diversiTrust Income Fund

diversiTrust Income Fund

March 22, 2005 13:59 ET

diversiTrust'TM' Income Fund Announces Issuer Bid


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DIVERSITRUST INCOME FUND

TSX SYMBOL: DTF.UN

MARCH 22, 2005 - 13:59 ET

diversiTrust'TM' Income Fund Announces Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - March 22, 2005) - Goodman & Company,
Investment Counsel Ltd., the manager of diversiTrust™ Income Fund
(the "Fund")(TSX:DTF.UN) announces a normal course issuer bid. In
accordance with the terms of its initial public offering, the Fund
intends to purchase, through the facilities of the TSX, up to 497,914
trust units of the Fund (the "Trust Units") representing approximately
10% of the public float.

The Trust Units may be purchased for cancellation commencing as at March
21, 2005 through to March 18, 2006 through the facilities of the TSX and
may be purchased when the net asset value per Trust Unit exceeds its
trading price. A Notice of Intention to Make a Normal Course Issuer Bid
has been accepted by the TSX effective as of March 9, 2005.

The purpose of the normal course issuer bid is to provide the Fund with
a mechanism to decrease the potential spread between the net asset value
per Trust Unit and the market price of the Trust Units and to provide
enhanced liquidity for the Trust Units. The Fund had 5,133,750 Trust
Units issued and outstanding as at March 18, 2005. For the period March
19, 2004 to March 18, 2005, 254,669 Trust Units were purchased by the
Fund under its normal course issuer bid.

The Fund is a TSX traded closed-end trust, which seeks to provide a
stable monthly distribution through investment in a diversified
portfolio of business, resource, real estate and utility trusts as well
as other high yielding securities. As of March 18, 2005 the net asset
value was $15.62 per Trust Unit and the closing trading price was $14.55
per Trust Unit (representing a discount of 6.85% when measured against
the net asset value per Trust Unit).

Goodman & Company, the Manager of the Fund, is a leader in the income
trust market, managing a broad range of core and specialized income
trust funds including Dynamic Focus+ Diversified Income Trust Fund,
Dynamic Focus+ Energy Income Trust Fund, Dynamic Focus+ Small Business
Fund, Dynamic Focus+ Real Estate Fund and Dynamic Focus+ Resource Fund.
Goodman & Company also manages diversiTrust™ Stable Income Fund
(DTS.un), diversiTrust™ Income+ Fund (DTP.un) and diversiTrust™
Energy Income Fund (DTN.un), other TSX-listed closed-end trusts.

Goodman & Company is a leading Canadian investment firm tracing its
portfolio management roots back over 45 years, with more than $15
billion in assets under management. Goodman & Company, including Dynamic
Mutual Funds and its affiliates, offers a wide range of wealth
management solutions through registered financial advisors, including
mutual funds; fee-based programs (Viscount and Marquis), limited
partnerships (CMP and Canada Dominion), a labour-sponsored fund, hedge
funds and high net-worth investment counsel (Goodman Private Wealth
Management). Goodman & Company, Investment Counsel Ltd. is a subsidiary
of Dundee Wealth Management Inc. (DW - TSX).

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Goodman & Company, Investment Counsel Ltd.
    Trevor Hampden
    (416) 365-5002
    www.diversitrust.com