At least 50% of the foreign currency exposure within the Portfolio will be hedged back to the Canadian dollar at all times.

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).

The syndicate of agents was led by National Bank Financial Inc. and includes BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., GMP Securities L.P., Canaccord Genuity Corp., Manulife Securities Incorporated, Desjardins Securities Inc., Dundee Securities Ltd., Global Securities Corporation, Industrial Alliance Securities Inc., Mackie Research Capital Corporation and PI Financial Corp.


SOURCE U.S. Banks Income & Growth Fund

For further information: Please visit our website at www.purposeinvest.com or contact Dan Rubin, Vice President, Marketing, at 416-583-3853

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