Annualized. The increase in portfolio yield for the fiscal year ended June 30, 1996 and for the nine months ended March 31, 1997 reflects changes in the overall pricing distribution of the Bank Portfolio. The decline in portfolio yield for fiscal year 1995 is primarily the result of the Bank's focus on the direct solicitation of low-rate, no annual fee credit cards which on average had a lower introductory rate and which had the effect of lowering finance charge income and annual fee income. The accounts in the Bank Portfolio that are not included in the Trust Portfolio are primarily newly originated accounts with a greater proportion of Receivables arising under accounts generated under this type of solicitation than the average accounts in the Trust Portfolio, which are more seasoned. Therefore, the actual portfolio yield with respect to the Receivables in the Trust Portfolio may be different from that set forth above. THE RECEIVABLES The Receivables in the Accounts selected from the Bank Portfolio included and to be included in the Trust on the basis of criteria set forth in the Pooling and Servicing Agreement (the "Trust Portfolio") (including the additional Accounts added to the Trust on May 8, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date), as of the close of business on April 30, 1997, consisted of $21,588,400,896 of principal Receivables and $609,405,512 of finance charge Receivables. On March 25, 1997 and April 23, 1997 (the "Relevant Cut Off Dates"), the Transferor designated additional Accounts, which included approximately $1,277,397,526 of principal Receivables as of the close of business on April 30, 1997, and will transfer the Receivables arising therein to the Trust on the Closing Date. In addition, on the Closing Date, the Transferor will deposit $1,200,000 into the finance charge account, which will be applied as collections of finance charge Receivables received during the initial monthly period and allocated to Series 1997-3. The additional Accounts to be added to the Trust on the Closing Date were, as of the Relevant Cut Off Dates, Eligible Accounts. The Accounts, including such additional Accounts, had an average principal Receivable balance of $2,078 (including accounts with a zero balance) and an average credit limit of $8,557. The percentage of the aggregate total Receivable balance to the aggregate total credit limit was 25.0%. As of April 30, 1997, cardholders whose Accounts are included in the ...
Annualized. -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
Annualized. 7 Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.
Annualized. All salaries of Administrative Assistants and Aides will be annualized. Those employees have the following payment options:
Annualized. All salaries will be annualized.
Annualized. (5) Recoveries are included in the Trust as of July 1, 1996. Net Losses for each of the periods shown are stated on a basis consistent with the Bank's current policy of charging off an account immediately prior to the end of the sixth billing cycle after having become contractually past due. Its prior policy, which applied during the periods shown above, was to charge off accounts immediately prior to the end of the seventh billing cycle after having become contractually past due. SUMMARY OF MONTHLY PAYMENT RATES The following table sets forth the highest and lowest cardholder monthly payment rates for the Bank Portfolio during any month in the periods shown and the average cardholder monthly payment rates for all months during the periods shown, in each case calculated as a percentage of total opening monthly account balances during the periods shown. Payment rates shown in the table are based on amounts which would be deemed payments of principal Receivables and finance charge Receivables with respect to the Accounts. CARDHOLDER MONTHLY PAYMENT RATES BANK PORTFOLIO SIX MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------- JUNE 30, 1997 1996 1995 1994 ------------- ------- ------- ------- Lowest Month........................... 11.73% 10.16% 9.86% 10.46% Highest Month.......................... 13.51 11.86 11.73 12.14 Monthly Average........................ 12.62 11.18 10.90 11.17 RECEIVABLE YIELD CONSIDERATIONS The portfolio yield on the Bank Portfolio for each of the three years contained in the period ended December 31, 1996 and for the six months ended June 30, 1997 is set forth in the table on the following page. The portfolio yields in the table are calculated on an accrual basis. The portfolio yield on Receivables included in the Trust is calculated on a cash basis. Portfolio yields calculated on an accrual basis may differ from portfolio yields calculated on a cash basis due to (a) a lag between when finance charges and fees are charged to cardholder accounts and when such finance charges and fees are collected and (b) finance charges and fees that are not ultimately collected from the cardholder. However, during the three years contained in the period ended December 31, 1996 and for the six months ended June 30, 1997, portfolio yield on an accrual basis approximated portfolio yield on a cash basis. Portfolio yield on both an accrual and a cash basis will also be affected by numerous factors, including changes in the monthly periodic rates...
Annualized. (i) Market value is redemption without an active market. The information above represents the operating performance data for a share of common stock outstanding, total investment return, ratios to average net assets of common shareowners and other supplemental data for the periods indicated. This information has been determined based upon financial information provided in the financial statements and market value data for the Trust's common shares. 32 The accompanying notes are an integral part of these financial statements. Pioneer Municipal and Equity Income Trust -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (unaudited) --------------------------------------------------------------------------------
Annualized. ------------------------ AIM V.I. HIGH YIELD FUND ------------------------ OBTAINING ADDITIONAL INFORMATION -------------------------------------------------------------------------------- More information may be obtained free of charge upon request. The Statement of Additional Information (SAI), a current version of which is on file with the Securities and Exchange Commission (SEC), contains more details about the fund and is incorporated by reference into the prospectus (is legally a part of this prospectus). Annual and semiannual reports to shareholders contain additional information about the fund's investments. The fund's annual report also discusses the market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. If you wish to obtain free copies of the fund's current SAI, please send a written request to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173 or call (800) 000-0000. Xxx xxxx xxx xxxxxx xxx xxxxxx xxxxxx of the fxxx'x XXX, xxxorts and other information at the SEC's Public Reference Room in Washington, DC; on the EDGAR database on the SEC's Internet website (http://www.sec.gov); xx, xfter paying a duplication fee, by sending x xxxxxx xx xxx XEC's Public Reference Section, Washington DC 20549-0102 or by sending an electronic mail request to publicinfo@sec.gov. Please call the SEC at 1-202-942-8090 for inforxxxxxx xxxxx xxx Xublic Reference Room. ------------------------------------ AIM V.I. HIGH YIELD FUND SERIES I SEC 1940 Act file number: 811-7452 ------------------------------------ AIMinvestments.com APPENDIX III AIM V.I. HIGH YIELD FUND MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE BEAR MARKET PERSISTS THROUGHOUT FISCAL YEAR It was another banner year for investment-grade bonds but high yield bonds, which respond more to economic conditions than interest rate changes, faced a difficult year. For the year ended December 31, 2002, AIM V.I. High Yield Fund Series I shares posted a return of -5.84%, while Series II shares returned -6.08%.* By comparison, the Lehman High Yield Index and Lipper High Yield Bond Fund Index, retuxxxx -1.41% and -2.41%, respectively, over the same period. Underscoring investor sentiment toward higher-quality investments, the Lehman Aggregate Bond Index returned 10.25% for the year. RELEVANT XXXXXT CONDITIONS 2002 began favorably for the fund and the high yield market as a whole. In January, investors assumed an economic r...
Annualized. A figure (as in a percentage) calculated by a formula to find the "average" performance per year for a period greater than one year. AON All or None Applied Proceeds Swap The sale of one block of securities, using the proceeds or monies of that sale to purchase as large a block of another security as possible.
Annualized. EBITDA of Borrower and its Restricted Subsidiaries, on a consolidated basis; provided that, at any time after (x) in connection with the Target Acquisition or with respect to any acquisition that is a Material Acquisition in accordance with clause (ii) of the definition thereof to which the United Kingdom City Code on Takeovers and Mergers (or any comparable laws, rules or regulations in any other jurisdiction) applies, on (i) April 25, 2018 in connection with the Target Acquisition or (ii) the date on which a “Rule
