U.S. Housing Recovery Fund (the Fund) is a non-redeemable investment fund. The investment objectives of the Fund are to provide holders of units with the opportunity for capital appreciation; monthly distributions, and lower overall volatility of portfolio returns than would be experienced by owning securities of Housing Issuers directly. The Fund provides investors with an opportunity to gain exposure to the anticipated recovery in the United States housing sector. The assets of the Fund are invested in a portfolio of equity securities of approximately 30 companies operating in sectors that have direct or indirect exposure to the United States housing sector, including homebuilders, building products, home improvement and houseware and appliances (Housing Issuers). Aston Hill Capital Markets Inc. is the Fund's portfolio manager. BMO Nesbitt Burns Inc. is the administrator and investment fund manager of the Fund.