Securities Law & Instruments


IN THE MATTER OF THE SECURITIES LEGISLATION OFBRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO,QUEBEC, NEW BRUNSWICK, PRINCE EDWARD ISLAND,NOVA SCOTIA, NEWFOUNDLAND, YUKON TERRITORY,NORTHWEST TERRITORIES AND NUNAVUT TERRITORY

AND

AND IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS

AND

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")

AND

IG 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: Global Strategy Series 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 Partner Series Funds")

AND

INVESTORS REAL PROPERTY FUND

AND

INVESTORS U.S. GROWTH RSP FUND
INVESTORS EUROPEAN GROWTH RSP FUND
INVESTORS JAPANESE GROWTH RSP FUND
INVESTORS GLOBAL RSP FUND
(the "Investors 100% RSP Global Series Funds")
(individually, a "Fund" and collectively, the "Funds")

MRRS DECISION DOCUMENT


WHEREAS the local securities regulatory authority or regulator (the "DecisionMakers") in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec,New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon Territory,Northwest Territories and Nunavut Territory (the "Jurisdictions") have received anapplication from Investors Group Trust Co. Ltd. (the "Filer") on behalf of the Funds for adecision under the securities legislation of the Jurisdictions (the "Legislation") that the timelimits prescribed by the Legislation as they apply to the distribution of units of the Fundspursuant to their respective 1999 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 October 6, 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 the Filer has represented to the Decision Makers that:

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: GlobalStrategy Series Funds) pursuant to separate Declarations of Trust or TrustAgreements;

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 simplifiedprospectuses and annual information forms (or a long-form prospectus in the caseof Investors Real Property Fund) (together the "1999 Prospectuses") dated and filedwith the Decision Makers, as follows:

Rothschild Select: Global Strategy SeriesFunds May 21, 1999
Investors Real Property Fund June 22, 1999
IG Beutel Goodman Funds July 12, 1999
IG Sceptre Funds July 12, 1999
IG Partner Series Funds August 12, 1999
Investors 100% RSP Global Series Funds September 3, 1999

4. On May 18, 2000, the MSC issued an MRRS Decision Document evidencing adecision of each of the Decision Makers which extended the lapse dates for the1999 Prospectuses (the "Lapse Dates") to August 14, 2000, other than in the caseof the Investors 100% RSP Global Series Funds, which has a lapse date later thanAugust 14, 2000. This relief was granted to allow those Funds to consider makingcertain changes, to combine their prospectuses and to comply with therequirements in National Instrument 81-101 Mutual Fund Prospectus Disclosure("NI 81-101").

5. The Filer is also the trustee of 37 other mutual funds (the "Investors MasterseriesFunds"), each of which is an open-ended mutual fund trust established under thelaws of Manitoba by way of separate Declarations of Trust the units of which arequalified for distribution in each of the Provinces of Canada under a simplifiedprospectus dated October 26, 1999 (the "1999 Investors Masterseries FundsProspectus"). The earliest lapse date for the 1999 Investors MasterseriesProspectus is October 26, 2000.

6. Renewal prospectuses were filed on behalf of the Funds as follows:

a) a separate renewal simplified prospectus (the "Rothschild RenewalProspectus") in respect of the Rothschild Select: Global Strategy Series ofFunds was filed on July 14, 2000 with the Ontario Securities Commission asprincipal regulator;

b) a renewal long form prospectus (the "Real Property Renewal Prospectus")in respect of the Investors Real Property Fund was filed on July 14, 2000with the MSC as principal regulator;

c) a combined renewal simplified prospectus (the "Combined RenewalProspectus") in respect of the IG Beutel Goodman Funds, the IG SceptreFunds, the IG Partner Series Funds, the Investors 100% RSP Global SeriesFunds was filed on July 14, 2000 with The Manitoba Securities Commission(the "MSC") as principal regulator.

7. The OSC issued a first comment letter in respect of the Rothschild RenewalProspectus on July 28, 2000 which contained 33 comments. As of August 21,2000, it is clear that the comments will not be resolved in sufficient time to permitthe filing of final materials in accordance with the time periods set out in theLegislation based upon the August 14, 2000 Lapse Date.

8. The MSC issued a first comment letter in respect of the Real Property RenewalProspectus on August 1, 2000 which contained 12 comments. As of August 21,2000, it is clear that the comments will not be resolved in sufficient time to permitthe filing of final materials in accordance with the time periods set out in theLegislation based upon the August 14, 2000 Lapse Date.

9. The MSC issued a first comment letter in respect of the Combined RenewalProspectus on August 1, 2000 which contained 94 comments. As of August 21,2000, it is clear that the comments will not be resolved in sufficient time to permitthe filing of final materials in accordance with the time periods set out in theLegislation based upon the August 14, 2000 Lapse Date.

10. There has been no material change in the affairs of the Funds since the date of the1999 Prospectuses. The extensions of the Lapse Dates will not affect the currencyor accuracy of the information contained in the Prospectuses and, accordingly, willnot be prejudicial to the public interest.

AND WHEREAS pursuant to the System this MRSS 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:

a) the time limits provided by the Legislation as they apply to the distribution of unitsof the Rothschild Select: Global Strategy Series of Funds under their 1999Prospectus are hereby extended to the time limits that would be applicable if thelapse date for the distribution of such units pursuant to their 1999 Prospectus wasSeptember 11, 2000;

b) the time limits provided by the Legislation as they apply to the distribution of unitsof the Investors Real Property Fund under its 1999 Prospectus are hereby extendedto the time limits that would be applicable if the lapse date for the distribution ofsuch units pursuant to its 1999 Prospectus was August 28, 2000;

c) the time limits provided by the Legislation as they apply to the distribution of unitsof the IG Beutel Goodman Funds, IG Sceptre Funds, IG Partner Series Funds andInvestors 100% RSP Global Series Funds under their respective 1999Prospectuses are hereby extended to the time limits that would be applicable if thelapse dates for the distribution of such units pursuant to their 1999 Prospectuseswas October 6, 2000.

DATED at Winnipeg, Manitoba on August 23, 2000.

"R.B. Bouchard"

Director, Capital Markets