Series S-1 Income Fund
TSX : SRC.UN

Series S-1 Income Fund

May 20, 2005 16:12 ET

Series S-1 Announces Distribution and Top Ten Holdings

CALGARY, ALBERTA--(CCNMatthews - May 20, 2005) - Series S-1 Income Fund (TSX:SRC.UN) reports the distribution to unitholders of record at the close of business on May 31, 2005 and payable on June 15, 2005 is $0.075 Cdn per unit.

As at May 19, 2005, Series S-1's net asset value was $10.96 Cdn per unit. The current portfolio consists of 31% ongoing business trusts, 20% power generation funds, 12% pipeline and energy distribution funds, 13% real estate investment trusts, 16% oil and gas royalty trusts and 8% cash and cash equivalents.



Top Ten Holdings at May 19, 2005:

1) TransAlta Power L.P.
2) Superior Plus Income Fund
3) Inter Pipeline Fund
4) Noranda Income Fund
5) Dundee Reit
6) Algonquin Power Income Trust
7) Boralex Power Income Fund
8) Retirement Residences Reit
9) Royal LePage Franchise
10) Keyera Facilities Income Fund



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