Press Release
STaRS ANNOUNCES JUNE 2002 DISTRIBUTION
AND INVESTMENT UPDATE
STaRS Income Fund ("STaRS") is pleased to announce that a distribution of $0.075 per trust unit will be payable on July 15, 2002 to unitholders of record on June 28, 2002. This equates to an annual yield of 9% based upon a price of $10.00 per unit. As at June 12, 2002, the net asset value was $9.85 per unit.
STaRS is Middlefield’s third closed-end investment trust and the first combining the investment management experience of both Middlefield and Guardian Capital Inc., who act as Co-Advisors to the Trust, responsible for asset mix and security selection. The objectives of STaRS Income Fund are to provide unitholders with a stable monthly income stream of 9% per annum, as well as capital appreciation. The Managed Portfolio is being invested in a broadly diversified portfolio predominantly comprised of income trusts including REITs, oil and gas royalty trusts and income funds.
As at May 31st 2002, the top ten holdings of the STaRS Managed Portfolio were:
| Investment |
Portfolio Weighting |
| Enerplus Resources Fund |
5.1% |
| RioCan REIT |
5.0% |
| Superior Propane Income Fund |
5.0% |
| ARC Energy Trust |
4.8% |
| Summit REIT |
4.8% |
| Viking Energy Royalty Trust |
4.2% |
| Retirement Residences REIT |
3.9% |
| Pengrowth Energy Trust |
3.7% |
| H&R REIT |
3.1% |
| Shiningbank Energy Income Fund |
3.0% |
The trust units trade on the Toronto Stock Exchange under the symbol STZ.UN.
For further information contact the undersigned:
Nancy Tham
Vice-President
(416) 362-0714 ext. 277
June 13, 2002
This press release contains forward looking information. Actual future results may differ materially. The risks, uncertainties and other factors that could influence actual results are described in the STaRS prospectus and other documents filed with regulatory authorities.