Interim Management Statement
(Thomson Reuters ONE) - MIDDLEFIELD CANADIAN INCOME TRUSTS INVESTMENT COMPANY PCC Interim Management StatementThis statement has been prepared to provide additional information toshareholders as a body to meet the relevant requirements of the UKListing Authority's Disclosure and Transparency Rules. It should notbe relied upon by any party for any purpose other than as statedabove. This statement covers the period 1 July 2009 to date.Middlefield Canadian Income Trusts Investment Company PCC is aclosed-ended investment company incorporated in Jersey on 24 May2006. The Company has initially established one closed-ended Cellknown as Middlefield Canadian Income Trusts - GBP PC (referred to asthe "Fund" which term includes, where the context permits, theCompany acting in respect of Middlefield Canadian Income Trusts - GBPPC). Admission to the official list of the UK Listing Authority anddealing in redeemable participating preference shares commenced on 6July 2006.Investment ObjectiveThe Fund's investment objective is to produce a high income returnwhilst also seeking to preserve shareholder capital.To achieve its objectives, the Fund (i) entered into a Swap with aCanadian chartered bank in order to achieve efficient currency hedgedeconomic exposure to the Canadian income trust market through itsreference asset, CIT Trust, an actively managed portfolio of Canadianincome trusts and (ii) invests its assets in a Money Market and BondPortfolio.Performance SummaryThe net asset value of the Fund as at 29 October 2009 was 68.16 penceper share or £54.7 million. The total return of the Fund, whichreflects changes in the net asset value as well as dividends paid,was 62.5% for the year to date period ended 29 October 2009. The keydriver of Fund performance is the mark-to-market value of the Swapwhich, in turn, is affected by a combination of the performance ofits reference asset, CIT Trust, and the mark-to-market value of theCCMD Value. The CCMD Value is the direct result of the Fund'sdecision to eliminate the impact of fluctuations in the spreadbetween Sterling and Canadian interest rates on the Fund's revenuesby locking in the spread from the outset. All else being equal, theCCMD Value will reduce to zero as the termination date of 28 June2013 for the Swap is approached.The asset class weightings for CIT Trust as at 12 November 2009 were:+-------------------------------------------------+| Asset Class | Portfolio Weighting ||---------------------------+---------------------|| Oil and Gas | 57% ||---------------------------+---------------------|| Business Trusts | 17% ||---------------------------+---------------------|| Power and Pipeline Trusts | 13% ||---------------------------+---------------------|| REITs | 4% ||---------------------------+---------------------|| Other | 9% |+-------------------------------------------------+Material EventsAs a result of stimulus programs, improving credit markets andincreasing corporate sales and profits, equity markets haveexperienced a significant recovery since their March 2009 lows.Notwithstanding the possibility for a correction in equity pricesover the next several months, we believe the longer term outlook forselect sectors of the equity market remains positive. We expectseveral income trusts to convert to corporations over the next fewyears and reduce their distributions as they become taxable.Notwithstanding, we believe a number of them will continue to pay outrelatively high levels of dividends on a sustainable basis due totheir ability to generate substantial cash flows.The Board of Middlefield Canadian Income Trusts Investment CompanyPCC is not aware of any significant event or transaction which hasoccurred between 1 July 2009 and the date of publication of thisstatement which could have a material impact on the financialposition of the Company.For further information contact:Gary Boudin DeanOrricoKleinwort Benson (Channel Islands) MiddlefieldCanadian Income TrustsFund Services LimitedInvestment Company PCCCompany Secretary DirectorTel.: 01481 727111 Tel.:01481 72711113 November 2009Past performance is not a guide to future performance.This interim management statement is available at:www.middlefield.co.uk.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.11.2009 - 17:52 Uhr
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