Mulvihill Canadian Equity Fund, Mulvihill Canadian Bond Fund and Mulvihill Canadian Money Market Fund

Headnote

MRRS for Exemptive Relief Applications - Extension of lapse date to permit theintegration of the operation and administration of two groups of mutual funds and theconsolidation of the disclosure material of such funds

Applicable Ontario Statutory Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 62(5)

WHEREAS the Canadian securities regulatory authority or regulator (the "DecisionMaker") in each of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland,Northwest Territories, Nova Scotia, Nunuvat Territory, Ontario, Prince Edward Island,Saskatchewan and Yukon Territory (the "Jurisdictions") has received an application fromMulvihill Fund Services Inc. ("Mulvihill"), the manager of Mulvihill Canadian Equity Fund,Mulvihill Canadian Bond Fund and Mulvihill Canadian Money Market Fund (collectively, the"Funds"), for a decision pursuant to the securities legislation of the Jurisdictions (the"Legislation") that the times prescribed by the Legislation for the filing of a pro formaprospectus and a final prospectus (the "Renewal Prospectus") of each of the Funds and forobtaining a receipt for the Renewal Prospectus be extended;

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive ReliefApplications (the "System"), the Ontario Securities Commission is the principal regulator forthis application;

AND WHEREAS it has been represented by Mulvihill to the Decision Makers that:

1. Mulvihill is the trustee and manager of the Funds. Mulvihill is a corporationincorporated under and governed by the laws of Ontario. Its head office is in Toronto.

2. Mulvihill has appointed Mulvihill Capital Management Inc. ("MCM") as the investmentadvisor of the Funds and the distributor of units of the Funds. Mulvihill is a wholly-owned subsidiary of MCM. MCM is registered as the following in the Jurisdictions:

3. The Royal Trust Company is the custodian of the Funds.

4. Each of the Funds is an open-ended, unincorporated mutual fund trust established byway of a master declaration of trust and a fund declaration dated February 18, 1999and is governed by the laws of the province of Ontario.

5. Each of the Funds is a reporting issuer under the Legislation and is not in default ofany requirement of the Legislation.

6. Units of the Funds are offered for sale on a continuous basis in each of the provincesand territories of Canada except Quebec pursuant to a combined simplifiedprospectus (the "Prospectus") and annual information form each dated February 19,1999 and for which a receipt was issued by each Jurisdiction dated February 24,1999.

7. Pursuant to the Legislation of the Jurisdictions, except Ontario, the lapse date for thedistribution of units under the Prospectus is February 19, 2000. The lapse date forthe distribution of units under the Prospectus in Ontario is February 24, 2000.

9. In addition to the Funds, Mulvihill is the manager and promoter of, among others, twoadditional mutual funds in the Mulvihill fund family, Mulvihill Global Equity Fund andMulvihill U.S. Equity Index Fund, (the "Additional Mulvihill Funds"). The AdditionalMulvihill Funds are offered in each of the Jurisdictions under a separate simplifiedprospectus dated May 25, 1999 for which a receipt was issued by the Jurisdictions onJune 2, 1999.

10. Mulvihill is in the process of integrating the operation and administration of the Fundsand the Additional Mulvihill Funds into a single fund family which it expects tocomplete in May 2000.

11. As the Funds and the Additional Mulvihill Funds have a common manager and theiraffairs are conducted in a similar manner, Mulvihill proposes to consolidate thedisclosure materials of the Funds and the Additional Mulvihill Funds in order tofacilitate the simultaneous renewal of the prospectus for the Funds and the AdditionalMulvihill Funds. Mulvihill expects to file a combined renewal simplified prospectusand annual information form in May, 2000 pursuant to which units of the Funds andthe Additional Mulvihill Funds will be distributed. The economies of scale gained inthe preparation of renewal materials by combining the two fund groups are expectedto translate to lower costs to the Funds and their unitholders.

12. The financial year end of the Funds is December 31. An extension of the lapse dateand renewal receipt dates will allow the incorporation of audited year end financialinformation into the funds' annual disclosure materials.

13. An extension of the time limit for the filing of a pro forma prospectus and the RenewalProspectus and for obtaining a receipt for the Renewal Prospectus will also provideMulvihill, as manager of the Funds, the time necessary to prepare the annualdisclosure materials of the Funds in accordance with National Instrument 81-101.

14. There have been no material changes in the affairs of the Funds since the date of theProspectus.

AND WHEREAS pursuant to the System, this MRRS Decision Document evidencesthe decision of each Decision Maker (the "Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test contained inthe legislation that provides the Decision Maker with the jurisdiction to make the decision hasbeen met;

THE DECISION of the Decision Makers pursuant to the legislation is that the timelimits provided by the Legislation for the filing of the pro forma prospectus and the RenewalProspectus and the receipting thereof, in connection with the distribution of securities underthe Prospectus are hereby extended to the times that would be applicable if the lapse datefor the distribution of securities under each prospectus was May 25, 2000.

January 20^th, 2000.

"Rebecca Cowdery"