CI Investments Inc. et al.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Relief granted to mutual funds for extensions of lapse dates of their prospectuses -- Filer will incorporate offering of the funds under the same offering documents when they are renewed -- Extensions of lapse dates will not affect the currency or accuracy of the information contained in the current prospectuses.

Applicable Legislative Provisions

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

May 29, 2020

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the Jurisdiction) AND IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS AND IN THE MATTER OF CI INVESTMENTS INC. (the Filer) AND CI CANADIAN DIVIDEND PRIVATE POOL, CI GLOBAL EQUITY CORE PRIVATE POOL (the Funds)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of the simplified prospectus of the Funds dated June 13, 2019 be extended to the time limits that would apply if the lapse date of the simplified prospectus of the Funds was August 2, 2020 (the Requested Relief).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

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

(b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 -- Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 -- Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

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

1. The Filer is a corporation incorporated under the laws of Ontario. The Filer's head office is located in Toronto, Ontario.

2. The Filer is registered as follows:

a. under the securities legislation of all Jurisdictions as a portfolio manager and exempt market dealer;

b. under the securities legislation of Ontario, Québec, and Newfoundland and Labrador as an investment fund manager; and

c. under the Commodity Futures Act (Ontario) as a commodity trading counsel and a commodity trading manager.

3. Each of the Funds is a mutual fund established under the laws of Ontario. Each of the Funds is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.

4. Neither the Filer nor any of the Funds is in default of securities legislation in any of the Jurisdictions.

5. Securities of the Funds are currently qualified for distribution in each of the Jurisdictions under the current simplified prospectus of the Funds dated June 13, 2019 (the Current Prospectus).

6. The lapse date for the Current Prospectus is June 13, 2020 (the Current Lapse Date). Accordingly, under the Legislation, the distribution of securities of each of the Funds would have to cease on the Current Lapse Date unless: (i) the Funds file a pro forma simplified prospectus at least 30 days prior to its Current Lapse Date; (ii) the final simplified prospectus is filed no later than 10 days after its Current Lapse Date; and (iii) a receipt for the final simplified prospectus is obtained within 20 days after its Current Lapse Date.

7. The Filer is the investment fund manager of the Funds and also the investment fund manager of approximately 142 other mutual funds as listed in Schedule A (the Affiliated Funds) that currently distribute their securities to the public under a simplified prospectus that has a lapse date of August 2, 2020 (the Affiliated Funds' Prospectus).

8. The Filer wishes to combine the Current Prospectus with the Affiliated Funds' Prospectus in order to reduce renewal and related costs. Offering the Funds under the same renewal simplified prospectus, annual information form and fund facts documents (collectively Renewal Documents) as the Affiliated Funds' would assist in disseminating information with respect to the Funds and the Affiliated Funds in matters such as switching between the Funds and the Affiliated Funds, facilitate the distribution of the Funds in the Jurisdictions under the same prospectus and enable the Filer to streamline disclosure across the Filer's fund platform. The Affiliated Funds also share many common operational and administrative features with the Funds and combining them in the same Renewal Documents will allow investors to more easily compare their features.

9. It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the Renewal Documents of the Affiliated Funds, and unreasonable to incur the costs and expenses associated therewith, so that the Renewal Documents of the Affiliated Funds can be filed earlier with the Renewal Documents of the Funds on or before the Current Lapse Date.

10. The Filer may make changes to the features of the Affiliated Funds as part of the process of renewing the Affiliated Funds' Renewal Documents. The ability to file the Renewal Documents of the Funds with those of the Affiliated Funds will ensure that the Filer can make the operational and administrative features of the Funds and the Affiliated Funds consistent with each other, if necessary.

11. If the Requested Relief is not granted, it will be necessary to renew the Renewal Documents of the Funds twice within a short period of time in order to consolidate the Renewal Documents of the Funds with the Affiliated Funds' Renewal Documents, and it would be unreasonable for the Filer to incur the costs and expenses associated therewith, given that investors would not be prejudiced by the Requested Relief.

12. There have been no material changes in the affairs of the Funds since the date of the Current Prospectus. Accordingly, the Current Prospectus, current annual information form and current fund facts documents of the Funds represents current information regarding the Funds.

13. Given the disclosure obligations of the Filer and the Funds, should any material change in the business, operations or affairs of the Funds occur, the Current Prospectus and current fund facts document(s) of the applicable Fund(s) will be amended as required under the Legislation.

14. New investors of the Funds will receive delivery of the most recently filed fund facts document(s) of the applicable Fund(s). In addition, the Current Prospectus of each of the Funds will remain available to investors upon request.

15. The Requested Relief will not affect the accuracy of the information contained in the Current Prospectus or the respective fund facts documents of each of the Funds and will therefore not be prejudicial to the public interest.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Requested Relief is granted.

"Darren McKall"

Manager, Investment Funds & Structured Products Branch

Ontario Securities Commission

SCHEDULE A

Black Creek Global Leaders Fund

Black Creek Global Leaders Corporate Class

Black Creek International Equity Fund

Black Creek International Equity Corporate Class

Cambridge Canadian Dividend Fund

Cambridge Canadian Dividend Corporate Class

Cambridge Canadian Equity Fund

Cambridge Canadian Equity Corporate Class

Cambridge Global Dividend Fund

Cambridge Global Dividend Corporate Class

Cambridge Global Equity Fund

Cambridge Global Equity Corporate Class

Cambridge Global Smaller Companies Fund (formerly Cambridge Growth Companies Fund)

Cambridge Global Smaller Companies Corporate Class (formerly Cambridge Growth Companies Corporate Class)

Cambridge Pure Canadian Equity Fund

Cambridge Pure Canadian Equity Corporate Class

Cambridge U.S. Dividend Fund

Cambridge U.S. Dividend Registered Fund

Cambridge U.S. Dividend US$ Fund

Sentry U.S. Growth and Income Corporate Class (formerly CI American Equity Corporate Class)

CI American Managers® Corporate Class

CI American Small Companies Fund

CI American Small Companies Corporate Class

CI American Value Fund

CI American Value Corporate Class

CI Canadian Investment Fund

CI Canadian Investment Corporate Class

CI Canadian Small/Mid Cap Fund

CI Global Health Sciences Corporate Class

CI Global High Dividend Advantage Fund

CI Global High Dividend Advantage Corporate Class

CI Global Value Fund

CI Global Value Corporate Class

CI International Value Fund

CI International Value Corporate Class

CI Global Stock Selection Fund (formerly Harbour Global Analyst Fund)

Munro Global Growth Equity Fund

Signature Asian Opportunities Fund

Signature Asian Opportunities Corporate Class

Signature Emerging Markets Fund

Signature Emerging Markets Corporate Class

Signature Global Dividend Fund

Signature Global Dividend Corporate Class

Signature Global Energy Corporate Class

Signature Global Equity Fund

Signature Global Equity Corporate Class

Signature Global Resource Fund

Signature Global Resource Corporate Class

Signature Global Technology Corporate Class

Signature Select Canadian Fund

Signature Select Canadian Corporate Class

Synergy American Fund

Synergy American Corporate Class

Synergy Canadian Corporate Class

Synergy Global Corporate Class

Black Creek Global Balanced Fund

Black Creek Global Balanced Corporate Class

Cambridge Asset Allocation Fund

Cambridge Asset Allocation Corporate Class

Signature Canadian Balanced Corporate Class (formerly Harbour Growth & Income Corporate Class)

Signature Canadian Balanced Fund

Signature Global Income & Growth Fund

Signature Global Income & Growth Corporate Class

Signature Income & Growth Fund

Signature Income & Growth Corporate Class

Cambridge Bond Fund

Cambridge Canadian Long-Term Bond Pool

Cambridge Canadian Short-Term Bond Pool

Cambridge Global High Income Fund

Cambridge Monthly Income Fund

Cambridge Monthly Income Corporate Class

Cambridge Put Write Pool

CI Income Fund

CI Investment Grade Bond Fund

CI Money Market Fund

CI Short-Term Corporate Class

CI Short-Term US$ Corporate Class

CI U.S. Income US$ Pool

CI US Money Market Fund

Marret Short Duration High Yield Fund

Signature Canadian Bond Fund

Signature Canadian Bond Corporate Class

Signature Core Bond Plus Fund

Signature Corporate Bond Fund

Signature Corporate Bond Corporate Class

Signature Diversified Yield Corporate Class

Signature Diversified Yield Fund (formerly Signature Diversified Yield II Fund)

Signature Dividend Fund

Signature Dividend Corporate Class

Signature Floating Rate Income Fund (formerly Signature Floating Rate Income Pool)

Signature Global Bond Fund

Signature Global Bond Corporate Class

Signature Gold Corporate Class

Signature High Income Fund

Signature High Income Corporate Class

Signature High Yield Bond Corporate Class

Signature High Yield Bond Fund (formerly Signature High Yield Bond II Fund)

Signature Preferred Share Fund (formerly Signature Preferred Share Pool)

Signature Short-Term Bond Fund

Signature Systematic Yield Pool

Portfolio Series Balanced Fund

Portfolio Series Balanced Growth Fund

Portfolio Series Conservative Balanced Fund

Portfolio Series Conservative Fund

Portfolio Series Growth Fund

Portfolio Series Income Fund

Portfolio Series Maximum Growth Fund

Select 80i20e Managed Portfolio Corporate Class

Select 70i30e Managed Portfolio Corporate Class

Select 60i40e Managed Portfolio Corporate Class

Select 50i50e Managed Portfolio Corporate Class

Select 40i60e Managed Portfolio Corporate Class

Select 30i70e Managed Portfolio Corporate Class

Select 20i80e Managed Portfolio Corporate Class

Select 100e Managed Portfolio Corporate Class

Select Canadian Equity Managed Corporate Class

Select Income Managed Corporate Class

Select International Equity Managed Corporate Class

Select U.S. Equity Managed Corporate Class

Select Staging Fund

CI Canadian Equity Private Pool

CI Global Concentrated Equity Private Pool

CI Global Equity Alpha Private Pool

CI Global Equity Momentum Private Pool

CI Global Smaller Companies Private Pool

CI International Equity Alpha Private Pool

CI International Equity Growth Private Pool

CI International Equity Value Private Pool

CI North American Small / Mid Cap Equity Private Pool

CI U.S. Equity Private Pool

CI Global Asset Allocation Private Pool

CI Global Balanced Yield Private Pool

CI Canadian Fixed Income Private Pool

CI Global Enhanced Government Bond Private Pool

CI Global High Yield Credit Private Pool

CI Global Investment Grade Credit Private Pool

CI Global Unconstrained Bond Private Pool

CI Mosaic Income ETF Portfolio

CI Mosaic Balanced Income ETF Portfolio

CI Mosaic Balanced ETF Portfolio

CI Mosaic Balanced Growth ETF Portfolio

CI Mosaic Growth ETF Portfolio