CI Mutual Funds Inc. - MRRS Decision

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications -- Extension of mutual fund lapse date forsome funds. Continued distribution beyond the lapse date ofsome funds.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

BRITISH COLUMBIA, ALBERTA,SASKATCHEWAN,

MANITOBA, ONTARIO, QUEBEC,NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARDISLAND, NEWFOUNDLAND AND LABRADOR,

YUKON TERRITORY, AND NUNAVUT

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CI DIVERSIFIED FUND

CI MID-TERM BOND FUND

CI DIVIDEND FUND

CI INTERNATIONAL BOND RSPFUND

CI GLOBAL TELECOMMUNICATIONSSECTOR FUND

CI GLOBAL TELECOMMUNICATIONSRSP FUND

SIGNATURE DIVIDEND INCOMEFUND

(collectively, the "CIFunds")

INSIGHT CANADIAN VALUE POOL

INSIGHT CANADIAN GROWTH POOL

INSIGHT CANADIAN DIVIDENDGROWTH POOL

INSIGHT CANADIAN SMALL CAPPOOL

INSIGHT U.S. VALUE POOL

INSIGHT U.S. GROWTH POOL

INSIGHT INTERNATIONAL VALUEPOOL

INSIGHT INTERNATIONAL GROWTHPOOL

INSIGHT GLOBAL EQUITY POOL

INSIGHT GLOBAL EQUITY RSPPOOL

INSIGHT GLOBAL SMALL CAP POOL

INSIGHT CANADIAN HIGH YIELDINCOME POOL

INSIGHT CANADIAN FIXED INCOMEPOOL

INSIGHT GLOBAL FIXED INCOMEPOOL

INSIGHT MONEY MARKET POOL

(collectively, the "InsightPools")

CLARICA SHORT TERM BOND FUND

CLARICA BOND FUND

CLARICA GLOBAL SCIENCE &TECHNOLOGY FUND

CLARICA GROWTH FUND

CLARICA DIVERSIFUND 40

CLARICA CONSERVATIVE BALANCEDFUND

CLARICA INCOME FUND

CLARICA US GROWTH EQUITY FUND

CLARICA PREMIER AMERICAN FUND

CLARICA AMERIFUND

CLARICA ASIA AND PACIFIC RIMEQUITY FUND

CLARICA ALPINE ASIAN FUND

CLARICA EQUIFUND

CLARICA MONEY MARKET FUND

CLARICA PREMIER EMERGING MARKETSFUND

CLARICA EUROPEAN EQUITY FUND

CLARICA RSP U.S. EQUITY INDEXFUND

CLARICA RSP INTERNATIONALINDEX FUND

CLARICA RSP EUROPEAN INDEXFUND

CLARICA RSP U.S. TECHNOLOGYINDEX FUND

CLARICA RSP JAPANESE INDEXFUND

CLARICA CANADIAN EQUITY INDEXFUND

CLARICA BOND INDEX FUND

(collectively, the "ClaricaFunds")

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatoryauthority or regulator (the "Decision Maker")in each of the provinces and territories of British Columbia,Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick,Nova Scotia, Prince Edward Island, Newfoundland and Labrador,Yukon Territory and Nunavut (the "Jurisdictions")has received an application (the "Application")from CI Mutual Funds Inc. ("CI"), manager ofthe CI Funds, Insight Pools and Clarica Funds (collectively,the "Funds"), for a decision pursuant to securitieslegislation of the Jurisdictions (the "Legislation")that the time limits pertaining to the distribution of securitiesunder the simplified prospectus and annual information formdated August 28, 2002 of the CI Funds (collectively, the "CIProspectus"), the simplified prospectus and annualinformation form dated August 22, 2002 of the Insight Pools(collectively, the "Insight Prospectus") andthe simplified prospectus and annual information form datedAugust 28, 2002 of the Clarica Funds (collectively, the "ClaricaProspectus") be extended to permit the continued distributionof units of the Funds until September 30, 2003.

AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the "System")the Ontario Securities Commission is the principal regulatorfor the Application;

AND WHEREAS the Funds have representedto the Decision Makers that:

1. On or about August 29, 2003, CI intendsto merge the Funds into other mutual funds managed by CI inorder to rationalize the line-up of funds managed by CI toeliminate duplicative funds and reduce carrying costs.

2. Each Fund is a reporting issuer as definedin the Legislation and is not in default of any of the requirementsof such Legislation.

3. Units of the CI Funds are presently offeredfor sale on a continuous basis in each of the Jurisdictionsthrough the CI Prospectus. The earliest lapse date under theLegislation for the distribution of qualified securities ofthe CI Funds pursuant to the CI Prospectus is August 28, 2003.

4. Units of the Insight Pools are presentlyoffered for sale on a continuous basis in each of the Jurisdictionsthrough the Insight Prospectus. The earliest lapse date underthe Legislation for the distribution of qualified securitiesof the Insight Pools pursuant to the Insight Prospectus isAugust 22, 2003.

5. Units of the Clarica Funds are presentlyoffered for sale on a continuous basis in each of the jurisdictionsthrough the Clarica Prospectus. The earliest lapse date underthe Legislation for the distribution of qualified securitiesof the Clarica Funds pursuant to the Clarica Prospectus isAugust 28, 2003.

6. There have been no material changes inthe affairs of any CI Fund since the filing of the CI Prospectusother than those for which amendments have been filed. Accordingly,the CI Prospectus and the amendments thereto represent currentinformation regarding each CI Fund. The requested extensionswill not affect the accuracy of information in the CI Prospectusand therefore will not be prejudicial to the public interest.

7. There have been no material changes inthe affairs of any Insight Pool since the filing of the InsightProspectus other than those for which amendments have beenfiled. Accordingly, the Insight Prospectus and the amendmentsthereto represent current information regarding each InsightPool. The requested extensions will not affect the accuracyof information in the Insight Prospectus and therefore willnot be prejudicial to the public interest.

8. There have been no material changes inthe affairs of any Clarica Fund since the filing of the ClaricaProspectus other than those for which amendments have beenfiled. Accordingly, the Clarica Prospectus and the amendmentsthereto represent current information regarding each ClaricaFund. The requested extensions will not affect the accuracyof information in the Clarica Prospectus and therefore willnot be prejudicial to the public interest.

9. CI expects to merge all of the Funds withother mutual funds managed by CI. The mergers would be effectedin accordance with the requirements of National Instrument81-102 including, without limitation, filing a prospectusamendment in respect of, and obtaining approval from securityholdersof, each Fund that may be terminated. CI anticipates thatany such fund mergers will be completed on or about August29, 2003.

10. A renewal prospectus will not be filedin respect of the CI Funds or the Clarica Funds. Therefore,units of such funds will not be qualified for distributionafter August 28, 2003 unless an extension is granted to permitthe distribution of units of such funds until September 30,2003.

11. A renewal prospectus will not be filedin respect of the Insight Pools. Therefore, units of the InsightPools will not be qualified for distribution after August22, 2003 unless an extension is granted to permit the distributionof units of such funds until September 30, 2003.

12. If the requested lapse date extensionto September 30, 2003 in respect of the Funds is not granted,CI will be required to file by August 28, 2003 a renewal simplifiedprospectus for CI Funds and the Clarica Funds and by August22, 2003, a renewal prospectus for the Insight Pools, notwithstandingthat the Funds will be terminated on or about the effectivedate of the Fund mergers. The financial costs and time involvedin producing, filing and printing a simplified prospectusand an annual information form for such funds would be undulycostly.

13. The requested extension will not affectthe accuracy of information in the CI Prospectus, the InsightProspectus or the Clarica Prospectus and therefore will notbe prejudicial to the public interest.

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Makers(collectively, the "Decision");

AND WHEREAS each Decision Maker is satisfiedthat the test contained in the Legislation that provides theDecision Maker with the jurisdiction to make the Decision hasbeen met;

THE DECISION of the Decision Makers pursuantto the Legislation is that the time periods provided in theLegislation as they apply to a distribution of securities underthe CI Prospectus, Insight Prospectus and Clarica Prospectusare hereby extended to permit the continued distribution ofunits of the Funds pursuant to the CI Prospectus, Insight Prospectusand Clarica Prospectus until September 30, 2003, given thatprospectus amendments have been filed to disclose the pendingmergers.

August 21, 2003.