Gencap Funds today announce that a preliminary prospectus for the O’Leary Global Equity Income Fund has been filed with securities regulators across Canada.

The fund proposes to issue units a price of $12.00 per unit.

Each unit consists of one transferable trust unit and one half of a trust unit purchase warrant. The units will separate into trust units and warrants immediately upon closing of the offering.

Each warrant entitles the holder to purchase one trust unit at $12.00 on or before 17:00 ET on Dec. 31, 2010. Warrants not exercised by the warrant expiry time will be void and of no value.

The tund has been created to invest primarily in global income-generating equity securities. It will permit investors to capitalize on the knowledge and capabilities of Kevin O’Leary and Stanton Asset Management Inc., who will work together to identify global investments providing income and value, plus capital appreciation potential. Stanton believes that the “get paid while you wait” approach provides investors with the opportunity for attractive total returns while diversifying risk, a theme espoused by O’Leary on regular television appearances.

The fund’s investment objectives are to provide unitholders with monthly distributions initially targeted to be 5¢ per trust unit; and to provide capital preservation and long-term capital appreciation.

The net proceeds of the offering will be invested in an actively managed portfolio which will be diversified globally by region, by country and by industry sector. The portfolio will consist primarily of publicly-traded common shares and preferred shares of issuers with a market capitalization of $1 billion or more. The investment team of the portfolio manager, which includes Connor O’Brien, André Marsan and Guthrie Stewart, will focus on securities that offer a relatively high level of current income, as well as value and/or attractive potential for capital appreciation.

The syndicate of agents is co-led by CIBC World Markets Inc. and Scotia Capital Inc., and includes National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Inc., Berkshire Securities Inc., Blackmont Capital Inc. and GMP Securities L.P.