Securities Law & Instruments


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

Statues Cited

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

August 1, 2003

McMillan Binch LLP
Suite 3500
South Tower, Royal Bank Plaza
Toronto, Ontario M5J 2J7

Dear Walter Lehman:

Application by First Asset FundsInc. ("First Asset") for approval to act astrustee of First Asset Global Bond Trust to be establishedin connection with an offering of units of First AssetYield Opportunity Trust, and any future trusts to be establishedby First Asset from time to time (together, the "PooledFunds").
App. No. # 03/489

Further to the application dated July 21, 2003(the "Application") filed on behalf of First Asset,and based on the facts set out in the Application, pursuantto the authority conferred on the Ontario Securities Commission(the "Commission") in clause 213(3)(b) of the Loanand Trust Corporations Act (Ontario), the Commission approvesthe proposal that First Asset may act as trustee of the PooledFunds which First Asset manages.

"Harold P. Hands"
"Wendell S. Wigle"