Exemption from the fees otherwise due undersection 34 of Schedule I of the Regulation made under the SecuritiesAct on the filing of re-audited annual financial statementsby funds.
Regulation made under the Securities Act, R.R.O.1990, as am., Schedule I, s. 34 and ss. 59(2).
IN THE MATTER OF
THE SECURITIES ACT R.S.O.1990, c. S.5
AS AMENDED (the "Act")
IN THE MATTER OF
SENTRY SELECT ALTERNATIVEENERGY FUND
SENTRY SELECT BIOTECHNOLOGYFUND
SENTRY SELECT GLOBAL FINANCIALSERVICES FUND
SENTRY SELECT INTERNET TECHNOLOGYFUND
SENTRY SELECT WEALTH MANAGEMENTFUND
SENTRY SELECT WIRELESS COMMUNICATIONSFUND
(collectively, the "Funds")
(Subsection 59(2) of ScheduleI of the Regulation of the Act (the "Regulation")
WHEREAS the Ontario Securities Commission(the "Decision Maker") has received an application(the "Application") from Sentry Select Capital Corp.("Sentry"), the manager of the Funds, on behalf ofeach of the Funds, for an order pursuant to subsection 59(2)of Schedule I of the Regulation exempting the Funds from payingfiling fees in connection with the filing of the re-auditedannual financial statements for the year ended December 31,otherwise required by section 34 of Schedule I of the Regulation;
AND WHEREAS the Decision Maker has consideredthe Application and the recommendation of the staff of the DecisionMaker;
AND WHEREAS Sentry has represented tothe Decision Makers that:
1. Sentry is the manager and trustee of theFunds. Sentry is a corporation incorporated under the lawsof the Province of Ontario.
2. Each of the Funds is an open-ended mutualfund trust established under the laws of the Province of Ontario.
3. Each of the Funds is a reporting issuerin each of the provinces and territories of Canada and isnot in default of any requirements of the Legislation.
4. Arthur Andersen LLP ("Andersen")audited the annual financial statements of the Funds for theyear ended December 31, 2001 (the "Initial Statements")and issued its auditors' report thereon. The Initial Statementswere filed via SEDAR on May 21, 2002 and mailed to unitholdersof the Funds. Pursuant to sections 3.1 and 3.3 of NationalInstrument 81-101, the Initial Statements were incorporatedby reference into the applicable simplified prospectus ofthe Funds and were provided to unitholders on request.
5. On June 3, 2002, Deloitte & ToucheLLP (the "Deloitte") announced the completion of"the transaction that will enable over 1,000 Andersenpartners and staff to join Deloitte & Touche" andthe integration of Andersen people and clients into Deloitte(the "Transaction"). Accordingly, the responsibilityto audit the Funds has been transitioned to Deloitte.
6. Each Fund is relying on Staff Notice 43-304,62-302, and 81-308 of the Canadian Securities Administratorsto transition the auditor of the Funds to Deloitte. In connectionwith the Transaction, each Fund had Deloitte re-audit theannual financial statements of the Fund for the year endedDecember 31, 2001 and provide its auditors' report thereon(the "Deloitte Statements").
7. Units of each Fund are currently qualifiedfor distribution in each of the provinces and territoriesof Canada pursuant to a simplified prospectus and annual informationform dated July 18, 2001.
8. A renewal simplified prospectus and annualinformation form were filed prior to the earliest lapse datein New Brunswick on July 22, 2002 under SEDAR Project #459902.
9. The Funds are to file the Deloitte Statementsas "Amendment to Audited Financial Statements" underthe existing SEDAR project used by the Funds to file theircontinuous disclosure documents, including the Initial Statements.Concurrently with the filing of the Deloitte Statements, theFunds propose to file on SEDAR a letter indicating that theInitial Statements are superseded by the Deloitte Statements.
AND WHEREAS the Decision Maker is satisfiedthat to do so would not be prejudicial to the public interest;
IT IS HEREBY ORDERED by the DecisionMaker pursuant to subsection 59(2) of Schedule I of the Regulationthat the Funds are exempt from the payment of filing fees undersection 34 of Schedule I of the Regulation with respect to thefiling of the Deloitte Statements.
August 2, 2002.
"Paul A. Dempsey"