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Press Release
Caldwell Mutual Funds announces that it will file Amendment No. 1 to its Simplified Prospectus and AIF

Caldwell Mutual Funds announces that it will file Amendment No. 1 to its Simplified Prospectus and AIF

Canada NewsWire

TORONTO, May 9, 2012 /CNW/ - Caldwell Mutual Funds announces today that it will file an Amendment # 1 to its Simplified Prospectus and an Amendment # 1 to its Annual Information Form in relation to Caldwell Global Financial Services Fund, Caldwell Meisels Canada Fund, Caldwell High Income Equity Fund and Caldwell Balanced Fund (collectively, the "Funds"), an amended and restated Fund Facts document for Caldwell High Income Equity Fund and an amended and restated Fund Facts document for Caldwell Balanced Fund (collectively, the "Amendment").

Reasons for the Amendment

The reasons for the Amendment are:

  1. to announce a proposal to merge (a) Caldwell Global Financial Services Fund into Caldwell Balanced Fund and (b) Caldwell Meisels Canada Fund into Caldwell High Income Equity Fund (collectively, the "Mergers");
  2. to announce a proposal to amend the fee structure of Caldwell High Income Equity Fund (the "Fee Change");
  3. to announce a proposal to amend the fundamental investment objective of Caldwell Balanced Fund (the "Investment Objective Change"); and
  4. to disclose that Caldwell Investment Management Ltd. ("Caldwell") is proposing to call special meetings of unitholders of the Funds to obtain unitholder approval in respect of the Mergers, the Fee Change and the Investment Objective Change.

A Notice of Meeting and meeting materials will be sent to unitholders of the Funds in the near future.

The Mergers

The Mergers are subject to unitholder and regulatory approval.  Unitholders of each of Caldwell Global Financial Services Fund and Caldwell Meisels Canada Fund will vote on the proposed Mergers at special unitholder meetings to be held in Toronto, Ontario on June 12, 2012.  Caldwell intends to proceed to effect the Merger of Caldwell Meisels Canada Fund into Caldwell High Income Equity Fund if unitholder approval of the Fee Change in respect of Caldwell High Income Equity Fund is obtained.  Caldwell is seeking regulatory approval of the Mergers by way of an application to the Canadian Securities Administrators.  If unitholder and regulatory approvals are obtained, the Mergers will take effect on or about June 15, 2012.  During the period starting on the date of the Amendment and ending on the effective date of the Mergers, there will be no issuances of units of Caldwell Global Financial Services Fund and Caldwell Meisels Canada Fund.

The Fee Change

The Fee Change is subject to unitholder approval.  Unitholders of Caldwell High Income Equity Fund will vote on the proposed Fee Change at a special unitholder meeting to be held in Toronto, Ontario on June 12, 2012.  If unitholders of Caldwell High Income Equity Fund approve the Fee Change, the management fee relating to units of the Fund will increase to 2.0% per annum from 1.5% per annum effective June 15, 2012.  Notwithstanding this change to a portion of the overall management expense ratio ("MER") of Caldwell High Income Equity Fund, Caldwell commits to absorb costs for this Fund sufficient to not increase the MER of the Fund in the year ending December 31, 2012 above the Fund's MER for the year ended December 31, 2011.

The Investment Objective Change

The Investment Objective Change is subject to unitholder approval.  Unitholders of Caldwell Balanced Fund will vote on the proposed Investment Objective Change at a special unitholder meeting to be held in Toronto, Ontario on June 12, 2012.  If unitholders of Caldwell Balanced Fund approve the proposed Investment Objective Change, the fundamental investment objective of Caldwell Balanced Fund will be, effective June 15, 2012, as follows: "To provide consistent capital appreciation through a balanced portfolio while emphasizing the preservation of unitholder value.  The Fund invests in a balance of income generating securities and equities both in Canada and internationally."

The Caldwell Mutual Funds offer a broad range of investment management products and services and can be found on the web at www.caldwellsecurities.com.


SOURCE Caldwell Mutual Funds

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