MONTREAL, March 20, 2013 /CNW Telbec/ - O'Leary Funds Management LP, the
manager and trustee (the "Manager") of O'Leary U.S. Strategic Yield
Advantaged Fund (TSX: OUY.u OUY.un) (the "Fund") announces details
about the conversion (the "Conversion") of the Fund into an open-end
mutual fund on or about May 24, 2013 (the "Conversion Date").
The investment mandate of the Fund will not change as a result of the
Conversion. The Conversion will be implemented on a tax deferred basis.
Class A units and Class U units may be surrendered for redemption
during the month of April, 2013 prior to 5:00 p.m. (Toronto time) on
the last business day in April, 2013. Units surrendered for redemption
during this period will be redeemed on April 30, 2013 and Unitholders
will receive payment on or before the 15th day following April 30, 2013.
Unitholders of record, as at April 30, 2013, will receive the final
monthly distribution of $0.06 CAD per Class A unit and $0.06 USD per
Class U unit. This represents the final distribution as a closed-end
fund and is expected to be paid on or before May 15, 2013.
On the Conversion Date:
The Class A units and the Class U units will be delisted from the
Toronto Stock Exchange at the close of business on or about May 24,
The Fund will become an open-end mutual fund;
The trust units of the Fund will become redeemable at their net asset
value per Class A and Class U unit on a daily basis;
The class A units will be exchanged for Series X hedged units and the
Class U units will be exchanged for Series X unhedged units;
The fee paid to the Manager will be reduced from 1.50% to 1.30% and the
fee paid to the Manager for service fees payable to dealers will be
increased from 0.40% to 0.60% for an aggregate management fee of 1.90%
for the Series X hedged units and the Series X unhedged units.
Once all operational steps required to implement the Conversion are
completed and a receipt for the final simplified prospectus is received
from the securities regulatory authorities, subscriptions for
additional investments and redemptions can be made via FUNDSERV. The
Manager believes that the Conversion will provide investors with
enhanced liquidity and pricing by providing them with the continuous
rights to subscribe for additional units or redeem units on a daily
basis at their net asset value. Unitholders will also be able to switch
their units into other series offered by the Fund and into Series X
units of other mutual funds offered by the Manager.
Important information for non-residents: Unitholder accounts which are
deemed to be non-resident of a Canadian province will not be allowed to
hold units of the Fund following the Conversion and accordingly, will
be redeemed shortly after the Conversion is completed.
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 LP
For further information:
For further information: for media inquiries or additional information, please contact Louise Anne Poirier, Investor Relations at email@example.com or at 877-849-2004 or 514-849-1056.