Capital Gains Income Streams

Capital Gains Income Streams

March 24, 2005 14:11 ET

Capital Gains Income STREAMS: Annual Financial Results to November 30, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CAPITAL GAINS INCOME STREAMS

TSX SYMBOL: CGQ
TSX SYMBOL: CGQ.E

MARCH 24, 2005 - 14:11 ET

Capital Gains Income STREAMS: Annual Financial Results
to November 30, 2004

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Capital Gains Income
STREAMS Corporation (TSX:CGQ)(TSX:CGQ.E) ("CGQ STREAMS") today announced
its annual financial results for the year ending November 30, 2004.

During the year months, Equity Dividend shareholders received
distributions at the 7% annualized rate. Capital Yield shareholders did
not receive distributions under the variable distribution program as a
result of the minimum managed portfolio threshold of $18 per unit not
being achieved in any month during the year. Since inception of Capital
Gains Income STREAMS Equity Dividend shareholders have received a total
of $3.92 per share, and the Capital Yield shareholders have received a
total of $4.17 per share in distributions to November 30, 2004. The net
asset value per unit (one Capital Yield share and one Equity Dividend
share) was $32.38 as at November 30, 2004. The Managed Portfolio per
unit was $16.07 as at November 30, 2004.



Selected Financial Information from the Audited Annual Statement of
Financial Operations:
($ Millions)
Year Ended Year Ended
Nov 30, 2004 Nov 30, 2003
$ $

Income .814 0.668
Expenses (1.542) (1.638)
------- -------
Net investment income (.728) (0.970)
Realized option premiums and gain on
sale of investments (.877) (7.146)
Change in unrealized appreciation on
investments/forward agreements 7.415 9.147
------- -------
Increase (decrease) in net assets from
operations before distributions 5.810 1.031


CGQ STREAMS is a mutual fund corporation that invests in a diversified
portfolio consisting principally of common shares issued by corporations
whose shares are included in the S&P 500 and the S&P/TSE 60 Index. CGQ
STREAMS was launched on March 6, 2001. Quadravest Capital Management
actively manages its investment portfolio.

CGQ STREAMS' investment objectives are to provide holders of Equity
Dividend shares with; (i) monthly cash dividends in the amount of
$0.0875 per share to yield 7.0% per annum, and (ii) to return the
original issue price of $15.00 at termination (November 30, 2013). The
objectives for holders of Capital Yield shares are to provide; (i)
variable monthly dividends of $0.2083 per share to yield 10.0% per
annum, and (ii) to return the original issue price of $25.00 at
termination (November 30, 2013) by way of a forward agreement with
Merrill Lynch and TD Global Finance (a guaranteed subsidiary of the TD
Bank). Effective July 2002, the Corporation implemented a variable
distribution program for Capital Yield shareholders, in which monthly
distributions are based on the size of the Managed Portfolio per unit.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Quadravest Capital Management
    Wayne Finch
    Chairman & Chief Investment Officer
    (416) 304-4443
    or
    Quadravest Capital Management
    Laura Johnson
    Vice President
    (416) 304-4443
    or
    Quadravest Capital Management
    Peter Cruickshank
    Chief Financial Officer
    (416) 304-4443
    info@quadravest.com
    www.quadravest.com