Mulvihill Structured Products
Mulvihill Pro-AMS U.S. Fund				PAM.UN
Pro-AMS Trust Announces Proposal to Provide Additional Retraction Rights and Use Interest Rate Hedging Strategies
TORONTO, February 20, 2004 - Pro-AMS U.S. Trust (the "Fund") announced today that its Advisory Board and the Board of Directors of its Manager, Mulvihill Fund Services Inc., has approved a proposal to (i) permit unitholders to switch to other Mulvihill funds by adding further retraction rights at 100% of net asset value per unit from time to time and (ii) provide the Fund with the ability to use interest rate hedging strategies in order to reduce some of the impact of rising interest rates on the net asset value of the Fund. The proposal would permit the Fund, in appropriate circumstances and in accordance with applicable securities laws, to use specified derivatives to assist the Fund in managing its investments and preserving net asset value. The existing retraction rights of unitholders would not be affected by the proposal. The proposal will involve the amendment of the Fund's trust agreement and will be subject to receipt of all necessary unitholder and regulatory approvals. A special meeting of unitholders has been called and will be held on April 2, 2004 to consider and vote upon the proposal. Details of the proposal will be outlined in an information circular to be prepared and delivered to unitholders in connection with the special meeting. The Fund has retained RBC Capital Markets as its advisor with respect to the proposal. The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund's Units are listed on the Toronto Stock Exchange under the symbol PR.UN. The Fund operates under the registered name Mulvihill Pro-AMS U.S. For further information, please contact:
John Mulvihill, President & CEO Mulvihill Structured Products		Bruce Graham, Vice President
				Mulvihill Pro-AMS U.S. 121 King Street West Suite 2600 Toronto, Ontario          M5H 3T9 (416) 681-3966     (800) 725-7172 www.mulvihill.com hybrid@mulvihill.com
For Release 4 p.m. EDT, February 20, 2004
A member of the Mulvihill Capital Management  Inc. Group of Funds