Average daily total assets definition
Average daily total assets means the average daily value of total assets of the Fund, including those assets purchased with the proceeds of leverage, and without any deduction for liabilities of the Fund, including any indebtedness incurred for leverage purposes. For purposes of this calculation, “average daily total assets” are determined at the end of each month on the basis of the average total assets of the Fund for each day during the month. The assets for each daily period are determined by averaging the total assets at the end of the applicable Business Day (for purposes of this Agreement, “Business Day” shall mean a day that the New York Stock Exchange is open for trading) with the total assets at the end of the immediately preceding Business Day.