Securities Law & Instruments


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

Statutes Cited

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

June 29, 2004

Torys LLP
79 Wellington St. West, Suite 3000
Box 270, TD Centre
Toronto, Ontario
M5K 1N2

Attention: Karen Malatest

Dear Sirs/Mesdames:

Five Continents Investments Limited (the Applicant)
Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) (the LTCA) for approval to act as trustee

Further to the application dated May 20, 2004, as supplemented by correspondence dated June 22, 2004 (collectively, the Application) 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 LTCA, the Commission approves the proposal that the Applicant act as trustee of the XFunds Global Equity Portfolio and of other pooled funds that may be established and managed by the Applicant, the securities of which will be offered pursuant to a prospectus exemption.

"Paul K. Bates"
"H. Lorne Morphy"