O'Leary Funds Management LP announces changes to the fund types of certain funds, renames O'Leary Strategic Yield Plus Fund and obtains an exemption for the O'Leary Global Bond Yield Advantaged Fund
MONTREAL, Sept. 30, 2013 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Strategic Yield Plus Fund is announcing that the fund is being renamed to O'Leary Global Growth & Income Fund.
In addition to the above-mentioned modification, in seeking to achieve each fund's investment objectives, the Manager has decided to broaden the category of fund type of certain funds, with the result that the allocation of assets to equity and non-equity securities in these "Balanced" Funds will be more flexible and allow the Manager to better respond to market conditions and as such the following changes are announced:
|Name of Fund||Previous Fund Type||New Fund Type|
|O'Leary Canadian Balanced Income Fund||Canadian Neutral Balanced Fund||Canadian Balanced Fund|
|O'Leary Canadian High Income Fund||Canadian Equity Balanced Fund||Canadian Balanced Fund|
|O'Leary Emerging Markets Income Fund||Global Neutral Balanced Fund||Global Balanced Fund|
|O'Leary Global Infrastructure Income Fund||Global Neutral Balanced Fund||Global Balanced Fund|
O'Leary Strategic Yield Plus Fund
(renamed to O'Leary Global Growth & Income Fund)
|Global Neutral Balanced Fund||Global Balanced Fund|
|O'Leary U.S. Strategic Yield Fund||Global Neutral Balanced Fund||Global Balanced Fund|
Moreover, the Manager received from the relevant securities regulators an exemption from the requirement to obtain unitholder approval in order to change the investment objectives of the O'Leary Global Bond Yield Advantaged Fund to adapt to recent changes to the income tax act which were introduced by the federal government on March 21, 2013. The proposed changes to the investment objectives of the Fund will permit the Fund to maintain the tax benefits of the Forward Agreement as long as possible since utilization of the Forward Agreement will continue to be part of the Fund's investment strategies until the termination of that agreement, thus allowing all unitholders of the Fund to benefit from both the Forward Agreement and the Direct Investment Strategy. A notice will be sent to unitholders of the Fund at least 60 days before this change becomes effective and therefore the new investment objectives as set forth below will be effective on December 15, 2013:
"The Fund's objectives are to preserve capital and to provide unitholders with potential for capital appreciation by investing, primarily, directly or indirectly in publicly traded debt securities of global issuers with market capitalizations of at least $1 billion. The Fund will seek to provide unitholders with periodic distributions in accordance with the distribution policy established for each series."
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to the future outlook of the Funds and anticipated distributions, events or results and may include statements regarding the future financial performance of the Funds. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds striving to provide Canadian investors with reliable and strategic income solutions. Based on our value-yield investment philosophy, Canadian and global investment opportunities are identified through a disciplined investment process. Our core principles, Income, Capital Appreciation and Capital Preservation, are driven by each portfolios investment objectives. Our portfolios are diversified by sector, region and asset class. For more details about O'Leary Funds, visit www.olearyfunds.com.
SOURCE O'Leary Funds Management LPFor further information:
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