Galileo Funds Inc. proposes to merge four of its funds into Galileo Small/Mid Cap Fund, the company said Wednesday.

The four terminating funds are Galileo Absolute Return Fund, Galileo Canadian Active/Passive Fund, Galileo Fund and Galileo Global Active/Passive Fund.

The investment objective of Galileo Small/Mid Cap Fund is to provide capital growth. the fund invests primarily in shares of smaller and medium North American companies that are expected to profit from future economic growth, and may also invest in income and royalty trusts.

Details of the proposed mergers will be set out in a notice of meeting and information circular that will be sent to unitholders in April in advance of unitholder meetings to be held on May 15, Toronto-based Galileo said in a release.

The mergers are subject to unitholder and regulatory approvals.

Galileo also announced that it will be terminating Galileo Money Market Fund effective June 19. Unitholders of Galileo Money Market Fund will continue to be able to redeem their units until the termination date, and any units of Galileo Money Market Fund that have not been redeemed prior to the termination date will be automatically redeemed on the termination date.

IE