Press Release


Year End Financial Results
(For Release 9:00 a.m. EDT, May 23, 2000)

Toronto, May 23, 2000: Global Plus Income Trust announces results for the period from commencement of operations September 13, 1999 to December 31, 1999. Total results from financial operations amounted to $10.1 million or $2.12 per unit which includes both realized and unrealized capital gains and losses. Net assets are $120.9 million or $24.98 per unit. Distributions to Unitholders amounted to $3.6 million or $0.75 per unit, which included a special dividend of $0.15 in December 1999.

The Trustıs strategy is to invest the net proceeds from this offering in a diversified portfolio (the"Portfolio") consisting principally of common shares issued by corporations selected from the Standard & Poorıs 100 Index and American Depository Receipts ("ADRs") of the top 100 corporations selected on the basis of market capitalization whose ADRs are trading on the New York Stock Exchange or NASDAQ. In addition, in order to provide further global investment opportunities, the Trust may, from time to time, invest up to a maximum of 25% of its net asset value in World Equity Benchmark Shares that seek to provide investment results that track the performance of a specific country index compiled by Morgan Stanley Capital International Inc. To generate additional returns above the dividend income earned on the portfolio, the Trust will from time to time, write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest.

Unitholders of Global Plus Income Trust may elect to have their distributions re-invested into additional Units by enrolling in the Trustıs Distribution Reinvestment Plan. Unitholders should contact their broker or the Plan Agent (Montreal Trust Company of Canada) to enroll in the plan.

The Trustıs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Trust Units are listed on The Toronto Stock Exchange under the symbol GIP.UN.

Selected Financial Information:
($ millions)

Statement of Net Assets 1999
Assets $ 125.8
Liabilities 4.9
Net Assets
(Unitholders Equity)  		$ 120.9
Statement of Financial Operations
Income $ 0.9
Expenses 0.5
Net Investment Income 0.4
Net Gain on Investments 9.7
Total Results from Financial Operations $ 10.1


For further information, contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
Donald Biggs, Vice President, Mulvihill Capital Management

Global Plus Income Trust
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
premium@mulvihill.com
www.mulvihill.com