Government Strip Bond Trust

Quick Facts+

Discontinued Fund

Fund Overview

Overview

The Fund is a closed-end investment trust whose objective is to return $25.75 per unit to investors on the termination date of December 31, 2012. To accomplish its objective the Fund invests in a portfolio consisting of zero coupon debt securities.

 

Objectives

The Fund’s investment objective is to return at least $25.75 per unit to unitholders upon termination of the Fund on December 31, 2012.

 

Name Ticker Current Yield Recent
Distributions
Most Recent
Distribution Date
Distributions
Since Inception
Government Strip Bond Trust GSB.UN 0.00% $0.06 2005-04-01 $5.54

Top Holdings Top 2 Holdings as of December 31, 2012

Holding Name % of Fund
CASH 100.1%
Other Assets / Liabilities -0.1%

 

Historic Net Asset Value Per Unit

The Fund calculates the net asset value (“NAV”) per share on a weekly basis as of the close of business on Thursday and generally posts the amount at the close of business on Friday. If the last day of a month falls during the week on a day other than Thursday, the NAVs per share are calculated as of the last day of the month for that week and the regular weekly calculation on Thursdays is resumed the following week.

 

Note:

Prior to May 26, 2006 this fund operated as Mulvihill Mulvihill Pro-AMS RSP Fund - PR.UN. See press release of May 24, 2006 for more information.

 

Date:   NAV Per
Capital Unit
2012-12-31    $26.06 
2012-12-27    $26.06 
2012-12-20    $26.06 
2012-12-13    $26.06 
2012-12-06    $26.07 
2012-11-30    $26.07 
2012-11-22    $26.07 
2012-11-15    $26.07 
2012-11-08    $26.07 
2012-10-31    $26.07 
2012-10-25    $26.07 
2012-10-18    $26.07 
2012-10-11    $26.07 
2012-10-04    $26.07 
2012-09-30    $26.06 
2012-09-20    $26.07 
2012-09-13    $26.07 
2012-09-06    $26.06 
2012-08-31    $26.06 
2012-08-23    $26.06 
2012-08-16    $26.06 
2012-08-09    $26.06 
2012-07-31    $26.06 
2012-07-26    $26.06 
2012-07-19    $26.06 
2012-07-12    $26.06 
2012-07-05    $26.06 
2012-06-30    $26.06 
2012-06-21    $26.06 
2012-06-14    $26.06 
2012-06-07    $26.06 
2012-05-31    $26.05 
2012-05-24    $26.05 
2012-05-17    $26.04 
2012-05-10    $26.06 
2012-04-30    $26.05 
2012-04-26    $26.05 
2012-04-19    $26.06 
2012-04-12    $26.07 
2012-04-05    $26.06 
2012-03-31    $26.07 
2012-03-22    $26.08 
2012-03-15    $26.08 
2012-03-08    $26.07 
2012-02-29    $26.07 
2012-02-23    $26.07 
2012-02-16    $26.07 
2012-02-09    $26.07 
2012-01-31    $26.08 
2012-01-26    $26.07 
2012-01-19    $26.08 
2012-01-12    $26.08 
2012-01-05    $26.07 

Distributions & Tax

The Fund does not pay distributions.

 

Note:

Prior to May 26, 2006 this fund operated as Mulvihill Mulvihill Pro-AMS RSP Fund - PR.UN. See press release of May 24, 2006 for more information.

 

Tax and Distribution Summary Year Selection:  

 

  Regular Distribution Special Distribution Total Distribution Capital Gains
per Unit
Div. Income per Unit Return of Capital Other Income Foreign Dividend Income Witholding Taxes Paid
April 2005 0.060000 0.000000 0.060000 0.000000 0.000000 0.060000 0.000000 0.000000 0.000000
March 2005 0.060000 0.000000 0.060000 0.000000 0.000000 0.060000 0.000000 0.000000 0.000000
February 2005 0.060000 0.000000 0.060000 0.000000 0.000000 0.060000 0.000000 0.000000 0.000000
January 2005 0.060000 0.000000 0.060000 0.000000 0.000000 0.060000 0.000000 0.000000 0.000000
Total for 2005     $0.240000 $0.000000 $0.000000 $0.240000 $0.000000 $0.000000 $0.000000
Percent (%)       0.00% 0.00% 100.00% 0.00% 0.00% 0.00%
Total Distributions
to Date
    $5.539460            

 

Portfolio Manager Updates

 

PM Updates - September 2012

Closing Net Asset Value (“NAV”) for the quarter ended September 30, 2012 was $26.06 unchanged from the previous quarter.

The Bank of Canada key lending rate has remained unchanged at 1.00 percent since September 2010.

The trading price on September 28, 2012 was $25.85, up from the June 29th trading price of $25.69.

The September 28th trading price of $25.85 represents a discount to NAV of $0.21 per unit or 0.81% of the $26.06 NAV.

PM Updates - June 2012

Net Asset Value (“NAV”) as of June 30, 2012 was $26.06 down one cent from $26.07 on March 31, 2012.

The Bank of Canada key lending rate has remained unchanged at 1.00% since September 2010.

The trading price on June 29, 2012 was $25.69, up from the March 31st trading price of $25.59.

The June 29th trading price of $25.69 represents a discount to NAV of $0.37 per unit or 1.42% of the $26.06 NAV.

PM Updates - March 2012

Net Asset Value (“NAV”) as of March 31, 2012 was $26.07 unchanged from $26.07 on December 31, 2011.

The Bank of Canada overnight target rate has remained unchanged at 1% since September 2010.

The trading price at the close of March 30, 2012 was $25.59, up from the December 29, 2011 trading price of $25.35.

The March 30th trading price of $25.59 represents a discount to NAV of $0.48 per unit or 1.84% of the $26.07 NAV.

PM Updates - December 2011

Net asset value (“NAV”) at December 31, 2011 was $26.07 versus $26.06 on September 30, 2011.

The Bank of Canada overnight target rate has remained unchanged at 1.0% since September 2010.

The trading price on December 29, 2011 was $25.35, down from the September 30th trading price of $25.78.

The December 30th trading price of $25.35 represents a discount to NAV of $0.72 per unit or –2.76% of the $26.07 NAV.

PM Updates - September 2011

Net Asset Value at quarter end September 30, 2011 was $26.06 versus $25.87 on June 30, 2011.

The Bank of Canada overnight target rate has remained unchanged at 1% since September 2010.

The trading price on September 30, 2011 was $25.78, up from the June 30th trading price of $25.35.

The September 30th trading price of $25.78 represents a discount to NAV of $0.28 per unit or –1.07% of the $26.06 NAV.

PM Updates - June 2011

Net Asset Value at quarter end June 30, 2011 was $25.87 versus $25.71 on March 31, 2011.

The Bank of Canada overnight target rate has remained unchanged at 1% since September 2010.

The trading price on June 30, 2011 was $25.35, up from the March 31st trading price of $25.30.

The June 30th trading price of $25.35 represents a discount to NAV of $0.52 per unit or -2.01% of the $25.87 NAV.

Investors are reminded that this product has two sources of liquidity: exchange trading and through a redemption facility provided by the manager:

  • Units may be submitted for redemption through your broker and must be received at least 5 business days before month end.
  • Monthly redemptions provide for proceeds of 96.0% of month end NAV and the annual (in December) redemption feature provides for proceeds of 100.0% of NAV.

Fund Features

Objectives

The Fund’s investment objective is to return at least $25.75 per unit to unitholders upon termination of the Fund on December 31, 2012.

 

Investment Strategy

The Fund invests in a portfolio of zero coupon bonds issued by Canadian provincial governments and/or the Government of Canada.

 

Distributions

The Fund does not pay distributions since its reorganization pursuant to a unitholder vote in May 2006.

 

Redemptions

The Fund is redeemable annually at net asset value in December of each year at the option of the unitholder and monthly at a discount to net asset value.

Click to expand Redemption Details

Redemption Deadlines
Units may be surrendered at any time for redemption, but will be redeemed only on a Redemption Date, being the last business day of any month. Units surrendered for redemption by a Unitholder at least five business days prior to the last business day in December (the “Annual Redemption Date”) will be redeemed on such Annual Redemption Date. Units surrendered for redemption by a Unitholder at least five business days prior to the last business day of any other month (a “Monthly Redemption Date”), will be redeemed on such Monthly Redemption Date. Unitholders will receive payment for the Units on or before the 10th day following any such Redemption Date. If a Unitholder surrenders Units after 5:00 p.m. (EST) on the applicable cut-off date, the Units will be redeemed on the following Redemption Date. Redemption notices must be delivered to the Fund by an investor’s advisory firm in sufficient time to meet the deadline.

Annual Redemption
Units surrendered for redemption at least five business days prior to the last business day of December will be redeemed at 100% of net asset value, valued on the last business day of December being the redemption day. Payment will be received on or before the 10th day following the redemption day.

Monthly Redemption
For Unitholders whose Units are redeemed on any othr Redemption Date, the redemption price per Unit will be equal to net asset value per unit less the lesser of:

  1. 4% of the NAV per unit on the Valuation Date, and
  2. $1.00.

 

Leverage

The Fund does not employ leverage.

 

Termination

The Fund is scheduled to terminate on December 31, 2012

 

CUSIP ISIN

CUSIP – 383749108
ISIN - CA 3837491081

 

Eligibility

RRSPs, DPSPs, RRIFs, RESPs and TFSAs

 

Management Fees

The Fund pays a management fee of 0.50% of net asset value annually to Strathbridge Asset Management for acting as the Manager and the Investment Manager.

 

MER

The Management Expense Ratio (“MER”) is the sum of all operating expenses, including management fees but excluding portfolio transaction costs, expressed as a percentage of average net asset value. For the year ended December 31, 2011, the Fund’s MER was 1.02%.

 

Inception Date

03/02/2001

 

Manager

Strathbridge Asset Management

 

Documentation

Note:

Prior to May 26, 2006 this fund operated as Mulvihill Mulvihill Pro-AMS RSP Fund - PR.UN. See press release of May 24, 2006 for more information.

Date:      Type:      Description
March 15, 2013 IRC Report IRC Report for Government Strip Bond Trust
December 18, 2012 Press Release GSB: Announces Termination Payment
August 16, 2012 Financial Report 2012 Semi-Annual Report
August 16, 2012 Press Release GSB: Announces Semi-Annual Results
March 30, 2012 Annual Information Form Annual Information Form Government Strip Bond Trust
March 23, 2012 Financial Report 2011 Annual Report
March 23, 2012 Press Release GSB: Announces Year End Results
October 03, 2011 Press Release Mulvihill Capital Management Inc. Proudly Announces a Name Change to Strathbridge Asset Management Inc.
August 22, 2011 Financial Report 2011 Semi-Annual Report
August 22, 2011 Press Release GSB: Announces Semi-Annual Results
March 29, 2011 Financial Report 2010 Annual Report
March 29, 2011 Press Release GSB: Announces Year End Results
August 20, 2010 Financial Report 2010 Semi-Annual Report
August 20, 2010 Press Release GSB: Announces Semi-Annual Results
March 26, 2010 Press Release GSB: Announces Year End Results
March 25, 2010 Financial Report 2009 Annual Report
August 26, 2009 Press Release GSB: Announces Semi-Annual Results
August 25, 2009 Financial Report 2009 Semi-Annual Report
March 27, 2009 Financial Report 2008 Annual Report
March 27, 2009 Press Release GSB: Announces Year End Results
August 28, 2008 Financial Report 2008 Semi-Annual Report
August 28, 2008 Press Release GSB: Announces Semi-Annual Results
July 21, 2008 Press Release GSB: Announces Normal Course Issuer Bid
March 25, 2008 Financial Report 2007 Annual Report
March 25, 2008 Press Release GSB: Announces Year End Results
August 24, 2007 Financial Report 2007 Semi-Annual Report
August 24, 2007 Press Release GSB: Announces Semi-Annual Results
July 10, 2007 Press Release GSB: Announces Normal Course Issuer Bid
March 27, 2007 Financial Report Annual Report 2006
March 27, 2007 Press Release GSB: Announces Year End Results
August 30, 2006 Press Release GSB: Announces Semi-Annual Results
August 25, 2006 Financial Report Semi-Annual Report 2006
June 30, 2006 Press Release GSB: Announces Normal Course Issuer Bid
May 24, 2006 Press Release PR: Announces Unitholders Approval of Proposal
May 10, 2006 Press Release PR: Announces Adjournment of Special Meeting of Unitholders
April 28, 2006 Financial Report 2005 Annual Report
April 28, 2006 Press Release PR: Announces Year End Results
April 20, 2006 Press Release Notice of Special Meeting of Unitholders and Management Information Circular
April 19, 2006 Prospectus Management Information Circular (English)
April 06, 2006 Press Release PR: Announces Proposal
August 24, 2005 Financial Report PR: 2005 Semi-Annual Report
August 24, 2005 Press Release PR: Announces Semi-Annual Results
June 28, 2005 Press Release PR: Announces Normal Course Issuer Bid
May 04, 2005 Press Release PR: Suspends Monthly Distribution
April 04, 2005 Press Release PR: Declares Monthly Distribution and Provides Additional Distribution Guidance
March 30, 2005 Financial Report PR: 2004 Annual Report
March 30, 2005 Press Release PR: Announces Year End Results
March 02, 2005 Press Release PR: Declares Monthly Distribution
February 02, 2005 Press Release PR: Declares Monthly Distribution
January 04, 2005 Press Release PR: Declares Monthly Distribution
December 02, 2004 Press Release PR: Declares Monthly Distribution
November 23, 2004 Press Release PR: Notice of Switch Ratios
November 01, 2004 Press Release PR: Declares Monthly Distribution
October 18, 2004 Press Release PR: Notice of Special Retraction Privilege
October 05, 2004 Press Release PR: Declares Monthly Distribution
September 22, 2004 Press Release PR: Notice of Switch Ratios
September 02, 2004 Press Release PR: Declares Monthly Distribution
August 16, 2004 Press Release PR: Notice of Special Retraction Privilege
August 13, 2004 Financial Report PR: 2004 Semi - Annual Report
August 13, 2004 Press Release PR: Announces Semi Annual Results
August 05, 2004 Press Release PR: Declares Monthly Distribution and Provides Additional Distribution Guidance
July 06, 2004 Press Release PR: Declares Quarterly Distribution
June 24, 2004 Press Release PR: Announces Normal Course Issuer Bid
June 03, 2004 Press Release PR: Declares Quarterly Distribution
May 03, 2004 Press Release PR: Declares Monthly Distribution
April 13, 2004 Press Release PR: Announces Unitholder Approval of Proposal to Provide Additional Retraction Rights and Use Interest Rate Hedging Strategies
April 05, 2004 Press Release PR: Declares Monthly Distribution
March 26, 2004 Press Release PR: Annual Results - 2003
March 25, 2004 Financial Report PR: 2003 Annual Report
March 05, 2004 Prospectus Management Information Circular (English)
March 01, 2004 Press Release PR: Declares Quarterly Distribution
February 20, 2004 Press Release PR: Announces Proposal to Provide Additional Retraction Rights and Use Interest Rate Hedging Strategies
October 06, 2003 Press Release PR: Declares Monthly Distribuition
September 03, 2003 Press Release PR: Declares Monthly Distribution
August 22, 2003 Financial Report PR: 2003 Semi - Annual Report
August 22, 2003 Press Release PR: Announces Semi-Annual Results
August 05, 2003 Press Release PR: Declares Monthly Distribution
July 02, 2003 Press Release PR: Declares Monthly Distribution
June 25, 2003 Press Release PR: Announces Normal Course Issuer Bid
June 04, 2003 Press Release PR: Declares Monthly Distribution
May 05, 2003 Press Release PR: Declares Monthly Distribution
April 02, 2003 Press Release PR: Declares Monthly Distribution
April 01, 2003 Financial Report PR: 2002 Annual Report
March 31, 2003 Press Release PR: Announces Year End Results
March 03, 2003 Press Release PR: Declares Monthly Distribution
February 05, 2003 Press Release PR: Declares Monthly Distribution
January 03, 2003 Press Release PR: Declares Monthly Distribution
December 04, 2002 Press Release PR: Declares Year End Distribution
November 04, 2002 Press Release PR: Declares Monthly Distribution
October 01, 2002 Press Release PR: Declares Monthly Distribution
September 19, 2002 Press Release PR: Declares Monthly Distribution
August 26, 2002 Financial Report PR: 2002 Semi - Annual Report
August 26, 2002 Press Release PR: Announces Semi-Annual Reports
August 19, 2002 Press Release PR: Declares Monthly Distribution
July 22, 2002 Press Release PR: Declares Monthly Distribution
June 21, 2002 Press Release PR: Announces Normal Course Issuer Bid
June 17, 2002 Press Release PR: Declares Monthly Distribution
May 08, 2002 Press Release PR: Immediate Release
May 08, 2002 Press Release PR: Pour Diffusion Immédiate
April 19, 2002 Press Release PR: Declares Monthly Distribution
April 09, 2002 Financial Report PR: 2001 Annual Report
April 02, 2002 Press Release PR: Announces Year End Results
March 19, 2002 Press Release PR: Declares Monthly Distribution
February 18, 2002 Press Release PR: Declares Monthly Distribution
January 14, 2002 Press Release PR: Declares Monthly Distribution
December 18, 2001 Press Release Mulvihill Capital Management Declares Year End Distributions for Thirteen Investment Portfolios
December 17, 2001 Press Release PR: Declares Year End Distribution
November 19, 2001 Press Release PR: Declares Monthly Income Distribution
October 22, 2001 Press Release PR: Declares Quarterly Income Distribution
September 17, 2001 Press Release PR: Declares Quarterly Income Distribution
September 05, 2001 Financial Report PR: 2001 Semi - Annual Report
September 04, 2001 Press Release PR: Announces Semi-Annual Results
August 16, 2001 Press Release PR: Declares Monthly Distribution
July 18, 2001 Press Release PR: Declares Monthly Distribution
June 19, 2001 Press Release PR: Declares Monthly Distribution
May 14, 2001 Press Release PR: Declares Monthly Distribution
April 16, 2001 Press Release PR: Declares First Monthly
February 15, 2001 Prospectus Initial Public Offering Prospectus (English)
February 15, 2001 Prospectus Initial Public Offering Prospectus (French)

Administration & Governance

Introduction

Strathbridge Asset Management serves as the Manager and the Investment Manager of the Fund.

 

Manager

The Manager is responsible for providing or arranging for the provision of administrative services to the Fund including but not limited to:

  • authorizing the payment of operating expenses incurred on behalf of the Fund,
  • preparing financial statements and other accounting information,
  • ensuring that unitholders are provided with annual and semi-annual reports and other reports as required by applicable law;
  • ensuring the Fund complies with regulatory requirements and applicable stock exchange listing requirements;
  • providing the Trustee with information and reports as required;
  • calculating and arranging for the payment of distributions;
  • negotiating any contractual agreements with third-party providers of services to the Fund, including auditors, printers, registrar and transfer agent
  • Overseeing and paying monthly and annual redemptions;
  • Managing the issuer bid;
  • Maintaining the website and ongoing communication with investors.

The Management fee payable to the Manager includes any amount payable to the Investment Manager.

 

Investment Manager

The Investment Manager is responsible for making all investment decisions and managing the call option writing program in accordance with the investment objectives, strategies and restrictions of the Fund. Fees for the provision of investment management services are included in the management fee.

The Investment Manager has an asset mix committee consisting of senior members of the firm. The investment process for the Fund begins at the asset mix committee. Members of this committee meet monthly to examine macro-economic variables and relationships among dominant economic factors. This process culminates in an outlook for the various capital markets around the world and provides the Fundamental basis for Strathbridge’s long-term market outlook. These views are integrated into the investment decision making process at the portfolio management level. The asset mix committee of Strathbridge oversees investment decisions made by the portfolio managers of the Fund.

 

Independent Review Committee

The Fund has established an Independent Review Committee (“IRC”) in accordance with National Instrument 81-107 – Independent Review Committee for Investment Funds (“NI 81-107”) which is comprised of three members who are independent of the Manager. The mandate of the IRC is to review and provide its decisions to the Manager regarding any conflict of interest matters relating to its management of the Fund that the Manager has identified and brought to the committee.

A conflict of interest matter is a situation where a reasonable person would consider the Manager or an entity related to it to have an interest that may conflict with the Manager’s ability to act in good faith and in the best interests of the Funds and Securityholders. Click here for the IRC Report to Securityholders.

Click here to review members of the IRC.

 

Advisory Board

The Fund has established an Advisory Board to assist the Fund in the provision of services by the Manager and the Investment Manager and to provide oversight of these activities. The Advisory Board consists of five members, three of whom are independent of the Manager and Investment Manager. The three independent members of the Advisory Board are also members of the Independent Review Committee. The Advisory Board includes an audit committee whose mandate is to review the annual and semi-annual financial statements and discuss any issues with the auditors.

 

Trustee and Custodian

RBC Investor & Treasury Services

 

Registrar and Transfer Agent

Computershare Investor Services Inc.

 

Legal Counsel

Osler Hoskin & Harcourt LLP

 

Auditors

Deloitte & Touche LLP

Financial & Regulatory

The Annual Report and the Interim Report include the Management Report on Fund Performance and the Financial Statements of the Fund.

Report Year:      Release Date Description
2012 August 16, 2012 2012 Semi-Annual Report

 

The Annual Information Form (“AIF”) is a regulatory filing that provides material information to investors about the Fund’s structure, operations, risks and other factors that may affect the Fund. The AIF is supplemented throughout the year by other filings including press releases, information circulars, prospectuses, material change reports, the annual and interim management report on fund performance and the financial statements.

Date Description
March 30, 2012 Annual Information Form

 

The Fund has adopted the proxy voting guidelines with respect to the voting of proxies received by it relating to voting securities held by the Fund. The proxy guidelines establish standing policies and procedures for dealing with routine matters, as well as circumstances where deviations may occur from such standing policies. Click here for proxy guidelines.

The Fund has retained ISS Governance Services to administer and implement the proxy guidelines for the Fund. Click here to review the proxy voting record.