Securities Law & Instruments

Headnote

Exemption from the requirement to deliver comparativeannual financial statements for certain year-end dates to registeredsecurityholders of certain mutual funds.

Statutes Cited

Securities Act (Ontario), R.S.O. 1990 c. S.5,as am., ss. 79 and 80(b)(iii).

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

BRITISH COLUMBIA, ALBERTA,SASKATCHEWAN, MANITOBA,

ONTARIO, NOVA SCOTIA, NEWFOUNDLAND

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

THE FUNDS LISTED IN SCHEDULE"A"

(the "Funds")

 

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatoryauthority or regulator (the "Decision Maker") in eachof the Provinces of British Columbia, Alberta, Saskatchewan,Manitoba, Ontario, Nova Scotia, Newfoundland and Labrador (the"Jurisdictions") has received an application (the"Application") from AIM Funds Management Inc., AltamiraInvestment Services Inc., Cartier Mutual Funds Inc., ClaringtonFundsInc., Co-operators Mutual Funds Limited, Counsel Group of FundsInc., Dynamic Mutual Funds Ltd., Fidelity Investments CanadaLimited, Franklin Templeton Investments Corp., Mackenzie FinancialCorporation, McLean Budden Funds Inc., National Bank SecuritiesInc., Phillips, Hager & North Investment Management Ltd.,Putnam Investments Inc. and Sceptre Investment Counsel Limited(collectively the "Managers") and the Funds for adecision pursuant to the securities legislation of the Jurisdictions(the "Legislation") for relief from the requirementto deliver comparative annual financial statements of the Fundsto certain securityholders of the Funds unless they have requestedto receive them.

AND WHEREAS pursuant to the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the Ontario Securities Commission is the principal regulatorfor this application;

AND WHEREAS, unless otherwise defined,the terms herein have the meaning set out in National Instrument14-101 Definitions.

AND WHEREAS it has been represented bythe Managers to the Decision Makers that:

(a) The Funds are either open-ended mutualfund trusts or separate classes of mutual fund corporationsgoverned by the laws of a Jurisdiction.

(b) Each Manager acts as manager of theFunds set out in Schedule "A" and, in the caseof its Funds which are trusts, unless otherwise indicatedon Schedule "A", it is the trustee of such Funds.

(c) The Funds, except for Phillips, Hager& North Vintage Fund and except for the Funds managedby National Bank Securities Inc. are reporting issuers ineach of the Participating Jurisdictions. The Phillips, Hager& North Vintage Fund is a reporting issuer in all ofthe Participating Jurisdictions except Nova Scotia and Newfoundland.The Funds managed by National Bank Securities Inc. are reportingissuers in each of the Participating Jurisdictions exceptNewfoundland. None of the Funds is in default in any ofthe applicable Participating Jurisdictions in which it isa reporting issuer.

(d) Securities of the Funds are presentlyoffered for sale on a continuous basis in provinces andterritories of Canada pursuant to a simplified prospectus.

(e) Each of the Funds is required to deliverannually, within 140 days of its financial year-end, toeach holder of its securities ("Securityholders"),comparative financial statements in the prescribed formpursuant to the Legislation.

(f) Each Manager will send to Securityholderswho hold securities of the Funds in client name (whetheror not the Manager is the dealer) (the "Direct Securityholders")in each year, a notice advising them that they will notreceive the annual financial statements of the Funds forthe year then ended unless they request same, and providingthem with a request form to send back, by fax or prepaidmail, if they wish to receive the annual financial statements.The notice will advise the Direct Securityholders whereannual financial statements can be found on the websiteslisted in Schedule "A" (including on the SEDARwebsite) and downloaded. Each Manager would send such financialstatements to any Direct Securityholder who requests themin response to such notice or who subsequently requeststhem.

(g) Securityholders who hold their securitiesin the Funds through a nominee will be dealt with pursuantto National Instrument 54-101.

(h) Securityholders will be able to accessannual financial statements of the Funds either on the SEDARwebsite or on the relevant website of the Manager or bycalling the Manager's toll-free phone line listed in Schedule"A". Top ten holdings which are updated on a periodicbasis as listed in Schedule "A" will also be accessibleto Securityholders on each Manager's website or by callingthe Manager's toll-free line.

(i) There would be substantial cost savingsif the Funds are not required to print and mail annual financialstatements to those Direct Securityholders who do not wantthem.

(j) The Canadian Securities Administrators("CSA") have published for comment proposed NationalInstrument 81-106 ("NI 81-106") which, among otherthings, would permit a Fund not to deliver annual financialstatements to those of its Securityholders who do not requestthem, if the Funds provide each Securityholder with a requestform under which the Securityholder may request, at no costto the Securityholder, to receive the mutual fund's annualfinancial statements for that financial year.

(k) NI 81-106 would also require a Fundto have a toll-free telephone number for or accept collectcalls from persons or companies that want to receive a copyof, among other things, the annual financial statementsof the Fund.

AND WHEREAS pursuant to the System thisMRRS Decision Document evidences the decision of each DecisionMaker (collectively, the "Decision");

AND WHEREAS each of the Decision Makersare satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make theDecision has been met;

AND WHEREAS the Decision Makers are satisfiedthat making the Decision will not adversely affect the rule-makingprocess with respect to proposed National Instrument 81-106and is consistent with National Instrument 54-101;

THE DECISION of the Decision Makers pursuantto the Legislation is that:

i) the Funds; and

ii) mutual funds created subsequent to thedate of the application, December 13, 2002, that are offeredby way of simplified prospectus and managed by the Manager,

shall not be required to deliver their comparativeannual financial statements for the year ended December 31,2002, or for such other year-end date specified in Schedule"A", to their Direct Securityholders other than thoseDirect Securityholders who have requested to receive them providedthat:

a) the Managers shall file on SEDAR, underthe annual financial statements category, confirmation ofmailing of the request forms that have been sent to theDirect Securityholders as described in clause (f) of therepresentations within 90 days of mailing the request forms;

b) the Managers shall file on SEDAR, underthe annual financial statements category, information regardingthe number and percentage of requests for annual financialstatements made by the return of the request forms, on aprovince-by-province basis within 30 days after the endof each quarterly period beginning from the date of mailingthe request forms and ending 12 months from the date ofmailing;

c) the Managers shall record the numberand summary of complaints received from Direct Securityholdersabout not receiving the annual financial statements andshall file on SEDAR, under the annual financial statementscategory, this information within 30 days after the endof each quarterly period beginning from the date of mailingthe request forms and ending 12 months from the date ofmailing;

d) the Managers shall, if possible, measurethe number of "hits" on the annual financial statementsof the Funds on the Manager's website and shall file onSEDAR, under the annual financial statements category, thisinformation within 30 days after the end of each quarterlyperiod beginning from the date of mailing the request formsand ending 12 months from the date of mailing; and

e) the Managers shall file on SEDAR, underthe annual financial statements category, estimates of thecost savings resulting from the granting of this Decisionwithin 90 days of mailing the request forms.

January 16, 2003.

"Kerry D. Adams"                    "RobertL. Shirriff"

 

SCHEDULE "A" toMRRS DECISION DOCUMENT

LIST OF APPLICANT MANAGERSAND THEIR FUNDS

1. AIM Funds Management Inc.
5140 Yonge Street, Suite 900
Toronto, Ontario
M2N 6X7
 
Annual Financial Statements are availableat:
Website: www. aimtrimark.com
Toll-free: 1 800 874-6275

Top Ten Holdings information will be updatedmonthly

AIM American Aggressive Growth Fund
AIM American Growth Fund
AIM American Mid Cap Growth Class of AIM GlobalFund Inc. {†}
AIM Canada Income Class of AIM Canada FundInc. {†}
AIM Canada Money Market Fund
AIM Canadian Balanced Fund
AIM Canadian First Class of AIM Canada FundInc. {†}
AIM Canadian Leaders Fund
AIM Canadian Premier Class of AIM Canada FundInc. {†}
AIM Canadian Premier Fund
AIM Core American Equity Class of AIM GlobalFund Inc. {†}
AIM Core Canadian Balanced Class of AIM CanadaFund Inc. {†}
AIM Core Canadian Equity Class of AIM CanadaFund Inc. {†}
AIM Core Global Equity Class of AIM GlobalFund Inc. {†}
AIM Dent Demographic Trends Class of AIM GlobalFund Inc. {†}
AIM European Growth Class of AIM Global FundInc. {†}
AIM European Growth Fund
AIM Global Aggressive Growth Class of AIMGlobal Fund Inc. {†}
AIM Global Energy Class of AIM Global FundInc. {†}
AIM Global Financial Services Class of AIMGlobal Fund Inc. {†}
AIM Global Health Sciences Class of AIM GlobalFund Inc. {†}
AIM Global Health Sciences Fund
AIM Global Sector Managers Class of AIM GlobalFund Inc. {†}
AIM Global Technology Class of AIM GlobalFund Inc. {†}
AIM Global Technology Fund
AIM Global Telecommunications Class of AIMGlobal Fund Inc. {†}
AIM Global Theme Class of AIM Global FundInc. {†}
AIM Indo-Pacific Fund
AIM International Growth Class of AIM GlobalFund Inc. {†}
AIM RSP American Growth Fund
AIM RSP Core American Equity Fund
AIM RSP Core Global Equity Fund {†}
AIM RSP Dent Demographic Trends Fund {†}
AIM RSP European Growth Fund
AIM RSP Global Aggressive Growth Fund {†}
AIM RSP Global Financial Services Fund {†}
AIM RSP Global Health Sciences Fund
AIM RSP Global Sector Managers Fund {†}
AIM RSP Global Technology Fund
AIM RSP Global Telecommunications Fund {†}
AIM RSP Global Theme Fund
AIM RSP Indo-Pacific Fund
AIM RSP International Growth Fund {†}
AIM Short-Term Income Class of AIM GlobalFund Inc. {†}
Trimark Advantage Bond Fund
Trimark Canadian Bond Fund
Trimark Canadian Endeavour Fund
Trimark Canadian Fund
Trimark Canadian Resources Fund
Trimark Canadian Small Companies Fund
Trimark Discovery Fund
Trimark Enterprise Fund
Trimark Enterprise Small Cap Fund
Trimark Europlus Fund
Trimark Fund
Trimark Global Balanced Class of AIM GlobalFund Inc. {†}
Trimark Global Balanced Fund
Trimark Global Endeavour Class of AIM GlobalFund Inc. {†}
Trimark Global Endeavour Fund
Trimark Global High Yield Bond Fund
Trimark Government Income Fund
Trimark Income Growth Fund
Trimark Interest Fund
Trimark International Companies Fund
Trimark RSP Discovery Fund
Trimark RSP Europlus Fund
Trimark RSP Global Balanced Fund
Trimark RSP Global Endeavour Fund
Trimark RSP Global High Yield Bond Fund
Trimark RSP International Companies Fund
Trimark RSP Select Growth Fund
Trimark RSP U.S. Companies Fund
Trimark Select Balanced Fund
Trimark Select Canadian Growth Fund
Trimark Select Growth Class of AIM GlobalFund Inc. {†}
Trimark Select Growth Fund
Trimark U.S. Companies Class of AIM GlobalFund Inc. {†}
Trimark U.S. Companies Fund
Trimark U.S. Money Market Fund
Trimark U.S. Small Companies Class of AIMGlobal Fund Inc. {†}
 
2. Altamira Investment Services Inc.
The Exchange Tower
130 King Street West, Suite 900
Toronto, Ontario
M5X 1K9
 
Annual Financial Statements are availableat:
Website: www.altamira.com
Toll-free: 1 800 263-2824

Top Ten Holdings information will be updatedquarterly

Altamira T-Bill Fund
Altamira Income Fund {*}
Altamira Bond Fund
Altamira High Yield Bond Fund
Altamira Short Term Canadian Income Fund
Altamira Short Term Government Bond Fund
Altamira Global Bond Fund
Altamira Short Term Global Income Fund
Altamira Balanced Fund {*}
Altamira Dividend Fund Inc. {**}
Altamira Growth & Income Fund
Altamira Global Diversified Fund {*}
Altamira RSP Global Diversified Fund
Altamira Canadian Value Fund
Altamira Equity Fund
AltaFund Investment Corp. {**}
Altamira Capital Growth Fund Limited
Altamira Special Growth Fund
Altamira European Equity Fund
Altamira Global Value Fund
Altamira US Larger Company Fund
Altamira Asia Pacific Fund
Altamira Japanese Opportunity Fund
Altamira RSP Japanese Opportunity Fund
Altamira Global Discovery Fund
Altamira Global 20 Fund
Altamira Global Small Company Fund
Altamira Select American Fund
Altamira Precision Canadian Index Fund
Altamira Precision Dow 30 Index Fund
Altamira Precision European Index Fund
Altamira Precision European RSP Index Fund
Altamira Precision International RSP IndexFund
Altamira Precision U.S. RSP Index Fund
Altamira Precision U.S. Midcap Index Fund
Altamira Biotechnology Fund
Altamira RSP Biotechnology Fund
Altamira e-business Fund
Altamira RSP e-business Fund
Altamira Global Financial Services Fund
Altamira Global Telecommunications Fund
Altamira Health Sciences Fund
Altamira RSP Health Sciences Fund
Altamira Precious and Strategic Metal Fund
Altamira Resource Fund
Altamira Science and Technology Fund
Altamira RSP Science and Technology Fund
 
3. Cartier Mutual Funds Inc.
1800 McGill College, Suite 2530
Montreal, Quebec
H3A 3J6
 
Annual Financial Statements are availableat:
Website: www.fonds-cartier.ca
Toll-free: 1 877 664-1666

Top Ten Holdings information will be updatedquarterly

Desjardins Trust Inc. is the trustee of thefollowing mutual fund trusts which were established under thelaws of Quebec:

Cartier Multimanagement Portfolio
Cartier Money Market Fund
Cartier Bond Fund
MultiPartners Balanced Growth RSP Portfolio
Cartier Cdn. Equity Fund
Cartier Small Cap Cdn. Equity Fund
Cartier U.S. Equity Fund
Cartier Global Equity Fund
Cartier Global Leaders RSP Fund
MultiPartners Balanced RSP Portfolio
MultiPartners High Growth RSP Portfolio
MultiPartners Global Balanced Portfolio
MultiPartners Balanced Growth Portfolio
MultiPartners High Growth Portfolio
 
4. ClaringtonFunds Inc.
181 University Avenue, Suite 1010
Toronto, Ontario
M5H 3M7
 
Annual Financial Statements are availableat:
Website: www.claringtonfunds.com
Toll-free: 1 888 860-9888

Top Ten Holdings information will be updatedmonthly

Clarington Canadian Core Portfolio
Clarington U.S. Core Portfolio
Clarington Global Core Portfolio
Clarington Canadian Balanced Fund
Clarington Canadian Bond Fund
Clarington Canadian Dividend Fund
Clarington Canadian Equity Fund
Clarington Canadian Growth Fund
Clarington Canadian Income Fund
Clarington Canadian Income Fund II (SeriesA and Series B Units)
Clarington Canadian Small Cap Fund
Clarington Canadian Value Fund
Clarington Money Market Fund
Clarington Navellier U.S. All Cap Fund
Clarington RSP Navellier U.S. All Cap Fund
Clarington Technology Fund
Clarington RSP Technology Fund
Clarington U.S. Growth Fund
Clarington U.S. Smaller Company Growth Fund
Clarington Asia Pacific Fund
Clarington Global Communications Fund
Clarington RSP Global Communications Fund
Clarington Global Equity Fund
Clarington RSP Global Equity Fund
Clarington Global Income Fund
Clarington RSP Global Income Fund
Clarington Global Small Cap Fund
Clarington RSP Global Value Fund
Clarington International Equity Fund
Clarington RSP International Equity Fund
Clarington Canadian Equity Class
Clarington Global Communications Class
Clarington Global Equity Class
Clarington Global Health Sciences Class
Clarington Global Small Cap Class
Clarington Global Value Class
Clarington Navellier U.S. All Cap Class
Clarington Short-Term Income Class
Clarington U.S. Large Cap Value Class
Clarington U.S. Mid-Cap Value Class
 
5. Co-operators Mutual Funds Limited
98 Macdonell Street
Suite 202
Guelph, Ontario
N1H 2Z6
 
Annual Financial Statements are availableat:
Website: www.cmfl.ca
Toll-free: 1 866 866-2635

Top Ten Holdings information will be updatedmonthly

Co-operators Canadian Conservative FocusedEquity Fund
Co-operators Canadian Core Equity Fund
Co-operators Canadian Balanced Fund
Co-operators Canadian Bond Fund
Co-operators Canadian Money Market Fund
Co-operators/Credit Suisse U.S. Capital AppreciationFund
Co-operators/Credit Suisse International EquityFund
Co-operators/Credit Suisse Global Scienceand Technology Fund
Co-operators/Credit Suisse Global Post-VentureCapital Fund
Co-operators/Crystal Enhanced Index RSP FundClass A and Class F
Co-operators/Crystal Enhanced Index WorldFund Class A
 
6. Counsel Group of Funds Inc.
2680 Skymark Avenue, 7th Floor
Mississauga, Ontario
L4W 5L6
 
Annual Financial Statements are availableat:
Website: www.counselwealth.com
Toll-free: 1 877 625-9885

Top Ten Holdings information will be updatedquarterly

The following Funds are reporting issuersin all Participating Jurisdictions:
Counsel Conservative Portfolio {†}
Counsel Balanced Portfolio {†}
Counsel Balanced RSP Portfolio {†}
Counsel Growth Portfolio {†}
Counsel Growth RSP Portfolio {†}
Counsel All Equity Portfolio {†}
Counsel All Equity RSP Portfolio {†}
Counsel Managed {†}
Counsel Focus {†}
Counsel Focus RSP {†}
Counsel World Equity {†}
Counsel World Equity RSP {†}
Counsel Select Sector {†}
Counsel Select Sector RSP {†}
Counsel Money Market {†}
Counsel Select Canada {†}
Counsel Select Value {†}
Counsel Focus Value {†}
Counsel Fixed Income {†}
 
7. Dynamic Mutual Funds Ltd.
40 King Street West, Suite 5500
Toronto, Ontario
M5H 4A9
 
Annual Financial Statements are availableat:
Website: www.dynamic.ca
Toll-free: 1 800 268-8186

Top Ten Holdings information will be updatedmonthly

Dynamic Value Funds
Dynamic Value Fund of Canada {†}
Dynamic Dividend Growth Fund {†}
Dynamic American Value Fund {†}
Dynamic European Value Fund {†}
Dynamic Far East Value Fund {†}
Dynamic International Value Fund {†}
Dynamic RSP American Value Fund {†}
Dynamic RSP European Value Fund {†}
Dynamic RSP Far East Value Fund {†}
Dynamic RSP International Value Fund {†}
 
Dynamic Power Funds
Dynamic Power Canadian Growth Fund {†}
Dynamic Power American Growth Fund {†}
Dynamic Power Balanced Fund {†}
Dynamic Power Bond Fund {†}
Dynamic RSP Power American Growth Fund {†}
 
Dynamic Focus+ Funds
Dynamic Focus+ Canadian Fund {†}
Dynamic Focus+ American Fund {†}
Dynamic Focus+ Balanced Fund {†}
Dynamic Focus+ Global Fund {†}
Dynamic Focus+ Diversified Income Trust Fund{†}
Dynamic Focus+ Real Estate Fund {†}
Dynamic Focus+ Resource Fund {†}
Dynamic Focus+ Small Business Fund {†}
Dynamic Focus+ Wealth Management Fund {†}
 
Dynamic Balanced Funds
Dynamic Partners Fund {†}
Dynamic Fund of Funds {†}
 
Dynamic Specialty Funds
Dynamic Canadian Precious Metals Fund {†}
Dynamic Global Precious Metals Fund {†}
Dynamic Global Resource Fund {†}
Dynamic Global Health Sciences Fund {†}
Dynamic Global Real Estate Fund {†}
Dynamic Global Technology Fund {†}
Dynamic RSP Global Technology Fund {†}
Dynamic RSP Global Health Sciences Fund {†}
 
Dynamic Income Funds
Dynamic Dividend Fund {†}
Dynamic Dividend Income Fund {†}
Dynamic Dollar-Cost Averaging Fund {†}
Dynamic Income Fund {†}
Dynamic Global Bond Fund {†}
Dynamic Money Market Fund {†}
 
Hathaway Funds
Hathaway Focus+ Canadian Fund {†}
Hathaway Focus+ American Fund {†}
Hathaway Focus+ World Fund {†}
Hathaway Focus+ Wealth Management Fund {†}
Hathaway Focus+ Balanced Canadian Fund {†}
 
Viscount Pools
Viscount Canadian Equity Pool {†}
Viscount U.S. Equity Pool {†}
Viscount RSP U.S. Equity Pool {†}
Viscount International Equity Pool {†}
Viscount RSP International Equity Pool {†}
Viscount Canadian Bond Pool {†}
Viscount High Yield U.S. Bond Pool {†}
Viscount RSP High Yield U.S. Bond Pool {†}
Viscount RSP U.S. Index Pool {†}
Viscount RSP International Index Pool {†}

Dynamic Corporate Class Funds (of DynamicGlobal Fund Corporation):

Corporate Class Value Funds
Dynamic Canadian Value Class {†}
Dynamic American Value Class {†}
Dynamic European Value Class {†}
Dynamic Far East Value Class {†}
Dynamic International Value Class {†}
 
Corporate Class Power Funds
Dynamic Power Canadian Growth Class {†}
Dynamic Power American Growth Class {†}
Dynamic Power European Growth Class {†}
Dynamic Power International Growth Class {†}
 
Corporate Class Focus+ Funds
Dynamic Focus+ Canadian Class {†}
Dynamic Focus+ American Class {†}
Dynamic Focus+ Global Financial Services Class{†}
 
Corporate Class Specialty Funds
Dynamic Global Health Sciences Class {†}
Dynamic Global Real Estate Class {†}
Dynamic Global Technology Class {†}
 
Corporate Class Income Funds
Dynamic Money Market Class {†}

StrategicNova Funds:

Canadian Equity Funds
StrategicNova Canadian Dividend Fund Ltd.
StrategicNova Canadian Large Cap Growth Fund
StrategicNova Canadian Large Cap Value Fund
StrategicNova Canadian Midcap Growth Fund
StrategicNova Canadian Midcap Value Fund
StrategicNova Canadian Small Cap Fund
 
U.S. Equity Funds
StrategicNova U.S. Large Cap Growth Fund Ltd.
StrategicNova U.S. Large Cap Value Fund
StrategicNova U.S. Midcap Value Fund
StrategicNova U.S. Midcap Value RSP Fund
StrategicNova U.S. Small Cap Fund
 
Regional and World Funds
StrategicNova Asia-Pacific Fund
StrategicNova Emerging Markets Fund
StrategicNova Europe Fund
StrategicNova Europe RSP Fund
StrategicNova Latin America Fund
StrategicNova TopGuns Fund
StrategicNova World Large Cap Fund
StrategicNova World Equity Fund
StrategicNova World Equity RSP Fund
 
Specialty Funds
StrategicNova Canada Dominion Resource FundLtd.
StrategicNova Canadian Natural Resources Fund
StrategicNova Canadian Technology Fund
StrategicNova SAMI Fund
StrategicNova USTech Fund
StrategicNova World Precious Metals Fund
StrategicNova World Convertible DebenturesFund
 
Fixed Income Funds
StrategicNova Canadian Bond Fund
StrategicNova Canadian Government Bond Fund
StrategicNova Canadian High Yield Bond Fund
StrategicNova Canadian Money Market Fund
 
Balanced Funds
StrategicNova Canadian Aggressive BalancedFund
StrategicNova Canadian Asset Allocation Fund
StrategicNova Canadian Balanced Fund
StrategicNova Commonwealth World BalancedFund Ltd.
StrategicNova World Strategic Asset AllocationFund
StrategicNova World Strategic Asset AllocationRSP Fund
 
8. Fidelity Investments Canada Limited
483 Bay Street, Suite 200
Toronto, Ontario
M5G 2N7
 
Annual Financial Statements are availableat:
Website: www.fidelity.ca
Toll-free: 1 800 263-4077

Top Ten Holdings information will be updatedquarterly

Fidelity American High Yield Fund {†}
Fidelity Canadian Asset Allocation Fund {†}
Fidelity Canadian Balanced Fund {†}
Fidelity Canadian Bond Fund {†}
Fidelity Canadian Disciplined Equity Fund{†}
Fidelity Canadian Growth Company Fund {†}
Fidelity Canadian Large Cap Fund {†}
Fidelity Canadian Money Market Fund {†}
Fidelity Canadian Opportunities Fund {†}
Fidelity Canadian Short Term Bond Fund {†}
Fidelity True North Fund {†}
Fidelity American Disciplined Equity Fund{†}
Fidelity RSP American Disciplined Equity Fund{†}
Fidelity American Opportunities Fund {†}
Fidelity RSP American Opportunities Fund {†}
Fidelity American Value Fund {†}
Fidelity Growth America Fund {†}
Fidelity RSP Growth America Fund {†}
Fidelity Small Cap America Fund {†}
Fidelity RSP Small Cap America Fund {†}
Fidelity Managed Income Fund {†}
Fidelity U.S. Money Market Fund {†}
Fidelity Emerging Markets Fund {†}
Fidelity Europe Fund {†}
Fidelity RSP Europe Fund {†}
Fidelity Far East Fund {†}
Fidelity RSP Far East Fund {†}
Fidelity Global Disciplined Equity Fund {†}
Fidelity RSP Global Disciplined Equity Fund{†}
Fidelity Global Opportunities Fund {†}
Fidelity RSP Global Opportunities Fund {†}
Fidelity International Portfolio Fund {†}
Fidelity RSP International Portfolio Fund{†}
Fidelity Japan Fund {†}
Fidelity RSP Japan Fund {†}
Fidelity Global Asset Allocation Fund {†}
Fidelity RSP Global Asset Allocation Fund{†}
Fidelity Latin America Fund {†}
Fidelity NorthStar Fund {†}
Fidelity RSP NorthStar Fund {†}
Fidelity Overseas Fund {†}
Fidelity RSP Overseas Fund {†}
Fidelity Focus Consumer Industries Fund {††}
Fidelity Focus Financial Services Fund {††}
Fidelity RSP Focus Financial Services Fund{††}
Fidelity Focus Health Care Fund {††}
Fidelity RSP Focus Health Care Fund {††}
Fidelity Focus Natural Resources Fund {††}
Fidelity Focus Technology Fund {††}
Fidelity RSP Focus Technology Fund {††}
Fidelity Focus Telecommunications Fund {††}
Fidelity RSP Focus Telecommunications Fund{††}

Fidelity Capital Structure Corp.{*}:

Canadian Equity Classes
Fidelity Canadian Growth Company Class {†††}
Fidelity Disciplined Equity Class {†††}
Fidelity True North( Class {†††}
 
American Equity Classes
Fidelity American Disciplined Equity Class{†††}
Fidelity American Opportunities Class {†††}
Fidelity Growth America Class {†††}
Fidelity Small Cap America Class {†††}
 
International Equity Classes
Fidelity European Growth Class {†††}
Fidelity Far East Class {†††}
Fidelity Global Disciplined Equity Class {†††}
Fidelity International Portfolio Class {†††}
Fidelity Japanese Growth Class {†††}
 
Sector Classes
Fidelity Focus Consumer Industries Class {†††}
Fidelity Focus Financial Services Class {†††}
Fidelity Focus Health Care Class {†††}
Fidelity Focus Natural Resources Class {†††}
Fidelity Focus Technology Class {†††}
Fidelity Focus Telecommunications Class {†††}
 
Balanced Class
Fidelity Canadian Balanced Class {†††}
 
Canadian Fixed Income Class
Fidelity Canadian Short Term Income Class{†††}

Fidelity NorthStar Class {†††}

9. Franklin Templeton Investments Corp.
One Adelaide Street East
Suite 2101
Toronto, Ontario
M5C 3B8
 
Annual Financial Statements are availableat:
Website: www.franklintempleton.ca
Toll-free: 1 800 387-0830

Top Ten Holdings information will be updatedquarterly for Funds whose name begins with 'Templeton' or 'Mutual'and for Franklin Templeton Treasury Bill Fund and the FranklinTempleton Portfolios

Top Ten Holdings information will be updatedmonthly for Funds whose name begins with 'Franklin' or 'Bissett'and for Franklin Templeton U.S. Money Market Fund, FranklinTempleton U.S. Money Market Tax Class, Franklin Templeton MoneyMarket Fund and Franklin Templeton Money Market Tax Class

Franklin Templeton Investments MutualFund Trusts:
Templeton Growth RSP Fund {†}
Templeton International Stock Fund
Templeton International Stock RSP Fund
Templeton Emerging Markets Fund
Templeton Emerging Markets RSP Fund
Templeton Global Smaller Companies Fund
Templeton Global Smaller Companies RSP Fund
Templeton Global Balanced Fund
Templeton Global Balanced RSP Fund
Templeton Balanced Fund
Templeton Global Bond Fund
Templeton Canadian Stock Fund
Templeton Canadian Asset Allocation Fund
Franklin U.S. Large Cap Growth Fund
Franklin U.S. Large Cap Growth RSP Fund
Franklin U.S. Aggressive Growth Fund
Franklin U.S. Aggressive Growth RSP Fund
Franklin U.S. Small Cap Growth Fund
Franklin U.S. Small Cap Growth RSP Fund
Franklin World Health Sciences and BiotechFund
Franklin World Health Sciences and BiotechRSP Fund
Franklin World Telecom Fund
Franklin World Telecom RSP Fund
Franklin Technology Fund
Franklin Technology RSP Fund
Franklin World Growth Fund
Franklin World Growth RSP Fund
Bissett Bond Fund
Bissett Dividend Income Fund
Bissett Canadian Balanced Fund
Bissett Income Fund
Bissett Large Cap Fund
Bissett Multinational Growth Fund
Bissett Multinational Growth RSP Fund
Bissett American Equity Fund
Bissett American Equity RSP Fund
Bissett International Equity Fund
Bissett Canadian Equity Fund
Bissett Small Cap Fund
Bissett Microcap Fund
Mutual Beacon Fund
Mutual Beacon RSP Fund
Franklin Templeton Treasury Bill Fund
Franklin Templeton U.S. Money Market Fund
Franklin Templeton Money Market Fund
Franklin Templeton Growth Portfolio
Franklin Templeton Maximum Growth Portfolio
Franklin Templeton Balanced Growth Portfolio
Franklin Templeton Balanced Income Portfolio
 
Franklin Templeton Investments MutualFund Corporations:
Templeton Growth Fund, Ltd. {†}
 
Franklin Templeton Tax Class Corp.{*}:
Templeton Growth Tax Class
Templeton International Stock Tax Class
Templeton Emerging Markets Tax Class
Templeton Global Smaller Companies Tax Class
Templeton Canadian Stock Tax Class
Templeton European Tax Class
Franklin U.S. Large Cap Growth Tax Class
Franklin U.S. Aggressive Growth Tax Class
Franklin U.S. Small Cap Growth Tax Class
Franklin World Health Sciences and BiotechTax Class
Franklin World Telecom Tax Class
Franklin Technology Tax Class
Franklin World Growth Tax Class
Franklin Japan Tax Class
Bissett Bond Tax Class
Bissett Multinational Growth Tax Class
Bissett Canadian Equity Tax Class
Bissett Small Cap Tax Class
Mutual Beacon Tax Class
Franklin Templeton U.S. Money Market Tax Class
Franklin Templeton Money Market Tax Class
 
10. Mackenzie Financial Corporation
150 Bloor Street West
Suite M111
Toronto, Ontario
M5S 3B5
 
Annual Financial Statements are availableat:
Website: www.mackenziefinancial.com
Toll-free: 1 800 387-0614

Top Ten Holdings information will be updatedmonthly

Canadian & US Group of Mutual Funds:

Canadian Equity Funds:
Mackenzie Cundill Canadian Security Fund {*}{†}
Mackenzie Growth Fund {†}
Mackenzie Ivy Canadian Fund {†}
Mackenzie Ivy Enterprise Fund {†}
Mackenzie Maxxum Canadian Equity Growth Fund
Mackenzie Maxxum Canadian Value Fund {†}
Mackenzie Maxxum Dividend Fund
Mackenzie Maxxum Dividend Growth Fund {†}
Mackenzie Universal Canadian Growth Fund {†}
Mackenzie Universal Future Fund {†}
Mackenzie Universal Select Managers CanadaFund {†}
 
Canadian Fixed Income & Balanced Funds:
Mackenzie Balanced Fund {†}
Mackenzie Bond Fund {†}
Mackenzie Cash Management Fund {†}
Mackenzie Cundill Canadian Balanced Fund {*}{†}
Mackenzie Income Fund {†}
Mackenzie Ivy Growth and Income Fund {†}
Mackenzie Maxxum Canadian Balanced Fund
Mackenzie Maxxum Pension Fund {†}
Mackenzie Money Market Fund {†}
Mackenzie Mortgage Fund {†}
Mackenzie Short-Term Bond Fund
Mackenzie Universal Canadian Balanced Fund{†}
Mackenzie Yield Advantage Fund {†}
 
U.S. Funds:
Janus American Equity Fund {**}
Janus RSP American Equity Fund
Mackenzie Universal U.S. Blue Chip Fund {†}
Mackenzie Universal RSP U.S. Blue Chip Fund{†}
Mackenzie Universal U.S. Emerging Growth Fund{†}
Mackenzie Universal RSP U.S. Emerging GrowthFund {†}
Mackenzie Universal RSP Select Managers USAFund {†}
Mackenzie U.S. Money Market Fund {†}

Global Group of Mutual Funds

Global & Regional Equity Funds:
Janus Global Equity Fund {**}
Janus RSP Global Equity Fund
Mackenzie Cundill Recovery Fund {*}{†}
Mackenzie Cundill Value Fund {*}{†}
Mackenzie Cundill RSP Value Fund {*}{†}
Mackenzie Ivy European Fund
Mackenzie Ivy Foreign Equity Fund {†}
Mackenzie Ivy RSP Foreign Equity Fund {†}
Mackenzie Universal European OpportunitiesFund {†}
Mackenzie Universal International Stock Fund{†}
Mackenzie Universal Select Managers Fund {†}
Mackenzie Universal World Growth RRSP Fund{†}
Mackenzie Universal RSP European OpportunitiesFund {†}
Mackenzie Universal RSP Global Ethics Fund{†}
Mackenzie Universal RSP Growth Trends Fund{†}
Mackenzie Universal RSP International StockFund {†}
Mackenzie Universal RSP Select Managers Fund{†}
Mackenzie Universal RSP Select Managers FarEast Fund {†}
Mackenzie Universal RSP Select Managers InternationalFund {†}
Mackenzie Universal RSP Select Managers JapanFund {†}
 
Global Fixed Income & Balanced Funds:
Mackenzie Cundill Global Balanced Fund {*}{†}
Mackenzie Ivy Global Balanced Fund {†}
Mackenzie Ivy RSP Global Balanced Fund {†}
Mackenzie Universal World Income RRSP Fund{†}
Mackenzie Universal World Tactical Bond Fund{†}
 
Global Sector & Specialty Funds:
Mackenzie Universal Canadian Resource Fund{†}
Mackenzie Universal Financial Services Fund{†}
Mackenzie Universal Precious Metals Fund {†}
Mackenzie Universal RSP Emerging TechnologiesFund {†}
Mackenzie Universal RSP Financial ServicesFund {†}
Mackenzie Universal RSP Health Sciences Fund{†}
Mackenzie Universal RSP World Science &Technology Fund {†}

Keystone Group of Mutual Funds

Keystone Altamira Capital Growth Fund {†}
Keystone Altamira Equity Fund {†}
Keystone Altamira RSP Science and TechnologyFund {†}
Keystone Altamira RSP e-business Fund{†}
Keystone Altamira RSP Global Equity Fund {†}
Keystone AGF American Fund {†}
Keystone AGF Bond Fund {†}
Keystone AGF Equity Fund {†}
Keystone AIM Trimark Canadian Equity Fund{†}
Keystone AIM Trimark Global Equity Fund {†}
Keystone Beutel Goodman Bond Fund {†}
Keystone CI Signature High Income Fund {†}
Keystone Saxon Smaller Companies Fund {†}
Keystone Spectrum American Fund {†}
Keystone Spectrum Equity Fund {†}
Keystone Premier Global Elite 100 Fund{†}
Keystone Premier RSP Global Elite 100Fund {†}
Keystone Premier Euro Elite 100 Fund{†}
Keystone Premier RSP Euro Elite 100Fund {†}

Quadrus Group of Funds

The GWLIM Funds:
GWLIM Corporate Bond Fund
GWLIM Equity/Bond Fund
GWLIM Canadian Growth Fund
GWLIM Canadian Mid Cap Fund
GWLIM US Mid Cap Fund
GWLIM Emerging Industries Fund
GWLIM Ethics Fund
 
The LLIM Funds:
LLIM Canadian Bond Fund
LLIM Income Plus Fund
LLIM Balanced Strategic Growth Fund
LLIM Canadian Diversified Equity Fund
LLIM Canadian Growth Sectors Fund
LLIM US Equity Fund
LLIM US Growth Sectors Fund
 
The Templeton Funds:
Templeton Canadian Equity Fund
Templeton International Equity Fund
 
The Folio Funds:
Conservative Folio Fund
Moderate Folio Fund
Balanced Folio Fund
Advanced Folio Fund
Aggressive Folio Fund
Fixed Income Folio Fund
Canadian Equity Folio Fund
Global Equity Folio Fund
 
The Mackenzie Funds:
Mackenzie Maxxum Income Fund
Mackenzie Maxxum Money Market Fund

Mackenzie Capital Class Funds (ofMackenzie Financial Capital Corporation)

Canadian Equity Funds:
Mackenzie Ivy Canadian Capital Class {†}
Mackenzie Ivy Enterprise Capital Class {†}
Mackenzie Maxxum Canadian Value Capital Class{†}
Mackenzie Universal Canadian Growth CapitalClass {†}
Mackenzie Universal Future Capital Class {†}
Mackenzie Universal Select Managers CanadaCapital Class {†}
 
U.S. Equity Funds:
Mackenzie Universal American Growth CapitalClass {†}
Mackenzie Universal Select Managers USA CapitalClass {†}
Mackenzie Universal U.S. Blue Chip CapitalClass {†}
Mackenzie Universal U.S. Emerging Growth CapitalClass {†}
 
Global & Regional Equity Funds:
Mackenzie Cundill Value Capital Class {†}
Mackenzie Ivy European Capital Class {†}
Mackenzie Ivy Foreign Equity Capital Class{†}
Mackenzie Universal Diversified Equity CapitalClass {†}
Mackenzie Universal European OpportunitiesCapital Class {†}
Mackenzie Universal Global Ethics CapitalClass {†}
Mackenzie Universal Growth Trends CapitalClass {†}
Mackenzie Universal International Stock CapitalClass {†}
Mackenzie Universal Select Managers CapitalClass {†}
Mackenzie Universal Select Managers Far EastCapital Class {†}
Mackenzie Universal Select Managers InternationalCapital Class {†}
Mackenzie Universal Select Managers JapanCapital Class {†}
Mackenzie Universal World Emerging GrowthCapital Class {†}
 
Industry Sector and Specialty Funds:
Mackenzie Universal Emerging TechnologiesCapital Class {†}
Mackenzie Universal Financial Services CapitalClass {†}
Mackenzie Universal Health Sciences CapitalClass {†}
Mackenzie Universal World Precious MetalsCapital Class {†}
Mackenzie Universal World Real Estate CapitalClass {†}
Mackenzie Universal World Resource CapitalClass {†}
Mackenzie Universal World Science & TechnologyCapital Class {†}
Mackenzie Canadian Managed Yield Capital Class{†}
Mackenzie U.S. Managed Yield Capital Class{†}
Mackenzie Managed Return Capital Class {†}
 
Keystone:
Keystone Altamira Science and Technology CapitalClass {†}
Keystone Altamira e-business CapitalClass {†}
Keystone Altamira Global Equity Capital Class{†}
Keystone Premier Euro Elite 100 CapitalClass {†}
Keystone Premier Global Elite 100 CapitalClass Funds {†}
 
11. McLean Budden Funds Inc.
145 King St W
Toronto, Ontario
M5H 1J8
 
Annual Financial Statements are availableat:
Website: www. mcleanbudden.com
Toll-free: 1 800 884-0436

Top Ten Holdings information will be updatedat least quarterly

Royal Trust is the trustee of the followingFunds:
McLean Budden Balanced Growth Fund
McLean Budden Canadian Equity Growth Fund
McLean Budden Canadian Equity Value Fund
McLean Budden American Equity Fund
McLean Budden Global Equity Fund
McLean Budden International Equity Fund
McLean Budden Fixed Income Fund
McLean Budden Money Market Fund
 
12. National Bank Securities Inc.
1100 University Street
8th Floor
Montreal, Quebec
H3B 2G7
 
Annual Financial Statements are availableat:
Website: www. nbc.ca
Toll-free: 1 888 270-3941

Top Ten Holdings information will be updatedat least quarterly

National Bank Strategic Yield Class of NationalBank Funds Corporation{*}{†}

National Bank Trust Inc. is the trustee ofthe following Funds:

National Bank Money Market Fund{*}{†}
National Bank Treasury Bill Plus Fund{*}{†}
National Bank U.S. Money Market Fund{*}{†}
National Bank Corporate Cash Management Fund{*}{†}
National Bank Treasury Management Fund{*}{†}
National Bank Mortgage Fund{*}{†}
National Bank Bond Fund{*}{†}
National Bank Dividend Fund{*}{†}
National Bank Global RSP Bond Fund{*}{†}
National Bank High Yield Bond Fund{*}{†}
National Bank Retirement Balanced Fund{*}{†}
National Bank Secure Diversified Fund{*}{†}
National Bank Conservative Diversified Fund{*}{†}
National Bank Moderate Diversified Fund{*}{†}
National Bank Aggressive Diversified Fund{*}{†}
National Bank Intrepid Diversified Fund{*}{†}
National Bank Canadian Equity Fund{*}{†}
National Bank Canadian Opportunities Fund{*}{†}
National Bank Canadian Index Fund{*}{†}
National Bank Canadian Index Plus Fund{*}{†}
National Bank Small Capitalization Fund{*}{†}
National Bank Global Equity Fund{*}{†}
National Bank Global Equity RSP Fund{*}{†}
National Bank International RSP Index Fund{*}{†}
National Bank American RSP Index Fund{*}{†}
National Bank American Index Plus Fund{*}{†}
National Bank European Equity Fund{*}{†}
National Bank European Small CapitalizationFund{*} {†}
National Bank Asia-Pacific Fund{*}{†}
National Bank Emerging Markets Fund{*}{†}
National Bank Quebec Growth Fund{*}{†}
National Bank Natural Resources Fund{*}{†}
National Bank Future Economy Fund{*}{†}
National Bank Future Economy RSP Fund{*}{†}
National Bank Global Technologies Fund{*}{†}
National Bank Global Technologies RSP Fund{*}{†}
National Bank/Fidelity Canadian Asset AllocationFund{*} {†}
National Bank/Fidelity Global Asset AllocationFund{*} {†}
National Bank/Fidelity True North Fund{*}{†}
National Bank/Fidelity International PortfolioFund{*} {†}
National Bank/Fidelity Growth America Fund{*}{†}
National Bank/Fidelity Focus Financial ServicesFund{*} {†}
National Bank Protected Canadian Bond Fund{*}{†}
National Bank Protected Retirement BalancedFund{*} {†}
National Bank Protected Growth Balanced Fund{*}{†}
National Bank Protected Canadian Equity Fund{*}{†}
National Bank Protected Global RSP Fund{*}{†}
 
13. Phillips, Hager & North InvestmentManagement Ltd.
20th Floor, Waterfront Centre
200 Burrard Street
Vancouver, B.C.
V6C 3N5
 
Annual Financial Statements are availableat:
Website: www.phn.com
Toll-free: 1 800 661-6141

Top Ten Holdings information will be updatedmonthly

State Street Trust Company Canada is thetrustee of the following Funds which were established underthe laws of British Columbia:

Phillips, Hager & North Canadian MoneyMarket Fund
Phillips, Hager & North $U.S. Money MarketFund
Phillips, Hager & North Short Term Bond& Mortgage Fund
Phillips, Hager & North Bond Fund
Phillips, Hager & North Total Return BondFund
Phillips, Hager & North High Yield BondFund
Phillips, Hager & North Balanced Fund
Phillips, Hager & North Dividend IncomeFund
Phillips, Hager & North U.S. DividendIncome Fund
Phillips, Hager & North Canadian EquityFund
Phillips, Hager & North U.S. Equity Fund
Phillips, Hager & North Overseas EquityFund
Phillips, Hager & North Global EquityRSP Fund
Phillips, Hager & North Global EquityFund
Phillips, Hager & North Canadian GrowthFund
Phillips, Hager & North U.S. Growth Fund
Phillips, Hager & North Balanced PensionTrust
Phillips, Hager & North Canadian EquityPlus Pension Trust
Phillips, Hager & North Global EquityPension Trust
Phillips, Hager & North Overseas EquityPension Trust
Phillips, Hager & North Small Float Fund
Phillips, Hager & North Community ValuesBond Fund
Phillips, Hager & North Community ValuesBalanced Fund
Phillips, Hager & North Community ValuesCanadian Equity Fund
Phillips, Hager & North Community ValuesGlobal Equity Fund
Phillips, Hager & North Vintage Fund {*}
 
14. Putnam Investments Inc.
26 Wellington Street East
Suite 1200
Toronto, Ontario
M5E 1W4
 
Annual Financial Statements are availableat:
Website: www.putnaminv.com/cananda or www.putnaminvestments.ca
Toll-free: 1 866 596-5666

Top Ten Holdings information will be updatedquarterly

Putnam Canadian Balanced Fund
Putnam Canadian Bond Fund
Putnam Canadian Equity Fund
Putnam Canadian Money Market Fund
Putnam Global Equity Fund
Putnam U.S. Value Fund
Putnam U.S. Voyager Fund
Putnam International Equity Fund
 
15. Sceptre Investment Counsel Limited
26 Wellington Street East
12th Floor
Toronto, Ontario
M5E 1W4
 
Annual Financial Statements are availableat:
Website: www.sceptre.ca
Toll-free: 1 800 265-1888

Top Ten Holdings information will be updatedmonthly

Sceptre Balanced Growth Fund
Sceptre Bond Fund
Sceptre Canadian Equity Fund
Sceptre Equity Growth Fund
Sceptre Global Equity Fund
Sceptre Money Market Fund
Sceptre Income Trust Fund

{†}The fiscal year-end of these Funds is March 31, 2003

{*}the trustee of these Funds is Royal Trust

{**}these Funds are governed by the Canada Business CorporationsAct

{†}The fiscal year-end of these Funds is September 30, 2002

{†}The fiscal year-end of these Funds is June 30, 2003

{*}Fidelity Capital Structure Corp. is governed by the laws ofAlberta.

{†}The Fiscal year-end of these Funds is February 28, 2003

{††}The Fiscal year-end of these Funds is March 31, 2003

{†††}The Fiscal year-end of these Funds is November 30, 2003

{*}Franklin Templeton Tax Class Corp. is governed by the lawsof Alberta.

{†}The fiscal year-end of these Funds is April 30, 2003

{*}The trustee of these Funds is The Trust Company of Bank ofMontreal

{**}The trustee of this Fund is Investors Group Trust Co. Ltd.

{†}The fiscal year-end of these Funds is June 30, 2003

{*}The Funds are not reporting issuers in Newfoundland.

{†}The fiscal year-end of these Funds is September 30, 2003

{*}This Fund is not a reporting issuer in Nova Scotia or Newfoundland