Cartier Funds

le 18 janvier 2001

MRRS Decision

Headnote

Extension of Lapse Date.

Statutes Cited

Securities Act, R.S.O., 1990, c. S5, as amended, ss. 62(5).

IN THE MATTER OF THE SECURITIES LEGISLATION OF

QUEBEC, BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA,

PRINCE EDWARD ISLAND AND NEWFOUNDLAND

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM FOR

EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CARTIER MONEY MARKET FUND, CARTIER BOND FUND, CARTIER CDN. ASSET

ALLOCATION FUND, CARTIER CDN. EQUITY FUND, CARTIER SMALL CAP CDN.

EQUITY FUND, CARTIER U.S. EQUITY FUND, AND CARTIER GLOBAL EQUITY FUND

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of theProvinces of Quebec, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, PrinceEdward Island, and Newfoundland (the "Jurisdictions") has received an application (the "Application") from Cartier MutualFund Inc. (the "Manager"), Cartier Money Market Fund, Cartier Bond Fund, Cartier Cdn. Asset Allocation Fund, CartierCdn. Equity Fund, Cartier Small Cap Cdn. Equity Fund, Cartier U.S. Equity Fund, and Cartier Global Equity Fund(together, the "Funds") for a decision pursuant to the securities legislation of the Jurisdictions (the "Legislation") that thelapse date for the renewal of the simplified prospectus and annual information form of the securities of the Funds (the"Prospectus") be extended to those time limits that would be applicable if the lapse date of the Prospectus was February14, 2001;

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the"System"), the Commission des valeurs mobilières du Québec is the principal regulator for this application;

AND WHEREAS it has been represented by the Manager to the Decision Makers that:

(a) The Manager is a corporation incorporated under the laws of Canada. The Manager is the trustee and managerof the Funds.

(b) The Funds are open-ended mutual fund trusts established by the Manager under the laws of Quebec.

(c) The Funds are reporting issuers under the Legislation and are not in default of any requirements of theLegislation or the regulations made thereunder.

(d) Pursuant to the Legislation or the regulations made thereunder, the earliest lapse date (the "Lapse Date") fordistribution of securities of the Funds is January 24, 2001.

(e) Since January 24, 2000, the date of the Prospectus, no material change has occurred and no amendmentshave been made to the Prospectus. Accordingly, the Prospectus represents up to date information regardingeach of the Funds offered therein. The extension requested will not affect the currency or accuracy of theinformation contained in the Prospectus of the Funds and accordingly will not be prejudicial to the publicinterest.

(f) In order to permit the Manager and the translators sufficient time to prepare the French language translationof the Prospectus of the Funds, the Manager has requested an extension of the Lapse Date to February 14,2001.

AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of eachDecision Maker (collectively, the "Decision");

AND WHEREAS each of the Decision Makers are satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make the Decision has been met; The Decision of the DecisionMakers pursuant to the Legislation is that the time limits provided by Legislation as they apply to a distribution ofsecurities under a prospectus are hereby extended to the time limits that would be applicable if the Lapse Date for thedistribution of securities under the Prospectus of the Funds was February 14, 2001 and that the offering of securitiesof the Funds may continue provided a pro forma simplified prospectus and annual information form are filed 30 daysprior to February 14, 2001, a final simplified prospectus and annual information form are filed no later than 10 days afterFebruary 14, 2001 and receipts for the simplified prospectus and annual information form are obtained no later than 20days after February 14, 2001.

Dated in Montreal, January 18 , 2001.

Josée Deslauriers

Le Chef de service du financement des sociétés