The board of directors of Covington Group of Funds has approved a proposal to consolidate the pool of assets of Covington Venture Fund Inc. Class A Shares, Series VII with the pool of assets of Covington Venture Fund Inc. Series VIII and Series IX.

The proposed consolidation of the Series VII Assets with the Series VIII and Series IX Assets which is aimed at reducing regulatory costs for compiling and reporting financial results, will effectively double the combined assets of the three series of the fund.

The proposed consolidation still remains subject to conditions including regulatory approvals, and the approval of the fund’s shareholders at the fund’s annual and special meeting scheduled for Nov. 14.

Headquartered in Toronto, Covington Group of Funds manages approximately $400 million in venture capital assets on behalf of institutional and retail investors.

IE