Top 20 U.S. Dividend Trust (the Trust) is a closed-end investment fund. The Trust's investment objectives are to provide Unitholders with stable monthly tax-advantaged distributions, and to provide Unitholders with the opportunity for capital appreciation. The Trust provides holders (the Unitholders) of Class A units and Class U units (collectively, the Units and each, a Unit) with investment exposure, on a tax-advantaged basis, to an equally-weighted portfolio (the Portfolio) consisting of over 20 equity securities (the Portfolio Securities) included in the Dow Jones Industrial Average (the Dow). The Trust invests in a range of sectors, including consumer discretionary, consumer staples, energy, financial services, healthcare, industrials, information technology, materials and telecommunication services. The Trust is managed by Scotia Managed Companies Administration Inc., which is a subsidiary of Scotia Capital Inc. Highstreet Asset Management Inc. is its portfolio manager.