Securities Law & Instruments

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act. Application by Manager to act as trustee of a mutual fund.

Statutes Cited

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

December 22, 2003.

Kelly Howard Santini LLP

Attention: Kelly L. Sample

Dear Sirs/Mesdames:

Re:
SoundVest Capital Management Ltd. (the "Applicant")
Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) for approval to act as trustee
Application # 932/03

Further to an application (the "Application") dated November 21, 2003 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 trustee of SoundVest Portfolio Fund.

Yours truly,

"Harold P. Hands"
"Suresh Thakrar"