UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21630
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NT Alpha Strategies Fund
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(Exact name of registrant as specified in charter)
50 South LaSalle Street
Chicago, IL 60675
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(Address of principal executive offices) (Zip code)
Joseph W. McInerney,
President and Principal Executive Officer
NT Alpha Strategies Fund
50 South LaSalle Street
Chicago, IL 60675
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 630-6000
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Date of fiscal year end: March 31
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Date of reporting period: September 30, 2005
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ITEM 1. REPORTS TO STOCKHOLDERS.
The Semi-annual Report to Shareholders is filed herewith.
NT Alpha Strategies Fund
Semiannual Report
September 30, 2005
Logo: Northern Trust
NT ALPHA STRATEGIES FUND
TABLE OF CONTENTS
2 STATEMENT OF ASSETS AND LIABILITIES
3 SCHEDULE OF INVESTMENTS
5 STATEMENT OF OPERATIONS
6 STATEMENT OF CHANGES IN NET ASSETS
7 STATEMENT OF CASH FLOWS
8 FINANCIAL HIGHLIGHTS
9 NOTES TO THE FINANCIAL STATEMENTS
12 FOR MORE INFORMATION
NOT FDIC INSURED
- -------------------------------------
May lose value/No bank guarantee
SEMIANNUAL REPORT 1 NT ALPHA STRATEGIES FUND
NT ALPHA STRATEGIES FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 2005 (UNAUDITED)
NT ALPHA
Rounded to thousands, STRATEGIES
except per unit data FUND
- --------------------------------------------------------------------------------
ASSETS:
Investments in Sub-Funds, at fair value (Cost $80,451,000
$75,863,000)
Cash and cash equivalents 5,096,000
Deposit on pending investments in Sub-Funds 750,000
Receivable for Sub-Fund investment sold 43,000
Receivable from investment manager 125,000
Receivable from administrator 5,000
Prepaid and other assets 161,000
Total Assets 86,631,000
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LIABILITIES:
Capital contributions received in advance 350,000
Payable to unitholders 5,001,000
Payable to affiliates:
Investment management fees 197,000
Administration fees 26,000
Custody and accounting fees 4,000
Transfer agent fees 1,000
Other accrued liabilities 41,000
Total Liabilities 5,620,000
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Net Assets $81,011,000
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ANALYSIS OF NET ASSETS:
Net capital $77,852,000
Accumulated net investment loss (1,418,000)
Accumulated net realized loss (11,000)
Net unrealized appreciation on investments 4,588,000
Net Assets $81,011,000
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UNITS OUTSTANDING (UNLIMITED AUTHORIZATION) 7,718,000
NET ASSET VALUE, PER UNIT $10.50
See Notes to the Financial Statements.
NT ALPHA STRATEGIES FUND 2 SEMIANNUAL REPORT
NT ALPHA STRATEGIES FUND
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED)
NT ALPHA STRATEGIES FUND
FAIR
VALUE
(ROUNDED TO
THOUSANDS)
- --------------------------------------------------------------
SUB-FUNDS - 99.3%
COMMODITY TRADING ADVISOR - 4.9%
(COST $3,775,000)
Cornerstone International Value Fund, LLC $ 1,195,000
Rotella Polaris Fund, LLC 2,754,000
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3,949,000
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CONVERTIBLE BOND ARBITRAGE - 5.5%
(COST $4,469,000)
Quattro Domestic Fund, L.P. 2,250,000
Radcliffe Domestic Investors, L.P. 2,219,000
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4,469,000
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DISTRESSED SECURITIES - 1.8%
(COST $1,313,000)
Harbert Distressed Investment Fund, L.P. 1,489,000
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EQUITY MARKET NEUTRAL - 8.9%
(COST $6,850,000)
Loomis Sayles Consumer Discretionary Hedge
Fund, L.P. 1,969,000
O'Connor Global Fundamental Long/Short, LLC 3,134,000
Temujin Fund, L.P. 2,130,000
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7,233,000
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FIXED INCOME ARBITRAGE - 8.6%
(COST $7,250,000)
Burnaby Catastrophe Fund, L.P. 1,563,000
Carrington Investment Partners (US), L.P. 1,031,000
Nephila Catastrophe Fund, L.P. 2,273,000
Parkcentral Global, L.P. 2,097,000
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6,964,000
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GLOBAL MACRO - 9.4%
(COST $7,412,000)
Galtere International Master Fund, L.P. 2,482,000
Lily Pond Investors, L.P. 1,110,000
OLEA Global Partners, L.P. 2,096,000
Third Wave Global Macro Fund, L.P. 1,909,000
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7,597,000
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NON-US EQUITY HEDGE - 10.7%
(COST $8,007,000)
Hilldale Canadian Long/Short Equity Fund,
Class B 1,778,000
Pegasus Leveraged Fund Ltd. 2,488,000
The Greater Asian Hedge Fund Ltd. 1,866,000
Zebedee European Fund, L.P. 2,521,000
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8,653,000
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FAIR
VALUE
(ROUNDED TO
THOUSANDS)
- --------------------------------------------------------------
SUB-FUNDS - 99.3% - CONTINUED
RELATIVE VALUE ARBITRAGE - 13.8%
(COST $10,803,000)
Blackthorn Partners, L.P. $ 2,148,000
Forest Multi-Strategy Fund LLC 3,525,000
OTA Multi-Strategy Fund, L.P. 3,165,000
TCM Spectrum Fund (QP), L.P. 2,326,000
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11,164,000
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SECTOR HEDGE - 1.8%
(COST $1,250,000)
Brightfield Partners II, L.P. 1,445,000
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SHORT BIAS - 2.0%
(COST $1,500,000)
Perennial Investors (QP), L.P. 1,617,000
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SPECIAL SITUATIONS - 10.2%
(COST $7,200,000)
Courage Special Situations Fund, L.P.,
Class B&C 3,117,000
DDJ October Fund, L.P. 3,023,000
York Distressed Opportunities Fund, L.P. 2,101,000
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8,241,000
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STATISTICAL ARBITRAGE - 3.6%
(COST $2,698,000)
AQR Global Stock Selection Institutional Fund,
L.P. 2,943,000
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US EQUITY HEDGE - 18.1%
(COST $13,336,000)
Alydar QP Fund, L.P. 2,688,000
CCM Small Cap Value Qualified Fund, L.P. 1,072,000
Heirloom Qualified Partners, L.P. 3,234,000
Hygrove Capital Fund (QP), L.P. 2,287,000
Stadia Capital Partners (QP), L.P. 2,787,000
Stonebrook Institutional Partners, L.P. 2,619,000
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14,687,000
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TOTAL SUB-FUNDS
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(COST $75,863,000) 80,451,000
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See Notes to the Financial Statements.
SEMIANNUAL REPORT 3 NT ALPHA STRATEGIES FUND
NT ALPHA STRATEGIES FUND
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED)
NT ALPHA STRATEGIES FUND (continued)
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PRINCIPAL
AMOUNT VALUE
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CASH EQUIVALENT - 6.3%
Societe Generale, Grand Cayman,
Eurodollar Time Deposit,
3.94%, 10/3/05 $5,094,000 $5,094,000
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TOTAL CASH EQUIVALENT
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(COST $5,094,000) 5,094,000
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TOTAL INVESTMENTS - 105.6%
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(COST $80,957,000) 85,545,000
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Liabilities less Other Assets - (5.6)% (4,534,000)
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NET ASSETS - 100.0% $81,011,000
Sub-Fund investments are non-income producing.
At September 30, 2005, the NT Alpha Strategies Fund's investments as a
percentage of total net assets were diversified as follows:
SECTOR WEIGHTINGS PERCENTAGE
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Commodity Trading Advisor 4.9%
Converible Bond Arbitrage 5.5
Distressed Securities 1.8
Equity Market Neutral 8.9
Fixed Income Arbitrage 8.6
Global Macro 9.4
Non-US Equity Hedge 10.7
Relative Value Arbitrage 13.8
Sector Hedge 1.8
Short Bias 2.0
Special Situations 10.2
Statistical Arbitrage 3.6
US Equity Hedge 18.1
Cash and Cash Equivalent 0.7
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Total 100.0%
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At September 30, 2005, the NT Alpha Strategies Fund's Sub-Funds investments were
domiciled as follows:
FAIR
COUNTRIES COST VALUE
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Bermuda $2,253,000 $2,488,000
British Virgin Islands 2,250,000 2,482,000
Cayman Islands 1,750,000 1,866,000
United States 69,610,000 73,615,000
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Total $80,451,000
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See Notes to the Financial Statements.
NT ALPHA STRATEGIES FUND 4 SEMIANNUAL REPORT
NT ALPHA STRATEGIES FUND
STATEMENT OF OPERATIONS PERIOD ENDED SEPTEMBER 30, 2005 (UNAUDITED)
NT ALPHA
STRATEGIES
Rounded to thousands FUND
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INVESTMENT INCOME:
Other Income $3,000
Interest income on cash 67,000
equivalents
TOTAL INVESTMENT INCOME 70,000
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EXPENSES:
Investment management fees 386,000
Administration fees and expenses 119,000
Custody and accounting fees 24,000
Transfer agent fees 4,000
Insurance 78,000
Printing 10,000
Professional fees 241,000
Trustee fees and expenses 30,000
Other 16,000
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Total Expenses 908,000
Less expenses reimbursed by:
investment manager (183,000)
administrator (31,000)
Net Expenses 694,000
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NET INVESTMENT LOSS (624,000)
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NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments (56,000)
Net change in unrealized appreciation on investments 2,315,000
Net Gains on Investments 2,259,000
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,635,000
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See Notes to the Financial Statements.
SEMIANNUAL REPORT 5 NT ALPHA STRATEGIES FUND
NT ALPHA STRATEGIES FUND
STATEMENT OF CHANGES IN NET ASSETS
NT ALPHA
STRATEGIES FUND
SIX MONTHS
ENDED PERIOD
SEPTEMBER 30, ENDED
2005 MARCH 31,
Rounded to thousands (UNAUDITED) 2005(1)
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OPERATIONS:
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Net investment loss $(624,000) $(794,000)
Net realized gains (losses) (56,000) 45,000
Net change in unrealized appreciation on 2,315,000 2,273,000
investments
Net Increase in Net Assets Resulting from
Operations 1,635,000 1,524,000
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UNIT TRANSACTIONS:
Capital Contributions (2,073,000 and 6,656,000 21,479,000 66,895,000
Units)
Capital Withdrawals (1,011,000 Units and - Units) (10,522,000) -
Net Increase in Net Assets Resulting from
Capital Transactions 10,957,000 66,895,000
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TOTAL INCREASE IN NET ASSETS 12,592,000 68,419,000
NET ASSETS:
Beginning of period 68,419,000 -
End of period $81,011,000 $68,419,000
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ACCUMULATED NET INVESTMENT LOSS $(1,418,000) $(794,000)
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(1) Commenced investment operations on September 1, 2004.
See Notes to the Financial Statements.
NT ALPHA STRATEGIES FUND 6 SEMIANNUAL REPORT
NT ALPHA STRATEGIES FUND
STATEMENT OF CASH FLOWS PERIOD ENDED SEPTEMBER 30, 2005 (UNAUDITED)
NT ALPHA
STRATEGIES
Rounded to thousands FUND
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CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets from operations $1,635,000
Adjustments to reconcile net increase in net assets from
operations to net cash provided by (used in)
operating activities:
Purchase of Sub-Funds (16,428,000)
Proceeds from disposition of Sub-Funds 1,194,000
Realized loss from investments 56,000
Net change in unrealized depreciation on Sub-Funds (2,315,000)
Changes in operating assets and liabilities:
Decrease in investments in Sub-Funds paid in advance 3,325,000
Decrease in receivable for Sub-Fund investment sold 1,487,000
Increase in receivable from investment manager (14,000)
Increase in receivable from administrator (1,000)
Increase in prepaid and other assets (96,000)
Increase in investment management fees payable 116,000
Decrease in administration fees payable (32,000)
Increase in custody and accounting fees payable 1,000
Decrease in other accrued liabilities (80,000)
Net cash flow used in operating activities (11,152,000)
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CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions 16,617,000
Capital withdrawals (5,521,000)
Net cash flow provided by financing activities 11,096,000
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NET DECREASE IN CASH (56,000)
Cash - Beginning of Period 5,152,000
Cash - End of Period 5,096,000
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See Notes to the Financial Statements.
SEMIANNUAL REPORT 7 NT ALPHA STRATEGIES FUND
NT ALPHA STRATEGIES FUND
FINANCIAL HIGHLIGHTS
NT ALPHA
STRATEGIES FUND
SIX MONTHS
ENDED PERIOD
SEPTEMBER 30, ENDED
2005 MARCH 31,
Selected per unit data (UNAUDITED) 2005(3)
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NET ASSET VALUE, BEGINNING OF PERIOD $10.28 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (0.06) (0.12)
Net realized and unrealized gains 0.28 0.40
Total Income from Investment Operations 0.22 0.28
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Net Asset Value, End of Period $10.50 $10.28
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TOTAL RETURN (1) 2.11% 2.78%
SUPPLEMENTAL DATA AND RATIOS:
Net Assets, rounded to thousands,
end of period $81,011,000 $68,419,000
Ratio to average net assets of: (2)
Expenses, net of waivers and reimbursements 1.80% 2.40%
Expenses, before waivers and reimbursements 2.36% 3.71%
Net investment loss, net of waivers
and reimbursements (1.62)% (2.29)%
Net investment loss, before waivers
and reimbursements (2.18)% (3.60)%
Portfolio Turnover Rate 1.63% 5.65%
(1) Assumes investment at net asset value at the beginning of the period and a
complete redemption of the investment at net asset value at the end of the
period. Total return is not annualized for periods less than one year.
(2) Annualized for periods less than one year.
(3) Commenced investment operations on September 1, 2004.
See Notes to the Financial Statements.
NT ALPHA STRATEGIES FUND 8 SEMIANNUAL REPORT
NT ALPHA STRATEGIES FUND
NOTES TO THE FINANCIAL STATEMENTS
1 ORGANIZATION
NT Alpha Strategies Fund (the "Fund") is a Delaware statutory trust and is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as a closed-end, diversified, management investment company. The Fund's
investment objective is to seek attractive risk-adjusted rates of return through
investment in a diversified portfolio of assets. The Fund will operate as a
"Fund-of-Funds," investing, either directly or indirectly, in a group of funds
or other pooled investment vehicles (the "Sub-Funds") managed by investment
advisers selected by the Fund's investment manager. The Fund will seek to
provide investors with exposure to alternative investment strategies by
investing in diversified markets and instruments.
The Fund offers common interests ("Common Units") in a private placement to
qualified investors that are "Accredited Investors" within the meaning given to
such term in Regulation D under the Securities Act of 1933, as amended. Common
Units are offered monthly. The minimum subscription per investor is $250,000.
Subscriptions are payable in full at the time an investor returns the
subscription agreement, which must be at least three business days before the
month-end valuation. The net asset value of the Fund is equal to the estimated
value of its total assets, minus the estimated sum of its total liabilities, as
of the pertinent valuation date. Please note that U.S. tax-exempt investors and
non-U.S. investors may not invest directly in the Fund, but rather should invest
in one of the two following "feeder funds," both of which invest substantially
all of their assets in the Fund: (1) Northern Trust Alpha Strategies Fund, Q.P.,
which is open to U.S. tax-exempt investors and non-U.S. investors that are both
Accredited Investors and Qualified Purchasers (as such term is defined in
Section 2(a)(51) of the 1940 Act) or (2) Northern Trust Alpha Strategies Fund,
which is open to U.S. tax-exempt investors and non-U.S. investors that are
Accredited Investors, but not Qualified Purchasers. Although common unitholders
will not have the right to redeem their Common Units, at the discretion of the
Board of Trustees ("Board"), and subject to its overall fiduciary duties to all
unitholders, the Board intends to make quarterly tender offers of its Common
Units at the net asset value as of the applicable tender date. The minimum
amount of Common Units that may be tendered is equal to $100,000. Should a
Common Unitholder choose to accept any such tender offer, such acceptance must
be in writing and must be received by the Fund, as set forth in the notice of
such tender offer, no earlier than 60 days and no later than 45 days before the
applicable tender date. The Fund is authorized to issue preferred units,
although none have been offered as of September 30, 2005.
Northern Trust Global Advisors, Inc. ("NTGA"), a subsidiary of Northern Trust
Corporation ("NTC"), serves as the investment manager. The Northern Trust
Company ("Northern Trust"), is the custodian, fund accountant and transfer agent
to the Fund. Northern Trust Investments, N.A. ("NTI"), a wholly owned subsidiary
of Northern Trust, serves as the administrator. Northern Trust Securities, Inc.
("NTSI"), a subsidiary of NTC, serves as placement agent to the Fund.
2 SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of the financial statements. These
policies are in conformity with accounting principles generally accepted in the
United States of America or "GAAP". The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results may differ from those estimates.
A) VALUATION OF SECURITIES - Investments in Sub-Funds are valued at fair value,
as determined by the Board or its delegates. In determining the fair value of
each Sub-Fund, the Board or its delegates will take into account the estimated
net asset value of such Sub-Fund provided to the Fund by the Sub-Fund itself, as
well as any other considerations that may, in the Board or its delegates'
judgment, increase or decrease such estimated value. Accordingly, because of the
inherent uncertainty of these valuations, these estimated values may differ
significantly from the values that could have been used had a readily available
market for the investments existed, and the differences could be material. Cash
equivalents are valued at cost, which approximates fair value.
B) CASH EQUIVALENTS - The Fund treats all financial instruments that mature
within three months as cash equivalents. Cash equivalents held in the Fund are
shown on the accompanying Schedule of Investments.
C) INVESTMENT TRANSACTIONS, INCOME AND EXPENSES - Investment transactions are
recorded as of the trade date. The Fund determines the gain or loss realized
from investment transactions by using an identified cost basis method. Interest
income and expenses are recognized on an accrual basis. The Fund does not
currently intend to make any distributions.
D) FEES AND EXPENSES - The Fund will be responsible for paying administrative
and operating expenses. In addition, the Fund will be responsible for paying the
operating expenses of the Feeder Funds.
The Fund also is responsible for fees payable by the Sub-Funds to their
respective advisers (collectively, the "Advisory Fees"). The Advisory Fees will
vary, but they will typically consist of a management (asset-based) fee and an
incentive fee. Management fees typically range between 1% and 2% of a Sub-Fund's
NAV per
SEMIANNUAL REPORT 9 NT ALPHA STRATEGIES FUND
NT ALPHA STRATEGIES FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
year and incentive fees typically range between 10% and 25% of the Sub-Fund's
net new profits. These Advisory Fees are accounted for in the valuations of the
Sub-Funds (which are reported in these financial statements net of such fees)
and are not included in the Statement of Operations.
E) FEDERAL INCOME TAXES - The Fund intends to operate and has elected to be
treated as a partnership for federal income tax purposes. Accordingly, no
provision for the payment of federal, state or local income taxes has been
provided. Each Partner is individually required to report on its own tax return
its distributive share of the Fund's taxable income or loss.
3 RELATED PARTY, INVESTMENT MANAGEMENT AND OTHER AGREEMENTS
As compensation for investment management services, NTGA is entitled to receive
a 1.00% per annum fee of the Fund's net asset value payable quarterly in arrears
calculated as of the last business day of each quarter. NTGA reimbursed the Fund
for the six months ended September 30, 2005 as shown on the accompanying
Statement of Operations for all operating expenses that exceed 0.50% per annum
of the Fund's net asset value. The reimbursement described above is voluntary.
As compensation for services rendered as transfer agent, including the
assumption by Northern Trust of the expenses related thereto, Northern Trust
receives a 0.01% per annum fee of the Fund's net asset value payable monthly in
arrears calculated as of the last business day of each month.
For compensation as custodian and fund accountant, Northern Trust receives an
amount based on a pre-determined schedule of charges approved by the Board.
The Fund has an administration agreement with NTI for certain administrative
services. Pursuant to their administration agreement with the Fund, the
administrator is entitled to receive a 0.10% per annum fee of the Fund's net
asset value payable monthly in arrears calculated as of the last business day of
each month. NTI has retained sub-administrators.
NTI has agreed to reimburse the Fund as shown on the accompanying Statement of
Operations for all administration, sub-administration, custody and transfer
agent fees that exceed 0.30% per annum of the Fund's net asset value. The
reimbursement described above is voluntary.
NTSI serves as the placement agent (the "Placement Agent") for the Fund. The
Placement Agent solicits subscriptions for Common Units on a "best efforts"
basis. The Fund does not pay a placement fee to the Placement Agent and common
unitholders do not pay any sales charges or servicing fees.
As of September 30, 2005, NTC's investment in the Fund was $24.6 million and the
Northern Trust Pension Plan's investment in the Northern Trust Alpha Strategies
Fund, Q.P. was $20.2 million.
4 INVESTMENT TRANSACTIONS
The Fund had aggregate purchases of $16,428,000 and proceeds from sales of
Sub-Funds of $1,194,000 (excluding short-term investments) for the six months
ended September 30, 2005.
At September 30, 2005, the estimated cost of investments for federal income tax
purposes was $75,863,000. At September 30, 2005, accumulated net unrealized
appreciation on investments was $4,588,000, consisting of $5,248,000 gross
unrealized appreciation and $660,000 gross unrealized depreciation.
5 NET ASSETS
The net assets of the Fund are determined as of the last business day of each
calendar month. Profits and losses of the Fund are allocated among the common
unitholders based on the balance in each common unitholders account at the
beginning of each calendar month.
6 RISK FACTORS
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK - The Sub-Funds may borrow and
may utilize various lines of credit, reverse repurchase agreements, "dollar"
rolls, issuance of debt securities, swaps, forward purchases, other off-balance
sheet derivative transactions and other forms of leverage. While leverage
presents opportunities for increasing total return, it has the effect of
potentially increasing losses as well. If income and appreciation on
investments made with borrowed funds are less than the cost of the leverage, the
value of a Sub-Fund's net assets will decrease. Accordingly, any event which
adversely affects the value of an investment by a Sub-Fund would be magnified to
the extent leverage is employed. The cumulative effect of the use of leverage in
a market that moves adversely to a leveraged investment could result in a
substantial loss which would be greater than if leverage were not used. In
periods of extreme market volatility, the need to sell assets in a declining
market can cause even greater losses, as prices may be artificially depressed.
Generally, most leveraged transactions involve the posting of collateral.
Increases in the amount of margin that a Sub-Fund is required to post could
result in a disposition of Sub-Fund assets at times and prices which could be
disadvantageous to the Fund and could result in substantial losses. Creditors'
claims may be senior to the rights of unitholders in the Fund.
NT ALPHA STRATEGIES FUND 10 SEMIANNUAL REPORT
SEPTEMBER 30, 2005 (UNAUDITED)
7 BOARD OF TRUSTEES
Each member of the Board of Trustees who is not an "interested person" of the
Fund, as defined in the 1940 Act, receives an annual retainer of $15,000 plus a
fee of $2,500 for each board meeting attended in person or $1,000 for each board
meeting attended telephonically. Also, the chair of the Fund's Audit Committee
will be paid an additional annual fee of $10,000. At September 30, 2005, there
are a total of three Trustees of which one is an "interested person" of the
Fund. The Fund reimburses those Trustees who are not "interested persons" for
all reasonable out-of-pocket expenses incurred by them in performing their
duties.
SEMIANNUAL REPORT 11 NT ALPHA STRATEGIES FUND
NT ALPHA STRATEGIES FUND
FOR MORE INFORMATION
PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Form N-Q is available on the SEC's Web site at
sec.gov. You may also obtain a copy at the SEC's Public Reference Room in
Washington, D.C. Information about the Public Reference Room may be obtained by
calling 800/SEC-0330.
PROXY VOTING
A description of the Fund's Proxy Voting Policies and Procedures and the Fund's
portfolio securities voting record, if any, for the period September 1, 2004
through June 30, 2005 is available, without charge, upon request, by contacting
the investment manager at 800/595-9111 or by visiting the SEC's Web site at
www.sec.gov.
NT ALPHA STRATEGIES FUND 12 SEMIANNUAL REPORT
HDG SAR NTAS 11/05
ITEM 2. CODE OF ETHICS.
Not applicable for reporting period.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for reporting period.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for reporting period.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
The registrant has elected to include the schedule of investments in securities
of unaffiliated issuers as part of the report to shareholders filed under Item 1
of this report on Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable for reporting period.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for reporting period.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The procedures by which shareholders may recommend nominees to the registrant's
Board of Trustees have been amended such that the nominating committee may
review shareholder recommendations for nominees to the Board.
ITEM 11. CONTROLS AND PROCEDURES.
a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act")(17 CFR
270.30a-3(c))) are effective, based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b)
under the Securities Exchange Act of 1934 as of a date within 90 days of
the filing date of this report.
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR
270.30a-3(c)) that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable for reporting period.
(a)(2) Exhibit 99.CERT: Certifications pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
(b) Exhibit 99.906 CERT: Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) NT Alpha Strategies Fund
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By (Signature and Title) /s/ Joseph W. McInerney
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Joseph W. McInerney, President
(Principal Executive Officer)
Date: December 5, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Joseph W. McInerney
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Joseph W. McInerney, President
(Principal Executive Officer)
Date: December 5, 2005
By (Signature and Title) /s/ Stuart N. Schuldt
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Stuart N. Schuldt, Treasurer
(Principal Financial and Accounting Officer)
Date: December 5, 2005