Income Financial Trust
TSX : INC.un

Income Financial Trust

August 26, 2005 12:41 ET

Income Financial Trust: Results For The Six Months Ending June 30, 2005

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

Six regular monthly payments of $0.17708 per unit ($2.125 annually) were made during the period. A total of 80 distributions totaling $14.89 per unit have been paid since inception. The net asset value per unit was $19.95 as of June 30, 2005.

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

Six Months Six Months
Ending Ending
June 30, 2005 June 30, 2004
$ $

Income .852 .803

Expenses .482 .567

Net investment income .370 .236

Realized option premiums
and gain on sale of investments .837 1.658

Change in unrealized appreciation of
investments (.512) 1.276
------ -----
Increase in net assets from operations
before distributions .695 3.170

Income Financial was launched in February 1999. 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. To generate additional returns above the dividend and interest income earned, Income Financial writes covered call options on all or part of the securities in the portfolio. Income Financial has targeted monthly cash distributions of $0.17708 per unit or $2.125 annually (8.5% of the $25 issue price). Income Financial also has an objective to return, at a minimum, the original issue price upon wind-up on January 1, 2009. 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