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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: David Alon who wrote (3667)	7/12/2002 4:27:33 PM
From: David Alon	Read Replies (2) \| Respond to of 11633

Looks like I am talking to myself, but anyways,at one point ,this will be worth it, I just do not know which point. Monthly Distribution Declared-American Income 09:04 EST Friday, Jul 12, 2002 TORONTO, ONTARIO--AMERICAN INCOME TRUST ("AMERICAN INCOME") today announced details of a variable distribution program designed to address the effects of the current difficult market conditions. The myriad of issues currently affecting the financial markets has had a dramatic impact on equity markets. The depth and length of this market decline, which is now well into its third year, is among the worst experienced in decades. Since inception of American Income in June of 1999 to July 10, 2002, the S&P 500 has declined by 32.9%. The rapid decline of 13.5% in the S&P 500 from May 31, 2002 to June 10, 2002 has intensified this situation. Although the covered call writing program has generated significant option premium income throughout this time period, it has not been sufficient to offset the impact of these declines on the underlying stocks held in the portfolio. The combined effect of the market decline and total distributions paid since inception of $6.95 has resulted in a decline in the net asset value of American Income to $13.19 as at June 30, 2002. Given the current market conditions and the objective of retaining assets in the Fund to take advantage of any recovery in the equity markets, the Manager of American Income has instituted a variable distribution program effective for the July 31, 2002 distribution. This program will be effective for the remainder of 2002, at which time it will be reviewed in light of market conditions existing at such time. Key features of the program are as follows: a.) The current monthly distribution amount of $0.17708 (annualized 8.5% on the original issue price) will be replaced with a variable monthly distribution target of 8.5% per annum based on the preceding month-end net asset value of American Income. b.) The July 31, 2002 variable monthly distribution will be based on the June 30, 2002 net asset value of $13.19. Therefore a July distribution of $0.09343 ($13.19 8.5%/12) per unit will be paid to unitholders of record on July 31, 2002 and will be payable on August 9, 2002. The Manager of American Income believes that it is prudent and in the best interests of American Income unitholders to adjust the distribution policy at this point in time. The Manager believes that the additional funds retained as a result of this policy will help in rebuilding the net asset value as markets eventually recover. American Income invests in a diversified portfolio consisting principally of a selection of common shares issued by corporations whose shares are included in the S&P 500 Index. American Income's investment portfolio is actively managed by Quadravest Capital Management. American Income Distribution Details: Distribution per Unit: $ 0.09343 Ex-Dividend Date: July 29, 2002 Record Date: July 31, 2002 Payable Date: August 9, 2002 This news release contains certain forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in our forward-looking statements. Actual outcomes and results may differ materially from those expressed in such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. FOR FURTHER INFORMATION PLEASE CONTACT: Quadravest Capital Management, Wayne Finch, Chairman and 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