Calculation of Return. The return is calculated using the “Time-weighted rate of return” (TWRR). This calculation is commonly used in the financial industry and is a standard requirement from the Chartered Financial Analyst (CFA) Institute. “
Calculation of Return. For purposes of this Agreement, the Advisory Fee Reduction Performance shall be calculated as follows. The total return net of fees and expenses (the “net return”) of each Series is calculated for each month during the relevant 10-year period using the customary methods as specified in Rule 482 under the Securities Act of 1933 and Item 8 of Form N-1A. To this amount, adjustments are made to add the fees and expenses paid by a Series to the monthly net return, to arrive at a monthly return before fees and expenses (the “monthly gross return”) of each Series. The monthly gross returns for all of the Series are averaged on an asset-weighted basis, so that the larger Series are weighted proportionately greater, to arrive at a monthly gross return for the Trust. For a calendar year, the 12 monthly gross returns for the Trust are averaged on an asset-weighted basis, so that the monthly returns are weighted on the basis of the size of the Trust during the pertinent month and then annualized, to arrive at an annual gross return for the Trust for a year. Next, the annual gross returns for the most recent 10 calendar-year period are averaged on an asset-weighted basis, so that the annual returns are weighted on the basis of the size of the Trust during the pertinent year, to arrive at a weighted average annual total return, without reflecting fees and expenses, for the most recently completed 10 calendar-year period ending December 31.
Calculation of Return. For purposes of this Agreement, the “Return” shall be calculated as follows. The total return of each Series is calculated for each month during the relevant 10-year period using the customary methods as specified in Rule 482 under the Securities Act of 1933 and Item 8 of Form N-1A. To this amount, adjustments are made to add the fees and expenses paid by a Series to the monthly total return, to arrive at a gross return. The gross monthly returns for all of the Series are averaged on an asset-weighted basis, so that the larger Series are weighted proportionately greater, to arrive at a monthly return for the Trust. For a calendar year, the 12 monthly returns for the Trust are averaged on an asset-weighted basis, so that the monthly returns are weighted on the basis of the size of the Trust during the pertinent month and then annualized, to arrive at a gross annual return for the Trust for a year. Next, the annual returns for the most recent 10-year period are averaged on an asset-weighted basis, so that the annual returns are weighted on the basis of the size of the Trust during the pertinent year, to arrive at an average annual gross total return for the 10-year period.
Calculation of Return. The 24.7% per annum return in this Section 9.8 shall be calculated as if all capital contributions to the Company made by the CTC Members and the Additional Members are allocated to the licenses acquired by the Company in the Auction, and to the License Payments made for such Licenses, in accordance with Schedule 3.
Calculation of Return. In calculating the level of return on investment achieved or received by any Class C Shareholder by any specific date (the “Relevant Calculation Date”), all distributions declared and made on the Class C Shares after the date hereof up to the Relevant Calculation Date (including cash dividends or repayment on capital whether due to a capital reduction of the Company or otherwise) shall be included. All distributions declared but not made as of the Relevant Calculation Date (and which has a record date on or prior to which the Class C Shareholder is the shareholder of record) shall be excluded for purposes of this calculation, and to the extent the applicable payment (in respect of this calculation) is actually made to the Class C Shareholder, such declared distribution which was excluded for purposes of this calculation shall be deemed to have been waived by the Class C Shareholder.
Calculation of Return. The 24.7% per annum return in this Section 9.8 shall be calculated in accordance with the provisions of Section 8.2(a)(ii).
