Announces 1997 Results (For Release 4 p.m. EDT May 19, 1998)
Toronto, May 19, 1998: First Premium U.S. Income Trust announces results for the period from commencement of operations February 4, 1997 to December 31, 1997. Total results from financial operations amounted to $53.2 million or $3.98 per unit. Net assets increased from $317.7 million to $320.7 million. Distributions to Unitholders amounted to $34.6 million or $2.58 per unit, which included a $0.75 special distribution in December 1997.
First Premium U.S. Income Trust was launched in February 1997 to provide investors with a stable stream of quarterly distributions of at least $ 0.50 per Unit. The Trust intends to achieve its investment objectives by investing in a diversified portfolio consisting primarily of common shares issued by corporations that rank in the top 50 of the Standard & Poor's 100 Index. In order to generate returns above the dividend income generated by the portfolio, the Trust will write covered call options in respect of all or part of the securities in the portfolio.
The Trust's investment portfolio is managed by it's investment manager, Mulvihill Capital Management. Trust Units are listed on The Toronto Stock Exchange and The Montreal Exchange under the symbol FPU.un
First Premium U.S. Income Trust offers investors the opportunity to conveniently acquire additional units of the Trust by re-investing their cash distributions through the Trust's Distribution Reinvestment Plan. Unitholders may enroll in the Plan by contacting their investment advisor.