Top 20 Dividend Trust Declares Initial Monthly Distribution

TORONTO, July 19, 2012 /CNW/ - The Board of Directors of T20 Ltd. (the "Trustee") in its capacity as Trustee for Top 20 Dividend Trust (the "Trust") has today declared monthly distributions for July, August and September of $0.0778, $0.0583 and $0.0583, per Trust Unit respectively. The July distribution represents the first monthly distribution, covering the period from June 20, 2012, the closing date of the Trust's initial public offering, to July 31, 2012.

Record and payment dates are as follows:

Record Date	Payment Date	Distribution Amount/Trust Unit
July 31, 2012	August 15, 2012	$0.0778
August 31, 2012	September 14, 2012	$0.0583
September 28, 2012	October 15, 2012	$0.0583

Unitholders are entitled to receive monthly distributions as declared by the Trustee of the Trust.  The Trustee generally intends to declare and pay monthly distributions based on the dividends and other distributions received on the underlying portfolio and premiums realized by the Trust pursuant to its option writing program less the operating expenses.

The Fund's investment objectives are to provide unitholders with: (i) stable monthly distributions; and (ii) the opportunity for capital appreciation. The Fund invested the net proceeds of the offering in an equally-weighted portfolio comprised of the 20 highest yielding equity securities included in the S&P/TSX 60 Index. The S&P/TSX 60 Index consists of the 60 largest and most liquid issuers on the TSX and is generally maintained to have sector weights in line with the S&P/TSX Composite Index.

The units of the Trust are listed for trading on The Toronto Stock Exchange under the symbol TTY.UN.

Investor Relations
Top 20 Dividend Trust
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E-mail: [email protected]
Website: www.scotiamanagedcompanies.com