AHDY definition

AHDY is the annualized historical dividend yield on the S&P 500 Index calculated by (1) dividing (i) the sum of the daily dividend amount on the S&P 500 Index, which is published by S&P, for the same monthly calculation period during the preceding year, as determined by the calculation agent, by (ii) the Special Opening Quotation (“SOQ,” ticker “SPXSET”) of the S&P 500 Index on that Index Business Day and (2) annualizing the resulting quotient based upon the number of calendar days remaining in the current monthly calculation period, assuming a 365-day year. The value of the premiums in respect of notional call options will be included in the notional income on the Buy-Write Index (and thus the value of the Buy-Write Index) at the close of business on that day on which the notional call option is priced, provided that the value of any premium in respect of a notional call option priced on the last Index Business Day of a monthly calculation period will be included as notional income in the next monthly calculation period. The notional income on the Buy-Write Index will be removed from the value of the Buy-Write Index on the last Index Business Day of the related monthly calculation period, which is expected to be the third Friday of each month. The notional income on the Buy-Write Index will be zero until notional call options are priced at the close of business on the last index business day of the monthly calculation period which notional call options will be included in the next monthly calculation period. The removal of the notional call options will reduce the value of the Buy-Write Index and may therefore cause a Reallocation Event in which the allocation to the Buy-Write Index is reduced, even if the level of the S&P 500 Index has not fallen.
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AHDY is the annualized historical dividend yield on the S&P 500 Index calculated by (1) dividing (i) the sum of the daily dividend amount on the S&P 500 Index, which is published by S&P, for the same monthly calculation period during the preceding year, as determined by the calculation agent, by (ii) the Special Opening Quotation (“SOQ,” ticker “SPXSET”) of the S&P 500 Index on that Index Business Day and (2) annualizing the resulting quotient based upon the number of calendar days remaining in the current monthly calculation period, assuming a 365-day year. The value of the premiums in respect of notional call options will be included in the notional income on the Buy-Write Index (and thus the value of the Buy-Write Index) at the close of business on that day on which the notional call option is priced, provided that the value of any premium in respect of a notional call option priced on the last Index Business Day of a monthly calculation period will be included as notional income in the next monthly calculation period. The notional income on the Buy-Write Index will be removed from the value of the Buy-Write Index on the last Index Business Day of the related monthly calculation period, which is expected to be the third Friday of each month. The notional income on the Buy-Write Index will be zero until notional call options are priced at the close of business on the last index business day of the related monthly calculation period. The removal of the notional call options will reduce the value of the Buy-Write Index and may therefore cause a Reallocation Event in which the allocation to the Buy-Write Index portfolio is reduced, even if the level of the S&P 500 Index has not fallen. The “Ex-Dividend Date” with respect to any dividend, distribution or issuance is the first date on which the underlying stock in the S&P 500 Index trades in a regular way on its principal market with the right to receive this dividend, distribution or issuance. The “Buy-Write Index Adjustment Factor” will be calculated and subtracted from the notional income on the Buy-Write Index at the end of each day prior to effecting any reallocation that day, beginning on March 28, 2006 and will equal: “PBWV” is the value of the Buy-Write Index at the end of the preceding day.
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