Northwater Top 75 Income Trusts PLUS - Final Net Asset Value - August 31,
2009
The Trust generally holds an income trust portfolio comprised of an equally weighted portfolio of the largest 75 income trusts by market capitalization listed on The
The Trust also has exposure to a portfolio of market-neutral hedge funds held by Enhancement Fund Limited (the "Fund") through a forward purchase and sale agreement. For the month of August, 8 of the Fund's 12 managers posted positive returns while 6 out of the 7 strategies included within the Fund's portfolio contributed positively to the bottom line. Specifically, the Fund's convertible arbitrage strategy was the largest positive contributor to the estimated return of the Trust for the month.
The Fund relies on estimates provided by administrators or managers of each of the Fund's underlying hedge funds. These estimates may be revised and the Fund will be required to capture these revisions in subsequent net asset value calculations. The net asset value of the Fund is also affected by the finalization of the net asset value by the administrators of the underlying hedge funds. Ultimately, the net asset value of the Fund impacts the reported net asset value of the Trust and, accordingly, the Trust indirectly relies on the estimates provided by administrators or managers of each of the Fund's underlying hedge funds.
Subject to limits set out in the Trust's prospectus, the Trust is required to purchase its units in the market in the event that the market price of a unit of the Trust falls below 95% of the net asset value of the Trust per unit. For the month of August, the Trust purchased 25,400 units under this program.
The Trust has provided investors with periodic updates on the scheduled termination of the Trust on
The Northwater Top 75 Income Trusts Plus is a fund of income trusts and hedge funds. Units are listed on the
For further information: Mohamed Khaki at Northwater Capital Management Inc. at (416) 360-5435
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