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Northward Equity Income Fund Quarterly Report – September 2014

Portfolio review
The Northward Equity Income Fund returned 0.02% over the quarter compared with the S&P/ASX100 Accumulation Index decline of -0.72%. Pleasingly for a fund with a conservative market exposure we were able to outperform the Index for the second consecutive quarter.
Income distribution for the quarter was strong at 1.83 cents per unit (CPU) and a running yield of 8.4%. Including franking credits implies a grossed-up yield of 9.8%.
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