Gencap Funds LP has filed preliminary prospectus for O’Leary Global Income Opportunities Fund, Gencap said Monday.

The fund has been created to invest globally primarily in publicly-traded investment grade corporate bonds, convertible debt securities, preferred shares and dividend-paying equity securities of issuers having market capitalizations of at least $1 billion.

Gencap has appointed Stanton Asset Management Inc. to provide investment advisory services to the fund. Stanton will work with O’Leary Funds Inc. to identify securities providing income and the potential for capital appreciation.

The fund’s investment objectives are:

> to maximize total return for unitholders, and

> to provide unitholders with monthly distributions initially targeted to be 6¢ per trust unit (72¢ per year representing an annual cash distribution of 6% based on the $12 per unit issue price).

The fund proposes to issue units at a price of $12 per unit.

Each unit consists of one transferable trust unit and one trust unit purchase warrant. The units will separate into trust units and warrants upon the earlier of the closing of the over-allotment option and the 30th day following the closing of the offering.

Each warrant entitles the holder to purchase one trust unit at a subscription price of $12 on or before 17:00 ET on March 31, 2010.

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

IE