FTN.PR.A: 11H1 Semi-Annual Report

Financial 15 Split Inc. has released its Semi-Annual Report to May 31, 2011.

There’s an interesting line item in the statement of expenses: Capital tax, $7,103. I can’t figure that one out, and it’s not mentioned anywhere else in the document … but it’s minor, so we’ll let it go.

Figures of interest are:

MER: 1.22% of the whole unit value.

Average Net Assets: We need this to calculate portfolio yield. [147.6-million (NAV, beginning of period) + 147.8-million (NAV, end of period)] / 2 = about 148-million.

Underlying Portfolio Yield: Dividends received (net of withholding) of 2,216,733, times two (semi-annual) divided by average net assets of 148-million is 3.00%

Income Coverage: Net Investment Income of 1,286,575 divided by Preferred Share Distributions of 2,428,897 is 53%.

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