Series S-1 Income Fund

Series S-1 Income Fund

March 22, 2005 09:30 ET

Series S-1 Announces Distribution and Top Ten Holdings


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SERIES S-1 INCOME FUND

TSX SYMBOL: SRC.UN

MARCH 22, 2005 - 09:30 ET

Series S-1 Announces Distribution and Top Ten Holdings

CALGARY, ALBERTA--(CCNMatthews - March 22, 2005) - Series S-1 Income
Fund (TSX:SRC.UN) reports the distribution to unitholders of record at
the close of business on March 31, 2005 and payable on April 15, 2005 is
$0.075 Cdn per unit.

As at March 17, 2005, Series S-1's net asset value was $11.23 Cdn per
unit. The current portfolio consists of 33% ongoing business trusts, 18%
power generation funds, 15% pipeline and energy distribution funds, 13%
real estate investment trusts, 13% oil and gas royalty trusts and 8%
cash and cash equivalents.



Top Ten Holdings at March 17, 2005:

1) TransAlta Power L.P.
2) ARC Energy Trust
3) Superior Plus Income Fund
4) Noranda Income Fund
5) Inter Pipeline Fund
6) Algonquin Power Income Trust
7) Dundee Reit
8) Royal LePage Franchise
9) Acclaim Energy Trust
10) Clean Power Income Fund


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