Top 20 Dividend Trust (the Trust) is a closed-end investment fund. The Trust's investment objectives are to provide holders of units with stable monthly distributions, and the opportunity for capital appreciation. The Trust provides holders of units with investment exposure to an equally-weighted portfolio, which consists of approximately 20 highest yielding securities (Portfolio Securities) included in the S&P/TSX 60 Index. The Trust's portfolio of investments include various sectors, such as financials, energy, telecommunication services, utilities and infrastructure, consumer discretionary, basic materials and others. Scotia Managed Companies Administration Inc. is the manager of the Trust, which is a subsidiary of Scotia Capital Inc. (SCI), which in turn is a subsidiary of The Bank of Nova Scotia. Highstreet Asset Management Inc. is its portfolio manager and options advisor, which provides investment advisory and portfolio management services to the Trust.