A final prospectus for a $250 million initial public offering of O’Leary Hard Asset Income Fund has been filed with Canadian securities regulators, O’Leary Funds Management LP said Wednesday.

The $12 per unit offering is scheduled to close on October 20.

The fund was created to invest in Canada and globally primarily in publicly-traded dividend-paying equity securities of companies owning or controlling significant tangible assets in industry sectors including real estate, pipelines, power utilities, transportation and telecommunications at the time of investment and having market capitalizations of at least $1 billion, as well as corporate bonds, including non-investment grade bonds, convertible debt securities and preferred shares.

The fund aims to provide unitholders with monthly distributions initially targeted to be 6.5 cents per unit, or 78 cents per year representing an annual cash distribution of 6.5% based on the $12 per unit issue price.

O’Leary Funds Management LP has retained Stanton Asset Management Inc. to provide investment advisory services to the fund. Stanton is a Canadian investment firm focused on global investment opportunities, and is also the manager of a variety of specialized funds.

On Oct. 31, 2012, the fund will become an open-end mutual fund, the units of the fund will be delisted and will become redeemable at their net asset value on a daily basis.

The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets and includes National Bank Financial Inc., Scotia Capital Inc., Macquarie Private Wealth Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Genuity Corp., Dundee Securities Corporation, Mackie Research Capital Corporation, Desjardins Securities Corporation, Manulife Securities Incorporated and MGI Securities Inc.

IE