Vera Nunes

Toronto Trust Management Ltd., on behalf of the Friedberg Asset Allocation Fund, applied for exemptive relief from certain provisions of National Instrument 81-102.

The applicant sought permission for the Fund, a commodity pool, to engage in short selling of securities up to 25% of its net assets.

The Ontario Securities Commission granted the requested relief, subject to several conditions including cash cover requirements, internal controls, and specific prospectus disclosures.

The filer, Jones Heward Investment Counsel Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds for several exchange-traded funds.

The requested relief included exemptions related to the transmission of purchase and redemption orders, accepting a combination of cash and securities for subscriptions, redeeming units at a discount to market price, and establishing record dates for distributions.

The Ontario Securities Commission granted the requested exemptive relief, subject to specific conditions.

The applicant, TD Asset Management Inc., applied for exemptive relief from the self-dealing provisions of National Instrument 81-102 to permit its mutual funds to engage in inter-fund trades of debt securities with pooled funds managed by the same manager.

The Ontario Securities Commission granted the relief, subject to conditions including that the independent review committees of both the mutual funds and the pooled funds approve the trades in accordance with National Instrument 81-107.

The applicant, manager of a commodity pool, applied for exemptive relief from the margin deposit limit in paragraph 6.8(2)(c) of National Instrument 81-102.

The exemption was sought to permit the fund to invest in derivatives in the United States through its portfolio manager using U.S. futures commission merchants.

The Ontario Securities Commission granted the exemption, conditional on the margin deposited not exceeding 20% of the fund's net assets and all margin being held in segregated accounts.

The Filer applied for exemptive relief under National Instrument 81-102 to approve a change of manager for the Northern Rivers Monthly Income and Capital Appreciation Fund and Trust Pool to Mavrix Fund Management Inc. The Ontario Securities Commission granted the approval, finding that the change would not result in material changes to the management and administration of the funds, unitholders received adequate disclosure, and the change was not detrimental to unitholders or the public interest.

The applicant, an investment fund that uses specified derivatives, applied for an exemption from the requirement in section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value on a daily basis.

The applicant sought to calculate its NAV twice monthly instead.

The Ontario Securities Commission granted the exemption, subject to conditions including that the shares remain listed on the TSX and the NAV is calculated at least twice a month.

The Filers applied for exemptive relief to extend the lapse date of the simplified prospectus and annual information form for certain corporate mutual funds by 52 days.

The extension was sought to facilitate the consolidation of the corporate funds' prospectus with the prospectuses of other mutual funds and closed-end funds under common management, thereby reducing costs and avoiding multiple renewals.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief.

The Applicant, Canadian Mining Diversified Asset Strategy Fund, applied for an order under the Securities Act to be deemed to have ceased to be a reporting issuer.

The Ontario Securities Commission granted the order, noting that the Applicant's outstanding securities are beneficially owned by fewer than 51 security holders in Canada, its securities are not traded on a marketplace, and it is not in default of any obligations under the legislation.

The Filer applied for an exemption from certain provisions of National Instrument 81-102 to permit the Sprott All Cap Fund to invest up to 20% of its net assets in gold, silver, and related certificates or derivatives.

The exemption was sought to allow the Fund to use these investments as a defensive strategy during adverse market conditions.

The Ontario Securities Commission granted the exemption, subject to conditions regarding the nature of the silver certificates and required prospectus disclosures.

The applicants, Middlefield Fund Management Limited and Middlefield Resource Class, applied for exemptive relief from section 2.4(2) of National Instrument 81-102.

The relief sought additional time to reduce the mutual fund's illiquid assets to 15% or less of its net assets.

The principal regulator granted the exemption, permitting the extension provided the fund does not acquire any additional illiquid assets.

The Filer applied for exemptive relief under National Instrument 81-102 to merge its assets referable to its Balanced Shares with its Diversified Shares, and its Resource Shares with its Growth Shares.

The mergers did not meet the criteria for pre-approved reorganizations because the investment objectives were not substantially similar, the transactions were not qualifying exchanges under the Tax Act, and the circular incorporated the prospectus and financial statements by reference rather than including them.

The Ontario Securities Commission granted the requested approval.

The applicants sought an exemption from the multi-layering prohibition in paragraph 2.5(2)(b) of National Instrument 81-102.

The exemption would permit mutual funds to invest in other mutual funds that hold more than 10% of their net assets in underlying funds, specifically where the underlying funds use derivatives to obtain the returns of a related money market fund.

The principal regulator granted the requested exemptive relief.

The applicants sought exemptive relief from sections 14.1(3) and 14.2(1)(c)(i) of National Instrument 41-101 to allow BMO Nesbitt Burns Inc., the administrator of the investment fund, to act as prime broker and sub-custodian for the fund's assets.

The Ontario Securities Commission granted the relief, subject to conditions including that the administrator only act on trade instructions from an independent third-party investment manager and that it provide audited summary financial statements upon request.

AlphaPro Management Inc. applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds for its exchange traded funds.

The requested relief included exemptions related to the transmission of purchase and redemption orders, accepting a combination of cash and securities for subscriptions, redeeming units at a discount to market price, and establishing record dates for distributions.

The Ontario Securities Commission granted the requested exemptions, allowing the exchange traded funds to operate in accordance with the rules of the Toronto Stock Exchange.

The applicant, a commodity pool, applied for exemptive relief from the margin deposit limit in paragraph 6.8(2)(c) of National Instrument 81-102.

The relief was sought to permit the fund to invest in derivatives in the United States through its portfolio manager using U.S. futures commission merchants.

The Ontario Securities Commission granted the exemption, conditional on the amount of margin deposited not exceeding 20% of the net assets of the fund and all margin being held in segregated accounts.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-101 and National Instrument 81-102.

The relief sought to permit the newly created Trust Funds to use the performance data and start dates of the predecessor Corporate Funds in their sales communications and prospectuses, and to be exempted from the $150,000 seed capital requirement.

The Commission granted the requested exemptions, noting that the Trust Funds would inherit the assets of the Corporate Funds and would be indistinguishable from them for the purposes of past performance disclosure.

The applicant sought exemptive relief under National Instrument 81-102 to permit the conversion of three corporate mutual funds into mutual fund trusts.

The conversion did not qualify as a pre-approved reorganization because it was not a 'qualifying exchange' under the Income Tax Act, as the new trusts would initially have fewer than 150 unitholders and the property was being transferred to three trusts rather than one.

The principal regulator granted the requested relief, provided that shareholder approval is obtained, noting that the conversion would allow the funds to be managed more tax efficiently.

The applicant portfolio manager sought exemptive relief from provisions of NI 81-102 and NI 81-106 to permit it to provide past performance information to its private managed account clients for periods before the funds became reporting issuers, and to be exempt from filing this financial report on SEDAR.

The Ontario Securities Commission granted the exemption, provided the financial report contains standard performance information reflecting all elements of return and clearly identifies the calculation periods, and is only distributed to clients of the portfolio manager.

The Manager applied on behalf of several existing mutual funds for exemptive relief to extend the lapse date of their simplified prospectus by 12 days.

The extension was requested to allow a new fund to be created after December 15, 2008, enabling it to elect a December 15 tax year-end and extend the deadline to meet the 150-unitholder requirement under the Income Tax Act.

The Ontario Securities Commission granted the relief, finding that the extension would not affect the accuracy of the prospectus information and was not prejudicial to the public interest.

The applicant, Covington Venture Fund Inc., applied to the Ontario Securities Commission for exemptive relief from section 5.5(1)(b) of National Instrument 81-102 to permit the consolidation of the assets of its Class A Shares, Series VII with the assets of its Class A Shares, Series VIII and Series IX.

The consolidation did not meet all criteria for pre-approved reorganizations under section 5.6(1) because it was not a qualifying exchange under the Income Tax Act and the meeting materials did not include long form prospectuses or financial statements.

The Commission granted the requested relief, provided the management information circular contained sufficient information for securityholders to make an informed decision.