All-American Term Trust Inc. Reports Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--September 29, 2000 All-American Term Trust Inc. (NYSE NYSE See: New York Stock Exchange : AAT Alpha-1-antitrypsin (AAT) A blood component that breaks down infection-fighting enzymes such as elastase. Mentioned in: Chronic Obstructive Lung Disease ), a closed-end management investment company investing in a diversified diversified (di·verˑ·s portfolio of corporate debt securities, mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. and asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. , today announced its performance for the second quarter and six months ended July 31, 2000. For the quarter ended July 31, 2000, the Trust's earnings from net investment income available to common shareholders were $2,615,276, equal to $0.20 per common share. Total net realized and unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. were $(2,046,059), equal to $(0.16) per common share for the same period. This compares to net investment income of $3,398,962, equal to $0.25 per common share, and net realized and unrealized losses of $(5,544,727), equal to $(0.40) per common share, for the quarter ended July 31, 1999. For the six months ended July 31, 2000, the Trust's earnings from net investment income available to common shareholders were $5,689,247, equal to $0.43 per common share. Total net realized and unrealized losses were $(9,880,578), equal to $(0.72) per common share for the same period. This compares to net investment income of $6,970,042, equal to $0.51 per common share, and total net realized and unrealized losses of $(8,590,498), equal to $(0.63) per common share, for six months ended July 31, 1999. On July 31, 2000, total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the Trust were $162,361,368. The net asset value per common share was $12.40, based on 13,098,067 common shares outstanding, which represents a decrease of (6.91)% from the net asset value per common share of $13.32 ($182,572,106 attributable to 13,706,667 common shares outstanding) on July 31, 1999. The Fund's investment objective is to provide a high level of current income, consistent with capital preservation. Based on the Fund's net asset value of $12.49 per share as of September 28, 2000, the time remaining until the Fund's termination on or about January 31, 2003, and assuming the continuation of current market conditions, Mitchell Hutchins believes that it is unlikely that the Fund will be able to return the full amount of its $15 initial offering price to shareholders upon its termination. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion