First Asset



First Asset
Preferred Share Investment Trust



Preferred Share Investment Trust

February 09, 2009 11:51 ET

Preferred Share Investment Trust Files Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2009) - Preferred Share Investment Trust (the "Trust") announces that it has filed a preliminary prospectus with the securities regulatory authorities of all of the Canadian provinces for an initial public offering of trust units (the "Units").

The Trust has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of investment grade preferred shares and to a lesser extent investment grade corporate debt and convertible bonds in order to provide Unitholders with the opportunity for growth of their investment value through any capital appreciation of the Portfolio and quarterly distributions.

The Portfolio will be actively managed by Catapult Financial Management Inc., a subsidiary of Aston Hill Financial Inc. Mr. Ben Cheng will be the lead portfolio manager responsible for the Portfolio. First Asset Investment Management Inc. will act as the manager of the Trust.

The Trust's investment objectives are:

(a) to provide Unitholders with quarterly distributions, estimated to initially be $0.175 per Unit ($0.70 per annum representing an annual yield of 7.0% based on the original issue price of a Unit of $10.00); and

(b) to provide Unitholders with the opportunity for capital appreciation from the performance of the Portfolio.

At closing the Manager will issue a note ("Note") to the Trust in an amount equal to the fees and expenses associated with the offering and accordingly, it is anticipated that the initial net asset value per Unit will be $10.00. The Note will be used to reimburse the Trust for the expenses of the offering and will be repaid over eight years with interest.

Prospective purchasers may purchase Units either by cash payment or by an exchange of freely tradeable securities of each class or series of securities described in the tables below. Prospective purchasers under the Exchange Option will be required to deposit their eligible securities prior to 5:00 p.m. (Toronto time) on March 6, 2009 in the manner described in the preliminary prospectus.



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Preferred Shares Ticker CUSIP
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5Banc Split Inc. FBS.PR.B 33828T404
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ATCO Ltd. Series '3' ACO.PR.A 046789806
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BAM Split Corp. Series '3' BNA.PR.C 05936N404
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Bank of Montreal Series '10' BMO.PR.V 063671838
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Bank of Montreal Series '13' BMO.PR.J 063671812
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Bank of Montreal Series '14' BMO.PR.K 063671143
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Bank of Montreal Series '15' BMO.PR.L 063671796
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Bank of Montreal Series '16' BMO.PR.M 063671788
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Bank of Montreal Series '18' BMO.PR.N 063671150
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Bank of Montreal Series '5' BMO.PR.H 063671853
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Bank of Nova Scotia Series '12' BNS.PR.J 064149818
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Bank of Nova Scotia Series '13' BNS.PR.K 064149792
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Bank of Nova Scotia Series '14' BNS.PR.L 064149784
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Bank of Nova Scotia Series '15' BNS.PR.M 064149776
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Bank of Nova Scotia Series '16' BNS.PR.N 064149768
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Bank of Nova Scotia Series '17' BNS.PR.O 064149750
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Bank of Nova Scotia Series '18' BNS.PR.P 064149743
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Bank of Nova Scotia Series '20' BNS.PR.Q 064149727
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Bank of Nova Scotia Series '22' BNS.PR.R 064149693
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Bank of Nova Scotia Series '26' BNS.PR.T 064149677
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Bank of Nova Scotia Series '28' BNS.PR.X 064149651
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BCE Inc. Series '16' BCE.PR.F 05534B745
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BCE Inc. Series '18' BCE.PR.H 05534B729
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BCE Inc. Series '19' BCE.PR.I 05534B711
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BCE Inc. Series 'AA' BCE.PR.A 05534B794
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BCE Inc. Series 'AB' BCE.PR.B 05534B695
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BCE Inc. Series 'AC' BCE.PR.C 05534B786
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BCE Inc. Series 'R' BCE.PR.R 05534B703
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BCE Inc. Series 'S' BCE.PR.S 05534B869
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BCE Inc. Series 'T' BCE.PR.T 05534B810
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BCE Inc. Series 'Y' BCE.PR.Y 05534B851
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BCE Inc. Series 'Z' BCE.PR.Z 05534B828
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Big 8 Split Inc. Series '1' BIG.PR.B 089142301
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BPO Properties Ltd. Series 'G' BPP.PR.G 05565B200
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BPO Properties Ltd. Series 'J' BPP.PR.J 05565B408
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BPO Properties Ltd. Series 'M' BPP.PR.M 05565B507
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Brompton Equity Split Corp. BE.PR.A 11220X207
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Brompton Lifeco Split Corp. Series 'A' LCS.PR.A 112216205
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Brompton Split Banc Corp. SBC.PR.A 11221E208
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Brookfield Asset Management Inc. Series '10' BAM.PR.H 112585708
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Brookfield Asset Management Inc. Series '11' BAM.PR.I 112585807
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Brookfield Asset Management Inc. Series '12' BAM.PR.J 112585880
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Brookfield Asset Management Inc. Series '13' BAM.PR.K 112585872
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Brookfield Asset Management Inc. Series '17' BAM.PR.M 112585831
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Brookfield Asset Management Inc. Series '18' BAM.PR.N 112585823
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Brookfield Asset Management Inc. Series '2' BAM.PR.B 112585203
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Brookfield Asset Management Inc. Series '21' BAM.PR.O 112585765
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Brookfield Asset Management Inc. Series '4' BAM.PR.C 112585401
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Brookfield Asset Management Inc. Series '9' BAM.PR.G 112585609
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Brookfield Properties Corporation Series 'F' BPO.PR.F 112900600
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Brookfield Properties Corporation Series 'G' BPO.PR.U 112900709
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Brookfield Properties Corporation Series 'H' BPO.PR.H 112900808
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Brookfield Properties Corporation Series 'I' BPO.PR.I 112900881
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Brookfield Properties Corporation Series 'J' BPO.PR.J 112900873
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Brookfield Properties Corporation Series 'K' BPO.PR.K 112900865
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Canada Life Financial Corporation Series 'B' CL.PR.B 135113306
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Canadian Imperial Bank of Commerce Series '18' CM.PR.P 136069721
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Canadian Imperial Bank of Commerce Series '23' CM.PR.A 136069648
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Canadian Imperial Bank of Commerce Series '26' CM.PR.D 136069614
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Canadian Imperial Bank of Commerce Series '27' CM.PR.E 136069598
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Canadian Imperial Bank of Commerce Series '29' CM.PR.G 136069564
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Canadian Imperial Bank of Commerce Series '30' CM.PR.H 136069556
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Canadian Imperial Bank of Commerce Series '31' CM.PR.I 136069549
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Canadian Imperial Bank of Commerce Series '32' CM.PR.J 136069531
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Canadian Imperial Bank of Commerce Series '33' CM.PR.K 136069499
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Canadian Life Companies Split Corp. LFE.PR.A 136290202
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Canadian Utilities Limited Series 'W' CU.PR.A 136717865
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Canadian Utilities Limited Series 'X' CU.PR.B 136717717
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CU Inc. CIU.PR.A 22944C205
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Dividend 15 Split Corp. DFN.PR.A 25537R208
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Duke Energy Corporation Series '7' W.PR.H 95751D888
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Duke Energy Corporation Series '8' W.PR.J 95751D862
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Dundee Bancorp Inc. Series '1' DC.PR.A 264901604
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DundeeWealth Inc. Series '1' DW.PR.A 265312405
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Emera Inc. Series 'C' NSI.PR.C 669816605
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Emera Inc. Series 'D' NSI.PR.D 669816803
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Enbridge Inc. Series 'A' ENB.PR.A 29250N204
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Faircourt Income & Growth Split Trust FIG.PR.A 30376R202
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Financial 15 Split Corp. FTN.PR.A 317504108
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Financial 15 Split Corp. II FFN.PR.A 317509206
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FirstService Corporation FSV.PR.U 33761N208
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Fortis Inc. Series 'C' FTS.PR.C 349553404
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Fortis Inc. Series 'E' FTS.PR.E 349553800
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Fortis Inc. Series 'F' FTS.PR.F 349553867
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Fortis Inc. Series 'G' FTS.PR.G 349553834
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George Weston Limited Series 'I' WN.PR.A 961148889
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George Weston Limited Series 'II' WN.PR.B 961148871
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George Weston Limited Series 'III' WN.PR.C 961148863
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George Weston Limited Series 'IV' WN.PR.D 961148855
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George Weston Limited Series 'V' WN.PR.E 961148848
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Great-West Life Assurance Company Series 'O' GWL.PR.O 391370608
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Great-West Lifeco Inc. Series 'D' GWO.PR.E 39138C601
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Great-West Lifeco Inc. Series 'E' GWO.PR.X 39138C700
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Great-West Lifeco Inc. Series 'F' GWO.PR.F 39138C809
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Great-West Lifeco Inc. Series 'G' GWO.PR.G 39138C882
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Great-West Lifeco Inc. Series 'H' GWO.PR.H 39138C874
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Great-West Lifeco Inc. Series 'I' GWO.PR.I 39138C866
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Great-West Lifeco Inc. Series 'J' GWO.PR.J 39138C858
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HSBC Bank Canada Series 'C' HSB.PR.C 40427H509
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HSBC Bank Canada Series 'D' HSB.PR.D 40427H707
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Industrial Alliance Series 'A' IAG.PR.A 455871301
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Industrial Alliance Series 'C' IAG.PR.C 455870402
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Investors Group Inc. Series 'A' IGM.PR.A 449586205
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Laurentian Bank of Canada Series '10' LB.PR.E 51925D866
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Laurentian Bank of Canada Series '9' LB.PR.D 51925D874
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Life & Banc Split Corp. LBS.PR.A 53184C118
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Loblaw Companies Limited Series 'A' L.PR.A 539481606
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Manulife Financial Corporation Series '1' MFC.PR.A 56501R304
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Manulife Financial Corporation Series '2' MFC.PR.B 56501R403
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Manulife Financial Corporation Series '3' MFC.PR.C 56501R502
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National Bank of Canada Series '15' NA.PR.K 633067715
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National Bank of Canada Series '16' NA.PR.L 633067517
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National Bank of Canada Series '20' NA.PR.M 633067418
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National Bank of Canada Series '21' NA.PR.N 633067392
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Power Corporation of Canada Series 'A' POW.PR.A 739239887
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Power Corporation of Canada Series 'B' POW.PR.B 739239804
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Power Corporation of Canada Series 'C' POW.PR.C 739239879
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Power Corporation of Canada Series 'D' POW.PR.D 739239861
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Power Financial Corporation Series 'D' PWF.PR.E 73927C803
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Power Financial Corporation Series 'E' PWF.PR.F 73927C886
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Power Financial Corporation Series 'F' PWF.PR.G 73927C878
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Power Financial Corporation Series 'I' PWF.PR.I 73927C845
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Power Financial Corporation Series 'J' PWF.PR.J 73927C852
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Power Financial Corporation Series 'K' PWF.PR.K 73927C837
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Power Financial Corporation Series 'L' PWF.PR.L 73927C829
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Power Financial Corporation Series 'M' PWF.PR.M 73927C811
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Royal Bank of Canada Series 'AA' RY.PR.A 780085445
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Royal Bank of Canada Series 'AB' RY.PR.B 780085247
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Royal Bank of Canada Series 'AC' RY.PR.C 780102604
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Royal Bank of Canada Series 'AD' RY.PR.D 780102844
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Royal Bank of Canada Series 'AE' RY.PR.E 780102760
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Royal Bank of Canada Series 'AH' RY.PR.H 78010A630
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Royal Bank of Canada Series 'AJ' RY.PR.I 78010A416
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Royal Bank of Canada Series 'AL' RY.PR.L 78010A333
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Royal Bank of Canada Series 'AN' RY.PR.N 780086302
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Royal Bank of Canada Series 'W' RY.PR.W 780085502
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Sun Life Financial Inc. Series '1' SLF.PR.A 866796204
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Sun Life Financial Inc. Series '2' SLF.PR.B 866796303
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Sun Life Financial Inc. Series '3' SLF.PR.C 866796402
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Sun Life Financial Inc. Series '5' SLF.PR.E 866796600
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Thomson Reuters Corporation Series 'B' TRI.PR.B 884903303
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Toronto-Dominion Bank Series 'AA' TD.PR.A 891145807
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Toronto-Dominion Bank Series 'AC' TD.PR.C 891145864
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Toronto-Dominion Bank Series 'AE' TD.PR.E 891145831
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Toronto-Dominion Bank Series 'M' TD.PR.M 891160715
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Toronto-Dominion Bank Series 'N' TD.PR.N 891160699
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Toronto-Dominion Bank Series 'O' TD.PR.O 891160681
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Toronto-Dominion Bank Series 'S' TD.PR.S 891145609
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Toronto-Dominion Bank Series 'Y' TD.PR.Y 891145708
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Trans-Canada Pipelines Series 'Y' TCA.PR.Y 893526699
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Trans-Canada Pipelines Series 'U' TCA.PR.X 893526715
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YPG Holding Inc. Series '1' YPG.PR.A 984246207
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YPG Holding Inc. Series '2' YPG.PR.B 984246306
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Convertible Bonds
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Issuer Convertible Bond Ticker CUSIP
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Advantage Energy Income Fund 8.00% due December 31, 2011 AVN.DB.G 00762LAJ0
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7.75% due December 1, 2011 AVN.DB.D 00762LAE1
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6.50% due June 30, 2010 AVN.DB.E 00762LAF8
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Algonquin Power Income
Fund 6.20% due November 30, 2016 APF.DB.A 015910AB8
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6.65% due July 31, 2011 APF.DB 015910AA0
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Bonavista Energy Trust 7.50% due June 30, 2009 BNP.DB 098536AA3
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6.75% due June 30, 2010 BNP.DB.A 098536AB1
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Calloway Real Estate
Investment Trust 6.65% due June 30, 2013 CWT.DB.A 131253AD8
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Cargojet Income Fund 7.50% due April 30, 2013 CJT.DB 14179EAA3
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Chartwell Seniors Housing
REIT 6.00% due December 1, 2011 CSH.DB 16140UAA8
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5.90% due May 1, 2012 CSH.DB.A 16140UAB6
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Cineplex Galaxy Income
Fund 6.00% due December 31, 2012 CGX.DB 172453AA0
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Colabor Income Fund 7.00% due December 31, 2011 CLB.DB 192668AA9
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Cominar Real Estate
Investment Trust 6.30% due June 30, 2014 CUF.DB 199910AA8
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5.70% due June 30, 2014 CUF.DB.B 199910AB6
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5.80% due September 30, 2014 CUF.DB.C 199910AD2
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Crombie Real Estate
Investment Trust 7.00% due March 20, 2013 CRR.DB 227107AA7
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Daylight Resources Trust
Ltd. 8.50% due December 1, 2009 DAY.DB 239600AA7
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8.50% due October 31, 2012 DAY.DB.B 239600AB5
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10.00% due December 31, 2013 DAY.DB.C 239600AE9
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Dundee Real Estate
Investment Trust 6.00% due December 31, 2014 D.DB.B 265270AD0
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Eveready Inc. 7.00% due June 30, 2011 EIS.DB 29976XAA4
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Extendicare Real Estate
Investment Trust 7.25% due June 3, 2013 EXE.DB.A 302251AB9
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5.70% due June 3, 2014 EXE.DB 302251AA1
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Fairborne Energy Ltd. 6.50% due December 31, 2011 FEL.DB 303623AA0
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Firm Capital Mortgage
Investment Trust 6.00% due June 30, 2013 FC.DB 318324AA8
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First Capital Realty Inc. 5.50% due September 30, 2017 FCR.DB.A 31943BAH3
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First Uranium Corporation 4.25% due June 30, 2012 FIU.DB 33744RAA0
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Fort Chicago Energy
Partners 6.75% due December 31, 2010 FCE.DB.B 346921AB5
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General Donlee Income Fund 7.00% due June 30, 2014 GDI.DB 369540AA7
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H&R Real Estate Investment
Trust 6.65% due June 30, 2013 HR.DB 403925AA8
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Harvest Energy Trust 6.50% due December 31, 2010 HTE.DB.B 41752XAD3
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6.40% due October 31, 2012 HTE.DB.D 41752XAF8
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7.25% due September 30, 2013 HTE.DB.E 41752XAH4
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7.50% due May 31, 2015 HTE.DB.G 41752XAK7
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InnVest Real Estate
Investment Trust 6.00% due May 31, 2013 INN.DB.B 45771TAD0
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6.25% due April 15, 2011 INN.DB.A 45771TAB4
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5.85% due August 1, 2014 INN.DB.C 45771TAE8
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Keyera Facilities Income
Fund 8.25% due December 31, 2013 KEY.DB.A 493272AB4
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Liquor Stores Income Fund 6.75% due December 31, 2012 LIQ.DB 536345AA9
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Macquarie Power &
Infrastructure Income Fund 6.75% due December 31, 2010 MPT.DB 556084AA9
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Medical Facilities
Corporation 7.50% due April 30, 2013 DR.DB 58457VAC1
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NAL Oil & Gas Trust 6.75% due August 31, 2012 NAE.DB 628949AA7
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Newalta Inc. 7.00% due November 30, 2012 NAL.DB 65020PAA1
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Northland Power Income
Fund 6.50% due June 30, 2011 NPI.DB 666910AA2
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Paramount Energy Trust 8.00% due September 30, 2009 PMT.DB 699219AA9
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6.25% due June 30, 2010 PMT.DB.A 699219AC5
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6.25% due April 30, 2011 PMT.DB.B 699219AE1
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6.50% due June 30, 2012 PMT.DB.C 699219AF8
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Pembina Pipeline Income
Fund 7.35% due December 31, 2010 PIF.DB.B 706329AC3
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Pengrowth Energy Trust 6.50% due December 31, 2010 PGF.DB 706902AA1
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Penn West Energy Trust 7.20% due May 31, 2011 PWT.DB.E 707885AB5
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8.00% due August 31, 2009 PWT.DB.B 707885AD1
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6.50% due July 31, 2010 PWT.DB.D 707885AE9
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8.00% due June 30, 2010 PWT.DB.C 707885AA7
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6.50% due December 31, 2011 PWT.DB.F 707885AF6
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Primaris Retail Real
Estate Investment
Trust 5.85% due August 1, 2014 PMZ.DB.A 74157UAC3
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Progress Energy Resources
Corp. 6.75% due June 30, 2010 PGX.DB 74326YAA5
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6.25% due September 30, 2011 PGX.DB.A 74326YAB3
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Provident Energy Trust 8.00% due July 31, 2009 PVE.DB.B 74386KAC8
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6.50% due August 31, 2012 PVE.DB.C 74386KAD6
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6.50% due April 30, 2011 PVE.DB.D 74386KAE4
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Rogers Sugar Income Fund 6.00% due June 29, 2012 RSI.DB.A 774910AC7
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5.90% due June 29, 2013 RSI.DB.B 774910AE3
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Royal Host Real Estate
Investment Trust 6.00% due October 31, 2015 RYL.DB.B 78029AAD2
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5.90% due June 30, 2014 RYL.DB.D 78029AAF7
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6.25% due September 30, 2013 RYL.DB.C 78029AAE0
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Superior Plus Corp. 5.85% due October 31, 2015 SPF.DB.C 86828PAB9
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5.75% due December 31, 2012 SPF.DB.B 86828PAA1
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Trinidad Drilling Ltd. 7.75% due July 31, 2012 TDG.DB 896356AA0
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Western Canadian Coal
Corp. 7.50% due March 24, 2011 WTN.DB 957860AA7
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YPG Holdings Inc. 5.50% due August 1, 2011 YPG.DB 984246AC2
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The syndicate of agents for this offering is being led by CIBC World Markets Inc. and includes BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Wellington West Capital Markets Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Manulife Securities Incorporated, Raymond James Ltd., Richardson Partners Financial Limited, Blackmont Capital Inc. and GMP Securities L.P.

Contact Information

  • First Asset
    Rob MacNiven
    Investor Relations
    (416) 642-1289 or 1-877-642-1289
    Website: www.firstasset.com