Top 10 Split Trust Announces Year End Results
March 29 2011 - 8:57AM
Marketwired
Top 10 Split Trust (the "Fund") (TSX: TXT.PR.A)(TSX: TXT.UN)
announces results for the year ended December 31, 2010. The net
decrease in net assets from operations amounted to $nil or $0.00
per unit. Net assets were $16.57 per Combined Security, net of
distributions to securityholders in the amounts of $0.78 per
Preferred Security and $0.28 per Capital Unit.
The Fund investment objectives for the Capital Units are (i) to
provide holders of Capital Units, upon redemption, with the benefit
of any capital appreciation in the market price of the securities
in the Financial Portfolio and (ii) to pay quarterly distributions
to holders of Capital Units in an amount targeted to be 7.5% per
annum of the net asset value of the Fund. The Fund's investment
objectives for the Preferred Securities are (i) to pay holders of
Preferred Securities fixed quarterly cash interest payments of
6.25% per annum on the $12.50 principal amount of a Preferred
Security and (ii) to repay the principal amount of $12.50 per
Preferred Security on termination of the Trust on March 31,
2011.
To generate additional returns, the Fund may, from time to time,
write covered call options in respect of all or part of the
securities in the portfolio. In addition, the Fund may write cash
covered put options in respect of securities in which the Fund is
permitted to invest.
The Fund's investment portfolio is managed by its investment
manager, Mulvihill Capital Management Inc. The Fund's Preferred
Securities and Capital Units are listed on Toronto Stock Exchange
under the symbols TXT.PR.A and TXT.UN respectively.
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Selected Financial Information: ($ Millions)
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Statement of Net Assets 2010
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Assets $ 46.0
Liabilities 36.6
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Net Assets (Unitholders' Equity) $ 9.4
Statement of Financial Operations
Revenue $ 1.6
Expenses (0.8)
Preferred Security Interest (2.1)
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Net Investment Loss $ (1.3)
Net Gain on Investments 1.3
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Net Decrease in Net Assets from Operations $ 0.0
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Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the
prospectus before investing. Investment funds are not guaranteed,
their values change frequently and past performance may not be
repeated.
A member of the Mulvihill Capital Management Inc. Group of
Funds
Contacts: Top 10 Split Trust Investor Relations 416.681.3966 or
toll free at 1.800.725.7172 Mulvihill Structured Products John
Mulvihill President and CEO 416.681.3966; 1.800.725.7172 Mulvihill
Structured Products David Roode President, Fund Services
416.681.3966; 1.800.725.7172 Mulvihill Structured Products Aaron Ho
Vice-President, Finance 416.681.3966; 1.800.725.7172 Mulvihill
Structured Products 121 King Street West Suite 2600, Toronto,
Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 info@mulvihill.com
www.mulvihill.com
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