Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application by manager for approval to act as trustee of a mutual fund trust that it manages.

Statutes Cited

Loan and Trust Corporations Act, R.S.O. 1990, c. L.25, as am., clause 213(3)(b).

October 26, 2004

Borden Ladner Gervais LLP
40 King Street West
Toronto, ON M5H 3Y4

Attention: Andrew Peel

Dear Sirs/Mesdames:

Re:
Sentry Select Capital Corp. (the "Applicant") - Application for Exemptive Relief pursuant to c. 213(3)(b) of the Loan and Trust Corporations Act (Ontario) - App. #897/04

Further to an application (the "Application") dated October 18, 2004 filed on behalf of the Applicant and based on the facts set out in the Application, pursuant to the authority conferred on the Ontario Securities Commission (the "Commission") in clause 213(3)(b) of the Loan and Trust Corporations Act, 1987 (Ontario), the Commission approves the proposal that the Applicant act as the trustee of MBS Investment Trust.

"Paul Bates"
"Wendell S. Wigle"