Income Streams III

Income Streams III

March 24, 2005 14:09 ET

Income STREAMS III: Annual Financial Results to November 30, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INCOME STREAMS III

TSX SYMBOL: STQ
TSX SYMBOL: STQ.E

MARCH 24, 2005 - 14:09 ET

Income STREAMS III: Annual Financial Results to
November 30, 2004

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

During the year, Equity Dividend shareholders received distributions at
the 7% annualized rate, while Capital Yield shareholders received a
total of $0.25 per share under the variable distribution program. Since
inception of Income STREAMS III Equity Dividend shareholders have
received a total of $3.56 per share, and the Capital Yield shareholders
have received a total of $3.97 per share in distributions to November
30, 2004. The net asset value per unit (one Capital Yield share and one
Equity Dividend share) was $32.85 as at November 30, 2004. The Managed
Portfolio per unit was $16.54 as at November 30, 2004.



Selected Financial Information from the Audited Annual Statement of
Financial Operations:
($ Millions)

Year Ended Year Ended
November 30, 2004 November 30, 2003
$ $

Income 1.729 1.536

Expenses (2.077) (2.042)
--------- --------
Net investment income (.348) (0.506)
Realized option premiums and gain
on sale of investments (2.162) (10.057)

Change in unrealized appreciation on
investments/forward agreements 14.138 15.579
--------- --------
Increase (decrease) in net assets
from operations before distributions 11.628 5.016


STQ 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. STQ
STREAMS was launched on July 11, 2001 and its investment portfolio is
actively managed by Quadravest Capital Management.

STQ 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)
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