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The Alberta Gazette
Part I
Vol. 104	Edmonton, Friday, September 5, 2008	Special Issue
GOVERNMENT NOTICES
Alberta Securities Commission
AMENDMENTS TO 
National Instrument 81-106 Investment Fund Continuous Disclosure
(Securities Act)
Made as a rule by the Alberta Securities Commission on May 14, 2008 pursuant to 
section 223 and 224 of the Securities Act.
1.	 Section 1.1 of NI 81-106 Investment Fund Continuous Disclosure is amended by 
repealing the definition of "net asset value" and substituting the following:
""net asset value" means the value of the total assets of the investment fund 
less the value of the total liabilities of the investment fund, as at a specific 
date, determined in accordance with Part 14;" 
2.	Section 2.9 of NI 81-106 Investment Fund Continuous Disclosure is amended 
(a)	in subparagraph (4)(a)(i) by striking out "and a statement of investment 
portfolio"; and
(b)	in subparagraph (4)(b)(i) by striking out "and a statement of investment 
portfolio".
3.	Section 2.10 of NI 81-106 Investment Fund Continuous Disclosure is amended 
by
(a)	repealing paragraph (a) and substituting the following:
"(a)	the investment fund terminating or ceasing to be a reporting issuer,"; 
and
(b)	repealing paragraph (h) and substituting the following:
"(h)	if applicable, the names of each party that terminated or ceased to be a 
reporting issuer following the transaction and of each continuing 
entity;".
4.	Section 3.1 of NI 81-106 Investment Fund Continuous Disclosure is amended in 
item 15 by striking out "net asset value" and substituting "net assets".
5.	Section 3.2 of NI 81-106 Investment Fund Continuous Disclosure is amended by 
adding the following after item 10:
"10.1	commissions and other portfolio transaction costs.".
6.	Section 3.6 of NI 81-106 Investment Fund Continuous Disclosure is amended by 
(a)	repealing subparagraph 3.6(1)3. and substituting the following: 
"3.	to the extent the amount is ascertainable, the soft dollar portion of the 
total commissions and other portfolio transaction costs paid or payable 
to dealers by the investment fund, where the soft dollar portion is the 
amount paid or payable for goods and services other than order 
execution."; and    
(b)	adding the following after subparagraph 3.6(1)4.:
"5.	the net asset value per security as at the date of the financial statements 
compared to the net assets per security as shown on the statement of 
net assets, and an explanation of each of the differences between these 
amounts.".
7.	Subsection 3.11(2) of NI 81-106 Investment Fund Continuous Disclosure is 
amended by striking out " "net asset value per security" " and substituting " "net 
assets per security" ".
8.	Subsection 8.2(c) of NI 81-106 Investment Fund Continuous Disclosure is 
amended by striking out "net asset value" and substituting "net assets".
9.	Section 8.4 of NI 81-106 Investment Fund Continuous Disclosure is amended by 
striking out "net asset value" and substituting "net assets".
10.	Section 9.2 of NI 81-106 Investment Fund Continuous Disclosure is repealed and 
the following is substituted:
"9.2	Requirement to File Annual Information Form - An investment 
fund must file an annual information form if the investment fund has not 
obtained a receipt for a prospectus during the last 12 months preceding its 
financial year end."
11.	Section 10.3 of NI 81-106 Investment Fund Continuous Disclosure is amended 
by striking out "reporting issuer" and substituting "reporting issuer or the 
equivalent of a reporting issuer in a foreign jurisdiction".
12.	Section 14.2 of NI 81-106 Investment Fund Continuous Disclosure is amended
(a)	by repealing subsection (1) and substituting the following:
"(1)	The net asset value of an investment fund must be calculated using the 
fair value of the investment fund's assets and liabilities.";
(b)	by adding the following after subsection (1):
"(1.1)	The net asset value of an investment fund must include the income and 
expenses of the investment fund accrued up to the date of calculation 
of the net asset value.
(1.2)	For the purposes of subsection (1), fair value means
(a)	the market value based on reported prices and quotations in an 
active market, or 
(b)	if the market value is not available, or the manager of the 
investment fund believes that it is unreliable, a value that is fair 
and reasonable in all the relevant circumstances. 
(1.3)	The manager of an investment fund must
(a)	establish and maintain appropriate written policies and procedures 
for determining the fair value of the investment fund's assets and 
liabilities; and
(b)	consistently follow those policies and procedures.
(1.4)	The manager of an investment fund must maintain a record of the 
determination of fair value and the reasons supporting that 
determination."; 
(c)	in subsection (2) by striking out "Despite subsection (1), for" and 
substituting "For"; and
(d)	in subsection (5) by striking out "Despite subsection (3)" and substituting 
"Despite paragraph (3)(a)". 
13.	Section 15.1 of NI 81-106 Investment Fund Continuous Disclosure is amended 
by repealing clause (1)(a)(i)(A) and substituting the following: 
"(A)	total expenses of the investment fund, excluding commissions and 
other portfolio transaction costs, before income taxes, for the 
financial year or interim period, as shown on its statement of 
operations; and". 
14.	Section 15.2 of NI 81-106 Investment Fund Continuous Disclosure is amended 
by 
(a)	repealing subparagraph (1)(a)(i) and substituting the following:
"(i)	multiplying the total expenses of each underlying investment fund, 
excluding commissions and other portfolio transaction costs, before 
income taxes, for the financial year or interim period, by"; and 
(b)	repealing paragraph (1)(b) and substituting the following:
"(b)	the total expenses of the investment fund, excluding commissions and 
other portfolio transaction costs, before income taxes, for the period.". 
15.	Sections 18.2, 18.3, 18.4 and 18.5 of NI 81-106 Investment Fund Continuous 
Disclosure are repealed. 
16.	This Instrument comes into force on September 8, 2008.
AMENDMENTS TO 
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 May 14, 2008 pursuant to 
section 223 and 224 of the Securities Act.
1.	Form 81-106F1 Contents of Annual and Interim Management Report of Fund 
Performance is amended in Item 1 of Part A by adding the following after 
subsection (e):
"(f)	Terminology 
All references to "net assets" or "net assets per security" in this Form are 
references to net assets determined in accordance with Canadian GAAP as 
presented in the financial statements of the investment fund. All references 
to "net asset value" or "net asset value per security" in this Form are 
references to net asset value determined in accordance with Part 14 of the 
Instrument.
Investment funds must use net assets as shown on the financial statements in 
the "The Fund's Net Assets per [Unit/Share]" table. All other calculations 
for the purposes of the MRFP must be made using net asset value.".
2.	Form 81-106F1 Contents of Annual and Interim Management Report of Fund 
Performance is amended in Item 3 of Part B by
(a)	striking out the sentence "This information is derived from the Fund's 
audited annual financial statements." at the end of the introduction in 
subsection 3.1(1);
(b)	repealing the "The Fund's Net Asset Value (NAV) per [Unit/Share]" table in 
subsection 3.1(1) and substituting the following:
The Fund's Net Assets per [Unit/Share] (1)
 
[insert 
year]
[insert 
year]
[insert 
year]
[insert 
year]
[insert 
year]
Net Assets, beginning of year
$
$
$
$
$
Increase (decrease) from 
operations:





total revenue
$
$
$
$
$
total expenses
$
$
$
$
$
realized gains (losses) for the period
$
$
$
$
$
unrealized gains (losses) for the period
$
$
$
$
$
Total increase (decrease) from 
operations (2)
$
$
$
$
$
Distributions:





From income (excluding dividends)

$
$
$
$
$
From dividends

$
$
$
$
$
From capital gains
$
$
$
$
$
Return of capital
$
$
$
$
$
Total Annual Distributions (3)
$
$
$
$
$
Net assets at [insert last day of 
financial year] of year shown
$
$
$
$
$
(1)	This information is derived from the Fund's audited annual financial statements. 
The net assets per security presented in the financial statements differs from the 
net asset value calculated for fund pricing purposes. [An explanation of these 
differences can be found in the notes to the financial statements./This difference 
is due to [explain].]
(2)	Net assets and distributions are based on the actual number of [units/shares] 
outstanding at the relevant time.  The increase/decrease from operations is based 
on the weighted average number of [units/shares] outstanding over the financial 
period.
(3)	Distributions were [paid in cash/reinvested in additional [units/shares] of the 
Fund, or both].

(c)	repealing the "Ratios and Supplemental Data" table in subsection 3.1(1) and 
substituting the following:
Ratios and Supplemental Data

[insert 
year]
[insert 
year]
[insert 
year]
[insert 
year]
[insert 
year]
Total net asset value (000's)(1)
$
$
$
$
$
Number of [unit/shares] outstanding(1)





Management expense ratio(2)
%
%
%
%
%
Management expense ratio before 
waivers or absorptions
%
%
%
%
%
Trading expense ratio(3)
%
%
%
%
%
Portfolio turnover rate(4)
%
%
%
%
%
Net asset value per [unit/share]
$
$
$
$
$
Closing market price [if applicable]
$
$
$
$
$
(1)	This information is provided as at [insert date of end of financial year] of the 
year shown.
(2)	Management expense ratio is based on total expenses (excluding commissions 
and other portfolio transaction costs) for the stated period and is expressed as an 
annualized percentage of daily average net asset value during the period.
(3)	The trading expense ratio represents total commissions and other portfolio 
transaction costs expressed as an annualized percentage of daily average net 
asset value during the period.
(4)	The Fund's portfolio turnover rate indicates how actively the Fund's portfolio 
adviser manages its portfolio investments.  A portfolio turnover rate of 100% is 
equivalent to the Fund buying and selling all of the securities in its portfolio once 
in the course of the year.  The higher a fund's portfolio turnover rate in a year, 
the greater the trading costs payable by the fund in the year, and the greater the 
chance of an investor receiving taxable capital gains in the year.  There is not 
necessarily a relationship between a high turnover rate and the performance of a 
fund. 

(d)	repealing subsection 3.1(2);
(e)	repealing subsection 3.1(6) and substituting the following:
"(6)	Except for net assets, net asset value and distributions, calculate per 
unit/share values on the basis of the weighted average number of 
unit/shares outstanding over the financial period.";
(f)	repealing subsection 3.1(12) and substituting the following:
"(12)	(a)	Calculate the trading expense ratio by dividing
(i)	the total commissions and other portfolio transaction costs 
disclosed in the statement of operations, by
(ii)	the same denominator used to calculate the management 
expense ratio.
(b)	If an investment fund invests in securities of other investment 
funds, calculate the trading expense ratio using the 
methodology required for the calculation of the management 
expense ratio in section 15.2 of the Instrument, making 
reasonable assumptions or estimates when necessary.";
(g)	repealing subsection 3.1(13) and substituting the following:
"(13)	Provide the closing market price only if the investment fund is 
traded on an exchange."; 
(h)	repealing the introduction to the "Financial & Operating Highlights (with 
comparative figures)" table in section 3.2 and substituting the following:
"An investment fund that is a scholarship plan must comply with Item 3.1, 
except that the following table must replace "The Fund's Net Assets per 
[Unit/Share]" table and the "Ratios and Supplemental Data" table."; and
(i)	 repealing the Instruction in section 3.3 and substituting the following:
"The disclosure must list the major services paid for out of the management 
fees, including portfolio adviser compensation, waived or absorbed 
expenses, trailing commissions and sales commissions, if applicable.  
Services may be grouped together so that commercially sensitive 
information, such as the specific compensation paid to a portfolio adviser or 
the manager's profit, is not determinable.".
3.	Form 81-106F1 Contents of Annual and Interim Management Report of Fund 
Performance is amended in Item 4 of Part B by
(a)	repealing subsection 4.1(3) and substituting the following:
"(3)	Set out in the footnotes to the chart or table required by this Item the 
assumptions relevant to the calculation of the performance 
information, including any assumptions or estimates made in order 
to calculate the return on the short portfolio, if applicable.  Include a 
statement of the significance of the assumption that distributions are 
reinvested for taxable investments."; and
(b)   striking out "or" in paragraph 4.3(1)(a) and substituting "and". 
4.	Form 81-106F1 Contents of Annual and Interim Management Report of Fund 
Performance is amended in Item 5 of Part B by 
(a)	striking out "net assets" and substituting "net asset value" in paragraph 
(2)(b);
(b)	striking out "net assets" and substituting "net asset value" in paragraph 
(2)(d);
(c)	striking out "another" and substituting "one other" in Instruction (8);
(d)	striking out "net assets" and substituting "net asset value" in Instruction (8); 
and
(e)	adding the following after Instruction (9):
"(10)	A labour sponsored or venture capital fund must disclose its top 25 
positions, but is not required to express any of its venture 
investments as a percentage of the fund's net asset value if it 
complies with the conditions in Part 8 of the Instrument to be exempt 
from disclosing the individual current values of venture investments 
in its statement of investment portfolio.".
5.	This Instrument comes into force on September 8, 2008.
AMENDMENTS TO 
Form 81-101F2  Contents of Annual Information Form
(Securities Act)
Made as a rule by the Alberta Securities Commission on May 14, 2008 pursuant to 
section 223 and 224 of the Securities Act.
1.	Form 81-101F2 Contents of Annual Information Form is amended in Item 6 by 
adding the following after subsection (1):
"(1.1)	If the valuation principles and practices established by the manager 
differ from Canadian GAAP, describe the differences."
2.	This Instrument comes into force on September 8, 2008.
AMENDMENTS TO 
National Instrument 81-102 Mutual Funds
(Securities Act)
Made as a rule by the Alberta Securities Commission on May 14, 2008 pursuant to 
section 223 and 224 of the Securities Act.
1.	Section 1.1 of NI 81-102 Mutual Funds is amended by adding the following after 
the definition of "mutual fund conflict of interest reporting requirements":
""net asset value" means the value of the total assets of the investment fund 
less the value of the total liabilities of the investment fund, as at a specific 
date, determined in accordance with Part 14 of National Instrument 81-106 
Investment Fund Continuous Disclosure;".
2.	Section 9.4 of NI 81-102 Mutual Funds is amended by repealing subsection (3).
3.	Section 10.4 of NI 81-102 Mutual Funds is amended by repealing subsection (4).
4.	This Instrument comes into force on September 8, 2008.
AMENDMENTS TO 
Form 41-101F2  Information Required in an Investment Fund 
Prospectus
(Securities Act)
Made as a rule by the Alberta Securities Commission on May 14, 2008 pursuant to 
section 223 and 224 of the Securities Act.
1.	Form 41-101F2 Information Required in an Investment Fund Prospectus is 
amended in Item 20.2 by
(a)	striking out "and" at the end of subsection (a); and
(b)	adding the following after subsection (a):
"(a.1)	If the valuation principles and practices established by the manager 
differ from Canadian GAAP, describe the differences, and".
2.	This Instrument comes into force on September 8, 2008.






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