Securities Law & Instruments


Exemption from the requirement to deliver comparativeannual financial statements for the year ending December 31,2002 to registered securityholders of certain mutual funds.

Statutes Cited

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












(the "Funds")



WHEREAS the Canadian securities regulatoryauthority or regulator (the "Decision Maker") in eachof the Provinces of Alberta, Ontario, Nova Scotia and Newfoundlandand Labrador (the "Jurisdictions") has received anapplication (the "Application") from PFSL InvestmentsCanada Ltd. (the "Manager") and the Funds for a decisionpursuant 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 or in Quebec Commission Notice 14-101.

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

(a) The Funds are open-ended mutual fund trustsgoverned by the laws of Ontario.

(b) The Manager acts as manager of the Fundsset out in Schedule "A" and is the trustee of suchFunds.

(c) The Funds are reporting issuers in eachof the Jurisdictions and are not in default of any requirementsof the Legislation.

(d) Securities of the Funds are presentlyoffered for sale on a continuous basis in each province andterritory of Canada pursuant to a simplified prospectus datedNovember 27, 2002.

(e) Each of the Funds is required to deliverannually, within 140 days of its financial year-end, to eachholder of its securities ("Securityholders"), comparativefinancial statements in the prescribed form pursuant to theLegislation.

(f) The Manager will send to Securityholderswho hold securities of the Funds in client name where themanager is the dealer (the "Direct Securityholders")a notice advising them that they will not receive the annualfinancial statements of the Funds for the year ending December31, 2002 unless they request same, and providing them witha request form to send back, by fax or prepaid mail, if theywish to receive the annual financial statements. The noticewill advise the Direct Securityholders that annual financialstatements can be found on the SEDAR website and downloaded.The Manager would send such financial statements to any Securityholderwho requests them in response to such notice or who subsequentlyrequests them by request on a toll-free number.

(g) All Securityholders hold their securitiesin the Funds directly.

(h) Securityholders will be able to accessannual financial statements of the Funds either on the SEDARwebsite or by calling the Manager's toll-free phone line.Top ten holdings, which are updated on a periodic basis, willalso be accessible to Securityholders by calling the Manager'stoll-free phone line.

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

(j) The Canadian Securities Administrators("CSA") have published for comment proposed NationalInstrument 81-106 ("NI 81-106") which, among otherthings, would permit mutual funds 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 mutualfund to 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 statements ofthe mutual 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 the Funds shall not be required todeliver their comparative annual financial statements for theyear ended December 31, 2002, to their Direct Securityholdersother than those Direct Securityholders who have requested toreceive them provided that:

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

b) the Manager 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 a province-by-provincebasis within 30 days after the end of each quarterly periodbeginning from the time of mailing the request forms and ending12 months from the time of mailing;

c) the Manager shall record the number anda summary of complaints received from Securityholders aboutnot receiving the annual financial statements and shall fileon SEDAR, under the annual financial statements category,this information within 30 days after the end of each quarterlyperiod beginning from the time of mailing the request formsand ending 12 months from the time of mailing;

d) the Manager 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.

April 21, 2003.

"Paul M. Moore"
"H. Lorne Morphy"




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