Global Strategy Funds Individually - MRRS Decision

Headnote

Extension of lapse date.

Statutes Cited

Securities Act, R.S.O. 1990, c.S.5., as am, ss. 62(1) and ss. 62(5).

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA,

ONTARIO, QUEBEC, NEW BRUNSWICK, NOVA SCOTIA,

PRINCE EDWARD ISLAND, NEWFOUNDLAND, YUKON TERRITORY,

NORTHWEST TERRITORIES AND NUNAVUT TERRITORY

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM FOR

EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

Global Strategy Canada Growth Fund, Global Strategy Canadian Companies Fund,

Global Strategy Canadian Opportunities Fund, Global Strategy Canadian Small Cap Fund,

Global Strategy Gold Plus Fund, Global Strategy Income Plus Fund, Global Strategy Bond Fund, Global StrategyMoney Market Fund, Global Strategy Europe Plus Fund,

Global Strategy U.S. Equity Fund, Global Strategy World Balanced Fund,

Global Strategy World Bond Fund, Global Strategy World Companies Fund,

Global Strategy World Equity Fund, Global Strategy World Opportunities Fund,

Global Strategy Europe Plus RSP Fund, Global Strategy Japan Plus RSP Fund,

Global Strategy World Balanced RSP Fund (Class A Units only),

Global Strategy World Bond RSP Fund, Global Strategy World Companies RSP Fund (Class A Units only), andGlobal Strategy World Equity RSP Fund

(individually a "Fund" and collectively, the "Funds")

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of BritishColumbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island,Newfoundland, Yukon, Northwest Territories and Nunavut Territory (the "Jurisdictions") has received a joint applicationfrom Global Strategy Financial Inc. ("Global") in its capacity as manager of the Funds and AGF Management Limited("AGF") as the recent acquirer of control of the Global Strategy group of companies, including Global, for a decisionpursuant to the securities legislation of the Jurisdictions (the "Legislation") that the lapse date of the securities offeredby each Fund pursuant to the simplified prospectuses and annual information forms dated January 7, 2000 be extended;

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the"System"), the Ontario Securities Commission is the Principal Jurisdiction for this application;

AND WHEREAS Global and AGF have represented to the Decision Makers that:

1. Each of the Funds is an open-end mutual fund trust established under the laws of Ontario by a declaration oftrust or trust agreement;

2. The Funds, other than the Global Strategy World Balanced RSP and Global Strategy World Companies RSPFunds, are qualified for distribution in the Jurisdictions by means of a simplified prospectus and annualinformation form dated January 7, 2000 (the "January Prospectus") which was prepared and filed in accordancewith the Legislation;

3. The Global Strategy World Balanced RSP Fund, Class A Units, and Global Strategy World Companies RSPFund, Class A Units, are qualified for distribution in the Jurisdictions by means of a separate simplifiedprospectus and annual information form dated January 7, 2000 (the "January RSP Prospectus") which wasprepared and filed in accordance with the Legislation;

4. The January Prospectus was amended by an amended simplified prospectus dated July 21, 2000 (the "JulyAmended Prospectus");

5. Each Prospectus was amended by Amendment No. 1 dated November 1, 2000 and Amendment No. 2 datedNovember 20, 2000 (the "November Amendments");

6. Pursuant to the Legislation, the lapse date for the securities of the Funds:

a. qualified under the January Prospectus is January 10, 2001 in Ontario and New Brunswick,January 12, 2001 in Quebec, and January 7, 2001 in all of the other Jurisdictions; and

b. qualified under the January RSP Prospectus is January 10, 2001 in Ontario, New Brunswick andQuebec, and January 7, 2001 in all other Jurisdictions;

7. Pursuant to the Legislation, final versions of the renewal simplified prospectus and annual information form (the"Final Renewal Documents") for each Fund must be filed with the securities regulatory authority in each of theJurisdictions within a specified period of the lapse date in each Jurisdiction, in the absence of the exemptiverelief granted hereby;

8. On November 20, 2000, Global became a wholly-owned indirect subsidiary of AGF;

9. Without an extension to the Funds' lapse dates, there will not be sufficient time for AGF to: (i) fully understandthe detailed operations of the Funds; (ii) finalize and prepare to implement any systems and other operationaldecisions with Global in order to make standard certain operations of the Funds and the funds in the AGFfamily; and (iii) include accurate and complete disclosure of such changes in the relevant Final RenewalDocuments and ensure that consistent descriptions are included in the disclosure documents for the Funds andthe AGF groups of funds;

10. Each Fund is a reporting issuer in each of the Jurisdictions and is not in default of any of the requirements ofthe securities laws of such Jurisdictions;

11. There have been no material changes in the affairs of the Funds since the dates of the January, January RSPand July Amended Prospectuses respectively and the November Amendments, in respect of which anamendment to the January or January RSP Prospectuses (as amended) has not been prepared and filed inaccordance with the Legislation;

AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of eachDecision Maker (collectively, the "Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that providesDecision 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 theLegislation for the filing of the Final Renewal Documents of the Funds and the receipting thereof, in connection with thedistribution of securities of the Funds are hereby extended to the times that would be applicable if the lapse date for thedistribution of securities under the January and January RSP Prospectuses was March 16, 2001.

January 4th, 2001.

"Paul A. Dempsey"

Assistant Manager/ Senior Legal Counsel

Investment Funds, Capital Markets