Mutual Reliance Review System for Exemptive Relief Applications - application for mutual fund lapse date extension.

Applicable British Columbia Provisions

Securities Act, R.S.B.C. 1996, c.418, s. 70
Securities Rules, B.C. Reg. 194/97, s. 121, 122, 123 and 124.


IN THE MATTER OF
THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO
QUEBEC, NEW BRUNSWICK, PRINCE EDWARD ISLAND, NOVA SCOTIA,
NEWFOUNDLAND, YUKON TERRITORY, NORTHWEST TERRITORIES AND
NUNAVUT TERRITORY
(collectively, the “Jurisdictions”)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
(the “System”)

AND

IN THE MATTER OF


JANUS AMERICAN EQUITY FUND
JANUS GLOBAL EQUITY FUND
OFFERING IG CLASS UNITS
(the “IG Janus Funds”)

and –

GS CANADIAN EQUITY® FUND
GS CANADIAN BALANCED FUND
GS INTERNATIONAL BOND® FUND
GS AMERICAN EQUITY FUND
GS INTERNATIONAL EQUITY FUND
(the “Rothschild Select Funds”)

(individually, a “Fund” and collectively, the “Funds”)


MRRS DECISION DOCUMENT


WHEREAS the Canadian securities regulatory authority or regulator (the “Decision Makers”) in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon Territory, Northwest Territories and Nunavut Territory (the “Jurisdictions”) have received an application from Investors Group Trust Co. Ltd. (“Investors Group”) on behalf of the Funds for a decision pursuant to the Canadian securities legislation (the “Legislation”) of the Jurisdictions that the time limits prescribed by the Legislation as they apply to the distribution of units of the Funds pursuant to their various Prospectuses, as defined below, be extended to the time periods that would be applicable if the lapse date for the distribution of such units pursuant to their Prospectuses was September 28, 2001 (October 18, 2001, for purposes of New Brunswick);

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the “System”) the Manitoba Securities Commission is the principal regulator for this application;

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

1. The Funds are unincorporated mutual fund trusts established under the laws of Ontario pursuant to separate Declarations of Trust or Trust Agreements.

2. Each of the Funds is a reporting issuer within the meaning of the Legislation and none of the Funds is in default of any requirement of the Legislation.

3. The Funds are offered for sale in all the Jurisdictions under two separate combined simplified prospectuses and combined annual information forms (together the “2000 Prospectuses”) filed with the Decision Makers, and dated as follows:
IG Janus Funds September 8, 2000
Rothschild Select Funds September 20, 2000

4. In accordance with the Legislation, the lapse date in all Jurisdictions, except Ontario and New Brunswick, for the 2000 Prospectuses relating to the offering of units of the Funds (the “Lapse Dates”) is as follows:

IG Janus Funds September 8, 2001
Rothschild Select Funds September 20, 2001

The Lapse Date in Ontario and New Brunswick is September 18, 2001 for the IG Janus Funds and September 28, 2001 for the Rothschild Select Funds.

5. Investors Group is also the trustee of other mutual funds which are open-ended mutual fund trusts established under the laws of Manitoba by way of separate declarations of trust. A combined simplified prospectus and combined annual information form for 63 of these funds (the “Investors Group 2000 Funds”) was filed with the Decision Makers in each of the provinces of Canada on October 12, 2000. The earliest lapse date for the prospectus relating to the offering of units of the Investors Group 2000 Funds is October 12, 2001. Since that date, Investors Group has filed 4 other simplified prospectuses and annual information forms, comprising another 12 mutual funds in total (the “Investors Group 2001 Funds”), each having lapse dates after October 12, 2001.

6. Investors Group wishes that the time periods provided by the Legislation as they apply to the distribution of units of the Funds pursuant to the 2000 Prospectuses of the Funds be extended to the time periods that would be applicable if the Lapse Dates for distribution of units of the Funds under the 2000 Prospectuses were September 28, 2001 (October 18th in New Brunswick”).

7. Investors Group would like to synchronize the lapse dates of the prospectuses relating to the Funds with the lapse dates of the prospectuses relating to the Investors Group 2000 and 2001 Funds in order to facilitate the consolidation of the disclosure in a single combined simplified prospectus and combined annual information form (the "2001 Investors Masterseries Funds Prospectus").

8. Investors Group is also considering certain changes in relation to the Rothschild Select Funds and the Investors Group 2000 Funds. These changes include a re-organization of the Rothschild Select Funds and changes to the investment policies of certain of the Investors Group 2000 Funds (the “Changes”). The Changes will require unitholder approval – special meetings of unitholders have been scheduled to be held on September 14, 2001 for this purpose. If the Changes are approved by unitholders, Investors Group will endeavour to reflect the re-organization and changes to investment policies in the 2001 Investors Masterseries Funds Prospectus.

9. The proforma 2001 Investors Masterseries Funds Prospectus was filed on or about August 8, 2001 under SEDAR Project Number 378758. The Funds require additional time in order to reflect the changes in the final 2001 Investors Masterseries Funds Prospectus.

10. Purchasers of the units of the Funds will be provided with the most current financial information available in respect of the Funds by continuing to receive the most recent annual audited and interim financial statements of the Funds.

11. There have been no material changes in the affairs of the Funds since the date of the 2000 Prospectuses.

AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the “Decision”);

AND WHEREAS the Decision Makers are of the opinion that it would not be prejudicial to the public interest to make the Decision;

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Makers with the jurisdiction to make the decision has been met;

THE DECISION of the Decision Makers pursuant to the Legislation is that the time limits provided by the Legislation as they apply to the distribution of units under the 2000 Prospectuses are hereby extended to the time periods that would be applicable if the lapse date for the distribution of units under the 2000 Prospectuses was September 28, 2001 (October 18, 2001 for purposes of the legislation in New Brunswick).

DATED at Winnipeg, Manitoba on August 29, 2001.



R.B. Bouchard
Director – Corporate Finance