MONTREAL, Jan. 31, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary BrIC-Plus Income & Growth Fund (TSX: OBF.un) (the "Fund") announces details about the conversion (the "Conversion") of the Fund into an open-end mutual fund on April 1, 2012 (the "Conversion Date").
The investment mandate and distribution policy of the Fund will not change as a result of the Conversion. The Conversion will be implemented on a tax deferred basis after the expiry of the annual redemption notice period of the Fund (from March 15, 2012 to March 30, 2012). The Fund will be renamed: O'Leary Emerging Markets Yield Fund.
On the Conversion Date:
- the Fund will become an open-end mutual fund;
- the trust units will be exchanged for series X units;
- the trust units of the Fund will be delisted from the Toronto Stock Exchange;
- the trust units will become redeemable at their net asset value per trust unit on a daily basis; and
- the fee paid to the Manager will be reduced from 1.50% to 1.00% and the fee paid to the Manager for service fees payable to dealers will be increased from 0.40% to 0.90% ,for an aggregate management fee of 1.90% for the series X 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 right 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 or other series of 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.
For further information:
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