{"id":16322,"date":"2011-09-11T16:07:21","date_gmt":"2011-09-11T20:07:21","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16322"},"modified":"2011-09-11T16:07:21","modified_gmt":"2011-09-11T20:07:21","slug":"bna-semi-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16322","title":{"rendered":"BNA Semi-Annual Report"},"content":{"rendered":"<p>BAM Split Corp., issuer of BNA.PR.B, BNA.PR.C, BNA.PR.D and BNA.PR.E, has released its <a href=\"http:\/\/www.bamsplit.com\/investor\/Reports\/2011\/BAM_Split_2011_Semi_Annual_F.pdf\">Semi-Annual Report to March 31, 2011<\/a>.<\/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\u2019t see that number very often! A more precise calculation from the Income Statement shows that the expenses totalled $190,000 for the half, or about 2bp p.a. on assets.<\/p>\n<p>The expenses are wel itemized, however, and are a delight for voyeurs. I found the Listing Fees of $97,000 and Rating Fees of $7,000 to be most interesting.<\/p>\n<p>Average Net Assets: This must be calculated if we&#8217;re to find the second decimal point on the MER. There was share issuance approximately half-way through the period, so say [1,547,354 (beginning of period) + 1,670,440 (end of period)] \/ 2 = 1,609-million, about<\/p>\n<p>Underlying Portfolio Yield: Given the fund\u2019s portfolio composition and investment policy, deviations from the raw yield on BAM.A will not be material. This is currently 1.875%<\/p>\n<p>Income Coverage: Dividends &#038; Interest of $14.117-million less expenses (before amortization of issue costs) of $0.190-million is $13.927-million, to cover preferred dividends of $11.298-million is 123%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BAM Split Corp., issuer of BNA.PR.B, BNA.PR.C, BNA.PR.D and BNA.PR.E, has released its Semi-Annual Report to March 31, 2011. Figures of interest are: MER: (excluding dividends on preferred shares, issue costs and Class A Preferred &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-16322","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16322","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=16322"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16322\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}