Institutional Managed Income Pool eta al. - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- extension of lapse date of prospectus of mutual funds -- mutual funds will not issue any units under the prospectus in a jurisdiction after the lapse date of the prospectus in that jurisdiction until the extension is granted.

Applicable Ontario Provisions:

Securities Act, R.S.O. 1990, c. S.5 as am., s. 62(5).

June 29, 2006

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUÉBEC, NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARD ISLAND,

NEWFOUNDLAND AND LABRADOR,

YUKON AND NUNAVUT

(the Jurisdictions)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

INSTITUTIONAL MANAGED INCOME POOL

INSTITUTIONAL MANAGED CANADIAN EQUITY POOL

INSTITUTIONAL MANAGED US EQUITY POOL

INSTITUTIONAL MANAGED INTERNATIONAL EQUITY POOL

(the Filers)

MRRS DECISION DOCUMENT

Background

The local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions has received an application from United Financial Corporation, the manager of the Filers, for a decision under the securities legislation of the Jurisdictions (the Legislation) for an exemption that the time limits pertaining to the distribution of securities under the amended and restated simplified prospectus and annual information form dated October 21, 2005 of the Filers, as amended from time to time, (collectively, the "Prospectus") be extended to permit the continued distribution of securities of each Filer as if the lapse date for the Prospectus is July 31, 2006 (the Requested Relief).

Under the Mutual Reliance Review System for Exemptive Relief Applications

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) this MRRS decision document evidences the decision of each Decision Maker.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Representations

This decision is based on the following facts represented by each Filer:

1. Each Filer is a reporting issuer (or the equivalent) as defined in the securities legislation of each of the Jurisdictions and is not in default of any of the requirements of such securities legislation.

2. Units of the Filers are offered for sale in each of the Jurisdictions pursuant to the Prospectus.

3. As the Prospectus amended and restated a simplified prospectus and annual information form dated June 28, 2005, the earliest lapse date of the Prospectus under the Legislation is June 28, 2006.

4. Through inadvertence, the Filers have not yet filed a renewal pro forma simplified prospectus and annual information form. The Filers will not issue any units under the Prospectus in a Jurisdiction after the lapse date of the Prospectus in that Jurisdiction until the Requested Relief is granted.

5. There have been no material changes in the affairs of any Filer since the filing of the Prospectus, other than those for which amendments have been filed. Accordingly, the Prospectus represents current information regarding each Filer.

6. The Filers intend to file their pro forma renewal prospectus on or about June 30, 2006 and, based on the time periods prescribed by National Policy 43-201 for reviewing a pro forma prospectus, the final prospectus by July 31, 2006.

7. The Requested Relief will not affect the accuracy of the information in the Prospectus and therefore will not be prejudicial to the public interest.

Decision

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.

The decision of the Decision Makers under the Legislation is that the Requested Relief is granted.