O'Leary Funds Management LP proposes the extension of the term and changes to the investment objectives and investment strategies for Yield Advantaged Convertible Debentures Fund

MONTREAL, Oct. 23, 2013 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of Yield Advantaged Convertible Debentures Fund (TSX: OCV.un) (the "Fund") is proposing certain changes to the Declaration of Trust which created the Fund in January of 2011.

The Fund is scheduled to terminate on February 28, 2014 (the "Termination Date"). As an alternative to the termination of the Fund, the Manager proposes to extend the term (the "Continuation"). In addition to the above, the Manager proposes to modify the investment objectives, investment strategies and investment restrictions, as defined in the Fund's Declaration of Trust, in part due to tax changes relating to character conversions. The Fund is currently structured as a tax-advantaged investment fund. On March 21, 2013 the Federal Minister of Finance proposed amendments to the Income Tax Act to eliminate the tax advantages of character conversion transactions.

A special meeting of unitholders of the Fund will be held on December 20, 2013 to consider and vote upon the Continuation and any ancillary matters (the "Special Meeting"). Unitholders of record of the Fund at the close of business on November 15, 2013 are entitled to receive notice of, and vote at, the Special Meeting. Further details will be outlined in a management information circular that will be delivered to unitholders in connection with the Special Meeting. The proposed changes each require the approval of no less than 66⅔% of the votes casts by the unitholders.

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

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