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Goldman Sachs U.S. Income Builder Trust Announces Investment Update, Distributions and Distribution Reinvestment Plan
|By Marketwired .
|July 9, 2014 01:44 PM EDT
TORONTO, ONTARIO -- (Marketwired) -- 07/09/14 -- Goldman Sachs U.S. Income Builder Trust (the "Fund") (TSX: GSB.UN) is pleased to announce that as of July 4, 2014, the Fund has invested approximately 90% of the net proceeds it received from its initial public offering plus leverage. The investment objectives of the Fund are to seek to provide (i) income; and (ii) capital appreciation, in each case, through investing in an actively managed, diversified portfolio comprised primarily of U.S. fixed income and equity securities. Goldman Sachs Asset Management, L.P. ("GSAM") has been retained as the sub-adviser of the Fund and draws on its deep research capabilities and global team of investment professionals from its Global Fixed Income and Fundamental Equity Groups to select investments for the portfolio.
The Fund is also pleased to announce its first distribution in the amount of $0.05278 per Class A unit to be paid on August 15, 2014 to unitholders of record at the close of business on July 31, 2014. This distribution covers the period from the closing of the initial public offering on June 23, 2014 to July 31, 2014 and is, therefore, higher than the anticipated normal monthly distribution rate.
The Fund also announces distributions in the amount of $0.04167 per Class A unit for record dates in August and September 2014 as follows:
Record Date Payment Date
August 29, 2014 September 15, 2014
September 30, 2014 October 15, 2014
Goldman Sachs U.S. Income Builder Trust also announces a distribution in the amount of US$0.05278 per Class U unit payable on August 15, 2014 to unitholders of record on July 31, 2014, as well as a distribution in the amount of US$0.04167 per Class U unit for record dates in August and September as noted above.
The Fund is pleased to announce that it has initiated a distribution reinvestment plan ("DRIP") that is available for both the Class A units and the Class U units beginning with the July 31, 2014 record date. The DRIP provides unitholders with the ability to automatically reinvest distributions and realize the benefits of compound growth. Under the DRIP, for the Class A units, if the 10 day weighted average trading price prior to the distribution payment date (the "Trading Price") is higher than the net asset value per unit ("NAV"), such that the Fund is trading at a premium to NAV, Class A unitholders will benefit from reinvesting distributions at a lower value, generally being NAV. If the Trading Price of the Class A units is lower than the NAV, such that the Fund is trading at a discount to NAV, Class A unitholders will generally benefit from reinvesting at below NAV through the acquisition of units in the market. Class U units will be issued by the Fund at a price equal to the Net Asset Value per Unit of the Class U units. The DRIP provides an attractive reinvestment mechanism in both circumstances when the Fund trades at a premium or a discount to NAV. Contact your investment advisor to enroll in the Fund's DRIP and please visit our website for complete details of the DRIP plan.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is an experienced investment fund manager operating since 2002. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-9051, (toll-free at 1-866-642-6001) email [email protected] or visit our website at www.bromptongroup.com.
About Goldman Sachs Asset Management
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $956 billion as of March 31, 2014. GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
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