MRRS Exemptive Relief Application - exemptiverelief granted for certain mutual funds from the requirementto concurrently send their interim financial statements to theirunitholders at the time of filing the interim financial statements.
Applicable Ontario Statutes
Securities Act, R.S.O. 1990, c. S.5, as amended,ss. 79(2) and 80(b)(iii).
IN THE MATTER OF
THE SECURITIES LEGISLATIONOF
ALBERTA, ONTARIO AND NOVASCOTIA
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEWSYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
ELLIOTT & PAGE MONEY FUND,ELLIOTT & PAGE ACTIVE BOND FUND, ELLIOTT & PAGE MONTHLYHIGH INCOME
FUND, ELLIOTT & PAGE BALANCEDFUND, ELLIOTT & PAGE GROWTH & INCOME FUND, ELLIOTT &PAGE VALUE
EQUITY FUND, ELLIOTT &PAGE CANADIAN EQUITY FUND, ELLIOTT & PAGE GENERATION WAVEFUND, ELLIOTT &
PAGE BLUE CHIP FUND, ELLIOTT& PAGE SECTOR ROTATION FUND, ELLIOTT & PAGE GROWTH OPPORTUNITIES
FUND, ELLIOTT & PAGE AMERICANGROWTH FUND, ELLIOTT & PAGE U.S. MID-CAP FUND, ELLIOTT &PAGE
INTERNATIONAL EQUITY FUND,ELLIOTT & PAGE TOTAL EQUITY FUND, ELLIOTT & PAGE GLOBALMULTISTYLE
FUND, ELLIOTT & PAGE GLOBALSECTOR FUND, ELLIOTT & PAGE ASIAN GROWTH FUND, ELLIOTT &PAGE RSP
AMERICAN GROWTH FUND, ELLIOTT& PAGE RSP U.S MID-CAP FUND, ELLIOTT & PAGE RSP TOTALEQUITY FUND,
E&P MANULIFE BALANCEDASSET ALLOCATION PORTFOLIO, E&P MANULIFE MAXIMUM GROWTHASSET
ALLOCATION PORTFOLIO, E&PMANULIFE TAX-MANAGED GROWTH PORTFOLIO, ELLIOTT & PAGE CANADIAN
ALPHAMETRICS FUND, ELLIOTT& PAGE U.S. ALPHAMETRICS FUND, ELLIOTT & PAGE CORE CANADIANEQUITY
FUND AND ELLIOTT & PAGEDIVERSIFIED FUND
(collectively, the "Funds")
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatoryauthority or regulator (the Decision Maker) in each of Alberta,Ontario and Nova Scotia (the Jurisdictions) has received anapplication from Elliott & Page Limited ("EPL"),the manager of the Funds for a decision under the securitieslegislation of the Jurisdictions (the Legislation) that therequirement contained in the Legislation for the Funds to sendtheir interim financial statements for the six-month periodended June 30, 2003 (the "Interim Financial Statements")to their unitholders concurrently with the filing of such financialstatements as required by the Legislation on or prior to August29, 2003 (the "Deadline") shall not apply to the Fundson the basis below;
AND WHEREAS under 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 EPL has represented to theDecision Makers that:
1. Each Fund is an open-ended mutual fundtrust established under the laws of Ontario.
2. EPL is a corporation incorporated underthe laws of Ontario with its registered office located inToronto, Ontario and is the manager, trustee, primary portfolioadviser, principal distributor, promoter and the registrarand transfer agent of the Funds.
3. The Funds are reporting issuers in eachof the provinces and territories of Canada and are not indefault of any requirements of the securities legislationtherein.
4. As many as five classes of units of eachFund, other than Elliott & Page Balanced Fund, are offeredfor sale continuously to the public in each of the provincesand territories of Canada pursuant to a combined simplifiedprospectus and annual information form dated August 26, 2003.
5. The financial year end for each of theFunds is December 31.
6. Each of the Funds is required to file withthe Jurisdictions and concurrently deliver to its Unitholders,within 60 days of the end of the six-month period of the currentfinancial year that commenced immediately following the lastfinancial year, interim financial statements in the prescribedform pursuant to the Legislation.
7. The Interim Financial Statements will befiled with the Jurisdictions via SEDAR on or before the Deadlinein accordance with the requirements of the Legislation.
8. Bowne Enterprise Solutions ("Bowne")provides commercial printing services to the Funds includingthe printing and mailing of the Interim Financial Statements.
9. On August 14, 2003, a power failure occurredthat resulted in the disruption of power in most of Ontario.From August 14, 2003 until August 22, 2003, in response tothe high risk of further power outages, Mr. Ernie Eves, Premierof Ontario, declared a state of emergency in Ontario withrespect to the use of power and required Ontario residentsto conserve electricity to the greatest extent possible.
10. As a result, Bowne was forced to severelyreduce its power consumption leading to a decrease in itsproduction rate by approximately 50%. Such decrease in productionhas resulted in a delay in Bowne completing its projects suchthat the Interim Financial Statements cannot be printed andprepared for delivery to Unitholders until September 2, 2003,four days after the Deadline.
11. If not for the power failure, the InterimFinancial Statements would have been printed and deliveredto Unitholders prior to the Deadline in accordance with therequirements of the Legislation.
AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the Decision);
AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make theDecision has been met;
THE DECISION of the Decision Makers underthe Legislation is that the requirement contained in the Legislationrequiring the Funds to send to their unitholders the InterimFinancial Statements concurrently with the filing of such financialstatements as required by the Legislation on or prior to theDeadline shall not apply to the Funds provided that:
(i) the Interim Financial Statements are filedwith the Jurisdictions via SEDAR by no later than the Deadline;and
(ii) the Interim Financial Statements aremailed to the unitholders of the Funds no later than September6, 2003.
August 29, 2003.
"Wendell S. Wigle"
"H. Lorne Morphy"