Aston/River Road Independent Value Fund gives 'soft close' exceptions

By Toni Weeks

San Diego, Jan. 12 - The Aston/River Road Independent Value Fund, which implemented a 'soft close' policy on Dec. 7 and restricted additional investments to the fund, has defined the categories of investors that can still invest in the fund.

In a 497 filing with the Securities and Exchange Commission, the fund said that effective Jan. 20

• Existing shareholders of the fund may add to their accounts, including through reinvestment of dividends and distributions;

• Financial advisers and/or financial consultants with clients currently invested in the fund may add to the accounts of these clients;

• Financial advisers and/or financial consultants who have clients invested in the fund may open new accounts if the opening of such accounts was approved by the fund prior to Jan. 20 and if the fund determines that such investments will not harm its investment process;

• Financial advisers who have approved the inclusion of the fund as an investment option for their clients and such inclusion was approved by the fund prior to Dec. 7 may designate the fund as an investment option for their clients;

• Participants in retirement plans that utilize the fund as an investment option on Dec. 7 may designate the fund; and

• Trustees of Aston Funds, employees of Aston Asset Management, LP and River Road Asset Management, LLC and their immediate household family members may open new accounts and add to them.

As previously reported, the fund implemented a "soft close" when the net assets of the fund reached a certain level in combination with other assets managed in the same investment strategy by River Road Asset Management, LLC, the fund's subadviser. On Nov. 18, the fund said it expected the soft close level to be between $500 million and $600 million in net assets. On Nov. 16, its net assets were $469 million.

The investment adviser to the fund is Chicago-based Aston Asset Management, LP.

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