Trust Preferred Shares

Alphabetical Order

Trust preferred shares (TRuPs) are shares issued by a trust which a corporation forms exclusively to purchase
subordinated debt of the corporation.  It generally works like this---the trust issues shares of preferred stock.  
From the proceeds of the sale the trust purchases a debt issue from the forming corporation.  The corporation
thus pays the trust interest payments which are passed on to you.  Thus one level of taxation is eliminated
(the corporate taxes). The payments are generally not eligible for the 15% tax rate.  

Most of the issues are $25.00 issues and generally are callable at $25.00  5 years from the date of issue.  
Dividends are paid quarterly on most of these issues.

Note that the issuer generally has the right to defer dividend payments on most of these issues.  Dividends are
cumulative, but they can be deferred---generally for up to 20 quarters.  This does not generally take place with
solvent issuers---if they start deferring--they likely will be out of business soon.

Unlike regular preferred shares which generally have no maturity date---most trust preferred shares do
have maturity dates.

Note that most Trust Preferred Stocks are Bank Trust Preferred Stock

We consider this TRuPs list to be quite complete.


CAUTION----CELLS THAT ARE RED in the Current Yield Column INDICATE A SUSPENDED DIVIDEND OR A
HIGH RISK ISSUE

CAUTION---a YELLOW CELL in the 'Earliest Call Date" column means that the issue is NOW CALLABLE

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Trust Preferred Stocks  - Alphabetical
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