{"id":26035,"date":"2014-08-10T22:14:11","date_gmt":"2014-08-11T03:14:11","guid":{"rendered":"http:\/\/prefblog.com\/?p=26035"},"modified":"2014-08-10T22:14:11","modified_gmt":"2014-08-11T03:14:11","slug":"df-pr-a-semi-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26035","title":{"rendered":"DF.PR.A Semi-Annual Report"},"content":{"rendered":"<p>Dividend 15 Split Corp. II has released its <a href=\"http:\/\/dividend15.com\/pdf\/DF_semi14-16.pdf\">Semi-Annual Report to May 31, 2014<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: 1.30% of the whole unit value, &#8220;to reflect the normal operating expenses of the Company excluding any one time secondary offering expenses.&#8221;.<\/p>\n<p>Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $115.6-million, compared to $153.2-million on May 31, so call it an average of $134.4-million.  Preferred share dividends of $1,997,813 were paid over the half year at 0.525 p.a., implying average units outstanding of 7.61-million, at an average NAVPU of about $16.7, implies $127.1-million. That&#8217;s reasonably good agreement! Say the Average Net Assets are $130.8-million.<\/p>\n<p>Underlying Portfolio Yield: Income received of $1,969,925 divided by average net assets of $130.8-million, multiplied by two because it&#8217;s semiannual is 3.01%.<\/p>\n<p>Income Coverage: Net investment income of $1,104,941 divided by preferred share dividends of $1,997,813 is 55%.<\/p>\n<p>Note that both the calculated portfolio yield and the income coverage are less than what was <a href=\"http:\/\/prefblog.com\/?p=24963\">calculated according to the 2013 Annual Report<\/a>; there may have been a delay in investing the proceeds of their issuance. We will have to wait and see what the 2014 Annual Report brings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dividend 15 Split Corp. II has released its Semi-Annual Report to May 31, 2014. Figures of interest are: MER: 1.30% of the whole unit value, &#8220;to reflect the normal operating expenses of the Company excluding &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-26035","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26035","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=26035"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26035\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}