/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER
UNITED STATES WIRE SERVICES/
TORONTO, Aug. 29 /CNW/ - Faircourt Asset Management Inc., the Manager of
Faircourt Split Trust (TSX: FCS.UN; FCS.PR.A) (the "Trust"), is pleased to
announce the unaudited financial results for the Trust for the six month
interim period ("Interim Period") ended June 30, 2007.
Net investment income generated during the interim period ended June 30,
2007 amounted to $0.92 million. The Trust's unrealized value on investments,
including foreign currency forward contracts, increased by $2.32 million,
while its net realized gains, including foreign currency forward contracts,
were $0.84 million. As a result, the net asset value ("NAV") per Trust Unit
began the interim period at $11.35 and ended at a level of $12.23 on June 30,
2007 (based on Transaction NAV). During the interim period, the Trust
announced six regular monthly distributions of $0.09063 per Trust Unit for a
total of $0.54378 per Trust Unit, representing an annualized yield of 7.25% on
the original subscription price. During the interim period the Trust also
announced its quarterly interest payments on the Preferred Securities of
$0.28750 per Preferred Security, representing an annualized yield of 5.75% on
the original subscription price.
The NAV of the Trust Units, combined with paid distributions during the
interim period ended June 30, 2007, provided a total return for holders of
Trust Units of 13.08%, results which have outperformed the blended benchmark
return of 9.03%. The blended benchmark for the Trust is comprised of a 75%
weight in the S&P/TSX Capped Income Trust Total Return Index, an 18% weight in
the S&P/TSX Composite Total Return Index, and a 7% weight in the S&P 500-CDN$
Total Return Index. The S&P/TSX Capped Income Trust Total Return Index
returned 10.07%, the S&P/TSX Composite Total Return Index returned 9.05%, and
the S&P 500-CDN$ Total Return Index returned -2.22% over the same period.
The Investment Advisor to the Trust is Faircourt Asset Management Inc.
("Faircourt"). Faircourt, together with its affiliates, has assets under
administration totaling approximately $600 million and currently provides
management services to two TSX listed closed-end funds (Faircourt Income &
Growth Split Trust - merger of Faircourt Income Split Trust, Faircourt Split
Five Trust, Faircourt Split Seven Trust, and Income & Growth Split Trust, and
Faircourt Split Trust), and three mutual funds - Faircourt Income Advantage
Class, Faircourt Global Income Advantage Class, and, Faircourt Dividend Fund.
Faircourt Split Trust was created using a dual security structure,
consisting of Trust Units and Preferred Securities, to provide investors with
leveraged capital growth potential and greater ability to choose the tax
character of distributions they will receive.
For further information:
For further information: on Faircourt Split Trust, please visit
www.faircourtassetmgt.com or contact: Charles Taerk, President, or Douglas
Waterson, CFO, at (416) 364-8989 or 1-800-831-0304