NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA.
EnerVest Diversified Management Inc. (TSX:EIT.UN), the Manager of EnerVest
Diversified Income Trust ("EnerVest"), is pleased to announce the financial
results for the six month period ended June 30, 2007. The following is an
excerpt from the interim management report of fund performance and interim
financial statements of EnerVest for the six month period ended June 30, 2007.
The interim report, which includes the entire interim management report of fund
performance and interim financial statements, can be found on our website at
www.enervest.com or on SEDAR at www.sedar.com.
MANAGEMENT REPORT OF FUND PERFORMANCE
Results of Operations
After a tumultuous 2006 caused primarily by the surprise announcement of the
Conservative Government's "Tax Fairness Plan" and the resulting volatility in
the sector, the income trust sector stabilized during the first half of 2007.
The portfolio's overweight position in real estate investment trusts ("REIT")
and underweight position in oil & gas trusts at the beginning of the year served
EnerVest well. As merger and acquisition activity increased in the sector, most
notably in the Business Trust subsector, EnerVest's portfolio was well
positioned to capitalize on such activity. EnerVest's return based on its net
asset value per unit was 12.1% for the period, higher than both the BMO Capital
Markets Trust Composite Index and S&P/TSX Income Trust Index returns of 11.2%
and 10.1%, respectively. EnerVest's return was 19.6% based on its market price,
the result of a decrease in the discount between the trust's market price and
its net asset value. Compared to December 31, 2006 when units traded at a 16.3%
discount, the discount decreased to 10.7% at June 30, 2007.
After rising significantly over the first two months of 2007, REIT valuations
have declined resulting in an average return of 4.0% for the period as measured
by the BMO Capital Markets REIT Index. The anticipation of an increase in
interest rates, which occurred on July 10th, was the largest factor weighing on
the subsector. Benefiting from higher oil prices and increased activity, returns
in the Oil & Gas subsector rose sharply during the second quarter resulting in a
7.2% return year to date as measured by the BMO Capital Markets Royalty Trust
Index. Total returns for Business Trusts were 16.7% according to the BMO Capital
Markets Income Trust Index, significantly higher than the equity market as
investors are focusing more on the merger and acquisition activity in the
subsector than on the interest rate and currency risk. EnerVest's portfolio has
taken advantage of this recent activity and has positioned the portfolio to
include those companies that appear as likely candidates for takeover.
Portfolio
With the exception of the Oil & Gas sector, the portfolio composition did not
change dramatically during the period. The portfolio weighting for Oil & Gas
increased to 28.6% from 22.0% to take advantage of favourable valuations and to
provide higher yields on the portfolio. In order to take advantage of the
increased merger and acquisition activity, exposure to consumer products,
industrial products and pipelines has increased as these have better
fundamentals and contain companies the market may construe as good takeover
candidates. The portfolio is currently yielding 7.8%.
Financial Performance
Approximately $91.3 million was received in distributions from portfolio assets
during the period, an increase of $13.0 million over 2006. This increase is
mainly the result of the investments received on the October 2006 exchange offer
and the resulting distributions received on those assets.
Total expenses were $23.3 million for the period, of which management fees and
interest and charges on the credit facility combined accounted for 81.9%.
Management fees totalled $10.6 million, an increase of approximately $1.0
million over 2006. Approximately $8.5 million was incurred in interest and
credit facility charges to date, an increase of $5.3 million over 2006 as a
result of a higher average balance outstanding.
EnerVest had net realized capital gains of $99.5 million for the period.
Unrealized gains in the portfolio increased by $54.1 million, the majority
attributable to Business Trusts.
The increase in net assets from operations for the period was $208.2 million, or
$0.77 per unit. Distributions of $113.0 million were paid to unitholders during
the period. Opening net assets decreased by $7.7 million due to a fair value
adjustment to revalue December 31, 2006 investments to bid prices as required
under a new accounting standard. As a result of the increase from operations of
$208.2 million, distribution payments of $113.0 million and the $7.7 million
fair value adjustment, net assets have increased $87.4 million. As at June 30,
2007, EnerVest's net assets totalled $2.0 billion, or $7.44 per unit.
One element of EnerVest's investment strategy is the use of leverage. EnerVest
does not consider substantial levels of debt financing appropriate and its
Declaration of Trust limits borrowing to 20% of the value of total assets after
giving effect to the leverage. The maximum borrowings during the period were
$376.0 million while the minimum amount drawn was $279.0 million. As at June 30,
2007, $376.0 million was utilized.
Cash Distributions
EnerVest distributed $0.42 per unit during the period, consistently distributing
$0.07 per unit per month. These distributions represent an annualized pre-tax
yield of 13.1% based on EnerVest's weighted average market price of $6.40 per
unit in 2007.
It is estimated that 37.5% of the distributions paid during 2007 will be
non-taxable. This equates the 13.1% yield on EnerVest units to an equivalent
pre-tax interest rate of 16.8%, assuming a 46.41% tax rate and payment of
capital gains tax on the return of capital upon disposition of EnerVest units.
Since inception EnerVest has paid a monthly distribution to unitholders on the
last trading day of the month.
Trading Volume
The daily average trading volume of EnerVest units on the TSX was 496,081 units.
With a market capitalization of approximately $1.8 billion at June 30, 2007,
EnerVest is both the largest and most liquid closed-end fund in Canada,
providing our investors with the ability to easily move in and out of the market
without a discernible effect on the price of EnerVest units.
Recent Developments
Special Meeting of Unitholders
A Special Meeting of Unitholders was held on July 5, 2007 to approve amendments
to EnerVest's Declaration of Trust. The amendments included broadening the
investment strategy to allow for greater flexibility of investing in debt and
equity securities of publicly traded corporations and amendments required as a
result of recent regulatory changes. These amendments were approved by EnerVest
Unitholders at the Special Meeting. The investment objectives and policies of
EnerVest were amended in response to the taxation changes of publicly traded
income trusts to ensure that EnerVest can continue to meet its stated investment
objective of maximizing monthly distributions to Unitholders relative to risk,
particularly amidst the flurry of takeover and merger activity in the sector.
Income Trust Tax
Bill C-52, an Act to implement certain provisions of the budget tabled in
Parliament on March 19, 2007, was given Royal Assent on June 22, 2007 thereby
passing into law the Conservative's "Tax Fairness Plan" including the proposed
tax on income trusts. Though this has removed some of the uncertainty on this
issue since its October 31st announcement, further clarification is required on
such areas as conversion of trusts into corporate structures, REIT exemptions
and allowable growth. Until these issues are clarified many trusts will not be
able to make strategic decisions on their future direction.
Repurchase of EnerVest Units
During November, EnerVest announced its intention to repurchase units under its
normal course issuer bid. By year end, EnerVest purchased 2,711,100 units in the
open market for cancellation at a net cost of $16.2 million. EnerVest has
continued purchasing units during 2007 pursuant to the terms of its normal
course issuer bid, purchasing 589,625 units for cancellation at a net cost of
$3.8 million.
Credit Facility
On January 30, 2007, EnerVest entered into a syndicated credit facility
evidenced by a Credit Agreement between EnerVest, as borrower, and Canadian
Imperial Bank of Commerce and Bank of Montreal for an amount up to $400 million.
This facility replaced the then existing $350 million facility. The new facility
allows EnerVest the opportunity to borrow at lower interest rates, thereby
decreasing interest expense charged to EnerVest.
Investment Fund Governance Legislation
During 2006, Canadian securities regulators passed legislation requiring
independent oversight over the management of Canadian investment funds. National
Instrument 81-107 Independent Review Committee for Investment Funds ("NI
81-107") came into effect on November 1, 2006. Under NI 81-107, an Independent
Review Committee ("IRC") was required to be established by May 1, 2007. The
initial members appointed to EnerVest's IRC are Allen Clarke (Chairman), Dr.
William Byrne, and Catherine Brown. The main responsibility of the IRC is to
govern over perceived conflicts of interest between investment funds, their
managers and related third parties. Policies and procedures are to be adopted no
later than November 1, 2007 and investment funds must be in full compliance of
NI 81-107 at that time. EnerVest has made significant strides in the formation
of its IRC and its policies and will meet each implementation date requirement.
New CICA Financial Instrument Standards
On April 1, 2005, the Canadian Institute of Chartered Accountants issued new
financial reporting standards for the accounting and disclosure of financial
instruments. Of importance to investment funds are new definitions and
requirements for determining the fair value of financial instruments,
particularly investments. Since current securities regulations require that
investment funds calculate Net Asset Value Per Share ("NAVPS") in accordance
with Generally Accepted Accounting Principles ("GAAP"), these new standards
impact the way in which net asset value is determined. For securities quoted on
an open market, the new standards require the use of bid prices as opposed to
the closing prices currently used. Bid prices are normally less than closing
prices which will result in lower net asset values. Under the old rules,
transaction costs such as broker commissions could be added to the cost base of
investments purchased and deducted from the proceeds of investments sold. The
new rules require that these costs be expensed. These new standards were
effective for fiscal years beginning on or after October 1, 2006, therefore
effective January 1, 2007 for EnerVest. Securities regulators have granted
relief from the requirement to calculate NAVPS in accordance with GAAP. This
relief is in effect until the earlier of September 30, 2007 and the date on
which legislation with respect to calculating net asset value for purposes other
than financial statements is changed. The Canadian Securities Administrators are
currently seeking comments on proposed amendments to National Instrument 81-106
Investment Fund Continuous Disclosure, Form 81-106F1, Companion Policy 81-106CP
and other related consequential amendments. The proposed amendments modify the
requirements regarding the calculation of net asset value following the
introduction of the new accounting standards. Specifically it allows for
investment funds to have two different net asset values: one for financial
statements using bid prices (referred to as "net assets" or "net assets per
unit"); and another for all other purposes using closing prices (referred to as
"net asset value" or "net asset value per unit"). The comment period expires on
August 31, 2007. During the temporary relief period, EnerVest calculates NAVPS
under the old method, specifically using closing rather than bid prices, for all
purposes other than financial statements. This Management Report of Fund
Performance has been completed based on the proposed amendments and the 2007
interim financial statements have been presented in accordance with the new
accounting rules.
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about EnerVest and
are intended to help you understand EnerVest's financial performance for the
past five years.
EnerVest's Net Assets per Unit (1)
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2007 2006 2005 2004 2003 2002
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Net assets, beginning of period 7.12 8.22 8.01 7.22 6.50 6.85
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Increase (decrease) from
operations:
Total revenue 0.34 0.73 0.77 0.73 0.75 0.78
Total expenses (0.09) (0.15) (0.15) (0.15) (0.15) (0.17)
Realized gains for period 0.37 0.18 0.24 0.18 0.07 0.25
Unrealized gains (losses) for
period 0.20 (0.68) 0.68 1.49 1.56 0.17
Return of capital (0.05) (0.13) (0.20) (0.24) (0.26) (0.30)
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Total increase (decrease) from
operations(2) : 0.77 (0.05) 1.34 2.01 1.97 0.73
----------------------------------------------------------------------------
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Distributions:
From net investment income (0.26) (0.58) (0.60) (0.58) (0.59) (0.59)
From capital gains (0.16) (0.17) (0.24) (0.17) (0.07) (0.24)
Return of capital - (0.09) - (0.09) (0.18) (0.01)
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Total distributions(3) (0.42) (0.84) (0.84) (0.84) (0.84) (0.84)
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Net assets, end of period (4) 7.44 7.12 8.22 8.01 7.22 6.50
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(1) This information is derived from EnerVest's audited annual financial
statements, except for 2007 which is derived from the unaudited interim
financial statements. The net assets per unit presented in the financial
statements differs from the net asset value calculated for fund pricing
purposes. An explanation of these differences can be found in the notes
to the financial statements.
(2) Net assets and distributions are based on the actual number of units
outstanding at the relevant time. The increase/decrease from operations
is based on the weighted average number of units outstanding over the
financial period.
(3) Distributions were paid in cash, reinvested in additional units of
EnerVest, or both.
(4) This information is provided as at December 31 of the year shown, except
2007 which is provided as at June 30.
(5) This schedule is not a reconciliation of net assets since it does not
reflect unitholder transactions as shown on the Statement of Changes in
Net Assets. Columns may therefore not add.
Ratios and Supplemental Data
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2007 2006 2005
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Total net asset value ($000s)(1) 2,013,229 1,914,596 1,597,955
Number of units outstanding (000s)(1) 269,003 269,010 194,329
Management expense ratio ("MER")
excluding issue costs and
interest (2) 1.31% 1.32% 1.37%
MER including issue costs and
interest (2) 2.18% 2.12% 2.45%
Trading expense ratio(3) 0.18% 0.12% 0.10%
Portfolio turnover rate(4) 22.17% 23.99% 17.27%
Net asset value per unit $ 7.48 $ 7.12 $ 8.22
Closing market price $ 6.68 $ 5.96 $ 8.23
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Ratios and Supplemental Data
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2004 2003 2002
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Total net asset value ($000s)(1) 1,187,695 723,366 392,607
Number of units outstanding (000s)(1) 148,300 100,205 60,392
Management expense ratio ("MER")
excluding issue costs and
interest (2) 1.49% 1.68% 2.08%
MER including issue costs and
interest (2) 3.14% 3.72% 5.35%
Trading expense ratio(3) 0.15% 0.33% 0.26%
Portfolio turnover rate(4) 20.52% 37.61% 33.65%
Net asset value per unit $ 8.01 $ 7.22 $ 6.50
Closing market price $ 8.40 $ 6.77 $ 6.58
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(1) This information is provided as at December 31 of the year shown, except
2007 which is provided as at June 30.
(2) Management expense ratio is based on total expenses (excluding
commissions and other portfolio transaction costs) for the stated period
and is expressed as an annualized percentage of daily average net asset
value during the period. The MER has been presented excluding and
including the cost of issuance of EnerVest units and interest expense on
the credit facility.
(3) The trading expense ratio represents total commissions and other
portfolio transaction costs expressed as an annualized percentage of
daily average net asset value during the period.
(4) EnerVest's portfolio turnover rate indicates how actively EnerVest's
portfolio advisor manages its portfolio investments. A portfolio
turnover rate of 100% is equivalent to EnerVest buying and selling all
of the securities in its portfolio once in the course of the year. The
higher a fund's portfolio turnover rate in a year, the greater the
trading costs payable by the fund in the year and the greater the chance
of an investor receiving taxable capital gains in the year. There is not
necessarily a relationship between a high turnover rate and the
performance of a fund.
PAST PERFORMANCE
The performance data provided assumes that all distributions made by EnerVest in
the periods shown were reinvested in additional units of EnerVest and does not
take into account sales, distribution or other optional charges that would have
reduced returns or performance. Past performance does not necessarily indicate
how EnerVest will perform in the future.
Year-by-Year Returns
The table below shows EnerVest's annual performance for each of the years shown
and illustrates how EnerVest's performance has changed from year to year. This
table shows in percentage terms how much an investment made on January 1 of each
year (except 1997 which uses the inception date of August 7, 1997) would have
grown or decreased by December 31 of the same year (except 2007 which ends June
30).
Returns Based Returns Based on
on Market Price Net Asset Value
----------------------------------------------------------------------------
1997 (22.7%) (10.8%)
1998 (25.7%) (10.5%)
1999 24.6% 37.6%
2000 36.0% 47.3%
2001 31.3% 30.3%
2002 10.6% 9.2%
2003 18.0% 25.9%
2004 41.3% 26.3%
2005 11.3% 16.5%
2006 (17.7%) (1.6%)
2007 19.6% 12.1%
Annual Compound Returns
The below table shows annual compound returns for the periods ended June 30,
2007 for EnerVest based on market price and net asset value and compared to the
BMO Capital Markets Trust Composite Index.
EnerVest BMO Capital
--------------------------------------- Markets Trust
Returns Based Returns Based on Composite
on Market Price Net Asset Value Index(1)
----------------------------------------------------------------------------
Six months 19.6% 12.1% 11.2%
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One year 6.2% 7.6% 1.8%
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Three years 12.1% 16.5% 20.2%
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Five years 12.2% 15.7% 20.2%
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Since Inception 10.0% 11.3% 15.6%
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(1) BMO Capital Markets Trust Composite Index returns have been adjusted to
reflect the reinvestment of distributions on securities in the index.
SUMMARY OF INVESTMENT PORTFOLIO
Portfolio Breakdown
Oil & Gas 28.61%
Business Trusts 27.61%
Real Estate Investment Trusts 24.36%
Pipeline & Utilities 22.44%
Industrials 14.09%
Cash and Cash Equivalents 2.86%
Other Assets less Liabilities (19.97%)
---------
Net Assets 100.00%
Top 25 Holdings
Issuer Name % of Net Assets
----------------------------------------------------------------------------
Canadian Oil Sands Trust 6.44%
Yellow Pages Income Fund 5.03%
AltaGas Income Trust 4.56%
Canadian REIT 4.38%
BFI Canada Income Fund 4.10%
CI Financial Income Fund 4.03%
Inter Pipeline Fund 3.39%
Fort Chicago Energy Partners L.P. 3.32%
Newalta Income Fund 3.27%
RioCan REIT 3.07%
Dundee REIT 3.01%
H&R REIT 2.72%
TELUS Corporation 2.62%
Vermilion Energy Trust 2.62%
Boardwalk REIT 2.47%
Crescent Point Energy Trust 2.39%
Bonavista Energy Trust 2.28%
Penn West Energy Trust 2.26%
Bell Aliant Regional Communications Income Fund 2.25%
ARC Energy Trust 2.24%
Enerplus Resources Fund 2.19%
Keyera Facilities Income Fund 2.04%
Chartwell Seniors Housing REIT 1.97%
Labrador Iron Ore Royalty Income Fund 1.95%
Cominar REIT 1.85%
The summary of investment portfolio may change due to ongoing portfolio
transactions of the investment fund. A quarterly update is available on our
website at www.enervest.com or can be requested by calling 1-800-459-3384 or
writing to EnerVest Diversified Management Inc., Suite 2800, 700 9th Avenue SW,
Calgary, Alberta, T2P 3V4.
Statements of Net Assets
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As at June 30, 2007 Dec. 31, 2006
(Unaudited)
($ thousands except per unit amounts) $ $
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ASSETS
Investments 2,344,537 2,169,141
Cash 57,279 27,106
Distributions receivable 15,461 15,519
Promissory note receivable 9,433 9,433
Prepaid interest 1,096 -
Interest receivable 257 -
-------------------------------
2,428,063 2,221,199
-------------------------------
-------------------------------
LIABILITIES
Credit facility 376,000 284,000
Liability for purchase of portfolio
assets 29,094 -
Distributions payable 18,830 18,831
Accounts payable and accrued liabilities 2,171 3,772
-------------------------------
426,095 306,603
-------------------------------
NET ASSETS 2,001,968 1,914,596
-------------------------------
-------------------------------
UNITS ISSUED AND OUTSTANDING (000s) 269,003 269,010
-------------------------------
-------------------------------
NET ASSETS PER UNIT $ 7.44 $ 7.12
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Statements of Operations
For the Six Month Periods Ended June 30, 2007 and 2006
----------------------------------------------------------------------------
(Unaudited) 2007 2006
($ thousands except per unit amounts) $ $
----------------------------------------------------------------------------
INVESTMENT REVENUES
Distribution income 91,348 78,359
Securities lending revenue 622 -
Interest income 257 81
-------------------------------
92,227 78,440
-------------------------------
EXPENSES
Management fees 10,553 9,603
Interest and charges on credit facility 8,537 3,204
General and administrative 1,295 948
Brokerage commissions 1,783 -
Goods and services tax 735 768
Securityholder reporting costs 144 239
Legal fees 112 102
Custodial fees 76 67
Directors' fees 27 34
Audit fees 25 4
Trustees' fees 21 28
-------------------------------
23,308 14,997
-------------------------------
NET INVESTMENT INCOME 68,919 63,443
-------------------------------
GAIN ON INVESTMENTS
Net realized gains on sale of portfolio
assets 99,506 33,219
Net change in unrealized portfolio gains 54,106 (26,915)
Return of capital (14,352) (16,236)
-------------------------------
139,260 (9,932)
-------------------------------
INCREASE IN NET ASSETS FROM OPERATIONS 208,179 53,511
-------------------------------
-------------------------------
WEIGHTED AVERAGE UNITS OUTSTANDING (000s) 268,937 221,814
-------------------------------
-------------------------------
INCREASE IN NET ASSETS FROM OPERATIONS PER
UNIT $ 0.77 $ 0.24
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Statements of Changes in Net Assets
For the Six Month Periods Ended June 30, 2007 and 2006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited) 2007 2006
($ thousands) $ $
----------------------------------------------------------------------------
NET ASSETS, BEGINNING OF PERIOD 1,914,596 1,597,955
-------------------------------
FAIR VALUE ADJUSTMENT
Value adjustment as at December 31, 2006 to
bid prices (7,746) -
-------------------------------
INCREASE IN NET ASSETS FROM OPERATIONS 208,179 53,511
-------------------------------
UNITHOLDER TRANSACTIONS
Net proceeds on issuance of units (25) 281,628
Proceeds from distribution reinvestment plan 3,693 3,184
Amounts paid for repurchase of units (3,765) -
Distributions to unitholders
- from net investment income (68,919) (62,106)
- from realized gains on sale of portfolio
assets (44,045) (33,219)
- from return of capital - -
-------------------------------
(113,061) 189,487
-------------------------------
NET ASSETS, END OF PERIOD 2,001,968 1,840,953
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Statements of Cash Flows
For the Six Month Periods Ended June 30, 2007 and 2006
----------------------------------------------------------------------------
(Unaudited) 2007 2006
($ thousands) $ $
----------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Net investment income 68,919 63,443
Proceeds on disposition of portfolio assets 507,480 111,654
Purchase of portfolio assets (551,365) (333,807)
Net change in non-cash working capital items 26,197 5,665
-------------------------------
51,231 (153,045)
-------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Cash proceeds on issuance of units - 285,755
Compensation paid on issuance of units (25) (4,127)
Repurchase of units (3,765) -
Cash proceeds from distribution reinvestment
plan 3 43
Drawings on credit facility 140,000 403,500
Repayments on credit facility (48,000) (443,072)
Cash distributions to unitholders (109,271) (92,184)
-------------------------------
(21,058) 149,915
-------------------------------
NET INCREASE (DECREASE) IN CASH 30,173 (3,130)
CASH, BEGINNING OF PERIOD 27,106 21,894
-------------------------------
CASH, END OF PERIOD 57,279 18,764
-------------------------------
-------------------------------
SUPPLEMENTARY INFORMATION
Interest paid 9,133 2,914
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Statement of Investment Portfolio
June 30, 2007
(Unaudited)
----------------------------------------------------------------------------
($ thousands)
-------------------------------
Units / Average Fair % of Net
Shares Cost Value Assets
----------------------------------------------------------------------------
OIL & GAS (28.61%)
Conventional Oil & Gas
ARC Energy Trust 2,058,087 34,663 44,743 2.24%
Baytex Energy Trust 655,000 13,984 13,873 0.69%
Bonavista Energy Trust 1,490,699 37,755 45,615 2.28%
Crescent Point Energy Trust 2,442,924 34,759 47,930 2.39%
Daylight Resources Trust 2,309,129 30,064 23,507 1.18%
Enerplus Resources Fund 880,440 39,896 43,881 2.19%
Fairborne Energy Trust 2,480,347 25,651 20,438 1.02%
Focus Energy Trust 1,864,244 31,235 32,643 1.63%
Paramount Energy Trust 1,085,000 13,239 12,597 0.63%
Pengrowth Energy Trust 483,085 10,231 9,758 0.49%
Penn West Energy Trust 1,273,159 46,837 45,223 2.26%
Progress Energy Trust 2,752,577 34,784 35,178 1.76%
Trilogy Energy Trust 698,265 12,545 6,682 0.33%
Vermilion Energy Trust 1,471,802 15,518 52,529 2.62%
-----------------------------
381,161 434,597 21.71%
Unconventional Oil & Gas
Canadian Oil Sands Trust 3,916,396 99,432 128,889 6.44%
Freehold Royalty Trust 636,075 7,437 9,185 0.46%
-----------------------------
106,869 138,074 6.90%
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BUSINESS TRUSTS (27.61%)
Consumer Services/Restaurants
A&W Revenue Royalties Income Fund 224,782 1,915 3,100 0.16%
Boston Pizza Royalties Income Fund 35,344 314 515 0.03%
The Consumers' Waterheater Income
Fund 1,164,090 13,346 19,266 0.96%
Gateway Casinos Income Fund 864,003 12,567 21,678 1.08%
-----------------------------
28,142 44,559 2.23%
Media
Cineplex Galaxy Income Fund 1,618,814 24,801 28,329 1.41%
Yellow Pages Income Fund 7,249,040 103,286 100,617 5.03%
-----------------------------
128,087 128,946 6.44%
Telcommunications Services
Bell Aliant Regional Communications
Income Fund 1,437,371 47,692 45,062 2.25%
TELUS Corporation 839,200 50,452 52,475 2.62%
-----------------------------
98,144 97,537 4.87%
Consumer Staples
Connors Bros. Income Fund 2,542,589 36,153 28,553 1.42%
Menu Foods Income Fund 1,255,190 17,008 3,577 0.18%
Rogers Sugar Income Fund 2,673,452 9,795 11,576 0.58%
-----------------------------
62,956 43,706 2.18%
Materials
Canfor Pulp Income Fund 1,267,400 19,600 19,518 0.98%
Labrador Iron Ore Royalty Income
Fund 1,186,094 18,562 39,046 1.95%
Noranda Income Fund 998,509 8,476 11,253 0.56%
PRT Forest Regeneration Income Fund 392,500 3,799 3,391 0.17%
Royal Utilities Income Fund 1,248,400 15,038 15,418 0.77%
SFK Pulp Fund 3,264,355 14,897 16,191 0.81%
Supremex Income Fund 1,501,286 15,013 14,277 0.71%
-----------------------------
95,385 119,094 5.95%
Diversified Financials
Davis + Henderson Income Fund 1,744,035 19,423 33,573 1.67%
CI Financial Income Fund 2,980,364 88,807 80,619 4.03%
-----------------------------
108,230 114,192 5.70%
Information Technology
Teranet Income Fund 477,400 4,542 4,745 0.24%
-----------------------------
4,542 4,745 0.24%
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PIPELINE & UTILITIES (22.44%)
Energy
AltaGas Income Trust 3,606,263 83,789 91,347 4.56%
Essential Energy Services Trust 1,595,739 12,319 10,835 0.54%
Fort Chicago Energy Partners L.P. 6,359,909 64,481 66,461 3.32%
Inter Pipeline Fund 7,292,227 55,838 67,818 3.39%
Keyera Facilities Income Fund 2,215,080 30,132 40,780 2.04%
Pembina Pipeline Income Fund 754,134 7,832 11,983 0.60%
Spectra Energy Income Fund 1,443,350 13,060 14,809 0.74%
Taylor NGL Limited Partnership 3,499,154 25,410 31,492 1.57%
-----------------------------
292,861 335,525 16.76%
Energy Equipment and Services
Trinidad Energy Services Income
Trust 498,462 7,020 7,457 0.37%
-----------------------------
7,020 7,457 0.37%
Utilities
Algonquin Power Income Fund 855,400 7,345 7,485 0.37%
EPCOR Power L.P. 1,215,000 30,716 31,833 1.59%
Great Lakes Hydro Income Fund 1,595,704 20,613 32,616 1.63%
Innergex Power Income Fund 1,454,353 12,542 18,019 0.90%
Macquarie Power & Infrastructure
Income Fund 1,555,131 15,088 16,329 0.82%
-----------------------------
86,304 106,282 5.31%
----------------------------------------------------------------------------
INDUSTRIALS (14.09%)
Capital Goods
Badger Income Fund 669,609 10,080 11,591 0.58%
-----------------------------
10,080 11,591 0.58%
Commercial Services & Supplies
BFI Canada Income Fund 2,926,485 50,171 82,146 4.10%
Newalta Income Fund 2,557,215 69,843 65,490 3.27%
Resolve Business Outsourcing Income
Fund 2,186,470 21,579 19,394 0.97%
-----------------------------
141,593 167,030 8.34%
Transportation
Contrans Income Fund 1,057,693 13,735 11,846 0.59%
Livingston International Income
Fund 1,275,214 26,023 25,823 1.29%
Westshore Terminals Income Fund 2,658,508 16,777 37,033 1.85%
-----------------------------
56,535 74,702 3.73%
Income Deposit Securities
Atlantic Power Corporation 1,669,500 16,697 17,947 0.90%
Primary Energy Recycling
Corporation 1,607,900 15,963 10,886 0.54%
-----------------------------
32,660 28,833 1.44%
----------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS ("REIT") (24.36%)
Allied Properties REIT 1,514,350 21,741 32,619 1.63%
Boardwalk REIT 1,027,175 15,075 49,438 2.47%
Canadian Hotel Income Properties
REIT 556,407 6,080 8,613 0.43%
Canadian REIT 3,008,734 74,704 87,644 4.38%
Chartwell Seniors Housing REIT 2,633,695 32,395 39,347 1.97%
Cominar REIT 1,724,411 34,547 36,971 1.85%
Crombie REIT 1,609,450 15,912 21,084 1.05%
Dundee REIT 1,337,468 32,137 60,293 3.01%
H&R REIT 2,379,260 42,729 54,509 2.72%
Morguard REIT 960,800 14,288 13,028 0.65%
Northern Property REIT 985,694 15,931 22,681 1.13%
RioCan REIT 2,610,004 39,715 61,440 3.07%
-----------------------------
345,254 487,667 24.36%
----------------------------------------------------------------------------
1,985,823 2,344,537 117.11%
BROKERAGE COMMISSIONS (Note 2) (360) - -
-------------------------------
TOTAL INVESTMENT PORTFOLIO 1,985,463 2,344,537 117.11%
CASH & CASH EQUIVALENTS 57,279 2.86%
LIABILITIES, NET OF OTHER ASSETS (399,848) (19.97)%
--------------------
NET ASSETS 2,001,968 100.00%
EnerVest is an actively managed, closed-end trust which invests in a diversified
portfolio of income, royalty and real estate investment trusts, limited
partnerships and debt and equity securities, all of which trade on the Toronto
Stock Exchange. EnerVest's objectives are to maximize monthly distributions
relative to risk, reduce investment risk, and maximize net asset value over its
life. EnerVest currently has 269,091,776 units outstanding, a net asset value of
approximately $1.8 billion and a daily average trading volume of 480,303 units
for the first seven months of 2007.
This news release contains certain forward looking statements that involve
substantial known and unknown risks and uncertainties, some of which are beyond
our control, including the impact of general economic conditions in Canada and
the United States, industry conditions, changes in laws and regulations,
including the Canadian Income Tax Act, fluctuations in interest rates, commodity
prices and foreign exchange, stock market volatility, and market valuations of
income and royalty trusts. Our actual results, performance or achievement could
differ materially from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurances can be given that any of these events
anticipated by the forward looking statements will transpire or occur, or if any
of them do, what benefits, including the amount of proceeds, that we will derive
therefrom.
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