Company Details

Directors and Officers

The following are the names, office(s) held and principal occupations of the directors and officers of the Company:

Brian D. McChesney
President, Chief Executive Officer and Director
(Corporate Director)

Robert Hall
Director
(Managing Director, Scotia Capital Inc.)

James P. Bowland
Director
(Corporate Director)

Patrick C. Lincoln
Director
(Corporate Director)

Thomas A. Pippy
Director
(Corporate Director)


Profile

Top 20 U.S. Dividend Trust provides investors with investment exposure to an equally-weighted portfolio (the "Portfolio") comprised of the 20 highest yielding equity securities included in the Dow Jones Industrial Average.

Summary Statistics as at 01/17/2019

HideUnits
Net Asset Value (NAV) per Unit $11.86
Units Outstanding 1,618,786
Market Capitalization $18,535,100
Total Expense Ratio (including Fund operating costs) 1.03%
IPO Date 10/15/2012
Redemption Date 10/31/2022
Ticker Symbol TUT.UN
Issue Price $10.00
Market Price (TSX) $11.45
Trailing 12-Month Distribution $0.5004

HideClass U Units
Net Asset Value (NAV) per Unit US$11.92
Units Outstanding 340,740
Total NAV US$4,062,353
Total Expense Ratio (including Fund operating costs) 1.29%
IPO Date 10/15/2012
Redemption Date 10/31/2017
Issue Price US$10.00
Targeted Annual Distribution US$0.50
Trailing 12-Month Distrbution US$0.5004

General Information

Distribution Policy

Distributions will be declared and paid monthly on the Units. The Fund intends to pay equal monthly distributions (equal to one-twelfth of the annual targeted rate) of $0.0417 per Class A Unit and US$0.0417 per Class U Unit (approximately $0.50 and US$0.50 per annum, respectively) representing an annual yield of 5.00% on the issue price. For historical distribution amounts, please see distribution information.

Redemption Rights

The following provides a summary of the redemption rights available to Unitholders. Please refer to the prospectus for complete details.

Unlike most mutual funds the Units are listed allowing holders to exit by selling their Units. In addition, they are also redeemable at any time. Because of the manner in which the redemption prices are calculated, investors are almost always better off selling their Units on the market rather than redeeming them. It should be noted that all the redemptions listed below constitute a taxable disposition of the Units at the time of the redemption.

Monthly Redemptions

Units may be surrendered for redemption on the second last business day of any month, other than, commencing in 2013, the month of December by no later than 5:00 pm on the date which is the last business day of the month preceding the monthly redemption date. Payment of the proceeds of redemption will be made on or before the 15th day following such monthly redemption date, subject to the Manager's right to suspend redemptions in certain circumstances.

Unitholders surrendering a Class A Unit for redemption on a Monthly Redemption Date will receive a redemption price equal to the lesser of (a) 95% of the "weighted average trading price" of the Class A Units on the principal market on which the Class A Units are quoted for trading (currently anticipated to be the TSX) during the 15 trading days preceding the applicable Monthly Redemption Date; and (b) the "closing market price" of the Class A Units on the principal market on which the Class A Units are quoted for trading on the applicable Monthly Redemption Date less, in each case, any costs associated with the redemption, including brokerage costs (the "Monthly Redemption Amount").

Unitholders surrendering a Class U Unit for redemption on a Monthly Redemption Date will receive in U.S. dollars an amount equal to the U.S. dollar equivalent of the product of (i) the Monthly Redemption Amount and (ii) a fraction, the numerator of which is the most recently calculated Net Asset Value per Unit of a Class U Unit and the denominator of which is the most recently calculated Net Asset Value per Unit of a Class A Unit. For such purpose, the Fund will utilize the Reference Exchange Rate current at, or as nearly as practicable to, the Monthly Redemption Date in respect of a monthly redemption of Class U Units.

Annual Redemptions

Commencing in 2013, Units may be redeemed on the second last business day of December (the "Annual Redemption Date") in any year. Units properly surrendered for redemption at least 45 days prior to an Annual Redemption Date will be redeemed on such Annual Redemption Date and the Unitholder will receive payment within 15 days of the Annual Redemption Date, subject to the Fund's right to suspend redemptions in certain circumstances. Unitholders will be entitled to receive a redemption price per Unit equal to 100% of the Net Asset Value per Unit as of such date, less any costs and expenses incurred by the Fund in connection with funding the redemption.

Mandatory Market Purchase Program

Pursuant to the Declaration of Trust, the Fund will undertake a mandatory market purchase program pursuant to which the Fund will offer to purchase any Class A Units offered in the market at a price that is less than 98% of the latest NAV per Class A Unit. The Fund will publish this price on the Manager's website at www.scotiamanagedcompanies.com each day on which the TSX is open for business. Please refer to the prospectus for complete details.

Taxation

A Unitholder will generally be required to include in computing income for a taxation year the amount of the Trust's net income, including net realized taxable capital gains, paid or payable to the Unitholder in the taxation year. The non-taxable portion of the Trust's net realized capital gains paid or payable (whether in cash or in Units) to a Unitholder in a taxation year will not be included in the Unitholder's income for the year.

On the disposition or deemed disposition of a Unit, the Unitholder will realize a capital gain (or capital loss) to the extent that the Unitholder's proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base of the Units. For the purpose of determining the adjusted cost base to a Unitholder, when a Unit is acquired, the cost of the newly acquired Units will be averaged with the adjusted cost base of all Units owned by the Unitholder as capital property before that time.



Legal Notices

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the TSX (or other eligible market) where the investment fund is listed and quoted. If the units are purchased or sold on the TSX or other market, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rates of return on this site are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.