The Alberta Gazette

Part I

Vol. 101 Edmonton, Saturday, April 30, 2005 No. 8

APPOINTMENTS

(Provincial Court Act)

Provincial Court Judge Appointed

April 12, 2005

The Honourable Judge James Alexander Watson

RESIGNATIONS AND RETIREMENTS

(Provincial Court Act)

Death of Provincial Court Judge

April 9, 2005

The Honourable Judge Roger Phillip Smith, of High Prairie

ORDERS IN COUNCIL

O.C. 142/2005

(Municipal Government Act)

Approved and ordered:

Norman Kwong

Lieutenant Governor. March 15, 2005

The Lieutenant Governor in Council

(

a) changes the status of the Village of Irricana from a village to a town, and

(

b) changes the name of the Village of Irricana to the "Town of Irricana",

effective June 9, 2005.

Ralph Klein, Chair.

______________

O.C. 169/2005

(Municipal Government Act)

Approved and ordered:

Norman Kwong

Lieutenant Governor. April 5, 2005

The Lieutenant Governor in Council amends Order in Council numbered O.C.

486/2004 by striking out Appendix A and substituting the attached Appendix A,

effective January 1, 2005.

Ralph Klein, Chair.

APPENDIX A

DETAILED DESCRIPTION OF THE LANDS SEPARATED FROM

THE MUNICIPAL DISTRICT OF ROCKY VIEW NO. 44

AND ANNEXED TO THE CITY OF CALGARY

THOSE PORTIONS OF THE EAST HALF OF

SECTION SEVEN (7),

TOWNSHIP TWENTY-FIVE (25), RANGE TWO (2), WEST OF THE FIFTH

MERIDIAN AND THE NORTHEAST QUARTER OF

SECTION SIX (6),

TOWNSHIP TWENTY-FIVE (25), RANGE TWO (2), WEST OF THE FIFTH

MERIDIAN DESCRIBED AS:

PLAN 7510139

BLOCK A

CONTAINING 55.9 HECTARES (138.21 ACRES) MORE OR LESS

INCLUDING

CONDOMINIUM PLAN 9910105;

PLAN 9310474

BLOCK C

CONTAINING 44.44 HECTARES (109.81 ACRES) MORE OR LESS

INCLUDING

CONDOMINIUM PLAN 0013086;

SUBDIVISION 8710469

LOT 31; AND

THAT PORTION OF ROADWAY CONTAINED WITHIN PLAN

7510139 STARTING FROM THE MOST SOUTH EASTERLY POINT

OF PLAN 8710546, BLOCK 2, LOT 36 TO A POINT WHERE A LINE

DRAWN DUE SOUTH INTERSECTS THE NORTH BOUNDARY OF

PLAN 7510139, BLOCK 2, LOT 8 AND CONTAINING ALL THAT

PORTION OF SAID ROADWAY TO THE EAST BOUNDARY OF THE

SOUTH EAST QUARTER OF

SECTION SEVEN (7), TOWNSHIP

TWENTY-FIVE (25), RANGE TWO (2), WEST OF THE FIFTH

MERIDIAN

EXCEPTING THEREOUT:

PLAN 7510139, BLOCKS 1 AND 2;

SUBDIVISION 8710546 CONTAINING 1.19 HECTARES (4.72 ACRES)

MORE OR LESS;

SUBDIVISION 9010400 CONTAINING 11.36 HECTARES (28.07

ACRES) MORE OR LESS;

SUBDIVISION 9510940 CONTAINING 1.824 HECTARES (4.51

ACRES);

SUBDIVISION 8710469, LOT 34;

SUBDIVISION 9010497;

THAT PORTION OF THE NORTH EAST QUARTER OF

SECTION SIX

(6), TOWNSHIP TWENTY-FIVE (25), RANGE TWO (2), WEST OF

THE FIFTH MERIDIAN, WHICH LIES TO THE NORTH OF THE MAIN

LINE OF THE CANADIAN PACIFIC RAILWAY ON PLAN RY 10 AND

TO THE SOUTH OF SUBDIVISIONS 9310474 AND 9010497

CONTAINING 60.9 HECTARES (150.52 ACRES) MORE OR LESS;

A STRIP OF LAND CONTAINED IN THE NORTH EAST QUARTER

OF

SECTION SIX (6), TOWNSHIP TWENTY-FIVE (25), RANGE TWO

(2), WEST OF THE FIFTH MERIDIAN, 66 FEET IN PERPENDICLAR

WIDTH ADJOINING THE NORTHERLY LIMIT OF THE CANADIAN

PACIFIC RAILWAY COMPANY RIGHT OF WAY ON PLAN RY 10,

EXTENDING WESTERLY FROM THE EAST BOUNDARY OF THE

SAID QUARTER

SECTION A PERPENDICULAR DISTANCE OF 1650

FEET CONTAINING 1.02 HECTARES (2.53 ACRES) MORE OR LESS;

PARCEL E, 7416 JK;

PARCEL A, 1139 HJ;

CPR RY10; AND

CPR 8511241.

GOVERNMENT NOTICES

Agriculture, Food and Rural Development

Form 15

(Irrigation Districts Act)

(Section 88)

Notice to Irrigation Secretariat:

Change of Area of an Irrigation District

On behalf of the Bow River Irrigation District, I hereby request that the Irrigation

Secretariat forward a certified copy of this notice to the Registrar for Land Titles for

the purposes of registration under

Section 22 of the Land Titles Act and arrange for

notice to be published in the Alberta Gazette.

The following parcels of land should be ADDED to the irrigation district and the

appropriate notation added to the certificate of title:

LINC Number

Short Legal Description

as shown on title

Title Number

0018 602 201

SOUTH WEST 35-16-18-W4M

951 076 695 + 1

0028 367 647

NORTH EAST 2-15-18-W4M

001 105 054 + 1

0022 208 136

SOUTH WEST 13-15-20-W4M

951 035 791

0010 848 258

SOUTH WEST 25-13-17-W4M

041 182 671 + 3

0026 910 753

PORTION SOUTH EAST 27-13-16-W4M

971 346 239 + 1

0026 910 745

PORTION SOUTH WEST 27-13-16-W4M

971 346 239 + 1

0019 689 819

NORTH WEST 27-13-16-W4M

971 346 239 + 1

0019 689 827

NORTH EAST 27-13-16-W4M

971 346 239 + 1

0026 870 071

PORTION SOUTH EAST 28-13-16-W4M

971 346 239 + 3

0026 870 063

PORTION SOUTH WEST 28-13-16-W4M

971 346 239 + 3

0027 217 470

PORTION NORTH WEST 28-13-16-W4M

971 346 239 + 3

0022 447 940

NORTH EAST 28-13-16-W4M

971 346 239 + 3

0026 869 339

PORTION SOUTH EAST 29-13-16-W4M

971 346 239

0027 217 983

PORTION NORTH WEST 29-13-16-W4M

971 346 239 + 5

0027 217 983

PORTION NORTH EAST 29-13-16-W4M

971 346 239 + 5

0027 213 222

PORTION SOUTH WEST 32-13-16-W4M

971 346 239 + 2

0027 221 308

PORTION SOUTH EAST 33-13-16-W4M

971 346 239 + 6

0027 217 637

PORTION SOUTH WEST 33-13-16-W4M

971 346 239 + 6

0027 217 702

PORTION SOUTH EAST 34-13-16-W4M

971 346 239 + 4

0027 217 660

PORTION SOUTH WEST 34-13-16-W4M

971 346 239 + 4

I certify the procedures required under

part 4 of the Irrigation Districts Act have been

completed and the areas of the Bow River Irrigation District should be changed

according to the above list.

Len Ring, Director,

Irrigation Secretariat.

______________

On behalf of the St. Mary River Irrigation District, I hereby request that the Irrigation

Secretariat forward a certified copy of this notice to the Registrar for Land Titles for

the purposes of registration under

Section 22 of the Land Titles Act and arrange for

notice to be published in the Alberta Gazette.

The following parcels of land should be REMOVED from the irrigation district and

the appropriate notation removed from the certificate of title:

LINC Number

Short Legal Description

as shown on title

Title Number

0510527;1;1

I certify the procedures required under

part 4 of the Irrigation Districts Act have been

completed and the areas of the St. Mary River Irrigation District should be changed

according to the above list.

Len Ring, Director,

Irrigation Secretariat.

Community Development

Order Designating Registered Historic Resource

(Historical Resources Act)

File: Des. 2151

I, Gary G. Mar, Minister charged with the administration of the Historical Resources

Act, R.S.A. 2000 C. H-9, do hereby:

1. Pursuant to

section 19, subsection (1) of that Act, designate the site known as the:

Stry Ukrainian Catholic Church

together with the land legally described as:

Meridian 4 Range 13 Township 58

Section 22

The northeast quarter of legal subdivision 14

Containing 4.05 hectares (10 acres) more or less

Excepting thereout all mines and minerals

Subject to the condition that the same be used for church purposes only

and municipally located in Smoky Lake County, Alberta

as a Registered Historic Resource,

2. Give notice that pursuant to

section 19, subsection (5) of that Act, no person shall

destroy, disturb, alter, restore, or repair any REGISTERED HISTORIC

RESOURCE or remove any historic object from a REGISTERED HISTORIC

RESOURCE until the expiration of NINETY (90) days from the date of serving

notice on the Minister of any proposed action, unless the Minister sooner

consents to the proposed action.

Signed at Edmonton, April 8, 2005.

Gary G. Mar, Minister.

______________

Notice of Intention to Designate

A Provincial Historic Resource

(Historical Resources Act)

File: Des. 2121

Notice is hereby given that sixty days from the date of service of this Notice and its

publication in Alberta Gazette, the Minister of Community Development intends to

make an Order that the site known as:

Alequiers, comprising a 1901 log residence with 1920 addition; furnishings and

objects directly associated with Ted and Janet Schintz; a 1920s log horse barn; a

1920s log ice house; a well; hillside dugout/root cellar; hayfield; vegetable garden

area; and landscape elements including flower beds, a stone fish pond and tree

plantings, together with the land legally described as:

Portion of Descriptive Plan 041 4204, Block 1, Lot 1 as shown on Plan 051 0536

Showing area required for designation of historic site (Alequiers Provincial Historic

Resource)

and municipally located in the Municipal District of Foothills a PROVINCIAL

HISTORIC RESOURCE under

Section 20 of the HISTORICAL RESOURCES

ACT, R.S.A. 2000 C. H-9.

The historical significance of the Alequiers homestead lies in its representation of the

era of homesteading that followed the break up of the large corporate ranches in

south-western Alberta; its direct association with artists Ted and Janet Schintz, who

painted the foothills landscape and ranching life; and the construction techniques

utilized in the construction of the log buildings.

After 1896 the federal government sought to encourage settlement in the prairies by

breaking up the leases of large corporate ranches into quarter sections. In 1900 Nellie

and Alexander Weir settled on the property which was then owned by the North-West

Ranch Company. In 1901 they constructed a log residence on the property. Like many

new settlers, they combined dry land farming with cattle raising, and obtained title to

the property in 1905. The Weirs abandoned the site in 1906 and it remained vacant

until it was occupied by the Royal family in 1914. The Royal's named the site

"Alequiers", derived from the spelling of Alexander McQueen Weir. In the1920s the

Royals constructed a horse barn and an addition to the house.

Alequiers is also significant as the residence and studio of artists Ted Schintz and, to a

lesser degree, his wife Janet, who lived there from 1939 to 1970. Ted received the

greater renown for his oils of ranching, the foothills, and portraits of members of the

Stoney First Nation, the largest collection of which is held at Calgary's Glenbow

Museum. The natural setting of Alequiers, on terraces adjacent to the Highwood

River in the foothills of Alberta, provided inspiration for many of the Schintz's works

of art. The site is largely unchanged from its period of significance associated with

Ted and Janet Schintz. The residence still contains furnishings and objects directly

associated with them that provide insight into the personal lives of the Schintz family.

The Alequiers homestead buildings and environment have retained a high degree of

integrity. Few examples of this type of low profile log structures remain. The

residence is of particular significance as it illustrates both saddle notch and full

dovetail log construction techniques. The saddle notch log horse barn and ice house

are excellent examples of their style and method of construction. Few ancillary

structures of this type remain which possess the structural integrity of the "Alequiers"

log buildings.

It is therefore considered that the preservation and protection of the resource is in the

public interest.

Dated this 31st day of March, A.D. 2005.

W. Bruce McGillivary, Acting Assistant Deputy Minister.

Notice of Intention to Designate

A Provincial Historic Resource

(Historical Resources Act)

File: Des. 2175

Notice is hereby given that sixty days from the date of service of this Notice and its

publication in Alberta Gazette, the Minister of Community Development intends to

make an Order that the site known as the:

Canadian Northern Railway Station Building and Roundhouse Complex, together with

the land legally described as:

Meridian 4, Range 20, Township 35,

Section 26

All that portion of the south half described as follows:

Bounded on the northeast of the south westerly limit of Fourth Street South as shown

on Subdivision Plan 1482 CL; bounded on the southeast by the north westerly limit of

Road Plan 2484 EU; bounded on the south by the southern boundary of said

Section

26 and bounded on the northwest by a line drawn parallel to and 672 feet

perpendicularly distant north westerly from the north westerly limit of the station

grounds as shown on Railway Plan 8493 AI, containing 10.5 hectares (26 acres) more

or less.

Excepting thereout:

Hectares Acres (more or less)

A) Plan 9120063 - Road 0.217 0.54

B) Plan 9620415 - Subdivision 2.2475 .55

Excepting thereout all mines and minerals and the right to work the same.

Plan Big Valley 872 2315, Area (A)

(Railway Roundhouse) containing 2.379 hectares, more or less.

Excepting thereout all mines and minerals.

and municipally located at Big Valley, Alberta be designated as a PROVINCIAL

HISTORIC RESOURCE under

Section 20 of the HISTORICAL RESOURCES

ACT, R.S.A. 2000 C. H-9.

The reasons for the designation are as follows: The historical significance of the

Canadian Northern Station Building and Roundhouse Complex at Big Valley lies in

its direct association with Alberta's great railway boom between 1909-1920. On the

Alberta Midland line of the Canadian Northern Railway, it housed the offices of a

major divisional point, conducted traffic between Drumheller and Vegreville, and

oversaw operations of the line west to Rocky Mountain House. The station is also an

excellent example of standard railway architecture and is the least altered of the four

surviving stations of this kind in Alberta.

The creation of branch lines like the Alberta Midland reflected an unprecedented

degree of provincial - rather than federal - investment in railway construction after

1909, and the energy of economic expansion in the years before World War One. The

line was intended to provide passenger service and open up lands for farming in the

period of settlement, and to tap the rich coal deposits around Drumheller. A town site

was surveyed off the rail line in 1910, the stationhouse built in 1912, and the

roundhouse complex between 1912 -18. But the 1922 merger of Canadian Northern

Railway with Grand Trunk lines, to create the Canadian National Railway, rendered

the line redundant.

The station and site components are also significant as examples of the standard

architectural design created for the C.N.R.'s western operations by architect Ralph

Benjamin Pratt. It is the only known site complex of this nature remaining in the

province and, located on its original site, constitutes a landmark for the region.

It is therefore considered that the preservation and protection of the resource is in the

public interest.

Dated this 24th day of March, A.D. 2005.

Mark Rasmussen, Assistant Deputy Minister.

Executive Council

Hosting Expenses Exceeding $600.00

For the period ending December 31, 2004

Purpose: Consular Corp Lunch

Date: April 30, 2004

Location: Delta Bow Valley

Amount: $4,986.29

Purpose: Reservists Awards/Luncheon

Date: May 6, 2004

Location: Government House

Amount: $1,372.06

Purpose: High Commissioner of New Zealand Lunch

Date: May 14, 2004

Location: Fairmont Hotel MacDonald

Amount: $639.95

Purpose: Edmonton Consular Ball

Date: May 15, 2004

Location: Crowne Plaza Chateau Lacombe Edmonton

Amount: $700.00

Purpose: Alaska Governor Reception and Luncheon

Date: May 17, 2004

Location: Government House

Amount: $3,423.39

Purpose: Japanese Princess Luncheon

Date: June 11, 2004

Location: Government House

Amount: $3,043.25

Purpose: Consul Italy Lunch

Date: June 28, 2004

Location: Delta Edmonton

Amount: $698.98

Purpose: Stampede Reception

Date: July 10, 2004

Location: Delta Bow Valley

Amount: $2,302.05

Purpose: Dinner for Senator Douglas Roche

Date: July 12, 2004

Location: U of A Faculty Club

Amount: $1,555.75

Purpose: Ambassador Ukraine Lunch

Date: August 10, 2004

Location: Delta Edmonton South

Amount: $745.93

Purpose: Ukraine Mou Reception

Date: August 11, 2004

Location: Delta Edmonton South

Amount: $2,960.79

Purpose: School Boys Alumni Band Reception hosted by the Lieutenant Governor

Date: October 13, 2004

Location: Government House

Amount: $1,616.20

Purpose: Dinner for the Lieutenant Governor's Aides and Security Officers

Date: October 16, 2004

Location: Government House

Amount: $1,984.84

Purpose: Ab Order of Excellence Investiture Ceremony

Date: October 21, 2004

Location: Government House

Amount: $7,958.70

Purpose: Reception for Edmonton Donors to the Lieutenant Governor of Alberta

Arts Award

Date: October 26, 2004

Location: Government House

Amount: $1,392.65

Purpose: Swearing in ceremony

Date: November 25, 2004

Location: Government House

Amount: $3,220.03

Purpose: Reception and luncheon for team from Canadian Heritage for a Royal Visit

pre dry-run

Date: December 1, 2004

Location: Government House

Amount: $797.96

Purpose: Royal visit Pre Dry-run - Federal Government Staff

Date: December 2, 2004

Location: The Westin - Edmonton

Amount: $795.60

Purpose: Royal Visit Pre Dry-run - Buckingham Palace officials

Date: December 8, 2004

Location: Government House

Amount: $664.05

Metis Settlements General Council

2004-2005 Financial Allocation Policy

Policy GC-P0503

Adopted February 24, 2005

1.1 CONTEXT

The purpose of this Policy is to specify certain monies in

Part 1 of the

Consolidated Fund for the purposes of allocating additional funds to the

settlements in the 2004-05 fiscal year.

1.2

DEFINITIONS

In this Policy,

a) "financial year" means financial year as that term is used in

section 139 of

the Metis Settlements Act ("MSA");

b) "resource revenue" means the monies in

Part 1 of the Consolidated Fund

which are attributable to the co-management of the subsurface resource

agreements relating to the settlement areas;

c) other terms defined in the MSA or its Schedules have the same meaning

when used in this Policy.

1.3 MONIES AVAILABLE FOR ALLOCATION

Pursuant to Parts 6 and 8 of the MSA, for the 2005-2006 financial year, this

Policy hereby specifies that $ 658,856.00 resource revenue in

Part I of the

Consolidated Fund are available for allocation to the Settlements.

1.4 ALLOCATION

The monies specified in Section (1.3) above is allocated as following:

i. Buffalo Lake Metis Settlement $ 82,357

ii. East Prairie Metis Settlement $ 82,357

iii. Elizabeth Metis Settlement $ 82,357

iv. Fishing Lake Metis Settlement $ 82,357

v. Gift Lake Metis Settlement $ 82,357

vi. Kikino Metis Settlement $ 82,357

vii. Paddle Prairie Metis Settlement $ 82,357

viii. Peavine Metis Settlement $ 82,357

Total $658,856

1.5 STATUS OF POLICY

This Policy does not rescind or repeal any General Council Policy in whole or in

part.

______________

2005-2006 Financial Allocation Policy

Policy GC-P0501

Adopted February 24, 2005

1.1 CONTEXT

The purpose of this Policy is to specify certain monies in

Part I of the

Consolidated Fund for the purposes of allocation to the General Council for the

2005-2006 financial year.

1.2

DEFINITIONS

In this Policy,

a) "financial year" means financial year as that term is used in

section 139 of

the Metis Settlements Act ("MSA");

b) "resource revenue" means the monies in

Part 1 of the Consolidated Fund

which are attributable to the co-management of the subsurface resource

agreements relating to the settlement areas;

c) "grant funding" means the monies in

Part I of the Consolidated Fund which

are attributable to grants;

d) other terms defined in the MSA or its Schedules have the same meaning

when used in this Policy.

1.3 MONIES AVAILABLE FOR ALLOCATION

Pursuant to Parts 6 and 8 of the MSA, for the 2005-2006 financial year, this

Policy hereby specifies that $13,616,250.00 resource revenue and grant funding

monies in or payable to

Part I of the Consolidated Fund will be available for

allocation to the General Council.

1.4 ALLOCATION

The monies specified in

Section 1.3 above are allocated to General Council as

follows:

i. 2005-06 Oil & Gas Operations Budget $ 4,682,789

ii. 2005-06 Governance Budget $ 2,347,066

iii. 2005-06 Grant Budget $ 4,586,395

iv. 2005-06 Infrastructure Budget $ 2,000,000

Total $13,616,250

1.5 STATUS OF POLICY

This Policy does not rescind or repeal any General Council Policy in whole or in

part.

Safety Codes Council

Municipal Accreditation - Amendment

(Safety Codes Act)

Pursuant to the

Section 26 of the Safety Codes Act it is hereby ordered that

- County Of Grande Prairie No. 1, Accreditation No. M000162, Order No.

O00000530

December 18, 1995, amended April 15, 2005

administer the Safety Codes Act within their jurisdiction for Fire, all parts of the

Alberta Fire Code, including Investigations Excluding

Part 4 requirements for Tank

Storage of Flammable & Combustible Liquids Excluding any or all things, processes

or activities owned by or under the care and control of corporations accredited by the

Safety Codes Council.

Alberta Securities Commission

NATIONAL INSTRUMENT 55-101

Insider Reporting Exemptions

(Securities Act)

Made as a rule by the Alberta Securities Commission on December 8, 2004 pursuant

to sections 223 and 224 of the Securities Act.

NATIONAL INSTRUMENT 55-101

INSIDER REPORTING EXEMPTIONS

PART 1

DEFINITIONS

1.1

Definitions - In this Instrument

"acceptable

summary form", in relation to the alternative form of insider

report described in

section 5.3, means an insider report that discloses as a

single transaction, using December 31 of the relevant year as the date of the

transaction, and providing an average unit price,

(

a) the total number of securities of the same type acquired under an

automatic securities purchase plan, or under all such plans, for the

calendar year, and

(

b) the total number of securities of the same type disposed of under all

specified dispositions of securities under an automatic securities

purchase plan, or under all such plans, for the calendar year;

"automatic securities purchase plan" means a dividend or interest

reinvestment plan, a stock dividend plan or any other plan of a reporting

issuer or of a subsidiary of a reporting issuer to facilitate the acquisition of

securities of the reporting issuer if the timing of acquisitions of securities,

the number of securities which may be acquired under the plan by a director

or senior officer of the reporting issuer or of the subsidiary of the reporting

issuer and the price payable for the securities are established by written

formula or criteria set out in a plan document;

"cash payment option" means a provision in a dividend or interest

reinvestment plan under which a participant is permitted to make cash

payments to purchase from the issuer, or from an administrator of the issuer,

securities of the issuer's own issue, in addition to the securities

(

a) purchased using the amount of the dividend, interest or distribution

payable to or for the account of the participant, or

(

b) acquired as a stock dividend or other distribution out of earnings or

surplus;

"dividend or interest reinvestment plan" means an arrangement under which

a holder of securities of an issuer is permitted to direct that the dividends,

interest or distributions paid on the securities be applied to the purchase,

from the issuer or an administrator of the issuer, of securities of the issuer's

own issue;

"ineligible insider" in relation to a reporting issuer means

(

a) an individual performing the functions of the chief executive officer, the

chief operating officer or the chief financial officer for the reporting

issuer,

(

b) a director of the reporting issuer,

(

c) a director of a major subsidiary of the reporting issuer,

(

d) a senior officer in charge of a principal business unit, division or

function of

i) the reporting issuer or

ii) a major subsidiary of the reporting issuer;

(

e) other than in Qu‚bec, a person that has direct or indirect beneficial

ownership of, control or direction over, or a combination of direct or

indirect beneficial ownership of, and control or direction over, securities

of the reporting issuer carrying more than 10 percent of the voting rights

attached to all the reporting issuer's outstanding voting securities, or

(

f) in Qu‚bec, a person who exercises control over more than 10 percent of

a class of shares of the reporting issuer to which are attached voting

rights or an unlimited right to a share of the profits of the reporting

issuer and in its assets in case of winding-up;

"insider issuer" in relation to a reporting issuer means an issuer that is an

insider of the reporting issuer;

"investment issuer" in relation to an issuer means a reporting issuer in

respect of which the issuer is an insider;

"issuer event" means a stock dividend, stock split, consolidation,

amalgamation, reorganization, merger or other similar event that affects all

holdings of a class of securities of an issuer in the same manner, on a per

share basis;

"lump-sum provision" means a provision of an automatic securities purchase

plan that allows a director or senior officer to acquire securities in

consideration of an additional lump-sum payment, including, in the case of a

dividend or interest reinvestment plan that is an automatic securities

purchase plan, a cash payment option;

"major subsidiary" means a subsidiary of a reporting issuer if

(

a) the assets of the subsidiary, on a consolidated basis with its subsidiaries,

as included in the most recent annual audited balance sheet of the

reporting issuer, are 10 percent or more of the consolidated assets of the

reporting issuer reported on that balance sheet, or

(

b) the revenues of the subsidiary, on a consolidated basis with its

subsidiaries, as included in the most recent annual audited income

statement of the reporting issuer, are 10 percent or more of the

consolidated revenues of the reporting issuer reported on that statement;

"normal course issuer bid" means

(

a) an issuer bid that is made in reliance on the exemption contained in

securities legislation from certain requirements relating to issuer bids

that is available if the number of securities acquired by the issuer within

a period of twelve months does not exceed 5 percent of the securities of

that class issued and outstanding at the commencement of the period, or

(

b) a normal course issuer bid as defined in the policies of The Montreal

Exchange, The TSX Venture Exchange or The Toronto Stock Exchange,

conducted in accordance with the policies of that exchange;

"specified disposition of securities" means a disposition or transfer of

securities under an automatic securities purchase plan that satisfies the

conditions set forth in

section 5.4; and

"stock dividend plan" means an arrangement under which securities of an

issuer are issued by the issuer to holders of securities of the issuer as a stock

dividend or other distribution out of earnings or surplus.

PART 2 EXEMPTIONS FOR CERTAIN DIRECTORS AND SENIOR

OFFICERS

2.1 Reporting Exemption (Certain Directors) - Subject to

section 4.1, the

insider reporting requirement does not apply to a director of a subsidiary of a

reporting issuer in respect of securities of the reporting issuer if the director

(

a) does not in the ordinary course receive or have access to information as

to material facts or material changes concerning the reporting issuer

before the material facts or material changes are generally disclosed, and

(

b) is not an ineligible insider in relation to the reporting issuer.

2.2 Reporting Exemption (Certain Senior Officers) - Subject to

section 4.1,

the insider reporting requirement does not apply to a senior officer of a

reporting issuer or a subsidiary of the reporting issuer in respect of securities

of the reporting issuer if the senior officer

(

a) does not in the ordinary course receive or have access to information as

to material facts or material changes concerning the reporting issuer

before the material facts or material changes are generally disclosed, and

(

b) is not an ineligible insider in relation to the reporting issuer.

2.3 Reporting Exemption (Certain Insiders of Investment Issuers) - Subject

section 4.1, the insider reporting requirement does not apply to a director

or senior officer of an insider issuer, or a director or senior officer of a

subsidiary of the insider issuer, in respect of securities of an investment

issuer if the director or senior officer

(

a) does not in the ordinary course receive or have access to information as

to material facts or material changes concerning the investment issuer

before the material facts or material changes are generally disclosed, and

(

b) is not an ineligible insider in relation to the investment issuer.

PART 3 EXEMPTION FOR DIRECTORS AND SENIOR OFFICERS OF

AFFILIATES OF INSIDERS OF A REPORTING ISSUER

3.1 Qu‚bec- This Part does not apply in Qu‚bec.

3.2 Reporting Exemption - Subject to

section 3.3 and 4.1, the insider reporting

requirement does not apply to a director or senior officer of an affiliate of an

insider of a reporting issuer in respect of securities of the reporting issuer.

3.3 Limitation - The exemption in

section 3.2 is not available if the director or

senior officer

(

a) in the ordinary course receives or has access to information as to

material facts or material changes concerning the reporting issuer before

the material facts or material changes are generally disclosed,

(

b) is an ineligible insider in relation to the reporting issuer, or

(

c) is a director or senior officer of an issuer that supplies goods or services

to the reporting issuer or to a subsidiary of the reporting issuer or has

contractual arrangements with the reporting issuer or a subsidiary of the

reporting issuer, and the nature and scale of the supply or the

contractual arrangements could reasonably be expected to have a

significant effect on the market price or value of the securities of the

reporting issuer.

PART 4 INSIDER LISTS AND POLICIES

4.1 Insider Lists and Policies - An insider of a reporting issuer may rely on an

exemption contained in

Part 2 or

Part 3 if

(

a) the insider has advised the reporting issuer that the insider intends to

rely on the exemption, and

(

b) the reporting issuer has advised the insider that the reporting issuer has

established policies and procedures relating to restricting the trading

activities of its insiders and other persons with access to material

undisclosed information relating to the reporting issuer or to an

investment issuer of the reporting issuer, and will, as part of such

policies and procedures, maintain

(

i) a list of all insiders of the reporting issuer exempted from the

insider reporting requirement by sections 2.1, 2.2, 2.3 and 3.2, and

(ii) a list of all insiders of the reporting issuer not exempted from the

insider reporting requirement by sections 2.1, 2.2, 2.3 and 3.2.

4.2 Alternative to Lists - Despite

section 4.1, an insider of a reporting issuer

may rely on an exemption contained in

Part 2 or

Part 3 if

(

a) the insider has advised the reporting issuer that the insider intends to

rely on the exemption, and

(

b) the reporting issuer has advised the insider that the reporting issuer has

established policies and procedures relating to restricting the trading

activities of its insiders and other persons with access to material

undisclosed information relating to the reporting issuer or to an

investment issuer of the reporting issuer, and the reporting issuer has

filed an undertaking with the regulator or securities regulatory authority

that the reporting issuer will, promptly upon request, make available to

the regulator or securities regulatory authority

(

i) a list of all insiders of the reporting issuer exempted from the

insider reporting requirement by sections 2.1, 2.2, 2.3 and 3.2, and

(ii) a list of all insiders of the reporting issuer not exempted from the

insider reporting requirement by sections 2.1, 2.2, 2.3 and 3.2.

PART 5 REPORTING OF ACQUISITIONS UNDER AUTOMATIC

SECURITIES PURCHASE PLANS

5.1 Reporting Exemption - Subject to sections 5.2 and 5.3, the insider reporting

requirement does not apply to a director or senior officer of a reporting

issuer or of a subsidiary of the reporting issuer for

(

a) the acquisition of securities of the reporting issuer under an automatic

securities purchase plan, other than the acquisition of securities under a

lump-sum provision of the plan, or

(

b) a specified disposition of securities of the reporting issuer under an

automatic securities purchase plan.

5.2 Limitation

(1) Other than in Qu‚bec, the exemption in

section 5.1 is not available to an

insider described in clause (

e) of the definition of "ineligible insider".

(2) In Qu‚bec, the exemption in

section 5.1 is not available to an insider

described in clause (

f) of the definition of "ineligible insider".

5.3 Alternative Reporting Requirement

(1) An insider who relies on the exemption from the insider reporting

requirement contained in

section 5.1 must file a report, in the form

prescribed for insider trading reports under securities legislation,

disclosing, on a transaction-by-transaction basis or in acceptable

summary form, each acquisition of securities under the automatic

securities purchase plan that has not previously been disclosed by or on

behalf of the insider, and each specified disposition of securities under

the automatic securities purchase plan that has not previously been

disclosed by or on behalf of the insider,

(

a) for any securities acquired under the automatic securities purchase

plan that have been disposed of or transferred, other than securities

that have been disposed of or transferred as part of a specified

disposition of securities, within the time required by securities

legislation for filing a report disclosing the disposition or transfer,

and

(

b) for any securities acquired under the automatic securities purchase

plan during a calendar year that have not been disposed of or

transferred, and any securities that have been disposed of or

transferred as part of a specified disposition of securities, within 90

days of the end of the calendar year.

(2) An insider is exempt from the requirement under subsection (1) if, at the

time the report is due,

(

a) the insider has ceased to be an insider, or

(

b) the insider is entitled to an exemption from the insider reporting

requirements under an exemptive relief order or under an

exemption contained in Canadian securities legislation.

5.4 Specified Disposition of Securities - A disposition or transfer of securities

acquired under an automatic securities purchase plan is a "specified

disposition of securities" if

(

a) the disposition or transfer is incidental to the operation of the automatic

securities purchase plan and does not involve a discrete investment

decision by the director or senior officer, or

(

b) the disposition or transfer is made to satisfy a tax withholding obligation

arising from the distribution of securities under the automatic securities

purchase plan and either

(

i) the director or senior officer has elected that the tax withholding

obligation will be satisfied through a disposition of securities, has

communicated this election to the reporting issuer or the plan

administrator not less than 30 days prior to the disposition and this

election is irrevocable as of the 30th day before the disposition, or

(ii) the director or senior officer has not communicated an election to

the reporting issuer or the plan administrator and, in accordance

with the terms of the plan, the reporting issuer or the plan

administrator is required to sell securities automatically to satisfy

the tax withholding obligation.

PART 6 REPORTING FOR NORMAL COURSE ISSUER BIDS

6.1 Reporting Exemption - The insider reporting requirement does not apply to

an issuer for acquisitions of securities of its own issue by the issuer under a

normal course issuer bid.

6.2 Reporting Requirement - An issuer who relies on the exemption from the

insider reporting requirement contained in

section 6.1 shall file a report, in

the form prescribed for insider trading reports under securities legislation,

disclosing each acquisition of securities by it under a normal course issuer

bid within 10 days of the end of the month in which the acquisition occurred.

PART 7 REPORTING FOR CERTAIN ISSUER EVENTS

7.1 Reporting Exemption - The insider reporting requirement does not apply to

an insider of a reporting issuer whose direct or indirect beneficial ownership

of, or control or direction over, securities of the reporting issuer changes as a

result of an issuer event of the issuer.

7.2 Reporting Requirement- An insider who relies on the exemption from the

insider reporting requirement contained in

section 7.1 must file a report, in

the form prescribed for insider trading reports under securities legislation,

disclosing all changes in direct or indirect beneficial ownership of, or control

or direction over, securities by the insider for securities of the reporting

issuer pursuant to an issuer event that have not previously been reported by

or on behalf of the insider, within the time required by securities legislation

for the insider to report any other subsequent change in direct or indirect

beneficial ownership of, or control or direction over, securities of the

reporting issuer.

PART 8 EFFECTIVE DATE

8.1 Effective Date - This National Instrument comes into force on April 30,

______________

NATIONAL INSTRUMENT 81-106

Investment Fund Continuous Disclosure

and Form 81-106F1

Contents of Annual and Interim Management Report of Fund Performance

(Securities Act)

Made as a rule by the Alberta Securities Commission on February 9, 2005 pursuant to

sections 223 and 224 of the Securities Act.

NATIONAL INSTRUMENT 81-106

INVESTMENT FUND CONTINUOUS DISCLOSURE

TABLE OF CONTENTS

PART 1

DEFINITIONS AND APPLICATIONS

1.1

Definitions

1.2 Application

1.3

Interpretation

1.4 Language of Documents

PART 2 FINANCIAL STATEMENTS

2.1 Comparative Annual Financial Statements and Auditor's Report

2.2 Filing Deadline for Annual Financial Statements

2.3 Interim Financial Statements

2.4 Filing Deadline for Interim Financial Statements

2.5 Approval of Financial Statements

2.6 Acceptable Accounting Principles

2.7 Acceptable Auditing Standards

2.8 Acceptable Auditors

2.9 Change in Year End

2.10 Change in Legal Structure

2.11 Filing Exemption for Mutual Funds that are Non-Reporting Issuers

2.12 Disclosure of Auditor Review of Interim Financial Statements

PART 3 FINANCIAL DISCLOSURE REQUIREMENTS

3.1 Statement of Net Assets

3.2 Statement of Operations

3.3 Statement of Changes in Net Assets

3.4 Statement of Cashflows

3.5 Statement of Investment Portfolio

3.6 Notes to Financial Statements

3.7 Inapplicable Line Items

3.8 Disclosure of Securities Lending Transactions

3.9 Disclosure of Repurchase Transactions

3.10 Disclosure of Reverse Repurchase Transactions

3.11 Scholarship Plans

PART 4 MANAGEMENT REPORTS OF FUND PERFORMANCE

4.1 Application

4.2 Filing of Management Reports of Fund Performance

4.3 Filing of Annual Management Report of Fund Performance for an Investment

Fund that is a Scholarship Plan

4.4 Contents of Management Reports of Fund Performance

4.5 Approval of Management Reports of Fund Performance

PART 5 DELIVERY OF FINANCIAL STATEMENTS AND

MANAGEMENT REPORTS OF FUND PERFORMANCE

5.1 Delivery of Certain Continuous Disclosure Documents

5.2 Sending According to Standing Instructions

5.3 Sending According to Annual Instructions

5.4 General

5.5 Websites

PART 6 QUARTERLY PORTFOLIO DISCLOSURE

6.1 Application

6.2 Preparation and Dissemination

PART 7 BINDING AND PRESENTATION

7.1 Binding of Financial Statements and Management Reports of Fund

Performance

7.2 Multiple Class Investment Funds

PART 8 INDEPENDENT VALUATIONS FOR LABOUR SPONSORED OR

VENTURE CAPITAL FUNDS

8.1 Application

8.2 Exemption from Requirement to Disclose Individual Current Values for

Venture Investments

8.3 Disclosure Concerning Independent Valuator

8.4 Content of Independent Valuation

8.5 Independent Valuator's Consent

PART 9 ANNUAL INFORMATION FORM

9.1 Application

9.2 Requirement to File Annual Information Form

9.3 Filing Deadline for Annual Information Form

9.4 Preparation and Content of Annual Information Form

PART 10 PROXY VOTING DISCLOSURE FOR PORTFOLIO SECURITIES

HELD

10.1 Application

10.2 Requirement to Establish Policies and Procedures

10.3 Proxy Voting Record

10.4 Preparation and Availability of Proxy Voting Record

PART 11 MATERIAL CHANGE REPORTS

11.1 Application

11.2 Publication of Material Change

PART 12 PROXY SOLICITATION AND INFORMATION CIRCULARS

12.1 Application

12.2 Sending of Proxies and Information Circulars

12.3 Exemption

12.4 Compliance with National Instrument 51-102

PART 13 CHANGE OF AUDITOR disclosure

13.1 Application

13.2 Change of Auditor

PART 14 CALCULATION OF NET ASSET VALUE

14.1 Application

14.2 Calculation, Frequency and Currency

14.3 Portfolio Transactions

14.4 Capital Transactions

PART 15 CALCULATION OF MANAGEMENT EXPENSE RATIO

15.1 Calculation of Management Expense Ratio

15.2 Fund of Funds Calculation

PART 16 ADDITIONAL FILING REQUIREMENTS

16.1 Application

16.2 Additional Filing Requirements

16.3 Voting Results

16.4 Filing of Material Contracts

PART 17 EXEMPTIONS

17.1 Exemption

PART 18 EFFECTIVE DATE AND TRANSITION

18.1 Effective Date

18.2 Transition

18.3 Filing of Financial Statements and Management Reports of Fund Performance

18.4 Filing of Annual Information Form

18.5 Initial Delivery of Annual Management Report of Fund Performance

18.6 Existing Exemptions

NATIONAL INSTRUMENT 81-106

INVESTMENT FUND CONTINUOUS DISCLOSURE

PART 1

DEFINITIONS AND APPLICATIONS

1.1

Definitions - In this Instrument

"annual management report of fund performance" means a document prepared in

accordance with Part B of Form 81-106F1;

"current value" means, for an asset held by, or a liability of, an investment fund,

the value calculated in accordance with Canadian GAAP;

"education savings plan" means an agreement between one or more persons and

another person or organization, in which the other person or organization agrees

to pay or cause to be paid, to or for one or more beneficiaries designated in

connection with the agreement, scholarship awards;

"EVCC" means an employee venture capital corporation that does not have a

restricted constitution, and is registered under

Part 2 of the Employee Investment

Act (British Columbia), R.S.B.C. 1996 c. 112, and whose business objective is

making multiple investments;

"independent valuation" means a valuation of the assets and liabilities, or of the

venture investments, of a labour sponsored or venture capital fund that contains the

opinion of an independent valuator as to the current value of the assets and

liabilities, or of the venture investments, and that is prepared in accordance with Part

"independent valuator" means a valuator that is independent of the labour

sponsored or venture capital fund and that has appropriate qualifications;

"interim management report of fund performance" means a document prepared in

accordance with

Part C of Form 81-106F1;

"interim period" means, in relation to an investment fund,

(

a) a period of at least three months that ends six months before the end of a

financial year of the investment fund, or

(

b) in the case of a transition year of the investment fund, a period commencing

on the first day of the transition year and ending six months after the end of

its old financial year;

"investment fund" means a mutual fund or a non-redeemable investment fund,

and, for greater certainty in British Columbia, includes an EVCC and a VCC;

"labour sponsored or venture capital fund" means an investment fund that is

(

a) a labour sponsored investment fund corporation or a labour sponsored

venture capital corporation under provincial legislation,

(

b) a registered or prescribed labour sponsored venture capital corporation as

defined in the ITA,

(

c) an EVCC, or

(

d) a VCC;

"management expense ratio" means the ratio, expressed as a percentage, of the

expenses of an investment fund to its average net asset value, calculated in

accordance with

Part 15;

"management fees" means the total fees paid or payable by an investment fund to its

manager or one or more portfolio advisers or sub-advisers, including incentive or

performance fees, but excluding operating expenses of the investment fund;

"management report of fund performance" means an annual management report of

fund performance or an interim management report of fund performance;

"material change" means, in relation to an investment fund,

(

a) a change in the business, operations or affairs of the investment fund that

would be considered important by a reasonable investor in determining

whether to purchase or continue to hold securities of the investment fund, or

(

b) a decision to implement a change referred to in paragraph (

a) made

(

i) by the board of directors of the investment fund or the board of directors

of the manager of the investment fund or other persons acting in a

similar capacity,

(ii) by senior management of the investment fund who believe that

confirmation of the decision by the board of directors or such other

persons acting in a similar capacity is probable, or

(iii) by senior management of the manager of the investment fund who

believe that confirmation of the decision by the board of directors of the

manager or such other persons acting in a similar capacity is probable;

"material contract" means, for an investment fund, a document that the

investment fund would be required to list in an annual information form under

Item 16 of Form 81-101F2 if the investment fund filed a simplified prospectus

under National Instrument 81-101 Mutual Fund Prospectus Disclosure;

"mutual fund in the jurisdiction" means an incorporated or unincorporated mutual

fund that is a reporting issuer in, or that is organized under the laws of, the local

jurisdiction, but does not include a private mutual fund;

"National Instrument 51-102" means National Instrument 51-102 Continuous

Disclosure Obligations;

"net asset value" means the current value of the total assets of the investment

fund less the current value of the total liabilities of the investment fund, as at a

specific date;

"non-redeemable investment fund" means an issuer,

(

a) whose primary purpose is to invest money provided by its

securityholders,

(

b) that does not invest,

(

i) for the purpose of exercising or seeking to exercise control of an

issuer, other than an issuer that is a mutual fund or a non-

redeemable investment fund, or

(ii) for the purpose of being actively involved in the management of

any issuer in which it invests, other than an issuer that is a mutual

fund or a non-redeemable investment fund, and

(

c) that is not a mutual fund;

"quarterly portfolio disclosure" means the disclosure prepared in accordance with

Part 6;

"scholarship award" means any amount, other than a refund of contributions, that

is paid or payable directly or indirectly to further the education of a beneficiary

designated under an education savings plan;

"scholarship plan" means an arrangement under which contributions to education

savings plans are pooled to provide scholarship awards to designated

beneficiaries;

"transition year" means the financial year of an investment fund in which a change

of year end occurs;

"VCC" means a venture capital corporation registered under

Part 1 of the Small

Business Venture Capital Act (British Columbia), R.S.B.C. 1996 c. 429 whose

business objective is making multiple investments; and

"venture investment" means an investment in a private company or an investment

made in accordance with the requirements of provincial labour sponsored or venture

capital fund legislation or the ITA.

1.2 Application

(1) Except as otherwise provided in this Instrument, this Instrument applies to

(

a) an investment fund that is a reporting issuer; and

(

b) subject to subsection (2), a mutual fund in the jurisdiction.

(2) Despite paragraph (1)(b), in Alberta, British Columbia, Manitoba and

Newfoundland and Labrador, this Instrument does not apply to a mutual

fund that is not a reporting issuer.

(3) In Saskatchewan, this Instrument does not apply to a Type B corporation

within the meaning of The Labour-sponsored Venture Capital Corporations

Act (Saskatchewan).

(4) In Qu‚bec, this Instrument does not apply to a reporting issuer organized

under

(

a) an Act to establish the Fonds de solidarit‚ des travailleurs du Qu‚bec

(F.T.Q.) R.S.Q.,

chapter F-3.2.1;

(

b) an Act to establish Fondaction, le Fonds de d‚veloppement de la

Conf‚d‚ration des syndicats nationaux pour la coop‚ration et l'emploi

(R.S.Q.,

chapter F-3.1.2); or

(

c) an Act constituting Capital r‚gional et coop‚ratif Desjardins, Loi

constituant Capital r‚gional et coop‚ratif Desjardins (R.S.Q.,

chapter C-

6.1).

1.3

Interpretation

(1) Each section, part, class or series of a class of securities of an investment

fund that is referable to a separate portfolio of assets is considered to be a

separate investment fund for the purposes of this Instrument.

(2) Terms defined in National Instrument 81-102 Mutual Funds, Multilateral

Instrument 81-104 Commodity Pools and National Instrument 81-105

Mutual Fund Sales Practices and used in this Instrument have the respective

meanings ascribed to them in those Instruments except that references in

those

definitions to "mutual fund" must be read as references to "investment

fund".

1.4 Language of Documents

(1) A document that is required to be filed under this Instrument must be

translation of the document into the other language is sent to a

securityholder, the investment fund must file the translated document not

later than when it is sent to the securityholder.

(3) In Qu‚bec, the linguistic obligations and rights prescribed by Qu‚bec law

must be complied with.

PART 2 FINANCIAL STATEMENTS

2.1 Comparative Annual Financial Statements and Auditor's Report

(1) An investment fund must file annual financial statements for the investment

fund's most recently completed financial year that include

(

a) a statement of net assets as at the end of that financial year and a

statement of net assets as at the end of the immediately preceding

financial year;

(

b) a statement of operations for that financial year and a statement of

operations for the immediately preceding financial year;

(

c) statement of changes in net assets for that financial year and a statement

of changes in net assets for the immediately preceding financial year;

(

d) a statement of cashflows for that financial year and a statement of

cashflows for the immediately preceding financial year, unless it is not

required by Canadian GAAP;

(

e) a statement of investment portfolio as at the end of that financial year;

and

(

f) notes to the annual financial statements.

(2) Annual financial statements filed under subsection (1) must be accompanied

by an auditor's report.

2.2 Filing Deadline for Annual Financial Statements - The annual financial

statements and auditor's report required to be filed under

section 2.1 must be

filed on or before the 90th day after the investment fund's most recently

completed financial year.

2.3 Interim Financial Statements - An investment fund must file interim financial

statements for the investment fund's most recently completed interim period that

include

(

a) a statement of net assets as at the end of that interim period and a

statement of net assets as at the end of the immediately preceding

financial year;

(

b) a statement of operations for that interim period and a statement of

operations for the corresponding period in the immediately preceding

financial year;

(

c) a statement of changes in net assets for that interim period and a

statement of changes in net assets for the corresponding period in the

immediately preceding financial year;

(

d) a statement of cashflows for and as at the end of that interim period and

a statement of cashflows for the corresponding period in the

immediately preceding financial year, unless it is not required by

Canadian GAAP;

(

e) a statement of investment portfolio as at the end of that interim period;

and

(

f) notes to the interim financial statements.

2.4 Filing Deadline for Interim Financial Statements - The interim financial

statements required to be filed under

section 2.3 must be filed on or before the

60th day after the end of the most recent interim period of the investment fund.

2.5 Approval of Financial Statements

(1) The board of directors of an investment fund that is a corporation must

approve the financial statements of the investment fund before those

financial statements are filed or made available to securityholders or

potential purchasers of securities of the investment fund.

(2) The trustee or trustees of an investment fund that is a trust, or another person

or company authorized to do so by the constating documents of the

investment fund, must approve the financial statements of the investment

fund, before those financial statements are filed or made available to

securityholders or potential purchasers of securities of the investment fund.

2.6 Acceptable Accounting Principles - The financial statements of an investment

fund must be prepared in accordance with Canadian GAAP as applicable to

public enterprises.

2.7 Acceptable Auditing Standards

(1) Financial statements that are required to be audited must be audited in

accordance with Canadian GAAS.

(2) Audited financial statements must be accompanied by an auditor's report

prepared in accordance with Canadian GAAS and the following

requirements:

1. The auditor's report must not contain a reservation.

2. The auditor's report must identify all financial periods presented for

which the auditor has issued an auditor's report.

3. If the investment fund has changed its auditor and a comparative period

presented in the financial statements was audited by a different auditor,

the auditor's report must refer to the former auditor's report on the

comparative period.

4. The auditor's report must identify the auditing standards used to

conduct the audit and the accounting principles used to prepare the

financial statements.

2.8 Acceptable Auditors - An auditor's report must be prepared and signed by a

person or company that is authorized to sign an auditor's report by the laws of a

jurisdiction of Canada, and that meets the professional standards of that

jurisdiction.

2.9 Change in Year End

(1) This

section applies to an investment fund that is a reporting issuer.

(2) Section 4.8 of National Instrument 51-102 applies to an investment fund that

changes its financial year end, except that

(

a) a reference to "interim period" must be read as "interim period" as

defined in this Instrument;

(

b) a requirement under National Instrument 51-102 to include specified

financial statements must be read as a requirement to include the

financial statements required under this Part; and

(

c) a reference to "filing deadline" in subsection 4.8(2) of National

Instrument 51-102 must be read as a reference to the filing deadlines

provided for under

section 2.2 and 2.4 of this Instrument.

(3) Despite

section 2.4, an investment fund is not required to file interim

financial statements for any period in a transition year if the transition year is

less than nine months in length.

(4) Despite subsections 4.8(7) and (8) of National Instrument 51-102,

(

a) for interim financial statements for an interim period in the transition

year, the investment fund must include as comparative information

(

i) a statement of net assets and a statement of investment portfolio as

at the end of its old financial year; and

(ii) a statement of operations, a statement of changes in net assets, and,

if applicable, a statement of cashflows, for the interim period of the

old financial year;

(

b) for interim financial statements for an interim period in a new financial

year, the investment fund must include as comparative information

(

i) a statement of net assets and a statement of investment portfolio as

at the end of the transition year; and

(ii) a statement of operations, a statement of changes in net assets, and,

if applicable, a statement of cashflows, for the period that is one

year earlier than the interim period in the new financial year.

2.10 Change in Legal Structure - If an investment fund that is a reporting issuer is

party to an amalgamation, arrangement, merger, winding-up, reorganization or

other transaction that will result in

(

a) the investment fund ceasing to be a reporting issuer,

(

b) another entity becoming an investment fund,

(

c) a change in the investment fund's financial year end, or

(

d) a change in the name of the investment fund,

the investment fund must, as soon as practicable, and in any event not later than

the deadline for the first filing required by this Instrument following the

transaction, file a notice stating:

(

a) the names of the parties to the transaction;

(

b) a description of the transaction;

(

c) the effective date of the transaction;

(

d) if applicable, the names of each party that ceased to be a reporting issuer

following the transaction and of each continuing entity;

(

e) if applicable, the date of the investment fund's first financial year end

following the transaction; and

(

f) if applicable, the periods, including the comparative periods, if any, of

the interim and annual financial statements required to be filed for the

investment fund's first financial year following the transaction.

2.11 Filing Exemption for Mutual Funds that are Non-Reporting Issuers - A

mutual fund that is not a reporting issuer is exempt from the filing requirements

section 2.1 for a financial year or

section 2.3 for an interim period if

(

a) the mutual fund prepares the applicable financial statements in

accordance with this Instrument;

(

b) the mutual fund delivers the financial statements to its securityholders in

accordance with

Part 5 within the same time periods as if the financial

statements were required to be filed;

(

c) the mutual fund has advised the regulator or securities regulatory

authority that it is relying on this exemption not to file its financial

statements; and

(

d) the mutual fund has included in a note to the financial statements that it

is relying on this exemption not to file its financial statements.

2.12 Disclosure of Auditor Review of Interim Financial Statements

(1) This

section applies to an investment fund that is a reporting issuer.

(2) If an auditor has not performed a review of the interim financial statements

required to be filed, the interim financial statements must be accompanied by

a notice indicating that the interim financial statements have not been

reviewed by an auditor.

(3) If an investment fund engaged an auditor to perform a review of the interim

financial statements required to be filed and the auditor was unable to

complete the review, the interim financial statements must be accompanied

by a notice indicating that the auditor was unable to complete a review of the

interim financial statements and the reasons why.

(4) If an auditor has performed a review of the interim financial statements

required to be filed and the auditor has expressed a reservation in the

auditor's interim review report, the interim financial statements must be

accompanied by a written review report from the auditor.

PART 3 FINANCIAL DISCLOSURE REQUIREMENTS

3.1 Statement of Net Assets - The statement of net assets of an investment fund

must disclose the following as separate line items, each shown at current value:

1. cash, term deposits and, if not included in the statement of investment

portfolio, short term debt instruments.

2. investments.

3. accounts receivable relating to securities issued.

4. accounts receivable relating to portfolio assets sold.

5. accounts receivable relating to margin paid or deposited on futures or

forward contracts.

6. amounts receivable or payable in respect of derivatives transactions,

including premiums or discounts received or paid.

7. deposits with brokers for portfolio securities sold short.

8. accrued expenses.

9. accrued incentive arrangements or performance compensation.

10. portfolio securities sold short.

11. liabilities for securities redeemed.

12. liabilities for portfolio assets purchased.

13. income tax payable.

14. total net assets and securityholders' equity and, if applicable, for each

class or series.

15. net asset value per security, or if applicable, per security of each class or

series.

3.2 Statement of Operations - The statement of operations of an investment fund

must disclose the following information as separate line items:

1. dividend revenue.

2. interest revenue.

3. income from derivatives.

4. revenue from securities lending.

5. management fees, excluding incentive or performance fees.

6. incentive or performance fees.

7. audit fees.

8. directors' or trustees' fees.

9. custodial fees.

10. legal fees.

11. securityholder reporting costs.

12. capital tax.

13. amounts that would otherwise have been payable by the investment

fund that were waived or paid by the manager or a portfolio adviser of

the investment fund.

14. provision for income tax.

15. net investment income or loss for the period.

16. realized gains or losses.

17. unrealized gains or losses.

18. increase or decrease in net assets from operations and, if applicable, for

each class or series.

19. increase or decrease in net assets from operations per security or, if

applicable, per security of each class or series.

3.3 Statement of Changes in Net Assets - The statement of changes in net assets of

an investment fund must disclose, for each class or series, the following as

separate line items:

1. net assets at the beginning of the period to which the statement applies.

2. increase or decrease in net assets from operations.

3. proceeds from the issuance of securities of the investment fund.

4. aggregate amounts paid on redemption of securities of the investment

fund.

5. securities issued on reinvestment of distributions.

6. distributions, showing separately the amount distributed out of net

investment income and out of realized gains on portfolio assets sold,

and return of capital.

7. net assets at the end of the period reported upon

3.4 Statement of Cashflows - The statement of cashflows of an investment fund

must disclose the following as separate line items:

1. net investment income or loss.

2. proceeds of disposition of portfolio assets.

3. purchase of portfolio assets.

4. proceeds from the issuance of securities of the investment fund.

5. aggregate amounts paid on redemption of securities of the investment

fund.

6. compensation paid in respect of the sale of securities of the investment

fund.

3.5 Statement of Investment Portfolio

(1) The statement of investment portfolio of an investment fund must disclose

the following for each portfolio asset held or sold short:

1. the name of the issuer of the portfolio asset.

2. a description of the portfolio asset, including

(

a) for an equity security, the name of the class of the security.

(

b) for a debt instrument not included in paragraph (c), all

characteristics commonly used commercially to identify the

instrument, including the name of the instrument, the interest rate

of the instrument, the maturity date of the instrument, whether the

instrument is convertible or exchangeable and, if used to identify

the instrument, the priority of the instrument.

(

c) for a debt instrument referred to in the definition of "money

market fund" in National Instrument 81-102 Mutual Funds, the

name, interest rate and maturity date of the instrument.

(

d) for a portfolio asset not referred to in paragraph (a), (

b) or (c), the

the portfolio asset commonly used commercially in describing the

portfolio asset.

3. the number or aggregate face value of the portfolio asset.

4. the cost of the portfolio asset.

5. the current value of the portfolio asset.

(2) For the purposes of subsection (1), disclosure for a long portfolio must be

segregated from the disclosure for a short portfolio.

(3) For the purposes of subsection (1) and subject to subsection (2), disclosure

must be aggregated for portfolio assets having the same description and

issuer.

(4) Despite subsection (1) and (3) and subject to subsection (2), the information

referred to in subsection (1) may be provided in the aggregate for those short

term debt instruments that

(

a) Are issued by a bank listed in

schedule i, ii or iii to the Bank Act

(Canada) or a loan corporation or trust corporation registered under the

laws of a jurisdiction, or

(

b) Have achieved an investment rating within the highest or next highest

categories of ratings of each approved credit rating organization.

(5) If an investment fund discloses short term debt instruments as permitted by

subsection (4), the investment fund must disclose separately the aggregate

short term debt instruments denominated in any currency if the aggregate

exceeds 5% of the total short term debt.

(6) If an investment fund holds positions in derivatives, the investment fund

must disclose in the statement of investment portfolio or the notes to that

statement,

(

a) for long and short positions in options,

(

i) the quantity of the underlying interest, the number of options, the

underlying interest, the strike price, the expiration month and year,

the cost and the current value, and

(ii) if the underlying interest is a future, information about the future in

accordance with subparagraph (i);

(

b) for positions in futures and forwards, the number of futures and

forwards, the underlying interest, the price at which the contract was

entered into, the delivery month and year and the current value;

(

c) for positions in swaps, the number of swap contracts, the underlying

interest, the principal or notional amount, the payment dates, and the

current value; and

(

d) if a rating of a counterparty has fallen below the approved credit rating

level.

(7) If applicable, the statement of investment portfolio included in the financial

statements of the investment fund, or the notes to the statement of

investment portfolio, must identify the underlying interest that is being

hedged by each position taken by the investment fund in a derivative.

(8) An investment fund may omit the information required by subsection

(1) about mortgages from a statement of investment portfolio if the statement of

investment portfolio discloses

(

a) the total number of mortgages held;

(

b) the aggregate current value of mortgages held;

(

c) a breakdown of mortgages, by reference to number and current value

among mortgages insured under the National Housing Act (Canada),

insured conventional mortgages and uninsured conventional mortgages;

(

d) a breakdown of mortgages, by reference to number and current value,

among mortgages that are pre-payable and those that are not pre-

payable; and

(

e) a breakdown of mortgages, by reference to number, current value,

amortized cost and outstanding principal value, among groups of

mortgages having contractual interest rates varying by no more than one

quarter of one percent.

(9) An investment fund must maintain records of all portfolio transactions

undertaken by the investment fund.

3.6 Notes to Financial Statements

(1) The notes to the financial statements of an investment fund must disclose the

following:

1. the basis for determining current value and cost of portfolio assets and,

if a method of determining cost other than by reference to the average

cost of the portfolio assets is used, the method used.

2. if the investment fund has outstanding more than one class or series of

securities ranking equally against its net assets, but differing in other

respects,

(

a) the number of authorized securities of each class or series;

(

b) the number of securities of each class or series that have been

issued and are outstanding;

(

c) the differences between the classes or series, including differences

in sales charges, and management fees;

(

d) the method used to allocate income and expenses, and realized and

unrealized capital gains and losses, to each class;

(

e) the fee arrangements for any class-level expenses paid to affiliates;

and

(

f) transactions involving the issue or redemption of securities of the

investment fund undertaken in the period for each class of

securities to which the financial statements pertain.

3. (

a) total commissions and other transaction costs paid or payable to

dealers by the investment fund for its portfolio transactions during

the period reported upon; and

(

b) to the extent the amount is ascertainable, separate disclosure of the

soft dollar portion of these payments, where the soft dollar portion

is the amount paid or payable for goods and services other than

order execution.

4. the total cost of distribution of the investment fund's securities recorded

in the statement of changes in net assets.

(2) If not disclosed elsewhere in the financial statements, an investment fund

that borrows money must, in a note to the financial statements, disclose the

minimum and maximum amount borrowed during the period to which the

financial statements or management report of fund performance pertain.

3.7 Inapplicable Line Items - Despite the requirements of this Part, an investment

fund may omit a line item from the financial statements for any matter that does

not apply to the investment fund or for which the investment fund has nothing to

disclose.

3.8 Disclosure of Securities Lending Transactions

(1) An investment fund must disclose, in the statement of investment portfolio

included in the financial statements of the investment fund, or in the notes to

the financial statements,

(

a) the aggregate dollar value of portfolio securities that were lent in the

securities lending transactions of the investment fund that are

outstanding as at the date of the financial statements; and

(

b) the type and aggregate amount of collateral received by the investment

fund under securities lending transactions of the investment fund that

are outstanding as at the date of the financial statements.

(2) The statement of net assets of an investment fund that has received cash

collateral from a securities lending transaction that is outstanding as of the

date of the financial statements must disclose separately

(

a) the cash collateral received by the investment fund; and

(

b) the obligation to repay the cash collateral.

(3) The statement of operations of an investment fund must disclose income

from a securities lending transaction as revenue.

3.9 Disclosure of Repurchase Transactions

(1) An investment fund, in the statement of investment portfolio included in the

financial statements of the investment fund, or in the notes to that statement,

must, for a repurchase transaction of the investment fund that is outstanding

as at the date of the statement, disclose

(

a) the date of the transaction;

(

b) the expiration date of the transaction;

(

c) the nature and current value of the portfolio securities sold by the

investment fund;

(

d) the amount of cash received and the repurchase price to be paid by the

investment fund; and

(

e) the current value of the sold portfolio securities as at the date of the

statement.

(2) The statement of net assets of an investment fund that has entered into a

repurchase transaction that is outstanding as of the date of the statement of

net assets must disclose separately the obligation of the investment fund to

repay the collateral.

(3) The statement of operations of an investment fund must disclose income

from the use of the cash received on a repurchase transaction as revenue.

(4) The information required by this

section may be presented on an aggregate

basis.

3.10 Disclosure of Reverse Repurchase Transactions

(1) An investment fund, in the statement of investment portfolio or in the notes

to that statement, must, for a reverse repurchase transaction of the investment

fund that is outstanding as at the date of the statement, disclose

(

a) the date of the transaction;

(

b) the expiration date of the transaction;

(

c) the total dollar amount paid by the investment fund;

(

d) the nature and current value or principal amount of the portfolio

securities received by the investment fund; and

(

e) the current value of the purchased portfolio securities as at the date of

the statement.

(2) The statement of net assets of an investment fund that has entered into a

reverse repurchase transaction that is outstanding as of the date of the

financial statements must disclose separately the reverse repurchase

agreement relating to the transaction at current value.

(3) The statement of operations of an investment fund must disclose income

from a reverse repurchase transaction as revenue.

(4) The information required by this

section may be presented on an aggregate

basis.

3.11 Scholarship Plans

(1) In addition to the requirements of this Part, an investment fund that is a

scholarship plan must disclose, as of the end of its most recently completed

financial year, a separate statement or

schedule to the financial statements

that provides

(

a) a

summary of education savings plans and units outstanding by year of

eligibility, including

(

i) disclosure of the number of units by year of eligibility for the

opening units, units purchased, units forfeited and the ending units,

(ii) disclosure of the principal amounts and the accumulated income

per year of eligibility, and their total balances, and

(iii) a reconciliation of the total balances of the principal amounts and

the accumulated income in the statement or

schedule to the

statement of net assets of the scholarship plan;

(

b) the total number of units outstanding; and

(

c) a statement of scholarship awards paid to beneficiaries, and a

reconciliation of the amount of scholarship awards paid with the

statement of operations.

(2) Despite the requirements of sections 3.1 and 3.2, an investment fund that is a

scholarship plan may omit the "net asset value per security" and "increase or

decrease in net assets from operations per security" line items from its

financial statements.

PART 4 MANAGEMENT REPORTS OF FUND PERFORMANCE

4.1 Application - This Part applies to an investment fund that is a reporting issuer.

4.2 Filing of Management Reports of Fund Performance - An investment fund,

other than an investment fund that is a scholarship plan, must file an annual

management report of fund performance for each financial year and an interim

management report of fund performance for each interim period at the same time

that it files its annual financial statements or its interim financial statements for

that financial period.

4.3 Filing of Annual Management Report of Fund Performance for an

Investment Fund that is a Scholarship Plan - An investment fund that is a

scholarship plan must file an annual management report of fund performance for

each financial year at the same time that it files its annual financial statements.

4.4 Contents of Management Reports of Fund Performance - A management

report of fund performance required by this Part must

(

a) be prepared in accordance with Form 81-106F1; and

(

b) not incorporate by reference information from any other document that

is required to be included in a management report of fund performance.

4.5 Approval of Management Reports of Fund Performance

(1) The board of directors of an investment fund that is a corporation must

approve the management report of fund performance of the investment fund

before the report is filed or made available to a holder or potential purchaser

of securities of the investment fund.

(2) The trustee or trustees of an investment fund that is a trust, or another person

or company authorized to do so by the constating documents of the

investment fund, must approve the management report of fund performance

of the investment fund before the report is filed or made available to a holder

or potential purchaser of securities of the investment fund.

PART 5 DELIVERY OF FINANCIAL STATEMENTS AND MANAGEMENT

REPORTS OF FUND PERFORMANCE

5.1 Delivery of Certain Continuous Disclosure Documents

(1) In this Part, "securityholder" means a registered holder or beneficial owner

of securities issued by an investment fund.

(2) Subject to

section 5.2 or

section 5.3, an investment fund must send to a

securityholder, by the filing deadline for the document, the following:

(

a) annual financial statements;

(

b) interim financial statements;

(

c) if required to be prepared by the investment fund, the annual

management report of fund performance;

(

d) if required to be prepared by the investment fund, the interim

management report of fund performance.

(3) An investment fund must apply the procedures set out in National Instrument

54-101 Communication with Beneficial Owners of Securities of a Reporting

Issuer when complying with this Part.

(4) Despite subsection (3), National Instrument 54-101 Communication with

Beneficial Owners of Securities of a Reporting Issuer does not apply to an

investment fund with respect to a requirement under this

Part if the

investment fund has the necessary information to communicate directly with

a beneficial owner of its securities.

5.2 Sending According to Standing Instructions

(1) Subsection 5.1(2) does not apply to an investment fund that requests

standing instructions from a securityholder in accordance with this

section

and sends the documents listed in subsection 5.1(2) according to those

instructions.

(2) An investment fund relying on subsection 5.2(1) must send, to each

securityholder, a document that

(

a) explains the choices a securityholder has to receive the documents listed

in subsection 5.1(2);

(

b) solicits instructions from the securityholder about delivery of those

documents; and

(

c) explains that the instructions provided by the securityholder will

continue to be followed by the investment fund until they are changed

by the securityholder.

(3) If a person or company becomes a securityholder of an investment fund, the

investment fund must solicit instructions in accordance with subsection

(2) from the securityholder as soon as reasonably practicable after the

investment fund accepts a purchase order from the securityholder.

(4) An investment fund must rely on instructions given under this

section until a

securityholder changes them.

(5) At least once a year, an investment fund must send each securityholder a

reminder that

(

a) the securityholder is entitled to receive the documents listed in

subsection 5.1(2);

(

b) the investment fund is relying on delivery instructions provided by the

securityholder;

(

c) explains how a securityholder can change the instructions it has given;

and

(

d) the securityholder can obtain the documents on the SEDAR website and

on the investment fund's website, if applicable, and by contacting the

investment fund.

5.3 Sending According to Annual Instructions

(1) Subsection 5.1(2) does not apply to an investment fund that requests annual

instructions from a securityholder in accordance with this

section and sends

the documents listed in subsection 5.1(2) according to those instructions.

(2) Subsection (1) does not apply to an investment fund that has previously

relied on subsection 5.2(1).

(3) An investment fund relying on subsection 5.3(1) must send annually to each

securityholder a request form the securityholder may use to instruct the

investment fund as to which of the documents listed in subsection 5.1(2) the

securityholder wishes to receive.

(4) The request form described in subsection (3) must be accompanied by a

notice explaining that

(

a) the securityholder is providing delivery instructions for the current year

only; and

(

b) the documents are available on the SEDAR website and on the

investment fund's website, if applicable, and by contacting the

investment fund.

5.4 General

(1) If a securityholder requests any of the documents listed in subsection 5.1(2),

an investment fund must send a copy of the requested documents by the later

(

a) the filing deadline for the requested document; and

(

b) ten calendar days after the investment fund receives the request.

(2) An investment fund must not charge a fee for sending the documents

referred to in this Part and must ensure that securityholders can respond

without cost to the solicitations of instructions required by this Part.

(3) Investment funds under common management may solicit one set of delivery

instructions from a securityholder that will apply to all of the investment

funds under common management held by that securityholder.

(4) Despite subsection 7.1(3), for the purposes of delivery to a securityholder, an

investment fund may bind its management report of fund performance with

the management report of fund performance for one or more other

investment funds if the securityholder holds each investment fund.

5.5 Websites- An investment fund that is a reporting issuer and that has a website

must post to the website any documents listed in subsection 5.1(2) no later than

the date that those documents are filed.

PART 6 QUARTERLY PORTFOLIO DISCLOSURE

6.1 Application- This Part applies to an investment fund that is a reporting issuer,

other than a scholarship plan or a labour sponsored or venture capital fund.

6.2 Preparation and Dissemination

(1) An investment fund must prepare quarterly portfolio disclosure that includes

(

a) a

summary of investment portfolio prepared in accordance with Item 5

of Part B of Form 81-106F1 as at the end of

(

i) each period of at least three months that ends three or nine months

before the end of a financial year of the investment fund; or

(ii) in the case of a transition year of the investment fund, each period

commencing on the first day of the transition year and ending either

three, nine or twelve months, if applicable, after the end of its old

financial year; and

(

b) the total net asset value of the investment fund as at the end of the

periods specified in (a)(

i) or (ii).

(2) An investment fund that has a website must post to the website the quarterly

portfolio disclosure within 60 days of the end of the period for which the

quarterly portfolio disclosure was prepared.

(3) An investment fund must promptly send the most recent quarterly portfolio

disclosure, without charge, to any securityholder of the investment fund,

upon a request made by the securityholder 60 days after the end of the period

to which the quarterly portfolio disclosure pertains.

PART 7 BINDING AND PRESENTATION

7.1 Binding of Financial Statements and Management Reports of Fund

Performance

(1) An investment fund must not bind its financial statements with the financial

statements of another investment fund in a document unless all information

relating to the investment fund is presented together and not intermingled

with information relating to the other investment fund.

(2) Despite subsection (1), if a document contains the financial statements of

more than one investment fund, the notes to the financial statements may be

combined and presented in a separate part of the document.

(3) An investment fund must not bind its management report of fund

performance with the management report of fund performance for another

investment fund.

7.2 Multiple Class Investment Funds

(1) An investment fund that has more than one class or series of securities

outstanding that are referable to a single portfolio must prepare financial

statements and management reports of fund performance that contain

information concerning all of the classes or series.

(2) If an investment fund has more than one class or series of securities

outstanding, the distinctions between the classes or series must be disclosed

in the financial statements and management reports of fund performance.

PART 8 INDEPENDENT VALUATIONS FOR LABOUR SPONSORED OR

VENTURE CAPITAL FUNDS

8.1 Application- This Part applies to a labour sponsored or venture capital fund that

is a reporting issuer.

8.2 Exemption from Requirement to Disclose Individual Current Values for

Venture Investments- Despite item 5 of subsection 3.5(1), a labour sponsored or

venture capital fund is exempt from the requirement to present separately in a

statement of investment portfolio the current value of each venture investment

that does not have a market value if

(

a) the labour sponsored or venture capital fund discloses in the statement

of investment portfolio

(

i) the cost amounts for each venture investment,

(ii) the total cost of the venture investments,

(iii) the total adjustment from cost to current value of the venture

investments, and

(iv) the total current value of the venture investments;

(

b) the labour sponsored or venture capital fund discloses in the statement

of investment portfolio tables showing the distribution of venture

investments by stage of development and by industry classification

including

(

i) the number of venture investments in each stage of development

and industry class,

(ii) the total cost and aggregate current value of the venture

investments for each stage of development and industry class, and

(iii) the total cost and aggregate current value of venture investments

for each stage of development and industry class as a percentage of

total venture investments;

(

c) for a statement of investment portfolio contained in annual financial

statements, the labour sponsored or venture capital fund has obtained an

independent valuation relating to the value of the venture investments or

to the net asset value of the fund and has filed the independent valuation

concurrently with the filing of the annual financial statements;

(

d) for a statement of investment portfolio contained in interim financial

statements, the labour sponsored or venture capital fund obtained and

filed the independent valuation referred to in paragraph (

c) in

connection with the preparation of the most recent annual financial

statements of the labour sponsored or venture capital fund; and

(

e) the labour sponsored or venture capital fund has disclosed in the

applicable financial statements that an independent valuation has been

obtained as of the end of the applicable financial year.

8.3 Disclosure Concerning Independent Valuator - A labour sponsored or venture

capital fund that obtains an independent valuation must include, in the statement

of investment portfolio contained in its annual financial statements, or in the

notes to the annual financial statements,

(

a) a description of the independent valuator's qualifications, and

(

b) a description of any past, present or anticipated relationship between the

independent valuator and the labour sponsored or venture capital fund,

its manager or portfolio adviser.

8.4 Content of Independent Valuation - An independent valuation must provide the

aggregate current value of the venture investments or the net asset value of the

labour sponsored or venture capital fund as at the fund's financial year end.

8.5 Independent Valuator's Consent - A labour sponsored or venture capital fund

obtaining an independent valuation must

(

a) obtain the independent valuator's consent to its filing; and

(

b) include a statement in the valuation report, signed by the independent

valuator, in substantially the following form:

"We refer to the independent valuation of the [net assets/venture

investments] of [name of labour sponsored or venture capital fund] as of

[date of financial year end] dated ?. We consent to the filing of the

independent valuation with the securities regulatory authorities."

PART 9 ANNUAL INFORMATION FORM

9.1 Application - This Part applies to an investment fund that is a reporting issuer.

9.2 Requirement to File Annual Information Form - An investment fund must file

an annual information form if the investment fund does not have a current

prospectus as at its financial year end.

9.3 Filing Deadline for Annual Information Form - An investment fund required

under

section 9.2 to file an annual information form must file the annual

information form no later than 90 days after the end of its most recently

completed financial year.

9.4 Preparation and Content of Annual Information Form

(1) An annual information form required to be filed under

section 9.2 must be

prepared as of the end of the most recently completed financial year of the

investment fund to which it pertains.

(2) An annual information form required to be filed must be prepared in

accordance with Form 81-101F2, except that

(

a) a reference to "mutual fund" must be read as a reference to "investment

fund";

(

b) General Instructions (3), (10) and (14) of Form 81-101F2 do not apply;

(c) subsections (3), (4) and (6) of Item 1.1 of Form 81-101F2 do not apply;

(d) subsections (3), (4) and (6) of Item 1.2 of Form 81-101F2 do not apply;

(

e) Item 5 of Form 81-101F2 must be completed in connection with all of

the securities of the investment fund;

(

f) Item 15 of Form 81-101F2 does not apply to an investment fund that is

a corporation; and

(

g) Items 19, 20, 21 and 22 of Form 81-101F2 do not apply.

(3) An investment fund required to file an annual information form must at the

same time file copies of all material incorporated by reference in the annual

information form that it has not previously filed.

PART 10 PROXY VOTING DISCLOSURE FOR PORTFOLIO SECURITIES

HELD

10.1 Application - This Part applies to an investment fund that is a reporting issuer

10.2 Requirement to Establish Policies and Procedures

(1) An investment fund must establish policies and procedures that it will follow

to determine whether, and how, to vote on any matter for which the

investment fund receives, in its capacity as securityholder, proxy materials

for a meeting of securityholders of an issuer.

(2) The policies and procedures referred to in subsection (1) must include

(

a) a standing policy for dealing with routine matters on which the

investment fund may vote;

(

b) the circumstances under which the investment fund will deviate from

the standing policy for routine matters;

(

c) the policies under which, and the procedures by which, the investment

fund will determine how to vote or refrain from voting on non-routine

matters; and

(

d) procedures to ensure that portfolio securities held by the investment

fund are voted in accordance with the instructions of the investment

fund.The policies and procedures referred to in subsection (1) must

include

(3) An investment fund that has not prepared an annual information form in

accordance with

Part 9 or in accordance with National Instrument 81-101

Mutual Fund Prospectus Disclosure must include a

summary of the policies

and procedures required by this

section in its prospectus.

10.3 Proxy Voting Record- An investment fund must maintain a proxy voting record

that includes, for each time that the investment fund receives, in its capacity as

securityholder, materials relating to a meeting of securityholders of a reporting

issuer,

(

a) the name of the issuer;

(

b) the exchange ticker symbol of the portfolio securities, unless not readily

available to the investment fund;

(

c) the CUSIP number for the portfolio securities;

(

d) the meeting date;

(

e) a brief identification of the matter or matters to be voted on at the

meeting;

(

f) whether the matter or matters voted on were proposed by the issuer, its

management or another person or company;

(

g) whether the investment fund voted on the matter or matters;

(

h) if applicable, how the investment fund voted on the matter or matters;

and

(

i) whether votes cast by the investment fund were for or against the

recommendations of management of the issuer.

10.4 Preparation and Availability of Proxy Voting Record

(1) An investment fund must prepare a proxy voting record on an annual basis

for the period ending on June 30 of each year.

(2) An investment fund that has a website must post the proxy voting record to

the website no later than August 31 of each year.

(3) An investment fund must promptly send the most recent copy of the

investment fund's proxy voting policies and procedures and proxy voting

record, without charge, to any securityholder upon a request made by the

securityholder after August 31.

PART 11 MATERIAL CHANGE REPORTS

11.1 Application - This Part applies to an investment fund that is a reporting issuer.

11.2 Publication of Material Change

(1) If a material change occurs in the affairs of an investment fund, the

investment fund must

(

a) promptly issue and file a news release that is authorized by an executive

officer of the manager of the investment fund and that discloses the

nature and substance of the material change;

(

b) post all disclosure made under paragraph (

a) on the website of the

investment fund or the investment fund manager;

(

c) as soon as practicable, but in any event no later than 10 days after the

date on which the change occurs, file a report containing the

information required by Form 51-102F3, except that a reference in Form

51-102F3 to

(

i) the term "material change" must be read as "material change"

under this Instrument;

(ii) "section 7.1 of National Instrument 51-102" in Item 3 of

Part 2

must be read as a reference to "section 11.2 of National Instrument

81-106";

(iii) "subsection 7.1(2) or (3) of National Instrument 51-102" in Item 6

Part 2 must be read as a reference to "subsection 11.2(2) or

(3) of National Instrument 81-106";

(iv) "subsection 7.1(5) of National Instrument 51-102" in Items 6 and 7

Part 2 must be read as a reference to "subsection 11.2(4) of

National Instrument 81-106"; and

(v) "executive officer of your company" in Item 8 of

Part 2 must be

read as a reference to "officer of the investment fund or of the

manager of the investment fund"; and

(

d) file an amendment to its prospectus or simplified prospectus that

discloses the material change in accordance with the requirements of

securities legislation.

(2) If

(

a) in the opinion of the board of directors or trustee of an investment fund

or the manager, and if that opinion is arrived at in a reasonable manner,

the disclosure required by subsection (1) would be unduly detrimental to

the investment fund's interest; or

(

b) the material change

(

i) consists of a decision to implement a change made by senior

management of the investment fund or senior management of the

manager of the investment fund who believe that confirmation of

the decision by the board of directors or persons acting in a similar

capacity is probable; and

(ii) senior management of the investment fund or senior management

of the manager of the investment fund has no reason to believe that

persons with knowledge of the material change have made use of

that knowledge in purchasing or selling securities of the investment

fund,

the investment fund may, instead of complying with subsection (1),

immediately file the report required under paragraph (1)(

c) marked to

indicate that it is confidential, together with written reasons for non-

disclosure.

(3) Subsection (1) does not apply to an investment fund in Qu‚bec if

(

a) senior management of the investment fund has reasonable grounds to

believe that disclosure as required by subsection (1) would be seriously

prejudicial to the interests of the investment fund and that no transaction

in securities of the investment fund has been or will be carried out on

the basis of the information not generally known;

(

b) the investment fund immediately files the report required under

paragraph (1)(

c) marked so as to indicate that it is confidential, together

with written reasons for non-disclosure; and

(

c) the investment fund complies with subsection (1) when the

circumstances that justify non-disclosure cease to exist.

(4) If a report has been filed under subsection (2), the investment fund must

advise the regulator or securities regulatory authority in writing within ten

days of the initial filing of the report if it believes the report should continue

to remain confidential and every 10 days thereafter until the material change

is generally disclosed in the manner referred to in subsection (1) or, if the

material change consists of a decision of the type referred to in paragraph

(2)(b), until that decision has been rejected by the board of directors of the

investment fund or the board of directors of the manager of the investment

fund.

(5) Despite filing a report under subsection (2), an investment fund must

promptly and generally disclose the material change in the manner referred

to in subsection (1) upon the investment fund becoming aware, or having

reasonable grounds to believe, that a person or company is purchasing or

selling securities of the investment fund with knowledge of the material

change that has not been generally disclosed.

PART 12 PROXY SOLICITATION AND INFORMATION CIRCULARS

12.1 Application - This Part applies to an investment fund that is a reporting issuer.

12.2 Sending of Proxies and Information Circulars

(1) If management of an investment fund or the manager of an investment fund

gives or intends to give notice of a meeting to registered holders of the

investment fund, management or the manager must, at the same time as or

before giving that notice, send to each registered holder who is entitled to

notice of the meeting a form of proxy for use at the meeting.

(2) A person or company that solicits proxies from registered holders of an

investment fund must

(

a) in the case of a solicitation by or on behalf of management of the

investment fund, send with the notice of meeting to each registered

holder whose proxy is solicited a completed Form 51-102F5; or

(

b) in the case of a solicitation by or on behalf of any person or company

other than management of the investment fund, at the same time as or

before the solicitation, send a completed Form 51-102F5 and a form of

proxy to each registered holder whose proxy is solicited.

(3) In Qu‚bec, subsections (1) and (2) apply, adapted as required, to a meeting

of holders of debt securities of an investment fund that is a reporting issuer

in Qu‚bec, whether called by management of the investment fund or by the

trustee of the debt securities.

12.3 Exemption

(1) Subsection 12.2(2) does not apply to a solicitation by a person or company in

respect of securities of which the person or company is the beneficial owner.

(2) Paragraph 12.2(2)(

b) does not apply to a solicitation if the total number of

securityholders whose proxies are solicited is not more than 15.

(3) For the purposes of subsection (2), two or more persons or companies who

are joint registered owners of one or more securities are considered to be one

securityholder.

12.4 Compliance with National Instrument 51-102- A person or company that

solicits proxies under

section 12.2 must comply with sections 9.3 and 9.4 of

National Instrument 51-102 as if those sections applied to the person or company.

PART 13 CHANGE OF AUDITOR DISCLOSURE

13.1 Application - This Part applies to an investment fund that is a reporting issuer.

13.2 Change of Auditor -

Section 4.11 of National Instrument 51-102 applies to an

investment fund that changes its auditor, except that references in that

section to

the "board of directors" are to be read as references to,

(

a) if the investment fund is a corporation, the "board of directors of the

investment fund", or

(

b) if the investment fund is a trust, the "trustee or trustees or another

person or company authorized by the constating documents of the

investment fund".

PART 14 CALCULATION OF NET ASSET VALUE

14.1 Application - This Part applies to an investment fund that is a reporting issuer.

14.2 Calculation, Frequency and Currency

(1) The net asset value of an investment fund must be calculated in accordance

with Canadian GAAP.

(2) Despite subsection (1), for the purposes of calculating net asset value for

purchases and redemptions of its securities as required by Parts 9 and 10 of

National Instrument 81-102 Mutual Funds, a labour sponsored or venture

capital fund that has included a deferred charge for sales commissions in the

calculation may continue to do so, provided that

(

a) the calculation reflects the amortization of this deferred charge over the

remaining amortization period, and

(

b) the labour sponsored or venture capital fund ceased adding to this

deferred charge by December 31, 2003.

(3) The net asset value of an investment fund must be calculated,

(

a) if the investment fund does not use specified derivatives, at least once in

each week; or

(

b) if the investment fund uses specified derivatives, at least once every

business day.

(4) A mutual fund that holds securities of other mutual funds must have dates

for the calculation of net asset value that are compatible with those of the

other mutual funds.

(5) Despite subsection (3), an investment fund that, at the date that this

Instrument comes into force, calculates net asset value no less frequently

than once a month may continue to calculate net asset value at least as

frequently as it does at that date.

(6) The net asset value of an investment fund must be calculated in the currency

of Canada or in the currency of the United States of America or both.

(7) An investment fund that arranges for the publication of its net asset value in

the financial press must ensure that its current net asset value is provided on

a timely basis to the financial press.

14.3 Portfolio Transactions - The net asset value of an investment fund must include

each purchase or sale of a portfolio asset no later than in the next calculation of

the net asset value after the date the purchase or sale becomes binding.

14.4 Capital Transactions- The investment fund must include each issue or

redemption of a security of the investment fund in the next calculation of net

asset value the investment fund makes after the calculation of net asset value used

to establish the issue or redemption price.

PART 15 CALCULATION OF MANAGEMENT EXPENSE RATIO

15.1 Calculation of Management Expense Ratio

(1) An investment fund may disclose its management expense ratio only if the

management expense ratio is calculated for the financial year or interim

period of the investment fund and if it is calculated by

(

a) dividing

(

i) the aggregate of

(

A) total expenses of the investment fund, before income taxes, for

the financial year or interim period, as shown on its statement

of operations; and

(

B) any other fee, charge or expense of the investment fund that

has the effect of reducing the investment fund's net asset

value;

(ii) the average net asset value of the investment fund for the financial

year or interim period, obtained by

(

A) adding together the net asset values of the investment fund as

at the close of business of the investment fund on each day

during the financial year or interim period on which the net

asset value of the investment fund has been calculated, and

(

B) dividing the amount obtained under clause (

A) by the number

of days during the financial year or interim period on which

the net asset value of the investment fund has been calculated;

and

(

b) multiplying the result obtained under paragraph (

a) by 100.

(2) If any fees and expenses otherwise payable by an investment fund in a

financial year or interim period were waived or otherwise absorbed by a

member of the organization of the investment fund, the investment fund

must disclose, in a note to the disclosure of its management expense ratio,

details of

(

a) what the management expense ratio would have been without any

waivers or absorptions;

(

b) the length of time that the waiver or absorption is expected to continue;

(

c) whether the waiver or absorption can be terminated at any time by the

member of the organization of the investment fund; and

(

d) any other arrangements concerning the waiver or absorption.

(3) Investment fund expenses rebated by a manager or an investment fund to a

securityholder must not be deducted from total expenses of the investment

fund in determining the management expense ratio of the investment fund.

(4) An investment fund that has separate classes or series of securities must

calculate a management expense ratio for each class or series, in the manner

required by this section, modified as appropriate.

(5) The management expense ratio of an investment fund for a financial period

of less than or greater than twelve months must be annualized.

(6) If an investment fund provides its management expense ratio to a service

provider that will arrange for public dissemination of the management

expense ratio,

(

a) the investment fund must provide the management expense ratio

calculated in accordance with this Part; and

(

b) the requirement to provide note disclosure contained in subsection

(2) does not apply if the investment fund indicates, as applicable, that fees

have been waived, expenses have been absorbed, or that fees or

expenses were paid directly by investors during the period for which the

management expense ratio was calculated.

15.2 Fund of Funds Calculation

(1) For the purposes of subparagraph 15.1(1)(a)(i), the total expenses for a

financial year or interim period of an investment fund that invests in

securities of other investment funds is equal to the sum of

(

a) the total expenses incurred by the investment fund that are for the period

for which the calculation of the management expense ratio is made and

that are attributable to its investment in each underlying investment

fund, as calculated by

(

i) multiplying the total expenses of each underlying investment fund

before income taxes for the financial year or interim period, by

(ii) the average proportion of securities of the underlying investment

fund held by the investment fund during the financial year or

interim period, calculated by

(

A) adding together the proportion of securities of the underlying

investment fund held by the investment fund on each day in

the period, and

(

B) dividing the amount obtained under clause (

A) by the number

of days in the period; and

(

b) the total expenses of the investment fund, before income taxes, for the

period.

(2) An investment fund that has exposure to one or more other investment funds

through the use of derivatives in a financial year or interim period must

calculate its management expense ratio for the financial year or interim

period in the manner described in subsection (1), treating each investment

fund to which it has exposure as an "underlying investment fund" under

subsection (1).

(3) Subsection (2) does not apply if the derivatives do not expose the investment

fund to expenses that would be incurred by a direct investment in the

relevant investment funds.

(4) Management fees rebated by an underlying fund to an investment fund that

invests in the underlying fund must be deducted from total expenses of the

underlying fund if the rebate is made for the purpose of avoiding duplication

of fees between the two investment funds.

PART 16 ADDITIONAL FILING REQUIREMENTS

16.1 Application - This Part applies to an investment fund that is a reporting issuer.

16.2 Additional Filing Requirements - If an investment fund sends to its

securityholders any disclosure document other than those required by this

Instrument, the investment fund must file a copy of the document on the same

date as, or as soon as practicable after, the date on which the document is sent to

its securityholders.

16.3 Voting Results - An investment fund must, promptly following a meeting of

securityholders at which a matter was submitted to a vote, file a report that

discloses, for each matter voted upon

(

a) a brief description of the matter voted upon and the outcome of the

vote; and

(

b) if the vote was conducted by ballot, the number and percentage of votes

cast, which includes votes cast in person and by proxy, for, against, or

withheld from, each vote.

16.4 Filing of Material Contracts - An investment fund that is not subject to

National Instrument 81-101 Mutual Fund Prospectus Disclosure, or securities

legislation that imposes a similar requirement, must file a copy of any material

contract of the investment fund not previously filed, or any amendment to any

material contract of the investment fund not previously filed

(

a) with the final prospectus of the investment fund; or

(

b) upon the execution of the material contract or amendment.

PART 17 EXEMPTIONS

17.1 Exemption

(1) The regulator or securities regulatory authority may grant an exemption from

this Instrument, in whole or in part, subject to such conditions or restrictions

as may be imposed in the exemption.

(2) Despite subsection (1), in Ontario only the regulator may grant an exemption

from any part of this Instrument.

PART 18 EFFECTIVE DATE AND TRANSITION

18.1 Effective Date - This Instrument comes into force on June 1, 2005.

18.2 Transition - Despite

section 18.1, this Instrument applies to

(

a) annual financial statements and annual management reports of fund

performance for financial years that end on or after June 30, 2005;

(

b) for investment funds in existence on June 1, 2005, interim financial

statements and interim management reports of fund performance for

interim periods that end after the financial years determined in

paragraph (a);

(

c) quarterly portfolio disclosure for periods that end on or after June 1,

2005;

(

d) annual information forms for financial years ending on or after June 30,

2005;

(

e) proxy voting records for the annual period beginning July 1, 2005; and

(

f) proxy solicitation and information circulars from and after July 1, 2005.

18.3 Filing of Financial Statements and Management Reports of Fund

Performance - Despite

section 2.2 and

section 4.2, the first annual financial

statements and the first annual management report of fund performance that are

required to be prepared in accordance with this Instrument must be filed on or

before the 120th day after the end of the financial year of the investment fund to

which they pertain.

18.4 Filing of Annual Information Form - Despite

section 9.3, the first annual

information form to be prepared under this Instrument must be filed on or before

the 120th day after the end of the financial year of the investment fund to which it

pertains.

18.5 Initial Delivery of Annual Management Report of Fund Performance -

Despite

Part 5, an investment fund must send to each securityholder, by the filing

deadline, its first annual management report of fund performance with an

explanation of the new continuous disclosure requirements, including the

availability of quarterly portfolio disclosure and proxy voting disclosure.

18.6 Existing Exemptions

(1) An investment fund that has obtained an exemption or waiver from, or

approval under, securities legislation, National Policy 39, National

Instrument 81-101 Mutual Fund Prospectus Disclosure, National Instrument

81-102 Mutual Funds, National Instrument 81-104 Commodity Pools or

National Instrument 81-105 Mutual Fund Sales Practices relating to its

continuous disclosure obligations is exempt from any substantially similar

provision of this Instrument to the same extent and on the same conditions, if

any, as contained in the exemption, waiver or approval, unless the regulator

or securities regulatory authority has revoked that exemption, waiver or

approval under authority provided to it in securities legislation.

(2) An investment fund must, at the time that it first intends to rely on

subsection (1) in connection with a filing requirement under this Instrument,

inform the securities regulatory authority in writing of

(

a) the general nature of the prior exemption, waiver or approval and the

date on which it was granted; and

(

b) the provision in respect of which the prior exemption, waiver or

approval applied and the substantially similar provision of this

Instrument.

NATIONAL INSTRUMENT 81-106

INVESTMENT FUND CONTINUOUS DISCLOSURE

FORM 81-106F1

CONTENTS OF ANNUAL AND INTERIM MANAGEMENT REPORT OF

FUND PERFORMANCE

TABLE OF CONTENTS

PART A INSTRUCTIONS AND

INTERPRETATION

Item 1 General

Item 2 Management Discussion of Fund Performance

PART B CONTENT REQUIREMENTS FOR ANNUAL MANAGEMENT

REPORT OF FUND PERFORMANCE

Item 1 First Page Disclosure

Item 2 Management Discussion of Fund Performance

Item 3 Financial Highlights

Item 4 Past Performance

Item 5

Summary of Investment Portfolio

Item 6 Other Material Information

PART C CONTENT REQUIREMENTS FOR INTERIM MANAGEMENT

REPORT OF FUND PERFORMANCE

Item 1 First Page Disclosure

Item 2 Management Discussion of Fund Performance

Item 3 Financial Highlights

Item 4 Past Performance

Item 5

Summary of Investment Portfolio

Item 6 Other Material Information

NATIONAL INSTRUMENT 81-106

INVESTMENT FUND CONTINUOUS DISCLOSURE

FORM 81-106F1

CONTENTS OF ANNUAL AND INTERIM MANAGEMENT REPORT OF

FUND PERFORMANCE

PART A INSTRUCTIONS AND

INTERPRETATION

Item 1 General

(

a) The Form

The Form describes the disclosure required in an annual or interim management report

of fund performance (MRFP) of an investment fund. Each item of the Form outlines

disclosure or format requirements. Instructions to help you comply with these

requirements are printed in italic type.

(

b) Plain Language

An MRFP must state the required information concisely and in plain language (as

defined in National Instrument 81-101 Mutual Fund Prospectus Disclosure). Refer to

Part 1 of Companion Policy 81-106CP for a discussion concerning plain language and

presentation.

When preparing an MRFP, respond as simply and directly as is reasonably possible

and include only as much information as is necessary for readers to understand the

matters for which you are providing disclosure.

(

c) Format

Present the MRFP in a format that assists readability and comprehension. The Form

generally does not mandate the use of a specific format to achieve these goals, except

in the case of disclosure of financial highlights and past performance as required by

Items 3 and 4 of each of Parts B and C of the Form; that disclosure must be presented

in the format specified in the Form.

An MRFP must use the headings and sub-headings shown in the Form. Within this

framework, investment funds are encouraged to use, as appropriate, tables, captions,

bullet points or other organizational techniques that assist in presenting the required

disclosure clearly and concisely. Disclosure provided in response to any item does not

need to be repeated elsewhere. The interim MRFP must use the same headings as

used in the annual MRFP.

The Form does not prohibit including information beyond what the Form requires. An

investment fund may include artwork and educational material (as defined in National

Instrument 81-101 Mutual Fund Prospectus Disclosure) in its annual and interim

MRFP. However, an investment fund must take reasonable care to ensure that

including such material does not obscure the required information and does not

lengthen the MRFP excessively.

(

d) Focus on Material Information

You do not need to disclose information that is not material. You do not need to

respond to any item in this Form that is inapplicable and you may omit negative

answers.

(

e) What is Material?

Would a reasonable investor's decision to buy, sell or hold securities of an investment

fund likely be influenced or changed if the information in question was omitted or

misstated? If so, the information is material. This concept of materiality is consistent

with the financial reporting notion of materiality contained in the Handbook. In

determining whether information is material, take into account both quantitative and

qualitative factors.

Item 2 Management Discussion of Fund Performance

The management discussion of fund performance is an analysis and explanation that is

designed to complement and supplement an investment fund's financial statements.

The discussion is the equivalent to the corporate management discussion and analysis

(MD&

A) with specific modifications for investment funds. It provides the manager of

an investment fund with the opportunity to discuss the investment fund's position and

financial results for the relevant period. The discussion is intended to give a reader

the ability to look at the investment fund through the eyes of management by

providing both a historical and prospective analysis of the investment activities and

operations of the investment fund. Coupled with the financial highlights, this

information should enable readers to better assess the investment fund's performance

and future prospects.

Focus the management discussion on material information about the performance of

the investment fund, with particular emphasis on known material trends,

commitments, events, risks or uncertainties that the manager reasonably expects to

have a material effect on the investment fund's future performance or investment

activities.

The description of the disclosure requirements is intentionally general. This Form

contains a minimum number of specific instructions in order to allow, as well as

encourage, investment funds to discuss their activities in the most appropriate manner

and to tailor their comments to their individual circumstances.

PART B CONTENT REQUIREMENTS FOR ANNUAL MANAGEMENT

REPORT OF FUND PERFORMANCE

Item 1 First Page Disclosure

The first page of an annual MRFP must contain disclosure in

substantially the following words:

"This annual management report of fund performance contains financial

highlights but does not contain the complete annual financial statements

of the investment fund. You can get a copy of the annual financial

statements at your request, and at no cost, by calling [toll-free/collect

call telephone number], by writing to us at [insert address] or by visiting

our website at [insert address] or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to

request a copy of the investment fund's proxy voting policies and

procedures, proxy voting disclosure record, or quarterly portfolio

disclosure."

INSTRUCTION:

If the MRFP is bound with the financial statements of the investment

fund, modify the first page wording appropriately.

Item 2 Management Discussion of Fund Performance

2.1 Investment Objective and Strategies

Disclose under the heading "Investment Objective and Strategies" a

brief

summary of the fundamental investment objective and strategies of

the investment fund.

INSTRUCTION:

Disclosing the fundamental investment objective provides investors with

a reference point for assessing the information contained in the MRFP.

It must be a concise

summary of the fundamental investment objective

and strategies of the investment fund, and not merely copied from the

prospectus.

2.2 Risk

Disclose under the heading "Risk" a discussion of how changes to the

investment fund over the financial year affected the overall level of risk

associated with an investment in the investment fund.

INSTRUCTION:

Ensure th