MATRIX Income Fund has completed its initial public offering for gross proceeds of $290 million.

The fund has been designed to provide investors with exposure to a broadly diversified portfolio of income trusts, with a bias towards small-capiincome trusts, defined as income trust issuers with a market capitalization equal to or less than $400 million.

The initial portfolio will target a 50% allocation to small-cap trusts, with the remainder of the initial portfolio to be allocated to larger, more liquid income trusts with market capitalizations in excess of $400 million. Over time, it is anticipated that small-cap trusts will increase as a percentage of the total portfolio assets.

The objectives of the fund are to pay monthly distributions to unitholders; to return at least the original subscription price to unitholders upon termination of the Fund on April 30, 2016; and to enhance long-term total return through capital appreciation of the portfolio.

The fund will be actively managed to reduce the risks associated with investments in smaller, less liquid income trusts and to enhance returns.

Middlefield Capital Corp. will act as the portfolio advisor to the fund. The firm has approximately $3 billion in assets under management, $2 billion of which is invested in income trusts.

The syndicate of agents for the offering was co-led by CIBC World Markets Inc. and RBC Capital Markets, and included BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., First Associates Investments Inc., Wellington West Capital Inc., Desjardins Securities Inc., Dundee Securities Corp., Raymond James Ltd., Acadian Securities Incorporated, Middlefield Capital Corp. and Research Capital Corp.