Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application for approval of experienced applicant to act as trustee for pooled funds and future pooled funds.

Statutes Cited

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

August 9, 2005.

McCarthy Tetrault
Box 48, Suite 4700
TD Bank Tower
Toronto, Ontario
M5K 1E6

Attention: Sean S. Sadler

Dear Sirs/Mesdames:

Re:
Application filed by Caldwell Investment Management Ltd. (the "Applicant") pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario).
Application No. 524/05

Further to the application dated July 21, 2005 (the "Application"), filed on behalf of the Applicant, and based on the facts set out in the Application, under the authority conferred on the Ontario Securities Commission (the "Commission") in clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that the Applicant act as trustee of Caldwell Growth Opportunities Trust and Caldwell High Income Trust and similar mutual fund trusts that the Applicant may establish and manage from time to time.

"Paul M. Moore"

"Paul K. Bates"