Clarington Investments Inc. said today that it has completed the initial public offering of Clarington Diversified Income + Growth Fund. The offering of 6.5 million units, at a price of $10 per unit, raised $65 million.

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

The fund’s investment objectives are to provide unitholders with monthly cash distributions equivalent to a 7.0% yield per year based on the original issue price of $10per unit and to return at least the original issue price of the units upon termination of the fund.

The Fund will invest in a widely diversified portfolio of income trusts, high-yield bonds, investment-grade bonds, growth-orientated and dividend-paying equities.

KBSH Capital Management Inc. will act as the investment advisor to the fund.

Trading of the Fund’s units begins today on the Toronto Stock Exchange, under the symbol DIF.UN.