Securities Law & Instruments

Headnote

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

Statutes Cited

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

Rules Cited

Ontario Securities Commission Approval 81-901, Approval of Trustees of Mutual Fund Trusts (1997), 20 OSCB 200.

September 23, 2005

Borden Ladner Gervais LLP
Scotia Plaza
40 King Street West
Toronto, Ontario
M5H 3Y4

Attention: Derek Smith

Dear Sirs/Mesdames:

Re:
Gluskin Sheff + Associates Inc. (the "Applicant")
Application under clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) (the "LTCA") for approval to act as trustee of The GS+A Fixed Income Fund and other mutual funds organized by the Applicant from time to time under the laws of Ontario and distributed under dealer registration and prospectus exemptions (the "Funds")
Application 646/05

Further to your application on behalf of the Applicant dated August 31, 2005 (the "Application"), 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 LTCA, the Commission approves the proposal that the Applicant act as trustee of the Funds.

"Paul M. Moore"

"Harold P. Hands"