Abstract: Hydroxy terminated polyethers are obtained by reacting (1) epoxide and oxetane monomers with (2) a telogen at least partially soluble with the monomers, reactive with said monomers and being selected from the group consisting of phenols (3) in admixture therewith as catalysts certain double metal cyanide complexes which preferably had been treated with organic materials like alcohols, ethers, esters and so forth. A feature of the process of the present invention is the preparation of high molecular weight diols, triols, etc. without appreciable end group unsaturation, and the use of certain solvents with particular monomers and catalysts to also achieve these results.The products of the present process are useful as nonionic surface active agents, as lubricants and coolants, as textile sizes, as films for packaging and in the preparation of solid or flexible polyurethanes by reaction with polyisocyanates.