Series S-1 Income Fund

Series S-1 Income Fund

December 19, 2007 12:42 ET

Series S-1 Income Fund Announces Regular & Special Distributions

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2007) - Series S-1 Income Fund ("Series S-1" or the "Fund") (TSX:SRC.UN) reports the distribution to unitholders of record at the close of business on December 31, 2007 and payable on January 15, 2008 is $0.075 Cdn per unit.

In addition, Series S-1 announces the following special distributions:

- a special cash distribution of $0.10 per unit to unitholders of record at the close of business on December 31, 2007 and payable on January 15, 2008; and

- a special non-cash distribution of approximately $0.30 per unit to unitholders of record on December 31, 2007. This non-cash distribution will be in the form of trust units to be distributed on a pro rata basis to unitholders of record on December 31, 2007 and will be included in unitholders' income for the 2007 calendar year. Immediately after this pro rata distribution of trust units, the number of outstanding trust units will be consolidated, such that each unitholder holds, following the consolidation, the same number of trust units as before the non-cash distribution.

The special distributions are required in order to ensure that the Fund, as is required by its Declaration of Trust, is not liable to pay income taxes in respect of its current taxation year ended December 31, 2007.

Throughout the month of November 2007, Series S-1 repurchased 159,200 units under its mandatory repurchase program when the Fund traded at a discount greater than 5%.

As at December 13, 2007, Series S-1's net asset value was $9.83 Cdn per unit. The current portfolio consists of 31% ongoing business trusts, 18% power generation funds, 17% oil and gas royalty trusts, 10% real estate investment trusts, 19% pipeline and energy distribution funds, and 5% cash and cash equivalents.

Top Ten Holdings at December 17, 2007:

1) Northland Power Income Fund
2) Fort Chicago Energy Partners
3) Inter Pipeline Fund
4) Yellow Pages Income Fund
5) Keyera Facilities Income Fund
6) EPCOR Power LP
7) Noranda Income Fund
8) Consumers Waterheater Income Fund
9) Atlantic Power Corporation
10) Bell Aliant Regional Communications

Contact Information

  • Series S-1 Income Fund
    Joe MacDonald
    Executive Vice President, Sales and Marketing