IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
IG BEUTEL GOODMAN CANADIAN BALANCED FUND, IG BEUTEL GOODMAN CANADIAN EQUITY FUND, IG BEUTEL GOODMAN CANADIAN SMALL CAP FUND (the "IG Beutel Goodman Funds") ANDIG SCEPTRE CANADIAN BALANCED FUND, IG SCEPTRE CANADIAN EQUITY FUND, IG SCEPTRE CANADIAN BOND FUND (the "IG Sceptre Funds")AND GS CANADIAN EQUITY® FUND, GS CANADIAN BALANCED FUND, GS INTERNATIONAL BOND® FUND, GS AMERICAN EQUITY FUND, GS INTERNATIONAL EQUITY FUND(the "Rothschild Select Funds") AND IG AGF CANADIAN GROWTH FUND, IG AGF U.S. GROWTH FUND, IG AGF ASIAN GROWTH FUND, IG AGF CANADIAN DIVERSIFIED GROWTH FUND,IG SCUDDER U.S. ALLOCATION FUND, IG SCUDDER EMERGING MARKETS GROWTH FUND, IG SCUDDER CANADIAN ALL CAP FUND, IG SCUDDER EUROPEAN GROWTH FUND,IG MAXXUM INCOME FUND, IG MAXXUM DIVIDEND FUND, IG TEMPLETON WORLD BOND FUND, IG TEMPLETON WORLD ALLOCATION FUND, IG TEMPLETON INTERNATIONAL EQUITY FUND (the "IG Advisor Series Funds")AND INVESTORS REAL PROPERTY FUND (individually, a "Fund" and collectively, the "Funds")
MRRS DECISION DOCUMENT
WHEREAS the Canadian securities regulatory authority or regulator (the "DecisionMakers") in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, NewBrunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon Territory, NunavutTerritory and Northwest Territories (the "Jurisdictions") have received an application fromInvestors Group Trust Co. Ltd. ("Investors Group") on behalf of the Funds for a decisionpursuant to the Canadian securities legislation (the "Legislation") of the Jurisdictions thatthe time limits prescribed by the Legislation as they apply to the distribution of units of theFunds pursuant to their various Prospectuses, as defined below, be extended to the timeperiods that would be applicable if the lapse date for the distribution of such units pursuantto their Prospectuses was August 14, 2000.
AND WHEREAS pursuant to the Mutual Reliance Review System for ExemptiveRelief Applications (the "System") the Manitoba Securities Commission (the "MSC") is theprincipal regulator for this application;
AND WHEREAS it has been represented by Investors Group to the Commissionthat:
1. The Funds are unincorporated mutual fund trusts established under the laws ofManitoba (or the laws of Ontario in the case of the Rothschild Select Funds)pursuant to separate Declarations of Trust or Trust Agreements;
2. Each of the Funds is a reporting issuer within the meaning of the Legislation andnone of the Funds is in default of any requirement of the Legislation;
3. The Funds are offered for sale in all the Jurisdictions under various combinedsimplified prospectuses and combined annual information forms (or by long-formprospectus in the case of Investors Real Property Fund) (together the "1999Prospectuses") filed and dated with the Decision Makers, as follows:
Rothschild Select Funds May 21, 1999
Investors Real Property Fund June 22, 1999
IG Beutel Goodman Funds July 12, 1999
IG Sceptre Funds July 12, 1999
IG Advisor Series Funds August 12, 1999
In accordance with the Legislation, the earliest lapse date for the 1999Prospectuses relating to the offering of units of the Funds (the "Lapse Dates")would be:
Rothschild Select Funds May 21, 2000
Investors Real Property Fund June 22, 2000
IG Beutel Goodman Funds July 12, 2000
IG Sceptre Funds July 12, 2000
IG Advisor Series Funds August 12, 2000
Under the Legislation of some Jurisdictions the lapse date is the date of the receiptfor the prospectus. In those Jurisdictions the lapse date is later than these dates.
4. The Investors Real Property Fund must be filed as a long form prospectus inaccordance with the terms of the orders granted by the decision makers. Investorsintends to have the prospectus for Investors Real Property fund rewritten in plainlanguage and have it follow the format of NI 81-101 as much as possible. Theearliest lapse date for the Investors Real Property Fund is June 22, 2000. Theapplication confirms that the extension of the lapse date for the Investors RealProperty Fund also be extended to August 14, 2000.
Investors Group is also the trustee of 41 other mutual funds (the "InvestorsMasterSeries Funds", and "Investors 100% RSP Global Series Funds"), which areopen-ended mutual fund trusts established under the laws of Manitoba by way ofseparate declarations of trust. A combined simplified prospectus and combinedannual information form for the Investors MasterSeries Funds were filed with theDecision Makers in each of the provinces of Canada on October 26, 1999 (the"1999 Investors MasterSeries Funds Prospectus"), and for the Investors 100% RSPGlobal Series Funds on September 3, 1999 (the "1999 Investors 100% RSP GlobalSeries Funds).
6. Investors Group wishes that the time periods provided by the Legislation as theyapply to the distribution of units of the Funds pursuant to the 1999 Prospectuses ofthe Funds (the "Renewal Prospectuses") be extended to the time periods that wouldbe applicable if the lapse dates for distribution of units of the Funds under the 1999Prospectuses were August 14, 2000;
7. For administrative reasons, Investors Group would like to synchronize the lapsedate of the prospectuses relating to the Funds (excluding the Investors RealProperty Fund as per paragraph 4) such that the lapse dates for the distribution ofunits of the Funds under the 1999 Prospectuses and for the distribution of units ofthe Investors MasterSeries Funds under the 1999 Investors MasterSeries FundsProspectus and for the distribution of units of the Investors 100% RSP GlobalSeries Funds under the 1999 Investors 100% RSP Global Series Funds Prospectuswill all be August 14, 2000. This will be done by consolidated disclosure for theFunds, excluding the Investors Real Property Fund, in a single combined simplifiedprospectus and combined annual information form with the Investors MasterSeriesFunds;
8. Investors Group will also be required to file the Renewal Prospectuses of the Fundsin accordance with National Instrument 81-101 Mutual Fund Prospectus Disclosure("NI 81-101"), NI 81-101F1 and Companion Policy 81-101CP, which collectivelyimplements a new regulatory regime governing the required disclosure provided bymutual funds under the Legislation. In accordance with NI 81-101, Investors Groupmust prepare the Renewal Prospectuses in accordance with Form 81-101F1, whichprescribes new, detailed disclosure requirements for a simplified prospectus of amutual fund;
Investors Group is also considering certain changes in relation to certain of theFunds, the Investors MasterSeries Funds and the Investors 100% RSP GlobalSeries Funds. These changes may include the creation of one or more new mutualfunds, a re-organization of certain of the Funds or changes to the investmentpolicies of certain of the Investors MasterSeries Funds. If Investors Group electsto proceed with these changes, it will endeavor to qualify the distribution of units ofany such new mutual funds pursuant to the renewal Prospectuses and to reflect anysuch re-organization or changes to investment policies in the RenewalProspectuses. Further, if Investors Group elects to proceed with these changes,certain of these changes may require unitholder approval;
10. There has been no material change in the affairs of the Funds since the date of the1999 Prospectuses. The extensions requested will not affect the currency oraccuracy of the information contained in the Prospectuses and accordingly will notbe prejudicial to the public interest.
AND WHEREAS pursuant to the System this MRRS Decision Document evidencesthe decision of each Decision Maker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers is satisfied that the test contained inthe Legislation that provides the Decision Makers with the jurisdiction to make the decisionhas been met;
THE DECISION of the Decision Makers pursuant to the Legislation is that the timelimits provided by the Legislation as they apply to the distribution of units under the 1999Prospectuses are hereby extended to the time periods that would be applicable if the lapsedates for the distribution of units under the 1999 Prospectuses were August 14, 2000.
DATED at Winnipeg, Manitoba on May 18th, 2000.
"R. B. Bouchard"
Director - Capital Markets