First Asset Funds Inc. says it has filed a preliminary prospectus for Global 45 Split Corp. for an initial public offering of preferred shares and class A shares of the company.

Global 45 will invest primarily in a portfolio of common shares of the five largest companies by market capitalization in the world in each of the following nine industry sectors: basic materials, communications, consumer-cyclical, consumer non-cyclical, energy, financials, industrial, technology and utilities. Each of the 45 companies in the portfolio must have a long-term local currency credit rating of at least A- from Standard & Poor’s Rating Services, or a comparable rating from an equivalent rating agency.

Global 45 is aiming to provide holders with fixed cumulative preferential quarterly cash distributions of 13.125¢ per preferred share to yield 5.25% per annum on the original issue price of $10 per Preferred Share. As well, on Sept. 30, 2011, it plans to pay to holders the original issue price of $10 per preferred share. The shares have been provisionally rated Pfd-2 by Dominion Bond Rating Service Ltd.

The investment objectives for the class A Shares are to provide holders with monthly cash distributions of 10¢ per share to yield 8% per year on the original issue price of $15 per share. On Sept. 30, 2011, it intends to pay to holders the original issue price of $15 per share.

First Asset Funds Inc., the manager of the Fund, is a wholly owned subsidiary of First Asset Management Inc. The syndicate of agents for this offering is being led by CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc., and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc. and Wellington West Capital Inc.