Top 10 Canadian Financial Trust

Top 10 Canadian Financial Trust

March 27, 2009 09:00 ET

Top 10 Canadian Financial Trust Announces Year End Results

TORONTO, ONTARIO--(Marketwire - March 27, 2009) - Top 10 Canadian Financial Trust (the "Fund") (TSX:TCT.UN) announces results for the year ended December 31, 2008. Total results from financial operations amount to a loss of $(28.3) million or $(3.77) per unit which included both realized and unrealized capital gains and losses. Net assets were $59.4 million or $9.58 per unit, net of distributions to unitholders in the amount of $7.0 million or $0.93 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. Fund units are listed on The Toronto Stock Exchange under the symbol TCT.UN.

Selected Financial Information: ($ Millions)

Statement of Net Assets 2008
Assets $ 72.1
Liabilities 12.7

Net Assets (Unitholders Equity) $ 59.4

Statement of Financial Operations
Income $ 3.4
Expenses (1.6)
Net Investment Income $ 1.8
Net Loss on Investments (30.1)

Net Decrease in Net Assets
from Financial Operations $ (28.3)


A member of the Mulvihill Capital Management Inc. Group

Contact Information