FTN.PR.A Annual Report 2013

Financial 15 Split Inc. has released its Annual Report to November 30, 2013.

FTN / FTN.PR.A Performance
Instrument One
Year
Three
Years
Five
Years
Ten
Years
Whole Unit +34.15% +11.20% +11.19% +3.76%
FTN.PR.A +5.38% +5.38% +5.38% +5.40%
FTN +104.94% +20.45% +20.22% +2.88%
S&P/TSX Financial Index +25.17% +12.64% +15.34% +9.81%
S&P 500 Financial Index +48.38% +17.49% +9.75% -1.99%

Figures of interest are:

MER: 1.17% of thw whole unit value, excluding one time initial offering expenses.

Average Net Assets: We need this to calculate portfolio yield. MER of 1.17% Total Expenses of 1,735,619 implies $148-million net assets. Preferred Share distributions of 4,921,219 @ 0.525 / share implies 9.37-million shares out on average. Average Unit Value (beginning & end of year) = (17.14 + 14.37) / 2 = 15.75. Therefore 9.37-million @ 15.75 = 147-million average net assets. Good agreement between these two methods! Call it 148-million average.

Underlying Portfolio Yield: Dividends received (net of withholding) of 4,234,884 divided by average net assets of 148-million is 2.86%

Income Coverage: Net Investment Income of 2,499,265 divided by Preferred Share Distributions of 4,921,219 is 51%.

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