Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2013.
Figures of interest are:
MER: 1.03% of the whole unit value, “excluding the Preferred share distributions and issuance costs”.
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $225.8-million, compared to $234.8-million on June 30, so call it an average of $230-million.
Underlying Portfolio Yield: Income received of $4.736-million divided by average net assets of $230-million, multiplied by two because it’s semiannual is 4.12%.
Income Coverage: Net investment income of $3.576-million divided by preferred share dividends of $3.582-million is 100%.