{"id":15054,"date":"2011-05-15T00:17:20","date_gmt":"2011-05-15T04:17:20","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15054"},"modified":"2011-05-15T00:17:20","modified_gmt":"2011-05-15T04:17:20","slug":"bna-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15054","title":{"rendered":"BNA Annual Report"},"content":{"rendered":"<p>BAM Split Corp. has not posted its 2010 Annual Report <a href=\"http:\/\/www.bamsplit.com\/investor\/ar.htm\">on its website<\/a>, so investors must go to <a href=\"http:\/\/www.sedar.com\">SEDAR<\/a> to get it; it was filed on 2010-12-17.<\/p>\n<p>The performance reporting is rather boring, since only the various preferred share issues (BNA.PR.B, BNA.PR.C, BNA.PR.D and BNA.PR.E) are listed; the returns for the capital units are not reported, nor is the return of the underlying portfolio &#8211; which is entirely BAM.A plus or minus a bit of cash drag anyway. The performance table will therefore not be reproduced here.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: (excluding dividends on preferred shares, issue costs and Class A Preferred Share redemption premium) 0.0%. You don&#8217;t see that number very often! A more precise calculation from the Income Statement shows that the expenses totalled $333,000, or about 2bp on assets.<\/p>\n<p>The expenses are wel itemized, however, and are a delight for voyeurs. I found the Listing Fees of $72,000 and Rating Fees of $20,000 to be most interesting.<\/p>\n<p>Average Net Assets: There&#8217;s no point calculating this, since Portfolio Yield can be estimated directly from BAM.A<\/p>\n<p> Underlying Portfolio Yield: Given the fund&#8217;s portfolio composition and investment policy, deviations from the raw yield on BAM.A will not be material. This is currently 1.60%<\/p>\n<p>Income Coverage: Dividends &#038; Interest of $28.8-million less expenses (before amortization of issue costs) of  $0.3-million is $28.5-million, to cover preferred dividends of $19.9-million is 143%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BAM Split Corp. has not posted its 2010 Annual Report on its website, so investors must go to SEDAR to get it; it was filed on 2010-12-17. The performance reporting is rather boring, since only &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-15054","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15054"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15054\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}