TORONTO, ONTARIO--(Marketwired - Aug. 16, 2013) - Top 10 Split Trust (the "Fund") (TSX:TXT.UN) (TSX:TXT.PR.A) announces results for the six months ended June 30, 2013. The net increase in net assets from operations amounted to $1.5 million or $0.95 per Capital Unit. Net assets were $15.37 per Combined Security, net of distributions of $0.39 per Preferred Security and $0.11 per Capital Unit. Each combined Security consists of one Preferred Security and one 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 $12.50 per Preferred Security on termination of the Fund.
The Fund invests exclusively in shares of the six largest Canadian banks and four largest Canadian life insurance companies generally investing not less than 5% and not more than 15% of the Fund's assets in each company.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generated by the portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's Preferred Securities and Capital Units are listed on Toronto Stock Exchange under the symbols TXT.PR.A and TXT.UN respectively.
|Selected Financial Information: ($ Millions)|
|Statement of Financial Operations|| || || |
|For the six months ended June 30, 2013|| || || |
|(Unaudited)|| || || |
| || |
|Net Investment Income||$||0.2|| |
|Net Gain on Investments|| ||1.9|| |
|Preferred Security Interest|| ||(0.6||)|
| || |
|Net Increase in Net Assets from Operations||$||1.5|| |
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.com.
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