CM Investment Management will cap its Renaissance Canadian Income Trust Fund on January 31, 2003, and launch the Renaissance Canadian Income Trust Fund II on February 3, 2003.

The fund to be capped is currently one of Canada’s largest income trust funds, with over $600 million in assets under management.

“We believe that capping the fund is in the best interests of our unitholders, as it will allow us to remain true to the objectives of the fund and to our investment principles,” said Gaelen Morphet of TAL Global Asset Management Inc., who leads the Canadian Equity Value Team that manages both funds.

Existing unitholders of the fund will be able to continue to add to their investments. In addition, the fund may re-open to new investors at a later date.

The Renaissance Canadian Income Trust Fund II will allow the portfolio manager renewed investment flexibility due to its smaller size.