The Ontario Securities Commission (OSC) reported today that $190.7 million, or 93%, of the $205.6 million in settlement monies has been distributed by fund managers to mutual fund unit holders who were affected by frequent trading market-timing activities that occurred during the period of January 1999 to September 2003.

In December 2004 and March 2005, the OSC approved settlement agreements with AGF Funds Inc., AIC Limited, CI Investments Inc., I.G. Investment Management, Ltd., and Franklin Templeton Investment Corp. At the time, the fund managers agreed to distribute $205.6 million to investors affected by these activities.

The OSC has determined that it is in the public interest to issue orders, as requested by the fund managers, to allow them an additional 12 months so that further reasonable efforts can be made to distribute the unclaimed $14.9 million to investors affected by the frequent trading market-timing activities. Any amounts that remain unclaimed after June 1, 2009 will be distributed to the mutual funds to the benefit of all investors in those funds, as set out in the original plans of distribution.