Press Release Year
End Financial Results Toronto, May 7, 2001: Pro-AMS U.S. Income Trust announces results for the period from inception on October 4, 2000 to December 31, 2000. Total results from financial operations amount to a loss of $0.7 million or $0.03 per unit which includes both realized and unrealized capital gains and losses. Net assets were $525.4 million or $23.02 per unit, net of distributions to Unitholders in the amount of $12.3 million or $0.54 per unit. Pro-AMS U.S. Income Trust was launched in October 2000 to provide Unitholders with a stable stream of monthly distributions of at least $0.1875 per Unit. In order to achieve the monthly distribution and preservation objectives, approximately 40% of the net proceeds of the Trust have been invested in a diversified portfolio (known as the Managed Portfolio) consisting principally of equity securities of companies with a market capitalization in excess of US$5.0 billion selected from the S&P 500 Index. To provide the Trust with the means to return the original issue price of the Units on or about the Termination Date, the Trust has entered into a forward purchase and sale agreement with Royal Bank of Canada ("RBC") pursuant to which RBC will agree to pay to the Trust an amount equal to $25.00 for each Unit outstanding on the Termination Date in exchange for the Trust agreeing to deliver to RBC equity securities which the Trust has acquired with approximately 60% of the net proceeds of the offering (known as the Fixed Portfolio). The Trust may, from time to time, write covered call options in respect of all or part of the securities in the Managed Portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest. The TrustŐs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Trust Units are listed on The Toronto Stock Exchange under the symbol PAM.UN.
Selected Financial
Information:
Pro-AMS
U.S. Income Trust |
||||||||||||||||||||||||||||||||||