Northwater Top 75 Income Trusts PLUS - Final Net Asset Value May 31, 2009 and Results of Annual Redemption



    TORONTO, June 19 /CNW/ - The Northwater Top 75 Income Trusts PLUS (the
"Trust") announced today that the final net asset value of the Trust per unit,
as at May 31, 2009, is $2.35. The return of the Trust for the month of May is
13.51%. The rolling 12-month return for the Trust is -67.83%.
    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 Toronto Stock Exchange. For the month of May, the
S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested
distributions of 12.18%.
    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 May, 11 of the Fund's 15 Managers posted
positive returns, while all 9 market-neutral strategies included within the
Fund's portfolio contributed positively to the bottom line. Specifically the
Fund's Structured Finance 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 May, the Trust purchased 16,800 units under
this program.

    
    Results of Annual Redemption
    ----------------------------
    

    The Trust announced today that it has received requests for annual
redemption in accordance with the terms of the prospectus of the Trust. The
redemption requests that have been received are in excess of the allowable
maximum of 15% of the outstanding units of the Trust. Accordingly, the units
subject to redemption shall be redeemed on a pro rata basis. Unitholders that
submitted a redemption request will receive a cash redemption representing the
Net Asset Value per unit of the Trust as of June 30, 2009 of approximately 25%
of their redemption request. Redeeming unitholders will receive payment on or
before August 12, 2009.

    The Northwater Top 75 Income Trusts Plus is a fund of income trusts and
hedge funds. Units are listed on the Toronto Stock Exchange under the symbol
NTP.UN.





For further information:

For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 360-5435

Organization Profile

NORTHWATER TOP 75 INCOME TRUSTS PLUS

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890