Press Release - Caldwell Investment Management Ltd.

TORONTO, June 29, 2012 /CNW/ - Caldwell Investment Management Ltd. ("Caldwell") announces that it has completed the previously announced mergers of (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"), as well as the Fee Change and Investment Objective Change as outlined below.

The Mergers

The Mergers received unitholder approval at special meetings held on June 12, 2012 (the "Meetings") and regulatory approval from the Ontario Securities Commission on its own behalf and on behalf of the Canadian securities regulatory authorities on June 15, 2012.  The Mergers are effective as of June 25, 2012.

The Fee Change and Investment Objective Change

The previously announced proposals to amend (a) the management fee payable by Caldwell High Income Equity Fund to Caldwell (the "Fee Change") and (b) the fundamental investment objective of Caldwell Balanced Fund (the "Investment Objective Change") also received unitholder approval at the Meetings.  The Fee Change and the Investment Objective Change are effective as of June 25, 2012.

Caldwell Investment Management Ltd. offers a broad range of investment management products and services and can be found on the web at www.caldwellinvestment.com.

SOURCE Caldwell Mutual Funds