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Flaherty & Crumrine Investment Grade Preferred Fund Reports 2005 Tax Information.

TORONTO -- Flaherty & Crumrine Investment Grade Preferred Fund (TSX:FAC.UN)is pleased to announce that the 2005 tax information pertaining to the distributions made by the Fund is available and will be provided on a T3 tax slip that will be mailed to unitholders by investment dealers by March 31, 2006. In the interim, this information is also available on Brompton's website at www.bromptongroup.com.

In December 2005, the Fund announced that realized income for tax purposes exceeded cash distributions paid to unitholders, as a result of significant net capital gains realized during the year in respect of the Fund's foreign currency hedging transactions. In accordance with the Fund's Declaration of Trust, an Additional Distribution was automatically allocated to unitholders at year end for the amount of the excess. The Fund confirms that the amount of the Additional Distribution of capital gains for 2005 was $1.73118 per unit. The Additional Distribution was not paid in cash; rather it was paid in units which were immediately consolidated such that the units outstanding did not change. Unitholders are required to include this capital gain in 2005 income, as per the T3 tax slip. Unitholders are also reminded that this same amount should be added to the adjusted cost base of their holdings of the Fund.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Flaherty & Crumrine Investment Grade Preferred Fund (TSX:FAC.UN)
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Publication:Business Wire
Date:Mar 23, 2006
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