Lakeview Disciplined Leadership Canadian Equity Fund et al. - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Application -- Exemptive relief granted to mutual funds allowing extension of distribution beyond lapse date after a recent acquisition.

Applicable Statutory Provisions

Securities Act, R.S.O 1990, c. S.5, as am., s. 147.

June 21, 2007

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUÉBEC, NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARD ISLAND AND

NEWFOUNDLAND AND LABRADOR

(the Jurisdictions)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

LAKEVIEW DISCIPLINED LEADERSHIP CANADIAN

EQUITY FUND, LAKEVIEW DISCIPLINED

LEADERSHIP U.S. EQUITY FUND, LAKEVIEW

DISCIPLINED LEADERSHIP HIGH INCOME FUND

(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 Lakeview Asset Management Inc. (the Manager), 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 filing a renewal prospectus of the Filers be extended as if the lapse date of the simplified prospectus and annual information form dated June 22, 2006 of the Funds, as amended from time to time, (collectively, the Prospectus) is July 28, 2007 (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 the Filer:

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

2. Each Filer currently distributes its securities in all the Jurisdictions pursuant to the Prospectus.

3. The earliest lapse date of the Prospectus under the Legislation is June 22, 2007.

4. The Manager is a corporation controlled by Rockwater Capital Corporation. On April 5, 2007, Rockwater Capital Corporation was acquired by CI Financial Income Fund through its subsidiary, Canadian International LP.

5. Canadian International LP also controls CI Investments Inc. and United Financial Corporation (collectively, the CI Managers). The CI Managers manage, in aggregate, over 100 mutual funds (the Affiliated Funds). The Affiliated Funds currently distribute their securities to the public under four simplified prospectuses and annual information forms (the CI Prospectuses), each of which have July 28, 2007 as their earliest lapse date under the Legislation.

6. The Affiliated Funds share many common operational and administrative features which simplify the ability of investors to compare the Affiliated Funds and implement switches of investments between the Affiliated Funds.

7. It is the intention of the Manager to adopt operational and administrative features for the Funds which are consistent with the Affiliated Funds in order that investors in the Funds and the Affiliated Funds can more easily compare the features of these mutual funds. However, these changes are extensive and require changes to the back office facilities, information disseminated to financial advisors and prospectus disclosure of the Funds. The Manager currently anticipates that it will require until the end of July, 2007 to implement these changes.

8. As well, it is possible that the CI Managers will make minor changes to various features of the Affiliated Funds as part of the process of renewing the CI Prospectuses. The Manager would like the flexibility to file the renewal prospectus of the Funds on the same timeline as the renewal prospectuses for the Affiliated Funds in order to ensure that the operational and administrative features of the Funds can be made consistent with those of the Affiliated Funds.

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

10. The 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.