2002 Target Term Trust Inc. -- Dividend Declaration and Portfolio Statistics.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 12, 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 ), a closed-end closed-end adj. Issuing a fixed number of shares that can be traded publicly but are not redeemable by the issuer: a closed-end investment company. management investment company that seeks to invest in high quality fixed-income and adjustable-rate securities, today announced that the Trust's Board of Directors has declared monthly dividends in the amount of $0.020 per share for the months of August, September September: see month. , October, and November 2002. The dividends are payable on August 30, September 30, October 31 and November 29, 2002, respectively, to shareholders of record as of August 22, September 24, October 24 and November 21, 2002, respectively. The ex-dividend dates 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. are August 20, September 20, October 22 and November 19, 2002, respectively. 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 will be set and announced in November 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 seek to 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 assets and distribute the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to shareholders on or about November 30, 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 July 31,
2002:(1)
Portfolio Composition Characteristics
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Collateralized Mortgage
Obligations 22.0% Net Leverage 0.0%
Agency CMOs 2.9% Average Credit Quality AAA
Non-Agency CMOs 19.1% Convexity -0.16
Adjustable Rate Weighted Average
Mortgages 4.1% Maturity 1.06 yrs
Agency Weighted Average
ARMs 3.6% Duration 0.08 yrs
Non-Agency Weighted Average
ARMs 0.5% Coupon 5.40%
Collateral 13.3% Market Price $14.62
Mortgage-Backed Derivatives 0.7% Net Asset Value $14.72
Agency MBD 0.6% IPO Price $15.00
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Non-Agency MBD 0.1%
Asset-Backed Securities 1.4%
Other Assets in Excess of
Liabilities 58.5%
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Total 100.0%
Yields +
----------------------------------------------------
Market Yield 1.64%
NAV Yield 1.63%
IPO Yield 1.60%
----------------------------------------------------
+ Market yield is calculated by multiplying the current month's
dividend by 12 and dividing by the month-end market price. NAV yield
is calculated by multiplying the current month's dividend by 12 and
dividing by the month-end net asset value. IPO 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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