All-American Term Trust Inc. Reports Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 16, 2002 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 portfolio consisting primarily 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 third quarter and fiscal year-to-date ended October 31, 2002. For the third quarter ended October 31, 2002, the Trust's earnings from net investment income were $1,360,595, equal to $0.12 per 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. from investment transactions were $(662,902), equal to $(0.06) per share, for the same period. This compares to earnings from net investment income of $2,114,747, equal to $0.17 per share, and total net realized and unrealized gains from investment transactions of $87,427, equal to $0.01 per share, for the third quarter ended October 31, 2001. For the nine months ended October 31, 2002, the Trust's earnings from net investment income were $4,850,644, equal to $0.41 per share. Total net realized and unrealized losses from investment transactions were $(3,060,500), equal to $(0.26) per share, for the same period. This compares to earnings from net investment income of $6,922,401, equal to $0.57 per share, and total net realized and unrealized losses from investment transactions of $(17,957), equal to $(0.00) per share (represents less than $0.005 per share), for the nine months ended October 31, 2001. On October 31, 2002, 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 $142,599,030. The net asset value per share was $12.18, based on 11,707,067 shares outstanding, which represents a decrease of 3.33% from the net asset value per share of $12.60 ($153,352,687 attributable to 12,166,167 shares outstanding) on October 31, 2001. The Trust's investment objective is to provide a high level of current income, consistent with capital preservation. Based on the Trust's net asset value of $12.19 per share as of November 30, 2002, the time remaining until the Trust's termination on or about December 30, 2002, and assuming the continuation of current market conditions, UBS Global Asset Management UBS Global Asset Management was the multinational investment unit of UBS AG, a very large multinational financial firm formed in 1998 from the merger of Union Bank of Switzerland and the Swiss Bank Corporation. (US) Inc. believes that it is unlikely that the Trust 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