Press Release Year
End Financial Results Toronto, May 7, 2001: First Premium U.S. Income Trust announces results for the year ended December 31, 2000. Total results from financial operations amounted to a loss of $13.7 million or $1.16 per unit which includes both realized and unrealized capital gains and losses. Net assets decreased from $306.3 million to $260.3 million or $21.91 per unit. Distributions to Unitholders amounted to $32.6 million or $2.75 per unit which included special distributions of $0.25, $0.25 and $0.25 per unit, in June, September and December 2000, respectively. 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 may write covered call options in respect of all or part of the securities in the portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest. 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. The Trust's investment portfolio is managed by its investment manager, Mulvihill Capital Management. Trust Units are listed on The Toronto Stock Exchange under the symbol FPU.UN.
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