Toronto, October 22, 2001: Pro-AMS Trust [PR.UN] has declared its regular monthly distribution of C$0.1823 per Unit payable October 31, 2001 to holders of record on such date.

Pro-AMS Trust was launched in March, 2001 to provide Unitholders with a stable stream of monthly distributions of at least C$0.1823 per Unit. In order to achieve the monthly distribution and preservation objectives, approximately 40% of the net proceeds of the Trust have been invested in a diversified portfolio (known as the Managed Portfolio) consisting principally of equity securities of companies selected from the S&P/TSE 60 Index and of companies with a market capitalization in excess of US$5.0 billion selected from the S&P 500 Index.

To provide the Trust with the means to return the original issue price of the Units on or about the Termination Date, the Trust has entered into a forward purchase and sale agreement with Royal Bank of Canada ("RBC") pursuant to which RBC will agree to pay to the Trust an amount equal to C$25.00 for each Unit outstanding on the Termination Date in exchange for the Trust agreeing to deliver to RBC equity securities which the Trust has acquired with approximately 60% of the net proceeds of the offering (known as the Fixed Portfolio).

The Trust may from time to time, write covered call options in respect of all or part of the securities in which the Trust is permitted to invest. In addition, the Company may write cash covered put options in respect of securities in which the Company is permitted to invest.

The Trust's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Trust Units are listed on The Toronto Stock Exchange under the symbol PR.UN.