A&W Revenue Royalties Income Fund (the Fund) is a Canada-based limited purpose trust. The Fund invests in A&W Trade Marks Inc. (Trade Marks), which through its ownership interest in A&W Trade Marks Limited Partnership (the Partnership) owns the A&W trade-marks used in the A&W quick service restaurant business in Canada. The Fund's capital management objectives are to have sufficient cash and cash equivalents to pay unit holders, after satisfaction of its debt service and income tax obligations, provisions for general and administrative expenses, and retention of reasonable working capital reserves. The Partnership has granted A&W Food Services of Canada Inc. (Food Services) a license to use the A&W trade-marks in Canada for which Food Services pays a royalty of 3% of sales reported to Food Services by specific A&W restaurants. Food Services is a franchisor of hamburger quick service restaurants in Canada.