Securities Law & Instruments

Headnote

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

Statutes Cited

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

April 13, 2004

Weir Foulds LLP
The Exchange Tower, Suite 1600
P.O. Box 480, 130 King Street West
Toronto, Ontario
M5X 1J5

Attention: Wayne T. Egan

Dear Sirs/Mesdames:

Re:
Felcom Management Corp. ("Felcom")
Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario)
Application No. 357/04

Further to your application dated March 19, 2004, as supplemented by letter dated April 6, 2004 (collectively, the "Application") filed on behalf of Felcom and based on the facts set out in the Application, pursuant to the authority conferred upon the Ontario Securities Commission (the "Commission") in paragraph 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that Felcom act as trustee of the Galaxy Monthly Income Fund and other pooled funds which may be established and managed by Felcom in the future and offered pursuant to a prospectus exemption.

"Paul M. Moore"
"S. Wolburgh-Jenah"