CALGARY, ALBERTA–(EMWNews – July 23, 2008) – Series S-1 Income Fund (“Series S-1” or the “Fund”) (TSX:SRC.UN) reports the distribution to unitholders of record at the close of business on July 31, 2008 and payable on August 15, 2008 is $0.075 Cdn per unit.

Throughout the month of June 2008, Series S-1 repurchased 129,400 units under its mandatory repurchase program when the Fund traded at a discount greater than 5%.

As at July 17, 2008, Series S-1’s net asset value was $9.36 Cdn per unit. The current portfolio consists of 27% ongoing business trusts, 17% power generation funds, 18% oil and gas royalty trusts, 9% real estate investment trusts, 22% pipeline and energy distribution funds, and 7% cash and cash equivalents.

Top Ten Holdings at July 21, 2008:

1) Northland Power Income Fund
2) Fort Chicago Energy Partners
3) Inter Pipeline Fund
4) Keyera Facilities Income Fund
5) Yellow Pages Income Fund
6) Altagas Income Trust
7) EPCOR Power LP
8) Noranda Income Fund
9) Consumers Waterheater Income Fund
10) ARC Energy Trust