Briefly:

(January 2, 2004) Newport Investment Counsel Inc. announced Friday that it has appointed Morris Williams Investment Management Ltd. to act as a sub-advisor on two of its funds. Morris Williams replaces Sceptre Investment Counsel Limited as main investment sub-advisor to the Newport Yield Fund, and UBS Global Asset Management Inc. as one of three sub-advisors to the Newport Canadian Equity Fund.

Morrison Williams will immediately assume management of approximately 60% of the Newport Yield Fund and approximately 20% of the Newport Canadian Equity Fund, in accordance with an advisory agreement. Morrison Williams has $2.5 billion of assets under administration, of which $750 million is dedicated to royalty and income trusts.

01/02/04

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