Securities Law & Instruments

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