TORONTO, Aug. 22 /CNW/ - Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the net asset value (NAV) of the Trust per unit,
as at July 31, 2007, is $9.29. The NAV is net of the monthly cash distribution
of $0.08 per unit previously declared to unitholders of record on July 31,
2007. The Trust also announced today that it has declared a cash distribution
of $0.08 per unit to holders of record on August 31, 2007. The distribution is
expected to be paid on September 14, 2007.
The return of the Trust for the month of July is -2.39%. The rolling
12-month return for the Trust is 4.71%.
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 July
2007, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of -2.41%.
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. During the month of July, 12 of the Fund's 25 managers posted
positive returns, while seven of the twelve market-neutral strategies included
within the Fund's portfolio contributed positively to the bottom line.
Specifically, the Fund's distressed securities managers, in aggregate, were
the largest contributors to the estimated return of the Trust for the month.
Subject to limits set out in the Trust's prospectus, the Trust is
required to purchase its units in the market, up to a maximum of 1.25% each
quarter, 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 quarter to date, the
Trust has purchased 26,400 units under this program. The Trust has completed
its market-support program, as described in the Trust's prospectus, for the
The preliminary NAV and return for the month of August will be made
available to unitholders on September 10th, the fifth business day following
the month-end, as required under the terms of the Trust.
The Northwater Top 75 Income Trusts Plus is a well-diversified fund of
income trusts and market-neutral hedge funds. Units are listed on the Toronto
Stock Exchange under the symbol NTP.UN.
For further information:
For further information: Mohamed Khaki or Stephen Foote at Northwater
Capital Management Inc. at (416) 360-5435