Top 10 Canadian Financial Trust

Top 10 Canadian Financial Trust

March 26, 2010 09:00 ET

Top 10 Canadian Financial Trust Announces Year End Results

TORONTO, ONTARIO--(Marketwire - March 26, 2010) - Top 10 Canadian Financial Trust (the "Fund") (TSX:TCT.UN)(TSX:TCT.WT) announces results for the year ended December 31, 2009. The net increase in net assets from operations amounted to $12.5 million or $2.05 per unit. Net assets were $53.4 million or $10.90 per unit, net of distributions to unitholders in the amount of $4.6 million or $0.76 per unit.

The Fund's investment objectives are to provide unitholders with a stable stream of quarterly cash distributions targeted to be 7.5% per annum of the net asset value of the Fund and to return the net asset value per unit as of the date the Special Resolution was adopted upon termination of the Fund on December 31, 2010. The Fund invests in a portfolio consisting of the six largest Canadian banks and the four largest Canadian life insurance companies by market capitalization.

To generate additional returns above the dividend income earned on the portfolio the Fund may from time to time, write covered call options in respect of all or part of the securities in its portfolio. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.

Mulvihill Top 10 Canadian Financial Trust offers investors the opportunity to acquire additional units of the Fund by re-investing their cash distributions through the Fund's Distribution Reinvestment Plan. Unitholders may enroll in the Plan by contacting their investment advisor.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund's units and warrants are listed on The Toronto Stock Exchange under the symbols TCT.UN and TCT.WT respectively.

Selected Financial Information : ($ Millions)  
Statement of Net Assets 2009
Assets $65.8
Liabilities 12.4
Net Assets (Unitholders Equity) $ 53.4
Statement of Financial Operations  
Income $ 2.4
Expenses (1.3)
Net Investment Income $ 1.1
Net Gain on Investments 11.4
Net Increase in Net Assets  
from Operations $12.5

A member of the Mulvihill Capital Management Inc. Group.

Contact Information

  • Top 10 Canadian Financial Trust
    Investor Relations
    416.681.3966 or Toll Free: 1.800.725.7172