TORONTO, ONTARIO, Sep. 25, 2009 (Marketwire) -- Financial Services Income STREAMS Corporation ("FSI STREAMS") reports financial results for the six months ending July 31, 2009.
The six month period ending July 31, 2009 was one of the most tumultuous periods in financial market history. Against this backdrop, the market prices of the financial services stocks in the managed portfolio mirrored this activity reaching lows in early March but recovering significantly by the end of July. The net asset value as at July 31 ended $1.18 higher to $37.81 per unit over the six month period. The $1.18 per unit increase was comprised of an increase of $0.88 in the managed portfolio component to $13.17 per unit and a $0.30 increase in the Capital Yield Share repayment forward agreement to $24.64 per unit. Equity Dividend shareholders received $0.875 per share in regular distributions during the period.
Selected Financial Information from the Statement of
Operations:
For the Six months ending July 31, 2009
($ Millions)
Income 0.129
Expenses (0.573)
---------------
Net investment loss (0.444)
Realized option premiums and gain on sale of
investments 0.352
Change in unrealized appreciation on
investments/forward agreements 2.343
---------------
Increase in net assets from operations before
distributions 2.251
Comparative financial information is available in documents filed on www.sedar.com.
The managed portfolio (the managed portion of the assets of FSI STREAMS not subject to the repayment forward contract) is invested in a diversified portfolio of North American financial services stocks selected from the three major North American Financial services indices. The three indices are the TSX Financial Services Index, the S&P Financials Index and the S&P Midcap Financial Index. To provide additional returns above the dividend and interest income earned on the managed portfolio, a covered call writing program generates option premium income on stocks held in the portfolio.
