FFN.PR.A 11H1 Semi-Annual Report

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

Figures of interest are:

MER: 1.16% of the whole unit value

Average Net Assets: We need this to calculate portfolio yield. No change in Number of Units Outstanding, so just calculate as [83.1-million (NAV at beginning of period) + 84.6-million (NAV at end of period)] / 2 = 84-million, more or less.

Underlying Portfolio Yield: Dividends received (net of withholding) of 1,203,296 times two because it’s only half a year divided by average net assets of 84-million is 2.86%

Income Coverage: Net Investment Income of 703,329 divided by Preferred Share Distributions of 1,493,166 is 47%.

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