Press Releases

Canadian Convertible Debenture Fund: Files Preliminary Prospectus

TORONTO, August 25, 2009 - Canadian Convertible Debenture Fund (the "Fund") 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 a maximum of 10,000,000 trust units (the "Units") at $10 per Unit, for maximum gross proceeds of $100 million.

The Fund has been created to invest in an actively managed portfolio comprised primarily of convertible debentures of Canadian issuers. The Fund's investment objectives are to provide holders of Units with:

  1. monthly distributions initially targeted to be 7.5% per annum on the subscription price of $10.00 per Unit ($0.0625 per Unit per month or $0.75 per annum); and
  2. the opportunity for capital appreciation.

At closing the Manager will issue a note ("Note") to the Fund 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 Fund for the expenses of the offering and will be repaid with interest.

The Portfolio will be actively managed by First Asset Investment Management Inc. Mr. Lee Goldman, lead portfolio manager, of First Asset Diversified Convertible Debenture Fund, will also be the lead portfolio manager responsible for the Portfolio.

On or about April 30, 2011, the Fund will, subject to receipt of all required regulatory approvals, automatically either (i) convert to an open-end mutual fund; or (ii) merge into an open-end mutual fund, on a tax-deferred basis, to be managed by the Manager or an affiliate of the Manager. 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 table below.

Prospective purchasers under the Exchange Option will be required to deposit their eligible securities prior to 5:00 p.m. (Toronto time) on September 21, 2009 in the manner described in the preliminary prospectus.


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Exchange Eligible Issuer    Convertible Debenture        TSX       CUSIP
                                                         Symbol
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Advantage Oil & Gas Ltd.    7.75% due December 1, 2011   AAV.DB.D  00765FAC5
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Advantage Oil & Gas Ltd.    6.50% due June 30, 2010      AAV.DB.E  00765FAA9
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Advantage Oil & Gas Ltd.    8.00% due December 31, 2011  AAV.DB.G  00765FAD3
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Algonquin Power Income Fund 6.65% due July 31, 2011      APF.DB    015910AA0
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Algonquin Power Income Fund 6.35% due November 30, 2016  APF.DB.A  015910AB8
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Artis Real Estate 
 Investment Trust           7.50% due June 30, 2014      AX.DB.E   04315LAD7
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Artis Real Estate 
 Investment Trust           6.25% due May 31, 2013       AX.DB.C   04315LAC9
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Artis Real Estate 
 Investment Trust           7.50% due November 9, 2010   AX.DB.B   960196AB9
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Atlantic Power Corporation  6.25% due October 31, 2011   ATP.DB    04878QAH6
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Canadian Royalties Inc.     7.00% due March 31, 2015     CZZ.DB    136551AA6
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Canexus Income Fund         8.00% due December 31, 2014  CUS.DB    13751RAB0
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Chartwell Seniors 
 Housing Real Estate 
 Investment Trust           6.00% due December 1, 2011   CSH.DB    16140UAA8
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Chartwell Seniors Housing
 Real Estate Investment
 Trust                      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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Clarke Inc.                 6.00% due December 31, 2013  CKI.DB.A  181901AB5
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Clearwater Seafoods 
 Income Fund                7.00% due October 31, 2010   CLR.DB    185384AA2
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Clearwater Seafoods 
 Income Fund                7.25% due March 31, 2014     CLR.DB.A  185384AB0
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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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Cominar Real Estate 
 Investment Trust           5.70% due June 30, 2014      CUF.DB.B  199910AB6
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Cominar Real Estate 
 Investment Trust           5.80% due September 30, 2014 CUF.DB.C  199910AD2
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Connacher Oil and Gas 
 Limited                    4.75% due June 30, 2012      CLL.DB.A  20588YAA1
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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    10.00% due December 31, 2013 DAY.DB.C  239600AE9
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Daylight Resources Trust    8.50% due October 31, 2012   DAY.DB.B  239600AB5
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Discovery Air Inc.          8.75% due December 31, 2011  DA.DB     25470EAA5
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Dundee Real Estate 
 Investment Trust           6.00% due December 31, 2014  D.DB.B    265270AD0
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Enterra Energy Trust        8.00% due December 31, 2011  ENT.DB    29381PAA0
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Enterra Energy Trust        8.25% due June 30, 2012      ENT.DB.A  29381PAB8
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Extendicare Real Estate 
 Investment Trust           5.70% due June 30, 2014      EXE.DB    302251AA1
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Extendicare Real Estate 
 Investment Trust           7.25% due June 30, 2013      EXE.DB.A  302251AB9
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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 L.P.              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                      6.75% due December 31, 2014  HR.DB.B   403925AB6
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Harvest Energy Trust        6.50% due December 31, 2010  HTE.DB.B  41752XAD3
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Harvest Energy Trust        6.40% due October 31, 2012   HTE.DB.D  41752XAF8
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Harvest Energy Trust        7.25% due September 30, 2013 HTE.DB.E  41752XAH4
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Harvest Energy Trust        7.25% due February 28, 2014  HTE.DB.F  41752XAJ0
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Huntingdon Real Estate 
 Investment Trust           7.50% due March 31, 2012     HNT.DB.C  446027AC8
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InnVest Real Estate 
 Investment Trust           6.00% due May 31, 2013       INN.DB.B  45771TAD0
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InnVest Real Estate 
 Investment Trust           5.85% due August 1, 2014     INN.DB.C  45771TAE8
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InterRent Real Estate 
 Investment Trust           7.00% due January 31, 2013   IIP.DB    46071WAA4
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Just Energy Exchange Corp.  6.00% due September 30, 2014 JEX.DB    48214AAA6
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Keyera Facilities Income
 Fund                       8.25% due December 31, 2013  KEY.DB.A  493272AB4
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Killam Properties Inc.      6.50% due May 5, 2012        KMP.DB    494104AB8
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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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Pacific Rubiales Energy
 Corp.                      8.00% due August 29, 2013    PRE.DB    69480UAA5
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Paramount Energy Trust      6.25% due June 30, 2010      PMT.DB.A  699219AC5
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Paramount Energy Trust      6.25% due April 30, 2011     PMT.DB.B  699219AE1
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Paramount Energy Trust      6.50% due June 30, 2012      PMT.DB.C  699219AF8
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PDM Royalties Income Fund   7.75% due December 31, 2011  PDM.DB    69329MAA8
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Pengrowth Energy Trust      6.50% due December 31, 2010  PGF.DB    706902AA1
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Penn West Energy Trust      6.50% due December 31, 2011  PWT.DB.F  707885AF6
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Penn West Energy Trust      8.00% due June 30, 2010      PWT.DB.B  707885AA7
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Penn West Energy Trust      7.20% due May 31, 2011       PWT.DB.E  707885AB5
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Primaris Retail Real Estate
 Investment Trust           5.85% due August 1, 2014     PMZ.DB    74157UAC3
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Priszm Income Fund          6.50% due June 30, 2012      QSR.DB    74270LAA9
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Progress Energy Resources
 Corp.                      6.75% due June 30, 2010      PRQ.DB    74326YAA5
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Progress Energy Resources 
 Corp.                      6.25% due September 30, 2011 PRQ.DB.A  74326YAB3
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Provident Energy Trust      6.50% due August 31, 2012    PVE.DB.C  74386KAD6
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Provident Energy Trust      6.50% due April 30, 2011     PVE.DB.D  74386KAE4
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Retrocom Mid-Market Real 
 Estate Investment Trust    7.50% due July 31, 2012      RMM.DB    761298AA6
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Rogers Sugar Income Fund    6.00% due June 29, 2012      RSI.DB.A  774910AC7
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Rogers Sugar Income Fund    5.90% due June 29, 2013      RSI.DB.B  774910AE3
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Scott's Real Estate 
 Investment Trust           7.00% due December 31, 2012  SRQ.DB    810205AA2
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Superior Plus Corp.         5.75% due December 31, 2012  SPB.DB.B  86828PAA1
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Superior Plus Corp.         5.85% due October 31, 2015   SPB.DB.C  86828PAB9
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Superior Plus Corp.         7.50% due December 31, 2014  SPB.DB.D  86828PAC7
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Trinidad Drilling Ltd.      7.75% due July 31, 2012      TDG.DB    896356AA0
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True Energy Trust           7.50% due June 30, 2011      TUI.DB    897839AA4
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Uranium One Inc.            4.25% due December 31, 2011  UUU.DB    91701PAA3
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Western Canadian Coal Corp. 7.50% due March 24, 2011     WTN.DB    957860AA7
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Whiterock Real Estate 
 Investment Trust           6.30% due December 31, 2011  WRK.DB.E  965531AE6
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The syndicate of agents for this offering is being led by CIBC World Markets Inc., BMO Capital Markets and National Bank Financial Inc., and includes, RBC Capital Markets, Scotia Capital Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., GMP Securities L.P., Manulife Securities Incorporated and Wellington West Capital Markets Inc.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.