Caldwell Technology Fund and Caldwell International Fund - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- A mutual fund is deemed to have ceased being a reporting issuer, provided it meets the requirements set out in CAS Notice 12-307 and subject to additional representations.

Applicable Ontario Statutory Provisions, Rules and Notices

Securities Act R.S.O. 1990, c. S.5, as am., s. 83.

CSA Staff Notice 12-307 - Ceasing to be a Reporting Issuer under the Mutual Reliance Review System for Exemptive Relief Applications. (2003) 26 OSCB 6348.

December 17, 2003

McCarthy Tetrault

Attention: Cibele Natasha Antunes

Dear Ms. Antunes:

The Applicants have applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions to be deemed to have ceased to be reporting issuers in the Jurisdictions.

As the Applicants have represented to the Decision Makers that,

• the outstanding securities of the Applicants, including debt securities, are beneficially owned, directly or indirectly, by one securityholder, an officer of CIM;

• no securities of either Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;

• the Applicants are applying for relief to cease to be reporting issuers in all of the jurisdictions in Canada in which they are currently reporting issuers;

• neither of the Applicants is in default of any of its obligations under the Legislation as reporting issuers,

each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that each Applicant is deemed to have ceased to be a reporting issuer.

"Leslie Byberg"