Josée Deslauriers

The Filers applied for exemptive relief from paragraphs 15.3(4)(c) and 15.3(4)(f) of Regulation 81-102 to permit the referencing of Lipper Awards and Lipper Leader ratings in sales communications for their mutual funds.

The principal regulator granted the exemption, subject to specific disclosure conditions, finding that the Lipper ratings provide an objective and transparent measure of performance that is useful to investors.

The Filer applied for exemptive relief from the requirement to obtain unitholder approval before changing the fundamental investment objectives of the Fund.

The change was necessitated by federal budget amendments eliminating certain tax benefits associated with character conversion transactions.

The principal regulator granted the exemption, provided the Filer sends a written notice to unitholders at least 60 days before the effective date of the change, explaining the change and noting that the Fund will no longer provide tax-advantaged returns after the expiration of its forward agreement.