Sprott Asset Management LP Announces Renaming of Sprott Diversified Yield Fund and Sprott Diversified Yield Class, Offering of New Series and Mutual Fund Risk Rating Change
TORONTO, May 28, 2015 (GLOBE NEWSWIRE) -- Sprott Asset Management LP ("Sprott") announced today that it has changed the name of each of Sprott Diversified Yield Fund and Sprott Diversified Yield Class to "Sprott Diversified Bond Fund" and "Sprott Diversified Bond Class", respectively (each, a "Fund" and collectively, the "Funds").
Sprott will also be offering various new premium series securities of each of the Funds. These series will be available to investors, discretionary managed accounts and household groups holding assets above a certain threshold and investors in these series will be entitled to lower management fees.
Additionally, Sprott announced today a change to the risk rating of the Funds. Sprott determines the risk rating for the Sprott Mutual Funds in accordance with the methodology recommended by the Fund Risk Classification Task Force of The Investment Funds Institute of Canada. As a result of its annual review of the investment risk level of the Sprott Mutual Funds, Sprott has determined that the investment risk level of each Fund has changed from "Low to Medium" to "Low".
These changes will be reflected in the simplified prospectuses of the Funds, each of which will be filed with Canadian securities regulators on or about May 28, 2015.
The investment objectives and strategies of the Funds will not change as a result of these changes.
Sprott Asset Management LP (www.sprott.com), a wholly owned subsidiary of Sprott Inc. (www.sprottinc.com), is a fund company dedicated to achieving superior returns for its investors over time. Sprott Asset Management LP manages assets primarily for institutions, endowments and high net worth individuals and is the investment manager of the Sprott Mutual Funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors should consult their financial advisor to determine if the Sprott Mutual Funds may be sold in their jurisdiction.