Resolute Funds Ltd., the manager of the Resolute Growth Fund, today announced that it is closing the fund to new investors effective October 22.

Existing unitholders will be permitted to make further investments in the fund until notified otherwise.

The fund’s simplified prospectus outlines the manager’s intention to close the fund to new investors once the net asset value of the fund reached approximately $200 million.

As at September 22, 2004, the net asset value of the fund was approximately $192.6 million, and as a result on September 23, 2004 the manager announced that effective October 22, 2004 it would no longer be accepting orders to purchase units of the fund from new investors on a front end load basis. It was hoped that this step would slow the growth of the Fund to acceptable levels.

As a result of the continuing growth of the fund and the influx of new purchase orders, however, the net asset value of the fund reached $213.6 million as at October 6. Accordingly, the fund manager believes that the interests of current unitholders require it to close the fund entirely to new investors on October 22, until further notice.