PrefBlog

Dividend 15 Split Corp. has released its Semi-Annual Report to May 31, 2013.

Figures of interest are:

MER: 1.29% of the whole unit value, excluding one time initial offering expenses.

Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $307.8-million, compared to $320.1-million on May 31, so call it an average of $314-million. Total Preferred Share Distribution for the six months was $4.363-million, at $0.525/share p.a. implies an average of 16.62-million units, at an average NAV of ((19.22 + 18.45) / 2 = 18.84, so call it $313.1-million. Pretty close! Call the average net assets $314-million

Underlying Portfolio Yield: Dividends received of $5.779-million divided by average net assets of $314-million, multiplied by two because it’s semiannual is 3.68%.

Income Coverage: Dividends of 5.779-million less expenses before issuance fees of 2.055-million is 3.72-million, to cover preferred dividends of 4.36-million is 85%.

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