Galileo Funds Inc., the trustee and manager of the Galileo Mutual Funds, today announced that it is filing an amendment to the Annual Information Form dated November 10, 2009 of the Galileo Small/Mid Cap Fund (the “Fund”).

The Galileo Small/Mid Cap Fund is likely to be subject to alternative minimum tax for the year 2009, Galileo Funds Inc. said Tuesday.

The company is filing an amendment to the fund’s Annual Information Form. The amendment reflects the fact that the fund does not qualify as a mutual fund trust under the Income Tax Act (Canada) for the year 2009.

In order to so qualify as a mutual fund trust, the fund must, among other things, comply with certain conditions as to the number of its unitholders and the dispersal of ownership of its units.

The alternative minimum tax will have no material effect on the net asset value of the fund, Galileo said. It is expected that the fund will qualify as a mutual fund trust for the year 2010.

“The fund continues to be a registered investment under the Income Tax Act for registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, registered disability savings plans, registered education savings plans and tax-free savings accounts,” Galileo said.

IE