Scotia T-Bill Fund et al.

Headnote

Extension of lapse date for mutual fund prospectus.

Statutes Cited

Securities Act, R.S.O. 1990, c.S.5, as am., s. 62.

National Instrument 81-101 Mutual Fund Prospectus Disclosure

WHEREAS the Canadian securities regulatory authority or regulator (the"Decision Maker") in each of the Provinces of British Columbia, Alberta, Saskatchewan,Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, andNewfoundland (the "Jurisdictions") has received an application (the "Application") fromScotia Securities Inc. (the "Manager"), Scotia T-Bill Fund, Scotia Premium T-Bill Fund,Scotia Money Market Fund, Scotia CanAm U.S. $ Money Market Fund, ScotiaCanadian Bond Index Fund, Scotia Mortgage Income Fund, Scotia Canadian Short-Term Income Fund, Scotia Canadian Income Fund, Scotia CanAm U.S. $ Income Fund,Scotia CanGlobal Income Fund, Scotia Global Income Fund, Scotia Canadian DividendFund, Scotia Canadian Balanced Fund, Scotia Total Return Fund, Scotia CanadianStock Index Fund, Scotia American Stock Index Fund, Scotia CanAm Stock IndexFund, Scotia International Stock Index Fund, Scotia Canadian Blue Chip Fund, ScotiaCanadian Growth Fund, Scotia Canadian Mid-Large Cap Fund, Scotia AmericanGrowth Fund, Scotia International Growth Fund, Scotia European Growth Fund, ScotiaCanadian Small Cap Fund, Scotia Pacific Rim Growth Fund, Scotia Latin AmericanGrowth Fund, Scotia Emerging Markets Fund and Scotia Precious Metals Fund(together, the "Funds") for a decision pursuant to the securities legislation of theJurisdictions (the "Legislation") that the lapse date for the renewal of the simplifiedprospectus of the mutual fund units of the Funds (the "Unit Prospectus"), and thesimplified prospectus of the Scotia Cassels Pooled Units of Scotia Money Market Fund,Scotia CanAm U.S. $ Money Market Fund, Scotia Canadian Income Fund, ScotiaGlobal Income Fund, Scotia Canadian Dividend Fund, Scotia Canadian BalancedFund, Scotia Canadian Blue Chip Fund, Scotia American Growth Fund, ScotiaEuropean Growth Fund, Scotia Pacific Rim Growth Fund and Scotia Emerging MarketsFund (the "Pool Prospectus") be extended to those time limits that would be applicableif the lapse date of the Unit Prospectus and Pool Prospectus was December 5, 2000.

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive

Relief Applications (the "System"), the Ontario Securities Commission is the principalregulator for this application;

AND WHEREAS it has been represented by the Manager to the DecisionMakers that:

1. The Manager is a corporation incorporated under the laws of Ontario. TheManager is the trustee and manager of the Funds.

2. The Funds are open-ended mutual fund trusts established by the Manager underthe laws of Ontario.

3. The Funds are reporting issuers under the Legislation and are not in default ofany requirements of the Legislation or the Regulations made thereunder.

4. The Funds are presently offered for sale on a continuous basis in each of theprovinces through the Unit Prospectus or the Pooled Prospectus.

5. Pursuant to the Legislation, the earliest lapse date (the "Lapse Date") fordistribution of securities of the Funds is October 1, 2000.

6. The Unit Prospectus and Pool Prospectus will have to be substantially amendedin order to comply with National Instrument 81-101. Currently, the Manager isrevising the Unit Prospectus and Pool Prospectus to comply with plain languageand design guidelines. The requested extension of the Lapse Date will providesufficient time for completion of the redrafting process, and would ensure thatthe Manager has sufficient time to revise the Unit Prospectus and PoolProspectus so that they comply with the requirements of National Instrument 81-101.

7. The Manager is considering offering more than one class of units of some or allof the Funds and is considering offering several new mutual funds. Therequested extension of the Lapse Date would allow the Manager to fully considerthe form of changes to the Unit Prospectus and the Pool Prospectus, and torevise the Unit Prospectus and the Pool Prospectus to comply with NationalInstrument 81-101.

8. The Manager is considering offering more than one class of units of some or allof the Funds and is considering offering several new mutual funds. Therequested extension of the Lapse Date would allow the Manager to fully considerthe form of changes to the Unit Prospectus and the Pool Prospectus, and torevise the Unit Prospectus and the Pool Prospectus to comply with NationalInstrument 81-101.

9. Since October 1, 1999, the date of the Unit Prospectus and Pool Prospectus, nomaterial change has occurred and except for an amendment to the UnitProspectus dated June 28, 2000, no amendments have been made to the UnitProspectus or the Pool Prospectus. Accordingly, the extension requested willnot affect the currency or accuracy of the information contained in the UnitProspectus and Pool Prospectus of the Funds and accordingly will not beprejudicial to the public interest.

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

AND WHEREAS each of the Decision Makers are satisfied that the testcontained in the Legislation that provides the Decision Maker with the jurisdiction tomake the Decision has been met;

The Decision of the Decision Makers pursuant to the Legislation is that the timelimits provided by Legislation as they apply to a distribution of securities under aprospectus are hereby extended to the time limits that would be applicable if the lapsedate for the distribution of securities under the Unit Prospectus and Pool Prospectus ofthe Funds was December 5, 2000 and that the offering of mutual fund units and ScotiaCassels Pooled Units of the Funds may continue provided pro forma simplifiedprospectuses and annual information forms are filed 30 days prior to December 5,2000, final simplified prospectuses and annual information forms are filed no later than10 days subsequent to December 5, 2000 and receipts for the simplified prospectusesand annual information forms are obtained no later than 20 days after December 5,2000.

September 29^th, 2000.

"Rebecca Cowdery"