Creststreet files amended Simplified Prospectus and Annual Information Form

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, May 21 /CNW/ - Creststreet Mutual Funds Limited ("Creststreet") announces today that it will file an Amended and Restated Simplified Prospectus and an Amended and Restated Annual Information Form.

The Amended and Restated Simplified Prospectus and the Amended and Restated Annual Information Form have been revised to:

    
    i)   update for recent personnel changes at Creststreet Asset Management
         Limited (the "Manager") which include the appointment of William
         Shaw as Senior Vice President and Michael Clare, Paul MacDonald and
         Alex Nayyar as Vice Presidents.

    ii)  amend the fee structure for the Series B and F shares of Creststreet
         Resource Fund to reduce the management fee to 1.5% from 2.0% and to
         introduce a performance fee payable to the Manager on these series.

    iii) disclose that the Manager is proposing to call a meeting of
         shareholders of Creststreet Managed Equity Index Class ("CMEI") to
         obtain shareholder approval to change the fundamental investment
         objectives of the CMEI to focus on investing in dividend and income
         securities and to change to the fees charged to each series of the
         CMEI by the Manager.
    

A Notice of Meeting and meeting materials will be sent to shareholders in the near future. In the interim, there will be no issuances of shares of Creststreet Managed Equity Index Class, pending shareholder approval of the proposed changes.

SOURCE Creststreet Mutual Funds Limited

For further information: For further information: Alex Nayyar, Vice President, Sales, Direct: (416) 628-2161, Toll free: 1-866-864-6330 x2240, Email: anayyar@creststreet.com

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Creststreet Mutual Funds Limited

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CRESTSTREET RESOURCE FUND

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