2002 Target Term Trust Inc. - Dividend Declaration and Portfolio Statistics.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 11, 2002 2002 Target Term Trust Inc. ("Trust")(NYSE NYSE See: New York Stock Exchange : TTR TTR Transthyretin TTR Ticket To Ride (World Snowboard Tour) TTR Transformer Turns Ratio (electric power transmission and distribution) TTR Time To Repair TTR Time to Read ), is a closed-end management investment company that seeks to invest in high quality fixed-income and adjustable-rate securities. On August 12, 2002, the Trust declared four monthly dividends in the amount of $0.020 per share for the months of August, September, October and November 2002. The remaining dividend is payable on November 29, 2002, to shareholders of record as of November 21, 2002. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is November 19, 2002. These dividends are ordinary income derived from net investment income. In addition, the Trust's Board of Directors also declared on August 12, 2002 a partial liquidating distribution of $0.6100 per share payable on November 29, 2002. The record and ex-dividend dates relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this distribution are November 26, 2002 and November 22, 2002. The accelerated declarations and the liquidating distribution are necessary to meet certain requirements of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. applicable to regulated investment companies Regulated investment company An investment company allowed to pass capital gains, dividends, and interest earned on fund investments directly to its shareholders so that it is taxed only at the personal level, and double taxation is avoided. , such as the Trust. The Trust will liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the its investments, pay or make provision for payment of liabilities and obligations, and distribute the remaining assets of the Trust to stockholders in complete cancellation and redemption of all outstanding shares of the common stock (par value $0.001 per share) of the Trust. The Trust will discontinue trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. as of the close of business on November 21, 2002. Stockholders of record as of November 26, 2002, or their assignees, will be paid a liquidating distribution on November 29, 2002 based on a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. equal to the net asset value of the Trust's shares as of the close of regular trading on the New York Stock Exchange at 4:00 p.m. on November 22, 2002. While the portfolio is being managed in an effort to return the initial offering price of $15.00 per share, this is not guaranteed. Portfolio Statistics (% of total portfolio assets) as of October 31, 2002:(1)
Portfolio Composition
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Collateralized Mortgage Obligations 3.3%
Agency CMOs 2.6%
Non-Agency 0.7%
CMOs
Adjustable Rate Mortgages 3.9%
Agency ARMs 3.4%
Non-Agency ARMs 0.5%
Collateral 6.0%
Mortgage-Backed Derivatives 0.5%
Agency MBD 0.5%
Non-Agency MBD 0.0%
Asset-Backed Securities 0.0%
Other Assets in Excess of Liabilities 86.3%
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Total 100.0%
Yields +
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Market Yield 1.64%
NAV Yield 1.63%
IPO Yield 1.60%
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Characteristics
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Net Leverage 0.0%
Average Credit Quality AAA
Convexity -0.03
Weighted Average Maturity 0.49 yrs.
Weighted Average Duration 0.04 yrs.
Weighted Average Coupon 3.66%
Market Price $14.64
Net Asset Value $14.69
IPO Price $15.00
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+ Market yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end market price. NAV See navigation system and navigation bar. yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end net asset value. IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. yield is calculated by multiplying the current month's dividend by 12 and dividing by the initial public offering price. Prices and yields will vary. (1) The Fund is actively managed and its portfolio composition will vary over time. |
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