Accumulus Announces Changes to Accumulus Funds

    TORONTO, April 24 /CNW/ - Accumulus Management Ltd. ("Accumulus"), the
manager of the Accumulus Funds, is pleased to announce the following changes
to the Accumulus Funds.

    Introduction of Accumulus Leon Frazer North American Dividend Income Fund

    Accumulus announces the creation of the Accumulus Leon Frazer North
American Dividend Income Fund (the "Dividend Fund"). JovInvestment Management
Inc. ("JovInvestment") will act as the investment advisor to the Dividend Fund
and Leon Frazer & Associates Inc. ("Leon Frazer") will act as the sub-
advisor. The Dividend Fund will invest primarily in common shares and equity
securities of major North American companies with above average dividend
yields that benefit from the preferential treatment given to dividend income.
Leon Frazer will seek to invest primarily in companies that are active in the
financial, utilities, pipelines and telecommunications services sectors.
    Leon Frazer is an investment counsel and portfolio manager firm with over
65 years of asset management experience. Leon Frazer has earned a reputation
as one of Canada's pre-eminent equity managers, gained through a rich mix of
specialists and generalists with an average of 20 years of experience.

    Appointment of Webb Asset Management, Inc. ("Webb Asset") as Sub-Advisor
    to Accumulus Diversified Monthly Income Fund

    Webb Asset has been retained to act as portfolio sub-advisor to the
Accumulus Diversified Monthly Income Fund (the "Diversified Fund").
    Webb Asset will provide investment analysis and recommendations and will
also implement investment decisions in accordance with the fundamental
investment objectives of the Diversified Fund. JovInvestment will continue to
act as the investment advisor to the Diversified Fund and will supervise the
investment advice of Webb Asset. Webb Asset is located in San Francisco,
California, and Derek H. Webb will be principally responsible for making
investment decisions for the Diversified Fund. Mr. Webb has over 14 years of
investment experience.
    Mark Arthur, President and C.E.O. of Accumulus said, "We are delighted to
have Webb Asset Management sub-advise the portfolio. Derek Webb has a
systematic, proven and reliable investment process for managing funds."

    Name Change for Accumulus Short-Term Income Fund

    The Accumulus Short-Term Income Fund has changed its name to the
"Accumulus BetaPro Short-Term Income Fund". The investment objective and
investment strategy will remain unchanged and Leon Frazer will continue to act
as the sub-advisor of this mutual fund.

    About Accumulus Management Ltd.

    Accumulus-managed investment products are actively administered by a team
of experts with flexible investment styles aimed at wealth preservation and
growth. Accumulus offers a family of six mutual funds, including the Accumulus
Talisman Fund, Accumulus Diversified Monthly Income Fund, Accumulus BetaPro
Short-Term Income Fund, Accumulus Leon Frazer Balanced Fund, Accumulus North
American Momentum Fund and Accumulus Leon Frazer North American Dividend
Income Fund.

    About JovFunds Management Inc. ("JovFunds")

    JovFunds provides investment solutions for Canadian investors through the
creation, management and distribution of high quality investment products. As
a member of the Jovian Capital Corporation group of companies, JovFunds
oversees the management and distribution of a diverse range of investment
products, including the Accumulus Funds, and currently has over $1 billion in
client assets.

For further information:

For further information: Kevin Beatson, Chief Operating Officer,
Accumulus Management Ltd., (416) 594-3100

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