GUELPH, Aug. 15, 2003 – Co-operators Mutual Funds Limited (“CMFL”), the trustee, manager and promoter of Co-operators/Credit Suisse U.S. Capital Appreciation Fund, Co-operators/Credit Suisse Global Science and Technology Fund, Co-operators/Credit Suisse Global Post-Venture Capital Fund and Co-operators/Credit Suisse International Equity Fund (collectively, the “Funds”), announced today that it will seek unitholder approval to:
- change the fundamental investment objective of Co-operators/Credit Suisse International Equity Fund so that the fund will seek to achieve long term growth of capital by investing primarily in equity securities of companies of any size throughout the world; and
- merge Co-operators/Credit Suisse U.S. Capital Appreciation Fund, Co-operators/Credit Suisse Global Science and Technology Fund and Co-operators/Credit Suisse Global Post-Venture Capital Fund with Co-operators/Credit Suisse International Equity Fund.
After careful analysis of the Co-operators Group of Mutual Funds family, including a review of each Fund’s investment objectives and upon consultation with Credit Suisse Asset Management, LLC, the investment sub-advisor of the Funds, CMFL is proposing to consolidate the Funds to simplify investment choices for unitholders and to ensure an even higher quality fund family.
The mergers are subject to regulatory approval. Notice of the special meetings of unitholders of the Funds and an information circular to consider the change in investment objectives and the mergers will be mailed to unitholders of record of the Funds as at September 9, 2003 for meetings to be held on October 15, 2003. If approved, the change in investment objective and the mergers will take place on or around October 31, 2003.
Also announced today, Industrial Alliance Insurance and Financial Services Inc. (“Industrial Alliance”) agreed to acquire all of the common shares of CMFL that are owned by a subsidiary of The Co-operators Group Limited. It is anticipated that the closing of the Fund mergers will take place just prior to the change of control of CMFL. The mergers are not dependent upon the completion of the sale to Industrial Alliance.
About The Co-operators Group of Mutual Funds
CMFL is an indirect wholly-owned subsidiary of The Co-operators Group Limited, the largest Canadian-owned multi-product insurer. Created in 2000, CMFL is the trustee, manager and promoter of eleven mutual funds that are offered under three banners: The Co-operators Heritage Mutual Funds, The Co-operators/Crystal Mutual Funds and The Co-operators/Credit Suisse Mutual Funds.