Final answer:
In a trust structure like the Kappa Canadian Equity Fund, the trustee, which in this case is Kappa Trustco, holds the legal title to the fund's investments on behalf of the unitholders.
Step-by-step explanation:
The student is asking about the legal title of investments within a trust structure. In the scenario described, the Kappa Trustco, serving as the trustee, will hold the legal title to the investments in the Kappa Canadian Equity Fund's portfolio. The trust structure separates legal ownership and control (which the trustee holds) from the beneficial ownership (which the investors or unitholders possess). While the investment fund manager, Kappa Fund Management, oversees the administration of the fund, and the portfolio manager, Kappa Global Asset Management, makes investment decisions, neither of these entities holds the legal title to the investments. The trustee's role is to hold the assets for the benefit of the fund's unitholders and to ensure the fund is managed according to the trust agreement and applicable laws.