Sentry Select Capital Inc. - s. 213(3)(b) of the LTCA

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application by manager, with prior track record acting as trustee, for approval to act as trustee of pooled funds and future pooled funds to be established and managed by the applicant and offered pursuant to a prospectus exemption.

Statutes Cited

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

December 19, 2008

Attention: Sarah K. Gardiner/Julie Hesse

Dear Sirs/Medames:

Further to your application dated November 11, 2008 (the "Application") filed on behalf of the Applicant, and based on the facts set out in the Application and the representation by the Applicant that the assets of the Commodities Investment Trust ("CIT"), MBS Investment Trust II ("MBS") and such other funds as the Applicant may establish from time to time (the "Future Funds"), are or will be held by a third-party custodian which is or will be either a trust company incorporated and licensed or registered under the laws of Canada or a jurisdiction, or a bank listed in Schedule I, II or III of the Bank Act (Canada), or an affiliate of such bank or trust company; and that Sentry Select Capital Corp. ("SSCC") as the current trustee of CIT and MBS pursuant to approval by the Ontario Securities Commission (the "Commission") dated June 24, 2005 and April 15, 2005, respectively (the "Previous Approvals"), will transfer all registerable activities to the Applicant effective January 1, 2009, the Commission makes the following order.

Pursuant to the authority conferred on 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 CIT, MBS and the Future Funds ("Approval"), the securities of which will be offered pursuant to a prospectus exemption. This Approval will take effect and will replace the Previous Approvals on January 1, 2009.

Yours truly,

"Lawrence E. Ritchie"

"Wendell S. Wigle"

SCHEDULE A

(the "Existing Funds")

Fidelity U.S. 130/30 Private Pool

(the "New Fund")