Income Financial Plus

Income Financial Plus

August 26, 2005 12:10 ET

Income Financial PLUS: Results for the Period Ending June 30, 2005

TORONTO, ONTARIO--(CCNMatthews - Aug. 26, 2005) - INCOME FINANCIAL PLUS TRUST (TSX:INZ.UN) ("IFP") today announced its Semi-Annual financial results for the six months ending June 30, 2005.

Six regular monthly payments of $0.2083 per unit ($2.50 annually) were made during the six months. A total of 40 distributions totaling $8.33 per unit have been paid since inception. The net asset value per unit was $16.18 as of June 30, 2005.

Selected Financial Information from the Semi-Annual Statement of Operations: (millions)

Six months ending Six months ending
June 30, 2005 June 30, 2004

Income 1.616 1.557

Expenses 1.010 1.341
------- -------

Net investment income .606 .216
Realized option premiums and
gain on sale of investments .652 2.041

Change in unrealized
appreciation of investments (.520) 4.196
------- -------

Increase in net assets from
operations before distributions .738 6.453

IFP was launched in February 2002. It invests primarily in North American financial services companies whose shares are included in the TSE Financial Services Index, the S&P Financials Index or the S&P MidCap Financials Index. Many of the leading financial services companies in North America are held within the portfolio. The sectors include banking, insurance, brokerage, investment management and/or specialty finance. IFP may also invest up to 50% of the portfolio in non-financial services companies in the S&P 500 Index. To generate additional returns above the dividend and interest income earned, IFP writes covered call options on all or part of the securities in the portfolio. IFP has targeted monthly cash distributions of $0.2083 per unit or $2.50 annually (10% of the $25 issue price). IFP also has an objective to return, at a minimum, the original issue price upon wind-up on January 1, 2008. Quadravest Capital Management Inc. actively manages the portfolio.

Contact Information

  • Quadravest Capital Management
    Wayne Finch
    Chairman & Chief Investment Officer
    (416) 304-4443
    Quadravest Capital Management
    Laura Johnson
    Vice President
    (416) 304-4443
    Quadravest Capital Management
    Peter Cruickshank
    Chief Financial Officer
    (416) 304-4443