Premium Income Corporation (the Fund) is a split-stock company. The investment objectives of the Fund are to provide holders of Preferred Stock with cumulative preferred quarterly cash distributions of $0.215625 per share, to provide holders of Class A Stock with quarterly cash distributions equal to the amount, where applicable, whereby the net realized capital gains, dividends and option premiums earned on the Fund’s portfolio during a year, net of expenses and loss carryforwards, exceed the amount of distributions paid on preferred shares, and to return the original issue price to the holders of preferred shares and Class A shares upon liquidation of the Fund. The fund invests at least 75% of its net asset value in common shares of Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Toronto-Dominion Bank , and can invest up to 25% of its net asset value in common shares of the National Bank of Canada. Its investment manager is Mulvihill Capital Management Inc.
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