Income Financial Trust
TSX : INC.un

Income Financial Trust

March 27, 2009 13:52 ET

Income Financial: Results for the Year Ending December 31, 2008

TORONTO, ONTARIO--(Marketwire - March 27, 2009) - INCOME FINANCIAL TRUST ("Income Financial") announces annual financial results for the year ending December 31, 2008.

By the end of 2008, the cumulative impact of the deterioration in financial and economic conditions created record lows in business, investor and consumer confidence and resulted in recessionary conditions throughout the world. In addition, the de-leveraging of hedge funds and other similar funds during the final months exacerbated market volatility and losses in financial markets. Market indices experienced declines not seen since the Great Depression of the 1930s. In North America, declines of -35.82% and -44.62% respectively for the S&P TSX Financial index and S&P 500 Financials index for the year ending December 31, 2008 evidenced the deterioration of financial and economic conditions on even these broad financial indices.

Throughout this difficult environment, the core holdings in the portfolio have been negatively impacted. The net asset value per unit declined to $8.18 as at December 31, 2008.

Distributions totaling $1.54 per unit were made during the period. A total of 125 distributions totaling $22.16 per unit have been paid since inception (February 1999).

Selected Financial Information from the Statement of Operations:
For the year ending December 31, 2008
($ Millions)

Income 2.874

Expenses (1.012)

Net investment income 1.862

Realized option premiums and gain (loss) on sale of
investments (1.377)

Change in unrealized depreciation of investments (41.480)

Decrease in net assets from operations before
distributions (40.995)

Comparative financial information is available in documents filed on

Income Financial invests primarily in North American financial services companies whose shares are included in the TSX Financial Services Index, the S&P Financials Index or the S&P MidCap Financials Index. Quadravest Capital Management Inc. actively manages the portfolio.

Contact Information

  • Income Financial Trust
    Investor Relations
    (416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)