ENVIRONMENTAL FINANCIAL ADVISORY BOARD
Members
Bradley Abelow, Chair
Scott Anderson
John Boland
William Cobb
Donald Correll
Rachel Doming
Eric Draper
Mary Francoeur
James Gebhardt
Ann Grodnik
Scott Haskins
Jennifer Hernandez
Keith Hinds
Philip Johnson
Thomas Liu
Deborah Livesay
Mathilda McLean
Greg Mason
Karen Massey
Lindene Palton
Sharon Olxon Peay
Cherle Rice
Andrew Sawyers
Doug Scott
Jay Spector
Greg Swaitz
Lcannc Tobias
Steve Thompson
Chiara Trabucchi
Justin Wilson
Michael Shapiro
Designated
Federal Officer
FEB 1 6 2011
Honorable Nancy Stoner
Acting Assistant Administrator
Office of Water
United Slates Environmental Protection Agency
1200 Pennsylvania Avenue, NW
Washington, DC 20460
Dear Ms. Stoner:
The Environmental Financial Advisory Board is pleased to submit
the enclosed report. "SRF Investment Function: Current Status and
Prospects for Enhancing SRI7 Sustainabilily" for the Agency's
consideration. This report follows and complements the Board's August
2008 "Relative Benefits of Direct and Leveraged Loan Approaches for
Structuring State Revolving Loan Funds." The purpose of this report is
threefold: (1) to assess state SRI1' administrator's current authority and use
of the investment function in managing SRF programs; (2) to identify and
assess state-of-the-art investment practices and strategies currently being
used and (3) consider the benefits of expanded SRF investment authority
on SRF performance.
In developing this report, the Board clearly recognizes that the
SRF programs for clean water and drinking water are structured to allow
states substantial flexibility in the design of individual state programs.
However, in looking at existing stale law, funding structures and
preferences of state administrators this report shows that states vary
widely in their use of investments to support the SRF mission. In fact, the
report concludes that the investment function is widely underused and
limited by design or practice to short term investment at the point of SRF
dollar recycling. Like the findings of the August 2008 Report, the
approach states take with respect to the financial architecture of their
programs and the use of SRF investment authority has consequential long
term implications for the effective use of SRF capital resources and
demand for additional federal resources. For SRFs that have significant
unmet current demand for clean water or drinking water funding, EPA
should encourage states to rethink their program designs that fully
integrate funding and investment strategics that can maximize both current
and future funding capacity.
Providing Advice on "How to Pay" for Environmental Protection
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The report documents, on a state by state basis, the existing investment authority
most of which was established at the outset of the respective state programs. The report
also documents that certain states are achieving superior investment returns and funding
capacity where state investment laws and staff resources permit more aggressive and
efficient capital utilization structures. In an attempt to underscore the unlocked value of
the SRF investment function, in the broadest sense of the term, the Board looked at
successful endowment models from the public and not-for-profit sectors which leverage
investment returns to promote public benefits and which operate over comparable
mission horizons as the SRFs. Based on these case studies the Board modeled the
application of established and time tested endowment investment authority to SRFs and
found that SRFs operating with leveraged models that incorporated dedicated sinking
funds to deliver targeted financial assistance could meaningfully benefit from expanded
investment authority to increase SRF performance. In this context we define SRF
performance as the expansion of SRF funding that result from adopting state-of-the-art
leveraging models and investment strategies. The modeling results suggest that the
broadening of long term investment asset classes under SRF management would further
expand SRF performance without jeopardizing the long term financial integrity of the
federal SRF programs.
This report has looked at the asset side of the SRF balance sheet (where
investments reside) and found that in addition to promoting leveraging models among the
EPA regions and state administrators, the U.S. EPA could further add value by focusing
on this side of the "How to Pay?" question. U.S. EPA should undertake a review of the
SRF investment authority and establish the broadest governing parameters consistent
with federal law to encourage and expand the use of this tool in boosting SRF
performance. Additionally, expanded investment authority should be part of any future
discussions with Congress regarding the future of the federal SRF programs and funding.
The Board appreciates the continuing opportunity to provide financial advisory
assistance to the Agency on issues of national importance.
Sincerely,
Bradtey Abelow Michael Shapiro
EFAB Chair EFAB Designated Federal Officer
Enclosure
cc: Lisa P. Jackson, Administrator
Barbara J. Bennett, Chief Financial Officer
Joseph L. Dillon, Director, Center for Environmental Finance
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Environmental Financial Advisory Board
EFAB
Mike Shapiro
Designated Federal
Officer
Members
Brad Abelow, Chair
Scott Anderson
John Boland
William Cobb
Donald Correll
Rachel Deming
Eric Draper
Mary Francoeur
James Gebhardt
Ann Grodnik
Scott Haskins
Jennifer Hernandez
Keith Hinds
Philip Johnson
Tom Liu
Deborah Livesay
Greg Mason
Karen Massey
Mathilde McLean
Linden Patton
Sharon Dixon-Peay
Cherie Rice
Andrew Sawyers
Doug Scott
Jay Spector
Greg Swartz
Steve Thompson
Leanne Tobias
Chiara Trabucchi
Justin Wilson
SRF Investment Function: Current Status
and Prospects for Enhancing SRF
Sustainability
This report has not been reviewed for approval by the U.S. Environmental
Protection Agency; and hence, the views and opinions expressed in the
report do not necessarily represent those of the Agency or any other
agencies in the Federal Government.
January 2011
Printed on Recycled Paper
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U.S. EPA Financial Advisory Board
Report on The SRF Investment Function: Current Status and
Prospects for Enhancing SRF Sustainability
December 2010
FINAL
Amended April 2012 to Correct Model Inputs
USEPA Financial Advisory Board Report on the SRF Investment Function
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Table of Contents
I. PURPOSE AND SCOPE 4
II. DISCUSSION OF THE HISTORICAL ROLL OF INVESTMENT IN THE MANAGEMENT OF SRFS 5
Chart 1 - SRF Investment Authority 6
III. SRF CASE STUDIES 7
A. SRF Funding Models - Manifestation of Investment Function and Expectations 7
B. The Connecticut State Revolving Fund Investment Guidelines and Strategies 7
Summary 8
Reserve Fund Model to General Revenue Revolving Fund Bonding Program 8
Chart 2 - The CT SRF General Revenue Reserve Model 9
CWF Program Investment Guidelines and Requirements 9
General CT Investment Policy 10
Current Investment Profile 11
Table 1 - Summary of Connecticut Investments Contracts 11
Chart 3 - Collateralization of CT Program Assets 12
Table 2 - Connecticut Collateral Requirements 12
C. New York State Environmental Facilities Corporation - Investment Strategies 12
Introduction 13
Chart 4 - The NY SRF Traditional Reserve Model (1990-2005) 13
Chart 5 - NYSEFC Reserve Model Innovations (1.0)(2006-2008) 14
Investment Strategy 15
Chart 6 - Short-Term Equity Investments by Credit 16
Long-Term Investments 17
Chart 7 - Credit Quality of Long-Term Equity Investments 18
Investment Policies and Procedures 18
Comparisons with Management of Endowment and Pension Investments 19
IV. OTHER CASE STUDIES 19
A. The Texas Permanent School Fund 19
Purpose and Financial Benefit 19
Investment Management 19
Table 3 - Investment Portfolio - Asset Allocation 20
Investment Return 21
Table 4 - TPSF Investment Performance 21
Summary 21
B. The Nature Conservancy 22
Purpose and Financial Benefit 22
Investment Management 22
Table 5 - TNC Endowment Fund 22
Table 6 - TNC Capital Fund 23
Investment Returns 24
Summary 24
C. Great Lakes Protection Fund 24
Purpose and Financial Benefit 24
Investment Management 25
Investment Returns 26
Summary 27
V. SRF MODEL INVESTMENT PORTFOLIO CONSTRUCTION 27
Fixed Income Portfolios 28
Portfolios not Restricted by Asset Class 29
VI. THE CASE FOR BROADENING SRF INVESTMENT AUTHORITY 33
VII. FINDINGS AND BOARD RECOMMENDATION 36
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APPENDIX A - AUTHORIZED INVESTMENT PARAMETERS FOR MONIES HELD IN SRF EQUITY
ACCOUNTS 1
APPENDIX B - CONNECTICUT SRF INVESTMENT STATUTE 1
APPENDIX C - NEW YORK STATE SRF INVESTMENT POLICY 1
APPENDIX D - MODEL INVESTMENT PORTFOLIOS QUANTITATIVE DETAIL 1
USEPA Financial Advisory Board Report on the SRF Investment Function
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I. PURPOSE AND SCOPE
The Clean Water and Drinking Water State Revolving Funds (the "SRFs") were established to
advance the Nation's clean water and safe drinking water goals by capitalizing state based programs with
sustainable financial resources. Since 1989, the federal government has provided annual national
appropriations for this purpose. As required under the respective federal Clean Water and Safe Drinking
Water Acts ("the Acts"), states have matched their respective federal appropriations with at least 20%
state funding contributions. Under the Acts these dollars can be used (a) to finance direct loans to local
governments and other eligible borrowers to build water and wastewater facilities, (b) to capitalize
dedicated reserves that secure bond issues, with the proceeds of the bonds being used for lending to
eligible borrowers, (c) to provide market access to eligible borrowers by guaranteeing their obligations or
securing third party guarantees, (d) to be used to capitalize sub-state revolving funds for the above
purposes, and (e) to earn interest on fund accounts.
The last provision sets a premise that funds will be invested to earn interest, and thereby, broadly
defines the asset classes that qualify as permitted investments for (a) securing pledged reserves capitalized
with federal and state matching funds (together, "SRF funds") and (b) investing cash balances while not
being used for loans, reserves or guarantees. Since the initial appropriations in 1988, as a result of annual
federal appropriations, state matching contributions, and retained earnings, the SRF assets governed by
this directive have grown to $40 billion. This sum amounts to a sizeable and growing endowment that is
entrusted to each state and territory for the purposes of meeting national clean and safe drinking water
goals.
In recent years, a few pioneering states have adopted innovative leveraged financing models that
recognize and take advantage of the additional value presented by the investment function to accelerate
the internal growth rate of SRF funds and project funding capacity. These programs have opted to apply
the full balance of cashflows from dedicated sinking funds, pledged reserves, and other low-yielding
assets to meet long-term financial assistance commitments to eligible borrowers (i.e., provide interest
subsidies). The programs' efficient utilization of SRF funds hinges on the SRF administrator investing a
portion of the funds not required under a traditional reserve or blend rate model structure - in high quality
market rate fixed income investments that can "earn back" the program dollars committed to financial
assistance. The yields on this smaller dollar amount of unrestricted market rate investments allows the
SRF Administrator to allocate the remaining capital - that would have previously been required to fund a
traditional reserve - to support additional project funding.
The purpose of this report is to provide EPA with an assessment of the strategic value of the
investment management function in SRF program management and to evaluate its untapped potential to
support the SRF mission.
This is accomplished by reviewing SRFs' use of the investment function, exploring successful
investment models that serve mission objectives comparable to the SRFs, and assessing the case for
synchronizing SRF investment authority with these successful models. Specifically, this report will focus
on the SRF funding models adopted in New York and Connecticut, and the public missions served by the
Texas Permanent School Fund ("TPSF"), The Nature Conservancy ("TNC"), and the Great Lakes
Protection Fund ("GLPF"). TPSF, TNC, and GLPF each rely on broad investment authority to achieve
their respective long-term funding objectives. Each also utilizes investment portfolio management
approaches consistent with those of education endowments and pension funds.
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The report attempts to answer the following questions:
How important is the investment function in SRF management, and how important
should it be?
Given the expressed statutory limits on investment authority, what additional value can
be captured by states that increase the efficient investment frontier (i.e., what is state-of-
the-art)? What is the opportunity cost to the Nation posed by funding models that do not
maximize the value of the investment function?
What can the pension/ endowment model offer SRFs given the current statutory regime
or a future one that acknowledges the endowment nature of the SRFs?
Do the similarities between traditional pension/endowment models and the SRFs support
an expansion of the investment authority?
What should that expanded authority be and what conditions, if any, should be placed on
its use?
What could the monetary benefit of broader investment authorization be?
II. DISCUSSION OF THE HISTORICAL ROLL OF INVESTMENT IN THE MANAGEMENT OF SRFS
This section explores the SRF investment parameters that exist, state-by-state, and the inherent
statutory and related investment policy limitations shaping the role investments play in SRF management.
The review of each state's current investment parameters and policies is a starting point for evaluating the
incremental potential of a more cognizant SRF investment function. Building on a Council for
Infrastructure Financing Authorities survey of SRF investment procedures, the EFAB workgroup made a
direct effort to compile state-by-state data on the investment parameters (legal and policy), which drive
SRF investments. Knowing where investment responsibility resides in each state is critical to
understanding this aspect of SRF management. Usually, it is determined by state policy makers in
statutes governing state-wide investments and, sometimes, it is set by SRF adopted policies and general
SRF operations. For the reader's reference, included as. Appendix A: Authorized Investment Parameters
for Monies Held in State Revolving Fund Equity Accounts, is a matrix summarizing state-by-state
investment organization and statutorily established investment preferences.
The significance of the investment function location within the state operating hierarchy
The majority of states have assigned the investment function for SRF assets to the state
treasurer's office or its equivalent. This assignment appears to be premised on the assumption that the
state treasurer is best suited to manage the investment of funds during periods when such funds are not
being used for direct lending or for funding reserves pledged as security for SRF bond issues. State
treasurers that double as SRF administrators tend to carry the broadest investment authorizations. Aside
from such a dual state treasurer/SRF administrator role, the in-state agency hierarchy of SRF management
does not appear to have a clear pattern of impact on SRF investment authority.
For some states that assign investment responsibility to the state treasurer, the state's short-term
investment pool is the only investment vehicle used to manage SRF monies. States managing available
SRF monies solely through investment pools are identified in the matrix provided in Appendix A. For
these states, "Only Vehicle" is shown under the State Short-term Investment Account column. Where the
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short-term investment pool is indicated to be the only vehicle, permitted investments identified in the
matrix are those available to the ST investment pool for that state. Nine states rely solely on their short-
term investment pools.
SRF Investment Responsibility
Chart 1 - SRF Investment Authority
/ ^\ SRF
/ \ Administrator
/ \ 40%
State Treasurer or« \ /
Investment Board ^H \ /
60% \v \/
maintained and that investments are both compliant
Where
often determine:
layers exist in r
activities. In ii
has direct respc
and procedures
by law and ma]
branches of go
treasurers often
that policies
and consistent wi
the investment function resides
: how many policy and procedure
;lation to investment management
stances where the state treasurer
nsibility for SRF funds, policies
ire established at that level as set
come with oversight from other
vernment. In such cases, state
rely on outside advisors to assure
and procedures are properly
th the investment mission. These
advisors may also be relied on to identify valuation risk and incremental return opportunities that will
guide investment choices. With such information at hand, states may directly manage funds in-house or
they may engage money managers to make investments. Where SRF administrators are directly
responsible for fund management, polices and procedures adopted by their governing Boards are likely to
incorporate any state statutory language governing investment policies and procedures.
Impact of statutory, investment policy, practices and operating constraints
The workgroup reviewed each state's SRF investment parameters to gain a better understanding
of how states manage SRF funds when the funds are not being immediately or directly applied to projects.
From information gathered we learned that state statutes, investment policies and procedures reflect a
deliberate choice on the part of policy makers to emphasis the preservation of principal and liquidity in
anticipation of near-term demand to deploy funds for prescribed program purposes. Consistent with these
operating constraints, state statutes and policies uniformly provide for the investment of available dollars
in short-term U.S. Treasuries, U.S. Government guaranteed securities and securities of or guaranteed by
the so-called Government Sponsored Enterprises ("GSEs") such as Fannie Mae and Freddie Mac.
Statutory language often limits investment terms, which may be further limited by investment policies
and guidelines. As shown in the matrix, included in the consensus list of conservative investments are
money markets funds ("MMFs"), collateralized or FDIC-insured certificates of deposit ("CDs"), and
commercial paper ("CP") with the highest short-term credit ratings. In addition, certain states provide
flexibility to invest funds beyond the most conservative instruments. For some of these states, state
specific considerations are at the forefront. Additional authorizations in these categories extend to
instruments that are considered to be consistent with preserving principal and liquidity but that promote
in-state objectives to enhance bank balance sheets and prop up demand for in-state municipal obligations.
As an example, the State of Mississippi statute governing the investment of public funds specifically
directs the state treasurer to invest available cash balances, which would include any available SRF
monies, in CDs of in-state banks. As many as 10 states limit investment in municipal obligations to in-
state municipals.
Beyond the consensus investment list there are other interest bearing investments, which are
authorized under certain state statutes. These include international developments banks with sovereign
backing, tax-backed and revenue-backed municipal obligations, corporate bonds, asset backed securities,
and collateralized mortgage obligations. For states with these broader investment authorizations, the
governing statutes stipulate the credit quality of permissible investments, often stating that investment
assets must be ranked in the highest or top two tiers of credit by the national rating agencies (at least at
USEPA Financial Advisory Board Report on the SRF Investment Function
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7
the time of purchase). These states are also likely to manage investments in accord with statutes,
guidelines, or policies that establish strict concentration limits for non-U.S. government and U.S.
government guaranteed securities.
The emphasis (if any) on expectations and performance in SRF investment management
Investment expectations and performance have historically been of limited importance to SRF
investment management with regard to "idle" equity fund balances.1 Expectations and performance are
formally or informally tied to short-term indices that measure performance against U.S. Treasury returns,
which, for all intent and purposes, track federal monetary policy and dictate returns on the short end of the
yield curve. Long-term investment considerations appear to only manifest for states that rely on the
traditional leveraged reserve model. Long-term expectations track the fundamental premise of these
models, which require reserve investments to garner yields that equal or exceed cost of funds on the
related bond financing. Performance is simply a measure of the actual return on these investments versus
cost of funds, which becomes the relevant "index". In this basic leveraged model form, expectations and
performance will only shift at the point in the future that Congress may exclude the investment of SRF
equity pledged to tax-exempt financings from the arbitrage restrictions of the U.S. Tax Code. The
Innovative Financing Model (see Section III, below) differs from traditional leveraged model only in that
a portion of the SRF program's long term investment portfolio is not pledged to SRF bond financings.
However, investment performance is still measured against cost of funds.
III. SRF CASE STUDIES
A. SRF Funding Models - Manifestation of Investment Function and Expectations
The U.S. EPA Financial Advisory Board's August 2008 report, Report on the Relative Benefits
of Direct Loan and leveraged Loan Approaches for Structuring State Revolving Loan Funds, identified
new variations on the basic forms of the direct and leveraged models (dubbed "Innovative Financing
Models") that depend critically on the investment function to drive the success of these new forms. The
2008 report demonstrated that both direct and leveraged states could adopt these model changes to
increase environmental returns, as measured by the greater dollar value of projects served, assuming no
change in the magnitude and distribution of target benefits. The Innovative Financing Models discussed
in the report were those adopted by the States of Connecticut and New York. Instead of relying on the
direct pledge of equity necessary to be invested at the cost of funds of related bond financings to deliver
financial assistance to program beneficiaries, the Connecticut and New York models limited pledged
assets to the present value of investment cashflows (including program equity) necessary to deliver the
targeted amounts of financial assistance over the life of the related borrower's financings. While total
assets and related cashflows scheduled to be paid out against future financial assistance liabilities would,
in time, drain program capital; equity capital (a portion of the capital that would have been pledged under
the original leveraged models) is redeployed. Equity capital is allocated for investment at unrestricted
yields in amounts necessary to recoup the capital pledged for future financial assistance payments with
the remaining conserved capital added to funding capacity, which is expanded by the dollar value of
conserved capital times the leveraging factor. The 2008 report mathematically demonstrated that states
relying on the direct financing model could also implement this innovation to expand project funding
capacity. In the following sections case studies of the Connecticut and New York program are offered for
the purpose of exploring how these states have reworked the funding/investment interface of the SRF
programs.
B. The Connecticut State Revolving Fund Investment Guidelines and Strategies
1 "Idle equity fond balances" consist of funds not directly supporting SRF eligible projects in the form of loans or dedicated investments such as
pledged reserves.
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Summary
The Clean Water Fund (the "CWF") has acted as the State of Connecticut's State Revolving Fund
(SRF) since 1987, and since 1996, it has included both the Clean Water SRF and the Drinking Water
SRF. The Treasurer manages financing programs for both SRFs, maintaining separate accounts, while
simultaneously issuing bonds for both programs. Like other SRFs, initially, the CWF issued bonds
backed by the pledge of specific assets including loans, reserve funds, and other program assets. Over the
years, while the credit was increasingly well received in the market and obtained triple-A ratings, the
pledge of specific assets resulted in millions of dollars of lost earnings on the program's large reserve
funds because all reserve earnings are limited to the arbitrage yield for tax purposes.2 Any realized
earnings above the arbitrage yield are required to be rebated periodically to the U.S. Treasury. Because of
the need to sustain the dollar value of available project funding on a long-term basis, this loss of earnings
was of increasing concern. Therefore, Connecticut chose to handle this issue in two major ways: it
restructured its bond financing program, and it began to develop new investment strategies in response to
market opportunities and challenges. Fitting the two pieces together, the restructuring was in part
implemented to take advantage of future investment opportunities.
The discussion that follows includes a description of the CWF bond financing program and the
primary factors directing the investment choices of the program managers, a review of the Program's
statutory and indenture requirements and informal investment guidelines, and descriptions of the types of
investment vehicles currently used by the program.
Reserve Fund Model to General Revenue Revolving Fund Bonding Program
In 1996 after five bond issues using its 50% reserve fund leveraged bond financing model, the
Connecticut CWF achieved triple-A ratings on its senior bonds. At this point, that CWF began to
contemplate additional SRF investment choices for two reasons: the opportunities created by the
development of a subordinated refunding financing and the challenges created by a narrowing field of
possible investment providers due to higher investment ratings requirements of a triple-A credit.
The traditional pledge of the CWF assets imbedded in the senior and subordinate debt structure
necessitated secure conservative investments, which were crafted as guaranteed investment contracts,
forward purchase agreements, and other long-term, flexible investment vehicles. This structure had
several drawbacks: it was administratively complex, it constrained programmatic and financial flexibility,
and, under applicable federal tax regulations, it resulted in millions of dollars of lost earnings.
By June 2003, after spending two years modifying its original reserve fund leveraging model, the
State Treasurer initiated the complete restructuring of the CWF bond financing program with the issuance
of CWF General Revenue Bonds under a new indenture. Rather than being secured by assets set aside
and pledged to a particular bond issue, these General Revenue Bonds are secured by the contractual
obligation of the CWF to use any available money in the CWF to pay the bonds. This means that the
General Revenue Bond structure differs significantly from the original SRF structure because most
program assets remain unencumbered. Since the only legal restrictions on the use of the unencumbered
assets are the federal and state requirements governing the SRF program, the CWF greatly enhanced its
flexibility to improve, modify, and expand the program in the future. This additional flexibility was
achieved without any impact to the CWF ratings, based in large part on the demonstrated success of the
CWF's management and its significant assets. Market acceptance was significant but not surprising due
to the maturity of the program and the size of its assets.
2 Under Section 148 of the IRS Code, the arbitrage yield represents the allowable investment yield on bond
proceeds inclusive of equity that is pledged for tax purposes. The allowable arbitrage yield roughly mirrors the all
in interest cost or "cost of funds" for the related financing.
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This new structure is used for both new money bonds and refunding bonds and uses any available
moneys in the SRF to pay the bonds. In 2008, the issuance of additional refunding bonds coupled with a
cash defeasance moved all outstanding debt to the General Revenue Bond structure. The restructuring
presented the state with the opportunity to negotiate the retention of all of its guaranteed investment
contracts ("GICs") since the beginning of the program. Currently most of its program equity is held in
these GICs, with additional funds in the state's short-term investment fund, U.S. Treasury State and Local
Government Securities ("SLGS"), and a Fidelity money market fund for overnight investment purposes.
Under the General Revenue Bond structure, a large portion of assets can be invested unencumbered. On
these unencumbered balances, the CWF is able to retain all investment returns, unlimited by bond
arbitrage yields.
Chart 2 - The CT SRF General Revenue Reserve Model
Investmeni
Interest
Cap Grants
State Match
Reserve
Free Up
SRF Equity
STIF
GICs
GO Bonds
Flow of Funds
SRF Financing provided from proceeds of bonds
SRF Financial Assistance Provided from Deposit
of SRF Equity in Pledged Reserves
Deposits
at Bond Issue
CWF Program Investment Guidelines and Requirements
In Connecticut, the Treasurer's Office directs the investment of the CWF. Since inception of the
CWF program, the investment management function has been tied to the issuance of bonds, with
investment options determined primarily by the timing of the expenditure of bond proceeds and the size
and duration of debt service reserve fund assets pledged to the bondholders. The CWF investments are
managed by the Clean Water Fund Financial Administrator in the Debt Management Division in
accordance with the State General Obligation Bond Procedure Act, CGS Sec 3-20(f). This Act sets
investment objectives and parameters that are further outlined below.
The Clean Water Fund Financial Administrator invests funds not immediately needed for
payment to bondholders, project construction, or the administration of the CWF in order to sustain the
CWF's capital base and future funding capacity. Permissible investment obligations must be consistent
with Connecticut State Law, and in the case of bond proceeds, the requirements of the CWF bond
indentures. In keeping with its fiduciary responsibilities, all investment decisions must consider the
safety of investments, the timing of fund draws, and the risk adjusted return of investments.
Preservation of principal is the most important objective of the CWF fund investment strategy.
The second most important consideration is the maintenance of liquidity. Based on the statutory
mandates to provide project funding, a significant portion of CWF assets must remain sufficiently liquid
to enable the CWF to meet all project spending and debt service requirements. Thus, bond proceeds are
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10
invested in short-term investments, and individual funds and accounts are invested with consideration of
the entire cash flow and the availability of funds to meet the CWF's commitments. The potential need to
fund projects between bond issues also necessitates the investment of a portion of the fund assets in short-
term instruments. When CWF equity funds are used to make loans between issuances, the pace of project
funding is maintained, and funds from the next bond issuance are used to reimburse the equity account.
Because a number of factors impact the pace of project funding by the program, it is important that the
CWF have such a mechanism for making project payments, without diminishing the CWF and DWF's
ability to fund future projects or creating an accounting nightmare because of the improper use of money.
Finally, within the above constraints, the CWF is managed to generate an efficient risk adjusted return,
where possible, through budgetary and economic cycles. The restructuring will result in increasing
opportunities to improve return as the fund continues to mature.
To manage arbitrage liabilities, tax-exempt bond funds are invested subject to the applicable
arbitrage considerations, including the Tax Regulatory Agreements associated with each bond issuance,
and investments are made to preserve arbitrage exceptions where possible. Any arbitrage rebate due is
calculated by the Treasurer's Office.
General CT Investment Policy
The general investment provisions for funds managed by the Debt Management Division permit
the Treasurer to deposit funds in a commercial bank or trust company or to invest in obligations
guaranteed by the State or the U.S. government or its agencies, certificates of deposit, commercial paper,
bankers' acceptances, obligations of other states or political subdivisions (all subject to high credit quality
requirements), or in GICs of high credit quality or sufficiently collateralized by U.S. Government
securities. Funds may also be invested in the state's Short Term Investment Fund ("STIF") or the Tax
Exempt Proceeds Fund ("TEPF").
Bond proceeds, which are expected to be spent within 6 to 12 months, are typically invested in
STIF, which offers the liquidity required for expenditures that come through the State's regular payment
processes at unpredictable times. If the funds are not spent in the time required for tax compliance, bond
proceeds are moved to the TEPF, which is a SEC registered money market fund that was established in
1987 by the Treasurer's office to assist in compliance with the Tax Reform Act of 1986 and invests only
in high quality tax-exempt municipal securities. TEPF is a permitted investment for the State and other
tax-exempt issuers. Likewise, all distributions of bond proceeds to CWF loan and grant recipients are
invested in the TEPF until the recipient uses the funds to pay a loan or grant related expense. For the
CWF and other occasional project issuances, bond proceeds are sometimes also invested in GICs, and the
interest earnings are used to reduce the capitalized interest requirements for projects that don't produce
the required revenue to cover debt service until the project is complete.
Meanwhile, escrow funds, which are held by a trustee for the benefit of bondholders whose bonds
have been refunded until they are called, are invested in U.S. Treasuries maturing on or about payment
dates in order to satisfy the bond market. The Connecticut SRFs either subscribe for the SLGS or,
depending upon a number of market factors, will bid a pool of open market U.S. government securities.
Such investments permit a perfect fit to the debt service requirements of the escrow.
The CWF program was initially structured to allow for a large 50% reserve fund, projected to
generate about one-half of the interest due on the bonds. Reserve funds were either deposited at closing
or filled up with scheduled payments to help secure the bonds for their full term of up to 20 years. Debt
service reserve fund investments consisted primarily of GICs and U.S. Government securities. Most of
the CWF GICs have release schedules. Short-term debt service funds are also mostly invested in STIF or
GICs. Specific terms were established because the debt service reserve funds had to be accessible in a
default situation.
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Current Investment Profile
Short-Term Investments:
Investments in cash, STIF, money market funds, G.O. Bonds, and other miscellaneous short-term
assets total approximately $298 million on an aggregate basis. SLGS account for an additional $100
million.
Long-Term Investments:
The CWF currently has outstanding several GICs representing 53% of the total investments held.
From 1991 through 2003 the State of Connecticut invested its bond proceeds, debt service reserve funds,
and administrative funds in GICs with financial institutions with payment dates that matched the maturity of
the related series of bonds. Under the enabling statute, eligible financial institutions may be insurance or
reinsurance companies, or their affiliates, banks, trust companies or broker dealers that have ratings at the
time the GIC is entered into of at least AA- by Standard & Poor's Rating Services and Aa3 by Moody's
Investor Services, and if rated by Fitch Ratings, a rating not lower than AA-. The income generated by
these investment contracts is used to reduce the effective rate on SRF recipient financings funded from
bond proceeds.
The investment contracts are generally collateralized by direct obligations of the United States of
America, an agency thereof or a U.S. government sponsored corporation, or by obligations guaranteed by
the U.S. The contracts are subject to termination upon certain events. A termination event may be
deemed to have occurred upon the downgrade of the financial institution or the guarantor's ratings below
the minimum thresholds provided in each contract. Additional events of termination include, but are not
limited to, the financial institution's failure to repurchase collateral and transfer invested funds pursuant
to terms of the related financing documents or the financial institution's failure to make scheduled
payments of interest on invested funds. The state has the ability to liquidate the securities in the event that
certain contractual requirements of the GIC providers have not been met. Liquid short term portions of
GICs total $105 million while the longer term portions total $143.5 million.
Subsequent to the credit events of 2008, the state prepared a detailed review and analysis of the
specific securities that are being held as collateral for each of the GICs investments. The primary reason
for this analysis was to provide an assessment of the ability to liquidate the securities in the event that
certain contractual requirements of the GIC providers have not been met. There was also a need to
determine if any of the collateral would impact the decision related to maintaining the corresponding GIC.
While aware that some states chose to terminate GICs, the Treasurer determined that the terms and
conditions of the contracts, combined with the quality of the collateral, did not warrant the termination of
any GIC. While advisors suggested the possible replacement of some securities, specifically the SBA
Certificates and the Financing Corp. Bonds that are collateralizing a portion of the 1992 and 1994 GICs,
the State found no reason to believe that the collateral was impaired. To date, the state has not replaced or
terminated investment contracts.
Table 1 -Summary of Connecticut Investments Contracts
Bond
Issue
1991
1992
1993
1994
1996
1996 Ref
1997
1997
Account Type
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
GIC
Provider
AIG
AIG
AIG
AIG
SOC GEN
SOC GEN
SOC GEN
CDC
Minimum
Collateral Level
105%
105%
105%
105%
104%
104%
104%
104%
Securities Allowed
US Treasuries
US Treasuries
US Gov't Securities
US Treasuries
US Gov't Securities
US Gov't Securities
US Gov't Securities
US Gov't Securities
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Bond
Issue
1999
1999 Ref
2001
2001
2003
2006
2008
2009
Account Type
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
DSRF & Additional Investment
Support Fund, Additional
Investment
Support Fund, Additional Investment
Support Fund
Support Fund
GIC
Provider
AIG
CDC
Trinity Plus
CDC
Trinity Plus
None
None
Minimum
Collateral Level
105%
104%
105%
105%
104%
104%
Securities Allowed
US Gov't Securities
US Gov't Securities
US Gov't Securities
US Gov't Securities
US Gov't Securities
US Gov't Securities
US Gov't Securities
US Gov't Securities
As Shown below over 70% of the programs assets are collateralized by Category 1 securities.
Chart 3 - Collateral "' ~frvr "- - - *--*-
Category 1 -
FHLB and
Category 2 -
Category 3
4.08%
I
Category 2
24.73%
71.19%
U.S. Governmental Securities and the Senior Debt Obligations for FNMA, FHLMC,
GNMA are in Category 1, which represents the least potential of impairment.
Mortgage related securities are categorized based on the mortgage related aspect of the
underlying security.
Category 3 - Financing Corp. Bonds and SBA Certificates with the full faith and credit of the United
States are Category 2. These securities are not commonly traded in the market.
Table 2 - Connecticut Collateral Requirements
Security
U.S. Treasury securities
AA collateral levels
GNMA certificates
FNMA certificates or
FHLMC certificates
Frequency
of Valuation
Weekly
Daily*
Weekly
Daily*
Weekly
Daily*
Maximum
Cure Period
Two bus. Days
One bus. Day
Two bus. Days
One bus. Day
Two bus. Days
One bus. Day
Collateral Level (%)
104% < 15 years
remaining term to maturity
104% < 15 years
remaining term to maturity
104% (all maturities)
104% (all maturities)
105% (all maturities)
105% (all maturities)
C. New York State Environmental Facilities Corporation - Investment Strategies
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Introduction
The New York Revolving Funds are currently positioned to operate the three variants of
revolving fund models that are well known among SRF practitioners: the direct loan model, the leveraged
reserve and blended rate models. At the start of the SRFs, investment management was a secondary
consideration as SRF balance sheets largely consisted of capitalization grants and state match monies
drawn to fund direct loans or reserve fund investments directly. Investment management became a more
active function of most SRFs as initial capitalization grant and state match dollars began to recycle.
However, even as the initial recycling phase began most SRFs focused investment on safe, high-quality
short-term investments. Investment yield was a secondary consideration. This approach was consistent
with the expeditious and timely use clause of the Clean Water Act and the expectation, at the time, that
the investment of recycled dollars in short-term investments would assure their timely use in support of
new projects. In the later years of the Second Bush Administration, the annual growth of recycled dollars
as compared to declining annual federal capitalization grant appropriations incentivized New York to
adopt a new capital utilization approach designed to achieve higher levels of project funding capacity than
could be provided by the standard leveraging models. To be effective, this second generation model
requires that recycled dollars be invested for periods longer than one year and for the specific purpose of
maximizing investment income. The following sections of this report will briefly describe New York's
second generation reserve model, explain the investment strategy adopted to serve the new model and
discuss the investment policies and procedures adopted by management.
The New York Reserve Model
In 2005, the New York SRF Administrator, the Environmental Facilities Corporation (the
"Corporation") actively sought to expand program funding capacity by modifying its original reserve
fund leveraging model which relied exclusively in reserve earnings to meet financial assistance
obligations. The modified leveraging model was designed to meet financial assistance obligations with
smaller pledged reserves by (a) relying on one or a combination of earnings on pledged reserves, reserve
releases and direct loan principal and interest payments and (b) investing recycled SRF equity in
unrestricted investments in amounts sufficient to restore equity balances paid out as financial assistance.
The first seven leveraged transactions completed since 2005 using the modified reserve model incurred an
all-in tax-exempt bond yield of 4.32%. By comparison, New York has invested recycled equity needed to
restore paid out equity over the life of the subsidy obligation at an all-in yield of 5.62%. This represents a
30.4% increased annual return on such equity when compared to the traditional reserve model, where
investment returns are limited to the related bond yield. It also represents an equivalent 30.4 % reduction
in capital needed to support financial assistance payments over the life of the related transactions. The
immediate benefit to New York is the capital that is released from the investment account to support
additional projects. The additional projects that can be financed are equal to the equity conserved times
the leveraging rate. This is a highly desirable outcome in that it extends the reach of finite SRF equity.3
The change in the New York Reserve Model is shown in the following charts. Chart 4 presents the flow
of funds for the traditional model. Chart 5 presents the flow of funds under the first generation of the
modified model. The reader should note that in 2009, New York adopted the attributes of the
Connecticut Model in response to shifting market conditions which on a comparative basis rendered the
New York model less efficient. The remaining distinction is the sinking fund investment which in
Connecticut is funded with highly rated marketable securities and in New York is funded with a SRF
eligible financing.
3 "Report on the Relative Benefits of Direct Loan and Leveraged Loan Approaches for Structuring State Revolving Loan Funds", USEPA
Financial Advisory Board, August 2008, pgs 36-7.
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Chart 4 - The NYSRF Traditional Reserve Model (1990 - 2005)
Reserve
Deposits
Flow of Funds
SRF Financing provided from proceeds of bonds
SRF Financial Assistance Provided from Deposit of
SRF Equity in Pledged Reserves
P&I
Repayments
Chart 5 -NYSEFCReserve Model Innovations (1.0)(2006-2008)
Senior Bonds
Investment Cost 4%
I
Senior
Bond Reserves
Inv. Rate 4%
4% Investment Savings
for Subsidy
Reserve Free-Up
For Interest Subsidy
Subordinated Bond
Investment Cost 4.1%
New Structure Adds to Funding Capacity
SRF Financing provided from proceeds of bonds not
backed by pledged reserves
SRF Financial Assistance provided from senior bond
reserve principal and direct financing repayments
Equity is invested at unrestricted rates to grow program
capital
LT Investment
Portfolio
Investment Rate 5%
Investment
Repayments
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Investment Strategy
The modified reserve model approach required the Corporation to radically alter its approach to
the investment of recycled program dollars. Prior to 2005, New York's SRF investments fit neatly into
two categories; recycled equity which was invested in short-term U.S. Treasury securities and reserve
fund equity, comprised of draws from federal capitalization and state matching funds or recycled equity
which were invested in competitively bid collateralized investment contracts or U.S. Treasury SLGS.4
This classification of investments neatly served the stated purposes of the SRFs, which are to recycle
dollars to support new projects expeditiously. The investment of recycled dollars in highly secure liquid
short-term investments easily supported this program objective. Since 2005, a new category has been
added; the investment of recycled equity in long-term securities with maturities of one year or longer.
The strategic value of deploying recycled equity in long-term investments that, under the traditional
reserve model structure would have been invested in reserves subject to arbitrage rebate requirements, is
the opportunity to maximize program earnings that will (a) grow the program capital base or (2) offset the
future use of capital derived from reserve principal and direct loan repayments to pay financial assistance
obligations.
Another post-2005 change relates to reserve fund investments, which are no longer limited to
collateralized investment agreements or U.S. Treasury SLGS. A discussion of each investment category
is provided below.
Short-term Investments
The Corporation retains all funds available for project commitments in short-term investments.
Short-term investments consist of U.S. Treasury securities maturing in less than one year, taxable
municipal securities rated Aa/AA or better maturing in one year or less or which are subject to reset
within one year and which are supported by liquidity rated in the highest short-term rating category.
Table 3 provides abreakdown of short-term investments as of February 15, 2009.
4 SLGS are purchased for reserves where the related recipient financings are advance refundings of previously issued bonds. U.S. Treasury rules
limit the investment rate on advance refunding proceeds, which by definition includes equity funded SRF reserves, to the cost of funds of the
related bond issue ("the allowable arbitrage yield").
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Chart 6 - Short-Term Equity Investments by Credit
Sales Tax Asset
Receivable
Corp.
$5M
NYS Local
Government
Assistance
Corp.
$43M
NYS Housing
Finance
Agency
NYCMunicipa
Water Finance
Authority
$50M
US Treasury
Money Market
S252M 71.4% Aa2/VMIG1,AAA/A-1+,
US Treasury Money Market Funds
NYC Municipal Water Finance Authority
NYS Local Government Assistance Corp.
Sales Tax Asset Receivable Corp.
NYS Housing Finance Agency
14.2% AA/F1 +
12.1% Aa1/VMIG1, AA/A-1+, NR
1.4% Aa3, AAA, AA-
0.9% NR, AAA, AA-
$50M
$43M
$5M
$3M
(in millions USD)
f 2/15/09, 71.4% of the short-term
Ity balance was invested in treasury
bills with various maturities, laddered to
meet cash flow needs. The remainder of
the balance is invested in both municipal
bonds and notes with maturities of less
than one year.
Reserve Fund Investments
From 1990 through 2006 the Corporation invested reserve allocations, pledged to SRF bonds, in
investment agreements with financial institutions with payment dates that matched the maturity of the related
series of bonds. Under the Corporations' enabling statute, the financial institutions which are parties to
our investment agreements may be insurance or reinsurance companies, or their affiliates, banks, trust
companies or broker dealers that have ratings at the time the investment agreement is entered into of at
least AA- by Standard & Poor's Rating Services and Aa3 by Moody's Investor Services and if rated by
Fitch Ratings, a rating not lower than AA-. The income generated by these investment agreements is
used to reduce the effective rate on SRF recipient financings funded from bond proceeds.
The investment agreements are generally collateralized by direct obligations of the United States
of America, an agency thereof or a United States government sponsored corporation, or by obligations
guaranteed by the United States of America. The related agreements require that a third party hold
collateral. Each agreement requires that the collateral be maintained at various levels not less than 110% of
the principal amount of invested funds, marked to market not less than weekly. In the event these
collateral levels fall below the minimum requirements, notice is provided to the investment provider and
additional collateral is required to be pledged to satisfy the requirements specified in each investment
agreement. The agreements generally require such collateral to be delivered within one business day of
notice. The agreements also come with a par credit put which allows the Corporation the right to a call on
invested funds, up to the amount of any SRF recipient payment default, on any payment date.
These investment agreements are subject to termination upon certain events. A termination event
may be deemed to have occurred upon the downgrade of the financial institution or the guarantor's ratings
below the minimum thresholds provided in each agreement. Additional events of termination include, but
are not limited to, the financial institution's failure to repurchase collateral and transfer invested funds
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pursuant to terms of the related financing documents or the financial institution's failure to make
scheduled payments of interest on invested funds.
The investment agreements permit us to demand a repurchase of collateral and return of invested
funds to pay scheduled debt service on the related bonds in connection with a late or non-payment by a
borrower, to cure a short fall in funds otherwise available to make a debt service payment on the related
bonds or in order to preserve the tax exempt status of such bonds.
Subsequent to the credit events of 2008, the Corporation has acted to protect its reserve fund
investments by terminating investment agreements with certain providers that the Corporation deemed to
be in default under the terms of the agreements on the basis of rating downgrades, financial deterioration
or lose of control. The decision to terminate these agreements was made in conjunction with a decision to
shift the investment paradigm for reserve fund investments from commercial providers, eligible under the
statute, to eligible government and non-governmental organizations (NGOs), including New York
governments seeking SRF financing for eligible projects. Eligible government and NGO providers are
subject to the statutory rating requirement of Aa3/AA- or better. Based on outstanding ratings this new
class of providers may include the Federal National Mortgage Corporation ("Fannie Mae"), The Federal
Home Loan Mortgage Corporation ("Freddie Mac"), the Tennessee Valley Authority, highly capitalized
New York domiciled universities such as Columbia and Cornell, not-for-profits such as The Nature
Conservancy ("TNC") as well as the major development banks.
To date, the Corporation has replaced terminated investment agreements with the direct purchase
of securities from the Inter-American Development Bank ("IADB") and the Tennessee Valley Authority.
In November 2009, the Corporation secured a new reserve fund investment with the purchase of a
customized debt instrument from TNC that matched the financial assistance cashflow requirements of a
2007 SRF financing. This new class of investment providers comes with business models that are well
defined (often in statute) which the Corporation believes are far less susceptible to credit deterioration.
The one significant trade-off is lack of a traditional credit put feature. The IADB investment only permits
a credit put based on the market valuation at the time of a call on invested funds. Given the maturity of
the SRF balance sheet and stellar SRF repayment history, the diminution or lack of credit put provisions
associated with this new class of investment providers is not considered to be of material consequence to
the credit quality of the Corporation's related SRF bond issues.
The Corporation currently expects that future reserve investments will be placed with government
or non-government enterprises that meet the threshold rating requirements. As noted above, such
permitted investments may not provide the customized liquidity features included in our investment
agreements described above, so that in the event of a SRF financing recipient default the Corporation may
need to sell such investments in order to realize moneys to cure such default.
Long-Term Investments
Since June 2005, New York has issued seven bond transactions based on modified reserve and
blend rate models, one of which is described in Chart 5 above. To date, New York has successfully
deployed long-term investments that are expected to generate returns that will fully offset the financial
assistance commitments made to SRF recipients whose financings were funded from the proceeds of the
first six transactions. These investments differ from traditional pledged reserve investments in that the
investment cashflows do not precisely match the timing of the financial assistance payment obligations.
Since they are put in place solely to rebuild capital (reserve free-up and direct loan repayments committed
to pay financial assistance on modified reserve model transactions), there is no need for direct payment
correlation between the financial assistance payment obligation and the long-term investment cashflows.
Furthermore, to assure that no linkage is drawn for tax purposes (meaning that there is no basis to
conclude that the long-term investments are related to the bond transaction), investments are selected as to
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limit the number that may have payment dates that coincide with SRF bonds. The timing of purchases are
also required to be made at times (preceding or following the bond transaction) that are sufficiently
separated from the bond sale to assure that there is no basis for concluding that the investments are linked
to the transaction.
Investments secured to date consist of taxable municipal securities rated at least Aa3/AA-, at the
time of purchase. In addition to ratings, eligible municipal securities are further limited by statute to
general obligation bonds, in-state revenue bonds and the debt instruments of corporations domiciled in
New York State. Securities purchased to date are represented by each of these categories.
Investment cashflows are structured to generate returns on a schedule that provides for the
replacement of capital scheduled to be paid out as financial assistance to SRF recipients. As such,
investments run the length of the yield curve and, in aggregate, carry an investment duration that matches
the financial assistance payment obligations incurred by the modified reserve model. Chart 7 provides a
break down of the New York SRF's short-term investments by credit rating and type and long-term
investments, which are limited to taxable municipals, by best and worst underlying ratings.
Chart 7 - Credit Quality of Long-Term Equity Investments
(in millions USD)
Best Rating Category
Worst Rating Category
Triple-A $117 31.7%
Double-A $210 57.1%
Single-A $32 8.8%
Triple-B $8 2.1%
Triple-C $1 0.4%
Total: $369 100.0%
Double-A $236 64.1%
NR $53 14.3%
Single-A $39 10.6%
Triple-A $27 7.3%
Triple-B $14 3.7%
Total: $369 100.0%
96.6% of equity investments rated single- A or
better.
92% of equity investments rated single-A or
better.
Investment Policies and Procedures
As the dimensions of the Corporation's investment activities have grown it has been important to
deepen investment policies and procedures. This was critical for the purpose of demonstrating that a
more active investment approach can be effectively managed and controlled. The establishment of
formally stated policies and procedures, with appropriate documentation of investment executions, is also
highly important in demonstrating management's hands-on commitment and oversight of the investment
process to the rating services. Provided in Attachment B is a copy of the Corporation's Internal
Investment Policy and Procedures Memorandum.
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Comparisons with Management of Endowment and Pension Investments
The 2005 changes in the New York program required the Corporation to alter its investment
management approach. The previous bond financing model was managed by perfectly matching reserve
investment cashflows to bond cashflows. The post 2005 model requires that a portion of program equity
be managed for the purpose of offsetting the future scheduled payout of program capital as financial
assistance payments. Both approaches require that assets and liabilities be duration matched (or
approximated) very much in keeping with the prescribed investment practices of endowment, pension and
insurance investment managers. The major distinction of course is that endowment, pension, and
insurance investment managers rely on a broader array of asset classes and permitted investments that
extend beyond obligations that "earn interest" on fund accounts.
IV. OTHER CASE STUDIES
The case studies that follow look more closely at three organizations (both public and not-for-
profit) that have exercised their authority to seek higher investment returns by allocating investment
resources more broadly. In this section, the Texas School Permanent Fund ("TPSF"), The Nature
Conservancy ("TNC") and the Great Lakes Protection Fund ("GLPF") are evaluated from the perspective
of their similarities to the SRFs mission and their differences with respect to how they manage
investments. These organizations have made investments in natural resource trusts, real estate and
various forms of preferred and common equity to maximize long term investment returns. Given the
comparable investment horizons of these entities and the SRFs, we believe there is value to be gained in
looking at these organizations to learn about the investment function, the value placed on it in serving the
long-term objectives of these organizations - including the rationale for their investment approaches - and
investment results.
A. The Texas Permanent School Fund
Purpose and Financial Benefit
In 1854, The Texas Permanent School Fund ("TPSF") was established for the benefit of the
public schools in Texas. Initially, the state legislature appropriated $2 million to the TPSF; then, in 1876,
the Texas Constitution earmarked certain lands and proceeds from those lands to the TPSF. Later,
additional acts gave more land to the TPSF, and revenues from the land, including land leases and royalty
income received from mineral leases, accrued to the TPSF. As of August 31, 2009, the aggregate fund
balance of the TPSF was $22.6 billion. Quite a sizable fund, the TPSF is a meaningful source of funding
for Texas schools through distributions from the fund and a Bond Guarantee Program. Since 1960, the
fund has distributed more than $20 billion to fund school projects, and since the inception of the Bond
Guarantee Program in 1983, it has guaranteed more than $85.9 billion of school bonds.
Like the SRF programs, the Texas Constitution describes the Fund as "permanent" and
"perpetual", and historically, distributions to the Available School Fund (ASF) for disbursements to the
public schools were only of income to the fund. In 2003, the distribution methodology changed to a total
return based formula, which evaluates the TPSF's total return, including the net increase or decrease in
the fair market value of the investment portfolio, and calculates a distribution to the ASF on a monthly
basis. In 2009, the TPSF distributed $716.5 million to fund public education. Additionally, as of August
31, 2009, the amount of TPSF-guaranteed bonds outstanding totaled $50.3 billion.
Investment Management
The TPSF is separated into investment assets and land assets. The State Board of Education
(SBOE) oversees management of investment assets, and the General Land Office (GLO) manages the
land assets, with oversight from the State Land Board (SLB). The investment assets overseen by the
SBOE are most relevant for the SRF program and, thus, will be the focus of this review.
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Initially, statutory language set forth permissible investments for the TPSF; later, a constitutional
amendment established that the SBOE should manage the portfolio as a "prudent person", exercising
judgment and care in regards to the permanent welfare of the funds, relative to "probable income" and
"probable safety". To guide such action, the SBOE adopted the Investment Procedures Manual, which
governs all investment decisions. Additionally, members of the SBOE appoint a Committee of
Investment Advisors, which can be consulted for advice on TPSF investment policies, procedures, and
investments.
The central factor of the TPSF plan outlined in the Investment Procedures Manual is the asset
allocation strategy, which aims to mitigate aggregate risk and enhance return. This diversified investment
strategy enables the TPSF to invest in higher yielding asset classes and longer-term investments to protect
the purchasing power of TPSF assets from inflation, while balancing out investment cycles. Every two
years, the SBOE reviews the TPSF asset allocation and approves any alterations. Since before 1983, the
TPSF has been investing in domestic equity and fixed income securities. Additionally, in 1996, an
international equity allocation was carved out. In the most recent version of the asset allocation, initially
adopted in 2006, the SBOE approved a new strategy that includes alternative investments. The
alternative investments stipulated are absolute return investments (i.e., hedge funds), private equity
investments, real return investments that aim for inflation protection (i.e., commodities or TIPS), and real
estate properties or funds, including timber interests. As of August 2009, domestic equity continued to
represent 48% of the actual asset balance, while fixed income equaled 22%, international equity was 19%,
and alternative investments were approximately 11%. Currently, most alternative investments are
absolute return investments spread amongst five hedge fund fund-of-funds, but gradually, as seems
prudent with respect to market conditions, the TPSF is shifting to the 2006 strategic asset allocation,
which will include real return, private equity, and real estate investments.
Table 3 - Investment Portfolio - Asset Allocation
Asset Class
Domestic Equity
International Equity
Fixed Income
Alternative Investments1
Total
FY 2009 Actual 2006 Strategic
Fair Value Allocation Asset Allocation
$9,727,083,549
3,923,702,093
4,471,617,515
2,199,052,300
$20,321,455,457
47.9%
19.3%
22.0%
10.8%
100.0%
31.0%
22.0%
19.0%
28.0%
100.0%
1 Includes Real Estate, Real Return, Absolute Return and Private Equity Investments
This Investment Portfolio balance differs from the PSF balance by amounts including lending collateral, investments in real
assets, cash on hand, receivables, and payables.
Day-to-day administrative responsibility for assets under management resides with the TPSF
Investment Office. The 28 SBOE staff are in direct control of domestic equity and fixed income
investments, and independent firms are retained to manage international equity and alternative
investments. For about eight years, from the mid-1990s to 2003, the TPSF used external equity managers
for domestic equity investments. However, in 2003, the TPSF recognized that these managers were
canceling each other out with their investments and that, net of fees, performance was suffering.
Therefore, in 2003, the SBOE decided to bring domestic equity management back in-house and to have
all equity investments, including international equities, be in indexed portfolios.
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In addition to the asset allocation, the Investment Procedures Manual outlines investment
parameters that limit particular investments with regards to credit and interest rate risk and seek to
maximize the earnings of the fund and encourage adequate diversification. For example, in terms of
credit, fixed income investments must be rated investment grade, and investment limits are set as a
percentage of the TPSF's market value and with regards to the TPSF's ownership share of a particular
credit. Also, tax-exempt fixed income investments are prohibited, as the TPSF would receive no benefit
from such tax-exemption. To constrain interest rate risk, the average duration of the fixed income
portfolio is required to match the average duration of a highly-regarded broad base bond index. The
index chosen for the TPSF is Barclay's Aggregate Index, which as of August 31, 2009 had a duration of
4.35 years.
Investment Return
Since 1989, the TPSF has generated substantial internal returns, with an average annual return of
8.68%. This rate of return has resulted in a fund market value increase from approximately $4.0 billion to
$21.3 billion over the past 20 years, including the addition of mineral royalties earned on the land assets
managed by the GLO and the approximately equal subtraction of monthly distributions for educational
purposes. Recognizing that each asset class has a different inception date and, thus, that returns are not
directly comparable, as can be seen in the returns from "Inception to Date" in the table below, a large
factor in the growth of the TPSF has been the asset diversification provided by the investment strategy.
For individual asset classes, the maximum return since inception is domestic fixed income at 8.18%, and
the minimum return is a negative 0.42% in large cap domestic equity. However, the performance of asset
classes is not directly correlated, particularly that of equity and fixed income investments. As a result, the
TSPF was able to rebalance its portfolio, reallocating monies from one class to another at regular intervals
based on recent performance and expected trends; and it earned 8.68% in aggregate.
Table 4 - TPSF Investment Performance
TPSF Performance
(Net of Fees)
As of September 30, 2009
TPSF Total Plan
TPSF Total Equity
TPSF Total Domestic Equity
Large Cap Equity
Small/Mid Cap Equity
TPSF Total International Equity
TPSF Total Domestic Fixed Income
Alternative Investment
Absolute Return
Cash Account
Market Value
($M)
$ 21,355.91
14,389.30
10,333.03
8,308.97
2,024.05
4,056.27
4,718.12
2,243.22
5.27
Percentage
ofPortfolio
100.00%
67.38%
48.38%
38.91%
9.48%
18.99%
22.09%
10.50%
0.02%
Quarter
Ended 9/30
12.60%
17.30%
16.32%
15.55%
19.56%
19.79%
4.79%
5.90%
N/A
1 Year
2.55%
(2.84%)
(6.24%)
(6.63%)
(4.83%)
6.32%
12.93%
3.38%
N/A
3 Years
0.00%
(3.59%)
(4.65%)
(5.31%)
(1.84%)
(1.11%)
7.22%
N/A
N/A
5 Years
4.74%
3.45%
1.70%
1.10%
4.24%
7.87%
5.64%
N/A
N/A
10 Years
4.04%
1.49%
0.61%
(0.27%)
5.30%
3.79%
6.75%
N/A
N/A
Inception
to Date
8.68%
1.36%
6.92%
(0.42%)
4.16%
6.59%
8.18%
(4.37%)
N/A
Inception
Date
Sep-89
Sep-99
Aug-95
Sep-99
Mar-98
Mar-96
Sep-89
Mar-08
Jun-04
Years
Since
Inception
20.1
10.1
14.2
10.1
11.6
13.6
20.1
1.6
5.3
To evaluate investment performance, the return of each asset class is measured against a
comparable, passive benchmark; and the performance of the TPSF is measured against a weighted
composite of the individual benchmarks based on the TPSF's asset allocation. Current benchmarks
include the S&P 500 and 1000 indices, the Morgan Stanley Capital International All Country World x-US
Net Dividend Index, the Barclay Capital Aggregate bond index, and CPI + expected inflation. With the
exception of alternative investments initiated in 2008, since inception, each asset class of the TPSF has
performed from 124 basis points better than to 38 basis points below its respective benchmark.
Summary
With the goal of being a "permanent" and "perpetual" source of funding for the public schools in
Texas, the TPSF has established an investment policy that seeks to maximize the benefits of
diversification and produce significant financial returns while mitigating financial risk. With a long-term
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outlook, similar to that of the SRF programs, and a target asset allocation that includes equities, taxable
fixed income, and alternative investments, the TPSF has achieved an average annual rate of return of
8.68% over the past 20 years. The risk-return benefits of diversification have played a substantial role in
the TPSF's success, and while we are not necessarily recommending as aggressive of an allocation
strategy for the SRFs as that of the TPSF, we believe that there is substantial room for the SRFs to
increase investment diversity and gain incremental return. We also believe that the Investment
Procedures Manual of the TPSF could be a useful reference as SRF investment policy and procedures are
developed.
B. The Nature Conservancy
Purpose and Financial Benefit
The Nature Conservancy ("TNC") is a global conservation organization incorporated in the
District of Columbia in 1951. The mission of TNC is to preserve plants, animals, and natural
communities that represent the diversity of life on Earth by protecting the lands and waters they need to
survive. TNC is active throughout the United States, Canada, Latin America, the Caribbean, Africa, Asia
and the Pacific. Since its creation it has protected more than 14.5 million acres of land in the United
States and more than 80 million acres worldwide. TNC is overseen by a Board of Governors. The Chief
Executive Officer and an Executive Leadership Team is responsible for day-to-day operations.
TNC's primary sources of revenue are contributions from public donations, investment income,
government grants, and sales of conservation interests to government agencies or other conservation
buyers. These resources are used to conserve portfolios of functional land areas within and across
ecological regions and to pursue pragmatic solutions to conservation challenges. Through this portfolio
approach, TNC works with partners, including indigenous communities, governments and businesses to
conserve a variety of ecological systems and species.5
TNC operates with a well-capitalized balance sheet. Resources derived from public giving,
government grants and interest income are further supplemented by debt that has been issued periodically
to support land purchase activities. As of FY June 30, 2009, TNC had total assets of $5.6 billion and
liabilities of $1.0 billion. Assets consisted of $2.17 billion in conservation and tradable lands, $1.55
billion in conservation easements, investments of $1.54 billion, and property, plant, cash and receivables
of $3 81 million.
Investment Management
TNC's $1.54 billion investment portfolio is housed in two separate accounts, the Endowment
Fund and the Capital Fund. The Endowment Fund serves the long-term objective of TNC - to provide for
a percentage of TNC operating expenses from investment income. Endowment Fund investments are
more aggressive and weighted heavily toward equities. The Capital Fund invests cash for future
conservation projects. For both funds, assets are allocated into six broad categories: Domestic Equity,
International Equity, Global Equity, Private Equity, Hedge Funds, and Fixed Income. Current allocations
for each fund are as follows:
Table 5 - TNC Endowment Fund
Asset Class
Equity:
Domestic Equity
Global Equity
International
Strategic Asset Minimum Maximum
Allocation Range Range
20.0%
17.5%
15.0%
15.0%
10.0%
10.0%
25.0%
20.0%
20.0%
5 Source: The Nature Conservancy's June 30, 2009 Financials.
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Total Public Equity
52.5%
Fixed Income:
Fixed Income Securities
Cash Equivalents
12.5%
5.0%
15.0%
Total Fixed Income
12.5%
Alternative Assets:
Hedge Funds
Private Equity
25.0%
10.0%
20.0%
5.0%
30.0%
15.0%
Total Alternative Assets
35.0%
Total Asset Allocation
100.0%
Table 6 - TNC Capital Fund
Strategic Asset Minimum
Asset Class
Equity:
Domestic Equity
Global Equity
International
Total Public Equity
Fixed Income:
Fixed Income Securities
Cash Equivalents
Total Fixed Income
Alternative Assets:
Hedge Funds
Private Equity
Total Alternative Assets
Total Asset Allocation
Allocation
15.0%
10.0%
10.0%
35.0%
50.0%
50.0%
15.0%
0.0%
15.0%
100.0%
Range
10.0%
5.0%
5.0%
40.0%
10.0%
0.0%
Maximum
Range
20.0%
15.0%
15.0%
60.0%
20.0%
10.0%
TNC reviews asset allocation targets annually. The Investment Policy allows for reallocation
among asset classes whenever the asset allocation falls out of the permitted range. Management can also
re-allocate prior to asset classes breaching allocation thresholds.
TNC takes an annual distribution from invested assets, based upon a running three-year average
balance in the accounts. The distribution has typically been about 5.5% of the average balance. Again,
restating the purpose of their investment strategy, TNC attempts to realize an inflation-adjusted return that
is better than their spend rate. (In this case, assuming 2.5% inflation, the 10.5% reported return becomes
7.8% after adjusting for inflation, still well ahead of the 5.5% spend rate.) Distributions are typically
taken from asset classes that are most over weighted relative to their targets.
TNC has only one investment officer. It outsources investment manager sourcing to a third party
consultant who is responsible for the recommendation of the various fund managers in each asset
category. The TNC investment officer does maintain an oversight relationship with the various managers
once they are recommended by the consultant, but the investment officer still relies upon the consultant
for a more thorough and comprehensive analysis of the managers' ongoing performance. This is
accomplished through site visits and an audit function. TNC's investment officer also will meet with
managers on-site approximately once every two years.
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The TNC Board has an Investment Policy in place, and reviews the policy annually at its Board
Meeting in the month of April, making strategic allocation decisions at that time. TNC's Investment
Policy was reaffirmed by the Board in April 2009. There was no change in the policy in response to
recent market conditions.
Investment Returns
Current investment management emphasis is being placed on capturing "equity-like" returns on
TNC's invested assets while lowering overall portfolio risk. TNC's aggregate volatility and return
benchmarks include the Standard & Poor's 500 Index, the Morgan Stanley Capital International All
Country World x-US Net Dividend Index, the Hedge Fund Research HFRX Global Hedge Fund Index,
Barclays Aggregate Fixed Income Index, and the 3 mo. T-Bill (TNC's Weighted Benchmark). TNC has
been measuring volatility and performance relative to this benchmark since 2002. Over this period, S&P
return volatility was +/- 15.66%. TNC's actual volatility was 511 basis points less than the S&P 500 and
13 basis points greater than that of its weighted benchmark. In the same period, TNC's annual average
return exceeded 6.5%, versus a return of 3.63% for the TNC Weighted Benchmark and 0.92% for the
S&P 500.
Summary
TNC Endowment Funds are designed to be perpetual and provide a steady contribution of
investment income to sustain TNC's mission. TNC has also established an investment policy that seeks
to maximize the benefits of diversification and produce significant financial returns, while mitigating
financial risk. With a long-term outlook, similar to that of the SRF programs, and a target asset allocation
that includes equities, taxable fixed income, and alternative investments, TNC has achieved an average
annual rate of return of greater than 6.5% over the past 7 years. Diversification played a substantial role
in TNC's investment management success, helping TNC to generate excess returns versus a straight fixed
income portfolio, while limiting the volatility of its investment portfolio.
C. Great Lakes Protection Fund
Purpose and Financial Benefit
The Great Lakes Protection Fund (the "GLPF") was created in 1989 as a permanent endowment
for the purpose of protecting and restoring the shared natural resources of the Great Lakes Basin
ecosystem. Established by the Governors of seven Great Lakes states - Illinois, Michigan, Minnesota,
New York, Ohio, Pennsylvania, and Wisconsin - the GLPF was initially capitalized with state
contributions of $81 million. Investment income and realized capital gains on the initial contributions are
available to be used for purposes permitted by the Articles of Incorporation. Broadly defined the Fund's
mission is to "identify, demonstrate, and promote regional action to enhance the health of the Great Lakes
ecosystem."
In accordance with the GLPF's articles of incorporation, each year one-third of the net realized
income is disbursed to the member states for their use towards qualifying environmental purposes, and the
remainder is available to the Fund's Board of Directors to undertake or support projects of regional
consequence. From inception through December 31, 2009, $47.7 million has been paid on 227 regional
grant awards; $41.3 million distributed directly to the states; and $26.9 million spent on operating
expenses, totaling $115.9 million in expenditures. After all of these expenditures, the value of the
endowment portfolio has grown from $81 million to $105 million.
The administrative office of the GLPF is located in Evanston, Illinois, and the GLPF operates
under Illinois law as a not-for-profit corporation. The Governors of the seven participating states serve as
the Members of the corporation. The Member Governors each elect two individuals to the 14-member
Board of Directors, which governs the Fund. The Board is supported by five staff members, who are
responsible for building project teams, helping teams to design fundable projects, vetting projects for the
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Board's approval, and overseeing funded projects. Staff is also responsible for implementing and
overseeing the day-to-day investment function of the endowment.
As of September 30, 2010, the GLPF had total assets of $108.3 million, consisting primarily of
cash and cash equivalents of $7.5 million and broadly diversified investments of $100.8 million.
Liabilities were less than $1 million.
Investment Management
The Board is responsible for GLPF investment policy and investment approach. The Board
utilizes a simplified asset allocation approach, without restrictions for asset class investments. Allocation
categories are broadly broken down into only two categories: Domestic and Foreign stocks, and Fixed
Income, Cash and Cash Equivalents.
At inception, the Board adopted a conservative target allocation of 25% equities versus 75% fixed
income, including cash. As each state contributed to the GLPF and earnings accumulated, the Board
adopted a more aggressive asset allocation mix and reversed the initial allocations to reflect a target
allocation of 75% equity to 25% fixed income mix. In December, 2008, the target allocation was changed
to reflect 65% equities and 35% fixed income.
At September 30, 2010 investments consisted of the following:
Table 7- GLPF'Investment Allocation
Investments (as
of September 30,
2010-
$000)
Common Stocks
and Equivalents
Common Stock
Mutual Funds
Fixed Income
Mutual Funds
Cash & Cash
Equivalents
Totallnvestments
Original Cost
$9,051
62,279
27,651
7,376
$106,356
Cost as
Percentage of
Portfolio
8.5%
58.6%
26.0%
6.9%
100.0%
Market Value
$8,084
62,187
30,667
7,376
$108,314
Market Value as
Percentage of
Portfolio
7.5%
57.4%
28.3%
6.8%
100.0%
Like many endowments, the GLPF utilizes an investment consultant to assist Board and staff in
the selection of asset managers, monitoring ongoing performance, and recommendation of allocation or
manager changes. However, as stated earlier, the Board retains ultimate responsibility for the broad asset
allocation targets. Money managers are selected for the fit of their investment strategy within these
targets, and they are given authority to make allocation decisions within their assigned parameters.
Additionally, while it would be possible for the GLPF to invest in alternative asset classes, the
GLPF has never made any allocation to such investments.
The Fund's Articles of Incorporation specifically permit the Directors to apply environmental
criteria to its investment policy and investment choices.
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Investment Returns
The Board has a stated goal in its Statement of Investment Objectives and Policies of achieving
an annualized nominal return of 8% and a real return of 4% above the CPI. The actual annual return on
investment since inception (19 years, 3 months) has been 7.3%, exceeding the objective of CPI (annual
average + 2.3%) + 4%, but falling short of the objective of 8% nominal return.
The Board receives quarterly reports on investment performance, measured against these
objectives, and through September 2010, the $81 million capitalization of the GLPF has yielded
approximately $139.6 million in realized income and capital gains that have been used for project grants,
and distributed to the states to support their Great Lakes priorities, and paid for the operations of the
GLPF. At December 31, 2009 GLPF investments totaled approximately $104.7 million, representing net
unrealized returns of $23.7 million on the initial $81 million investment. Together, at December 31,
2009, total realized and unrealized returns amount to $163.3 million. The year-by-year breakdown of
GLPF returns is provided in the table below.
Table 8 - GLPF Investment Returns
INCOME BY YEAR:
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Totals
INTEREST
3,167
3,482
3,854
3,939
3,403
2,718
2,211
2,016
1,877
1,752
1,815
1,666
1,314
656
37
60
67
80
104
52
$34,271
DIVIDENDS
0
249
350
480
834
1,245
1,734
2,006
2,457
2,070
2,943
1,634
1,385
1,902
3,158
4,148
6,981
8,490
5,904
2,570
$50,539
REALIZED
GAINS/(LOSSES)
ON SALE OF
SECURITIES
0
85
609
1,350
649
192
5,992
10,079
12,828
11,637
15,851
1,458
(7,822)
3,863
(187)
1,911
2,040
3,949
(3,742)
(5,937)
$54,805
TOTAL
INCOME
3,167
3,817
4,813
5,770
4,886
4,154
9,937
14,101
17,162
15,459
20,609
4,758
(5,122)
6,421
3,009
6,118
9,088
12,519
2,265
(3,315)
$139,615
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Summary
The GLPF is a unique instrument of public policy in its design and reach. With its singular focus
on protecting the natural resources of the Great Lakes Basin, including water quality, and in its design as
a capitalized fund where capital contributions are restricted and earnings, including capital gains, can be
used to fund "eligible" projects that promote environmental quality, it complements the federally
sponsored Clean Water and Drinking Water State Revolving Funds. It differs uniquely in that the
GLPF's participating states have adopted a broad investment policy to generate returns that places no
restrictions on allowable investment asset classes, including equities. Return performance, although
highlighted by periods of adverse volatility, has generated returns that have exceeded fixed income
restricted SRF investment returns over a comparable period (see Section V).
V. SRF MODEL INVESTMENT PORTFOLIO CONSTRUCTION
In this section of the report, we analyze the impact that varying portfolio investments could have
on SRF equity assets and discuss the portfolio construction of long-term SRF investment portfolios. As
examples, six model portfolios are constructed and analyzed. The first three are based on current federal
investment authorizations, which limit SRF investment to obligations that "earn interest".6 Likewise,
these portfolios are limited to fixed income investments, and credit quality variation is considered as part
of this analysis. The remaining three model portfolios assume a broader SRF investment authority, with
investment options including publicly issued equities. Each of these models will be considered from the
standpoint of principal preservation, liquidity considerations, and return expectations consistent with SRF
investment horizons. The premise behind this analysis is to evaluate additional investment options in the
wake of the collapsed collateralized investment market and to analyze their potential for enhancing SRF
equity returns that can be integrated with innovative financing models, such as those adopted by New
York and Connecticut. Additional discussion will focus on investment management considerations,
particularly the practicality of operating these investment models within existing state based management
platforms.
The purpose for comparing model investment portfolios, those limited to fixed income securities
and some that are open ended, is to measure the relative value proposition of adopting more active and
aggressive investment management approaches to meeting the Nation's long term clean water and
drinking water goals. There are two possible approaches to this analysis: a back-model that layers the
model portfolios over prior historical investment periods and a Monte Carlo-based approach that assigns
probabilities to future investment returns based on a random application of historical data points. In this
section we implement the back-model approach. For modeling purposes, once the asset allocation mix is
determined, we assume there is no change in the asset allocation for each investment horizon selected.
For these analytical exercises, we use fixed income and equity time series data that has
accumulated since 1990. Investment professionals tend to look at time series in increments of 1, 5, 10,
20, and 30 years to measure past and prospective investment performance. For example, if we assume
SRF operations commenced in 1970, we could model against historical returns for each relevant asset
classes for 20, 20-year periods commencing in years 1970 through 1989 and ending in years 1990 through
2009. For the purpose of this report we have limited the scope of the investigation to the period 1990 to
2009. We used actual bond financing pricing scales from the 16 new money New York SRF financings
undertaken on behalf of the New York City Municipal Water Finance Authority over this period.
Transactions prior to 2001 are limited to maximum maturities of 22 years. All other transactions amortize
over approximately 30 years.
For the purposes of this report we modeled the investment portfolios based on the following
annual operating assumptions:
6 Clean Water Act, Section 6036) and Safe Drinking Water Act, Section 1452.
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Allocated Recycled Program Equity and Retained Earnings: $50 million
Financial Assistance Target: 50% interest subsidy
Bond Financing: $100 million
Bond Terms: 22- and 30-year level debt service
For the purpose of this investment analysis the Connecticut Innovative Financing Model is used.
(See Section II of this report.) This model efficiently delivers financial assistance (interest subsidy) to
eligible recipients by applying program equity to pledged sinking funds, which are invested at the
allowable arbitrage yield of each assumed transaction as permitted by federal tax law. Sinking fund
principal and earnings are paid out as financial assistance. The sinking fund is sized to deliver the
targeted level of financial assistance. The payout of sinking fund principal drains the program of equity,
which is replenished by returns generated by investments held in the general equity accounts of the
respective SRFs.
Return data used for this analysis was provided from the following sources:
Treasury Securities: Federal Reserve
AA Taxable Municipal Securities: Bloomberg Financial
Equities: Ibbotson Associates
See Appendix D for the complete data sets.
Fixed Income Portfolios
The timing of when commitments are made and when the ensuing liabilities are funded is a
critical consideration in the construction of every SRF investment portfolio. This timing dictates the term
of investments, as well as the usual opportunity for greater returns in maturities further out the yield
curve. In all cases, assets must be well-matched to liabilities for SRFs to maintain capital recycling rates.
Additionally, the lending capacity of the innovative leveraging model and the model's operational success
depend on a close pairing of liabilities and assets, with the investment income of the dedicated asset
portfolio effectively offsetting the payout of financial assistance.
In our analysis, the fixed income portfolios are sized to generate returns to offset projected
financial assistance liabilities of bonds and loans originated to eligible borrowers, as well as to grow the
capital base of the SRFs as much as prudently practicable within the time horizon of each financing. The
analysis assumes that assets matching hypothesized liabilities are invested within current SRF
authorizations. The assets and liabilities are effectively matched, so that, the SRF capital recycling rates
can be maintained and the benefits of the innovative leveraging model can be recognized. There is no
portfolio rebalancing to adjust for relative market performance. The fixed income portfolio scenario
assumptions are as follows:
Table 9 - Long Term Fixed Income Portfolio Investment Scenarios
Asset Class Portfolio No. 1 Portfolio No. 2 Portfolio No. 3
U.S. Treasuries 100% 50%
Taxable Municipal Obligations
AA or better 50% 100%
Total 100% 100% 100%
Results:
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Table 10 provides the aggregate results for the three hypothetical portfolios described above.
Table 10 - Fixed Income Portfolios; Aggregate Average Results (In Millions)
Assumptions A B
1 Bond Financings
2 Traditional Equity Pledge
3 Required Sinking Fund
4 Amount Available for Investment (B2-B3)
$22.867
$27.145
$100.000
$50.000
$22.267
$27.747
$22.267
$27.747
Results
5 Investment Required
6 Capital Savings (4-5)
7 Excess Earnings (EE)
8 Total Program Benefit (6+7)
Portfolio No. 1 Portfolio No. 2 Portfolio No. 3
$24.186
$3.017
$1.204
$4.220
$22.516
$5.297
$1.344
$6.641
$19.977
$7.836
$1.129
$8.964
Ratios
9 Savings Percentage (7/B2)
10 Inclusive of EE (9/B2)
11 Number of Transactions
6.03%
8.44%
16
10.59%
13.28%
14
15.67%
17.93%
14
The investment required (Row 6) represents the sum total of investments needed to grow the SRF
capital base to replace the scheduled payout of pledged capital, which is represented by the required
sinking fund amount (B3). The analysis demonstrates that even the most conservative investment
portfolio, PI, would have delivered substantial capital efficiency to SRF programs if this model was
available and used over the period of this analysis. Capital savings would have accrued at an annual
average rate of 6.03%, inclusive of excess earnings. P2 and P3, which included an allocation to taxable
municipal obligations, boosted capital savings 4.56% and 9.64% compared to PI. P3 mirrors the
investment portfolio developed by the New York SRF. The P3 results (17.93%) most closely track the
actual capital savings achieved in New York since the launch of the new investment strategy in June 2005
and the date of this report (30.4%). The higher actual savings realized by New York is the difference
between the deployment of an actual portfolio which offers richer AA yield choices versus a AA index
based hypothetical portfolio.
Because AA taxable municipal yield scales are only available since 1994 only fourteen of the
sixteen transactions are included in the portfolio analysis for P2 and P3. The two transactions executed
prior to this date are not included in the aggregate averages for P2 and P3.
Portfolios not Restricted by Asset Class
These portfolios adhere to the same principle of cashflow matching applied to the construction of
the fixed income portfolios, but they are comprised of a broader list of investment options. For the
purpose of this report equities are presented as a proxy for classes of assets that generate returns from
sources that are not limited to earned interest. The introduction of asset classes, other than fixed income,
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adds an element of uncertainty to the timing of cashflows because equities and other non-fixed income
asset classes rarely have a contractually promised income return. Therefore, this analysis incorporates a
test of the viability of relying on such asset classes, including an evaluation of the practicality of adding
asset classes that do not provide a fixed stream of cashflows without undermining (a) cashflow reliability
and (b) the ability to generate "required" returns over the targeted investment period.
An optimal asset allocation mix is one that delivers the required investment income, inclusive of
capital gains, to match or exceed projected liabilities, while minimizing risk. Such returns can be realized
by SRF administrators on an initial investment that is less than the required balance or on an asset that
provides real returns in excess of cash matching needs. In either case, we analyze these additional
portfolios for their ability to achieve excess returns, which would position SRF administrators to reach for
sustainable investment returns as measured in real, inflation-adjusted dollars.
To test the value added presented by a broader SRF investment authorization we added an equity
component to the fixed income scenarios, PI, P2 and P3. In the model the equity investment was funded
from excess earnings realized in the first two years of the transaction. The equity investment was
structured to be back weighted to the last five years of the investment horizon which would reduce the
drag presented by annual historical and expected return volatility. To achieve this the model assumes that
equity investments will be sold over the last five years of the investment period and that in such years,
based on initial investment purchases, equities would comprise 20% of the invested capital returned.
Investment management fees are assumed to accrue at a 1% annualized rate on outstanding equity
balances. For modeling simplicity, a constant 1% dividend yield is assumed (far below long term
historical averages - See Section VI). In addition, any returns in the form of capital gains realized from
the investment of equities are realized at the time of sale. Consequently, the modeling of equities into the
investment portfolio allocates a major portion of the incremental portfolio return to the excess earnings
category. Equity is allocated across five subclasses; 40% to domestic large capitalization stocks; 30%
domestic mid caps; 10% domestic small caps; 10% foreign developed market stocks and 10% to foreign
emerging market stocks. The model relies on historical returns for each of these equity subclasses for the
period 1990-2009. Over this period compound annual returns and standard deviation of returns were as
follows:
Table 11 - Equity Returns 1990-2009
Asset Class
Equities
Foreign Stocks Emerging Markets
Mid-Cap U.S. Stocks
Small-Cap U.S. Stocks
Large-Cap U.S. Stocks
Foreign Stocks:Developed Markets
Composite Total
Weighted Total
Compound
Annual Returns
10.4%
10.3%
8.3%
8.2%
4.4%
8.3%
8.7%
Standard
Deviation
24.3%
16.8%
19.5%
15.0%
17.5%
18.6%
17.2%
Model
Portfolio
Weight
10.0%
30.0%
10.0%
40.0%
10.0%
Future annual returns for annual periods 2010 and beyond are assumed to be flat at 6.5%, which
is a rate slightly below the long term performance for equities for the period 1900-2002.7 This
assumption has the effect of suppressing equity returns and volatility when compared to the 1990-2009
period. The model can test an infinite number of return and equity asset combinations. The allocation
7 Andrew Smithers, Smithers & Co. Ltd., "Pension Funds and Forecasts of Equity Returns", Presentation to
the City Monetary Group, January 16, 2004
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mix chosen is comparable to the industry definition of a balanced portfolio which seeks to match the
portfolio weight of equity subclasses to the relative market weight of these subclasses as a percentage of
total equity market valuation. Like the fixed income portfolios (PI, P2 and P3), no portfolio rebalancing
is assumed to occur over the life of these portfolios.
We have limited the asset allocation mix of these portfolios to fixed income and equity
investments as follows:
Table 12 - Long Term Portfolios with Equity Investments Included
Portfolio No. Portfolio No. Portfolio No.
1A 2A 3A
Asset Class
Fixed Income
U.S. Treasuries
Taxable Municipal Obligations
95%
47.5%
1%
AA or better
Equities
Total
5%
100%
47.5%
5%
100%
94%
5%
100%
Results:
Table 13 provides the aggregate results for scenarios P4, P5 and P6.
Table 13 - LTPortfolios with Equities; Aggregate Average Results (In Millions)
Assumptions ABC
1 Bond Financings
2 Traditional Equity Pledge
3 Required Sinking Fund
4 Amount Available for Investment (B2-B3)
Results
5 Investment Required
6 Capital Savings (4-6)
7 Excess Earnings (EE)
8 Total Program Benefit (6+7)
Ratios
9 Savings Percentage (7/B2)
10 Inclusive of EE (9/B2)
1 1 Number of Transactions
$22.867
$27.145
Portfolio No.
1A
$24.187
$3.015
$4.187
$7.202
6.03%
14.40%
16
$100.000
$50.000
$22.267
$27.747
Portfolio No.
2A
$22.365
$5.447
$3.773
$9.221
10.89%
18.44%
14
$22.267
$27.747
Portfolio No.
3A
$19.980
$7.832
$3.473
$11.306
15.66%
22.61%
14
On the basis of a modest 5% allocation of invested funds to equities the P1A,P2A and P3A
scenarios demonstrate a total return benefit to the program compared to the corresponding fixed income
portfolios over the respective investment periods. When compared to PI results (the Treasuries only
portfolio), upfront capital savings is comparable. However, average excess earnings generated per
USEPA Financial Advisory Board Report on the SRF Investment Function
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32
transaction, which adds to the capital base of the program, is substantially higher ($4.187 vs. $ 1.203
million). The overall program benefit produces a greater benefit under P1A ($7.202 vs. $4.22 million)
unadjusted for present value effects. P2A also improves on total return performance ($9.221 vs. $6.641
million). In P3A where AA taxable fixed income is weighted most heavily when compared to P3 results,
upfront capital savings is comparable while average excess earnings remains substantially higher
($3.473 vs. $1.128 million). The combined result leaves P3A as the better performing portfolio ($11.306
vs. $8.964 million).
Observations:
This analysis results in the following observations:
1. Use of the Innovative Financing Model over the 1990-2010 period in conjunction with a long
term investment strategy would have generated investment returns that would have permitted
SRF administrators to enhance funding capacity for below market rate financial assistance
(interest subsidies);
2. Based on fixed income portfolios conservatively structured with U.S. Treasury securities capital
savings would have accrued at a savings rate greater than 8% affording SRFs substantial
increases in funding capacity;
3. Constructing dedicated portfolios of AA taxable municipal securities would have raised the
savings rate to more than 17%.
4. Assuming investment authority that was not limited to interest earning securities, in two of the
three scenarios a small 5% allocation of long term investments to equities (funded from excess
earnings realized in the first two years of the transaction) SRF administrators could have achieved
greater overall program monetary and environmental returns relative to fixed income only
portfolios. The model results indicate that a relatively small exposure to equity asset classes can
add incremental funding capacity to SRF programs.
Limitations:
The investment portfolio analysis based on the actual pricing of transactions originated from 1990
through 2010 might lead the reader of this report to assume that the Innovative Financing Model was
practical to use over the period. In fact this was not the case. The application of the funding and
investment model in the context of this time period is only valid because we have actual historical SRF
cost of funds data and investment return data for the asset classes used in the analysis.
The extent to which any SRF can rely on the Innovative Financing Model depends on the
leveraging factor of the program , equity recycling rates (the turnover of dollars drawn for statutorily
authorized purposes) and the underlying strength of program portfolio obligations (eligible borrower SRF
loans, SRF purchased bonds and SRF guaranteed obligations). A lower leveraging factor, which is
associated with higher percentage interest subsidy targets, produces deeper residual coverage from the
pledge of SRF equity permitting the SRF to structure a greater number of innovative financings. The
second consideration is recycling rates which are the source of funds that can be used to construct long
term investment portfolios. The lower the initial leveraging factor and the shorter the initial term of the
SRF borrower obligations the faster equity dollars recycle and can be allocated to long term investments
that compliment innovative financing structures. Any SRF that opts to take advantage of the innovative
model may operate with a mix of traditional and innovative structured leveraged financings. The mix
may depend on the rate of dollar recycling relative to projected Investment Requirements and the level of
excess cashflow coverage required - and provided by pledges of equity - to maintain credit rating targets
that serve both SRF debt financed and guaranteed obligations.
USEPA Financial Advisory Board Report on the SRF Investment Function
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With respect to the scenarios selected for inclusion in this report and the time series selected for
analysis we recognize that the analysis is anecdotal in that it does not test the viability of SRF long term
investment over multiple time series nor is expected return variability allocated in any random sequencing
of historical data or computer generated random projections of future outcomes. Without the benefit of
an extensive analysis which would include these inputs the benefits of long term investment can not be
statistically tested and confirmed for the period of historical SRF operations.
Another notable consideration is availability of asset classes for investment. U.S. Treasuries have
been available in relative abundance over this period. Taxable municipal securities are a relatively new
asset class spawned by the federal Tax Reform Act of 1986. Taxable municipal securities remained a
small market when the New York SRF adopted its version of the Innovative Financing Model in 2005.
The Build America Bond ("BABs") provisions of the 2009 the American Re-investment and Recovery
Act substantially deepened the taxable municipal bond market. As of December 8, 2010, BABs issuance
has grown to $169.25 billion, providing a sufficiently large universe of securities to support SRF long
term investment portfolios for many years. The BABs provision is scheduled to expire December 31,
2010. Extension of the Build America Bonds provision would further strengthen the viability of the
taxable municipal asset class. By comparison, equity markets are extensive and accessible to all classes
of investors.
VI. THE CASE FOR BROADENING SRF INVESTMENT AUTHORITY
SRF Investment as Fiduciary Trust Responsibility
One can argue that state officials responsible for overseeing the investments in State Revolving Funds
that singularly contain Treasury securities, or a combination of Treasuries and cash, are akin to a trust
manager who strictly follows the principle known as the prudent man rule. This rule was laid out in the U.S.
Law Commission's model Uniform Principal and Income Act of 1931, stating that each security or asset in a
trust must meet the standard that it is one in which a prudent man who wanted first and foremost to ensure the
preservation of his assets would invest. This law had the effect of almost mandating that the manager invest
only in the most conservative investments, with the consequence being the rates of return on these portfolios
were low.
Trusts frequently have two beneficiaries - the income beneficiary and the remainder beneficiary. Again, it
could be argued that the reserve portions of a State Revolving Fund are similar. The best interest of the income
beneficiary is, understandably, maximization of current income, while the best interest of the remainder
beneficiary is growth in the value of the assets within the trust, or in the case of the SRF, in the portion of the
SRF held for long term investment. Under the prudent man rule, it is impossible to serve the best interests of
both beneficiaries simultaneously.
Since the advent of Modern Portfolio Theory (MPT),8 the 1931 act has been modified, stating now that
the trustee must act as a prudent investor. What counts now is the total return of the portfolio, which consists
of both income and capital appreciation. In this regard it is critical to shift the focus of investment beyond the
individual security to address statistical relationships among the much larger number of securities in an
overall investment portfolio. This means that the risks and expected returns of a given security (be it fixed
income assets or assets held for capital appreciation) not be viewed in isolation but in terms of how they
interact with the other securities in the portfolio. MPT stipulates that there are significant benefits in
constructing a diversified portfolio of securities - and portfolios - to mitigate the risk inherent in each
individual security. Statistical demonstrations abound that diversification allows the risk level of the total
portfolio to be less than the sum of the risk embedded in its individual components. A full understanding of
' Harry Markowitz, "Portfolio Selection," Journal of Finance 7, March 1952
USEPA Financial Advisory Board Report on the SRF Investment Function
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34
modern portfolio theory is beyond the scope of this paper, but a simplified understanding could be stated that
holding risky assets in tandem with other assets that have low or negative correlation to the risky assets may
produce reasonable returns at substantially less risk. The Texas School Permanent Fund, The Nature
Conservancy and the Great Lakes Protection Fund manage investments to maximize total returns following
the basic tenets of modern portfolio theory. Both income and capital appreciation through the prudent
management of balanced investment portfolios are designed to maximize the real value of their capital base
in the service of their public missions.
Sustainable Fund Operations Limited by Prevailing Operating Models and Investment Authority
The fundamental premise of this report is that given existing authority, the SRF investment
function is underutilized. This underutilization is the result of institutional (state statutory authority and
positioning) and financial modeling constructs. The performance of new financial models developed
by states operating with a greater degree of state investment authority have, thus far, shown the benefits
of enhanced reliance on investment performance to convert higher monetary returns into greater
environmental returns. Thus far enhanced returns have been derived from unrestricted returns on high
quality fixed income investments. The case for broadening SRF investment authority beyond fixed
income or "earned interest" investments rests on the question of long term SRF fund management goals,
including strategies that will grow fund balances and future fund capacity that either supplements or
substitutes for future federal and state contributions needed to support fund operating sustainability.
This larger question -what constitutes sustainable fund operations? - is one that policy makers have not
yet reached a consensus. We do know that if a fund is to satisfy the lower bounds of sustainable
operations it must demonstrate that, at minimum, the current dollar value of projects funded can be
sustained in perpetuity. This assumes that all earnings derived from investments or forgone (i.e., zero
interest direct financings) are shared with SRF financial assistance such that sustainable operations are
defined as maintaining project funding support equal to no less than aggregate equity contributions (less
any dollars allocated to grants, principal forgiveness of negative interest loans) times the net leveraging
factor of the fund. Unfortunately, by this definition the constant dollar value of the fund will erode with
time. Since SRF start up in 1990, the short term investment of idle funds - recycled dollars that have
not been redeployed- has been the principal instrument used to grow program capital. Since 1990,
short term Treasury Bills have returned 3.7%. So long as federal monetary policy is weighted toward
limiting increases in general prices, due to monetary effects, Treasury Bill investments can preserve
purchasing power. When the focus is on boosting employment, the effectiveness of this hedge is likely
to be diminished. Innovative Financing Models can further hedge against the erosion of future fund
value by elevating current funding capacity and throwing off excess earnings. Any real return effect
depends on the returns generated from the fixed income investment portfolio over time when compared
to an SRF project cost inflator.
The Value Added by Total Return Investment Authority
Total return investing has the potential to deliver measurable real returns for SRF managers.
This report has focused on equities as a proxy for assets that are managed for total returns. The case for
equities derives from the long term relationship between equity returns and economic growth. This
assumes that publicly held equity participates in economic growth by accruing correlated earnings
growth. Long term real equity returns are determined by technological innovation and population
growth. Short term variations in real returns are highly attributable to bouts of capital destruction
caused by recessions and war after which higher real growth rates are precipitated by increases in capital
investment. According to Barro and Ursa, real per capita growth in Gross Domestic Product (GDP)
has grown at long term compound rates of 2% since 1923. However because earnings opportunities
depend on economic activity population growth is another driver of real GDP which is estimated to have
USEPA Financial Advisory Board Report on the SRF Investment Function
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35
added no more than 2% to the real growth rate since 1870 and more than 1% in recent decades. Work
done by the CIFA Institute, suggests that in the long run the ratio of earnings to GDP is stationary and
trendless - although far from constant - ranging from 3 to 11% over the period 1947 to 2008. Data
provided by the U.S. Commerce Department and Standard & Poor's indicate that earnings track GDP.
When nominal effects are accounted for real earnings growth match real GDP growth of 3%(real per
capita growth of 2% plus population growth effects of 1%). For an equity investor this does translate to
real growth in earnings at the same rate. The average rate of dilution (the net effects of share
repurchases and reissuances and the earnings claims of new business entrants) will drain about 2% from
the growth rate of aggregate earnings on which existing investors have a claim. This produces a long
term limit on the growth rate of real earnings per share of 1%. After the long run average dividend
yield of 3.3% is added investors can expect real returns on equities to approximate 4%. Variance effects
raises long run expected real returns to 5%.9
The ability to capture real returns on equities at the long run average depends on effective risk
management strategies that minimize outsized risks to equity investments by establishing a managing
equity exposure across diverse portfolios and subclasses. Embracing equities as investment vehicles to
generate real capital growth at rates higher than can be achieved from short and long term fixed income
investments requires the discipline to recognize the turbulent nature of markets in the short run and the
basic consistency of markets in the long run.10
Provided SRF managers can successfully operate funding models that "free" equity for
unrestricted long term investment, and position such long term investments to replenish capital
committed to future financial assistance obligations and generate total returns - in the form of fixed
income, dividend income and capital gains - SRFs could achieve higher rates of sustainable operations.
Based on the successful experience demonstrated by the TSPF, TNC and GLPF case studies, provided
in this report, there exist, public sector and not-for-profit road maps for SRF managers to follow.
SRF managers intent on implementing active SRF investment strategies face many hurdles.
These include obtaining the investment authority necessary to maximize the demonstrated value of the
innovative financing models, adopting such models -which may require additional statutory change at
the state level and/or a major overhaul of SRF funding models - and to capture the long term value of
equity investments amendments to the governing federal Acts to permit investment in assets valued for
their future claims on economic growth may be needed. Such assets traditionally consist of equities
but can also include investments in natural resources and environmental credits.
The respective sections of the Acts may need to be amended to not only authorize fund
managers to "earn interest" on fund accounts but also to allocate funds available for investment that can
realize returns that can support sustainable SRF operations consistent with the investment management
standards applied to fiduciaries under the Uniform Principal and Income Act (2001) and the Uniform
Prudent Investor Act (1994), as amended, including the modification of the prudent man rule to apply
not to individual investments in isolation but to the investment portfolio as a whole.11 Such a change
would put SRF investment management on the same footing as endowment and pension funds. The
reason "may" is the operative qualifier in this discussion is the current approach to investment by the
Agency which recognizes that SRF administrators realize, from time to time, total returns in the form of
capital gains on interest bearing investments.12 The interpretative question for the Agency is: What
9 Bradford Cornell, "Economic Growth and Equity Investing, Financial Analysts Journal, Vol. 66, No. 1,
2010.
10 Charles D. Ellis, "Investment Policy; How to Win the Loser's Game," Dow Jones - Irwin, 1985
11 The Uniform Principal and Income and Uniform Prudent Investor Acts promulgated by the U.S. Uniform
Law Commission has been adopted by 43 and 44 states, respectively. The U.S. Uniform Law Commission is a not-
for-profit body formed in the late 19th Century to resolve legal discrepancies in laws among states by promoting the
adoption of uniform laws.
12 Discussion with USEPA, September 21, 2010.
USEPA Financial Advisory Board Report on the SRF Investment Function
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36
classes of investments can be deemed to satisfy the earned interest provision in the Acts? For example,
all classes of equity securities (common and preferred stock as well as convertible bonds provide
income in the form of dividends or interest earnings). Classes of ownership interests may also provide
fixed scheduled payouts (i.e., timber investment trusts).
Should the investment language of the Acts be interpreted more broadly or broadened as
described above, the U.S. EPA would become responsible for setting the regulatory framework by
which SRF administrators would be permitted to manage investments. SRF dollars deployed for long
term investment would need to be allocated on terms that are consistent with the need to balance current
income needs with investments geared toward sustaining fund capacity first in terms of current dollars
(as is currently the investment objective of the current versions of the Innovative Financing Models) and
second in terms of constant dollars (where the objective is to maximize the time value of the fund to
counter the effects of cost inflators on future SRF project costs).
The capacity of state's to act on broader investment authority is another factor that must be
considered. Most SRF's investments are managed by the state treasurer's office. In most states the
state treasurer is also responsible for the pension funds which have historically included equities and
other total return asset classes. For these states the infrastructure should already exist for managing SRF
investments to prudently maximize total returns. States that manage SRFs from dedicated operating
platforms, such as New York State, would either manage total return assets, which would include taking
on direct responsibility for hiring outside fund managers, or delegate equity investment to the state's
pension managers.
VII. FINDINGS AND BOARD RECOMMENDATION
Board Findings
The broad SRF investment authority established by the federal Clean Water and Safe
Drinking Water Acts is largely underutilized;
All state SRFs manage their investments in accord with local statutory investment
authority;
The majority of states limit investment considerations to short term instruments that
compliment direct or blend rate funding models. For most of these states investment
authority is limited to short term instruments that are used when investing idle funds;
States managing leveraged programs based on the reserve model operate with broader
investment authority with respect to permitted investment horizons and long term
structured investments;
Twenty one states have statutory authority to broadly invest in taxable municipal
securities. It is not clear the extent to which maturity limits govern investment in these
securities;
Only two states, Connecticut and New York, have utilized their investment authority to
manage long term investments outside of specifically pledged reserves;
Integrating long term investment strategies and a state-of-the-art funding model has
resulted in a life-to-date capital savings rate of greater than 25% for the New York SRFs.
The integrated funding and investment models adopted by Connecticut and New York
have attributes of well established endowment and pension fund models which are
responsible for investing for both current income and fund growth;
SRF investment authority and funding models are designed to sustainably manage
contributed federal and state dollars with minimal consideration for time value effects.
No mechanism currently exists to sustain fund operations based on endowment or
pension based investment strategies. Adopting such strategies will require U.S. EPA,
stakeholders and state policy makers to re-think the asset side of SRF balance sheets and
give serious consideration to the role of the investment function in growing the capital
USEPA Financial Advisory Board Report on the SRF Investment Function
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37
base of the program to provide the resources to sustain fund operations by preserving
monetary time value. This can be accomplished by authorizing long term investments
that include asset classes that can deliver meaningful real returns.
The results of investment scenarios developed for analysis and incorporated in the body
of this report suggest that SRFs can develop new funding and investment models that can
capture higher returns that can raise SRF returns. These scenarios further demonstrate
that inclusion of investments that can deliver higher total returns than fixed income assets
can be added to the investment mix on terms that are consistent with current SRF income
requirements and which can boost fund sustainability.
Board Recommendation
The case for broader investment authority is not sufficiently developed based on current SRF
state-of-the-art practices. The dilemma for policy makers is that development of broader state level
investment authority is a necessary prerequisite to the development of state level modifications to SRF
funding and investment models that can create greater long term value. Before SRF administrators can
weigh the value of adopting endowment and pension fund investment models, federal investment
authority may need to be amended to permit the investment of funds in asset classes that are not valued
for income but for capital growth. Based on these considerations, the Board recommends that U.S. EPA:
1. identify and promote SRF state-of-the-art investment practices that support more
productive utilization of SRF funds among headquarters and regional SRF staff;
2. staff work with stakeholders and SRF administrators to develop interpretative
guidance that clarifies existing investment authority and, to the extent deemed
necessary, develop model language changes to the Clean Water and Safe Drinking
Water Acts that broaden investment authority to include both fixed income and
capital growth asset classes to the stable of permitted investments that SRF
administrators can utilize; and
3. develop model regulatory language that would establish the parameters that would
effectively govern SRF investment among asset classes.
USEPA Financial Advisory Board Report on the SRF Investment Function
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APPENDIX A - AUTHORIZED INVESTMENT PARAMETERS FOR MONIES HELD IN SRF EQUITY ACCOUNTS
(Permitted Investment Securities
Municioal Bonds
Coroorate Bonds
State Short-
term Government 1 Federal International
SRF Funding Investment Investment 1 Money 1 CDs/ Time & US 1 Agencies/ Development 1 Description/
State Model Responsibility Account [Market Funds 1 Deposits Guaranteed 1 Banks Banks Type Maturity Ratings 1 Maturity Ratings
Alabama
Alaska
Arkansas
Arizona
Califom ia
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Wassachu&eits
Michigan
Direct
Direct
Leveraged
Leveraged
Direct
Leveraged
Leveraged
Direct
Direct
Direct
Direct
Direct
Direct
Leveraged
Direct
Leveraged
Direct
Direct
Leveraced
Direct
Leveraged
Leveraged
State Treasurer
State Treasurer
SRF
Administrator
State Treasurer
State Treasurer
SRF
Administrator
State Treasurer
State Treasurer
State Treasurer
SRF
Adm n sf?l-:r
C-|y Ve-ice
X
C - ly Ve - ic e
X
X
C-ly Ve-!ce
Only Venice
Only Vehicle
State Treasurer
SRF
Administrator
ERF
Administrator
SRF
Administrator
SRF
Administrator
State Finance
Office
State Treasurer
State Treasurer
State Treasurer
State Treasurer
State Treasurer
X
X
X
C'ly Vi=" ;: 6
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X'
X
state G.O.s
G.O.5 a Revs
in-state G.O.s
in-state revs
G.O.s a Revs
G.O.5 a Revs
in-state cellos.
G.O.s a Revs
G.O.s
in-state G.O.s a
Revs
G.O.s a Revs
G.O.s
G.O.s a Revs
G.O-s a Revs
G.O.s a Revs
X
G.O.s a Revs1
G.O.s
3
51
3
AA
AA.
A
E33*'3BB
AA
A
AA
Aaai'AAA
A
AAA
Aa/AA
X
Cos w,1 U.S.
busitess
Nc-e.'c
X"
X
Ins Cos'
90S
X
m
VIA Corricied
NcieS"' 1 yr
InvstGrace
Bsa.'BEB
A
AA
A
AA1
A
InvstGrace
MA
AA
USEPA Financial Advisory Board Report on the SRF Investment Function
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USEPA Financial Advisory Board Report on the SRF Investment Function
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I Permitted Investment Securities
CP Other Investments
Type Ratings
Type Ratings I Equities
Maturity
Limitations
Concentration
Limitations
Excluding US
Treasuries
Statutory
Authority
Alabama
Alaska
Arkansas
Arizona
Califom fa
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
X
270
X
13:
X
X
X"
X
X
130
270
270
X
X
X
P-1/A-1
=-- 'A-1
P-1/A-1
P-1/A-1
3.1. A-1
3-VA-1
=-- 'A-1
=-VA-1-
nvst Graa e
GICs
Col . Repos
ABS & CMOs
MBS
Col. GICs
Col. Repos
GICs
Col. Repos 4
Rvs. Repos
MBS S. ABS
ABS.'MBS
Convertible
Bones
S Foreign Bds
Repos
Ss'.'e'g- :ebt
Invst Agnts
Invst Agnts
Invst Agmts.
Prenefu-ded
MiHyjals
ABS.'CN'Cs
Col . Repos
CP
GICs
Col . Repos
STBank =3pe-
AA.'Aa3
~reas/Agey
AAA
AA
MA
Gov1 Obs
A
AA
AA
AaT/AA-i-
AA+
P-1/A-1
if fund is
authorized
1 5 yr Mun ra
7 yr other fed rate
30 yrs stalulory; 5
vrs bv oolcy
5
10
5
1 .25x6 II
5
151
10
5
5%
5-50%; p. S cf
potcy
10%
10%
CP: tD%
CP& corp:2D%
Munis: 20%
AL Section 22-
23B-2
AS 46.03.032-
D36
C RS 24-75-601-
D5
CGSSecS-
20 ffl
ICodefl7-12TO-
121DA
16 LCS 52G;3D
ILCS235
LA =G4S:327
MGL 29:33
MCL21. 141-147
Majorilj' of funds w' State Treasur/ in bank repoa; ottier
funds w,' Trustee banks in U.S. Trea sy ry rr,utual funds
Treasu-^ratsc ma-ages an intermedate Fl inv poo
Maturity mit cf 5 yrs ., nless acprcved c-y t" e 3 oa : ;
Polcy eoes not include municoal bonds
'Issuec by ban* in Japan. Canada. UK, Holland, Germany.
France, orSwizerland; or Canad an T-b Is 1 Agencies
"Must be bac-sec by LOC
Aa c' better if rated by city one rating service
Treasurer manages investments per an MOU wth GEFA
die Dve'E "ed E-c-d Fu-d.'Earclays nterrredate Index
1C 5% collateral requ red for fjnds on deposit
Maturity may be longer if matched to fjfcjre Eashflcw nees
'App 65 to sing e securities & asset subclasses
MBS may be i3 years
'Matuny resiriclion waived for in-state
Treasurer encouraged to maintain oepcsits in n-sta1e banks
Maturity mited to 5 yrs un ess matched to specifc cashfow
'Detaied stipulations as to net indebted "ess. bcaton &
population of issuer. 4 h story cf no defau't
A lews any investnenl allowed oy Federal MMF sta,tu1e
USEPA Financial Advisory Board Report on the SRF Investment Function
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USEPA Financial Advisory Board Report on the SRF Investment Function
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(Permitted Investment Securities
Mu n icioal Bonds
State Short-
Iterm Government 1 Federal International
SRF Funding Investment Investment 1 Money 1 CDs/ Tine & US 1 Agencies/ Development 1 Description/
Model Responsibility Account [Market Funds 1 Deposits Guaranteed 1 Banks Banks Type Maturity Ratings 1 Maturity Ratings
Minnesota
Mississippi
Missouri
Montana
Nebraska
Hevada
Hew Hampshire
Hew Jersey
Hew M exico
Hew York
Worth Carolina
North Dakota
Ohio
Oklahoma
Oregon
Penns vtvania
Rhode Island
Leveraged
Direct
Leveraged
Direct
Direct
Direct
Direct
Leveraged
Direct
Leveraged
Direct
Leveraged
Leveraged
Direct
Direct
Leveraged
Leveraged
State Boards'
Inves1men1
State Treasurer
Treasurer
State Treasurer
State Investment
Council
State Treasurer
State Treasurer
SRF
Administrator
State Treasurer
(CW)
NMFA & State
Treasurer (DW)
SRF
Administrator
State Treasurer
ERF
Administrator
SRF
Administrator
State Treasurer
State Treasurer
State Treasurer
X
C'ly Ve-!ce
X
X
X
X
X
OnlvVehice
SRF
Administrator
X
US Gov &
GSE5
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
G.O.s
N'ut.sl -u'ds
G.O.s a Revs
see f.nale
G.O.s &
in-state Revs
G.O.s
in-state Revs
State of NC
Bends
G.O.s a Revs'
G.O.s
Air
State-leve
taxable G.O.s &
CQ3£
5 yr avg
397 days
51
3D
Aa3/AA-
Invsl Grade
A
AA
AA
Invst Grade
AA
X
X,'5yr
Muiua Funds'
5 yr avg
X,'2yr
X
NY domiciled
X
X
A
A
Aif<3yr:
AAifayr
None
AAA
AA
USEPA Financial Advisory Board Report on the SRF Investment Function
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USEPA Financial Advisory Board Report on the SRF Investment Function
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I Permitted hwstanent Securities
CP Other Investments
Type Ratings
Type Ratings I Equities
Maturity
Limitations
Concentration
Limitations
Excluding US
Treasuries
Statutory
Authority
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
Hew Hampshire
New Jersey
Hew Mexico
Hew York
Worth Carolina
Worth Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
385
180
X
270
3D
270
270
K
270
ia:
130
X
Aa3i'AA-
P-1/A-1
P-l/A-1
3-'-A-1
P-l/A-1
nvst Graae
in highest tier
Mrl
in 2 highest
classes
P-l/A-1
in highest tier
GICs''P.epos
ABS.'MBS
Insurance Co
GICs
Repos
Col. MBS
ABS
Co[. Repos
Canad an
bones
ABS
GICs & Cc .
Repos
ABS
GICs
Col. GICs
Invst Agmts
Foreign Gcvl
Debt
Col . Repos &
Rvs. Repos
GICs & Cc .
Repos
invst grace
5C day nax
AAA; 1Q-yr
riax; 5% rrax
pe- issuer
Aal'AA-
AA
AAA < 5 yr
AA
??
MA
prcv ders AA
prcvders A
Aa/AA
prcv ders
A3,'A-. 5-yr
nax
AA
1G
5
10
1C; avg <=2yr
WAM<1SD days
Satisfy liqu d ry
neecs
7
5
Specific- to Assel
Cass. p. 11 in invst
policy
Per asset; 3 yr
max; 50%«:S3
days; 75%<1yr
5
1-15% per issuer
6-30% by asset
23% pe' asset
class; 40 'i -nax in
CDs, C For corp.
^otes
maxparofSSM
Fxd Inc nutual
ftinos: 25%
Various
Deiailed art p. 11
ofNMFAPcicy
Detailed in invst
policy ; p. 10)
tD%fornon-
Trea s.1 Agen cy
MS11A.24 1-
4.1^,20
MS Code 27-
105-33
3a.2S'DR.S. MO.
Noshing in
statule
Slatute 72-1259
NRS 355
NMS6-1Dto44.
6-14-1C.1
NC 147-88.1
OS 82.36.2
ORS 293
Qy allied State depositories are first prior ty for available
funds
MMF chosen for DW ftmds
3ia:e s:a:u:e 1355.1^1 j aloivs fc- investnem n municpal
bonds, but investment pel cy of general portfolo does not
ncludes all p errrtaed invesinents cf Treasurer but deploy a 1
initial SRF fu.ids villain 46 hours, sc in cash account
Lmited to loca gcvernmenl issuec pools
CDs linitec to financial institutions w,' --state prese'ce
Majority of DW funds are with State Treasurer & n extema
MMF
Muncipa Investments Imied by Guide5nes.'Poricy to AA or
better by at east one rating service
CDs liniteo to financial institutions w/ n-stete presence
'May be ltd to tax-exempts
"Maturties imited tc 5 yrs un ess natched tc bond c-3.s"f cws
'Man of 1C% of invested funds i no niore 1tian 5% of any
o^E ssuing governme"!. at disc'eton of Treasurer.
Treasures & Agency naturites Ha to " D S, 7 yrs, respectiuely
Mansgeme"t by State ""easure- mandated by law
Weighted average credit quality rnin of Aa2i'AA
Note MBIA & AMBAC restrctbns (incl CP)
USEPA Financial Advisory Board Report on the SRF Investment Function
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(Permitted Investment Securities
Municipal Bonds
Caruorate Bonds
Mate Short-
SRF Funding Investment Investment Money CDs/ Tine A US
Model Responsibility Account Market Funds 1 Deposits Guaranteed
Government Federal 1 International
A US Agencies/ 1 Development
Guaranteed Banks Banks
1 Descnptioni'
Type Maturity Ratings 1 Maturity Ratings
Sourb Carolina
Soi/rb Dakota
Tennessee
Texas
Utah
*
Virginia
Washington
Wisconsin
West Virginia
Hfyomirw
Direct
Direct
Direct
Leveraged
Direct
Direct
Hybrid
Direct
Leveraged
Direct
Direct
State Treasurer
SRF
Administrator
State Treasurer
SRF
Adminisfalor
State Treasurer
Bono Bank
SRF
Administrator
State Treasurer
State Treasurer"
State Treasurer
State Treasurer
X
Onry Vercice
X
X
X
G-ly Ve-i:e
Only Venice
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
State of Israel
G.Q.sS Resrs
in-stateG.O.s1
X
in-stateG.O.s a
Revs
in-state G.Q.sS
Revs
in-stateG.O.s
All, incl pre-
nefunseds
X
All
l"ifsi Grade
Invst Grade
A
AA
SRF Ed
Rathfl
AA.'Aa2
E3E-'3aa2
X
X/lyr
Notes/ <5 yr
X
X
1 nvst Grade
AA
AA
A,'A2
E5E'3aa2
USEPA Financial Advisory Board Report on the SRF Investment Function
-------
I Permitted Investment Securities
CP Other Investments
Type Ratings
Ratings | Equities
Maturity
Limitations
Concentration
Limitations
Exeludng US Statutory
Treasuries Authority
So^rh Carolina
Scurf? Dakota
Tennessee
Fejtas
tftafi
Vermont
Virginia
Was hinjton
Wisconsin
West Virginia
tv'vo.Tiina
130
270
270
X
270
X
X
X
X
in highest tier
P-1/A-1
in highest tier
P-l/A-1
P-1/A-1
P-1'A-1
P-l/A-1
P-1/A-1 +
GICs & Co .
Repos
Col . Agrnts
Col. GICs
Col . Repos &
Rvs_ Renos
Col, GICs &
Repos
MBS
CMOs passing
FFEC
Invsf Agnts
Col . Repos A
Rvs. Repos
MBS
GICs
AA
Fed Guar
AAA
AAA
Per asset
1.5
duration 30-120%
of benchrrark
5 yr avg for each
3s=;l: :;irf:.l i -i?\
of3vr
1G
WAM<=6Qdays;
indvid.max. of
397 days
As % of portfolio
5% per issuer;
only 10% < nvs:
arade
3% 1o single
ssuer; 1 0-25% by
jgw
T 5% for vc atile
nvsts
by asset: 1 5% rr.in
US Treas; 3% non-
US. 5% corp
SC Statute 11-0-
680
TCA. Q-4-e.Q3 S
704
24 VSA §
4873(a);32
VSA4S1-3
V A Code 2.2-
Ch45
RCW43.B4.DBQ
WSCrtap25LGI
F
WV Code 12-Bc-
1
"Inaenture authorizes mun s of any s'ale.
have oplec ;o "vest in money market funds
^eserje funds on y nvesled in direct ct'ltjatbns of U.S.
Sia;e LG P is pritrary -vestine-l veh cle fcr 'unds on ha-d
'~reasure^ is the SRF Acninisirator
Polcy s more restrctve than staftite
USEPA Financial Advisory Board Report on the SRF Investment Function
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APPENDIX B - CONNECTICUT SRF INVESTMENT STATUTE
Connecticut General Statutes
Section 3-20ffl
With the exception of refunding bonds, the proceeds of the sale of the bonds and any moneys held
or otherwise set aside for the repayment of the bonds shall be deposited with the Treasurer or, at the
direction of the Treasurer, with a commercial bank or trust company, in trust for the benefit of the state,
pending the use or application thereof, for the purpose and projects specified in the bond act empowering
the State Bond Commission to authorize such bonds. Any expense incurred in connection with the
carrying out of the provisions of this section, including the issuance of refunding bonds, shall be paid
from the accrued interest and premiums or from the proceeds of the sale of such bonds or refunding bonds
and in the same manner as other obligations of the state, except that expenses incurred in connection with
the preparation, issuance and delivery of general obligation bonds issued in accordance with sections 3-17
and 10-183m, and delivered to the retirement fund provided for in section 10-183r shall be paid out of the
General Fund if sufficient accrued interest and premiums are not available to pay such expenses. With the
exception of the proceeds of refunding bonds deposited in a defeasance escrow fund, pending the use or
application of any such bond proceeds or any such funds, such proceeds or funds may be deposited with
the Treasurer in such fund or funds of the state as appropriate or at the direction of the Treasurer in a
commercial bank or trust company with or without security to the credit of such fund or funds, or may be
invested by, or at the direction of, the Treasurer in bonds or obligations of, or guaranteed by, the state or
the United States, or agencies or instrumentalities of the United States, in certificates of deposit,
commercial paper, savings accounts and bank acceptances, in the obligations of any state of the United
States or any political subdivision thereof or the obligations of any instrumentality, authority or agency of
any state or political subdivision thereof, provided that at the time of investment such obligations are
rated within one of the top two rating categories of any nationally recognized rating service or of any
rating service recognized by the Banking Commissioner, and applicable to such obligations, in the
obligations of any regional school district in this state, of any municipality in this state or any
metropolitan district in this state, provided that at the time of investment such obligations of such
government entity are rated within one of the top three rating categories of any nationally recognized
rating service or of any rating service recognized by the Banking Commissioner, and applicable to such
obligations, or in any fund in which a trustee may invest pursuant to section 36a-353, or in investment
agreements with financial institutions whose long-term obligations are rated within the top two rating
categories of any nationally recognized rating service or of any rating service recognized by the Banking
Commissioner or whose short-term obligations are rated within the top rating category of any nationally
recognized rating service or of any rating service recognized by the Banking Commissioner, or
investment agreements fully secured by obligations of, or guaranteed by, the United States or agencies or
instrumentalities of the United States. Except as may be provided herein or in any other public or special
act, net earnings of investments of proceeds of bonds and such funds, and accrued interest and premiums
on the issuance of such bonds shall, after payment of expenses incurred by the Treasurer or State Bond
Commission in connection with their issuance, if any, be deposited to the credit of the General Fund.
USEPA Financial Advisory Board Report on the SRF Investment Function
Appendix B - Page 1
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APPENDIX C - NEW YORK STATE SRF INVESTMENT POLICY
New York State Environmental Facilities Corporation
SRF Investment Policy Statement
Revised: June 17, 2008
This Investment Policy Statement governs all nonpurpose investments defined under the IRS Code
to include investments which, for tax purposes, are unrelated to the program mission. Specifically,
nonpurpose investments include all securities held for investment where the securities issued by the
obligor were not purchased by the respective SRFs pursuant to Project Finance or Project Finance
and Loan Agreements.
Investment Objectives:
Manage SRF financial resources to serve three primary program purposes:
1. Maintain adequate liquidity by holding a sufficient level of assets in cash or cash equivalent
securities that can be liquidated to support program purpose investments (i.e., short and long term
direct financings);
2. Maintain a sufficient level of assets in cash, cash equivalents or marketable securities that can
either be (a) liquidated for the purpose of funding direct or structured investments for pledged
reserves or (b) directly deposited to pledged reserves needed to support Master Trust Agreement
and Master Financing Indenture reserve requirements;
3. Manage program nonpurpose investments for maximum return on terms consistent with program,
legal, regulatory and operational constraints.
Investment Horizon:
No more than one year in the case of funds held to fund direct financings.
Up to thirty years with respect to funds that may be pledged to future bond financings and with respect to
funds specifically invested to maximize internal growth of the capital base.
Risk Tolerance Limits ("RTL"):
Credit Risk- Limit short term investments to P1/A1/F1 rating categories; limit all other
investments to Aa/AA/AA category or better by Moody's, S&P or FitchRatings. (RTL: Low )
Market Risk- Assets needed to be held and invested in short term securities by definition have
limited tolerance for market risk. (RTL: Low) All other assets have high tolerance provided that
investments match long term income and capital growth requirements. (RTL: High).
Re-investment Risk - Measurable program objectives are not subject to the re-investment of
earnings realized on fixed income investments. (RTL: High)
Eligible Investments
(See attached EFC Investment Guidelines, dated June 28, 2006)
USEPA Financial Advisory Board Report on the SRF Investment Function Appendix C - Page 1
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Legal and Regulatory Considerations
Federal statute limits non-purpose investments to interest bearing obligations. PAL sections 1284,
1285(j) and 1285 (m), and GML section 10 set forth the classes of eligible interest bearing investments.
Unique Needs. Circumstances and Preferences
Securities otherwise eligible for purchase will be further screened for appropriateness consistent with
state policies and economic interests. The Investment Committee will identify any securities that are
unsuitable investments based on state policies and economic interests. Criteria for screening eligible
investments for suitability will be developed and maintained by the Investment Committee. While the
investment standards are applied at acquisition, special consideration shall apply where circumstances
indicate that the investment standards may become unsatisfied after acquisition.
Investment Policies
1. Maintain Credit Thresholds - Other than U.S. Treasuries, U.S. Government Guaranteed
Securities, qualified repurchase and investment agreements collateralized by the same, General
Obligations of or obligations guaranteed by the State of New York, and New York State Personal
Income Tax Bonds, no more than 5% of investment holdings held in securities with current
ratings of less than Aa3/AA-/AA- by each of the rating services then rating the bonds may be
held in the investment portfolio. Consistent with program operating constraints, assets
downgraded to less than the minimum rating requirement will require remedial action. Such
action may be (a) a secondary market sale; (b) the purchase of credit enhancement by a provider
with at least an AA long term credit rating or (c) continued monitoring. The timing of such
action will be set by the Investment Committee. No short term investments may be held where
any rating service rating the bonds has assigned a short term rating of less than the top ratings of
P1/A1/F1.
2. Other than U.S. Government and US Government Guaranteed Securities, and New York General
Obligation and New York Personal Income Tax securities, limit any single obligor's
uncollateralized investments to no more than 15% of the combined SRF program's long term
nonpurpose, unpledged investment buy program, the amount of which may be amended
periodically by the Investment Committee.
3. Limit per provider insurance exposure to no more than 15% of the combined SRF program's long
term nonpurpose, unpledged investment buy program, the amount of which may be amended
periodically by the Investment Committee. Long term refers to any investment with a maturity
greater than 12 months.
Investment Procedures
Investment Committee Formation and Responsibilities
Governance - The Investment Committee will be comprised of the Office of the President, the Chief
Financial Officer, the Controller, General Counsel and the Assistant Director of Investments. The
purpose of the Investment Committee will be to establish investment strategy for each of the
Corporation's SRF programs, assure compliance with all statutory, regulatory and corporate
investment guidelines, establish and review investment policies and procedures and produce quarterly
and annual investment reports for the Corporation's Audit Committee and Board of Directors.
Asset Allocation and Monitoring - The Investment Committee will also monitor investment strategies
and activity to assure it complements SRF program needs. Consistent with this standard, the
USEPA Financial Advisory Board Report on the SRF Investment Function Appendix C - Page 2
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Committee will determine the allocation of investment assets among the three primary program
investment objectives. Allocations shall be periodically reviewed and adjusted as required to meet
on-going program needs.
Meetings - The Investment Committee will meet at least every other month. The Investment
Committee may meet more frequently to set direction and monitor progress. Unscheduled investment
meetings may be called at any time by a Corporate Officer.
A Committee Report covering the minutes of the prior meeting, investment activity since the prior
meeting and, by incorporation, the latest investment holdings report will be made available one day in
advance of the scheduled meeting.
Transactions
Investment Consideration - The Controller will be responsible for determining, and making
recommendations with respect to, all program short term investment needs. The Assistant Director of
Investments will identify all long term investments for consideration. Long term investment
opportunities will be vetted with the Investment Committee. Specific investment opportunities, as
qualified herein, will be vetted with the CFO, General Counsel's Office and the Controller. The CFO
or CFO designee will seek clearance from the Office of the President prior to making a purchase.
With respect to state general obligations or New York State Personal Income Tax Bonds, the CFO or
CFO designee will seek clearance from the Office of the President or_General Counsel prior to
making a purchase.
The Corporation shall avoid acquiring securities (other than pursuant to a public offering,
limited public offering or similar circumstances) unless external price validation is available.
The Corporation shall avoid acquiring securities where the acquisition will result in the
Corporation becoming the controlling creditor under the resolution or indenture through
which the securities were issued.
Execution
The Controller will be responsible for short term investment execution. The Assistant
Director of Investments will be responsible for the execution of all other investment
purchases.
Short Term purchases of U.S. Treasuries, U.S. Government Guaranteed Securities and
qualified repurchase agreements collateralized by the same will require written sign-off by an
authorized Officer. Any other short term and long term purchases will require prior verbal
sign-off by the CFO the Controller and General Counsel. Written sign-off by an authorized
Officer will be required within 24 hours of the verbal.
Prior to each purchase a determination will be made that the investment (a) meets all EFC
investment policy requirements and (b) satisfies program cashflow needs. With respect to
long term investments, the investment decision will be subject to receipt and review of the
POS, OS, or other offering statement as appropriate to confirm investment eligibility.
Settlement will be determined in consultation with the Controller.
Prior to settlement, investment instructions will be delivered to the SRF Trustee. Investment
instructions will require written sign-off by an authorized Officer.
With respect to all uncollateralized investments, not purchased thru the SRF Trustee, the
Assistant Director of Investments will prepare a Confirmation for the signature of an
authorized Officer for delivery to the broker.
USEPA Financial Advisory Board Report on the SRF Investment Function Appendix C - Page 3
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The Assistant Director of Investments will be responsible for maintaining records of each
long term investment purchase. This record will include a copy of the offering statement.
Sale of Securities
The Assistant Director of Investments will monitor the portfolio of long-term investments and
identify opportunities for sale of such individual securities that would result in portfolio
rebalancing, profit-taking or risk-mitigation consistent with the goals of the Investment
Objectives. Such opportunities will be vetted with the Investment Committee prior to any action
being taken. Specific sale opportunities will be vetted with the CFO, General Counsel's Office
and the Controller. The CFO or CFO designee will seek clearance from the Office of the
President prior to placing a security up for bid.
Once the sale of a security has been approved, an open invitation to bid will be placed on the
appropriate market wire. Pricing validation will be obtained through market bids as well as
outside securities pricing services prior to execution of a sale. There will be no obligation to sell
a security up for bid unless it can be determined with reasonable certainty that the winning bid is
reflective of an appropriate market price.
The timing of the bid process and settlement will be determined in consultation with the
Controller.
Prior to settlement, notification of the sale will be delivered to the SRF Trustee. Sale instructions
will require written sign-off by an authorized Officer.
The Assistant Director of Investments will be responsible for maintaining records of each long
term investment sale.
Reports
Investment holdings reports will be generated monthly thru the Bloomberg system. Internal
control would be provided by the execution process, the Investment Committee and the Trustee
reports.
The contents of the investment report will include the following:
1. Description of the security including credit category;
2. CUSIP;
3. Outstanding credit ratings including credit direction indicators;
4. Insurance/credit enhancement/liquidity providers (if any);
5. Par amount of each holding;
6. original purchase, amortized cost and brokerage fees;
7. Current market price;
8. Investments with maturities of less than one year;
9. Investments with maturities of one year or greater;
10. Investments by types of securities (e.g., U.S. Treasuries, U.S. Agencies, taxable municipals,
tax-exempt municipals, etc.);
11. Description of early redemption features of investments; and
12. Concentration percentage for each credit exposure.
USEPA Financial Advisory Board Report on the SRF Investment Function Appendix C - Page 4
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No less than quarterly the Controller and the Assistant Director of Investments shall reconcile
their respective investment reports and sign off on the quarterly investment report.
Nothing in this Policy Statement shall supersede EFC Investment Guidelines.
USEPA Financial Advisory Board Report on the SRF Investment Function Appendix C - Page 5
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APPENDIX D - MODEL INVESTMENT PORTFOLIOS QUANTITATIVE DETAIL
USEPA Financial Advisory Board Report on the SRF Investment Function Appendix D - Page 1
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Total Return Factors
Weighted Returns
Asset Classes by Weight:
40.00% Large Cap Domestic Stocks
30.00% Mid Cap Domestic Stocks
10.00% Small Cap Domestic Stocks
10.00% Foreign Developed Markets
10.00% Foreign Emerging Markets
1 Invested
LCDS
MCDS
SCDS
FDM
FEM
Composite
1990
-3.10%
-11.50%
-19.48%
-23.20%
-10.55%
-10.01%
1991 1992
30.55% 7.67%
41.51% 16.34%
46.04% 18.41%
12.50% -11.85%
59.91% 11.40%
36.52% 9.77%
1993
-9.99%
14.30%
18.88%
32.94%
74.84%
12.96%
1994
1.31%
-2.09%
-1.82%
8.06%
-7.32%
-0.21%
1995
37.43%
34.45%
28.45%
11.55%
-5.21%
28.79%
1996 1997
23.07% 33.36%
79.00% 29.07%
76.49% 22.36%
6.36% 2.06%
6.03% -77.59%
17.82% 23.33%
1998
28.58%
70.09%
-2.55%
20.24%
-25.34%
13.69%
1999 2000
27.04% 9.77%
78.23% 8.25%
27.26% -3.02%
27.37% -73.94%
66.64% -30.77%
25.41% 1.35%
2001 2002
-77.89% -22.70%
-5.62% -76.79%
2.49% -20.48%
-27.27% -75.66%
-2.37% -6.00%
-8.55% -17.91%
2003
28.70%
40.06%
47.25%
39. 77%
56.28%
37.77%
2004
70.87%
20.22%
78.33%
20.70%
25.95%
16.91%
2005 2006
4.97% 75.79%
72.65% 75.26%
4.55% 78.37%
74.02% 26.86%
34.54% 32.59%
11.07% 18.68%
2007 2008 2009
5.49% -37.00% 26.46%
5.60% -47.60% 40.48%
-7.57% -33.79% 27.77%
77.63% -43.06% 32.46%
39.78% -53.78% 79.02%
8.86% -40.28% 36.59%
2010
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
-10.01%
36.52%
9.77%
12.96%
-0.21%
28.79%
17.82%
23.33%
13.69%
25.41%
1 .35%
-8.55%
-17.91%
37.77%
16.91%
11.07%
18.68%
8.86%
-40.28%
36.59%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
-------
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
6.50%
Y
r
$
i
n
V
e
s
t
e
d
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
37.518 403.9188 5638.706 4448.939 132516.1 2493423
1 10.766 150.2934 118.5815 3532.067 66459.38
1 13.96 11.01444 328.0761 6173.08
1 0.789 23.50115 442.1977
1 29.786 560.4534
1 18.816
1
60664982
1616957
150191
10758.67
13635.83
457.7933
24.33
1
8.91 E+08
23759562
2206907
158087.9
200364.9
6726.814
357.505
14.694
1
2.35E+10
6.28E+08
58288831
4175418
5292038
177668.6
9442.423
388.0979
26.412
1
5.54E+10
1 .48E+09
1 .37E+08
9820582
12446872
417876.6
22208.58
912.8063
62.12102
2.352
1
-4.2E+11
-1.1E+10
-1E+09
-7.4E+07
-9.4E+07
-3155386
-167697
-6892.6
-469.076
-17.76
-7.551
1
7.07E+12
1.88E+11
1.75E+10
1 .25E+09
1 .59E+09
53360736
2835923
116560.8
7932.542
300.3385
127.695
-16.911
1
2.74E+14
7.31 E+1 2
6.79E+11
4.86E+10
6.16E+10
2.07E+09
1.1 E+08
4518828
307528.8
11643.52
4950.478
-655.606
38.768
1
4.91E+15
1.31E+14
1.22E+13
8.71E+11
1.1E+12
3.71E+10
1 .97E+09
80941245
5508455
208558.8
88672.97
-11743.2
694.4124
17.912
1
5.93E+16
1.58E+15
1.47E+14
1.05E+13
1.33E+13
4.47E+11
2.38E+10
9.77E+08
66487058
2517305
1070283
-141741
8381 .558
216.1978
12.07
1
1.17E+18
3.11E+16
2.89E+15
2.07E+14
2.62E+14
8.8E+12
4.68E+11
1.92E+10
1.31E+09
49530492
21058882
-2788887
164915.5
4253.909
237.4893
19.676
1
1.15E+19
3.06E+17
2.85E+16
2.04E+15
2.58E+15
8.68E+13
4.61 E+1 2
1.9E+11
1.29E+10
4.88E+08
2.08E+08
-2.7E+07
1626067
41943.54
2341 .645
194.0054
9.86
1
-4.5E+20
-1.2E+19
-1.1E+18
-8E+16
-1E+17
-3.4E+15
-1.8E+14
-7.4E+12
-5.1E+11
-1.9E+10
-8.2E+09
1 .08E+09
-6.4E+07
-1647668
-91986.8
-7621.11
-387.33
-39.283
1
-1.7E+22
-4.5E+20
-4.2E+19
-3E+18
-3.8E+18
-1.3E+17
-6.8E+15
-2.8E+14
-1.9E+13
-7.2E+11
-3.1 E+1 1
4.06E+10
-2.4E+09
-6.2E+07
-3458061
-286500
-14560.9
-1476.77
37.593
1
-------
Historical Treasury Yields
(Annual Average of Daily Rates)
Year
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Maturity
1
8.530
7.887
5.861
3.889
3.434
5.317
5.942
5.516
5.632
5.053
5.083
6.113
3.490
2.002
1.241
1.888
3.621
4.936
4.531
1.827
0.474
0.383
2
8.570
8.162
6.488
4.770
4.046
5.943
6.151
5.845
5.991
5.131
5.434
6.261
3.831
2.638
1.651
2.381
3.855
4.818
4.365
2.011
0.958
0.931
3
8.550
8.258
6.817
5.305
4.440
6.270
6.255
5.995
6.103
5.138
5.493
6.221
4.089
3.100
2.105
2.779
3.928
4.773
4.347
2.243
1.431
1.476
4
8.515
8.315
7.096
5.745
4.791
6.479
6.319
6.088
6.164
5.145
5.521
6.189
4.323
3.458
2.535
3.103
3.987
4.761
4.389
2.523
1.814
1.944
5
8.480
8.373
7.375
6.186
5.142
6.688
6.383
6.182
6.225
5.152
5.550
6.158
4.557
3.816
2.966
3.426
4.046
4.749
4.432
2.804
2.198
2.412
6
8.500
8.446
7.527
6.408
5.340
6.798
6.440
6.263
6.276
5.215
5.668
6.179
4.719
4.060
3.245
3.646
4.099
4.753
4.471
2.988
2.506
2.771
7
8.520
8.519
7.679
6.631
5.539
6.908
6.496
6.344
6.327
5.279
5.786
6.201
4.882
4.305
3.523
3.866
4.152
4.758
4.510
3.172
2.815
3.130
8
8.510
8.530
7.740
6.757
5.648
6.967
6.522
6.377
6.336
5.273
5.740
6.144
4.928
4.407
3.687
4.001
4.198
4.770
4.551
3.336
2.965
3.316
9
8.500
8.541
7.801
6.883
5.757
7.026
6.548
6.410
6.345
5.268
5.693
6.087
4.974
4.510
3.850
4.136
4.243
4.783
4.593
3.500
3.114
3.502
10
8.490
8.552
7.862
7.009
5.866
7.085
6.574
6.444
6.354
5.263
5.646
6.030
5.021
4.613
4.014
4.271
4.289
4.795
4.635
3.664
3.264
3.688
11
8.488
8.555
7.876
7.042
5.913
7.126
6.612
6.482
6.387
5.308
5.701
6.050
5.082
4.695
4.108
4.349
4.324
4.815
4.662
3.734
3.349
3.761
12
8.486
8.558
7.890
7.075
5.959
7.166
6.650
6.520
6.421
5.353
5.756
6.070
5.143
4.777
4.203
4.426
4.360
4.835
4.690
3.803
3.434
3.835
13
8.484
8.561
7.904
7.107
6.006
7.207
6.688
6.558
6.454
5.399
5.812
6.090
5.204
4.859
4.297
4.503
4.395
4.856
4.717
3.873
3.519
3.909
14
8.482
8.564
7.918
7.140
6.052
7.247
6.726
6.597
6.487
5.444
5.867
6.111
5.265
4.940
4.391
4.581
4.431
4.876
4.745
3.942
3.604
3.983
15
8.480
8.567
7.932
7.173
6.098
7.288
6.764
6.635
6.520
5.489
5.922
6.131
5.326
5.022
4.486
4.658
4.467
4.896
4.772
4.012
3.689
4.057
16
8.478
8.570
7.945
7.206
6.145
7.328
6.802
6.673
6.554
5.535
5.977
6.151
5.388
5.104
4.580
4.735
4.502
4.916
4.800
4.082
3.774
4.131
17
8.476
8.573
7.959
7.239
6.191
7.369
6.840
6.711
6.587
5.580
6.032
6.171
5.449
5.186
4.674
4.812
4.538
4.937
4.827
4.151
3.858
4.205
18
8.474
8.575
7.973
7.272
6.238
7.409
6.878
6.750
6.620
5.625
6.087
6.191
5.510
5.268
4.769
4.890
4.573
4.957
4.855
4.221
3.943
4.278
19
8.472
8.578
7.987
7.305
6.284
7.450
6.917
6.788
6.654
5.671
6.143
6.211
5.571
5.350
4.863
4.967
4.609
4.977
4.882
4.290
4.028
4.352
20
8.470
8.581
8.001
7.337
6.330
7.490
6.955
6.826
6.687
5.716
6.198
6.231
5.632
5.432
4.957
5.044
4.644
4.997
4.910
4.360
4.113
4.426
21
8.468
8.584
8.015
7.370
6.357
7.478
6.947
6.814
6.679
5.702
6.165
6.202
5.618
5.429
4.957
5.044
4.644
4.986
4.902
4.352
4.109
4.441
22
8.466
8.587
8.028
7.403
6.383
7.467
6.940
6.802
6.671
5.688
6.133
6.173
5.605
5.425
4.957
5.044
4.644
4.975
4.895
4.343
4.106
4.456
23
8.464
8.590
8.042
7.436
6.409
7.455
6.932
6.790
6.663
5.674
6.100
6.144
5.591
5.422
4.957
5.044
4.644
4.964
4.888
4.335
4.102
4.470
24
8.462
8.593
8.056
7.469
6.435
7.443
6.925
6.778
6.655
5.660
6.068
6.115
5.577
5.419
4.957
5.044
4.644
4.953
4.881
4.327
4.099
4.485
25
8.460
8.596
8.070
7.502
6.461
7.431
6.917
6.766
6.647
5.646
6.035
6.086
5.564
5.416
4.957
5.044
4.644
4.943
4.874
4.319
4.095
4.500
26
8.458
8.598
8.084
7.535
6.487
7.420
6.910
6.754
6.639
5.632
6.002
6.057
5.550
5.413
4.957
5.044
4.644
4.932
4.867
4.310
4.091
4.515
27
8.456
8.601
8.098
7.567
6.513
7.408
6.903
6.742
6.631
5.619
5.970
6.028
5.536
5.410
4.957
5.044
4.644
4.921
4.860
4.302
4.088
4.529
28
8.454
8.604
8.111
7.600
6.539
7.396
6.895
6.730
6.623
5.605
5.937
5.999
5.522
5.407
4.957
5.044
4.644
4.910
4.853
4.294
4.084
4.544
29
8.452
8.607
8.125
7.633
6.565
7.384
6.888
6.718
6.615
5.591
5.905
5.970
5.509
5.404
4.957
5.044
4.644
4.899
4.845
4.286
4.080
4.559
30
8.450
8.610
8.139
7.666
6.592
7.373
6.880
6.706
6.607
5.577
5.872
5.941
5.495
5.401
4.957
5.044
4.644
4.888
4.838
4.278
4.077
4.573
-------
Mi
Year
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
aturity
1
6.20
6.33
5.82
5.78
5.49
5.73
6.94
4.44
2.64
1.70
2.34
4.08
5.30
5.08
3.63
1.91
1.02
2
6.77
6.52
6.06
6.10
5.58
5.98
7.09
4.76
3.30
2.22
2.91
4.25
5.29
5.08
3.97
2.43
1.70
3
7.23
6.72
6.32
6.40
5.67
6.19
7.18
5.07
3.86
2.77
3.37
4.37
5.29
5.12
4.25
2.92
2.33
4
7.46
6.86
6.50
6.52
5.76
6.32
7.24
5.36
4.34
3.29
3.75
4.48
5.31
5.17
4.48
3.35
2.94
5
7.65
7.03
6.64
6.64
5.87
6.37
7.31
5.66
4.82
3.74
4.04
4.56
5.32
5.24
4.71
3.80
3.49
6
7.76
7.10
6.74
6.73
5.94
6.45
7.34
5.84
5.12
4.08
4.28
4.64
5.35
5.30
4.90
4.15
3.87
7
7.87
7.18
6.83
6.82
6.02
6.53
7.37
6.03
5.41
4.42
4.52
4.73
5.38
5.36
5.08
4.49
4.25
8
7.95
7.21
6.92
6.86
6.07
6.63
7.38
6.15
5.58
4.65
4.69
4.80
5.43
5.42
5.22
4.75
4.47
9
8.03
7.25
7.00
6.89
6.12
6.73
7.38
6.26
5.74
4.87
4.87
4.88
5.47
5.47
5.37
5.01
4.68
10
8.10
7.33
7.05
6.96
6.21
6.71
7.45
6.36
5.94
5.08
5.01
4.94
5.50
5.52
5.49
5.25
4.95
11
8.15
7.35
7.12
7.00
6.25
6.79
7.45
6.43
6.03
5.25
5.14
4.99
5.55
5.57
5.59
5.42
5.06
12
8.20
7.37
7.19
7.03
6.29
6.87
7.46
6.49
6.12
5.42
5.27
5.05
5.59
5.61
5.69
5.58
5.17
13
8.25
7.41
7.24
7.07
6.33
6.91
7.48
6.53
6.20
5.56
5.39
5.10
5.63
5.65
5.76
5.71
5.26
14
8.31
7.44
7.30
7.11
6.37
6.95
7.49
6.57
6.28
5.70
5.50
5.15
5.66
5.69
5.83
5.84
5.34
15
8.34
7.47
7.35
7.15
6.40
6.99
7.51
6.61
6.34
5.79
5.58
5.17
5.70
5.71
5.90
5.93
5.44
16
8.36
7.51
7.39
7.19
6.43
7.02
7.52
6.64
6.38
5.87
5.66
5.20
5.72
5.73
5.94
6.00
5.53
17
8.38
7.54
7.44
7.24
6.46
7.05
7.53
6.67
6.42
5.95
5.73
5.23
5.74
5.75
5.99
6.08
5.63
18
8.40
7.58
7.48
7.28
6.48
7.07
7.54
6.69
6.44
6.01
5.78
5.25
5.75
5.77
6.03
6.13
5.74
19
8.42
7.61
7.51
7.33
6.50
7.10
7.54
6.71
6.46
6.07
5.83
5.27
5.77
5.79
6.07
6.17
5.84
20
8.44
7.67
7.52
7.40
6.54
7.05
7.59
6.74
6.50
6.14
5.88
5.31
5.77
5.79
6.08
6.21
6.03
21
8.45
7.70
7.56
7.40
6.54
7.08
7.58
6.74
6.51
6.15
5.89
5.31
5.78
5.79
6.09
6.26
6.16
22
8.46
7.72
7.60
7.40
6.55
7.10
7.58
6.74
6.52
6.16
5.89
5.32
5.79
5.80
6.11
6.31
6.28
23
8.47
7.74
7.64
7.40
6.56
7.12
7.57
6.75
6.53
6.17
5.89
5.32
5.80
5.80
6.13
6.36
6.41
24
8.48
7.76
7.68
7.40
6.57
7.15
7.57
6.75
6.54
6.18
5.90
5.33
5.81
5.80
6.14
6.41
6.53
25
8.49
7.78
7.72
7.40
6.57
7.17
7.57
6.75
6.55
6.19
5.90
5.33
5.82
5.80
6.16
6.47
6.66
26
8.50
7.80
7.73
7.41
6.58
7.16
7.57
6.76
6.55
6.21
5.90
5.33
5.81
5.80
6.16
6.50
6.71
27
8.52
7.82
7.74
7.42
6.59
7.15
7.58
6.76
6.56
6.22
5.90
5.34
5.81
5.80
6.16
6.53
6.76
28
8.53
7.83
7.75
7.44
6.59
7.15
7.59
6.76
6.56
6.24
5.91
5.34
5.81
5.80
6.17
6.57
6.82
29
8.54
7.85
7.77
7.45
6.60
7.14
7.60
6.76
6.57
6.25
5.91
5.34
5.80
5.80
6.17
6.60
6.87
30
8.55
7.87
7.78
7.47
6.60
7.13
7.61
6.76
6.57
6.26
5.91
5.35
5.80
5.80
6.17
6.63
6.92
-------
Innovative Financing Model
Average Per Transaction Program Capital Savings
Scenario No.
Portfolio Allocations
US Treasuries
Taxable Municipals
Equities
Assumptions:
Bond Financings
Traditional Equity Pledge
Required Sinking Fund
Available Investment Funds
Results: (Transaction Average)
Investment Required
Capital Savings
Excess Earnings
Total Program Benefit
P1
P2
P3
P4
P5
P6
100%
0%
0%
24,185,519.90
3,016,637.81
1,203,582.11
4,220,219.93
50%
50%
0%
$100,000,000
$50,000,000
$22,810,011
$27,202,158
22,515,610.90
5,297,046.99
1,344,082.53
6,641,129.51
0% 95% 48%
100% 0% 48%
0% 5% 5%
$100,000,000
$50,000,000
$22,810,011
$27,202,158
19,977,083.75 24,187,293.48 22,365,459.70
7,835,574.14 3,014,864.23 5,447,198.19
1,128,588.55 4,186,669.78 3,773,461.88
8,964,162.69 7,201,534.01 9,220,660.08
0%
95%
5%
19,980,172.50
7,832,485.39
3,473,207.87
11,305,693.26
Percentage Savings
8.44%
13.28%
17.93%
14.40%
18.44%
22.61%
-------
a
b
c
d
e
f
g
h
1990
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds a-b
Capital Recovery Investment
Capital Savings c-d
Interest, Dividends and Realized Gains
Shortfall
Excess Earnings f-b
Excess Earnings $
Capital Savings
Total Benefit $
1990 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
Equity Allocation (from Excess Int.)
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
0.25
Total
800,194,707.29
364,960,183.93
435,234,523.36
320,208,654.01
115,025,869.35
423,539,787.87
58,579,603.94
58,579,603.94
115,025,869.35
173,605,473.29
2013
28,173,489.24
21,826,510.76
100%
1.00
20,534,105.46
1,032,081.29
1990
6/15/1990
50,000,000.00 |
28,173,489.24
21,826,51076
20,534,105.46
1,292,405.30 |
33,350,702.58
5,177,213.34
58,579,603.94!
from below to check
100.0%
1991
6/15/1991
50,000,000.00 |
25,969,197.87
24,030,802.13
19,952,133.58
4,078,668.56 |
30,746,678.34
4,777,480.48
151,838.65
100.0%
7.89%
1992 1993
6/15/1992 6/15/1993
- I - I
- I - I
Aggregate Equity Deposit
% of Escrow Principal
Gross Future Equity Return
Equity Costs & Fees
1,451,463.57 1,759,582.12
100.0% 100.0%
0.0% 0.0%
20,842.89
1,032,081.29 1,112,232.72
8.16% 8.26%
1994
6/15/1994
50,000,000.00 |
21,592,533.74
28,407,466.26
18,612,238.00
9,795,228.26 |
24,970,401.82
3,377,868.08
15,648,316.13
4.89%
6.5%
1.0%
1,757,86099
100.0%
0.0%
69,667.08
1,234,133.43
8.32%
1995
6/15/1995
50,001,390.00 |
21,477,086.38
28,524,303.62
19,551,801.60
8,972,502.02 |
24,832,584.31
3,355,497.93
1,752,067.85
100.0%
0.0%
123,711.76
1,206,846.74
8.37%
1996
6/15/1996
- I
- I
1,741,709.12
100.0%
0.0%
182,983.79
1,530,112.70
8.45%
1997
6/15/1997
50,000,040.00 |
20,680,886.38
29,319,153.62
20,622,414.10
8,696,739.52 |
23,121,832.11
2,440,945.73
1,726,254.20
100.0%
0.0%
252,347.62
1,772,115.33
8.52%
1998
6/15/1998
50,001,795.00 |
18,956,051.71
31,045,743.29
21,709,328.18
9,336,415.11 |
21,241,548.53
2,285,496.83
1,704,757.11
100.0%
0.0%
328,170.69
2,150,107.53
8.53%
1999
6/15/1999
- I
- I
1,676,764.06
100.0%
0.0%
416,100.91
2,401,541.10
8.54%
2000
6/15/2000
- I
- I
-
1,641,224.00
100.0%
0.0%
512,624.15
2,963,789.90
8.55%
2001
6/15/2001
50,002,340.00 |
25,100,583.86
24,901,756.14
18,275,361.22
6,626,394.92 |
29,044,913.46
3,944,329.61
1,597,382.33
100.0%
0.0%
618,967.92
2,944,584.54
8.56%
2002
6/15/2002
50,000,465.00 |
24,626,497.33
25,373,967.67
19,000,244.22
6,373,723.45 |
28,416,360.53
3,789,863.20
1,544,427.89
100.0%
0.0%
739,818.08
2,633,901.43
8.56%
2003 2004
6/15/2003 6/15/2004
50,001,11000 | 50,001,17000 |
22,897,721.57 21,761,959.65
27,103,388.43 28,239,210.35
20,291,322.89 20,237,592.65
6,812,065.54 | 8,001,617.70 |
26,180,755.59 24,818,824.71
3,283,034.02 3,056,865.06
1,481,113.08 1,406,659.78
100.0% 100.0%
0.0% 0.0%
869,675.85 1,015,790.63
2,109,465.31 2,863,978.87
8.56% 8.56%
AA Taxable Rate |
1991
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
Equity Dividend Income
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
^^^^^^^^^^^^^^^
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
-11.01%
1% -12.01%
30,000,792.21
526,379.41
2,823,530.96
1,827,302.97
1,032,081.29
1,292,405.30
5,177,213.34
6,469,618.64
2.58%
12.94%
2015
25,969,197.87
24,030,802.13
100%
^^^H
1.00
19,952,133.58
1,018,244.39
1%
27,428,890.26
537,834.42
2,779,953.66
1,459,692.39
1,018,244.39
1000%
0.0%
-11.01%
-12.01%
35.52%
34.52%
1,759,582.12
mm^m
1,759,582.12
1,759,582.12
1,607,743.47
1000%
0.0%
35.52%
34.52%
8.77% 11.96%
7.77% 10.96%
1,759,582.12 1,759,582.12
^^^^
10,32081 11,122.33
80,151.43 121,90071
1,769,902.94 1,770,704.45
1,769,902.94 1,791,547.34
308,118.55
1,112,232.72 1,234,133.43
204,856.31 1,421,753.32
100OT6 100.0%
0.0% 0.0%
1,018,244.39
5.86% 6.49%
8.77% 11.96%
7.77% 10.96%
1,583,91087 1,583,91087
10,182.44
111,599.58
1,583,91087 1,594,093.32
1,583,910.87 1,594,093.32
1,379,054.56 162,157.55
-1.21%
-2.21%
1,757,860.99
mmm^m
12,341.33
(27,286.69)
1,770,202.33
1,839,869.40
1,206,846.74
1,583,910.87
100.0%
0.0%
126,633.47
1,129,843.97
6.82%
-1.21%
-2.21%
1,583,91087
11,298.44
(24,980.85)
1,595,209.31
1,721,842.79
27.79%
26.79%
1,752,067.85
12,068.47
323,265.97
1,764,136.32
1,887,848.08
1,530,112.70
1,575,278.32
1000%
0.0%
162,150.64
1,104,863.12
7.10%
27.79%
26.79%
1,575,278.32
11,048.63
295,948.64
1,586,326.95
1,748,477.59
16.82%
15.82%
1,741,709.12
15,301.13
242,002.62
1,757,010.25
1,939,994.04
1,772,115.33
1,563,772.47
100.0%
^M35a
0.0%
199,780.47
1,400,811.76
7.37%
16.82%
15.82%
1,563,772.47
14,008.12
221,552.39
1,577,78058
1,777,561.06
22.33%
21.33%
1,726,254.20
17,721.15
377,992.20
1,743,975.35
1,996,322.97
2,150,107.53
1,549,039.45
100.0%
0.0%
245,813.04
1,622,364.14
7.53%
22.33%
21.33%
1,549,039.45
16,223.64
346,050.27
1,565,263.10
1,811,076.14
12.69%
11.69%
1,704,757.11
21,501.08
251,433.57
1,726,258.19
2,054,428.87
2,401,541.10
1,530,537.50
100.0%
0.0%
295,396.02
1,968,414.42
7.68%
12.69%
11.69%
1,530,537.50
19,684.14
230,186.38
1,550,221.64
1,845,617.67
24.41%
23.41%
1,676,764.06
24,015.41
562,248.80
1,700,779.47
2,116,880.39
2,963,789.90
1,507,853.80
100.0%
0.0%
354,902.99
2,198,600.80
7.74%
24.41%
23.41%
1,507,853.80
21,986.01
514,736.42
1,529,839.81
1,884,742.80
0.35%
-0.65%
1,641,224.00
^^^H
29,637.90
(19,205.36)
1,670,861.90
2,183,486.05
2,944,584.54
1,480,383.70
100.0%
0.0%
419,628.50
2,713,337.22
7.80%
0.35%
-0.65%
1,480,383.70
27,133.37
(17,582.43)
1,507,517.07
1,927,145.57
-9.55%
-10.55%
1,597,382.33
^^^^H
29,445.85
(310,683.12)
1,626,828.17
2,245,796.09
2,633,901.43
1,447,647.36
100.0%
0.0%
491,946.86
2,695,754.79
7.86%
-9.55%
-10.55%
1,447,647.36
26,957.55
(284,429.09)
1,474,604.91
1,966,551.77
-18.91%
-19.91%
1,544,427.89
^
26,339.01
(524,436.11)
1,570,766.90
2,310,584.98
2,109,465.31
1,408,968.72
100.0%
0.0%
573,587.11
2,411,325.70
7.88%
-18.91%
-19.91%
1,408,968.72
24,113.26
(480,119.06)
1,433,081.98
2,006,669.09
36.77% 15.91%
35.77% 14.91%
1,481,113.08 1,406,659.78
^^^^^^H
21,094.65 28,639.79
754,513.55 427,076.53
1,502,207.73 1,435,299.57
2,371,883.58 2,451,090.19
2,863,978.87 3,291,055.40
1,363,791.86 1,311,359.58
100.0% 100.0%
0.0% 0.0%
664,537.52 763,297.47
1,931,206.64 2,621,96063
7.89% 7.90%
36.77% 15.91%
35.77% 14.91%
1,363,791.86 1,311,359.58
19,312.07 26,219.61
690,753.99 390,986.77
1,383,103.92 1,337,579.19
2,047,641.44 2,100,876.66
-------
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1994 1994 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1995 1995 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
4,078,668.56
4,777,480.48
8,856,149.04
8.16%
17.71%
2016
21,592,533.74
28,407,466.26
100%
1.00
18,612,238.00
880,237.23
1%
22,884,503.24
361,557.11
1,724,341.47
1,291,969.50
9,795,228.26
3,377,868.08
13,173,096.34
19.59%
26.35%
2018
21,477,086.38
28,522,913.62
100%
1.00
19,551,801.60
975,895.92
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1997 1997 Financing
Required SF Deposit
22,697,075.95
388,669.89
1,746,838.46
1,219,989.58
8,971,112.02
3,355,497.93
12,326,609.95
17.94%
24.65%
2020
20,680,886.38
1,129,843.97 1,104,863.12
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
1,400,811.76
295,014.00
0.0%
100.0%
0.0%
5.32%
6.20%
27.79%
26.79%
1,534,629.94
1,534,629.94
1,534,629.94
1,534,629.94
1,239,615.94
0.000%
0.000%
0.0%
100.0%
CH)%
27.79%
26.79%
0.000%
0.000%
1,622,364.14
1,408,311.50
0.0%
100.0%
0.0%
880,237.23
5.94%
6.77%
16.82%
15.82%
1,534,629.94
1,534,629.94
8,802.37
139,218.32
1,543,432.31
1,543,432.31
126,318.44
1,019,455.55
0.000%
0.000%
286,675.29
0.0%
100.0%
CH)%
5.94%
6.33%
16.82%
15.82%
1,461,995.38
1,461,995.38
1,461,995.38
1,461,995.38
1,175,320.09
0.000%
0.000%
1,968,414.42
1,534,629.94
0.0%
100.0%
0.0%
325,276.10
1,019,455.55
6.27%
7.23%
22.33%
21.33%
1,534,629.94
1,534,629.94
10,194.56
217,449.87
1,544,824.50
1,870,100.59
1,236,905.42
0.000%
0.000%
1,343,022.92
0.0%
100.0%
0.0%
975,895.92
6.15%
6.52%
22.33%
21.33%
1,461,995.38
1,461,995.38
9,758.96
208,158.60
1,471,754.34
1,471,754.34
118,972.45
1,184,054.52
0.000%
0.000%
2,198,600.80
1,511,107.76
0.0%
100.0%
0.0%
360,045.94
1,236,905.42
6.48%
7.46%
12.69%
11.69%
1,511,107.76
1,511,107.76
12,369.05
144,643.72
1,523,476.82
1,883,522.76
1,381,549.14
0.000%
0.000%
1,461,995.38
0.0%
100.0%
0.0%
322,688.55
1,184,054.52
6.25%
6.72%
12.69%
11.69%
1,461,995.38
1,461,995.38
11,840.55
138,463.34
1,473,835.92
1,796,524.47
1,322,517.86
0.000%
0.000%
2,713,337.22
1,484,231.12
0.0%
100.0%
0.0%
401,205.65
1,381,549.14
6.69%
7.65%
24.41%
23.41%
1,484,231.12
1,484,231.12
13,815.49
323,448.28
1,498,046.61
1,899,252.26
1,704,997.42
0.000%
0.000%
1,440,297.28
0.0%
100.0%
0.0%
356,778.96
1,322,517.86
6.32%
6.86%
24.41%
23.41%
1,440,297.28
1,440,297.28
13,225.18
309,627.88
1,453,522.46
1,810,301.42
1,632,145.74
0.000%
0.000%
299,517.72
2,695,754.79
1,453,521.15
0.0%
100.0%
0.0%
457,227.31
1,704,997.42
6.80%
7.76%
0.35%
-0.65%
1,453,521.15
1,453,521.15
17,049.97
(11,048.38)
1,470,571.12
1,927,798.43
1,693,949.04
0.000%
0.000%
1,415,820.11
0.0%
100.0%
0.0%
391,869.90
1,632,145.74
6.38%
7.03%
0.35%
-0.65%
1,415,820.11
1,415,820.11
16,321.46
(10,576.30)
1,432,141.56
1,824,011.47
1,621,569.44
0.000%
0.000%
1,361,927.13
2,411,325.70
1,418,041.64
0.0%
100.0%
0.0%
511,581.12
1,693,949.04
6.91%
7.87%
-9.55%
-10.55%
1,418,041.64
1,418,041.64
16,939.49
(178,728.56)
1,434,981.13
1,946,562.25
1,515,220.47
0.000%
0.000%
1,388,280.12
0.0%
100.0%
0.0%
433,148.44
1,621,569.44
6.44%
7.10%
-9.55%
-10.55%
1,388,280.12
1,388,280.12
16,215.69
(171,091.79)
1,404,495.81
1,837,644.25
1,450,477.65
0.000%
0.000%
1,479,580.61
1,931,206.64
1,377,805.78
0.0%
100.0%
0.0%
571,301.56
1,515,220.47
6.97%
7.95%
-18.91%
-19.91%
1,377,805.78
1,377,805.78
15,152.20
(301,695.55)
1,392,957.99
1,964,259.54
1,213,524.92
0.000%
0.000%
1,357,512.63
0.0%
100.0%
0.0%
500,313.80
1,450,477.65
6.50%
7.18%
-18.91%
-19.91%
1,357,512.63
1,357,512.63
14,504.78
(288,804.60)
1,372,017.41
1,872,331.21
1,161,673.04
0.000%
0.000%
1,457,610.54
2,621,960.63
1,332,397.66
0.0%
100.0%
0.0%
637,044.92
1,213,524.92
7.03%
8.03%
36.77%
35.77%
1,332,397.66
1,332,397.66
12,135.25
434,053.59
1,344,532.91
1,981,577.83
1,647,578.52
0.000%
0.000%
1,321,597.10
0.0%
100.0%
0.0%
574,973.82
1,161,673.04
6.52%
7.21%
36.77%
35.77%
1,321,597.10
1,321,597.10
11,616.73
415,507.21
1,333,213.83
1,908,187.66
1,577,180.26
0.000%
0.000%
1,431,935.24
3,012,947.40
1,281,234.18
0.0%
100.0%
0.0%
708,549.32
1,647,578.52
7.09%
8.10%
15.91%
14.91%
1,281,234.18
1,281,234.18
16,475.79
245,686.91
1,297,709.96
2,006,259.29
1,893,265.43
0.000%
0.000%
1,280,122.40
0.0%
100.0%
0.0%
634,499.57
1,577,180.26
6.55%
7.25%
15.91%
14.91%
1,280,122.40
1,280,122.40
15,771.80
235,189.12
1,295,894.20
1,930,393.77
1,812,369.38
0.000%
0.000%
1,402,357.14
-------
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1998 1998 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Equity Investment Balance
29,319,113.62
100%
1.00
20,622,414.10
1,143,623.63
1%
21,895,157.66
286,949.01
939,725.43
1,214,271.29
8,696,699.52
2,440,945.73
11,137,645.25
17.39%
22.28%
2020
18,956,051.71
31,043,948.29
100%
1.00
21,709,328.18
1,081,863.49
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2001 2001 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
20,081,119.29
271,452.65
888,976.59
1,125,067.59
9,334,620.11
2,285,496.83
11,620,116.94
18.67%
23.24%
2032
25,100,583.86
24,899,416.14
100%
1.00
18,275,361.22
1,050,141.65
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
5.99%
6.10%
27.79% 16.82% 22.33% 12.69% 24.41%
26.79% 15.82% 21.33% 11.69% 23.41%
1,479,580.61
1,479,580.61
1,479,580.61
1,479,580.61
1,180,062.89
0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000%
283,986.61
0.0%
100.0%
0.0%
1,143,623.63
6.10%
6.40%
0.35%
-0.65%
1,479,580.61
1,479,580.61
11,436.24
(7,410.68)
1,491,016.84
1,491,016.84
117,653.48
1,136,212.95
0.000%
1,271,111.99
0.0%
100.0%
0.0%
337,098.93
1,136,212.95
6.16%
6.52%
-9.55%
-10.55%
1,479,580.61
1,479,580.61
11,362.13
(119,881.83)
1,490,942.74
1,828,041.66
1,016,331.12
0.000%
0.000%
1,375,114.79
0.0%
100.0%
0.0%
386,421.97
1,016,331.12
6.22%
6.64%
-18.91%
-19.91%
1,457,610.54
1,457,610.54
10,163.31
(202,361.69)
1,467,773.85
1,854,195.82
813,969.43
0.000%
0.000%
1,349,072.70
0.0%
100.0%
0.0%
439,313.80
813,969.43
6.28%
6.73%
36.77%
35.77%
1,431,935.24
1,431,935.24
8,139.69
291,140.59
1,440,074.94
1,879,388.74
1,105,110.02
0.000%
0.000%
1,320,151.96
0.0%
100.0%
0.0%
495,841.15
1,105,110.02
6.33%
6.82%
15.91%
14.91%
1,402,357.14
1,402,357.14
11,051.10
164,794.01
1,413,408.24
1,909,249.38
1,269,904.03
0.000%
0.000%
1,288,198.99
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
(£OT& (£OT& cnjji cnjji cnjji
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 1.00 7.77% 10.96% -2.21%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
cnjji cnjji cnjji cnjji cn)%
5.05%
5.49%
27.79% 16.82% 22.33% 12.69% 24.41%
26.79% 15.82% 21.33% 11.69% 23.41%
1,375,114.79
1,375,114.79
1,375,114.79
1,375,114.79
1,091,128.17
0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
: : : : :
0.0%
100.0%
CH)%
1,081,863.49
5.13%
5.58%
0.35%
-0.65%
1,375,114.79
1,375,114.79
10,818.63
(7,010.48)
1,385,933.42
1,385,933.42
104,002.79
1,074,853.02
0.000%
0.000%
0.0%
100.0%
0.0%
:
0.0%
100.0%
0.0%
458,964.23
1,074,853.02
5.14%
5.67%
-9.55%
-10.55%
1,375,114.79
1,375,114.79
10,748.53
(113,407.74)
1,385,863.32
1,844,827.54
961,445.28
0.000%
0.000%
0.0%
100.0%
0.0%
:
0.0%
100.0%
0.0%
502,507.35
961,445.28
5.15%
5.76%
-18.91%
-19.91%
1,349,072.70
1,349,072.70
9,614.45
(191,433.37)
1,358,687.15
1,861,194.50
770,011.91
0.000%
0.000%
0.0%
100.0%
0.0%
:
0.0%
100.0%
0.0%
544,386.26
770,011.91
5.15%
5.87%
36.77%
35.77%
1,320,151.96
1,320,151.96
7,700.12
275,417.86
1,327,852.08
1,872,238.34
1,045,429.77
0.000%
0.000%
177,235.26
0.0%
100.0%
0.0%
:
0.0%
100.0%
0.0%
599,734.80
1,045,429.77
5.22%
5.94%
15.91%
14.91%
1,288,198.99
1,288,198.99
10,454.30
155,894.49
1,298,653.28
1,898,388.08
1,201,324.25
0.000%
0.000%
1,094,690.98
0.0%
100.0%
CH)%
1,050,141.65
-------
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2002 2002 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
1%
26,197,915.68
539,764.12
2,307,233.67
1,097,331.82
6,624,054.92
3,944,329.61
10,568,384.53
13.25%
21.14%
2032
24,626,497.33
25,373,502.67
100%
1.00
19,000,244.22
999,979.64
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2003 2003 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
25,705,354.99
513,981.26
2,197,024.28
1,078,857.66
6,373,258.45
3,789,863.20
10,163,121.65
12.75%
20.33%
2033
22,897,721.57
27,102,278.43
100%
1.00
20,291,322.89
960,465.98
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
23,900,802.72
447,972.07
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
Investment Amt Split
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
Investment Amt Split
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
: : : :
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
Treasury Share: 0.000% 0.000% 0.000%
Treasury Share: 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
(£OT& (£OT& cnjji cnjji
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
Treasury Share: 0.000% 0.000% 0.000%
Treasury Share: 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
3.83%
4.76%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77%
1,220,090.08
1,220,090.08
1,220,090.08
1,220,090.08
1,042,854.82
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
182,524.02
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
cnjji cnjji cnjji cnjji cnjji cn)%
2.00%
2.64%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77%
1,206,690.86
1,206,690.86
1,206,690.86
1,206,690.86
1,024,166.84
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77%
4.09%
5.07%
15.91%
14.91%
1,220,090.08
1,220,090.08
10,501.42
156,597.12
1,230,591.49
1,230,591.49
125,399.10
1,206,738.77
0.000%
0.000%
1,086,571.65
0.0%
100.0%
CH)%
999,979.64
2.64%
3.30%
15.91%
14.91%
1,206,690.86
1,206,690.86
9,999.80
149,116.96
1,216,690.65
1,216,690.65
120,119.21
1,149,096.60
0.000%
0.000%
203,279.66
0.0%
100.0%
0.0%
1.24%
1.70%
15.91%
14.91%
1,163,057.86
1,163,057.86
-------
Equity Return
1,831,980.80
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
1,163,057.86
1,163,057.86
959,778.20
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2004 2004 Financing
Required SF Deposit
Available Investment Funds
6,810,955.54
3,283,034.02
10,093,989.56
13.62%
20.19%
2034
21,761,959.65
28,238,040.35
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
100%
1.00
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
20,237,592.65
942,642.89
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
-12.01%
35.52%
34.52%
8.77%
7.77%
-1.21%
-2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
22,716,088.08
419,582.87
1,683,153.76
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
954,128.43
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2005 2005 Financing
Required SF Deposit
Available Investment Funds
8,000,447.70
3,056,865.06
11,057,312.75
16.00%
22.11%
2036
22,589,858.93
27,410,141.07
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
100%
1.00
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
21,976,375.69
928,133.30
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
35.52%
34.52%
8.77%
7.77%
-1.21%
-2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-0.65%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
23,582,305.03
357,623.63
1,336,303.12
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
992,446.11
Ending Equity Investment Balance
Capital Savings
5,433,765.39
Investment Amt Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-------
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2006 2006 Financing
Required SF Deposit
Available Investment Funds
2,686,372.85
8,120,138.24
10.87%
16.24%
2037
23,546,736.33
26,453,263.67
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
100%
1.00
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
20,411,624.67
906,020.05
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
-12.01%
35.52% 8.77% 11.96% -1.21%
34.52% 7.77% 10.96% -2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
24,582,925.42
627,454.14
3,096,192.26
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
1,036,189.09
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2007 2007 Financing
Required SF Deposit
Available Investment Funds
6,041,639.00
4,759,835.50
10,801,474.50
12.08%
21.60%
2037
22,122,632.76
27,877,367.24
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
100%
1.00
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
19,788,930.20
910,593.73
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
35.52% 8.77% 11.96% -1.21%
34.52% 7.77% 10.96% -2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-0.65%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
23,091,984.58
630,621.60
3,111,822.16
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2008 2008 Financing
Required SF Deposit
Available Investment Funds
8,088,437.04
4,711,795.58
12,800,232.63
16.18%
25.60%
2038
22,529,637.93
27,470,362.07
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Treasury Allocation
0.0%
0.0% 0.0% 0.0% 0.0%
0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0%
-------
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
100%
1.00
20,103,630.49
1,002,728.10
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2009 2009 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2010 2010 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
23,554,724.47
508,496.69
2,288,235.11
1,025,086.54
7,366,731.58
3,821,818.34
11,188,549.92
14.73%
22.38%
2038
23,759,491.49
26,240,508.51
100%
1.00
20,493,725.31
1,031,400.10
1%
24,833,907.97
523,036.64
2,353,664.90
1,074,416.47
5,746,783.20
3,951,118.01
9,697,901.21
11.49%
19.40%
2040
19,175,818.78
30,824,181.22
100%
1.00
18,647,825.75
784,264.73
Treasury Investment Rate
AA Taxable Interest
1 00.0% 1 00.0% 1 00.0% 1 00.0%
CXO^fc CXO^fc CXO^fc (10%
-1 1 .01% 35.52% 8.77% 1 1 .96%
-1 2.01% 34.52% 7.77% 1 0.96%
100.0% 100.0% 100.0% 100.0%
(£OT& (£OT& cnjji cnjji
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
cnjji cnjji cnjji cnjji cnjji cnjji cn)%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77% 15.91%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77% 14.91%
Investment Amt Split
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
: : : :
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
Treasury Share: 0.000% 0.000% 0.000%
Treasury Share: 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
: : : :
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77% 15.91%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77% 14.91%
-
Investment Amt Split
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
Treasury Share: 0.000% 0.000% 0.000%
Treasury Share: 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-------
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
20,006,909.47
423,450.67
1,905,528.02
831,090.69
12,176,355.47
3,160,069.39
15,336,424.86
24.35%
30.67%
-11.01% 35.52% 8.77% 11.96% -1.21% 27.79% 16.82% 22.33% 12.69% 24.41% 0.35% -9.55% -18.91% 36.77% 15.91%
-12.01% 34.52% 7.77% 10.96% -2.21% 26.79% 15.82% 21.33% 11.69% 23.41% -0.65% -10.55% -19.91% 35.77% 14.91%
Investment Amt Split -Treasury Share: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Investment Return/Escrow Return Split -Treasury Share: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------
2005
6/15/2005
2006
6/15/2006
2007
6/15/2007
2008
6/15/2008
2009
6/15/2009
2010
6/15/2010
2011
6/15/2011
2012
6/15/2012
2013
6/15/2013
2014
6/15/2014
2015
6/15/2015
2016
6/15/2016
2017
6/15/2017
2018
6/15/2018
2019
6/15/2019
2020
6/15/2020
2021
6/15/2021
2022
6/15/2022
2023
6/15/2023
2024
6/15/2024
50,001,410.00 |
22,589,858.93
27,411,551.07
21,976,375.69
5,435,175.39 |
25,276,231.77
50,180,654.00 |
23,546,736.33
26,633,917.67
20,411,624.67
6,222,293.00 |
28,306,571.83
50,002,140.00 |
22,122,632.76
27,879,507.24
19,788,930.20
8,090,577.04 |
26,834,428.34
50,000,925.00 |
22,529,637.93
27,471,287.07
20,103,630.49
7,367,656.58 |
26,351,456.27
50,001,095.00 |
23,759,491.49
26,241,603.51
20,493,725.31
5,747,878.20 |
27,710,609.51
50,000,173.29 |
19,175,818.78
30,824,354.51
18,647,825.75
12,176,528.76 |
22,335,888.17
2,686,372.85 4,759,835.50 4,711,795.58
3,821,818.34
3,951,118.01
3,160,069.39
1,319,668.28 1,219,009.19 1,103,092.80
819,866.04
649,378.68
100.0%
100.0%
92.5%
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
1,174,990.61
0.0%
1,479,410.95
7.5%
1,563,059.51
7.5%
1,776,398.69
7.5%
2,007,917.58
7.5%
2,259,945.50
126,734.55 144,032.33 162,804.13 183,238.82 204,323.25 210,948.20 - ...........
3,291,055.40 3,589,554.12 4,188,148.17 4,348,720.58 2,365,918.73 3,021,556.87 2,974,288.10 2,903,807.81 - ...........
8.57% 8.57%
10.07% 17.68%
9.07% 16.68%
8.57% 8.58%
7.86% -41.28%
6.86% -42.28%
8.58%
35.59%
34.59%
8.58%
5.50%
4.50%
8.58%
5.50%
4.50%
8.59%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
1,319,668.28 1,219,009.19
1,092,228.40
958,234.19
805,900.18
633,654.59
439,724.15
223,406.47
32,910.55
298,498.72
1,352,578.84
2,527,569.44
35,895.54
598,594.05
1,254,904.73
2,734,315.68
41,881.48
287,306.96
1,134,109.88
7,172,624.52
(10,864.40)
126,734.55
43,487.21
(1,838,769.52)
1,001,721.39
5,288,071.14
(12,351.41)
144,032.33
23,659.19
818,442.27
829,559.37
6,021,837.95
(13,965.86)
162,804.13
30,215.57
135,970.06
663,870.16
6,081,342.58
(15,724.09)
183,238.82
29,742.88
133,842.96
469,467.03
6,097,584.86
(17,539.27)
204,323.25
29,038.08 - ...........
130,671.35 - ...........
252,444.54 - ...........
5,888,618.20 - ...........
(18,114.04) - ...........
210,948.20 - ...........
3,589,554.12 4,188,148.17 4,348,720.58
2,365,918.73 3,021,556.87
2,974,288.10 2,903,807.81
2,823,530.96
1,251,029.46 1,181,952.17
1,103,222.38
1,013,710.58
912,377.50
798,280.01
670,248.31
527,200.15
368,640.57
193,383.48
0.0%
872,439.25
0.0%
992,614.21
0.0%
1,231,058.58
7.5%
1,286,249.13
7.5%
1,445,289.64
7.5%
1,618,300.30
7.5%
1,803,665.70
7.5%
1,994,263.86
7.5%
2,186,337.48
0.0%
104,290.47 117,185.65 131,213.54 146,243.16 161,697.07 177,270.61 180,343.89 ..........
3,012,947.40 3,286,221.73 3,834,232.07 4,097,260.39 2,260,525.31 2,925,323.18 2,925,749.19 2,911,164.74 2,880,470.08 2,832,820.63 ..........
7.92% 7.93%
10.07% 17.68%
9.07% 16.68%
7.95% 7.96%
7.86% -41.28%
6.86% -42.28%
7.97%
35.59%
34.59%
7.99%
5.50%
4.50%
8.00%
5.50%
4.50%
8.01%
5.50%
4.50%
8.03%
5.50%
4.50%
8.04%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
903,034.19
787,800.09
354,408.51
178,879.71
30,129.47
273,274.33
1,281,158.94
2,153,598.19
32,862.22
548,010.34
1,214,814.38
2,207,428.59
38,342.32
263,028.32
1,141,564.70
2,372,623.28
40,972.60
(1,732,444.61)
1,046,382.45
4,697,447.37
(8,300.73)
104,290.47
22,605.25
781,983.52
925,639.45
5,413,437.91
(9,343.31)
117,185.65
29,253.23
131,639.54
817,053.32
5,492,316.35
(10,479.92)
131,213.54
29,257.49
131,658.71
687,805.23
5,548,878.84
(11,700.56)
146,243.16
29,111.65
131,002.41
543,352.43
5,579,783.44
(12,959.37)
161,697.07
28,804.70
129,621.15
383,213.21
5,579,641.93
(14,232.06)
177,270.61
127,476.93 ..........
207,207.92 ..........
5,391,746.79 ..........
(14,503.76) ..........
180,343.89 ..........
-------
3,286,221.73 3,834,232.07 4,097,260.39
2,260,525.31
2,925,323.18
2,925,749.19
2,832,820.63 2,779,953.66
1,223,842.20 1,159,721.36 1,088,199.40
1,008,565.48
920,211.32
822,637.10
715,027.71
596,664.67
466,931.57
324,890.08 169,548.12
0.0%
100.0%
0.0%
786,993.14
1,893,265.43
7.13%
8.15%
10.07%
9.07%
1,223,842.20
1,223,842.20
18,932.65
171,719.17
1,242,774.85
2,029,767.99
2,064,984.60
0.000%
0 000%
1,234,133.62
0.0%
100.0%
0.0%
687,968.94
1,812,369.38
6.57%
7.33%
10.07%
9.07%
1,234,133.62
1,234,133.62
18,123.69
164,381.90
1,252,257.31
1,940,226.25
1,976,751.28
0.000%
0.000%
1,368,534.69
0.0%
100.0%
0.0%
872,728.02
2,064,984.60
7.17%
8.20%
17.68%
16.68%
1,159,721.36
1,159,721.36
20,649.85
344,356.83
1,180,371.21
2,053,099.23
2,409,341.43
0.000%
0.000%
1,183,691.19
0.0%
100.0%
0.0%
759,504.07
1,976,751.28
6.61%
7.35%
17.68%
16.68%
1,183,691.19
1,183,691.19
19,767.51
329,643.04
1,203,458.70
1,962,962.77
2,306,394.32
0.000%
0.000%
1,330,241.55
0.0%
100.0%
0.0%
964,907.94
2,409,341.43
7.21%
8.25%
7.86%
6.86%
1,088,199.40
1,088,199.40
24,093.41
165,280.82
1,112,292.82
2,077,200.76
2,574,622.26
0.000%
0.000%
1,127,849.41
0.0%
100.0%
0.0%
836,404.55
2,306,394.32
6.65%
7.37%
7.86%
6.86%
1,127,849.41
1,127,849.41
23,063.94
158,218.65
1,150,913.35
1,987,317.90
2,464,612.97
0.000%
0.000%
1,286,039.21
0.0%
100.0%
0.0%
1,159,117.84
2,574,622.26
7.25%
8.31%
-41.28%
-42.28%
1,008,565.48
1,008,565.48
25,746.22
(1,088,627.53)
1,034,311.70
2,193,429.54
1,485,994.73
0.000%
0.000%
1,066,183.64
0.0%
100.0%
0.0%
919,175.76
2,464,612.97
6.69%
7.41%
-41.28%
-42.28%
1,066,183.64
1,066,183.64
24,646.13
(1,042,112.30)
1,090,829.77
2,010,005.53
1,422,500.67
0.000%
0.000%
1,235,345.84
0.0%
92.5%
7.5%
1,180,136.19
95,686.72
1,485,994.73
7.29%
8.34%
35.59%
34.59%
912,233.55
912,233.55
14,859.95
514,050.16
927,093.50
4,107,274.57
(7,977.78)
1,904,358.17
0.000%
0.000%
998,112.06
0.0%
100.0%
0.0%
1,098,425.52
1,422,500.67
6.73%
7.44%
35.59%
34.59%
998,112.06
998,112.06
14,225.01
492,085.66
1,012,337.07
2,110,762.59
1,914,586.33
0.000%
0.000%
1,175,228.68
0.0%
92.5%
7.5%
1,297,881.34
105,233.62
2,000,044.88
7.33%
8.36%
5.50%
4.50%
813,840.98
813,840.98
20,000.45
90,002.02
833,841.43
4,221,769.67
(8,796.12)
1,984,813.28
0.000%
0.000%
923,155.93
0.0%
92.5%
7.5%
1,115,406.39
90,438.36
1,914,586.33
6.76%
7.47%
5.50%
4.50%
916,403.26
916,403.26
19,145.86
86,156.38
935,549.13
4,051,698.23
(6,752.67)
1,910,304.35
0.000%
0.000%
1,108,705.04
0.0%
92.5%
7.5%
1,423,528.90
115,421.26
2,090,046.90
7.37%
8.38%
5.50%
4.50%
705,355.50
705,355.50
20,900.47
94,052.11
726,255.96
4,333,883.88
(9,672.22)
2,068,677.75
0.000%
0.000%
840,541.98
0.0%
92.5%
7.5%
1,219,515.74
98,879.65
2,000,742.71
6.80%
7.51%
5.50%
4.50%
833,120.33
833,120.33
20,007.43
90,033.42
853,127.76
4,163,419.62
(7,421.65)
1,991,896.48
0.000%
0.000%
1,035,699.89
0.0%
92.5%
7.5%
1,556,248.87
126,182.34
2,184,099.01
7.41%
8.40%
5.50%
4.50%
586,064.81
586,064.81
21,840.99
98,284.46
607,905.80
4,446,538.13
(10,599.87)
2,156,201.13
0.000%
0.000%
749,724.17
0.0%
92.5%
7.5%
1,330,210.01
107,854.87
2,090,776.13
6.84%
7.54%
5.50%
4.50%
741,586.65
741,586.65
20,907.76
94,084.93
762,494.41
4,277,565.48
(8,137.52)
2,077,006.19
0.000%
0.000%
955,600.86
0.0%
92.5%
7.5%
1,698,710.28
137,733.27
2,282,383.47
7.45%
8.42%
5.50%
4.50%
455,333.13
455,333.13
22,823.83
102,707.26
478,156.97
4,561,957.98
(11,598.44)
2,247,357.46
0.000%
0.000%
650,127.12
0.0%
92.5%
7.5%
1,448,728.79
117,464.50
2,184,861.06
6.88%
7.58%
5.50%
4.50%
641,223.90
641,223.90
21,848.61
98,318.75
663,072.51
4,394,981.10
(8,903.22)
2,165,715.31
0.000%
0.000%
868,029.59
0.0%
92.5%
7.5%
1,842,960.52
149,429.23
2,385,090.73
7.49%
8.44%
5.50%
4.50%
312,285.73
312,285.73
23,850.91
107,329.08
336,136.63
4,671,516.96
(12,604.36)
2,342,990.58
0.000%
0.000%
541,144.48
0.0%
92.5%
7.5%
1,575,574.24
127,749.26
2,283,179.81
6.92%
7.61%
5.50%
4.50%
531,417.50
531,417.50
22,831.80
102,743.09
554,249.30
4,515,746.43
(9,726.98)
2,258,173.63
0.000%
0.000%
772,454.24
0.0%
92.5%
7.5%
1,856,793.05
150,550.79
2,492,419.81
7.48%
8.45%
5.50%
4.50%
156,832.01
156,832.01
24,924.20
112,158.89
181,756.20
4,643,127.95
(12,716.11)
2,454,027.91
0.000%
0.000%
422,002.99
0.0%
92.5%
7.5%
1,695,986.34
137,512.41
2,385,922.90
6.95%
7.67%
5.50%
4.50%
411,451.39
411,451.39
23,859.23
107,366.53
435,310.62
4,624,586.39
(10,551.60)
2,355,777.02
0.000%
0.000%
668,447.86
0.0%
100.0%
CH)%
5.50%
4.50%
-
-
0.000%
0.000%
292,694.10
0.0%
92.5%
7.5%
1,823,812.99
147,876.73
2,493,289.43
6.95%
7.70%
5.50%
4.50%
281,314.96
281,314.96
24,932.89
112,198.02
306,247.86
4,735,548.30
(11,379.14)
2,457,610.72
0.000%
0.000%
555,427.47
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
CKB6 (£096 CKB6 (£096
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
-
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
152,402.45
0.0% 0.0% 0.0% 0.0%
92.5% 100.0% 100.0% 100.0%
7.5% 0.0% 0.0% 0.0%
1,826,815.23
148,120.15
2,605,487.45
6.94%
7.72%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
140,972.26
140,972.26
26,054.87
117,246.94
167,027.14
4,716,576.76
(11,430.18)
2,574,614.23
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
432,778.98 299,722.18 155,701.91
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
-------
0.0%
100.0%
0.0%
558,575.57
1,269,904.03
6.34%
6.86%
10.07%
9.07%
1,368,534.69
1,368,534.69
12,699.04
115,180.30
1,381,233.73
1,939,809.30
1,385,084.32
0.000%
1,252,555.55
0.0%
100.0%
0.0%
641,564.86
1,385,084.32
6.34%
6.89%
17.68%
16.68%
1,330,241.55
1,330,241.55
13,850.84
230,976.66
1,344,092.40
1,985,657.26
1,616,060.98
0.000%
0.000%
1,213,148.93
0.0%
100.0%
0.0%
728,112.44
1,616,060.98
6.35%
6.96%
7.86%
6.86%
1,286,039.21
1,286,039.21
16,160.61
110,861.78
1,302,199.82
2,030,312.26
1,726,922.77
0.000%
0.000%
1,169,033.57
0.0%
100.0%
0.0%
859,336.36
1,726,922.77
6.39%
7.00%
-41.28%
-42.28%
1,235,345.84
1,235,345.84
17,269.23
(730,194.75)
1,252,615.07
2,111,951.43
996,728.01
0.000%
0.000%
1,119,834.18
0.0%
100.0%
0.0%
946,385.40
996,728.01
6.42%
7.03%
35.59%
34.59%
1,175,228.68
1,175,228.68
9,967.28
344,798.12
1,185,195.96
2,131,581.36
1,341,526.13
0.000%
0.000%
1,066,467.86
0.0%
100.0%
0.0%
1,125,072.15
1,341,526.13
6.45%
7.07%
5.50%
4.50%
1,108,705.04
1,108,705.04
13,415.26
60,368.68
1,122,120.30
2,247,192.45
1,401,894.81
0.000%
0.000%
1,007,399.98
0.0%
92.5%
7.5%
1,134,832.61
92,013.45
1,401,894.81
6.49%
7.11%
5.50%
4.50%
1,029,155.97
1,029,155.97
14,018.95
63,085.27
1,043,174.92
3,642,987.61
(6,543.92)
1,372,966.62
0.000%
0.000%
942,202.29
0.0%
92.5%
7.5%
1,233,744.54
100,033.34
1,464,980.08
6.52%
7.15%
5.50%
4.50%
948,447.63
948,447.63
14,649.80
65,924.10
963,097.43
3,727,746.16
(7,153.23)
1,430,870.84
0.000%
0.000%
870,547.86
0.0%
92.5%
7.5%
1,337,955.21
108,482.85
1,530,904.18
6.55%
7.19%
5.50%
4.50%
860,224.50
860,224.50
15,309.04
68,890.69
875,533.54
3,813,283.62
(7,805.09)
1,491,312.01
0.000%
0.000%
791,844.05
0.0%
92.5%
7.5%
1,446,963.74
117,321.38
1,599,794.87
6.59%
7.24%
5.50%
4.50%
763,961.70
763,961.70
15,997.95
71,990.77
779,959.65
3,898,709.03
(8,492.54)
1,554,464.25
0.000%
0.000%
705,342.42
0.0%
92.5%
7.5%
1,562,771.18
126,711.18
1,671,785.64
6.62%
7.28%
5.50%
4.50%
659,220.37
659,220.37
16,717.86
75,230.35
675,938.23
3,985,725.40
(9,227.49)
1,620,304.81
0.000%
0.000%
610,627.10
0.0%
92.5%
7.5%
1,685,673.86
136,676.26
1,747,015.99
6.65%
7.33%
5.50%
4.50%
545,414.71
545,414.71
17,470.16
78,615.72
562,884.87
4,074,190.44
(10,012.77)
1,688,955.45
0.000%
0.000%
507,508.25
0.0%
92.5%
7.5%
1,809,345.44
146,703.68
1,825,631.71
6.69%
7.40%
5.50%
4.50%
421,923.92
421,923.92
18,256.32
82,153.43
440,180.23
4,157,310.81
(10,855.06)
1,761,081.45
0.000%
0.000%
395,537.71
0.0%
92.5%
7.5%
1,946,586.65
157,831.35
1,907,785.14
6.68%
7.40%
5.50%
4.50%
288,044.83
288,044.83
19,077.85
85,850.33
307,122.68
4,247,344.80
(11,677.34)
1,835,804.12
0.000%
0.000%
273,995.08
0.0%
92.5%
7.5%
1,946,818.24
157,850.13
1,993,635.47
6.67%
7.40%
5.50%
4.50%
144,024.27
144,024.27
19,936.35
89,713.60
163,960.63
4,194,127.93
(11,677.64)
1,925,498.94
0.000%
0.000%
142,369.83
0.0%
100.0%
0.0%
5.50%
4.50%
-
0.000%
0.000%
0.0% 0.0%
100.0% 100.0%
0.0% 0.0%
5.50% 5.50%
4.50% 4.50%
0.000% 0.000%
0.000% 0.000%
0.0%
100.0%
0.0%
-
5.50%
4.50%
-
-
0.000%
0.000%
0.0%
100.0%
0.0%
-
5.50%
4.50%
-
0.000%
0.000%
0.0%
100.0%
0.0%
654,936.78
1,201,324.25
5.28%
6.02%
10.07%
9.07%
1,252,555.55
1,252,555.55
12,013.24
108,960.11
1,264,568.79
1,919,505.57
1,310,284.36
0.000%
0.000%
1,220,090.08
0.0%
100.0%
0.0%
111,533.55
1,206,738.77
0.0%
100.0%
0.0%
726,758.70
1,310,284.36
5.27%
6.07%
17.68%
16.68%
1,213,148.93
1,213,148.93
13,102.84
218,503.02
1,226,251.78
1,953,010.48
1,528,787.38
0.000%
0.000%
1,214,111.13
0.0%
100.0%
0.0%
128,970.68
1,316,189.98
0.0%
100.0%
0.0%
803,458.92
1,528,787.38
5.27%
6.12%
7.86%
6.86%
1,169,033.57
1,169,033.57
15,287.87
104,874.81
1,184,321.44
1,987,780.37
1,633,662.20
0.000%
0.000%
1,206,817.46
0.0%
100.0%
0.0%
148,513.65
1,535,677.82
0.0%
100.0%
0.0%
859,796.01
1,633,662.20
5.26%
6.21%
-41.28%
-42.28%
1,119,834.18
1,119,834.18
16,336.62
(690,761.39)
1,136,170.80
1,995,966.81
942,900.81
0.000%
0.000%
1,198,142.55
0.0%
100.0%
0.0%
168,011.74
1,641,025.32
0.0%
100.0%
0.0%
945,303.38
942,900.81
5.31%
6.25%
35.59%
34.59%
1,066,467.86
1,066,467.86
9,429.01
326,177.68
1,075,896.86
2,021,200.25
1,269,078.49
0.000%
0.000%
1,188,016.45
0.0%
100.0%
0.0%
189,565.35
947,150.58
0.0%
100.0%
0.0%
1,036,485.00
1,269,078.49
5.35%
6.29%
5.50%
4.50%
1,007,399.98
1,007,399.98
12,690.78
57,108.53
1,020,090.76
2,056,575.77
1,326,187.02
0.000%
0.000%
1,176,365.76
0.0%
100.0%
0.0%
213,551.32
1,274,798.38
0.0%
100.0%
0.0%
1,234,013.66
1,326,187.02
5.40%
6.33%
5.50%
4.50%
942,202.29
942,202.29
13,261.87
59,678.42
955,464.16
2,189,477.82
1,385,865.44
0.000%
0.000%
1,162,986.81
0.0%
100.0%
0.0%
240,757.09
1,332,164.31
0.0%
92.5%
7.5%
1,246,375.07
101,057.44
1,385,865.44
5.44%
6.37%
5.50%
4.50%
864,114.99
864,114.99
13,858.65
62,363.94
877,973.65
3,572,578.10
(6,432.87)
1,347,171.94
0.000%
0.000%
1,147,665.60
0.0%
100.0%
0.0%
269,638.88
1,392,111.70
0.0%
92.5%
7.5%
1,361,461.19
110,388.75
1,448,229.38
5.49%
6.40%
5.50%
4.50%
784,776.30
784,776.30
14,482.29
65,170.32
799,258.59
3,674,119.48
(7,067.76)
1,403,010.96
0.000%
0.000%
1,130,340.98
0.0%
100.0%
0.0%
302,060.46
1,454,756.73
0.0%
92.5%
7.5%
1,483,074.15
120,249.26
1,513,399.70
5.53%
6.43%
5.50%
4.50%
697,607.31
697,607.31
15,134.00
68,102.99
712,741.31
3,777,318.15
(7,735.11)
1,461,253.43
0.000%
0.000%
1,110,747.92
0.0%
100.0%
0.0%
340,472.04
1,520,220.78
0.0%
92.5%
7.5%
1,606,814.02
130,282.22
1,581,502.69
5.58%
6.46%
5.50%
4.50%
602,207.57
602,207.57
15,815.03
71,167.62
618,022.60
3,877,506.93
(8,419.53)
1,522,388.09
0.000%
0.000%
1,088,518.57
0.0%
100.0%
0.0%
388,117.81
1,588,630.72
0.0%
92.5%
7.5%
1,738,907.86
140,992.53
1,652,670.31
5.63%
6.48%
5.50%
4.50%
498,366.75
498,366.75
16,526.70
74,370.16
514,893.46
3,980,841.80
(9,141.50)
1,586,047.95
0.000%
0.000%
1,063,013.44
0.0%
100.0%
0.0%
437,925.33
1,660,119.10
0.0%
92.5%
7.5%
1,880,129.83
152,442.96
1,727,040.48
5.67%
6.50%
5.50%
4.50%
385,621.56
385,621.56
17,270.40
77,716.82
402,891.97
4,087,779.10
(9,916.15)
1,652,314.34
0.000%
0.000%
1,034,066.75
0.0%
100.0%
0.0%
492,299.98
1,734,824.46
0.0%
92.5%
7.5%
2,013,792.39
163,280.46
1,804,757.30
5.72%
6.54%
5.50%
4.50%
263,322.36
263,322.36
18,047.57
81,214.08
281,369.93
4,181,133.70
(10,672.72)
1,722,690.91
0.000%
0.000%
1,001,377.84
0.0%
100.0%
0.0%
550,920.95
1,812,891.56
0.0%
92.5%
7.5%
2,012,428.58
163,169.88
1,885,971.38
5.70%
6.54%
5.50%
4.50%
131,692.09
131,692.09
18,859.71
84,868.71
150,551.81
4,133,820.47
(10,677.74)
1,807,670.20
0.000%
0.000%
964,630.76
0.0%
100.0%
(10%
609,020.30
1,894,471.68
0.0%
100.0%
CH)%
5.50%
4.50%
-
-
0.000%
0.000%
923,873.22
0.0%
100.0%
0.0%
732,255.11
1,979,722.91
0.0% 0.0%
100.0% 100.0%
CKB6 CH)%
5.50% 5.50%
4.50% 4.50%
0.000% 0.000%
0.000% 0.000%
878,775.71 828,992.12
0.0% 0.0%
92.5% 92.5%
7.5% 7.5%
745,235.39 820,067.93
60,424.49 66,491.99
2,068,810.44 2,161,906.91
0.0%
100.0%
(10%
5.50%
4.50%
-
-
0.000%
0.000%
774,158.73
0.0%
92.5%
7.5%
898,513.81
72,852.47
2,259,192.72
0.0%
100.0%
(10%
5.50%
4.50%
-
-
0.000%
0.000%
714,020.00
0.0%
92.5%
7.5%
979,383.10
79,409.44
2,360,856.39
-------
4.32%
5.36%
10.07%
9.07%
1,220,090.08
1,220,090.08
12,067.39
109,451.21
1,232,157.46
1,343,691.01
1,316,189.98
0.000%
10.000%
1,206,690.86
0.0%
100.0%
0.0%
208,594.61
1,149,096.60
3.10%
3.86%
10.07%
9.07%
1,206,690.86
1,206,690.86
11,490.97
104,223.06
1,218,181.82
1,426,776.44
1,253,319.67
^^^ 0.000%
1,060,227.94
0.0%
100.0%
0.0%
960,465.98
1.65%
2.22%
10.07%
9.07%
1,163,057.86
1,163,057.86
9,604.66
4.56%
5.66%
17.68%
16.68%
1,214,111.13
1,214,111.13
13,161.90
219,487.84
1,227,273.03
1,356,243.71
1,535,677.82
0.000%
0.000%
1,198,646.03
0.0%
100.0%
0.0%
206,074.16
1,253,319.67
3.46%
4.34%
17.68%
16.68%
1,198,646.03
1,198,646.03
12,533.20
209,003.59
1,211,179.23
1,417,253.39
1,462,323.25
0.000%
0.000%
1,163,057.86
0.0%
100.0%
0.0%
^^H
509,239.82
1,047,580.24
2.10%
2.77%
17.68%
16.68%
1,163,057.86
1,163,057.86
10,475.80
4.72%
5.84%
7.86%
6.86%
1,206,817.46
1,206,817.46
15,356.78
105,347.50
1,222,174.24
1,370,687.89
1,641,025.32
0.000%
0.000%
1,189,708.46
0.0%
100.0%
0.0%
204,916.57
1,462,323.25
3.82%
4.82%
7.86%
6.86%
1,189,708.46
1,189,708.46
14,623.23
100,315.38
1,204,331.69
1,409,248.26
1,562,638.63
0.000%
0.000%
1,148,951.92
0.0%
100.0%
0.0%
455,691.83
1,222,274.73
2.54%
3.29%
7.86%
6.86%
1,148,951.92
1,148,951.92
12,222.75
4.88%
6.03%
-41.28%
-42.28%
1,198,142.55
1,198,142.55
16,410.25
(693,874.73)
1,214,552.80
1,382,564.54
947,150.58
0.000%
0.000%
1,179,833.94
0.0%
100.0%
0.0%
231,561.57
1,562,638.63
4.06%
5.12%
-41.28%
-42.28%
1,179,833.94
1,179,833.94
15,626.39
(660,730.49)
1,195,460.32
1,427,021.89
901,908.14
0.000%
0.000%
1,133,980.94
0.0%
100.0%
0.0%
442,602.67
1,306,122.77
2.97%
3.74%
-41.28%
-42.28%
1,133,980.94
1,133,980.94
13,061.23
4.93%
6.15%
35.59%
34.59%
1,188,016.45
1,188,016.45
9,471.51
327,647.80
1,197,487.95
1,387,053.30
1,274,798.38
0.000%
0.000%
1,167,986.66
0.0%
100.0%
0.0%
257,081.81
901,908.14
4.30%
5.41%
35.59%
34.59%
1,167,986.66
1,167,986.66
9,019.08
311,997.08
1,177,005.74
1,434,087.55
1,213,905.22
0.000%
0.000%
1,117,426.58
0.0%
100.0%
0.0%
421,271.70
753,854.88
3.24%
4.08%
35.59%
34.59%
1,117,426.58
1,117,426.58
7,538.55
4.97%
6.26%
5.50%
4.50%
1,176,365.76
1,176,365.76
12,747.98
57,365.93
1,189,113.75
1,402,665.06
1,332,164.31
0.000%
0.000%
1,154,069.00
0.0%
100.0%
0.0%
290,754.93
1,213,905.22
4.41%
5.58%
5.50%
4.50%
1,154,069.00
1,154,069.00
12,139.05
54,625.73
1,166,208.05
1,456,962.98
1,268,530.95
0.000%
0.000%
1,100,235.93
0.0%
100.0%
0.0%
426,920.96
1,014,635.90
3.52%
4.42%
5.50%
4.50%
1,100,235.93
1,100,235.93
10,146.36
5.02%
6.36%
5.50%
4.50%
1,162,986.81
1,162,986.81
13,321.64
59,947.39
1,176,308.46
1,417,065.55
1,392,111.70
0.000%
0.000%
1,137,854.87
0.0%
100.0%
(10%
324,497.03
1,268,530.95
4.51%
5.74%
5.50%
4.50%
1,137,854.87
1,137,854.87
12,685.31
57,083.89
1,150,540.18
1,475,037.20
1,325,614.85
0.000%
0.000%
1,081,361.41
0.0%
100.0%
0.0%
434,411.23
1,060,294.51
3.69%
4.65%
5.50%
4.50%
1,081,361.41
1,081,361.41
10,602.95
5.08%
6.43%
5.50%
4.50%
1,147,665.60
1,147,665.60
13,921.12
62,645.03
1,161,586.72
1,431,225.60
1,454,756.73
0.000%
0.000%
1,119,230.62
0.0%
100.0%
CH)%
260,716.52
1,325,614.85
4.61%
5.94%
5.50%
4.50%
1,119,230.62
1,119,230.62
13,256.15
59,652.67
1,132,486.77
1,393,203.29
1,385,267.52
0.000%
0.000%
1,061,179.57
0.0%
100.0%
0.0%
463,342.11
1,108,007.77
3.85%
4.87%
5.50%
4.50%
1,061,179.57
1,061,179.57
11,080.08
5.14%
6.49%
5.50%
4.50%
1,130,340.98
1,130,340.98
14,547.57
65,464.05
1,144,888.55
1,446,949.01
1,520,220.78
0.000%
0.000%
1,103,731.77
0.0%
100.0%
0.0%
300,302.15
1,385,267.52
4.69%
6.03%
5.50%
4.50%
1,103,731.77
1,103,731.77
13,852.68
62,337.04
1,117,584.45
1,417,886.60
1,447,604.55
0.000%
0.000%
1,038,612.48
0.0%
100.0%
0.0%
333,065.32
1,157,868.12
4.01%
5.08%
5.50%
4.50%
1,038,612.48
1,038,612.48
11,578.68
5.20%
6.53%
5.50%
4.50%
1,110,747.92
1,110,747.92
15,202.21
68,409.94
1,125,950.13
1,466,422.17
1,588,630.72
0.000%
0.000%
1,085,610.86
0.0%
100.0%
0.0%
346,908.53
1,447,604.55
4.78%
6.12%
5.50%
4.50%
1,085,610.86
1,085,610.86
14,476.05
65,142.20
1,100,086.90
1,446,995.43
1,512,746.76
0.000%
0.000%
1,021,684.28
0.0%
100.0%
0.0%
371,370.51
1,209,972.18
4.11%
5.25%
5.50%
4.50%
1,021,684.28
1,021,684.28
12,099.72
5.27%
6.57%
5.50%
4.50%
1,088,518.57
1,088,518.57
15,886.31
71,488.38
1,104,404.87
1,492,522.68
1,660,119.10
0.000%
1,064,367.06
0.0%
100.0%
0.0%
395,406.80
1,512,746.76
4.86%
6.20%
5.50%
4.50%
1,064,367.06
1,064,367.06
15,127.47
68,073.60
1,079,494.53
1,474,901.33
1,580,820.36
0.000%
=
1,002,178.58
0.0%
100.0%
0.0%
409,428.74
1,264,420.93
4.20%
5.42%
5.50%
4.50%
1,002,178.58
1,002,178.58
12,644.21
5.33%
6.61%
5.50%
4.50%
1,063,013.44
1,063,013.44
16,601.19
74,705.36
1,079,614.64
1,517,539.97
1,734,824.46
0.000%
0.000%
1,039,845.89
0.0%
100.0%
0.0%
445,286.15
1,580,820.36
4.94%
6.28%
5.50%
4.50%
1,039,845.89
1,039,845.89
15,808.20
71,136.92
1,055,654.09
1,500,940.24
1,651,957.28
0.000%
0.000%
979,978.69
0.0%
100.0%
0.0%
451,761.16
1,321,319.87
4.30%
5.56%
5.50%
4.50%
979,978.69
979,978.69
13,213.20
5.39%
6.64%
5.50%
4.50%
1,034,066.75
1,034,066.75
17,348.24
78,067.10
1,051,415.00
1,543,714.97
1,812,891.56
0.000%
0.000%
1,011,885.19
0.0%
100.0%
0.0%
500,266.02
1,651,957.28
5.02%
6.34%
5.50%
4.50%
1,011,885.19
1,011,885.19
16,519.57
74,338.08
1,028,404.76
1,528,670.78
1,726,295.36
0.000%
0.000%
954,849.43
0.0%
100.0%
0.0%
480,442.07
1,380,779.27
4.39%
5.70%
5.50%
4.50%
954,849.43
954,849.43
13,807.79
5.45%
6.67%
5.50%
4.50%
1,001,377.84
1,001,377.84
18,128.92
81,580.12
1,019,506.76
1,570,427.71
1,894,471.68
0.000%
0.000%
980,191.11
0.0%
100.0%
0.0%
560,509.63
1,726,295.36
5.10%
6.38%
5.50%
4.50%
980,191.11
980,191.11
17,262.95
77,683.29
997,454.07
1,557,963.69
1,803,978.65
0.000%
0.000%
927,450.50
0.0%
100.0%
0.0%
529,538.81
1,442,914.33
4.49%
5.79%
5.50%
4.50%
927,450.50
927,450.50
14,429.14
5.51%
6.69%
5.50%
4.50%
964,630.76
964,630.76
18,944.72
85,251.23
983,575.48
1,592,595.78
1,979,722.91
0.000%
0.000%
944,455.27
0.0%
100.0%
0.0%
621,187.95
1,803,978.65
5.19%
6.42%
5.50%
4.50%
944,455.27
944,455.27
18,039.79
81,179.04
962,495.05
1,583,683.00
1,885,157.69
0.000%
0.000%
896,773.65
0.0%
100.0%
0.0%
578,774.32
1,507,845.48
4.58%
5.87%
5.50%
4.50%
896,773.65
896,773.65
15,078.45
5.57%
6.71%
5.50%
4.50%
923,873.22
923,873.22
19,797.23
89,087.53
943,670.44
1,675,925.56
2,068,810.44
0.000%
0.000%
904,601.38
0.0%
100.0%
0.0%
689,761.67
1,885,157.69
5.27%
6.44%
5.50%
4.50%
904,601.38
904,601.38
18,851.58
84,832.10
923,452.96
1,613,214.64
1,969,989.78
0.000%
0.000%
862,783.61
0.0%
100.0%
0.0%
633,015.85
1,575,698.53
4.67%
5.95%
5.50%
4.50%
862,783.61
862,783.61
15,756.99
5.63%
6.74%
5.50%
4.50%
874,705.87
874,705.87
20,688.10
93,096.47
895,393.98
3,802,536.28
(4,069.84)
2,101,482.42
0.000%
0.000%
860,178.34
0.0%
100.0%
0.0%
823,335.90
1,969,989.78
5.35%
6.46%
5.50%
4.50%
860,178.34
860,178.34
19,699.90
88,649.54
879,878.23
1,703,214.13
2,058,639.32
0.000%
0.000%
825,104.02
0.0%
100.0%
0.0%
689,057.53
1,646,604.96
4.77%
6.01%
5.50%
4.50%
825,104.02
825,104.02
16,466.05
5.62%
6.74%
5.50%
4.50%
824,511.20
824,511.20
21,619.07
97,285.81
846,130.27
3,925,390.92
(4,480.92)
2,192,700.72
0.000%
0.000%
811,331.12
0.0%
92.5%
7.5%
830,670.33
67,351.65
2,058,639.32
5.43%
6.50%
5.50%
4.50%
806,950.15
806,950.15
20,586.39
92,638.77
827,536.54
3,809,484.97
(4,380.98)
2,083,926.44
0.000%
0.000%
783,681.02
0.0%
100.0%
0.0%
815,641.16
1,720,702.18
4.86%
6.07%
5.50%
4.50%
783,681.02
783,681.02
17,207.02
5.60%
6.74%
5.50%
4.50%
769,246.53
769,246.53
22,591.93
101,663.67
791,838.46
4,051,208.67
(4,912.19)
2,288,003.92
0.000%
0.000%
757,717.20
0.0%
92.5%
7.5%
-
908,813.88
73,687.61
2,151,278.09
5.43%
6.51%
5.50%
4.50%
752,918.09
752,918.09
21,512.78
96,807.51
774,430.87
3,931,330.36
(4,799.11)
2,174,397.99
0.000%
0.000%
738,231.90
0.0%
92.5%
7.5%
817,141.00
66,254.68
1,798,133.78
4.96%
6.14%
5.50%
4.50%
734,165.93
734,165.93
17,981.34
5.59%
6.75%
5.50%
4.50%
708,662.81
708,662.81
23,608.56
106,238.54
732,271.38
4,178,749.41
(5,357.19)
2,387,685.49
0.000%
0.000%
698,977.00
0.0%
92.5%
^^%
992,560.63
80,477.89
2,248,085.61
5.43%
6.52%
5.50%
4.50%
693,729.11
693,729.11
22,480.86
101,163.85
716,209.97
4,058,020.05
(5,247.89)
2,268,771.57
0.000%
0.000%
688,461.23
0.0%
92.5%
7.5%
891,125.63
72,253.43
1,879,049.80
4.96%
6.15%
5.50%
4.50%
684,019.03
684,019.03
18,790.50
-------
87,114.26
1,172,662.52
1,172,662.52
102,829.92
1,047,580.24
0.000%
0.000%
210,470.63
0.0%
100.0%
CH)%
1.89%
2.34%
10.07%
9.07%
1,123,897.80
1,123,897.80
1,123,897.80
1,123,897.80
913,427.17
0.000%
0.000%
0.0%
100.0%
0.0%
10.07%
9.07%
0.000%
174,694.48
1,173,533.66
1,682,773.48
1,222,274.73
0.000%
0.000%
1,027,592.72
0.0%
100.0%
CH)%
942,642.89
2.38%
2.91%
17.68%
16.68%
1,123,897.80
1,123,897.80
9,426.43
157,195.13
1,133,324.23
1,133,324.23
96,305.08
1,099,838.01
0.000%
0.000%
0.0%
100.0%
0.0%
17.68%
16.68%
0.000%
83,848.05
1,161,174.66
1,616,866.50
1,306,122.77
0.000%
0.000%
1,123,897.80
0.0%
100.0%
0.0%
392 570 45
1,099,838.01
2.78%
3.37%
7.86%
6.86%
1,123,897.80
1,123,897.80
10,998.38
75,448.89
1,134,896.18
1,527,466.63
1,175,286.90
0.000%
0.000%
208,877.80
0.0%
100.0%
0.0%
3.85%
4.25%
7.86%
6.86%
1,149,574.56
1,149,574.56
1,149,574.56
1,149,574.56
940,696.76
0.000%
(552,267.89)
1,147,042.17
1,589,644.84
753,854.88
0.000%
0.000%
1,110,683.73
0.0%
100.0%
0.0%
400 468 1 6
1,175,286.90
3.10%
3.75%
-41.28%
-42.28%
1,110,683.73
1,110,683.73
11,752.87
(496,946.56)
1,122,436.60
1,522,904.76
678,340.34
0.000%
0.000%
1,048,299.49
0.0%
100.0%
0.0%
928,133.30
3.93%
4.37%
-41.28%
-42.28%
1,149,574.56
1,149,574.56
9,281.33
(392,442.61)
1,158,855.89
1,158,855.89
101,275.07
535,690.70
0.000%
260,781.02
1,124,965.13
1,546,236.83
1,014,635.90
0.000%
0.000%
1,095,659.55
0.0%
100.0%
0.0%
41 6 1 06 27
678,340.34
3.43%
4.04%
35.59%
34.59%
1,095,659.55
1,095,659.55
6,783.40
234,658.27
1,102,442.95
1,518,549.23
912,998.62
0.000%
0.000%
1,149,574.56
0.0%
100.0%
0.0%
263,345.02
535,690.70
3.99%
4.48%
35.59%
34.59%
1,149,574.56
1,149,574.56
5,356.91
185,311.48
1,154,931.46
1,408,276.48
721,002.18
0.000%
45,658.62
1,110,382.29
1,537,303.25
1,060,294.51
0.000%
0.000%
1,078,854.14
0.0%
100.0%
0.0%
912,998.62
3.65%
4.28%
5.50%
4.50%
1,078,854.14
1,078,854.14
9,129.99
41,084.94
1,087,984.12
1,526,497.55
954,083.55
0.000%
0.000%
1,138,214.08
0.0%
100.0%
0.0%
290,663.49
721,002.18
4.05%
4.56%
5.50%
4.50%
1,138,214.08
1,138,214.08
7,210.02
32,445.10
1,145,424.10
1,436,087.59
753,447.28
0.000%
47,713.25
1,091,964.35
1,526,375.59
1,108,007.77
0.000%
0.000%
1,060,088.21
0.0%
100.0%
0.0%
464,984.49
954,083.55
3.87%
4.52%
5.50%
4.50%
1,060,088.21
1,060,088.21
9,540.84
42,933.76
1,069,629.04
1,534,613.54
997,017.31
0.000%
0.000%
1,124,956.02
0.0%
100.0%
0.0%
309,401.11
753,447.28
4.10%
4.64%
5.50%
4.50%
1,124,956.02
1,124,956.02
7,534.47
33,905.13
1,132,490.50
1,441,891.60
787,352.41
0.000%
49,860.35
1,072,259.65
1,535,601.75
1,157,868.12
0.000%
0.000%
1,039,070.19
0.0%
100.0%
0.0%
497,873.83
997,017.31
4.00%
4.69%
5.50%
4.50%
1,039,070.19
1,039,070.19
9,970.17
44,865.78
1,049,040.37
1,546,914.20
1,041,883.09
0.000%
0.000%
1,110,587.49
0.0%
100.0%
0.0%
339,971.17
787,352.41
4.15%
4.73%
5.50%
4.50%
1,110,587.49
1,110,587.49
7,873.52
35,430.86
1,118,461.02
1,458,432.19
822,783.27
0.000%
52,104.07
1,050,191.16
1,383,256.49
1,209,972.18
0.000%
0.000%
1,015,705.74
0.0%
100.0%
0.0%
530,448.10
1,041,883.09
4.14%
4.87%
5.50%
4.50%
1,015,705.74
1,015,705.74
10,418.83
46,884.74
1,026,124.57
1,556,572.68
1,088,767.83
0.000%
0.000%
1,094,518.23
0.0%
100.0%
0.0%
378,130.02
822,783.27
4.20%
4.80%
5.50%
4.50%
1,094,518.23
1,094,518.23
8,227.83
37,025.25
1,102,746.07
1,480,876.09
859,808.51
0.000%
54,448.75
1,033,784.00
1,405,154.51
1,264,420.93
0.000%
0.000%
989,896.59
0.0%
100.0%
CH)%
334,562.93
1,088,767.83
4.27%
5.01%
5.50%
4.50%
989,896.59
989,896.59
10,887.68
48,994.55
1,000,784.26
1,335,347.19
1,137,762.38
0.000%
0.000%
1,076,349.74
0.0%
100.0%
0.0%
419,130.35
859,808.51
4.24%
4.88%
5.50%
4.50%
1,076,349.74
1,076,349.74
8,598.09
38,691.38
1,084,947.83
1,504,078.17
898,499.90
0.000%
56,898.94
1,014,822.79
1,424,251.53
1,321,319.87
0.000%
0.000%
973,137.43
0.0%
100.0%
0.0%
376,373.70
1,137,762.38
4.35%
5.14%
5.50%
4.50%
973,137.43
973,137.43
11,377.62
51,199.31
984,515.05
1,360,888.75
1,188,961.69
0.000%
0.000%
1,055,883.61
0.0%
100.0%
0.0%
463,258.92
898,499.90
4.29%
4.94%
5.50%
4.50%
1,055,883.61
1,055,883.61
8,985.00
40,432.50
1,064,868.61
1,528,127.52
938,932.39
0.000%
59,459.39
993,191.88
1,444,953.04
1,380,779.27
0.000%
0.000%
953,791.38
0.0%
100.0%
0.0%
418,164.77
1,188,961.69
4.43%
5.27%
5.50%
4.50%
953,791.38
953,791.38
11,889.62
53,503.28
965,681.00
1,383,845.77
1,242,464.97
0.000%
0.000%
1,033,021.42
0.0%
100.0%
0.0%
353,303.78
938,932.39
4.32%
4.99%
5.50%
4.50%
1,033,021.42
1,033,021.42
9,389.32
42,251.96
1,042,410.75
1,395,714.53
981,184.35
0.000%
62,135.07
968,657.22
1,449,099.29
1,442,914.33
0.000%
0.000%
931,750.08
0.0%
100.0%
(10%
463,175.36
1,242,464.97
4.50%
5.39%
5.50%
4.50%
931,750.08
931,750.08
12,424.65
55,910.92
944,174.73
1,407,350.09
1,298,375.89
0.000%
0.000%
1,015,384.43
0.0%
100.0%
0.0%
400,825.57
981,184.35
4.36%
5.05%
5.50%
4.50%
1,015,384.43
1,015,384.43
9,811.84
44,153.30
1,025,196.27
1,426,021.84
1,025,337.65
0.000%
64,931.15
941,879.65
1,471,418.46
1,507,845.48
0.000%
0.000%
906,795.88
0.0%
100.0%
CH)%
506,591.33
1,298,375.89
4.58%
5.50%
5.50%
4.50%
906,795.88
906,795.88
12,983.76
58,426.92
919,779.64
1,426,370.97
1,356,802.81
0.000%
0.000%
995,146.90
0.0%
100.0%
0.0%
448,089.87
1,025,337.65
4.40%
5.10%
5.50%
4.50%
995,146.90
995,146.90
10,253.38
46,140.19
1,005,400.28
1,453,490.15
1,071,477.84
0.000%
67,853.05
911,852.10
1,490,626.42
1,575,698.53
0.000%
0.000%
878,911.54
0.0%
100.0%
0.0%
554,060.56
1,356,802.81
4.66%
5.58%
5.50%
4.50%
878,911.54
878,911.54
13,568.03
61,056.13
892,479.57
1,446,540.13
1,417,858.93
0.000%
0.000%
972,306.04
0.0%
100.0%
0.0%
498,741.04
1,071,477.84
4.43%
5.15%
5.50%
4.50%
972,306.04
972,306.04
10,714.78
48,216.50
983,020.82
1,481,761.86
1,119,694.34
0.000%
70,906.43
878,540.60
1,511,556.45
1,646,604.96
0.000%
0.000%
847,974.29
0.0%
100.0%
0.0%
605,014.22
1,417,858.93
4.74%
5.66%
5.50%
4.50%
847,974.29
847,974.29
14,178.59
63,803.65
862,152.88
1,467,167.10
1,481,662.58
0.000%
0.000%
946,641.78
0.0%
100.0%
0.0%
555,311.18
1,119,694.34
4.47%
5.17%
5.50%
4.50%
946,641.78
946,641.78
11,196.94
50,386.25
957,838.73
1,513,149.91
1,170,080.59
0.000%
74,097.22
841,570.07
1,530,627.59
1,720,702.18
0.000%
0.000%
813,751.54
0.0%
100.0%
(10%
657,075.21
1,481,662.58
4.81%
5.73%
5.50%
4.50%
813,751.54
813,751.54
14,816.63
66,674.82
828,568.17
1,485,643.38
1,548,337.40
0.000%
0.000%
917,924.72
0.0%
100.0%
0.0%
613,543.74
1,170,080.59
4.50%
5.20%
5.50%
4.50%
917,924.72
917,924.72
11,700.81
52,653.63
929,625.52
1,543,169.26
1,222,734.21
0.000%
77,431.60
800,888.04
1,616,529.20
1,798,133.78
0.000%
0.000%
776,105.68
0.0%
100.0%
(10%
716,735.30
1,548,337.40
4.89%
5.78%
5.50%
4.50%
776,105.68
776,105.68
15,483.37
69,675.18
791,589.06
1,508,324.36
1,618,012.58
0.000%
0.000%
886,024.10
0.0%
100.0%
0.0%
675,835.30
1,222,734.21
4.54%
5.23%
5.50%
4.50%
886,024.10
886,024.10
12,227.34
55,023.04
898,251.44
1,574,086.74
1,277,757.25
0.000%
80,916.02
752,147.27
3,448,338.07
(4,065.97)
1,812,795.12
0.000%
0.000%
734,683.90
0.0%
100.0%
0.0%
838,945.60
1,618,012.58
4.97%
5.83%
5.50%
4.50%
734,683.90
734,683.90
16,180.13
72,810.57
750,864.02
1,589,809.62
1,690,823.15
0.000%
0.000%
850,695.07
0.0%
100.0%
0.0%
741,152.83
1,277,757.25
4.57%
5.25%
5.50%
4.50%
850,695.07
850,695.07
12,777.57
57,499.08
863,472.64
1,604,625.47
1,335,256.33
0.000%
84,557.24
702,809.53
3,557,542.20
(4,442.20)
1,891,353.61
0.000%
0.000%
689,746.88
0.0%
92.5%
7.5%
831,282.57
67,401.29
1,690,823.15
5.04%
5.88%
5.50%
4.50%
685,780.47
685,780.47
16,908.23
76,087.04
702,688.70
3,300,881.46
(3,966.41)
1,699,508.90
0.000%
0.000%
811,790.82
0.0%
100.0%
0.0%
810,896.48
1,335,256.33
4.61%
5.27%
5.50%
4.50%
811,790.82
811,790.82
13,352.56
60,086.53
825,143.38
1,636,039.86
1,395,342.87
0.000%
-------
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
195,619.74
1,172,540.54
1,164,844.66
1,155,422.95
1,144,196.68
1,130,968.95 1,115,648.47 1,098,139.77 1,077,884.74 1,060,728.86 1,040,728.22 1,017,867.57 992,016.44 963,038.43 930,676.29 894,775.65
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
(£OT& 0.0% 0.0% 0.0%
4.82%
5.29%
10.07% 17.68% 7.86% -41.28%
9.07% 16.68% 6.86% -42.28%
1,172,540.54
1,172,540.54
1,172,540.54
1,172,540.54
976,920.81
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
207,617.61
0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0%
4.53%
5.08%
10.07% 17.68% 7.86% -41.28%
9.07% 16.68% 6.86% -42.28%
1,131,355.32
1,131,355.32
1,131,355.32
1,131,355.32
923,737.71
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
0.0% 0.0% 0.0% 0.0%
0.0%
100.0%
(10%
906,020.05
4.77%
5.29%
35.59%
34.59%
1,172,540.54
1,172,540.54
9,060.20
313,419.52
1,181,600.74
1,181,600.74
111,875.94
1,219,439.56
0.000%
0.000%
1,032,928.03
0.0%
100.0%
0.0%
910,593.73
4.36%
5.08%
35.59%
34.59%
1,131,355.32
1,131,355.32
9,105.94
315,001.69
1,140,461.26
1,140,461.26
98,427.30
1,225,595.42
0.000%
0.000%
0.0%
0.0%
100.0%
0.0%
145,047.41
1,219,439.56
4.76%
5.31%
5.50%
4.50%
1,172,540.54
1,172,540.54
12,194.40
54,874.78
1,184,734.94
1,329,782.35
1,274,314.35
0.000%
0.000%
1,131,355.32
0.0%
100.0%
0.0%
244,549.00
1,225,595.42
4.35%
5.12%
5.50%
4.50%
1,131,355.32
1,131,355.32
12,255.95
55,151.79
1,143,611.28
1,388,160.28
1,280,747.22
0.000%
0.000%
213,162.10
0.0%
0.0%
100.0%
0.0%
177,174.12
1,274,314.35
4.75%
5.32%
5.50%
4.50%
1,164,844.66
1,164,844.66
12,743.14
57,344.15
1,177,587.81
1,354,761.92
1,331,658.49
0.000%
0.000%
1,118,841.72
0.0%
100.0%
0.0%
262,789.82
1,280,747.22
4.39%
5.17%
5.50%
4.50%
1,118,841.72
1,118,841.72
12,807.47
57,633.62
1,131,649.19
1,394,439.02
1,338,380.84
0.000%
0.000%
1,088,380.15
0.0%
0.0%
100.0%
0.0%
209,835.42
1,331,658.49
4.75%
5.35%
5.50%
4.50%
1,155,422.95
1,155,422.95
13,316.58
59,924.63
1,168,739.54
1,378,574.96
1,391,583.12
0.000%
0.000%
1,105,262.03
0.0%
100.0%
0.0%
286,669.92
1,338,380.84
4.43%
5.24%
5.50%
4.50%
1,105,262.03
1,105,262.03
13,383.81
60,227.14
1,118,645.84
1,405,315.76
1,398,607.98
0.000%
0.000%
1,194,110.01
0.0%
0.0%
100.0%
0.0%
245,763.08
1,391,583.12
4.76%
5.38%
5.50%
4.50%
1,144,196.68
1,144,196.68
13,915.83
62,621.24
1,158,112.51
1,403,875.59
1,454,204.36
0.000%
0.000%
1,090,251.18
0.0%
100.0%
0.0%
321,589.15
1,398,607.98
4.47%
5.30%
5.50%
4.50%
1,090,251.18
1,090,251.18
13,986.08
62,937.36
1,104,237.26
1,425,826.41
1,461,545.34
0.000%
0.000%
1,180,408.03
0.0%
0.0%
100.0%
0.0%
282,274.16
1,454,204.36
4.77%
5.43%
5.50%
4.50%
1,130,968.95
1,130,968.95
14,542.04
65,439.20
1,145,510.99
1,427,785.16
1,519,643.56
0.000%
0.000%
1,073,215.40
0.0%
100.0%
0.0%
357,321.99
1,461,545.34
4.51%
5.36%
5.50%
4.50%
1,073,215.40
1,073,215.40
14,615.45
65,769.54
1,087,830.85
1,445,152.84
1,527,314.88
0.000%
0.000%
1,164,708.25
0.0%
0.0%
100.0%
0.0%
319,926.18
1,519,643.56
4.78%
5.47%
5.50%
4.50%
1,115,648.47
1,115,648.47
15,196.44
68,383.96
1,130,844.90
1,450,771.08
1,588,027.52
0.000%
0.000%
1,054,068.42
0.0%
100.0%
0.0%
394,184.37
1,527,314.88
4.55%
5.42%
5.50%
4.50%
1,054,068.42
1,054,068.42
15,273.15
68,729.17
1,069,341.56
1,463,525.94
1,596,044.05
0.000%
0.000%
1,146,919.37
0.0%
0.0%
100.0%
0.0%
368,234.70
1,588,027.52
4.80%
5.50%
5.50%
4.50%
1,098,139.77
1,098,139.77
15,880.28
71,461.24
1,114,020.04
1,482,254.74
1,659,488.76
0.000%
0.000%
1,032,720.24
0.0%
100.0%
0.0%
433,935.22
1,596,044.05
4.59%
5.47%
5.50%
4.50%
1,032,720.24
1,032,720.24
15,960.44
71,821.98
1,048,680.68
1,482,615.90
1,667,866.03
0.000%
0.000%
1,127,517.26
0.0%
0.0%
100.0%
(10%
309,364.56
1,659,488.76
4.82%
5.55%
5.50%
4.50%
1,077,884.74
1,077,884.74
16,594.89
74,676.99
1,094,479.62
1,403,844.18
1,734,165.75
0.000%
0.000%
1,008,970.51
0.0%
100.0%
0.0%
313,330.96
1,667,866.03
4.63%
5.52%
5.50%
4.50%
1,008,970.51
1,008,970.51
16,678.66
75,053.97
1,025,649.17
1,338,980.13
1,742,920.00
0.000%
0.000%
1,105,742.53
0.0%
0.0%
100.0%
(10%
357,763.78
1,734,165.75
4.84%
5.59%
5.50%
4.50%
1,060,728.86
1,060,728.86
17,341.66
78,037.46
1,078,070.52
1,435,834.30
1,812,203.21
0.000%
0.000%
991,665.52
0.0%
100.0%
0.0%
354,747.15
1,742,920.00
4.66%
5.57%
5.50%
4.50%
991,665.52
991,665.52
17,429.20
78,431.40
1,009,094.72
1,363,841.87
1,821,351.40
0.000%
0.000%
1,081,486.66
0.0%
0.0%
100.0%
0.0%
406,372.61
1,812,203.21
4.86%
5.63%
5.50%
4.50%
1,040,728.22
1,040,728.22
18,122.03
81,549.14
1,058,850.25
1,465,222.86
1,893,752.36
0.000%
0.000%
971,918.20
0.0%
100.0%
0.0%
399,273.42
1,821,351.40
4.69%
5.61%
5.50%
4.50%
971,918.20
971,918.20
18,213.51
81,960.81
990,131.71
1,389,405.14
1,903,312.21
0.000%
0.000%
1,054,521.98
0.0%
0.0%
100.0%
0.0%
456,684.03
1,893,752.36
4.88%
5.66%
5.50%
4.50%
1,017,867.57
1,017,867.57
18,937.52
85,218.86
1,036,805.09
1,493,489.12
1,978,971.21
0.000%
0.000%
949,517.89
0.0%
100.0%
0.0%
447,480.98
1,903,312.21
4.72%
5.65%
5.50%
4.50%
949,517.89
949,517.89
19,033.12
85,649.05
968,551.01
1,416,031.99
1,988,961.26
0.000%
0.000%
1,034,957.38
0.0%
0.0%
100.0%
0.0%
508,825.71
1,978,971.21
4.90%
5.70%
5.50%
4.50%
992,016.44
992,016.44
19,789.71
89,053.70
1,011,806.16
1,520,631.87
2,068,024.92
0.000%
0.000%
924,244.99
0.0%
100.0%
0.0%
495,331.41
1,988,961.26
4.74%
5.69%
5.50%
4.50%
924,244.99
924,244.99
19,889.61
89,503.26
944,134.60
1,439,466.01
2,078,464.52
0.000%
0.000%
1,012,669.83
0.0%
0.0%
100.0%
0.0%
566,024.71
2,068,024.92
4.92%
5.72%
5.50%
4.50%
963,038.43
963,038.43
20,680.25
93,061.12
983,718.68
1,549,743.39
2,161,086.04
0.000%
0.000%
896,083.59
0.0%
100.0%
0.0%
549,270.88
2,078,464.52
4.77%
5.71%
5.50%
4.50%
896,083.59
896,083.59
20,784.65
93,530.90
916,868.24
1,466,139.12
2,171,995.42
0.000%
0.000%
987,534.88
0.0%
0.0%
100.0%
0.0%
625,467.74
2,161,086.04
4.94%
5.74%
5.50%
4.50%
930,676.29
930,676.29
21,610.86
97,248.87
952,287.15
1,577,754.90
2,258,334.91
0.000%
0.000%
864,697.50
0.0%
100.0%
0.0%
606,091.38
2,171,995.42
4.80%
5.73%
5.50%
4.50%
864,697.50
864,697.50
21,719.95
97,739.79
886,417.45
1,492,508.83
2,269,735.22
0.000%
0.000%
959,193.78
0.0%
0.0%
100.0%
0.0%
688,157.76
2,258,334.91
4.96%
5.75%
5.50%
4.50%
894,775.65
894,775.65
22,583.35
101,625.07
917,359.00
1,605,516.75
2,359,959.98
0.000%
0.000%
829,949.30
0.0%
100.0%
0.0%
665,027.86
2,269,735.22
4.83%
5.75%
5.50%
4.50%
829,949.30
829,949.30
22,697.35
102,138.08
852,646.66
1,517,674.52
2,371,873.30
0.000%
0.000%
927,614.24
0.0%
-------
100.0%
0.0%
100.0%
0.0%
100.0%
0.0%
100.0%
0.0%
100.0%
100.0%
0.0%
100.0%
0.0%
100.0%
100.0%
0.0%
100.0%
100.0%
0.0%
100.0%
0.0%
100.0%
0.0%
100.0%
100.0%
0.0%
100.0%
0.0%
100.0%
0.0%
100.0%
100.0%
0.0%
.
2.01%
3.97%
10.07% 17.68% 7.86% -41.28% 35.59% 5.50%
9.07% 16.68% 6.86% -42.28% 34.59% 4.50%
1,194,110.01
1,194,110.01
1,194,110.01
1,194,110.01
980,947.91
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
1,002,728.10
2.24%
4.25%
5.50%
4.50%
1,194,110.01
1,194,110.01
10,027.28
45,122.76
1,204,137.29
1,204,137.29
105,729.86
1,047,850.86
0.000%
0.000%
1,047,850.86
2.52%
4.48%
5.50%
4.50%
1,194,110.01
1,194,110.01
10,478.51
47,153.29
1,204,588.52
1,510,498.85
1,095,004.15
0.000%
0.000%
1,095,004.15
2.80%
4.71%
5.50%
4.50%
1,180,408.03
1,180,408.03
10,950.04
49,275.19
1,191,358.07
1,524,376.36
1,144,279.34
0.000%
0.000%
1,144,279.34
2.99%
4.90%
5.50%
4.50%
1,164,708.25
1,164,708.25
11,442.79
51,492.57
1,176,151.05
1,539,533.39
1,195,771.91
0.000%
0.000%
1,195,771.91
3.17%
5.08%
5.50%
4.50%
1,146,919.37
1,146,919.37
11,957.72
53,809.74
1,158,877.09
1,541,083.96
1,249,581.65
0.000%
0.000%
1,249,581.65
3.34%
5.22%
5.50%
4.50%
1,127,517.26
1,127,517.26
12,495.82
56,231.17
1,140,013.08
1,556,949.34
1,305,812.82
0.000%
0.000%
1,305,812.82
3.50%
5.37%
5.50%
4.50%
1,105,742.53
1,105,742.53
13,058.13
58,761.58
1,118,800.66
1,570,595.56
1,364,574.40
0.000%
0.000%
1,364,574.40
3.66%
5.49%
5.50%
4.50%
1,081,486.66
1,081,486.66
13,645.74
61,405.85
1,095,132.41
1,586,521.23
1,425,980.24
0.000%
0.000%
1,425,980.24
3.73%
5.59%
5.50%
4.50%
1,054,521.98
1,054,521.98
14,259.80
64,169.11
1,068,781.78
1,418,757.86
1,490,149.35
0.000%
0.000%
1,490,149.35
3.80%
5.69%
5.50%
4.50%
1,034,957.38
1,034,957.38
14,901.49
67,056.72
1,049,858.88
1,441,342.97
1,557,206.08
0.000%
0.000%
1,557,206.08
3.87%
5.76%
5.50%
4.50%
1,012,669.83
1,012,669.83
15,572.06
70,074.27
1,028,241.90
1,464,413.22
1,627,280.35
0.000%
0.000%
1,627,280.35
3.94%
5.83%
5.50%
4.50%
987,534.88
987,534.88
16,272.80
73,227.62
1,003,807.68
1,489,751.60
1,700,507.97
0.000%
0.000%
1,700,507.97
4.01%
5.90%
5.50%
4.50%
959,193.78
959,193.78
17,005.08
76,522.86
976,198.86
1,511,777.89
1,777,030.82
0.000%
0.000%
1,777,030.82
4.08%
5.94%
5.50%
4.50%
927,614.24
927,614.24
17,770.31
79,966.39
945,384.55
1,535,514.45
1,856,997.21
0.000%
0.000%
1,203,365.49 1,190,949.28 1,176,341.66 1,159,435.77 1,139,997.50 1,118,025.28 1,098,779.69 1,076,765.58 1,051,481.98 1,022,769.41 990,460.57
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
1,031,400.10
352,108.32 329,179.06 326,521.83 352,265.53 376,442.90 409,079.89 438,352.80 366,251.21 406,269.18 452,911.99 502,948.41 553,684.06 612,373.39
1,126,314.70 1,176,998.86 1,229,963.81 1,285,312.18 1,343,151.23 1,403,593.03 1,466,754.72 1,532,758.68 1,601,732.82 1,673,810.80 1,749,132.28 1,827,843.24
10.07% 17.68%
9.07% 16.68%
7.86% -41.28%
6.86% -42.28%
35.59%
34.59%
0.47%
1.91%
5.50%
4.50%
0.96%
2.43%
5.50%
4.50%
1.43%
2.92%
5.50%
4.50%
1.81%
3.35%
5.50%
4.50%
2.20%
3.80%
5.50%
4.50%
2.51%
4.15%
5.50%
4.50%
2.82%
4.49%
5.50%
4.50%
2.96%
4.75%
5.50%
4.50%
3.11%
5.01%
5.50%
4.50%
3.26%
5.25%
5.50%
4.50%
3.35%
5.42%
5.50%
4.50%
3.43%
5.58%
5.50%
4.50%
3.52%
5.71%
5.50%
4.50%
3.60%
5.84%
5.50%
4.50%
3.69%
5.93%
5.50%
4.50%
1,224,669.22
1,224,669.22
1,224,669.22
1,214,390.09
1,203,365.49 1,190,949.28 1,176,341.66 1,159,435.77 1,139,997.50 1,118,025.28 1,098,779.69 1,076,765.58 1,051,481.9
1,022,769.41 990,460.57
1,224,669.22
1,224,669.22
1,224,669.22
1,024,549.54
1,224,669.22
10,314.00
46,413.00
1,234,983.22
1,234,983.22
115,925.94
1,224,669.22
10,778.13
48,501.59
1,235,447.35
1,587,555.67
1,214,390.09
11,263.15
50,684.16
1,225,653.23
1,554,832.29
1,203,365.49
11,769.99
52,964.95
1,215,135.48
1,541,657.31
1,190,949.28
12,299.64
55,348.37
1,203,248.92
1,555,514.45
1,176,341.66
12,853.12
57,839.05
1,189,194.78
1,565,637.68
1,159,435.77
13,431.51
60,441.81
1,172,867.28
1,581,947.17
1,139,997.50
14,035.93
63,161.69
1,154,033.43
1,592,386.23
1,118,025.28
14,667.55
66,003.96
1,132,692.82
1,498,944.03
1,098,779.69
15,327.59
68,974.14
1,114,107.27
1,520,376.46
1,076,765.58 1,051,481.98
16,017.33 16,738.11
72,077.98 75,321.49
1,092,782.91 1,068,220.09
1,545,694.90 1,571,168.50
1,022,769.41
17,491.32
78,710.95
1,040,260.73
1,593,944.80
990,460.57
18,278.43
82,252.95
1,008,739.00
1,621,112.39
0.000%
^B.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
1,077,813.11
0.000%
0.000%
1,126,314.70
0.000%
0.000%
1,176,998.86
0.000%
0.000%
1,229,963.81
0.000%
0.000%
1,285,312.18
0.000%
0.000%
1,343,151.23
0.000%
0.000%
1,403,593.03 1,466,754.72
0.000% 0.000%
0.000% 0.000%
1,532,758.68
0.000%
0.000%
1,601,732.82
0.000%
0.000%
1,673,810.80 1,749,132.28
0.000% 0.000%
0.000% 0.000%
1,827,843.24
0.000%
0.000%
1,910,096.18
0.000%
0.000%
223,747.00
957,954.26 1,031,949.76
1,012,452.67 991,628.09 968,979.92 944,442.70 918,307.46 890,068.37 859,560.21 842,501.22 824,022.82 803,715.29 781,871.79
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
37,167.21 709,242.94 648,957.89
856,436.70 894,976.35
615,008.40 632,348.96 651,617.14 344,962.15 365,203.69 392,467.14 415,620.31 454,226.45
977,336.55 1,021,316.69 1,067,275.94 1,115,303.36 1,165,492.01 1,217,939.15 1,272,746.41 1,330,020.00
0.38%
1.02%
0.93%
1.70%
2.33%
1.94%
2.94%
2.41%
3.49%
2.77%
3.87%
3.13%
4.25%
3.32%
4.47%
3.50%
4.95%
3.76%
5.06%
3.84%
5.17%
3.91%
5.26%
5.34%
-------
10.07% 17.68% 7.86% -41.28% 35.59% 5.50% 5.50%
9.07% 16.68% 6.86% -42.28% 34.59% 4.50% 4.50%
1,031,949.76
1,031,949.76
1,031,949.76
1,031,949.76
808,202.76
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
5.50%
4.50%
1,031,949.76
1,031,949.76
7,842.65
35,291.91
1,039,792.41
1,039,792.41
73,995.50
819,556.65
0.000%
0 000%
5.50%
4.50%
1,031,949.76
1,031,949.76
8,195.57
36,880.05
1,040,145.33
1,877,312.54
856,436.70
0.000%
0 000%
5.50%
4.50%
1,012,452.67
1,012,452.67
8,564.37
38,539.65
1,021,017.04
1,730,259.98
894,976.35
0.000%
0 000%
5.50%
4.50%
991,628.09
991,628.09
8,949.76
40,273.94
1,000,577.85
1,649,535.74
935,250.28
0.000%
5.50%
4.50%
968,979.92
968,979.92
9,352.50
42,086.26
978,332.42
1,612,409.79
977,336.55
0.000%
5.50%
4.50%
944,442.70
944,442.70
9,773.37
43,980.14
954,216.07
1,569,224.47
1,021,316.69
0.000%
0 000%
5.50%
4.50%
918,307.46
918,307.46
10,213.17
45,959.25
928,520.63
1,560,869.59
1,067,275.94
0.000%
0.000%
5.50%
4.50%
890,068.37
890,068.37
10,672.76
48,027.42
900,741.13
1,552,358.27
1,115,303.36
0.000%
0.000%
5.50%
4.50%
859,560.21
859,560.21
11,153.03
50,188.65
870,713.24
1,215,675.39
1,165,492.01
0.000%
0.000%
5.50%
4.50%
842,501.22
842,501.22
11,654.92
52,447.14
854,156.14
1,219,359.83
1,217,939.15
0.000%
0.000%
5.50%
4.50%
824,022.82
824,022.82
12,179.39
54,807.26
836,202.21
1,228,669.35
1,272,746.41
0.000%
0.000%
5.50%
4.50%
803,715.29
803,715.29
12,727.46
57,273.59
816,442.75
1,232,063.06
1,330,020.00
0.000%
0.000%
5.50%
4.50%
781,871.79
781,871.79
13,300.20
59,850.90
795,171.99
1,249,398.44
1,389,870.90
0.000%
0.000%
-------
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
6/15/2025 6/15/2026 6/15/2027 6/15/2028 6/15/2029 6/15/2030 6/15/2031 6/15/2032 6/15/2033 6/15/2034 6/15/2035 6/15/2036 6/15/2037 6/15/2038 6/15/2039 6/15/2040 6/15/2041
Average
27,202,157.71
22,810,011.50
20,013,040.88
26,471,236.74
23,674,266.12
$23,674,266.12
7,189,116.83
$ 30,863,382.96
27,812,657.89
22,201,249.77
19,980,172.50
25,674,457.64
23,453,380.36 I
$23,453,380.36
7,832,485.39
$31,285,865.76
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
-------
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
.
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-------
0.0%
100.0%
0.0%
5.50%
4.50%
0.0%
100.0%
0.0%
5.50%
4.50%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
0.0%
100.0%
0.0%
5.50%
4.50%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
0.000%
0.000%
0.000%
0.000%
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.000%
0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.0%
100.0%
(10%
5.50%
4.50%
0.0%
100.0%
CH)%
5.50%
4.50%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
CKB6 tnjji (10%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
0.0%
100.0%
(10%
5.50%
4.50%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
CKB6 (109& CKB6 (109& CKB6 (109& CKB6 (109&
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
(IOT& (IOT& (io%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
0.000%
0.000%
648,433.99
0.0%
92.5%
7.5%
1,067,646.89
86,565.96
2,467,094.93
0.000%
0.000%
576,871.95
0.0%
92.5%
7.5%
1,158,955.41
93,969.36
2,578,114.20
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
499,157.99 414,601.23 322,981.88
0.0% 0.0% 0.0%
92.5% 92.5% 92.5%
7.5% 7.5% 7.5%
1,260,188.17 1,364,986.84 1,477,974.68
102,177.42 110,674.61 119,835.79
2,694,129.34 2,815,365.16 2,942,056.59
0.000%
0.000%
223,689.48
0.0%
92.5%
7.5%
1,589,548.10
128,882.28
3,074,449.14
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
116,209.22 .......
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
92.5% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
7.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1,589,246.67
128,857.84 .......
3,212,799.35 .......
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
-------
5.58%
6.75%
5.50%
4.50%
5.56%
6.75%
5.50%
4.50%
5.55%
6.76%
5.50%
4.50%
5.54%
5.52%
5.51%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.49%
6.76%
5.50%
4.50%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
642,590.86 570,525.70 492,255.31 407,122.24 314,881.35 214,974.78 107,493.53
642,590.86
24,670.95
111,019.27
570,525.70
25,781.14
116,015.14
492,255.31
26,941.29
121,235.82
407,122.24
28,153.65
126,691.43
314,881.35
29,420.57
132,392.55
214,974.78
30,744.49
138,350.21
107,493.53
32,127.99
144,575.97
667,261.81
4,313,022.90
(5,843.12)
596,306.85
4,449,391.60
(6,346.25)
519,196.60
4,594,749.94
435,275.89
4,742,319.32
(7,478.99)
344,301.92
4,896,725.74
(8,100.53)
245,719.27
5,048,066.72
(8,714.70)
139,621.52
5,086,243.51
(8,715.69)
2,491,548.24 2,600,159.98 2,713,187.74 2,831,381.98 2,954,613.35 3,083,917.07 3,228,517.48 .......
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
488,255.39 405,423.04 315,647.82 218,462.55 113,376.93
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
1,082,046.00 1,175,802.04 1,274,161.84 1,379,598.64 1,491,325.65 1,601,216.35 1,596,886.8
87,733.46 95,335.30 103,310.42 111,859.35 120,918.30 129,828.35 129,477.31
2,349,249.46 2,454,965.69 2,565,439.14 2,680,883.90 2,801,523.68 2,927,592.24 3,059,333.89
5.42%
6.53%
5.50%
4.50%
629,005.11
629,005.11
23,492.49
105,716.23
652,497.61
4,189,509.30
(5,728.16)
2,367,232.23
0.000%
0.000%
5.42%
6.54%
5.50%
4.50%
558,357.79
558,357.79
24,549.66
110,473.46
582,907.44
4,324,148.63
(6,232.25)
2,470,103.84
0.000%
0.000%
5.42%
6.55%
5.50%
4.50%
481,493.38
481,493.38
25,654.39
115,444.76
507,147.77
4,462,193.52
(6,762.01)
2,577,573.48
0.000%
0.000%
5.41%
6.55%
5.50%
4.50%
398,095.31
398,095.31
26,808.84
120,639.78
424,904.15
4,606,026.46
(7,327.73)
2,689,664.33
0.000%
0.000%
5.41%
6.56%
5.50%
4.50%
307,719.99
307,719.99
28,015.24
126,068.57
335,735.22
4,754,653.12
(7,927.83)
2,806,673.95
0.000%
0.000%
5.41%
6.56%
5.50%
4.50%
209,943.38
209,943.38
29,275.92
131,741.65
239,219.30
4,899,769.55
(8,519.17)
2,929,505.54
0.000%
0.000%
5.40%
6.57%
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
104,873.66 .......
104,873.66 .......
30,593.34 .......
137,670.03 .......
135,467.00 .......
4,929,357.78 .......
(8,503.27) .......
3,067,526.61 .......
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
634,060.13 574,932.13 510,636.87
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
3,807.01 1,049,101.55 1,134,915.81 1,224,632.83 1,320,835.90 1,420,444.05 1,515,917.90 1,504,825.41
78,389.76 85,062.29 92,020.20 99,294.55 107,094.80 115,171.14 122,912.26 122,012.87
1,963,607.04 2,051,969.36 2,144,307.98 2,240,801.84 2,341,637.92 2,447,011.63 2,557,127.15 2,672,197.87
5.50%
4.50%
6.17%
5.50%
4.50%
4.96%
6.18%
5.50%
4.50%
4.96%
5.50%
4.50%
4.96%
6.21%
5.50%
4.50%
4.96%
6.22%
5.50%
4.50%
4.96%
6.24%
5.50%
4.50%
4.96%
6.25%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
629,231.87 569,683.35 504,948.44 434,791.10 358,950.39 276,962.49 188,587.94
94,056.00
629,231.87 569,683.35
19,636.07 20,519.69
504,948.44
21,443.08
434,791.10
22,408.02
358,950.39
23,416.38
276,962.49
24,470.12
188,587.94
25,571.27
94,056.00
26,721.98
-------
88,362.32
92,338.62
100,836.08 105,373.71 110,115.52 115,070.72 120,248.90
648,867.94 590,203.05 526,391.52 457,199.12 382,366.77 301,432.60 214,159.21 120,777.98
3,667,644.31 3,783,612.57 3,902,109.17 4,023,469.87 4,150,214.30 4,279,003.80 4,402,274.99 4,418,050.17
(5,248.78) (5,688.43) (6,149.25) (6,647.67) (7,165.50) (7,664.75) (7,626.16)
1,973,579.60 2,059,245.69 2,148,781.64 2,242,343.37 2,339,916.83 2,441,956.01 2,549,285.61 2,670,433.91 ......
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
641,147.38 588,627.29 531,917.67 470,947.75 405,329.64 334,973.35 259,471.00 178,711.74
92,265.93
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
897,816.47 968,626.55 1,040,944.95 1,119,420.51 1,199,718.73 1,286,562.08 1,374,985.41 1,462,191.34 1,444,380.30
72,795.93 78,537.29 84,400.94 90,763.82 97,274.49 104,315.84 111,485.30 118,556.05 117,111.92
1,766,910.19 1,846,421.15 1,929,510.10 2,016,338.06 2,107,073.27 2,201,891.56 2,300,976.69 2,404,520.64 2,512,724.06
5.04%
5.89%
5.50%
4.50%
5.04%
5.89%
5.50%
4.50%
5.04%
5.89%
5.50%
4.50%
5.04%
5.90%
5.50%
4.50%
5.04%
5.90%
5.50%
4.50%
5.04%
5.90%
5.50%
4.50%
5.04%
5.90%
5.50%
4.50%
5.04%
5.91%
5.50%
4.50%
5.04%
5.91%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
636,861.41
526,943.54 465,596.01 399,591.19
171,709.31
85,345.99
636,861.41
17,669.10
79,510.96
654,530.51
3,398,768.13
(4,285.98)
584,001.01
18,464.21
83,088.95
602,465.22
3,500,601.87
(4,626.28)
526,943.54
19,295.10
86,827.95
546,238.64
3,603,521.65
(4,974.12)
465,596.01
20,163.38
90,735.21
485,759.39
3,712,253.17
(5,351.74)
399,591.19
21,070.73
94,818.30
420,661.92
3,822,272.22
(5,738.45)
328,817.01
22,018.92
99,085.12
350,835.93
3,938,374.70
(6,156.34)
252,888.87
23,009.77
103,543.95
275,898.64
4,055,404.69
(6,582.13)
171,709.31
24,045.21
108,203.43
195,754.51
4,170,669.92
(7,002.43)
85,345.99 .....
25,127.24 .....
113,072.58 .....
110,473.23 .....
4,180,650.18 .....
(6,919.94) .....
2,394,168.01 2,508,684.73 .....
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
92.5%
7.5%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
100.0%
0.0%
1,395,342.87 1,458,133.29 1,523,749.29
136,842.93 135,670.59
2,073,612.25 2,166,924.80
4.64%
5.31%
5.50%
4.50%
4.64%
5.31%
5.50%
4.50%
4.64%
5.32%
5.50%
4.50%
5.32%
5.50%
4.50%
4.64%
5.33%
5.50%
4.50%
4.64%
5.33%
5.50%
4.50%
4.64%
5.33%
5.50%
4.50%
5.34%
5.50%
4.50%
4.64%
5.34%
5.50%
4.50%
4.64%
5.34%
5.50%
4.50%
4.64%
5.35%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
769,049.71 722,307.44 671,284.11 610,817.18 550,745.32 486,255.76 417,158.71 343,248.25 264,203.90 179,619.26
89,447.25
769,049.71
13,953.43
62,790.43
783,003.14
1,663,463.35
722,307.44
14,581.33
65,616.00
736,888.77
1,697,173.42
671,284.11
15,237.49
68,568.72
686,521.61
1,823,575.16
610,817.18
15,923.18
71,654.31
626,740.36
3,419,380.40
(4,870.69)
550,745.32
16,639.72
74,878.75
567,385.04
3,516,880.83
(5,228.88)
486,255.76
17,388.51
78,248.30
503,644.27
3,616,787.06
(5,602.46)
417,158.71
18,170.99
81,769.47
435,329.70
3,719,784.50
(5,992.74)
343,248.25
18,988.69
85,449.10
362,236.93
3,827,592.49
(6,409.00)
264,203.90
19,843.18
89,294.31
284,047.08
3,941,657.29
(6,858.21)
179,619.26
20,736.12
93,312.55
200,355.39
4,055,009.67
(7,311.24)
89,447.25 ......
21,669.25 ......
97,511.62 ......
111,116.50 ......
4,048,823.49 ......
(7,252.48) ......
1,458,133.29
0.000%
1,523,749.29
0.000%
1,592,318.01
0.000%
1,572,458.72
0.000%
0.000%
1,712,014.77
0.000%
1,786,524.04
0.000%
1,864,233.81
0.000%
1,945,179.98
0.000%
2,030,081.87
0.000%
2,128,765.83
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-------
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
855,175.08 811,476.64 763,607.95 711,149.64 653,892.32 591,846.19 524,678.18 452,154.65 373,916.71 289,932.77 199,826.15 103,317.50
0.0%
100.0%
0.0%
757,424.50
2,359,959.98
4.98%
5.77%
5.50%
4.50%
855,175.08
855,175.08
23,599.60
106,198.20
878,774.68
1,636,199.18
2,466,158.18
0.000%
0.000%
791,695.68
0.0%
100.0%
0.0%
722 687 93
2,371,873.30
4.85%
5.77%
5.50%
4.50%
791,695.68
791,695.68
23,718.73
106,734.30
815,414.41
1,538,102.34
2,478,607.60
0.000%
0.000%
0.0%
100.0%
0.0%
829,231.92
2,466,158.18
5.00%
5.77%
5.50%
4.50%
811,476.64
811,476.64
24,661.58
110,977.12
836,138.22
1,665,370.14
2,577,135.30
0.000%
0.000%
750,000.32
0.0%
100.0%
0.0%
782 537 76
2,478,607.60
4.88%
5.79%
5.50%
4.50%
750,000.32
750,000.32
24,786.08
111,537.34
774,786.40
1,557,324.16
2,590,144.94
0.000%
0.000%
0.0%
100.0%
0.0%
907,392.32
2,577,135.30
4.99%
5.78%
5.50%
4.50%
763,607.95
763,607.95
25,771.35
115,971.09
789,379.30
1,696,771.62
2,693,106.39
0.000%
0.000%
704,716.57
0.0%
100.0%
0.0%
921,454.97
2,590,144.94
4.91%
5.79%
5.50%
4.50%
704,716.57
704,716.57
25,901.45
116,556.52
730,618.02
1,652,072.99
2,706,701.47
0.000%
0.000%
0.0%
100.0%
0.0%
1,076,412.70
2,693,106.39
4.98%
5.79%
5.50%
4.50%
711,149.64
711,149.64
26,931.06
121,189.79
738,080.71
1,814,493.41
2,814,296.17
0.000%
0.000%
655,691.47
0.0%
92.5%
7.5%
921,627.92
74,726.59
2,706,701.47
4.90%
5.79%
5.50%
4.50%
651,362.56
651,362.56
27,067.01
121,801.57
678,429.58
4,428,560.53
(4,328.90)
2,753,776.44
0.000%
0.000%
0.0%
92.5%
7.5%
1,077,256.96
87,345.16
2,814,296.17
4.96%
5.80%
5.50%
4.50%
648,827.75
648,827.75
28,142.96
126,643.33
676,970.71
4,695,167.18
(5,064.57)
2,853,594.34
0.000%
0.000%
602,659.00
0.0%
92.5%
7.5%
997,222.81
80,855.90
2,828,503.03
4.90%
5.80%
5.50%
4.50%
597,972.76
597,972.76
28,285.03
127,282.64
626,257.80
4,579,266.28
(4,686.23)
2,874,929.76
0.000%
0.000%
0.0%
92.5%
7.5%
1,164,208.92
94,395.32
2,940,939.50
4.95%
5.81%
5.50%
4.50%
586,364.75
586,364.75
29,409.40
132,342.28
615,774.14
4,853,264.84
(5,481.44)
2,978,886.46
0.000%
0.000%
545,235.31
0.0%
92.5%
7.5%
1,076,121.62
87,253.10
2,955,785.67
4.89%
5.80%
5.50%
4.50%
540,175.87
540,175.87
29,557.86
133,010.36
569,733.73
4,734,651.37
(5,059.44)
3,001,542.92
0.000%
0.000%
0.0%
92.5%
7.5%
1,255,054.58
101,761.18
3,073,281.78
4.94%
5.82%
5.50%
4.50%
518,760.30
518,760.30
30,732.82
138,297.68
549,493.12
5,016,127.15
(5,917.88)
3,109,818.28
0.000%
0.000%
483,233.21
0.0%
92.5%
7.5%
1 16015094
94,066.29
3,088,796.02
4.88%
5.80%
5.50%
4.50%
477,776.07
477,776.07
30,887.96
138,995.82
508,664.03
4,896,606.82
(5,457.14)
3,133,725.55
0.000%
0.000%
0.0%
92.5%
7.5%
1,354,097.87
109,791.72
3,211,579.46
4.93%
5.81%
5.50%
4.50%
445,773.08
445,773.08
32,115.79
144,521.08
477,888.88
5,188,087.28
(6,381.57)
3,246,308.81
0.000%
0.000%
416,351.04
0.0%
92.5%
7.5%
1 249 386 31
101,301.59
3,227,791.84
4.87%
5.80%
5.50%
4.50%
410,471.31
410,471.31
32,277.92
145,250.63
442,749.23
5,065,178.02
(5,879.72)
3,271,740.88
0.000%
0.000%
0.0%
92.5%
7.5%
1,454,173.43
117,905.95
3,356,100.53
4.92%
5.81%
5.50%
4.50%
367,067.08
367,067.08
33,561.01
151,024.52
400,628.09
5,361,926.57
(6,849.63)
3,389,219.10
0.000%
0.000%
344,274.22
0.0%
92.5%
7.5%
1,343,152.37
108,904.25
3,373,042.48
4.87%
5.80%
5.50%
4.50%
337,954.73
337,954.73
33,730.42
151,786.91
371,685.16
5,239,666.91
(6,319.49)
3,415,925.14
0.000%
0.000%
0.0%
92.5%
7.5%
1,560,036.72
126,489.46
3,507,125.06
4.91%
5.81%
5.50%
4.50%
282,588.33
282,588.33
35,071.25
157,820.63
317,659.58
5,542,641.98
(7,344.45)
3,538,456.22
0.000%
0.000%
266,781.42
0.0%
92.5%
7.5%
1,438,627.24
116,645.45
3,524,829.39
4.86%
5.80%
5.50%
4.50%
260,014.33
260,014.33
35,248.29
158,617.32
295,262.62
5,417,336.57
(6,767.09)
3,566,801.26
0.000%
0.000%
0.0%
92.5%
7.5%
1,661,770.23
134,738.13
3,664,945.69
4.90%
5.80%
5.50%
4.50%
192,006.84
192,006.84
36,649.46
164,922.56
228,656.29
5,720,294.77
(7,819.31)
3,695,130.11
0.000%
0.000%
183,748.30
0.0%
92.5%
7.5%
1,529,907.11
124,046.52
3,683,446.71
4.85%
5.80%
5.50%
4.50%
176,553.55
176,553.55
36,834.47
165,755.10
213,388.02
5,592,496.95
(7,194.75)
3,725,155.29
0.000%
0.000%
0.0% 0.0% 0.0%
92.5% 100.0% 100.0%
7.5% 0.0% 0.0%
1,647,648.56
133,593.13
3,829,868.24
4.89%
5.80%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
95,568.69
95,568.69
38,298.68
172,344.07
133,867.37
5,783,728.24
(7,748.81)
3,868,619.19
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
94,938.76
0.0% 0.0% 0.0%
92.5% 100.0% 100.0%
7.5% 0.0% 0.0%
1,514,459.69
122,794.03
3,849,201.81
4.85%
5.80%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
87,818.35
87,818.35
38,492.02
173,214.08
126,310.37
5,663,185.96
(7,120.41)
3,899,621.86
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% CH)%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
-
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.0% 0.0% 0.0%
100.0% 100.0% 100.0%
0.0% 0.0% 0.0%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
.
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
892,533.94 853,678.58 810,875.54 763,830.12 712,348.36 656,227.46 595,026.78 528,514.08 456,446.55 378,455.97 294,157.29 203,262.13 105,354.66
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0% 0.0%
0.0%
-------
100.0%
0.0%
648,381.26
1,856,997.21
4.15%
5.99%
5.50%
4.50%
892,533.94
892,533.94
18,569.97
83,564.87
911,103.92
1,559,485.17
1,940,562.08
0.000%
0.000%
954,136.03
0.0%
100.0%
0.0%
673,019.40
1,910,096.18
3.77%
6.00%
5.50%
4.50%
954,136.03
954,136.03
19,100.96
85,954.33
973,236.99
1,646,256.39
1,996,050.51
0.000%
0.000%
757,629.95
0.0%
100.0%
0.0%
493,275.22
1,389,870.90
4.06%
5.44%
100.0%
0.0%
709,780.92
1,940,562.08
4.22%
6.03%
5.50%
4.50%
853,678.58
853,678.58
19,405.62
87,325.29
873,084.20
1,582,865.13
2,027,887.38
0.000%
0.000%
913,721.86
0.0%
100.0%
0.0%
739,501.73
1,996,050.51
3.86%
6.08%
5.50%
4.50%
913,721.86
913,721.86
19,960.51
89,822.27
933,682.37
1,673,184.10
2,085,872.78
0.000%
0.000%
730,813.97
0.0%
100.0%
0.0%
534,378.77
1,452,415.09
4.13%
5.53%
100.0%
0.0%
844,566.25
2,027,887.38
4.29%
6.07%
5.50%
4.50%
810,875.54
810,875.54
20,278.87
91,254.93
831,154.42
1,675,720.67
2,119,142.31
0.000%
0.000%
868,774.61
0.0%
100.0%
0.0%
882,214.34
2,085,872.78
3.94%
6.13%
5.50%
4.50%
868,774.61
868,774.61
20,858.73
93,864.28
889,633.34
1,771,847.67
2,179,737.06
0.000%
0.000%
701,241.79
0.0%
100.0%
0.0%
575,813.42
1,517,773.77
4.20%
5.63%
92.5%
7.5%
853,582.91
69,209.43
2,119,142.31
4.36%
6.08%
5.50%
4.50%
759,625.20
759,625.20
21,191.42
95,361.40
780,816.62
3,848,903.25
(4,204.92)
2,145,294.29
0.000%
0.000%
819,195.08
0.0%
92.5%
7.5%
892,348.27
72,352.56
2,179,737.06
4.03%
6.17%
5.50%
4.50%
814,727.66
814,727.66
21,797.37
98,088.17
836,525.03
4,006,698.53
(4,467.42)
2,205,472.66
0.000%
0.000%
668,814.51
0.0%
100.0%
0.0%
670,860.31
1,586,073.59
4.28%
5.74%
92.5%
7.5%
927,969.50
75,240.77
2,214,503.71
4.35%
6.09%
5.50%
4.50%
707,764.50
707,764.50
22,145.04
99,652.67
729,909.54
3,972,035.42
(4,583.86)
2,238,915.61
0.000%
0.000%
764,513.34
0.0%
92.5%
7.5%
970,463.53
78,686.23
2,277,825.23
4.11%
6.21%
5.50%
4.50%
759,629.42
759,629.42
22,778.25
102,502.14
782,407.68
4,133,198.57
(4,883.91)
2,301,641.13
0.000%
0.000%
633,429.72
0.0%
92.5%
7.5%
655,037.46
53,111.15
1,657,446.90
4.35%
5.84%
92.5%
7.5%
1,008,910.76
81,803.58
2,314,156.38
4.34%
6.11%
5.50%
4.50%
651,230.19
651,230.19
23,141.56
104,137.04
674,371.75
4,101,575.94
(4,997.27)
2,336,489.84
0.000%
0.000%
704,724.37
0.0%
92.5%
7.5%
1,050,308.10
85,160.12
2,380,327.36
4.11%
6.26%
5.50%
4.50%
699,394.50
699,394.50
23,803.27
107,114.73
723,197.77
4,260,947.97
(5,329.87)
2,402,281.98
0.000%
0.000%
595,429.77
0.0%
92.5%
7.5%
689,744.23
55,925.21
1,732,032.01
4.43%
6.03%
92.5%
7.5%
1,093,228.62
88,640.16
2,418,293.42
4.34%
6.13%
5.50%
4.50%
589,597.14
589,597.14
24,182.93
108,823.20
613,780.07
4,234,125.31
(5,429.64)
2,438,476.47
0.000%
0.000%
639,457.07
0.0%
92.5%
7.5%
1,133,112.91
91,874.02
2,487,442.09
4.11%
6.31%
5.50%
4.50%
633,659.38
633,659.38
24,874.42
111,934.89
658,533.80
4,391,023.70
(5,797.69)
2,507,502.97
0.000%
0.000%
554,092.94
0.0%
92.5%
7.5%
732,255.21
59,372.04
1,809,973.45
4.44%
6.16%
92.5%
7.5%
1,181,197.76
95,772.79
2,527,116.62
4.33%
6.14%
5.50%
4.50%
522,631.63
522,631.63
25,271.17
113,720.25
547,902.80
4,369,937.42
(5,882.45)
2,545,064.08
0.000%
0.000%
568,444.15
0.0%
92.5%
7.5%
1,219,250.98
98,858.19
2,599,376.99
4.10%
6.36%
5.50%
4.50%
562,154.48
562,154.48
25,993.77
116,971.96
588,148.25
4,523,748.18
(6,289.67)
2,617,490.77
0.000%
0.000%
509,299.52
0.0%
92.5%
7.5%
777,620.70
63,050.33
1,891,422.26
4.46%
6.28%
92.5%
7.5%
1,274,679.88
103,352.42
2,640,836.87
4.32%
6.16%
5.50%
4.50%
450,081.38
450,081.38
26,408.37
118,837.66
476,489.75
4,510,844.16
(6,365.17)
2,656,322.11
0.000%
0.000%
491,405.30
0.0%
92.5%
7.5%
1,312,024.36
106,380.35
2,716,348.95
4.10%
6.41%
5.50%
4.50%
484,581.90
484,581.90
27,163.49
122,235.70
511,745.39
4,662,354.40
(6,823.39)
2,732,204.30
0.000%
0.000%
460,746.06
0.0%
92.5%
7.5%
822,232.82
66,667.53
1,976,536.26
4.47%
6.41%
92.5%
7.5%
1,376,911.37
111,641.46
2,759,674.53
4.31%
6.16%
5.50%
4.50%
371,577.64
371,577.64
27,596.75
124,185.35
399,174.39
4,659,945.64
(6,878.32)
2,772,218.42
0.000%
0.000%
407,802.55
0.0%
92.5%
7.5%
1,406,873.81
114,070.85
2,838,584.66
4.09%
6.47%
5.50%
4.50%
400,426.75
400,426.75
28,385.85
127,736.31
428,812.60
4,802,007.37
(7,375.79)
2,852,250.12
0.000%
0.000%
408,387.34
0.0%
92.5%
7.5%
869,877.98
70,530.65
2,065,480.39
4.49%
6.53%
92.5%
7.5%
1,483,232.51
120,262.10
2,883,859.88
4.30%
6.16%
5.50%
4.50%
286,744.98
286,744.98
28,838.60
129,773.69
315,583.58
4,812,449.67
(7,412.31)
2,893,371.48
0.000%
0.000%
317,437.66
0.0%
92.5%
7.5%
1,514,065.44
122,762.06
2,966,320.96
4.09%
6.50%
5.50%
4.50%
309,458.62
309,458.62
29,663.21
133,484.44
339,121.82
4,952,992.67
(7,979.04)
2,977,043.35
0.000%
0.000%
351,907.44
0.0%
92.5%
7.5%
919,217.53
74,531.15
2,158,427.01
4.50%
6.66%
92.5%
7.5%
1,587,346.95
128,703.81
3,013,633.58
4.29%
6.17%
5.50%
4.50%
195,326.45
195,326.45
30,136.34
135,613.51
225,462.79
4,962,056.83
(7,935.68)
3,020,543.28
0.000%
0.000%
219,614.83
0.0%
92.5%
7.5%
1,616,781.49
131,090.39
3,099,805.41
4.09%
6.53%
5.50%
4.50%
211,050.39
211,050.39
30,998.05
139,491.24
242,048.45
5,098,126.59
(8,564.43)
3,108,206.26
0.000%
0.000%
291,068.79
0.0%
92.5%
7.5%
979,542.87
79,422.40
2,255,556.23
4.51%
6.71%
92.5%
7.5%
1,579,919.62
128,101.59
3,149,247.09
4.29%
6.17%
5.50%
4.50%
97,453.06
97,453.06
31,492.47
141,716.12
128,945.53
4,999,828.36
(7,901.60)
3,162,861.62
0.000%
0.000%
113,970.17
0.0%
92.5%
7.5%
1,605,372.38
130,165.33
3,239,296.65
4.08%
6.57%
5.50%
4.50%
105,422.41
105,422.41
32,392.97
145,768.35
137,815.37
5,128,252.75
(8,547.76)
3,254,899.67
0.000%
0.000%
225,715.00
0.0%
92.5%
7.5%
1,042,198.98
84,502.62
2,357,056.26
4.53%
6.76%
100.0%
0.0%
5.50%
4.50%
:
.
0.000%
0.000%
0.0%
100.0%
0.0%
:
5.50%
4.50%
0.000%
0.000%
155,594.33
0.0%
92.5%
7.5%
1,101,614.41
89,320.09
2,463,123.79
4.54%
6.82%
100.0%
0.0%
5.50%
4.50%
:
.
0.000%
0.000%
0.0%
100.0%
0.0%
:
5.50%
4.50%
0.000%
0.000%
80,446.09
0.0%
92.5%
7.5%
1,083,256.21
87,831.58
2,573,964.36
4.56%
6.87%
100.0% 100.0%
0.0% 0.0%
5.50% 5.50%
4.50% 4.50%
: :
.
0.000% 0.000%
0.000% 0.000%
0.0% 0.0%
100.0% 100.0%
0.0% CH)%
5.50% 5.50%
4.50% 4.50%
0.000% 0.000%
0.000% 0.000%
0.0% 0.0%
100.0% 100.0%
0.0% 0.0%
-------
5.50%
4.50%
757,629.95
757,629.95
13,898.71
62,544.19
771,528.66
1,264,803.87
1,452,415.09
0.000%
5.50%
4.50%
730,813.97
730,813.97
14,524.15
65,358.68
745,338.12
1,279,716.89
1,517,773.77
0.000%
5.50%
4.50%
701,241.79
701,241.79
15,177.74
68,299.82
716,419.53
1,292,232.95
1,586,073.59
0.000%
5.50%
4.50%
668,814.51
668,814.51
15,860.74
71,373.31
684,675.25
1,355,535.56
1,657,446.90
0.000%
5.50%
4.50%
630,326.64
630,326.64
16,574.47
74,585.11
646,901.10
3,033,970.58
(3,103.08)
1,678,920.87
0.000%
5.50%
4.50%
592,055.26
592,055.26
17,320.32
77,941.44
609,375.58
3,109,093.27
(3,374.51)
1,754,048.25
0.000%
0.000%
5.50%
4.50%
550,436.29
550,436.29
18,099.73
81,448.81
568,536.02
3,192,213.50
(3,656.65)
1,832,050.22
0.000%
0.000%
5.50%
4.50%
505,337.57
505,337.57
18,914.22
85,114.00
524,251.79
3,278,408.75
(3,961.95)
1,913,485.94
0.000%
c
5.50%
4.50%
456,473.54
456,473.54
19,765.36
88,944.13
476,238.90
3,363,952.12
(4,272.52)
1,998,812.87
0.000%
0.000%
5.50%
4.50%
403,779.15
403,779.15
20,654.80
92,946.62
424,433.95
3,452,738.94
(4,608.19)
2,087,896.36
0.000%
0.000%
5.50%
4.50%
346,944.78
346,944.78
21,584.27
97,129.22
368,529.05
3,543,302.80
(4,962.66)
2,181,025.08
0.000%
0.000%
5.50%
4.50%
285,738.58
285,738.58
22,555.56
101,500.03
308,294.14
3,644,893.27
(5,330.21)
2,277,633.86
0.000%
0.000%
5.50%
4.50%
219,999.30
219,999.30
23,570.56
106,067.53
243,569.87
3,748,892.64
(5,715.70)
2,378,621.17
0.000%
0.000%
5.50%
4.50%
149,505.70
149,505.70
24,631.24
110,840.57
174,136.94
3,849,715.71
(6,088.63)
2,484,644.27
0.000%
0.000%
5.50%
4.50%
74,412.63
74,412.63
25,739.64
115,828.40
100,152.28
3,873,201.24
(6,033.46)
2,601,961.17
0.000%
0.000%
5.50% 5.50%
4.50% 4.50%
-
-
0.000% 0.000%
0.000% 0.000%
-------
a
b
c
d
e
f
g
h
1990
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds a-b
Capital Recovery Investment
Capital Savings c-d
Interest, Dividends and Realized Gains
Shortfall
Excess Earnings f-b
Excess Earnings $
Capital Savings
Total Benefit $
1990 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
Equity Allocation (from Excess Int.)
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
0.25
Total
800,194,707.29
364,960,183.93
435,234,523.36
353,602,674.81
81,631,848.55
427,743,344.13
62,783,160.20
62,783,160.20
81,631,848.55
144,415,008.75
2013
28,173,489.24
21,826,510.76
100%
1.00
20,534,105.46
1,032,081.29
1990
6/15/1990
50,000,000.00 |
28,173,489.24
21,826,51076
20,534,105.46
1,292,405.30 |
33,350,702.58
5,177,213.34
62, 783,160.20 \
from below to check
100.0%
1991
6/15/1991
50,000,000.00 |
25,969,197.87
24,030,802.13
19,952,133.58
4,078,668.56 |
30,746,678.34
4,777,480.48
151,838.65
100.0%
7.89%
1992 1993
6/15/1992 6/15/1993
- I - I
- I - I
Aggregate Equity Deposit
% of Escrow Principal
Gross Future Equity Return
Equity Costs & Fees
1,451,463.57 1,759,582.12
100.0% 100.0%
0.0% 0.0%
20,842.89
1,032,081.29 1,112,232.72
8.16% 8.26%
1994
6/15/1994
50,000,000.00 |
21,592,533.74
28,407,466.26
19,897,300.24
8,510,166.02 |
25,109,746.50
3,517,212.76
17,235,488.22
4.87%
6.5%
1.0%
1,757,86099
100.0%
0.0%
69,667.08
1,234,133.43
8.32%
1995
6/15/1995
50,001,390.00 |
21,477,086.38
28,524,303.62
20,577,841.92
7,946,461.70 |
24,944,501.16
3,467,414.79
1,752,067.85
100.0%
0.0%
123,711.76
1,206,846.74
8.37%
1996
6/15/1996
- I
- I
1,741,709.12
100.0%
0.0%
182,983.79
1,530,112.70
8.45%
1997
6/15/1997
50,000,040.00 |
20,680,886.38
29,319,153.62
21,627,339.61
7,691,814.01 |
23,184,624.72
2,503,738.34
1,726,254.20
100.0%
0.0%
252,347.62
1,772,115.33
8.52%
1998
6/15/1998
50,001,795.00 |
18,956,051.71
31,045,743.29
23,396,556.35
7,649,186.95 |
21,331,137.27
2,375,085.57
1,704,757.11
100.0%
0.0%
328,170.69
2,150,107.53
8.53%
1999
6/15/1999
- I
- I
1,676,764.06
100.0%
0.0%
416,100.91
2,401,541.10
8.54%
2000
6/15/2000
- I
- I
-
1,641,224.00
100.0%
0.0%
512,624.15
2,963,789.90
8.55%
2001
6/15/2001
50,002,340.00 |
25,100,583.86
24,901,756.14
20,304,561.55
4,597,194.59 |
29,352,824.11
4,252,240.25
1,597,382.33
100.0%
0.0%
618,967.92
2,944,584.54
8.56%
2002
6/15/2002
50,000,465.00 |
24,626,497.33
25,373,967.67
21,123,913.53
4,250,054.14 |
28,698,445.92
4,071,948.60
1,544,427.89
100.0%
0.0%
739,818.08
2,633,901.43
8.56%
2003 2004
6/15/2003 6/15/2004
50,001,11000 | 50,001,17000 |
22,897,721.57 21,761,959.65
27,103,388.43 28,239,210.35
22,935,474.07 22,024,018.13
4,167,914.36 | 6,215,192.22 |
26,465,949.16 24,996,893.33
3,568,227.59 3,234,933.68
1,481,113.08 1,406,659.78
100.0% 100.0%
0.0% 0.0%
869,675.85 1,015,790.63
2,109,465.31 2,863,978.87
8.56% 8.56%
AA Taxable Rate |
1991
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
Equity Dividend Income
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
^^^^^^^^^^^^^^^
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
-11.01%
1% -12.01%
30,000,792.21
526,379.41
2,823,530.96
1,827,302.97
1,032,081.29
1,292,405.30
5,177,213.34
6,469,618.64
2.58%
12.94%
2015
25,969,197.87
24,030,802.13
100%
^^^H
1.00
19,952,133.58
1,018,244.39
1%
27,428,890.26
537,834.42
2,779,953.66
1,459,692.39
1,018,244.39
1000%
0.0%
-11.01%
-12.01%
35.52%
34.52%
1,759,582.12
mm^m
1,759,582.12
1,759,582.12
1,607,743.47
1000%
0.0%
35.52%
34.52%
8.77% 11.96%
7.77% 10.96%
1,759,582.12 1,759,582.12
^^^^
10,32081 11,122.33
80,151.43 121,90071
1,769,902.94 1,770,704.45
1,769,902.94 1,791,547.34
308,118.55
1,112,232.72 1,234,133.43
204,856.31 1,421,753.32
100OT6 100.0%
0.0% 0.0%
1,018,244.39
5.86% 6.49%
8.77% 11.96%
7.77% 10.96%
1,583,91087 1,583,91087
10,182.44
111,599.58
1,583,91087 1,594,093.32
1,583,910.87 1,594,093.32
1,379,054.56 162,157.55
-1.21%
-2.21%
1,757,860.99
mmm^m
12,341.33
(27,286.69)
1,770,202.33
1,839,869.40
1,206,846.74
1,583,910.87
100.0%
0.0%
126,633.47
1,129,843.97
6.82%
-1.21%
-2.21%
1,583,91087
11,298.44
(24,980.85)
1,595,209.31
1,721,842.79
27.79%
26.79%
1,752,067.85
12,068.47
323,265.97
1,764,136.32
1,887,848.08
1,530,112.70
1,575,278.32
1000%
0.0%
162,150.64
1,104,863.12
7.10%
27.79%
26.79%
1,575,278.32
11,048.63
295,948.64
1,586,326.95
1,748,477.59
16.82%
15.82%
1,741,709.12
15,301.13
242,002.62
1,757,010.25
1,939,994.04
1,772,115.33
1,563,772.47
100.0%
^M35a
0.0%
199,780.47
1,400,811.76
7.37%
16.82%
15.82%
1,563,772.47
14,008.12
221,552.39
1,577,78058
1,777,561.06
22.33%
21.33%
1,726,254.20
17,721.15
377,992.20
1,743,975.35
1,996,322.97
2,150,107.53
1,549,039.45
100.0%
0.0%
245,813.04
1,622,364.14
7.53%
22.33%
21.33%
1,549,039.45
16,223.64
346,050.27
1,565,263.10
1,811,076.14
12.69%
11.69%
1,704,757.11
21,501.08
251,433.57
1,726,258.19
2,054,428.87
2,401,541.10
1,530,537.50
100.0%
0.0%
295,396.02
1,968,414.42
7.68%
12.69%
11.69%
1,530,537.50
19,684.14
230,186.38
1,550,221.64
1,845,617.67
24.41%
23.41%
1,676,764.06
24,015.41
562,248.80
1,700,779.47
2,116,880.39
2,963,789.90
1,507,853.80
100.0%
0.0%
354,902.99
2,198,600.80
7.74%
24.41%
23.41%
1,507,853.80
21,986.01
514,736.42
1,529,839.81
1,884,742.80
0.35%
-0.65%
1,641,224.00
^^^H
29,637.90
(19,205.36)
1,670,861.90
2,183,486.05
2,944,584.54
1,480,383.70
100.0%
0.0%
419,628.50
2,713,337.22
7.80%
0.35%
-0.65%
1,480,383.70
27,133.37
(17,582.43)
1,507,517.07
1,927,145.57
-9.55%
-10.55%
1,597,382.33
^^^^H
29,445.85
(310,683.12)
1,626,828.17
2,245,796.09
2,633,901.43
1,447,647.36
100.0%
0.0%
491,946.86
2,695,754.79
7.86%
-9.55%
-10.55%
1,447,647.36
26,957.55
(284,429.09)
1,474,604.91
1,966,551.77
-18.91%
-19.91%
1,544,427.89
^
26,339.01
(524,436.11)
1,570,766.90
2,310,584.98
2,109,465.31
1,408,968.72
100.0%
0.0%
573,587.11
2,411,325.70
7.88%
-18.91%
-19.91%
1,408,968.72
24,113.26
(480,119.06)
1,433,081.98
2,006,669.09
36.77% 15.91%
35.77% 14.91%
1,481,113.08 1,406,659.78
^^^^^^H
21,094.65 28,639.79
754,513.55 427,076.53
1,502,207.73 1,435,299.57
2,371,883.58 2,451,090.19
2,863,978.87 3,291,055.40
1,363,791.86 1,311,359.58
100.0% 100.0%
0.0% 0.0%
664,537.52 763,297.47
1,931,206.64 2,621,96063
7.89% 7.90%
36.77% 15.91%
35.77% 14.91%
1,363,791.86 1,311,359.58
19,312.07 26,219.61
690,753.99 390,986.77
1,383,103.92 1,337,579.19
2,047,641.44 2,100,876.66
-------
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1994 1994 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1995 1995 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
4,078,668.56
4,777,480.48
8,856,149.04
8.16%
17.71%
2016
21,592,533.74
28,407,466.26
50%
50%
1.00
10,591,181.24
9,306,119.00
939,039.88
1%
11,442,251.62
11,442,251.62
385,710.28
1,839,532.99
1,291,969.50
8,510,166.02
3,517,212.76
12,027,378.78
17.02%
24.05%
2018
21,477,086.38
28,522,913.62
50%
50%
1.00
10,801,941.12
9,775,900.80
1,027,040.28
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1997 1997 Financing
Required SF Deposit
11,348,537.98
11,348,537.98
409,039.14
1,838,386.06
1,219,989.58
7,945,071.70
3,467,414.79
11,412,486.49
15.89%
22.82%
2020
20,680,886.38
1,129,843.97 1,104,863.12
50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
Investment Amt Split - Treasury Share:
50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0%
(£OT& (£OT& cnjji cnjji cn)%
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
1,400,811.76
295,014.00
50.0%
50.0%
0.0%
5.32%
6.20%
27.79%
26.79%
767,314.97
767,314.97
1,534,629.94
1,534,629.94
1,534,629.94
1,239,615.94
0.000%
50.000%
50.0%
50.0%
CH)%
27.79%
26.79%
0.000%
0.000%
1,622,364.14
1,408,311.50
50.0%
50.0%
0.0%
939,039.88
5.94%
6.77%
16.82%
15.82%
767,314.97
767,314.97
1,534,629.94
9,390.40
148,518.55
1,544,020.34
1,544,020.34
126,318.44
1,087,558.43
0.000%
50.000%
286,675.29
50.0%
50.0%
CH)%
5.94%
6.33%
16.82%
15.82%
730,997.69
730,997.69
1,461,995.38
1,461,995.38
1,461,995.38
1,175,320.09
0.000%
50.000%
1,968,414.42
1,534,629.94
50.0%
50.0%
0.0%
187,563.95
162,638.05
1,087,558.43
6.27%
7.23%
22.33%
21.33%
767,314.97
767,314.97
1,534,629.94
10,875.58
231,976.21
1,545,505.52
1,895,707.52
1,319,534.65
53.559%
50.661%
1,343,022.92
50.0%
50.0%
0.0%
1,027,040.28
6.15%
6.52%
22.33%
21.33%
730,997.69
730,997.69
1,461,995.38
10,270.40
219,067.69
1,472,265.78
1,472,265.78
118,972.45
1,246,107.97
0.000%
50.000%
2,198,600.80
1,511,107.76
50.0%
50.0%
0.0%
207,402.10
180,022.97
1,319,534.65
6.48%
7.46%
12.69%
11.69%
755,553.88
755,553.88
1,511,107.76
13,195.35
154,306.38
1,524,303.11
1,911,728.18
1,473,841.03
53.533%
50.721%
1,461,995.38
50.0%
50.0%
0.0%
173,453.76
161,344.27
1,246,107.97
6.25%
6.72%
12.69%
11.69%
730,997.69
730,997.69
1,461,995.38
12,461.08
145,719.87
1,474,456.46
1,809,254.50
1,391,827.84
51.808%
50.337%
2,713,337.22
1,484,231.12
50.0%
50.0%
0.0%
229,580.69
200,602.83
1,473,841.03
6.69%
7.65%
24.41%
23.41%
742,115.56
742,115.56
1,484,231.12
14,738.41
345,055.66
1,498,969.53
1,929,153.04
1,818,896.69
53.368%
50.757%
1,440,297.28
50.0%
50.0%
0.0%
193,678.59
178,389.48
1,391,827.84
6.32%
6.86%
24.41%
23.41%
720,148.64
720,148.64
1,440,297.28
13,918.28
325,854.73
1,454,215.56
1,826,283.63
1,717,682.57
52.055%
50.422%
299,517.72
2,695,754.79
1,453,521.15
50.0%
50.0%
0.0%
260,955.84
228,613.65
1,818,896.69
6.80%
7.76%
0.35%
-0.65%
726,760.58
726,760.58
1,453,521.15
18,188.97
(11,786.45)
1,471,710.12
1,961,279.61
1,807,110.24
53.303%
50.832%
1,415,820.11
50.0%
50.0%
0.0%
215,718.39
195,934.95
1,717,682.57
6.38%
7.03%
0.35%
-0.65%
707,910.05
707,910.05
1,415,820.11
17,176.83
(11,130.58)
1,432,996.93
1,844,650.27
1,706,551.99
52.403%
50.541%
1,361,927.13
2,411,325.70
1,418,041.64
50.0%
50.0%
0.0%
291,238.71
255,790.56
1,807,110.24
6.91%
7.87%
-9.55%
-10.55%
709,020.82
709,020.82
1,418,041.64
18,071.10
(190,668.20)
1,436,112.74
1,983,142.00
1,616,442.04
53.240%
50.902%
1,388,280.12
50.0%
50.0%
0.0%
238,882.45
216,574.22
1,706,551.99
6.44%
7.10%
-9.55%
-10.55%
694,140.06
694,140.06
1,388,280.12
17,065.52
(180,058.30)
1,405,345.64
1,860,802.30
1,526,493.69
52.449%
50.605%
1,479,580.61
1,931,206.64
1,377,805.78
50.0%
50.0%
0.0%
325,886.23
285,650.78
1,616,442.04
6.97%
7.95%
-18.91%
-19.91%
688,902.89
688,902.89
1,377,805.78
16,164.42
(321,849.77)
1,393,970.20
2,005,507.21
1,294,592.26
53.290%
51.011%
1,357,512.63
50.0%
50.0%
0.0%
276,424.68
250,156.90
1,526,493.69
6.50%
7.18%
-18.91%
-19.91%
678,756.32
678,756.32
1,357,512.63
15,264.94
(303,940.16)
1,372,777.57
1,899,359.14
1,222,553.53
52.494%
50.697%
1,457,610.54
2,621,960.63
1,332,397.66
50.0%
50.0%
0.0%
364,099.79
318,522.46
1,294,592.26
7.03%
8.03%
36.77%
35.77%
666,198.83
666,198.83
1,332,397.66
12,945.92
463,049.76
1,345,343.58
2,027,965.83
1,757,642.02
53.338%
51.131%
1,321,597.10
50.0%
50.0%
0.0%
317,946.99
287,486.91
1,222,553.53
6.52%
7.21%
36.77%
35.77%
660,798.55
660,798.55
1,321,597.10
12,225.54
437,282.95
1,333,822.64
1,939,256.54
1,659,836.48
52.516%
50.790%
1,431,935.24
3,012,947.40
1,281,234.18
50.0%
50.0%
0.0%
405,014.24
354,274.66
1,757,642.02
7.09%
8.10%
15.91%
14.91%
640,617.09
640,617.09
1,281,234.18
17,576.42
262,099.58
1,298,810.60
2,058,099.50
2,019,741.60
53.341%
51.243%
1,280,122.40
50.0%
50.0%
0.0%
351,161.63
317,249.78
1,659,836.48
6.55%
7.25%
15.91%
14.91%
640,061.20
640,061.20
1,280,122.40
16,598.36
247,514.82
1,296,720.77
1,965,132.18
1,907,351.30
52.537%
50.870%
1,402,357.14
-------
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1998 1998 Financing
Required SF Deposit
29,319,113.62
50%
50%
1.00
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
78,217.95
168,549.46
50.0%
50.0%
0.0%
206,237.89
193,210.99
50.0%
50.0%
0.0%
235,652.08
219,656.90
50.0%
50.0%
0.0%
267,289.97
247,920.57
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
1,202,164.93
1%
10,947,578.83
10,947,578.83
301,637.73
987,829.32
1,214,271.29
5.99%
6.10%
-11.01% 35.52% 8.77% 11.96% -1.21% 27.79% 16.82% 22.33% 12.69% 24.41%
-12.01% 34.52% 7.77% 10.96% -2.21% 26.79% 15.82% 21.33% 11.69% 23.41%
739,790.30
739,790.30
1,479,580.61
1,479,580.61
1,479,580.61
1,180,062.89
1,202,164.93
6.10%
6.40%
0.35%
-0.65%
739,790.30
739,790.30
1,479,580.61
12,021.65
(7,790.03)
1,491,602.26
1,491,602.26
117,653.48
1,194,374.90
6.16%
6.52%
-9.55%
-10.55%
739,790.30
739,790.30
1,479,580.61
11,943.75
(126,018.50)
1,491,524.36
1,838,291.77
1,068,356.40
6.22%
6.64%
-18.91%
-19.91%
728,805.27
728,805.27
1,457,610.54
10,683.56
(212,720.44)
1,468,294.10
1,867,742.98
855,635.96
6.28%
6.73%
36.77%
35.77%
715,967.62
715,967.62
1,431,935.24
8,556.36
306,043.87
1,440,491.60
1,895,800.58
1,161,679.83
6.33%
6.82%
15.91%
14.91%
701,178.57
701,178.57
1,402,357.14
11,616.80
173,229.70
1,413,973.93
1,929,184.48
7,691,774.01
2,503,738.34
10,195,512.35
15.38%
20.39%
2020
18,956,051.71
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
50.000%
1,194,374.90
0.000%
50.000%
1,068,356.40
51.394%
50.265%
855,635.96
51.631%
50.351%
1,161,679.83
51.757%
50.424%
283,986.61 1,271,111.9
1,375,114.79 1,349,072.70 1,320,151.9
1,334,909.53
51.880%
50.505%
1,288,198.99
Available Investment Funds
31,043,948.29
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Equity Investment Balance
50%
50%
1.00
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
281,050.22
251,253.67
50.0%
50.0%
0.0%
310,083.33
272,193.13
50.0%
50.0%
0.0%
341,708.09
299,867.40
1,165,386.72 1,157,835.01 1,035,671.8
829,459.22 1,126,140.19
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
-12.01%
35.52%
0.50
8.77%
7.77%
-1.21%
-2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
5.05%
5.49%
24.41%
23.41%
5.13%
5.58%
0.35%
5.14%
5.67%
-9.55%
-10.55%
5.15%
5.76%
-18.91%
-19.91%
5.15%
5.87%
36.77%
35.77%
5.22%
5.94%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
10,040,559.65
10,040,559.65
292,409.63
957,608.35
687,557.39
687,557.39
687,557.39
687,557.39
687,557.39
687,557.39
674,536.35
674,536.35
660,075.98
660,075.98
644,099.49
644,099.49
1,375,114.79
1,375,114.79
11,653.87
(7,551.71)
1,375,114.79
11,578.35
(122,163.17)
1,349,072.70
10,356.72
(206,212.62)
1,320,151.96
8,294.59
296,680.97
1,288,198.99
11,261.40
167,930.03
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
1,125,067.59
1,375,114.79
1,375,114.79
1,091,128.17
1,386,768.65
1,386,768.65
104,002.79
1,386,693.14
1,869,605.50
1,359,429.42
1,891,733.31
1,328,446.55
1,910,723.01
1,299,460.39
1,941,035.88
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2001 2001 Financing
Required SF Deposit
Available Investment Funds
7,647,391.95
2,375,085.57
10,022,477.52
15.29%
20.04%
2032
25,100,583.86
24,899,416.14
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
1,157,835.01
0.000%
1,035,671.84
52.480%
50.644%
829,459.22
52.799%
50.792%
1,126,140.19
53.254%
1,294,070.22
53.261%
177,235.26 1,094,690.98
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
50%
50%
1.00
50.0%
50.0%
0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
11,166,880.94
9,137,680.61
1,163,717.36
50.0%
50.0%
0.0%
1,163,717.36
-------
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2002 2002 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
1%
13,098,957.84
13,098,957.84
598,141.09
2,556,767.34
1,097,331.82
4,594,854.59
4,252,240.25
8,847,094.84
9.19%
17.69%
2032
24,626,497.33
25,373,502.67
50%
50%
1.00
11,623,791.42
9,500,122.11
1,104,029.47
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2003 2003 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
12,852,677.49
12,852,677.49
567,462.01
2,425,628.93
1,078,857.66
4,249,589.14
4,071,948.60
8,321,537.74
8.50%
16.64%
2033
22,897,721.57
27,102,278.43
50%
50%
1.00
12,789,812.62
10,145,661.45
1,080,608.26
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
11,950,401.36
11,950,401.36
504,007.77
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
Investment Amt Split
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
Investment Amt Split
Investment Return/Escrow Return Split
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0%
: : : :
-11.01% 35.52% 8.77% 11.96%
-12.01% 34.52% 7.77% 10.96%
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
Treasury Share: 0.000% 0.000% 0.000%
Treasury Share: 0.000% 0.000% 0.000%
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
(£OT& (£OT& cnjji cnjji
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
Treasury Share: 0.000% 0.000% 0.000%
Treasury Share: 0.000% 0.000% 0.000%
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0%
-1.21% 27.79% 16.82% 22.33%
-2.21% 26.79% 15.82% 21.33%
3.83%
4.76%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77%
610,045.04
610,045.04
1,220,090.08
1,220,090.08
1,220,090.08
1,042,854.82
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 50.000%
182,524.02
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
cnjji cnjji cnjji cnjji cnjji cn)%
2.00%
2.64%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77%
603,345.43
603,345.43
1,206,690.86
1,206,690.86
1,206,690.86
1,024,166.84
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 50.000%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
12.69% 24.41% 0.35% -9.55% -18.91% 36.77%
11.69% 23.41% -0.65% -10.55% -19.91% 35.77%
4.09%
5.07%
15.91%
14.91%
610,045.04
610,045.04
1,220,090.08
11,637.17
173,533.53
1,231,727.25
1,231,727.25
125,399.10
1,337,250.89
0.000%
50.000%
1,086,571.65
50.0%
50.0%
CH)%
1,104,029.47
2.64%
3.30%
15.91%
14.91%
603,345.43
603,345.43
1,206,690.86
11,040.29
164,632.87
1,217,731.15
1,217,731.15
120,119.21
1,268,662.34
0.000%
50.000%
203,279.66
50.0%
50.0%
0.0%
1.24%
1.70%
15.91%
14.91%
581,528.93
581,528.93
1,163,057.86
-------
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2004 2004 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
2,061,138.67
1,003,081.15
4,166,804.36
3,568,227.59
7,735,031.96
8.33%
15.47%
2034
21,761,959.65
28,238,040.35
50%
50%
1.00
11,905,221.80
10,118,796.33
1,022,469.87
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2005 2005 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
11,358,044.04
11,358,044.04
455,114.92
1,825,690.34
954,128.43
6,214,022.22
3,234,933.68
9,448,955.90
12.43%
18.90%
2036
22,589,858.93
27,410,141.07
50%
50%
1.00
12,618,491.87
10,988,187.84
997,270.91
1%
11,791,152.52
11,791,152.52
384,263.38
1,435,845.71
992,446.11
3,803,461.36
1,163,057.86
1,163,057.86
959,778.20
Investment Amt Split - Treasury Share:
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 50.000%
50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0%
: : : : :
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
(£OT& (£OT& cnjji cnjji cnjji cnjji cnjji cnjji cnjji cn)%
27.79% 16.82% 22.33% 12.69% 24.41% 0.35% -9.55% -18.91% 36.77% 15.91%
26.79% 15.82% 21.33% 11.69% 23.41% -0.65% -10.55% -19.91% 35.77% 14.91%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0%
-11.01% 35.52% 8.77% 11.96% -1.21%
-12.01% 34.52% 7.77% 10.96% -2.21%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
27.79% 16.82% 22.33% 12.69% 24.41% 0.35% -9.55% -18.91% 36.77% 15.91%
26.79% 15.82% 21.33% 11.69% 23.41% -0.65% -10.55% -19.91% 35.77% 14.91%
Investment Amt Split - Treasury Share:
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2006 2006 Financing
Required SF Deposit
Available Investment Funds
2,812,555.19
6,616,016.55
7.61%
13.23%
2037
23,546,736.33
26,453,263.67
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
50%
50%
1.00
50.0%
50.0%
0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
11,926,436.65
10,205,812.34
987,387.72
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
-12.01%
35.52% 8.77% 11.96% -1.21%
34.52% 7.77% 10.96% -2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
12,291,462.71
12,291,462.71
683,804.42
3,374,254.49
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
1,036,189.09
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2007 2007 Financing
Required SF Deposit
Available Investment Funds
4,321,014.69
5,094,248.00
9,415,262.69
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
18.83%
2037
22,122,632.76
27,877,367.24
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
50%
50%
1.00
50.0%
50.0%
0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
11,775,974.94
9,894,465.10
997,442.32
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
35.52% 8.77% 11.96% -1.21%
34.52% 7.77% 10.96% -2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-0.65%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
11,545,992.29
11,545,992.29
690,767.62
3,408,614.63
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2008 2008 Financing
Required SF Deposit
Available Investment Funds
6,206,927.20
5,068,734.08
11,275,661.28
12.41%
22.55%
2038
22,529,637.93
27,470,362.07
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Treasury Allocation
50%
50.0%
50.0% 50.0% 50.0% 50.0%
50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
-------
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
50%
1.00
14,627,137.96
10,051,815.24
1,214,602.26
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
-12.01%
35.52%
34.52%
8.77%
7.77%
-1.21%
-2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
11,777,362.24
11,777,362.24
615,940.88
2,771,733.98
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
1,025,086.54
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required SF Deposit
Available Investment Funds
2,791,408.87
4,412,761.40
7,204,170.27
5.58%
14.41%
2038
23,759,491.49
26,240,508.51
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
50%
50%
1.00
50.0%
50.0%
0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
16,316,344.43
10,246,862.65
1,322,865.80
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
35.52%
34.52%
8.77%
7.77%
-1.21%
-2.21%
27.79%
26.79%
16.82%
15.82%
22.33%
21.33%
12.69%
11.69%
24.41%
23.41%
0.35%
-0.65%
-9.55%
-10.55%
-18.91%
-19.91%
36.77%
35.77%
15.91%
14.91%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
12,416,953.98
12,416,953.98
670,842.76
3,018,792.40
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2010 2010 Financing
Required SF Deposit
Available Investment Funds
(322,698.58)
4,764,051.63
4,441,353.05
-0.65%
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
2040
19,175,818.78
30,824,181.22
0.000%
0.000%
0.000%
0.000%
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
50%
50%
1.00
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
13,253,988.46
9,323,912.87
961,136.78
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
Treasury Investment Rate
AA Taxable Interest
-------
Equity - Total Return Rate
Net Equity Return Rate 1%
Treasury Interest
AA Taxable Interest
Total Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
10,003,454.74
10,003,454.74
518,949.78
2,335,274.03
831,090.69
8,246,279.88
3,685,314.50
11,931,594.39
16.49%
23.86%
-11.01% 35.52% 8.77% 11.96% -1.21% 27.79% 16.82% 22.33% 12.69% 24.41% 0.35% -9.55% -18.91% 36.77% 15.91%
-12.01% 34.52% 7.77% 10.96% -2.21% 26.79% 15.82% 21.33% 11.69% 23.41% -0.65% -10.55% -19.91% 35.77% 14.91%
Investment Amt Split -Treasury Share: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Investment Return/Escrow Return Split -Treasury Share: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------
2005
6/15/2005
2006
6/15/2006
2007
6/15/2007
2008
6/15/2008
2009
6/15/2009
2010
6/15/2010
2011
6/15/2011
2012
6/15/2012
2013
6/15/2013
2014
6/15/2014
2015
6/15/2015
2016
6/15/2016
2017
6/15/2017
2018
6/15/2018
2019
6/15/2019
2020
6/15/2020
2021
6/15/2021
2022
6/15/2022
2023
6/15/2023
2024
6/15/2024
50,001,410.00 |
22,589,858.93
27,411,551.07
23,606,679.71
3,804,871.36 |
25,402,414.12
50,180,654.00 |
23,546,736.33
26,633,917.67
22,132,248.99
4,501,668.69 |
28,640,984.33
50,002,140.00 |
22,122,632.76
27,879,507.24
21,670,440.04
6,209,067.20 |
27,191,366.83
50,000,925.00 |
22,529,637.93
27,471,287.07
24,678,953.20
2,792,333.87 |
26,942,399.33
50,001,095.00 |
23,759,491.49
26,241,603.51
26,563,207.09
(321,603.58)1
28,523,543.12
50,000,173.29 |
19,175,818.78
30,824,354.51
22,577,901.34
8,246,453.17 |
22,861,133.28
2,812,555.19 5,094,248.00 5,068,734.08
4,412,761.40 4,764,051.63
3,685,314.50
1,319,668.28 1,219,009.19 1,103,092.80
819,866.04
649,378.68
100.0%
100.0%
92.5%
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
1,174,990.61
0.0%
1,479,410.95
7.5%
1,563,059.51
7.5%
1,776,398.69
7.5%
2,007,917.58
7.5%
2,259,945.50
126,734.55 144,032.33 162,804.13 183,238.82 204,323.25 210,948.20 - ...........
3,291,055.40 3,589,554.12 4,188,148.17 4,348,720.58 2,365,918.73 3,021,556.87 2,974,288.10 2,903,807.81 - ...........
8.57% 8.57%
10.07% 17.68%
9.07% 16.68%
8.57% 8.58%
7.86% -41.28%
6.86% -42.28%
8.58%
35.59%
34.59%
8.58%
5.50%
4.50%
8.58%
5.50%
4.50%
8.59%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
1,319,668.28 1,219,009.19
1,092,228.40
958,234.19
805,900.18
633,654.59
439,724.15
223,406.47
32,910.55
298,498.72
1,352,578.84
2,527,569.44
35,895.54
598,594.05
1,254,904.73
2,734,315.68
41,881.48
287,306.96
1,134,109.88
7,172,624.52
(10,864.40)
126,734.55
43,487.21
(1,838,769.52)
1,001,721.39
5,288,071.14
(12,351.41)
144,032.33
23,659.19
818,442.27
829,559.37
6,021,837.95
(13,965.86)
162,804.13
30,215.57
135,970.06
663,870.16
6,081,342.58
(15,724.09)
183,238.82
29,742.88
133,842.96
469,467.03
6,097,584.86
(17,539.27)
204,323.25
29,038.08 - ...........
130,671.35 - ...........
252,444.54 - ...........
5,888,618.20 - ...........
(18,114.04) - ...........
210,948.20 - ...........
3,589,554.12 4,188,148.17 4,348,720.58
2,365,918.73 3,021,556.87
2,974,288.10 2,903,807.81
2,823,530.96
1,251,029.46 1,181,952.17
1,103,222.38
1,013,710.58
912,377.50
798,280.01
670,248.31
527,200.15
368,640.57
193,383.48
0.0%
872,439.25
0.0%
992,614.21
0.0%
1,231,058.58
7.5%
1,286,249.13
7.5%
1,445,289.64
7.5%
1,618,300.30
7.5%
1,803,665.70
7.5%
1,994,263.86
7.5%
2,186,337.48
0.0%
104,290.47 117,185.65 131,213.54 146,243.16 161,697.07 177,270.61 180,343.89 ..........
3,012,947.40 3,286,221.73 3,834,232.07 4,097,260.39 2,260,525.31 2,925,323.18 2,925,749.19 2,911,164.74 2,880,470.08 2,832,820.63 ..........
7.92% 7.93%
10.07% 17.68%
9.07% 16.68%
7.95% 7.96%
7.86% -41.28%
6.86% -42.28%
7.97%
35.59%
34.59%
7.99%
5.50%
4.50%
8.00%
5.50%
4.50%
8.01%
5.50%
4.50%
8.03%
5.50%
4.50%
8.04%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
903,034.19
787,800.09
354,408.51
178,879.71
30,129.47
273,274.33
1,281,158.94
2,153,598.19
32,862.22
548,010.34
1,214,814.38
2,207,428.59
38,342.32
263,028.32
1,141,564.70
2,372,623.28
40,972.60
(1,732,444.61)
1,046,382.45
4,697,447.37
(8,300.73)
104,290.47
22,605.25
781,983.52
925,639.45
5,413,437.91
(9,343.31)
117,185.65
29,253.23
131,639.54
817,053.32
5,492,316.35
(10,479.92)
131,213.54
29,257.49
131,658.71
687,805.23
5,548,878.84
(11,700.56)
146,243.16
29,111.65
131,002.41
543,352.43
5,579,783.44
(12,959.37)
161,697.07
28,804.70
129,621.15
383,213.21
5,579,641.93
(14,232.06)
177,270.61
127,476.93 ..........
207,207.92 ..........
5,391,746.79 ..........
(14,503.76) ..........
180,343.89 ..........
-------
3,286,221.73 3,834,232.07 4,097,260.39
2,260,525.31
2,925,323.18
2,925,749.19
2,911,164.74
2,880,470.08
2,832,820.63 2,779,953.66
1,223,842.20 1,159,721.36 1,088,199.40
920,211.32
822,637.10
466,931.57
324,890.08 169,548.12
50.0%
50.0%
0.0%
§449,928.43
393,496.57
2,019,741.60
7.13%
8.15%
10.07%
9.07%
611,921.10
611,921.10
1,223,842.20
20,197.42
183,190.56
1,244,039.61
2,087,464.62
2,202,932.17
53.345%
51.365%
1,234,133.62
50.0%
50.0%
0.0%
F 383,655.67
343,984.47
1,907,351.30
6.57%
7.33%
10.07%
9.07%
617,066.81
617,066.81
1,234,133.62
19,073.51
172,996.76
1,253,207.13
1,980,847.27
2,080,348.06
52.726%
51.011%
1,368,534.69
50.0%
50.0%
0.0%
499,025.64
436,364.01
2,202,932.17
7.17%
8.20%
17.68%
16.68%
579,860.68
579,860.68
1,159,721.36
22,029.32
367,360.97
1,181,750.68
2,117,140.34
2,570,293.13
53.349%
51.495%
1,183,691.19
50.0%
50.0%
0.0%
422,276.50
379,752.03
2,080,348.06
6.61%
7.35%
17.68%
16.68%
591,845.59
591,845.59
1,183,691.19
20,803.48
346,918.84
1,204,494.67
2,006,523.20
2,427,266.90
52.651%
51.071%
1,330,241.55
50.0%
50.0%
0.0%
552,503.00
482,453.97
2,570,293.13
7.21%
8.25%
7.86%
6.86%
544,099.70
544,099.70
1,088,199.40
25,702.93
176,322.11
1,113,902.33
2,148,859.31
2,746,615.24
53.384%
51.650%
1,127,849.41
50.0%
50.0%
0.0%
463,647.91
418,202.27
2,427,266.90
6.65%
7.37%
7.86%
6.86%
563,924.70
563,924.70
1,127,849.41
24,272.67
166,510.51
1,152,122.08
2,033,972.26
2,593,777.41
52.577%
51.131%
1,286,039.21
50.0%
50.0%
0.0%
664,620.28
579,558.92
2,746,615.24
7.25%
8.31%
-41.28%
-42.28%
504,282.74
504,282.74
1,008,565.48
27,466.15
(1,161,351.32)
1,036,031.63
2,280,210.83
1,585,263.92
53.418%
51.888%
1,066,183.64
50.0%
50.0%
0.0%
508,898.02
459,587.88
2,593,777.41
6.69%
7.41%
-41.28%
-42.28%
533,091.82
533,091.82
1,066,183.64
25,937.77
(1,096,726.90)
1,092,121.42
2,060,607.32
1,497,050.51
52.546%
51.212%
1,235,345.84
46.3%
46.3%
7.5%
675,065.59
590,068.09
102,578.41
1,585,263.92
7.29%
8.34%
35.59%
34.59%
456,116.77
456,116.77
912,233.55
15,852.64
548,390.35
928,086.19
4,326,874.14
(7,977.78)
2,031,075.86
53.359%
51.952%
998,112.06
50.0%
50.0%
0.0%
607,391.26
549,212.76
1,497,050.51
6.73%
7.44%
35.59%
34.59%
499,056.03
499,056.03
998,112.06
14,970.51
517,874.68
1,013,082.57
2,169,686.58
2,014,925.19
52.515%
51.350%
1,175,228.68
46.3%
46.3%
7.5%
740,199.90
648,940.67
112,633.02
2,133,654.27
7.33%
8.36%
5.50%
4.50%
406,920.49
406,920.49
813,840.98
21,336.54
96,014.44
835,177.52
4,453,986.80
(8,796.12)
2,117,035.69
53.285%
52.071%
923,155.93
46.3%
46.3%
7.5%
615,608.27
557,703.20
95,133.36
2,014,925.19
6.76%
7.47%
5.50%
4.50%
458,201.63
458,201.63
916,403.26
20,149.25
90,671.63
936,552.51
4,215,460.80
(6,752.67)
2,010,463.46
52.468%
51.385%
1,108,705.04
46.3%
46.3%
7.5%
809,451.74
711,764.45
123,341.85
2,229,668.71
7.37%
8.38%
5.50%
4.50%
352,677.75
352,677.75
705,355.50
22,296.69
100,335.09
727,652.18
4,578,872.17
(9,672.22)
2,206,661.95
53.211%
52.194%
840,541.98
46.3%
46.3%
7.5%
672,809.05
609,757.87
103,991.91
2,105,596.82
6.80%
7.51%
5.50%
4.50%
416,560.16
416,560.16
833,120.33
21,055.97
94,751.86
854,176.30
4,337,091.90
(7,421.65)
2,096,356.77
52.458%
51.490%
1,035,699.89
46.3%
46.3%
7.5%
882,237.14
778,124.43
134,623.91
2,330,003.80
7.41%
8.40%
5.50%
4.50%
293,032.40
293,032.40
586,064.81
23,300.04
104,850.17
609,364.84
4,704,580.39
(10,599.87)
2,300,230.06
53.135%
52.317%
749,724.17
46.3%
46.3%
7.5%
733,600.35
665,105.00
113,408.54
2,200,348.68
6.84%
7.54%
5.50%
4.50%
370,793.32
370,793.32
741,586.65
22,003.49
99,015.69
763,590.14
4,461,659.86
(8,137.52)
2,185,955.83
52.449%
51.600%
955,600.86
46.3%
46.3%
7.5%
960,102.51
849,355.14
146,712.78
2,434,853.97
7.45%
8.42%
5.50%
4.50%
227,666.57
227,666.57
455,333.13
24,348.54
109,568.43
479,681.67
4,833,561.72
(11,598.44)
2,397,709.62
53.060%
52.445%
650,127.12
46.3%
46.3%
7.5%
798,186.10
724,364.39
123,450.04
2,299,364.37
6.88%
7.58%
5.50%
4.50%
320,611.95
320,611.95
641,223.90
22,993.64
103,471.40
664,217.54
4,589,603.81
(8,903.22)
2,279,385.73
52.424%
51.706%
868,029.59
46.3%
46.3%
7.5%
1,037,730.66
921,480.26
158,854.94
2,544,422.40
7.49%
8.44%
5.50%
4.50%
156,142.86
156,142.86
312,285.73
25,444.22
114,499.01
337,729.95
4,955,862.28
(12,604.36)
2,500,066.47
52.967%
52.559%
541,144.48
46.3%
46.3%
7.5%
867,237.29
787,787.12
134,191.17
2,402,835.77
6.92%
7.61%
5.50%
4.50%
265,708.75
265,708.75
531,417.50
24,028.36
108,127.61
555,445.86
4,721,433.64
(9,726.98)
2,376,772.21
52.400%
51.817%
772,454.24
46.3%
46.3%
7.5%
1,048,574.80
928,396.52
160,294.97
2,658,921.41
7.48%
8.45%
5.50%
4.50%
78,416.00
78,416.00
156,832.01
26,589.21
119,651.46
183,421.22
4,938,965.42
(12,716.11)
2,618,277.90
53.039%
52.816%
422,002.99
46.3%
46.3%
7.5%
935,608.63
847,993.17
144,616.36
2,510,963.38
6.95%
7.67%
5.50%
4.50%
205,725.69
205,725.69
411,451.39
25,109.63
112,993.35
436,561.02
4,844,119.55
(10,551.60)
2,479,340.37
52.456%
51.996%
668,447.86
50.0%
50.0%
0.0%
5.50%
4.50%
-
-
0.000%
0.000%
292,694.10
46.3%
46.3%
7.5%
1,010,067.82
911,906.49
155,835.76
2,623,956.73
6.95%
7.70%
5.50%
4.50%
140,657.48
140,657.48
281,314.96
26,239.57
118,078.05
307,554.53
4,971,563.63
(11,379.14)
2,586,199.03
52.554%
52.228%
555,427.47
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
-
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
152,402.45
46.3% 50.0% 50.0% 50.0%
46.3% 50.0% 50.0% 50.0%
7.5% 0.0% 0.0% 0.0%
1,015,687.77
913,407.62
156,413.14
2,742,034.78
6.94%
7.72%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
70,486.13
70,486.13
140,972.26
27,420.35
123,391.57
168,392.61
4,962,914.35
(11,430.18)
2,709,013.21
52.651% 0.000% 0.000% 0.000%
52.470% 0.000% 0.000% 0.000%
432,778.98 299,722.18 155,701.91
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
-
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
CKB6 (£096 CKB6 CH)%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
-
-
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
-------
50.0%
50.0%
0.0%
1302,190.19
279,287.79
1,334,909.53
6.34%
6.86%
10.07%
9.07%
684,267.35
684,267.35
1,368,534.69
13,349.10
121,076.29
1,381,883.79
1,963,361.76
1,455,985.82
51.969%
50.587%
1,252,555.55
50.0%
50.0%
0.0%
348,327.15
320,782.43
1,455,985.82
6.34%
6.89%
17.68%
16.68%
665,120.78
665,120.78
1,330,241.55
14,559.86
242,800.20
1,344,801.41
2,013,911.00
1,698,786.02
52.058%
50.689%
1,213,148.93
50.0%
50.0%
0.0%
398,911.58
364,056.22
1,698,786.02
6.35%
6.96%
7.86%
6.86%
643,019.60
643,019.60
1,286,039.21
16,987.86
116,536.72
1,303,027.07
2,065,994.87
1,815,322.74
52.284%
50.851%
1,169,033.57
50.0%
50.0%
0.0%
470,603.02
429,668.18
1,815,322.74
6.39%
7.00%
-41.28%
-42.28%
617,672.92
617,672.92
1,235,345.84
18,153.23
(767,572.91)
1,253,499.07
2,153,770.27
1,047,749.82
52.273%
50.958%
1,119,834.18
50.0%
50.0%
0.0%
518,053.65
473,192.70
1,047,749.82
6.42%
7.03%
35.59%
34.59%
587,614.34
587,614.34
1,175,228.68
10,477.50
362,448.10
1,185,706.18
2,176,952.52
1,410,197.92
52.263%
51.035%
1,066,467.86
50.0%
50.0%
0.0%
616,294.05
562,536.07
1,410,197.92
6.45%
7.07%
5.50%
4.50%
554,352.52
554,352.52
1,108,705.04
14,101.98
63,458.91
1,122,807.02
2,301,637.15
1,473,656.83
52.280%
51.175%
1,007,399.98
46.3%
46.3%
7.5%
622,066.79
567,416.31
96,444.58
1,473,656.83
6.49%
7.11%
5.50%
4.50%
514,577.99
514,577.99
1,029,155.97
14,736.57
66,314.56
1,043,892.54
3,773,347.02
(6,543.92)
1,443,526.81
52.297%
51.232%
942,202.29
46.3%
46.3%
7.5%
676,516.27
616,872.27
104,869.34
1,539,971.38
6.52%
7.15%
5.50%
4.50%
474,223.82
474,223.82
948,447.63
15,399.71
69,298.71
963,847.35
3,866,505.99
(7,153.23)
1,504,400.76
52.306%
51.330%
870,547.86
46.3%
46.3%
7.5%
734,417.03
668,977.60
113,788.75
1,609,270.10
6.55%
7.19%
5.50%
4.50%
430,112.25
430,112.25
860,224.50
16,092.70
72,417.15
876,317.20
3,961,399.09
(7,805.09)
1,567,898.50
52.331%
51.445%
791,844.05
46.3%
46.3%
7.5%
795,063.82
723,481.87
123,125.33
1,681,687.25
6.59%
7.24%
5.50%
4.50%
381,980.85
381,980.85
763,961.70
16,816.87
75,675.93
780,778.57
4,056,687.44
(8,492.54)
1,634,237.85
52.357%
51.568%
705,342.42
46.3%
46.3%
7.5%
859,525.15
781,385.59
133,046.82
1,757,363.18
6.62%
7.28%
5.50%
4.50%
329,610.19
329,610.19
659,220.37
17,573.63
79,081.34
676,794.00
4,154,149.26
(9,227.49)
1,703,397.70
52.381%
51.699%
610,627.10
46.3%
46.3%
7.5%
928,006.48
842,836.93
143,581.90
1,836,444.52
6.65%
7.33%
5.50%
4.50%
272,707.35
272,707.35
545,414.71
18,364.45
82,640.00
563,779.15
4,253,707.09
(10,012.77)
1,775,502.63
52.405%
51.839%
507,508.25
46.3%
46.3%
7.5%
1,001,063.91
904,672.72
154,519.19
1,919,084.52
6.69%
7.40%
5.50%
4.50%
210,961.96
210,961.96
421,923.92
19,190.85
86,358.80
441,114.76
4,352,294.72
(10,855.06)
1,850,924.14
52.529%
52.071%
395,537.71
46.3%
46.3%
7.5%
1,078,186.74
973,293.32
166,336.22
2,005,443.33
6.68%
7.40%
5.50%
4.50%
144,022.42
144,022.42
288,044.83
20,054.43
90,244.95
308,099.27
4,455,267.61
(11,677.34)
1,929,352.06
52.557%
52.242%
273,995.08
46.3%
46.3%
7.5%
1,079,508.85
973,409.12
166,452.81
2,095,688.28
6.67%
7.40%
5.50%
4.50%
72,012.14
72,012.14
144,024.27
20,956.88
94,305.97
164,981.15
4,407,893.37
(11,677.64)
2,023,541.44
52.584%
52.415%
142,369.83
50.0%
50.0%
0.0%
-
5.50%
4.50%
-
0.000%
0.000%
50.0%
50.0%
0.0%
5.50%
4.50%
0.000%
0.000%
50.0%
50.0%
0.0%
5.50%
4.50%
0.000%
0.000%
50.0%
50.0%
0.0%
5.50%
4.50%
-
-
0.000%
0.000%
50.0%
50.0%
0.0%
-
5.50%
4.50%
-
0.000%
0.000%
50.0%
50.0%
0.0%
1373,264.87
327,468.39
1,294,070.22
5.28%
6.02%
10.07%
9.07%
626,277.78
626,277.78
1,252,555.55
12,940.70
117,372.17
1,265,496.25
1,966,229.51
1,411,442.39
53.268%
51.172%
1,220,090.08
50.0%
50.0%
0.0%
r 69,152. 95
55,766.77
1,337,250.89
50.0%
50.0%
0.0%
418,283.07
363,379.35
1,411,442.39
5.27%
6.07%
17.68%
16.68%
606,574.47
606,574.47
1,213,148.93
14,114.42
235,372.13
1,227,263.36
2,008,925.77
1,646,814.52
53.512%
51.376%
1,214,111.13
50.0%
50.0%
0.0%
80,032.49
64,485.34
1,458,539.54
50.0%
50.0%
0.0%
466,952.79
401,729.46
1,646,814.52
5.27%
6.12%
7.86%
6.86%
584,516.78
584,516.78
1,169,033.57
16,468.15
112,971.48
1,185,501.71
2,054,183.97
1,759,785.99
53.754%
51.600%
1,206,817.46
50.0%
50.0%
0.0%
91,911.38
74,256.82
1,701,765.60
50.0%
50.0%
0.0%
507,006.80
429,898.00
1,759,785.99
5.26%
6.21%
-41.28%
-42.28%
559,917.09
559,917.09
1,119,834.18
17,597.86
(744,090.31)
1,137,432.04
2,074,336.85
1,015,695.68
54.115%
51.875%
1,198,142.55
50.0%
50.0%
0.0%
103,715.89
84,005.87
1,818,506.72
50.0%
50.0%
0.0%
556,384.58
472,651.69
1,015,695.68
5.31%
6.25%
35.59%
34.59%
533,233.93
533,233.93
1,066,467.86
10,156.96
351,359.61
1,076,624.81
2,105,661.09
1,367,055.29
54.069%
51.998%
1,188,016.45
50.0%
50.0%
0.0%
118,209.14
94,782.67
1,049,587.52
50.0%
50.0%
0.0%
608,926.27
518,242.50
1,367,055.29
5.35%
6.29%
5.50%
4.50%
503,699.99
503,699.99
1,007,399.98
13,670.55
61,517.49
1,021,070.53
2,148,239.30
1,428,572.78
54.023%
52.124%
1,176,365.76
50.0%
50.0%
0.0%
134,479.59
106,775.66
1,412,671.34
50.0%
50.0%
0.0%
723,190.70
617,006.83
1,428,572.78
5.40%
6.33%
5.50%
4.50%
471,101.15
471,101.15
942,202.29
14,285.73
64,285.78
956,488.02
2,296,685.54
1,492,858.55
53.962%
52.326%
1,162,986.81
50.0%
50.0%
0.0%
152,580.91
120,378.55
1,476,241.55
46.3%
46.3%
7.5%
728,665.19
623,187.54
109,609.68
1,492,858.55
5.44%
6.37%
5.50%
4.50%
432,057.50
432,057.50
864,114.99
14,928.59
67,178.63
879,043.58
3,790,933.49
(6,432.87)
1,450,427.51
53.901%
52.380%
1,147,665.60
50.0%
50.0%
0.0%
170,456.31
134,819.44
1,542,672.41
46.3%
46.3%
7.5%
793,972.65
680,730.59
119,570.53
1,560,037.19
5.49%
6.40%
5.50%
4.50%
392,388.15
392,388.15
784,776.30
15,600.37
70,201.67
800,376.67
3,905,318.78
(7,067.76)
1,510,668.33
53.839%
52.506%
1,130,340.98
50.0%
50.0%
0.0%
190,483.41
151,030.23
1,612,092.67
46.3%
46.3%
7.5%
861,828.61
741,537.08
130,002.62
1,630,238.86
5.53%
6.43%
5.50%
4.50%
348,803.65
348,803.65
697,607.31
16,302.39
73,360.75
713,909.70
4,020,875.00
(7,735.11)
1,573,596.99
53.751%
52.614%
1,110,747.92
50.0%
50.0%
0.0%
213,574.02
170,236.02
1,684,636.84
46.3%
46.3%
7.5%
930,467.27
803,407.01
140,584.40
1,703,599.61
5.58%
6.46%
5.50%
4.50%
301,103.79
301,103.79
602,207.57
17,036.00
76,661.98
619,243.57
4,133,379.44
(8,419.53)
1,639,677.19
53.664%
52.720%
1,088,518.57
50.0%
50.0%
0.0%
242,200.92
194,058.90
1,760,445.50
46.3%
46.3%
7.5%
1,002,118.18
869,453.93
151,749.09
1,780,261.59
5.63%
6.48%
5.50%
4.50%
249,183.38
249,183.38
498,366.75
17,802.62
80,111.77
516,169.37
4,248,114.84
(9,141.50)
1,708,624.27
53.544%
52.799%
1,063,013.44
50.0%
50.0%
0.0%
271,726.89
218,962.67
1,839,665.55
46.3%
46.3%
7.5%
1,078,352.22
940,064.92
163,655.44
1,860,373.36
5.67%
6.50%
5.50%
4.50%
192,810.78
192,810.78
385,621.56
18,603.73
83,716.80
404,225.30
4,366,732.60
(9,916.15)
1,780,434.72
53.426%
52.876%
1,034,066.75
50.0%
50.0%
0.0%
303,372.83
246,149.99
1,922,450.50
46.3%
46.3%
7.5%
1,006,896.20
174,999.22
1,944,090.17
5.72%
6.54%
5.50%
4.50%
131,661.18
131,661.18
263,322.36
19,440.90
87,484.06
282,763.26
4,472,661.15
(10,672.72)
1,856,575.01
53.348%
52.984%
1,001,377.84
50.0%
50.0%
0.0%
337,207.72
275,460.47
2,008,960.77
46.3%
46.3%
7.5%
1,154,779.69
1,006,214.29
175,215.73
2,031,574.22
5.70%
6.54%
5.50%
4.50%
65,846.05
65,846.05
131,692.09
20,315.74
91,420.84
152,007.83
4,435,996.88
(10,677.74)
1,947,779.33
53.437%
53.240%
964,630.76
50.0%
50.0%
0.0%
369,858.84
304,510.15
2,099,364.01
50.0%
50.0%
CH)%
5.50%
4.50%
-
-
0.000%
0.000%
923,873.22
50.0%
50.0%
0.0%
441,277.08
366,127.56
2,193,835.39
50.0%
50.0%
(10%
5.50%
4.50%
0.000%
0.000%
878,775.71
46.3%
46.3%
7.5%
445,606.28
372,617.70
66,342.48
2,292,557.98
50.0%
50.0%
CH)%
5.50%
4.50%
0.000%
0.000%
828,992.12
46.3%
46.3%
7.5%
491,814.74
410,033.96
73,122.87
2,395,723.09
50.0%
50.0%
(10%
5.50%
4.50%
-
-
0.000%
0.000%
774,158.73
46.3%
46.3%
7.5%
540,471.54
449,256.91
80,248.25
2,503,530.63
50.0%
50.0%
(10%
5.50%
4.50%
-
-
0.000%
0.000%
714,020.00
46.3%
46.3%
7.5%
590,880.30
489,691.55
87,613.93
2,616,189.51
-------
4.32%
5.36%
10.07%
9.07%
610,045.04
610,045.04
1,220,090.08
13,372.51
121,288.66
1,233,462.58
1,358,382.31
1,458,539.54
55.358%
50.498%
1,206,690.86
50.0%
50.0%
0.0%
r 129,758.60
104,297.31
1,268,662.34
3.10%
3.86%
10.07%
9.07%
603,345.43
603,345.43
1,206,690.86
12,686.62
115,067.67
1,219,377.48
1,453,433.39
1,383,730.01
55.439%
50.884%
1,060,227.94
50.0%
50.0%
0.0%
1,080,608.26
1.65%
2.22%
10.07%
9.07%
581,528.93
581,528.93
1,163,057.86
10,806.08
4.56%
5.66%
17.68%
16.68%
607,055.57
607,055.57
1,214,111.13
14,585.40
243,226.05
1,228,696.53
1,373,214.36
1,701,765.60
55.379%
50.572%
1,198,646.03
50.0%
50.0%
0.0%
129,237.08
103,037.08
1,383,730.01
3.46%
4.34%
17.68%
16.68%
599,323.02
599,323.02
1,198,646.03
13,837.30
230,750.82
1,212,483.33
1,444,757.50
1,614,480.83
55.640%
50.915%
1,163,057.86
50.0%
50.0%
0.0%
335,115.34
254,619.91
1,178,619.42
2.10%
2.77%
17.68%
16.68%
581,528.93
581,528.93
1,163,057.86
11,786.19
4.72%
5.84%
7.86%
6.86%
603,408.73
603,408.73
1,206,817.46
17,017.66
116,741.12
1,223,835.12
1,390,003.33
1,818,506.72
55.312%
50.643%
1,189,708.46
50.0%
50.0%
0.0%
129,392.69
102,458.28
1,614,480.83
3.82%
4.82%
7.86%
6.86%
594,854.23
594,854.23
1,189,708.46
16,144.81
110,753.39
1,205,853.27
1,437,704.25
1,725,234.22
55.809%
50.947%
1,148,951.92
50.0%
50.0%
0.0%
295,238.86
227,845.92
1,375,166.00
2.54%
3.29%
7.86%
6.86%
574,475.96
574,475.96
1,148,951.92
13,751.66
4.88%
6.03%
-41.28%
-42.28%
599,071.27
599,071.27
1,198,142.55
18,185.07
(768,919.20)
1,216,327.62
1,404,049.38
1,049,587.52
55.250%
50.711%
1,179,833.94
50.0%
50.0%
0.0%
145,896.71
115,780.78
1,725,234.22
4.06%
5.12%
-41.28%
-42.28%
589,916.97
589,916.97
1,179,833.94
17,252.34
(729,480.78)
1,197,086.28
1,458,763.77
995,753.43
55.754%
51.045%
1,133,980.94
50.0%
50.0%
0.0%
279,053.81
221,301.34
1,469,502.39
2.97%
3.74%
-41.28%
-42.28%
566,990.47
566,990.47
1,133,980.94
14,695.02
4.93%
6.15%
35.59%
34.59%
594,008.22
594,008.22
1,188,016.45
10,495.88
363,083.81
1,198,512.32
1,411,504.13
1,412,671.34
55.499%
50.836%
1,167,986.66
50.0%
50.0%
0.0%
161,660.26
128,540.91
995,753.43
4.30%
5.41%
35.59%
34.59%
583,993.33
583,993.33
1,167,986.66
9,957.53
344,460.99
1,177,944.19
1,468,145.36
1,340,214.42
55.706%
51.136%
1,117,426.58
50.0%
50.0%
0.0%
264,911.71
210,635.85
848,152.69
3.24%
4.08%
35.59%
34.59%
558,713.29
558,713.29
1,117,426.58
8,481.53
4.97%
6.26%
5.50%
4.50%
588,182.88
588,182.88
1,176,365.76
14,126.71
63,570.21
1,190,492.47
1,431,747.73
1,476,241.55
55.742%
50.977%
1,154,069.00
50.0%
50.0%
0.0%
183,941.05
145,377.46
1,340,214.42
4.41%
5.58%
5.50%
4.50%
577,034.50
577,034.50
1,154,069.00
13,402.14
60,309.65
1,167,471.14
1,496,789.66
1,400,524.07
55.855%
51.300%
1,100,235.93
50.0%
50.0%
0.0%
267,872.66
213,460.48
1,141,554.15
3.52%
4.42%
5.50%
4.50%
550,117.96
550,117.96
1,100,235.93
11,415.54
5.02%
6.36%
5.50%
4.50%
581,493.41
581,493.41
1,162,986.81
14,762.42
66,430.87
1,177,749.23
1,450,708.68
1,542,672.41
55.899%
51.121%
1,137,854.87
50.0%
50.0%
0.0%
206,465.68
162,248.51
1,400,524.07
4.51%
5.74%
5.50%
4.50%
568,927.43
568,927.43
1,137,854.87
14,005.24
63,023.58
1,151,860.11
1,520,574.30
1,463,547.65
55.996%
51.467%
1,081,361.41
50.0%
50.0%
0.0%
273,714.92
217,205.62
1,192,924.09
3.69%
4.65%
5.50%
4.50%
540,680.70
540,680.70
1,081,361.41
11,929.24
5.08%
6.43%
5.50%
4.50%
573,832.80
573,832.80
1,147,665.60
15,426.72
69,420.26
1,163,092.32
1,468,368.07
1,612,092.67
55.837%
51.226%
1,119,230.62
50.0%
50.0%
0.0%
167,988.01
130,358.26
1,463,547.65
4.61%
5.94%
5.50%
4.50%
559,615.31
559,615.31
1,119,230.62
14,635.48
65,859.64
1,133,866.09
1,432,212.36
1,529,407.29
56.306%
51.327%
1,061,179.57
50.0%
50.0%
0.0%
293,058.74
231,671.05
1,246,605.68
3.85%
4.87%
5.50%
4.50%
530,589.78
530,589.78
1,061,179.57
12,466.06
5.14%
6.49%
5.50%
4.50%
565,170.49
565,170.49
1,130,340.98
16,120.93
72,544.17
1,146,461.91
1,487,975.55
1,684,636.84
55.776%
51.340%
1,103,731.77
50.0%
50.0%
0.0%
192,983.79
150,151.07
1,529,407.29
4.69%
6.03%
5.50%
4.50%
551,865.89
551,865.89
1,103,731.77
15,294.07
68,823.33
1,119,025.85
1,462,160.71
1,598,230.62
56.241%
51.480%
1,038,612.48
50.0%
50.0%
0.0%
210,870.85
166,532.66
1,302,702.93
4.01%
5.08%
5.50%
4.50%
519,306.24
519,306.24
1,038,612.48
13,027.03
5.20%
6.53%
5.50%
4.50%
555,373.96
555,373.96
1,110,747.92
16,846.37
75,808.66
1,127,594.29
1,511,404.33
1,760,445.50
55.646%
51.450%
1,085,610.86
50.0%
50.0%
0.0%
222,365.03
173,454.26
1,598,230.62
4.78%
6.12%
5.50%
4.50%
542,805.43
542,805.43
1,085,610.86
15,982.31
71,920.38
1,101,593.17
1,497,412.46
1,670,151.00
56.178%
51.651%
1,021,684.28
50.0%
50.0%
0.0%
237,397.26
185,685.26
1,361,324.56
4.11%
5.25%
5.50%
4.50%
510,842.14
510,842.14
1,021,684.28
13,613.25
5.27%
6.57%
5.50%
4.50%
544,259.28
544,259.28
1,088,518.57
17,604.46
79,220.05
1,106,123.02
1,542,382.84
1,839,665.55
55.518%
51.579%
1,064,367.06
50.0%
50.0%
0.0%
252,346.29
197,703.40
1,670,151.00
4.86%
6.20%
5.50%
4.50%
532,183.53
532,183.53
1,064,367.06
16,701.51
75,156.80
1,081,068.57
1,531,118.27
1,745,307.80
56.071%
51.804%
1,002,178.58
50.0%
50.0%
0.0%
264,120.91
204,714.37
1,422,584.17
4.20%
5.42%
5.50%
4.50%
501,089.29
501,089.29
1,002,178.58
14,225.84
5.33%
6.61%
5.50%
4.50%
531,506.72
531,506.72
1,063,013.44
18,396.66
82,784.95
1,081,410.10
1,572,099.66
1,922,450.50
55.377%
51 698%
1,039,845.89
50.0%
50.0%
0.0%
282,975.12
222,643.08
1,745,307.80
4.94%
6.28%
5.50%
4.50%
519,922.94
519,922.94
1,039,845.89
17,453.08
78,538.85
1,057,298.97
1,562,917.16
1,823,846.65
55.966%
51.952%
979,978.69
50.0%
50.0%
0.0%
292,407.40
225,880.58
1,486,600.46
4.30%
5.56%
5.50%
4.50%
489,989.34
489,989.34
979,978.69
14,866.00
5.39%
6.64%
5.50%
4.50%
517,033.38
517,033.38
1,034,066.75
19,224.50
86,510.27
1,053,291.26
1,602,814.07
2,008,960.77
55.207%
51.807%
1,011,885.19
50.0%
50.0%
0.0%
315,530.94
250,133.01
1,823,846.65
5.02%
6.34%
5.50%
4.50%
505,942.59
505,942.59
1,011,885.19
18,238.47
82,073.10
1,030,123.65
1,595,787.61
1,905,919.75
55.781%
52.073%
954,849.43
50.0%
50.0%
0.0%
311,966.85
240,221.04
1,553,497.48
4.39%
5.70%
5.50%
4.50%
477,424.71
477,424.71
954,849.43
15,534.97
5.45%
6.67%
5.50%
4.50%
500,688.92
500,688.92
1,001,377.84
20,089.61
90,403.23
1,021,467.45
1,634,135.64
2,099,364.01
55.039%
51.913%
980,191.11
50.0%
50.0%
0.0%
350,063.66
280,254.81
1,905,919.75
5.10%
6.38%
5.50%
4.50%
490,095.56
490,095.56
980,191.11
19,059.20
85,766.39
999,250.31
1,629,568.79
1,991,686.13
55.538%
52.167%
927,450.50
50.0%
50.0%
0.0%
341,942.11
264,769.41
1,623,404.86
4.49%
5.79%
5.50%
4.50%
463,725.25
463,725.25
927,450.50
16,234.05
5.51%
6.69%
5.50%
4.50%
482,315.38
482,315.38
964,630.76
20,993.64
94,471.38
985,624.40
1,659,993.39
2,193,835.39
54.845%
51.994%
944,455.27
50.0%
50.0%
0.0%
384,241.67
310,593.97
1,991,686.13
5.19%
6.42%
5.50%
4.50%
472,227.63
472,227.63
944,455.27
19,916.86
89,625.88
964,372.13
1,659,207.77
2,081,312.01
55.300%
52.246%
896,773.65
50.0%
50.0%
0.0%
371,066.96
289,387.16
1,696,458.08
4.58%
5.87%
5.50%
4.50%
448,386.82
448,386.82
896,773.65
16,964.58
5.57%
6.71%
5.50%
4.50%
461,936.61
461,936.61
923,873.22
21,938.35
98,722.59
945,811.57
1,753,216.21
2,292,557.98
54.654%
52.170%
904,601.38
50.0%
50.0%
0.0%
421,639.39
344,880.84
2,081,312.01
5.27%
6.44%
5.50%
4.50%
452,300.69
452,300.69
904,601.38
20,813.12
93,659.04
925,414.50
1,691,934.73
2,174,971.05
55.007%
52.297%
862,783.61
50.0%
50.0%
0.0%
403,042.07
316,507.93
1,772,798.69
4.67%
5.95%
5.50%
4.50%
431,391.81
431,391.81
862,783.61
17,727.99
5.63%
6.74%
5.50%
4.50%
437,352.94
437,352.94
874,705.87
22,925.58
103,165.11
897,631.45
4,111,578.52
(4,069.84)
2,329,380.60
54.460%
52.156%
860,178.34
50.0%
50.0%
0.0%
497,483.14
411,667.95
2,174,971.05
5.35%
6.46%
5.50%
4.50%
430,089.17
430,089.17
860,178.34
21,749.71
97,873.70
881,928.05
1,791,079.14
2,272,844.75
54.720%
52.425%
825,104.02
50.0%
50.0%
0.0%
434,316.25
344,528.76
1,852,574.64
4.77%
6.01%
5.50%
4.50%
412,552.01
412,552.01
825,104.02
18,525.75
5.62%
6.74%
5.50%
4.50%
412,255.60
412,255.60
824,511.20
23,957.23
107,807.54
848,468.43
4,253,847.76
(4,480.92)
2,430,407.76
54.534%
52.369%
811,331.12
46.3%
46.3%
7.5%
497,386.21
415,335.17
74,004.44
2,272,844.75
5.43%
6.50%
5.50%
4.50%
403,475.07
403,475.07
806,950.15
22,728.45
102,278.01
829,678.59
4,117,522.73
(4,380.98)
2,301,118.33
54.495%
52.386%
783,681.02
50.0%
50.0%
0.0%
509,087.66
407,820.58
1,935,940.49
4.86%
6.07%
5.50%
4.50%
391,840.51
391,840.51
783,681.02
19,359.40
5.60%
6.74%
5.50%
4.50%
384,623.27
384,623.27
769,246.53
25,035.31
112,658.88
794,281.84
4,400,199.79
(4,912.19)
2,535,941.25
54.608%
52.593%
757,717.20
46.3%
46.3%
7.5%
545,164.79
454,406.94
81,046.36
2,375,122.76
5.43%
6.51%
5.50%
4.50%
376,459.04
376,459.04
752,918.09
23,751.23
106,880.52
776,669.32
4,258,244.34
(4,799.11)
2,400,956.93
54.540%
52.589%
738,231.90
46.3%
46.3%
7.5%
505,770.09
408,570.50
74,135.72
2,023,057.82
4.96%
6.14%
5.50%
4.50%
367,082.97
367,082.97
734,165.93
20,230.58
5.59%
6.75%
5.50%
4.50%
354,331.41
354,331.41
708,662.81
26,161.90
117,728.53
734,824.71
4,549,314.60
(5,357.19)
2,646,304.10
54.682%
52.828%
698,977.00
46.3%
46.3%
7.5%
596,481.76
496,280.31
88,602.33
2,482,003.29
5.43%
6.52%
5.50%
4.50%
346,864.56
346,864.56
693,729.11
24,820.03
111,690.15
718,549.14
4,405,004.65
(5,247.89)
2,505,091.10
54.585%
52.804%
688,461.23
46.3%
46.3%
7.5%
552,570.67
445,562.81
80,929.74
2,114,095.42
4.96%
6.15%
5.50%
4.50%
342,009.51
342,009.51
684,019.03
21,140.95
-------
98,011.17
1,173,863.94
1,173,863.94
102,829.92
1,178,619.42
0.000%
50.000%
210,470.63
50.0%
50.0%
CH)%
1.89%
2.34%
10.07%
9.07%
561,948.90
561,948.90
1,123,897.80
1,123,897.80
1,123,897.80
913,427.17
0.000%
150.000%
50.0%
50.0%
0.0%
10.07%
9.07%
0.000%
196,546.58
1,174,844.05
1,764,579.30
1,375,166.00
56.825%
52.296%
1,027,592.72
50.0%
50.0%
CH)%
1,022,469.87
2.38%
2.91%
17.68%
16.68%
561,948.90
561,948.90
1,123,897.80
10,224.70
170,507.08
1,134,122.50
1,134,122.50
96,305.08
1,192,976.95
0.000%
50.000%
50.0%
50.0%
0.0%
17.68%
16.68%
0.000%
94,336.39
1,162,703.58
1,685,788.35
1,469,502.39
56.442%
52.015%
1,123,897.80
50.0%
50.0%
0.0%
237,707.63
196,285.22
1,192,976.95
2.78%
3.37%
7.86%
6.86%
561,948.90
561,948.90
1,123,897.80
11,929.77
81,838.22
1,135,827.57
1,569,820.43
1,274,815.16
54.772%
51.329%
208,877.80
50.0%
50.0%
0.0%
3.85%
4.25%
7.86%
6.86%
574,787.28
574,787.28
1,149,574.56
1,149,574.56
1,149,574.56
940,696.76
0.000%
(621,349.69)
1,148,675.97
1,649,031.12
848,152.69
55.771%
51.767%
1,110,683.73
50.0%
50.0%
0.0%
242,113.04
200,234.08
1,274,815.16
3.10%
3.75%
-41.28%
-42.28%
555,341.86
555,341.86
1,110,683.73
12,748.15
(539,030.10)
1,123,431.88
1,565,779.00
735,785.07
54.734%
51.348%
1,048,299.49
50.0%
50.0%
0.0%
997,270.91
3.93%
4.37%
-41.28%
-42.28%
574,787.28
574,787.28
1,149,574.56
9,972.71
(421,676.06)
1,159,547.27
1,159,547.27
101,275.07
575,594.85
0.000%
293,401.46
1,125,908.11
1,601,455.66
1,141,554.15
55.707%
51.704%
1,095,659.55
50.0%
50.0%
0.0%
245,265.74
208,053.14
735,785.07
3.43%
4.04%
35.59%
34.59%
547,829.78
547,829.78
1,095,659.55
7,357.85
254,530.13
1,103,017.40
1,556,336.28
990,315.20
54.104%
51.201%
1,149,574.56
50.0%
50.0%
0.0%
142,466.14
126,672.51
575,594.85
3.99%
4.48%
35.59%
34.59%
574,787.28
574,787.28
1,149,574.56
5,755.95
199,115.53
1,155,330.51
1,424,469.16
774,710.38
52.934%
51,369.94
1,111,651.47
1,592,984.61
1,192,924.09
55.652%
51.720%
1,078,854.14
50.0%
50.0%
0.0%
257,348.14
219,256.71
990,315.20
3.65%
4.28%
5.50%
4.50%
539,427.07
539,427.07
1,078,854.14
9,903.15
44,564.18
1,088,757.29
1,565,362.14
1,034,879.38
53.996%
51.224%
1,138,214.08
50.0%
50.0%
0.0%
163,826.95
145,331.74
774,710.38
4.05%
4.56%
5.50%
4.50%
569,107.04
569,107.04
1,138,214.08
7,747.10
34,861.97
1,145,961.18
1,455,119.87
809,572.34
52.991%
53,681.58
1,093,290.65
1,584,211.18
1,246,605.68
55.755%
51.797%
1,060,088.21
50.0%
50.0%
0.0%
271,825.91
232,492.25
1,034,879.38
3.87%
4.52%
5.50%
4.50%
530,044.10
530,044.10
1,060,088.21
10,348.79
46,569.57
1,070,437.00
1,574,755.16
1,081,448.95
53.900%
51.257%
1,124,956.02
50.0%
50.0%
0.0%
175,264.42
154,700.55
809,572.34
4.10%
4.64%
5.50%
4.50%
562,478.01
562,478.01
1,124,956.02
8,095.72
36,430.76
1,133,051.75
1,463,016.72
846,003.10
53.116%
56,097.26
1,073,645.62
1,598,375.42
1,302,702.93
55.849%
51.935%
1,039,070.19
50.0%
50.0%
0.0%
291,970.99
248,936.92
1,081,448.95
4.00%
4.69%
5.50%
4.50%
519,535.10
519,535.10
1,039,070.19
10,814.49
48,665.20
1,049,884.68
1,590,792.59
1,130,114.16
53.978%
51.362%
1,110,587.49
50.0%
50.0%
0.0%
193,519.74
169,985.58
846,003.10
4.15%
4.73%
5.50%
4.50%
555,293.75
555,293.75
1,110,587.49
8,460.03
38,070.14
1,119,047.53
1,482,552.85
884,073.24
53.237%
58,621.63
1,051,639.51
1,429,043.02
1,361,324.56
55.874%
51.566%
1,015,705.74
50.0%
50.0%
0.0%
311,988.14
265,224.05
1,130,114.16
4.14%
4.87%
5.50%
4.50%
507,852.87
507,852.87
1,015,705.74
11,301.14
50,855.14
1,027,006.88
1,604,219.07
1,180,969.29
54.051%
51.468%
1,094,518.23
50.0%
50.0%
0.0%
216,419.38
189,065.01
884,073.24
4.20%
4.80%
5.50%
4.50%
547,259.12
547,259.12
1,094,518.23
8,840.73
39,783.30
1,103,358.97
1,508,843.35
923,856.53
53.373%
61,259.61
1,035,297.52
1,458,380.04
1,422,584.17
56.111%
51.790%
989,896.59
50.0%
50.0%
0.0%
196,182.42
167,281.47
1,180,969.29
4.27%
5.01%
5.50%
4.50%
494,948.29
494,948.29
989,896.59
11,809.69
53,143.62
1,001,706.28
1,365,170.16
1,234,112.91
53.976%
51.068%
1,076,349.74
50.0%
50.0%
0.0%
241,163.92
209,565.17
923,856.53
4.24%
4.88%
5.50%
4.50%
538,174.87
538,174.87
1,076,349.74
9,238.57
41,573.54
1,085,588.31
1,536,317.40
965,430.08
53.505%
64,016.29
1,016,404.42
1,485,239.70
1,486,600.46
56.336%
52.019%
973,137.43
50.0%
50.0%
0.0%
222,438.67
188,186.85
1,234,112.91
4.35%
5.14%
5.50%
4.50%
486,568.71
486,568.71
973,137.43
12,341.13
55,535.08
985,478.56
1,396,104.08
1,289,647.99
54.171%
51.238%
1,055,883.61
50.0%
50.0%
0.0%
266,528.60
231,629.46
965,430.08
4.29%
4.94%
5.50%
4.50%
527,941.80
527,941.80
1,055,883.61
9,654.30
43,444.35
1,065,537.91
1,563,695.97
1,008,874.43
53.503%
66,897.02
994,844.69
1,513,132.67
1,553,497.48
56.418%
52.220%
953,791.38
50.0%
50.0%
0.0%
249,002.06
209,082.38
1,289,647.99
4.43%
5.27%
5.50%
4.50%
476,895.69
476,895.69
953,791.38
12,896.48
58,034.16
966,687.86
1,424,772.31
1,347,682.15
54.357%
51.414%
1,033,021.42
50.0%
50.0%
0.0%
203,923.78
176,651.89
1,008,874.43
4.32%
4.99%
5.50%
4.50%
516,510.71
516,510.71
1,033,021.42
10,088.74
45,399.35
1,043,110.17
1,423,685.84
1,054,273.78
53.583%
69,907.39
970,384.40
1,522,572.29
1,623,404.86
56.497%
52.380%
931,750.08
50.0%
50.0%
0.0%
277,069.85
231,587.68
1,347,682.15
4.50%
5.39%
5.50%
4.50%
465,875.04
465,875.04
931,750.08
13,476.82
60,645.70
945,226.90
1,453,884.43
1,408,327.85
54.471%
51.579%
1,015,384.43
50.0%
50.0%
0.0%
232,085.16
200,412.78
1,054,273.78
4.36%
5.05%
5.50%
4.50%
507,692.21
507,692.21
1,015,384.43
10,542.74
47,442.32
1,025,927.17
1,458,425.11
1,101,716.10
53.662%
73,053.22
943,684.55
1,550,396.07
1,696,458.08
56.360%
52.515%
906,795.88
50.0%
50.0%
0.0%
304,378.63
253,295.66
1,408,327.85
4.58%
5.50%
5.50%
4.50%
453,397.94
453,397.94
906,795.88
14,083.28
63,374.75
920,879.16
1,478,553.46
1,471,702.60
54.580%
51.744%
995,146.90
50.0%
50.0%
0.0%
259,823.13
224,044.93
1,101,716.10
4.40%
5.10%
5.50%
4.50%
497,573.45
497,573.45
995,146.90
11,017.16
49,577.22
1,006,164.06
1,490,032.12
1,151,293.32
53.697%
76,340.61
913,738.23
1,574,192.35
1,772,798.69
56.184%
52.623%
878,911.54
50.0%
50.0%
0.0%
332,098.68
277,030.28
1,471,702.60
4.66%
5.58%
5.50%
4.50%
439,455.77
439,455.77
878,911.54
14,717.03
66,226.62
893,628.56
1,502,757.52
1,537,929.22
54.520%
51.850%
972,306.04
50.0%
50.0%
0.0%
289,599.43
249,370.52
1,151,293.32
4.43%
5.15%
5.50%
4.50%
486,153.02
486,153.02
972,306.04
11,512.93
51,808.20
983,818.97
1,522,788.92
1,203,101.52
53.732%
79,775.94
880,511.60
1,600,061.59
1,852,574.64
56.013%
52.734%
847,974.29
50.0%
50.0%
0.0%
361,369.64
302,507.11
1,537,929.22
4.74%
5.66%
5.50%
4.50%
423,987.14
423,987.14
847,974.29
15,379.29
69,206.81
863,353.58
1,527,230.33
1,607,136.03
54.433%
51.947%
946,641.78
50.0%
50.0%
0.0%
321,470.22
277,655.59
1,203,101.52
4.47%
5.17%
5.50%
4.50%
473,320.89
473,320.89
946,641.78
12,031.02
54,139.57
958,672.80
1,557,798.61
1,257,241.09
53.657%
83,365.86
843,629.76
1,622,474.78
1,935,940.49
55.764%
52.799%
813,751.54
50.0%
50.0%
0.0%
391,130.05
328,537.60
1,607,136.03
4.81%
5.73%
5.50%
4.50%
406,875.77
406,875.77
813,751.54
16,071.36
72,321.12
829,822.90
1,549,490.56
1,679,457.15
54.349%
52.041%
917,924.72
50.0%
50.0%
0.0%
354,290.05
306,771.87
1,257,241.09
4.50%
5.20%
5.50%
4.50%
458,962.36
458,962.36
917,924.72
12,572.41
56,575.85
930,497.13
1,591,559.05
1,313,816.94
53.594%
87,117.32
803,040.42
1,719,948.66
2,023,057.82
55.522%
52.977%
776,105.68
50.0%
50.0%
0.0%
423,557.14
358,367.65
1,679,457.15
4.89%
5.78%
5.50%
4.50%
388,052.84
388,052.84
776,105.68
16,794.57
75,575.57
792,900.25
1,574,825.04
1,755,032.73
54.169%
52.092%
886,024.10
50.0%
50.0%
0.0%
389,294.09
337,917.65
1,313,816.94
4.54%
5.23%
5.50%
4.50%
443,012.05
443,012.05
886,024.10
13,138.17
59,121.76
899,162.27
1,626,374.01
1,372,938.70
53.532%
91,037.60
754,396.51
3,782,832.52
(4,065.97)
2,039,959.69
55.315%
52.948%
734,683.90
50.0%
50.0%
0.0%
492,277.82
419,472.80
1,755,032.73
4.97%
5.83%
5.50%
4.50%
367,341.95
367,341.95
734,683.90
17,550.33
78,976.47
752,234.22
1,663,984.84
1,834,009.20
53.993%
52.211%
850,695.07
50.0%
50.0%
0.0%
425,359.36
370,576.41
1,372,938.70
4.57%
5.25%
5.50%
4.50%
425,347.54
425,347.54
850,695.07
13,729.39
61,782.24
864,424.46
1,660,360.23
1,434,720.94
53.441%
95,134.29
705,159.98
3,912,523.17
(4,442.20)
2,128,299.97
55.360%
53.181%
689,746.88
46.3%
46.3%
7.5%
484,888.68
415,641.29
73,015.94
1,834,009.20
5.04%
5.88%
5.50%
4.50%
342,890.23
342,890.23
685,780.47
18,340.09
82,530.41
704,120.56
3,521,190.14
(3,966.41)
1,843,523.67
53.845%
52.183%
811,790.82
50.0%
50.0%
0.0%
463,707.08
405,448.24
1,434,720.94
4.61%
5.27%
5.50%
4.50%
405,895.41
405,895.41
811,790.82
14,347.21
64,562.44
826,138.03
1,695,293.35
1,499,283.39
53.351%
-------
0.000%
50.000%
50.000%
50.557%
50.639%
50.707%
50.798%
50.912%
51.035%
51.123%
50.965%
51.094%
51.210%
51.331%
51.417%
51.505%
51.663%
51.733%
195,619.74
1,172,540.54
1,164,844.66
1,155,422.95
1,144,196.68
1,130,968.95 1,115,648.47 1,098,139.77 1,077,884.74 1,060,728.86 1,040,728.22 1,017,867.57 992,016.44 963,038.43 930,676.29 894,775.65
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
(£096 0.0% 0.0% 0.0%
4.82%
5.29%
10.07% 17.68% 7.86% -41.28%
9.07% 16.68% 6.86% -42.28%
586,270.27
586,270.27
1,172,540.54
1,172,540.54
1,172,540.54
976,920.81
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 50.000%
207,617.61
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0%
4.53%
5.08%
10.07% 17.68% 7.86% -41.28%
9.07% 16.68% 6.86% -42.28%
565,677.66
565,677.66
1,131,355.32
1,131,355.32
1,131,355.32
923,737.71
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 50.000%
50.0% 50.0% 50.0% 50.0%
50.0%
50.0%
0.0%
:
987,387.72
4.77%
5.29%
35.59%
34.59%
586,270.27
586,270.27
1,172,540.54
9,873.88
341,567.03
1,182,414.42
1,182,414.42
111,875.94
1,328,954.75
0.000%
50.000%
1,032,928.03
50.0%
50.0%
0.0%
997,442.32
4.36%
5.08%
35.59%
34.59%
565,677.66
565,677.66
1,131,355.32
9,974.42
345,045.22
1,141,329.75
1,141,329.75
98,427.30
1,342,487.54
0.000%
50.000%
50.0%
50.0%
50.0%
0.0%
80,824.14
72,523.70
1,328,954.75
4.76%
5.31%
5.50%
4.50%
586,270.27
586,270.27
1,172,540.54
13,289.55
59,802.96
1,185,830.09
1,339,177.93
1,388,757.72
52.706%
50.313%
1,131,355.32
50.0%
50.0%
0.0%
143,936.00
122,274.50
1,342,487.54
4.35%
5.12%
5.50%
4.50%
565,677.66
565,677.66
1,131,355.32
13,424.88
60,411.94
1,144,780.20
1,410,990.70
1,402,899.48
54.068%
50.775%
213,162.10
50.0%
50.0%
50.0%
0.0%
99,201.80
88,587.06
1,388,757.72
4.75%
5.32%
5.50%
4.50%
582,422.33
582,422.33
1,164,844.66
13,887.58
62,494.10
1,178,732.24
1,366,521.10
1,451,251.81
52.826%
50.392%
1,118,841.72
50.0%
50.0%
0.0%
154,692.14
131 39491
1,402,899.48
4.39%
5.17%
5.50%
4.50%
559,420.86
559,420.86
1,118,841.72
14,028.99
63,130.48
1,132,870.72
1,418,957.76
1,466,029.96
54.072%
50.829%
1,088,380.15
50.0%
50.0%
50.0%
0.0%
118,084.81
104,917.71
1,451,251.81
4.75%
5.35%
5.50%
4.50%
577,711.48
577,711.48
1,155,422.95
14,512.52
65,306.33
1,169,935.47
1,392,937.99
1,516,558.14
52.952%
50.478%
1,105,262.03
50.0%
50.0%
0.0%
169,361.76
143,334.96
1,466,029.96
4.43%
5.24%
5.50%
4.50%
552,631.02
552,631.02
1,105,262.03
14,660.30
65,971.35
1,119,922.33
1,432,619.05
1,532,001.30
54.162%
50.918%
1,194,110.01
50.0%
50.0%
50.0%
0.0%
138,999.26
122,881.54
1,516,558.14
4.76%
5.38%
5.50%
4.50%
572,098.34
572,098.34
1,144,196.68
15,165.58
68,245.12
1,159,362.26
1,421,243.06
1,584,803.26
53.077%
50.573%
1,090,251.18
50.0%
50.0%
0.0%
190,532.25
160,794.58
1,532,001.30
4.47%
5.30%
5.50%
4.50%
545,125.59
545,125.59
1,090,251.18
15,320.01
68,940.06
1,105,571.20
1,456,898.03
1,600,941.36
54.232%
51.031%
1,180,408.03
50.0%
50.0%
50.0%
0.0%
160,576.37
141,137.08
1,584,803.26
4.77%
5.43%
5.50%
4.50%
565,484.48
565,484.48
1,130,968.95
15,848.03
71,316.15
1,146,816.98
1,448,530.43
1,656,119.41
53.221%
50.678%
1,073,215.40
50.0%
50.0%
0.0%
212,293.16
178,661.00
1,600,941.36
4.51%
5.36%
5.50%
4.50%
536,607.70
536,607.70
1,073,215.40
16,009.41
72,042.36
1,089,224.81
1,480,178.97
1,672,983.72
54.301%
51.149%
1,164,708.25
50.0%
50.0%
50.0%
0.0%
183,040.71
159,963.09
1,656,119.41
4.78%
5.47%
5.50%
4.50%
557,824.23
557,824.23
1,115,648.47
16,561.19
74,525.37
1,132,209.66
1,475,213.46
1,730,644.78
53.364%
50.791%
1,054,068.42
50.0%
50.0%
0.0%
234,530.35
197,092.19
1,672,983.72
4.55%
5.42%
5.50%
4.50%
527,034.21
527,034.21
1,054,068.42
16,729.84
75,284.27
1,070,798.25
1,502,420.79
1,748,267.99
54.337%
51.260%
1,146,919.37
50.0%
50.0%
50.0%
0.0%
211,209.94
184,117.35
1,730,644.78
4.80%
5.50%
5.50%
4.50%
549,069.88
549,069.88
1,098,139.77
17,306.45
77,879.02
1,115,446.22
1,510,773.50
1,808,523.80
53.427%
50.907%
1,032,720.24
50.0%
50.0%
0.0%
258,544.77
21696761
1,748,267.99
4.59%
5.47%
5.50%
4.50%
516,360.12
516,360.12
1,032,720.24
17,482.68
78,672.06
1,050,202.92
1,525,715.30
1,826,940.05
54.372%
51.378%
1,127,517.26
50.0%
50.0%
50.0%
0.0%
178,141.83
154,682.28
1,808,523.80
4.82%
5.55%
5.50%
4.50%
538,942.37
538,942.37
1,077,884.74
18,085.24
81,383.57
1,095,969.97
1,428,794.09
1,889,907.37
53.524%
50.831%
1,008,970.51
50.0%
50.0%
0.0%
186,691.02
156,665.48
1,826,940.05
4.63%
5.52%
5.50%
4.50%
504,485.26
504,485.26
1,008,970.51
18,269.40
82,212.30
1,027,239.91
1,370,596.41
1,909,152.35
54.372%
51.110%
1,105,742.53
50.0%
50.0%
50.0%
0.0%
206,812.41
178,881.89
1,889,907.37
4.84%
5.59%
5.50%
4.50%
530,364.43
530,364.43
1,060,728.86
18,899.07
85,045.83
1,079,627.94
1,465,322.24
1,974,953.20
53.621%
50.966%
991,665.52
50.0%
50.0%
0.0%
211,783.34
177,373.57
1,909,152.35
4.66%
5.57%
5.50%
4.50%
495,832.76
495,832.76
991,665.52
19,091.52
85,911.86
1,010,757.04
1,399,913.95
1,995,064.21
54.421%
51.246%
1,081,486.66
50.0%
50.0%
50.0%
0.0%
235,400.90
203,186.31
1,974,953.20
4.86%
5.63%
5.50%
4.50%
520,364.11
520,364.11
1,040,728.22
19,749.53
88,872.89
1,060,477.75
1,499,064.96
2,063,826.09
53.673%
51.089%
971,918.20
50.0%
50.0%
0.0%
238,827.53
199,636.71
1,995,064.21
4.69%
5.61%
5.50%
4.50%
485,959.10
485,959.10
971,918.20
19,950.64
89,777.89
991,868.84
1,430,333.09
2,084,842.10
54.469%
51.389%
1,054,521.98
50.0%
50.0%
50.0%
0.0%
265,090.17
228,342.02
2,063,826.09
4.88%
5.66%
5.50%
4.50%
508,933.79
508,933.79
1,017,867.57
20,638.26
92,872.17
1,038,505.83
1,531,938.01
2,156,698.27
53.724%
51.216%
949,517.89
50.0%
50.0%
0.0%
267,884.23
223,740.49
2,084,842.10
4.72%
5.65%
5.50%
4.50%
474,758.95
474,758.95
949,517.89
20,848.42
93,817.89
970,366.31
1,461,991.03
2,178,659.99
54.490%
51.532%
1,034,957.38
50.0%
50.0%
50.0%
0.0%
295,927.15
254,412.86
2,156,698.27
4.90%
5.70%
5.50%
4.50%
496,008.22
496,008.22
992,016.44
21,566.98
97,051.42
1,013,583.43
1,563,923.44
2,253,749.69
53.772%
51.346%
924,244.99
50.0%
50.0%
0.0%
296,771.76
247,665.70
2,178,659.99
4.74%
5.69%
5.50%
4.50%
462,122.49
462,122.49
924,244.99
21,786.60
98,039.70
946,031.59
1,490,469.05
2,276,699.69
54.510%
51.672%
1,012,669.83
50.0%
50.0%
50.0%
0.0%
329,126.46
283,012.35
2,253,749.69
4.92%
5.72%
5.50%
4.50%
481,519.21
481,519.21
963,038.43
22,537.50
101,418.74
985,575.92
1,597,714.74
2,355,168.43
53.767%
51.464%
896,083.59
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
363,617.42 399,455.05
312,733.87 344,078.88
2,355,168.43 2,461,151.00
4.94% 4.96%
5.74% 5.75%
5.50% 5.50%
4.50% 4.50%
465,338.15 447,387.82
465,338.15 447,387.82
930,676.29 894,775.65
23,551.68 24,611.51
105,982.58 110,751.80
954,227.98 919,387.16
1,630,579.26 1,662,921.08
2,461,151.00 2,571,902.80
53.762% 53.724%
51.583% 51.690%
864,697.50 829,949.30
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% 0.0%
328,849.14 361,990.40 396,238.86
274,63544 303,045.69 332,513.93
2,276,699.69 2,379,151.18 2,486,212.98
4.77%
5.71%
5.50%
4.50%
448,041.80
448,041.80
896,083.59
22,767.00
102,451.49
918,850.59
1,522,335.17
2,379,151.18
54.492%
51.808%
987,534.88
50.0%
4.80% 4.83%
5.73% 5.75%
5.50% 5.50%
4.50% 4.50%
432,348.75 414,974.65
432,348.75 414,974.65
864,697.50 829,949.30
23,791.51 24,862.13
107,061.80 111,879.58
888,489.01 854,811.43
1,553,525.10 1,583,564.22
2,486,212.98 2,598,092.57
54.432% 54.372%
51.927% 52.044%
959,193.78 927,614.24
50.0% 50.0%
-------
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
0.0%
1,214,602.26
50.0%
279,998.61
166,509.14
1,269,259.36 1,326,376.04
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
297,714.95 305,873.12 326,377.87 346,508.46 367,941.40 261,992.22 292,997.94 324,496.82 359,434.05
181,691.17 191,103.44 208,468.13 225,897.45 245,694.41 174,988.04 195,742.05 218,085.66 242,971.96
50.0% 50.0%
0.0% 0.0%
393,562.37 429,741.07
267,789.52 295,064.95
1,386,062.96 1,448,435.79 1,513,615.40 1,581,728.09 1,652,905.86 1,727,286.62 1,805,014.52 1,886,240.17 1,971,120.98 2,059,821.43 2,152,513.39
2.01%
3.97%
10.07% 17.68% 7.86% -41.28% 35.59% 5.50%
9.07% 16.68% 6.86% -42.28% 34.59% 4.50%
597,055.01
597,055.01
1,194,110.01
1,194,110.01
1,194,110.01
980,947.91
2.24%
4.25%
5.50%
4.50%
597,055.01
597,055.01
1,194,110.01
12,146.02
54,657.10
1,206,256.03
1,206,256.03
105,729.86
2.52%
4.48%
5.50%
4.50%
597,055.01
597,055.01
1,194,110.01
12,692.59
57,116.67
1,206,802.60
1,631,281.19
2.80%
4.71%
5.50%
4.50%
590,204.02
590,204.02
1,180,408.03
13,263.76
59,686.92
1,193,671.79
1,640,179.54
2.99%
4.90%
5.50%
4.50%
582,354.13
582,354.13
1,164,708.25
13,860.63
62,372.83
1,178,568.88
1,657,975.00
3.17%
5.08%
5.50%
4.50%
573,459.68
573,459.68
1,146,919.37
14,484.36
65,179.61
1,161,403.73
1,658,380.28
3.34%
5.22%
5.50%
4.50%
563,758.63
563,758.63
1,127,517.26
15,136.15
68,112.69
1,142,653.42
1,677,499.41
3.50%
5.37%
5.50%
4.50%
552,871.26
552,871.26
1,105,742.53
15,817.28
71,177.76
1,121,559.81
1,693,965.72
3.66%
5.49%
5.50%
4.50%
540,743.33
540,743.33
1,081,486.66
16,529.06
74,380.76
1,098,015.72
1,711,651.53
3.73%
5.59%
5.50%
4.50%
527,260.99
527,260.99
1,054,521.98
17,272.87
77,727.90
1,071,794.85
1,508,775.11
3.80%
5.69%
5.50%
4.50%
517,478.69
517,478.69
1,034,957.38
18,050.15
81,225.65
1,053,007.53
1,541,747.52
3.87%
5.76%
5.50%
4.50%
506,334.92
506,334.92
1,012,669.83
18,862.40
84,880.81
1,031,532.24
1,574,114.72
3.94%
5.83%
5.50%
4.50%
493,767.44
493,767.44
987,534.88
19,711.21
88,700.44
1,007,246.09
1,609,652.10
4.01%
5.90%
5.50%
4.50%
479,596.89
479,596.89
959,193.78
20,598.21
92,691.96
979,791.99
1,641,143.88
4.08%
5.94%
5.50%
4.50%
463,807.12
463,807.12
927,614.24
21,525.13
96,863.10
949,139.37
1,673,945.39
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
1,269,259.36 1,326,376.04 1,386,062.96 1,448,435.79 1,513,615.40 1,581,728.09 1,652,905.86 1,727,286.62 1,805,014.52 1,886,240.17 1,971,120.98 2,059,821.43 2,152,513.39 2,249,376.49
0.000% 63.966% 62.709% 62.101% 61.547% 61.023% 60.535% 59.961% 59.955% 59.950% 59.806% 59.666% 59.509% 59.290%
50.000% 53.663% 53.488% 53.528% 53.491% 53.546% 53.594% 53.606% 52.917% 53.191% 53.421% 53.662% 53.881% 54.075%
1,203,365.49 1,190,949.28 1,176,341.66 1,159,435.77 1,139,997.50 1,118,025.28 1,098,779.69 1,076,765.58 1,051,481.98 1,022,769.41 990,460.57
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.47%
1.91%
10.07% 17.68% 7.86% -41.28% 35.59% 5.50%
9.07% 16.68% 6.86% -42.28% 34.59% 4.50%
612,334.61
612,334.61
1,224,669.22
1,224,669.22
1,224,669.22
1,024,549.54
0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 50.000%
50.0%
50.0%
0.0%
:
1,322,865.80
0.96%
2.43%
5.50%
4.50%
612,334.61
612,334.61
1,224,669.22
13,228.66
59,528.96
1,237,897.88
1,237,897.88
115,925.94
1,382,394.76
0.000%
50.000%
50.0%
50.0%
0.0%
359,249.52
176,054.16
1,382,394.76
1.43%
2.92%
5.50%
4.50%
612,334.61
612,334.61
1,224,669.22
13,823.95
62,207.76
1,238,493.17
1,773,796.85
1,444,602.52
67.111%
55.204%
50.0%
50.0%
0.0%
303,838.50
164,589.53
1,444,602.52
1.81%
3.35%
5.50%
4.50%
607,195.04
607,195.04
1,214,390.09
14,446.03
65,007.11
1,228,836.11
1,697,264.14
1,509,609.64
64.863%
54.137%
50.0%
50.0%
0.0%
282,469.09
163,260.91
1,509,609.64
2.20%
3.80%
5.50%
4.50%
601,682.74
601,682.74
1,203,365.49
15,096.10
67,932.43
1,218,461.58
1,664,191.59
1,577,542.07
63.372%
53.614%
50.0%
50.0%
0.0%
291,399.32
176,132.77
1,577,542.07
2.51%
4.15%
5.50%
4.50%
595,474.64
595,474.64
1,190,949.28
15,775.42
70,989.39
1,206,724.70
1,674,256.79
1,648,531.46
62.327%
53.475%
50.0%
50.0%
0.0%
300,269.47
188,221.45
1,648,531.46
2.82%
4.49%
5.50%
4.50%
588,170.83
588,170.83
1,176,341.66
16,485.31
74,183.92
1,192,826.98
1,681,317.90
1,722,715.38
61.469%
53.365%
50.0%
50.0%
0.0%
327,819.03
204,539.95
1,722,715.38
2.96%
4.75%
5.50%
4.50%
579,717.89
579,717.89
1,159,435.77
17,227.15
77,522.19
1,176,662.92
1,709,021.90
1,800,237.57
61.579%
53.643%
50.0%
50.0%
0.0%
352,746.08
219,176.40
1,800,237.57
3.11%
5.01%
5.50%
4.50%
569,998.75
569,998.75
1,139,997.50
18,002.38
81,010.69
1,157,999.88
1,729,922.36
1,881,248.26
61.677%
53.901%
50.0%
50.0%
0.0%
294,805.17
183,125.60
1,881,248.26
3.26%
5.25%
5.50%
4.50%
559,012.64
559,012.64
1,118,025.28
18,812.48
84,656.17
1,136,837.76
1,614,768.53
1,965,904.43
61.684%
53.499%
50.0%
50.0%
0.0%
328,664.93
203,134.59
1,965,904.43
3.35%
5.42%
5.50%
4.50%
549,389.84
549,389.84
1,098,779.69
19,659.04
88,465.70
1,118,438.73
1,650,238.25
2,054,370.13
61.802%
53.849%
50.0%
50.0%
0.0%
368,144.79
226,456.00
2,054,370.13
3.43%
5.58%
5.50%
4.50%
538,382.79
538,382.79
1,076,765.58
20,543.70
92,446.66
1,097,309.28
1,691,910.06
2,146,816.79
61.915%
54.239%
50.0%
50.0%
0.0%
407,985.82
251,474.20
2,146,816.79
3.52%
5.71%
5.50%
4.50%
525,740.99
525,740.99
1,051,481.98
21,468.17
96,606.76
1,072,950.15
1,732,410.17
2,243,423.54
61.867%
54.574%
50.0%
50.0%
0.0%
448,270.73
276,842.03
2,243,423.54
3.60%
5.84%
5.50%
4.50%
511,384.71
511,384.71
1,022,769.41
22,434.24
100,954.06
1,045,203.65
1,770,316.41
2,344,377.60
61.821%
54.904%
50.0%
50.0%
0.0%
492,386.51
306,186.69
2,344,377.60
3.69%
5.93%
5.50%
4.50%
495,230.28
495,230.28
990,460.57
23,443.78
105,496.99
1,013,904.34
1,812,477.55
2,449,874.60
61.658%
55.204%
223,747.00
957,954.26 1,031,949.76
1,012,452.67 991,628.09 968,979.92 944,442.70 918,307.46 890,068.37 859,560.21 842,501.22 824,022.82 803,715.29 781,871.79
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
660,505.29
418,583.61
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
535,590.23 469,444.08 442,692.88 417,431.11 425,777.24 435,597.25 231,303.77 245,629.54
354,621.47 324,478.94 317,038.68 307,504.20 316,174.48 325,808.57 172,481.08 182,601.84
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% 0.0%
264,744.93 279,388.31 304,314.12
196,233.57 207,810.15 227,113.22
1,049,585.39 1,096,816.73 1,146,173.49 1,197,751.29 1,251,650.10 1,307,974.36 1,366,833.20 1,428,340.70 1,492,616.03 1,559,783.75 1,629,974.02
0.38%
1.02%
0.93%
1.70%
2.33%
1.94%
2.94%
2.41%
3.49%
2.77%
3.87%
3.13%
4.25%
3.32%
4.47%
3.50%
4.95%
3.76%
5.06%
3.84%
5.17%
3.91%
5.26%
5.34%
-------
10.07% 17.68% 7.86% -41.28% 35.59% 5.50% 5.50%
9.07% 16.68% 6.86% -42.28% 34.59% 4.50% 4.50%
515,974.88
515,974.88
1,031,949.76
1,031,949.76
1,031,949.76
808,202.76
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
5.50%
4.50%
515,974.88
515,974.88
1,031,949.76
9,611.37
43,251.16
1,041,561.13
1,041,561.13
73,995.50
1,004,387.93
0.000%
50.000%
5.50%
4.50%
515,974.88
515,974.88
1,031,949.76
10,043.88
45,197.46
1,041,993.64
2,121,082.53
1,049,585.39
61.210%
5.50%
4.50%
506,226.34
506,226.34
1,012,452.67
10,495.85
47,231.34
1,022,948.52
1,913,160.22
1,096,816.73
60.164%
5.50%
4.50%
495,814.05
495,814.05
991,628.09
10,968.17
49,356.75
1,002,596.26
1,796,519.28
1,146,173.49
59.130%
5.50%
4.50%
484,489.96
484,489.96
968,979.92
11,461.73
51,577.81
980,441.65
1,740,173.22
1,197,751.29
58.270%
5.50%
4.50%
472,221.35
472,221.35
944,442.70
11,977.51
53,898.81
956,420.21
1,681,355.52
1,251,650.10
57.582%
5.50%
4.50%
459,153.73
459,153.73
918,307.46
12,516.50
56,324.25
930,823.96
1,672,775.68
1,307,974.36
57.386%
5.50%
4.50%
445,034.19
445,034.19
890,068.37
13,079.74
58,858.85
903,148.11
1,664,553.93
1,366,833.20
57.210%
53.324%
5.50%
4.50%
429,780.11
429,780.11
859,560.21
13,668.33
61,507.49
873,228.54
1,277,013.39
1,428,340.70
57.284%
52.328%
5.50%
4.50%
421,250.61
421,250.61
842,501.22
14,283.41
64,275.33
856,784.63
1,285,016.01
1,492,616.03
57.359%
52.480%
5.50%
4.50%
412,011.41
412,011.41
824,022.82
14,926.16
67,167.72
838,948.98
1,299,927.48
1,559,783.75
57.431%
52.666%
5.50%
4.50%
401,857.65
401,857.65
803,715.29
15,597.84
70,190.27
819,313.13
1,306,511.59
1,629,974.02
57.346%
52.772%
5.50%
4.50%
390,935.90
390,935.90
781,871.79
16,299.74
73,348.83
798,171.53
1,329,598.87
1,703,322.85
57.264%
52.939%
-------
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
6/15/2025 6/15/2026 6/15/2027 6/15/2028 6/15/2029 6/15/2030 6/15/2031 6/15/2032 6/15/2033 6/15/2034 6/15/2035 6/15/2036 6/15/2037 6/15/2038 6/15/2039 6/15/2040 6/15/2041
Average
27,202,157.71
22,810,011.50
22,100,167.18
26,733,959.01
26,024,114.69
$26,024,114.69
5,101,990.53
$31,126,105.22
27,812,657.89
22,201,249.77
22,365,459.70
25,974,711.66
26,138,921.581
$26,138,921.58
5,447,198.19
$31,586,119.77
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
-------
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
.
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
50.0%
50.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-------
50.0%
50.0%
0.0%
5.50%
4.50%
50.0%
50.0%
0.0%
5.50%
4.50%
50.0%
50.0%
0.0%
5.50%
4.50%
50.0%
50.0%
0.0%
5.50%
4.50%
50.0%
50.0%
0.0%
5.50%
4.50%
50.0%
50.0%
0.0%
5.50%
4.50%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% 0.0%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
50.0%
50.0%
(10%
5.50%
4.50%
50.0%
50.0%
CH)%
5.50%
4.50%
50.0%
50.0%
(10%
5.50%
4.50%
50.0%
50.0%
(10%
5.50%
4.50%
50.0%
50.0%
(10%
5.50%
4.50%
50.0%
50.0%
(10%
5.50%
4.50%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
CKB6 (109& CKB6 (109& CKB6 (109& CKB6 (109&
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
(IOT& (IOT& (io%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
0.000%
0.000%
648,433.99
46.3%
46.3%
7.5%
1646,064.50
533,823.44
95,666.59
2,733,918.03
0.000%
0.000%
576,871.95
46.3%
46.3%
7.5%
703,426.63
579,477.71
104,019.27
2,856,944.34
0.000%
0.000%
499,157.99
46.3%
46.3%
7.5%
766,995.84
630,094.09
113,277.56
2,985,506.84
0.000%
0.000%
414,601.23
46.3%
46.3%
7.5%
833,094.42
682,493.42
122,885.50
3,119,854.65
0.000%
0.000%
322,981.88
46.3%
46.3%
7.5%
904,572.83
738,987.34
133,261.64
3,260,248.11
0.000%
0.000%
223,689.48
46.3%
46.3%
7.5%
975,581.71
794,774.05
143,542.36
3,406,959.27
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
116,209.22 .......
46.3% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
46.3% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
7.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
978,131.79
794,623.33
143,736.90 .......
3,560,272.44 .......
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% 0.0%
-------
5.58%
6.75%
5.50%
4.50%
5.56%
6.75%
5.50%
4.50%
5.55%
6.76%
5.50%
4.50%
5.54%
5.52%
5.51%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.49%
6.76%
5.50%
4.50%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50% 5.50%
4.50% 4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
321,295.43
321,295.43
285,262.85
285,262.85
246,127.65
246,127.65
203,561.12
203,561.12
157,440.67
157,440.67
107,487.39
107,487.39
53,746.76
53,746.76
642,590.86
27,339.18
123,026.31
570,525.70
28,569.44
128,562.50
492,255.31
29,855.07
134,347.81
407,122.24
31,198.55
140,393.46
314,881.35
32,602.48
146,711.16
214,974.78
34,069.59
153,313.17
107,493.53
35,602.72
160,212.26
4,706,762.33
(5,843.12)
599,095.15
4,867,506.32
(6,346.25)
522,110.38
5,039,054.95
438,320.78
5,214,156.73
(7,478.99)
347,483.83
5,398,003.28
(8,100.53)
249,044.37
5,579,672.57
(8,714.70)
143,096.25
5,636,336.08
(8,715.69)
2,761,277.75 2,881,487.57 3,006,577.09 3,137,362.61 3,273,697.64 3,416,730.08 3,576,747.80 .......
54.756% 54.831% 54.900% 54.968% 55.037% 55.107% 55.176% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
53.079% 53.344% 53.623% 53.916% 54.227% 54.554% 54.880% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
634,733.28 564,590.04 488,255.39 405,423.04 315,647.82 218,462.55 113,376.93
46.3%
46.3%
7.5%
46.3%
46.3%
7.5%
46.3%
46.3%
7.5%
46.3%
46.3%
7.5%
46.3%
46.3%
7.5%
46.3%
46.3%
7.5%
46.3%
46.3%
7.5%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
651,437.24
541,023.00
96,685.97
2,593,693.43
709,164.96
587,901.02
105,167.51
2,710,409.64
769,880.49
637,080.92
114,077.95
2,832,378.07
834,761.83
689,799.32
123,613.07
2,959,835.08
903,635.43
745,662.83
133,726.89
3,093,027.66
971,586.68
800,608.18
143,691.47
3,232,213.91
970,322.91
798,443.43
143,413.49
3,377,663.53
5.42%
6.53%
5.50%
4.50%
314,502.56
314,502.56
629,005.11
25,936.93
116,716.20
5.42%
6.54%
5.50%
4.50%
279,178.89
279,178.89
558,357.79
27,104.10
121,968.43
5.42%
6.55%
5.50%
4.50%
240,746.69
240,746.69
481,493.38
28,323.78
127,457.01
5.41%
6.55%
5.50%
4.50%
199,047.65
199,047.65
398,095.31
29,598.35
133,192.58
5.41%
6.56%
5.50%
4.50%
153,859.99
153,859.99
307,719.99
30,930.28
139,186.24
5.41%
6.56%
5.50%
4.50%
104,971.69
104,971.69
209,943.38
32,322.14
145,449.63
5.40%
6.57%
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
52,436.83 .......
52,436.83 .......
104,873.66 .......
33,776.64 .......
151,994.86 .......
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
654,942.05
4,557,811.93
(5,728.16)
585,461.88
4,714,905.93
(6,232.25)
509,817.16
4,876,613.66
(6,762.01)
427,693.66
5,045,282.47
(7,327.73)
338,650.26
5,220,162.43
(7,927.83)
242,265.52
5,392,123.90
(8,519.17)
138,650.30
5,437,075.03
(8,503.27)
2,613,723.67 2,727,210.56 2,845,757.13 2,969,414.60 3,098,487.02 3,233,972.06 3,386,244.91
54.630% 54.675% 54.719% 54.754% 54.789% 54.824% 54.859%
53.031% 53.268% 53.516% 53.770% 54.036% 54.313% 54.587%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
634,060.13
574,932.13
510,636.87 440,940.35 365,598.06 284,127.99
196,252.69
101,682.17
46.3%
46.3%
7.5%
0,592.62
3,403.50
87,891.58
2,209,229.71
46.3%
46.3%
7.5%
652,901.40
524,550.77
2,308,645.05
46.3%
46.3%
7.5%
707,590.75
567,457.90
103,382.32
2,412,534.08
46.3%
46.3%
7.5%
764,911.88
612,316.41
111,667.16
2,521,098.11
46.3%
46.3%
7.5%
826,911.10
660,417.95
120,594.25
2,634,547.52
46.3%
46.3%
7.5%
325.27
710,222.02
129,855.19
2,753,102.16
46.3%
46.3%
7.5%
953,427.33
757,958.95
138,761.05
2,876,991.76
46.3%
46.3%
7.5%
948,627.17
752,412.71
137,922.15
3,006,456.39
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
50.0%
50.0%
0.0%
4.96%
6.16%
5.50%
4.50%
4.96%
6.17%
5.50%
4.50%
4.96%
6.18%
5.50%
4.50%
5.50%
4.50%
4.96%
6.21%
5.50%
4.50%
4.96%
6.22%
5.50%
4.50%
4.96%
6.24%
5.50%
4.50%
6.25%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
5.50%
4.50%
314,615.93
314,615.93
284,841.68
284,841.68
252,474.22
252,474.22
217,395.55
217,395.55
179,475.20
179,475.20
138,481.24
138,481.24
94,293.97
94,293.97
47,028.00
47,028.00
629,231.87
22,092.30
569,683.35
23,086.45
504,948.44
24,125.34
434,791.10
25,210.98
358,950.39
26,345.48
276,962.49
27,531.02
188,587.94
28,769.92
94,056.00
30,064.56
-------
99,415.34 103,889.03 108,564.03 113,449.41 118,554.64 123,889.60 129,464.63 135,290.54
651,324.17
4,043,965.34
(4,828.26)
2,220,753.47
55.405%
53.420%
641,147.38
46.3%
46.3%
7.5%
1523,955.42
448,908.23
78,880.84
1,916,539.61
5.04%
5.89%
5.50%
4.50%
318,430.70
318,430.70
636,861.41
19,165.40
86,244.28
656,026.80
3,631,674.35
(4,285.98)
1,923,903.06
53.857%
52.331%
769,049.71
50.0%
50.0%
0.0%
503,237.16
440,230.10
1,499,283.39
4.64%
5.31%
5.50%
4.50%
384,524.86
384,524.86
769,049.71
14,992.83
67,467.75
784,042.55
1,727,509.81
592,769.80
4,182,756.05
(5,248.78)
2,317,064.98
55.450%
53.673%
588,627.29
46.3%
46.3%
7.5%
565,557.06
484,313.28
85,124.62
2,002,783.90
5.04%
5.89%
5.50%
4.50%
292,000.51
292,000.51
584,001.01
20,027.84
90,125.28
604,028.85
3,746,808.36
(4,626.28)
2,007,784.55
53.869%
52.486%
722,307.44
50.0%
50.0%
0.0%
549,327.78
480,142.33
1,566,751.14
4.64%
5.31%
5.50%
4.50%
361,153.72
361,153.72
722,307.44
15,667.51
70,503.80
737,974.95
1,767,445.05
529,073.78
4,325,220.55
(5,688.43)
2,417,715.79
55.495%
53.936%
531,917.67
46.3%
46.3%
7.5%
608,080.41
520,472.48
91,504.29
2,092,909.17
5.04%
5.89%
5.50%
4.50%
263,471.77
263,471.77
526,943.54
20,929.09
94,180.91
547,872.63
3,863,515.61
(4,974.12)
2,095,585.80
53.881%
52.646%
671,284.11
50.0%
50.0%
0.0%
650,999.68
568,526.78
1,637,254.94
4.64%
5.32%
5.50%
4.50%
335,642.06
335,642.06
671,284.11
16,372.55
73,676.47
687,656.66
1,907,183.12
460,002.08
4,471,777.90
(6,149.25)
2,522,880.37
55.540%
54.211%
470,947.75
46.3%
46.3%
7.5%
654,243.77
559,710.25
98,428.70
2,187,090.08
5.04%
5.90%
5.50%
4.50%
232,798.01
232,798.01
465,596.01
21,870.90
98,419.05
487,466.91
3,986,930.07
(5,351.74)
2,187,080.43
53.894%
52.814%
615,687.87
46.3%
46.3%
7.5%
646,746.27
564,333.86
98,195.69
1,710,931.41
4.64%
5.32%
5.50%
4.50%
305,408.59
305,408.59
610,817.18
17,109.31
76,991.91
627,926.50
3,626,929.95
(4,870.69)
385,295.87
4,625,727.09
(6,647.67)
2,632,507.92
55.597%
54.509%
405,329.64
46.3%
46.3%
7.5%
701,517.90
599,859.37
105,517.08
2,285,509.14
5.04%
5.90%
5.50%
4.50%
199,795.59
199,795.59
399,591.19
22,855.09
102,847.91
422,446.28
4,112,180.60
(5,738.45)
2,282,839.97
53.906%
52.988%
555,974.20
46.3%
46.3%
7.5%
694,308.05
605,322.36
105,375.44
1,787,923.33
4.64%
5.33%
5.50%
4.50%
275,372.66
275,372.66
550,745.32
17,879.23
80,456.55
568,624.55
3,736,634.84
(5,228.88)
304,493.51
4,783,032.57
(7,165.50)
2,747,136.57
55.654%
54.820%
334,973.35
46.3%
46.3%
7.5%
752,604.33
643,281.04
113,179.90
2,388,357.05
5.04%
5.90%
5.50%
4.50%
164,408.51
164,408.51
328,817.01
23,883.57
107,476.07
352,700.58
4,244,419.07
(6,156.34)
2,382,653.22
53.916%
53.169%
491,858.23
46.3%
46.3%
7.5%
743,913.42
648,021.71
112,859.60
1,868,379.88
4.64%
5.33%
5.50%
4.50%
243,127.88
243,127.88
486,255.76
18,683.80
84,077.09
504,939.56
3,849,331.66
(5,602.46)
217,357.86
4,935,200.53
(7,664.75)
2,867,695.34
55.711%
55.144%
259,471.00
46.3%
46.3%
7.5%
804,656.70
687,492.71
120,985.09
2,495,833.12
5.04%
5.90%
5.50%
4.50%
126,444.43
126,444.43
252,888.87
24,958.33
112,312.49
277,847.20
4,378,142.22
(6,582.13)
2,487,160.52
53.926%
53.357%
423,151.44
46.3%
46.3%
7.5%
795,735.49
692,792.98
120,691.50
1,952,456.97
4.64%
5.33%
5.50%
4.50%
208,579.35
208,579.35
417,158.71
19,524.57
87,860.56
436,683.27
3,965,529.28
(5,992.74)
124,120.57
4,966,907.37
(7,626.16)
3,003,824.78
55.767%
55.465%
178,711.74
46.3%
46.3%
7.5%
856,038.42
731,095.67
128,686.55
2,608,145.61
5.04%
5.91%
5.50%
4.50%
85,854.65
85,854.65
171,709.31
26,081.46
117,366.55
197,790.76
4,510,437.01
(7,002.43)
2,596,825.61
53.936%
53.552%
349,657.25
46.3%
46.3%
7.5%
851,007.98
740,518.81
129,042.71
2,040,317.53
4.64%
5.34%
5.50%
4.50%
171,624.12
171,624.12
343,248.25
20,403.18
91,814.29
363,651.42
4,087,310.03
(6,409.00)
-
0.000%
0.000%
92,265.93
46.3%
46.3%
7.5%
845,954.57
722,190.15
127,146.87
2,725,512.16
5.04%
5.91%
5.50%
4.50%
42,672.99
42,672.99
85,345.99
27,255.12
122,648.05
112,601.11
4,528,906.03
(6,919.94)
2,721,013.34
53.946%
53.743%
271,062.12
46.3%
46.3%
7.5%
910,655.94
791,998.98
138,053.10
2,132,131.82
4.64%
5.34%
5.50%
4.50%
132,101.95
132,101.95
264,203.90
21,321.32
95,945.93
285,525.22
4,216,257.90
(6,858.21)
-
0.000%
0.000%
-
50.0%
50.0%
0.0%
5.50%
4.50%
-
-
0.000%
0.000%
186,930.51
46.3%
46.3%
7.5%
970,810.77
843,864.74
147,135.85
2,228,077.76
4.64%
5.34%
5.50%
4.50%
89,809.63
89,809.63
179,619.26
22,280.78
100,263.50
201,900.04
4,344,916.80
(7,311.24)
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
.
50.0% 50.0% 50.0% 50.0%
50.0% 50.0% 50.0% 50.0%
CKB6 (£096 CKB6 (£096
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
-
0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000%
96,699.73
46.3% 50.0% 50.0% 50.0%
46.3% 50.0% 50.0% 50.0%
7.5% 0.0% 0.0% 0.0%
963,007.87
836,635.29
145,917.01
2,328,341.26
4.64%
5.35%
5.50% 5.50% 5.50% 5.50%
4.50% 4.50% 4.50% 4.50%
44,723.63
44,723.63
89,447.25
23,283.41
104,775.36
112,730.67
4,345,490.43
(7,252.48)
.
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
.
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
tn)?6 tn)?6 cn)%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
-
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% 0.0%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
: : :
-
-
1,566,751.14 1,637,254.94 1,710,931.41 1,689,727.64 1,763,004.44 1,839,597.37 1,919,626.04 2,003,089.11 2,090,024.65 2,181,205.40 2,287,199.60
53.339% 53.360% 53.381% 53.402% 53.424% 53.445% 53.458% 53.471% 53.484% 53.498% 53.511%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-------
51.840%
51.975%
52.181%
52.262%
52.405%
52.553%
52.701%
52.855%
53.016%
53.183%
53.345%
0.000%
0.000%
0.000%
0.000%
0.000%
855,175.08 811,476.64 763,607.95 711,149.64 653,892.32 591,846.19 524,678.18 452,154.65 373,916.71 289,932.77 199,826.15 103,317.50
50.0%
50.0%
0.0%
1438,999.24
378,712.25
2,571,902.80
4.98%
5.77%
5.50%
4.50%
427,587.54
427,587.54
855,175.08
25,719.03
115,735.63
880,894.11
1,698,605.60
2,687,638.43
53.686%
51.802%
791,695.68
50.0%
50.0%
0.0%
429,443.34
361,343.96
2,598,092.57
4.85%
5.77%
5.50%
4.50%
395,847.84
395,847.84
791,695.68
25,980.93
116,914.17
817,676.60
1,608,463.91
2,715,006.73
54.306%
52.152%
892,533.94
50.0%
50.0%
50.0%
0.0%
478,947.43
414,615.96
2,687,638.43
5.00%
5.77%
5.50%
4.50%
405,738.32
405,738.32
811,476.64
26,876.38
120,943.73
838,353.02
1,731,916.42
2,808,582.15
53.600%
51.887%
750,000.32
50.0%
50.0%
0.0%
463,775.98
391,268.88
2,715,006.73
4.88%
5.79%
5.50%
4.50%
375,000.16
375,000.16
750,000.32
27,150.07
122,175.30
777,150.39
1,632,195.25
2,837,182.04
54.240%
52.259%
853,678.58
50.0%
50.0% 50.0%
50.0% 50.0%
0.0% 0.0%
526,020.97 626,302.35
453,696.16 538,206.35
2,808,582.15 2,934,968.35
4.99% 4.98%
5.78% 5.79%
5.50% 5.50%
4.50% 4.50%
381,803.97 355,574.82
381,803.97 355,574.82
763,607.95 711,149.64
28,085.82 29,349.68
126,386.20 132,073.58
791,693.77 740,499.33
1,771,410.91 1,905,008.03
2,934,968.35 3,067,041.93
53.691% 53.783%
52.074% 52.348%
704,716.57 655,691.47
46.3%
46.3%
7.5%
629,104.75
538,628.48
94,681.07
3,067,041.93
4.96%
5.80%
5.50%
4.50%
324,413.88
324,413.88
648,827.75
30,670.42
138,016.89
679,498.17
5,052,290.21
(5,064.57)
3,110,377.74
53.874%
52.490%
602,659.00
50.0% 46.3% 46.3%
50.0% 46.3% 46.3%
0.0% 7.5% 7.5%
543,368.33 544,523.36 590,329.65
460,727.48 460,813.96 498.611.41
81,513.84 88,292.52
2,837,182.04 2,964,855.23 3,098,273.71
4.91% 4.90%
5.79% 5.79%
5.50% 5.50%
4.50% 4.50%
352,358.29 325,681.28
352,358.29 325,681.28
704,716.57 651,362.56
28,371.82 29,648.55
127,673.19 133,418.49
733,088.39 681,011.12
1,737,184.21 4,784,622.14
(4,328.90)
2,964,855.23 3,016,759.88
54.115% 54.163%
52.418% 52.526%
810,875.54 763,830.12
50.0% 46.3%
4.90%
5.80%
5.50%
4.50%
298,986.38
298,986.38
597,972.76
30,982.74
139,422.32
628,955.50
4,955,592.59
(4,686.23)
3,149,403.51
54.211%
52.719%
712,348.36
46.3%
46.3%
46.3%
7.5%
682,392.37
582,104.46
102,526.77
3,205,058.81
4.95%
5.81%
5.50%
4.50%
293,182.37
293,182.37
586,364.75
32,050.59
144,227.65
618,415.33
5,232,198.62
(5,481.44)
3,246,759.69
53.966%
52.709%
545,235.31
46.3%
46.3%
7.5%
638,272.40
538,060.81
95,378.37
3,237,696.03
4.89%
5.80%
5.50%
4.50%
270,087.94
270,087.94
540,175.87
32,376.96
145,696.32
572,552.83
5,132,278.40
(5,059.44)
3,288,013.98
54.259%
52.919%
656,227.46
46.3%
46.3%
46.3%
7.5%
738,357.37
627,527.29
110,747.40
3,349,286.46
4.94%
5.82%
5.50%
4.50%
259,380.15
259,380.15
518,760.30
33,492.86
150,717.89
552,253.16
5,418,142.17
(5,917.88)
3,389,256.95
54.057%
52.940%
483,233.21
46.3%
46.3%
7.5%
689,449.32
580,075.47
102,934.44
3,383,392.35
4.88%
5.80%
5.50%
4.50%
238,888.04
238,888.04
477,776.07
33,833.92
152,252.66
511,609.99
5,316,779.79
(5,457.14)
3,432,710.56
54.308%
53.130%
595,026.78
46.3%
46.3%
46.3%
7.5%
797,977.62
677,048.93
119,596.75
3,500,004.35
4.93%
5.81%
5.50%
4.50%
222,886.54
222,886.54
445,773.08
35,000.04
157,500.20
480,773.12
5,613,304.23
(6,381.57)
3,537,907.80
54.099%
53.148%
416,351.04
46.3%
46.3%
7.5%
743,923.98
62469315
110,968.96
3,535,645.01
4.87%
5.80%
5.50%
4.50%
205,235.66
205,235.66
410,471.31
35,356.45
159,104.03
445,827.76
5,509,193.93
(5,879.72)
3,583,780.08
54.356%
53.351%
528,514.08
46.3%
46.3%
46.3%
7.5%
858,411.53
727,086.72
128,553.91
3,657,504.55
4.92%
5.81%
5.50%
4.50%
183,533.54
183,533.54
367,067.08
36,575.05
164,587.70
403,642.13
5,811,232.63
(6,849.63)
3,693,538.34
54.141%
53.363%
344,274.22
46.3%
46.3%
7.5%
800,736.17
671,576.19
119,376.68
3,694,749.03
4.87%
5.80%
5.50%
4.50%
168,977.37
168,977.37
337,954.73
36,947.49
166,263.71
374,902.22
5,708,227.31
(6,319.49)
3,741,636.06
54.386%
53.567%
456,446.55
46.3%
46.3%
46.3%
7.5%
922,475.57
780,018.36
138,040.05
3,822,092.25
4.91%
5.81%
5.50%
4.50%
141,294.16
141,294.16
282,588.33
38,220.92
171,994.15
320,809.25
6,017,389.58
(7,344.45)
3,856,046.36
54.184%
53.588%
266,781.42
46.3%
46.3%
7.5%
858,708.37
719,313.62
127,947.73
3,861,012.74
4.86%
5.80%
5.50%
4.50%
130,007.16
130,007.16
260,014.33
38,610.13
173,745.57
298,624.45
5,911,404.76
(6,767.09)
3,906,810.58
54.417%
53.792%
378,455.97
46.3%
46.3%
46.3%
7.5%
984,314.27
830,885.12
147,178.33
3,994,086.40
4.90%
5.80%
5.50%
4.50%
96,003.42
96,003.42
192,006.84
39,940.86
179,733.89
231,947.70
6,220,967.37
(7,819.31)
4,026,641.96
54.226%
53.822%
183,748.30
46.3%
46.3%
7.5%
914,316.68
764,953.56
136,157.05
4,034,758.31
4.85%
5.80%
5.50%
4.50%
88,276.78
88,276.78
176,553.55
40,347.58
181,564.12
216,901.14
6,112,493.81
(7,194.75)
4,080,165.39
54.447%
54.024%
294,157.29
46.3%
46.3% 50.0% 50.0%
46.3% 50.0% 50.0%
7.5% 0.0% 0.0%
977,624.76
823,824.28
146,063.44
4,173,820.29
4.89%
5.80%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
47,784.34
47,784.34
95,568.69
41,738.20
187,821.91
137,306.89
6,300,398.14
(7,748.81)
4,215,578.77
54.269% 0.000% 0.000%
54.054% 0.000% 0.000%
94,938.76
46.3% 50.0% 50.0%
46.3% 50.0% 50.0%
7.5% 0.0% 0.0%
906,200.66
757,229.85
134,872.74
4,216,322.44
4.85%
5.80%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
43,909.18
43,909.18
87,818.35
42,163.22
189,734.51
129,981.58
6,199,469.03
(7,120.41)
4,271,184.20
54.478% 0.000% 0.000%
54.253% 0.000% 0.000%
203,262.13 105,354.66
46.3% 46.3% 50.0%
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% CH)%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
-
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
50.0% 50.0% 50.0%
50.0% 50.0% 50.0%
0.0% 0.0% 0.0%
5.50% 5.50% 5.50%
4.50% 4.50% 4.50%
-
.
0.000% 0.000% 0.000%
0.000% 0.000% 0.000%
50.0% 50.0% 50.0%
-------
50.0%
0.0%
1468,011.52
324,190.63
2,249,376.49
4.15%
5.99%
5.50%
4.50%
446,266.97
446,266.97
892,533.94
22,493.76
101,221.94
915,027.71
1,707,229.86
2,350,598.43
59.077%
54.268%
954,136.03
50.0%
50.0%
0.0%
1535,496.96
336,509.70
2,449,874.60
3.77%
6.00%
5.50%
4.50%
477,068.02
477,068.02
954,136.03
24,498.75
110,244.36
978,634.78
1,850,641.44
2,560,118.95
61.410%
55.448%
757,629.95
50.0%
50.0%
0.0%
330,498.96
246,637.61
1,703,322.85
4.06%
5.44%
50.0%
0.0%
507,065.56
354,890.46
2,350,598.43
4.22%
6.03%
5.50%
4.50%
426,839.29
426,839.29
853,678.58
23,505.98
105,776.93
877,184.57
1,739,140.59
2,456,375.36
58.827%
54.435%
913,721.86
50.0%
50.0%
0.0%
582,456.74
369,750.86
2,560,118.95
3.86%
6.08%
5.50%
4.50%
456,860.93
456,860.93
913,721.86
25,601.19
115,205.35
939,323.05
1,891,530.66
2,675,324.31
61.169%
55.700%
730,813.97
50.0%
50.0%
0.0%
357,951.07
267,189.38
1,779,972.38
4.13%
5.53%
50.0%
0.0%
597,293.95
422,283.12
2,456,375.36
4.29%
6.07%
5.50%
4.50%
405,437.77
405,437.77
810,875.54
24,563.75
110,536.89
835,439.30
1,855,016.37
2,566,912.26
58.583%
54.781%
868,774.61
50.0%
50.0%
0.0%
685,297.56
441,107.17
2,675,324.31
3.94%
6.13%
5.50%
4.50%
434,387.30
434,387.30
868,774.61
26,753.24
120,389.59
895,527.85
2,021,932.58
2,795,713.90
60.839%
56.120%
701,241.79
50.0%
50.0%
0.0%
385,614.75
287,906.71
1,860,071.13
4.20%
5.63%
46.3%
7.5%
594,765.41
426,791.45
82,828.93
2,566,912.26
4.36%
6.08%
5.50%
4.50%
379,812.60
379,812.60
759,625.20
25,669.12
115,511.05
785,294.32
4,489,274.49
(4,204.92)
2,599,594.37
58.221%
54.715%
819,195.08
46.3%
46.3%
7.5%
683,902.97
446,174.14
91,627.87
2,795,713.90
4.03%
6.17%
5.50%
4.50%
407,363.83
407,363.83
814,727.66
27,957.14
125,807.13
842,684.79
4,894,282.92
(4,467.42)
2,829,893.15
60.518%
56.112%
668,814.51
50.0%
50.0%
0.0%
449,783.87
335,430.16
1,943,774.33
4.28%
5.74%
46.3%
7.5%
649,590.01
463,984.75
90,289.85
2,682,423.31
4.35%
6.09%
5.50%
4.50%
353,882.25
353,882.25
707,764.50
26,824.23
120,709.05
734,588.73
4,651,295.85
(4,583.86)
2,712,842.51
58.334%
55.095%
764,513.34
46.3%
46.3%
7.5%
732,229.11
485,231.77
98,713.04
2,921,521.03
4.11%
6.21%
5.50%
4.50%
379,814.71
379,814.71
759,629.42
29,215.21
131,468.45
788,844.63
5,059,294.98
(4,883.91)
2,954,276.43
60.144%
56.246%
633,429.72
46.3%
46.3%
7.5%
439,663.41
327,518.73
62,203.96
2,031,244.18
4.35%
5.84%
46.3%
7.5%
709,516.27
504,455.38
98,430.13
2,803,132.36
4.34%
6.11%
5.50%
4.50%
325,615.09
325,615.09
651,230.19
28,031.32
126,140.96
679,261.51
4,822,506.47
(4,997.27)
2,830,843.18
58.446%
55.497%
704,724.37
46.3%
46.3%
7.5%
799,800.10
525,154.05
107,428.71
3,052,989.47
4.11%
6.26%
5.50%
4.50%
349,697.25
349,697.25
699,394.50
30,529.89
137,384.53
729,924.39
5,245,252.54
(5,329.87)
3,082,945.28
60.364%
56.784%
595,429.77
46.3%
46.3%
7.5%
470,141.92
344,872.12
66,082.22
2,122,650.17
4.43%
6.03%
46.3%
7.5%
772,365.57
546,614.31
106,944.31
2,929,273.31
4.34%
6.13%
5.50%
4.50%
294,798.57
294,798.57
589,597.14
29,292.73
131,817.30
618,889.87
4,998,960.36
(5,429.64)
2,954,146.30
58.558%
55.914%
639,457.07
46.3%
46.3%
7.5%
870,773.99
566,556.46
116,540.31
3,190,374.00
4.11%
6.31%
5.50%
4.50%
316,829.69
316,829.69
633,659.38
31,903.74
143,566.83
665,563.12
5,436,834.39
(5,797.69)
3,217,400.52
60.583%
57.345%
554,092.94
46.3%
46.3%
7.5%
507,761.83
366,127.61
70,855.90
2,218,169.43
4.44%
6.16%
46.3%
7.5%
838,368.99
590,598.88
115,862.26
3,061,090.61
4.33%
6.14%
5.50%
4.50%
261,315.81
261,315.81
522,631.63
30,610.91
137,749.08
553,242.54
5,181,050.10
(5,882.45)
3,082,977.43
58.670%
56.348%
568,444.15
46.3%
46.3%
7.5%
945,505.24
609,625.49
126,091.68
3,333,940.83
4.10%
6.36%
5.50%
4.50%
281,077.24
281,077.24
562,154.48
33,339.41
150,027.34
595,493.89
5,634,592.78
(6,289.67)
3,357,876.49
60.799%
57.932%
509,299.52
46.3%
46.3%
7.5%
548,337.78
388,810.35
75,984.98
2,317,987.05
4.46%
6.28%
46.3%
7.5%
908,893.09
637,339.94
125,370.25
3,198,839.69
4.32%
6.16%
5.50%
4.50%
225,040.69
225,040.69
450,081.38
31,988.40
143,947.79
482,069.78
5,371,090.28
(6,365.17)
3,217,417.23
58.781%
56.801%
491,405.30
46.3%
46.3%
7.5%
1,026,650.94
656,012.18
136,432.14
3,483,968.17
4.10%
6.41%
5.50%
4.50%
242,290.95
242,290.95
484,581.90
34,839.68
156,778.57
519,421.59
5,842,831.44
(6,823.39)
3,504,314.59
61.013%
58.551%
460,746.06
46.3%
46.3%
7.5%
589,374.11
411,116.41
81,120.85
2,422,296.47
4.47%
6.41%
46.3%
7.5%
984,041.23
688,455.68
135,607.86
3,342,787.47
4.31%
6.16%
5.50%
4.50%
185,788.82
185,788.82
371,577.64
33,427.87
150,425.44
405,005.52
5,570,715.34
(6,878.32)
3,357,605.05
58.837%
57.230%
407,802.55
46.3%
46.3%
7.5%
1,110,754.61
703,436.90
147,096.61
3,640,746.73
4.09%
6.47%
5.50%
4.50%
200,213.38
200,213.38
400,426.75
36,407.47
163,833.60
436,834.22
6,055,606.07
(7,375.79)
3,657,483.73
61.226%
59.196%
408,387.34
46.3%
46.3%
7.5%
633,592.70
434,938.99
86,637.70
2,531,299.81
4.49%
6.53%
46.3%
7.5%
1,062,462.73
741,616.26
146,276.67
3,493,212.91
4.30%
6.16%
5.50%
4.50%
143,372.49
143,372.49
286,744.98
34,932.13
157,194.58
321,677.11
5,776,163.59
(7,412.31)
3,504,130.82
58.892%
57.673%
317,437.66
46.3%
46.3%
7.5%
1,202,672.21
757,032.72
158,894.99
3,804,580.34
4.09%
6.50%
5.50%
4.50%
154,729.31
154,729.31
309,458.62
38,045.80
171,206.12
347,504.42
6,282,995.80
(7,979.04)
3,816,891.46
61.370%
59.819%
351,907.44
46.3%
46.3%
7.5%
680,098.20
459,608.76
92,408.67
2,645,208.30
4.50%
6.66%
46.3%
7.5%
1,139,659.23
793,673.48
156,756.71
3,650,407.49
4.29%
6.17%
5.50%
4.50%
97,663.23
97,663.23
195,326.45
36,504.07
164,268.34
231,830.52
5,979,839.06
(7,935.68)
3,657,919.12
58.948%
58.127%
219,614.83
46.3%
46.3%
7.5%
1,292,058.95
808,390.75
170,306.73
3,975,786.45
4.09%
6.53%
5.50%
4.50%
105,525.20
105,525.20
211,050.39
39,757.86
178,910.39
250,808.26
6,505,954.79
(8,564.43)
3,984,390.11
61.513%
60.462%
291,068.79
46.3%
46.3%
7.5%
728,086.41
489,771.44
98,745.23
2,764,242.67
4.51%
6.71%
46.3%
7.5%
1,136,942.10
789,959.81
156,235.29
3,814,675.83
4.29%
6.17%
5.50%
4.50%
48,726.53
48,726.53
97,453.06
38,146.76
171,660.41
135,599.82
6,048,837.98
(7,901.60)
3,830,100.95
59.004%
58.570%
113,970.17
46.3%
46.3%
7.5%
1,290,696.10
802,686.19
169,733.70
4,154,696.84
4.08%
6.57%
5.50%
4.50%
52,711.20
52,711.20
105,422.41
41,546.97
186,961.36
146,969.37
6,582,009.86
(8,547.76)
4,171,924.50
61.656%
61.097%
225,715.00
46.3%
46.3%
7.5%
778,205.15
521,099.49
105,349.02
2,888,633.59
4.53%
6.76%
50.0%
CH)%
5.50%
4.50%
-
-
0.000%
0.000%
50.0%
50.0%
0.0%
:
5.50%
4.50%
-
0.000%
0.000%
155,594.33
46.3%
46.3%
7.5%
826,295.24
550,807.20
111,656.95
3,018,622.10
4.54%
6.82%
50.0%
(£096
5.50%
4.50%
-
-
0.000%
0.000%
50.0%
50.0%
0.0%
:
5.50%
4.50%
-
0.000%
0.000%
80,446.09
46.3%
46.3%
7.5%
816,164.32
541,628.10
110,091.28
3,154,460.10
4.56%
6.87%
50.0%
(£096
5.50%
4.50%
-
-
0.000%
0.000%
50.0%
50.0%
0.0%
^^B
5.50%
4.50%
-
0.000%
0.000%
50.0%
50.0%
0.0%
50.0%
CH)%
5.50%
4.50%
-
-
0.000%
0.000%
50.0%
50.0%
0.0%
5.50%
4.50%
-
0.000%
0.000%
50.0%
50.0%
0.0%
-------
5.50%
4.50%
378,814.98
378,814.98
757,629.95
17,033.23
76,649.53
774,663.18
1,351,799.75
1,779,972.38
57.265%
53.141%
5.50%
4.50%
365,406.99
365,406.99
730,813.97
17,799.72
80,098.76
748,613.69
1,373,754.15
1,860,071.13
57.259%
53.347%
5.50%
4.50%
350,620.90
350,620.90
701,241.79
18,600.71
83,703.20
719,842.50
1,393,363.96
1,943,774.33
57.254%
53.554%
5.50%
4.50%
334,407.26
334,407.26
668,814.51
19,437.74
87,469.85
688,252.25
1,473,466.28
2,031,244.18
57.282%
53.932%
5.50%
4.50%
315,163.32
315,163.32
630,326.64
20,312.44
91,405.99
650,639.08
3,540,471.39
(3,103.08)
2,060,446.21
57.309%
54.012%
5.50%
4.50%
296,027.63
296,027.63
592,055.26
21,226.50
95,519.26
613,281.76
3,646,465.23
(3,374.51)
2,152,087.21
57.685%
54.451%
5.50%
4.50%
275,218.14
275,218.14
550,436.29
22,181.69
99,817.62
572,617.98
3,764,494.47
(3,656.65)
2,247,131.15
58.104%
54.972%
5.50%
4.50%
252,668.79
252,668.79
505,337.57
23,179.87
104,309.42
528,517.44
3,887,962.04
(3,961.95)
2,346,311.48
58.511%
55.530%
5.50%
4.50%
228,236.77
228,236.77
456,473.54
24,222.96
109,003.34
480,696.51
4,012,486.83
(4,272.52)
2,450,178.96
58.909%
56.117%
5.50%
4.50%
201,889.57
201,889.57
403,779.15
25,313.00
113,908.49
429,092.15
4,142,832.13
(4,608.19)
2,558,570.60
59.296%
56.746%
5.50%
4.50%
173,472.39
173,472.39
346,944.78
26,452.08
119,034.37
373,396.86
4,277,346.50
(4,962.66)
2,671,834.00
59.673%
57.416%
5.50%
4.50%
142,869.29
142,869.29
285,738.58
27,642.43
124,390.92
313,381.01
4,419,872.45
(5,330.21)
2,789,888.36
59.784%
57.925%
5.50%
4.50%
109,999.65
109,999.65
219,999.30
28,886.34
129,988.51
248,885.64
4,566,812.38
(5,715.70)
2,913,273.08
59.894%
58.461%
5.50%
4.50%
74,752.85
74,752.85
149,505.70
30,186.22
135,837.99
179,691.92
4,711,254.46
(6,088.63)
3,042,803.14
60.002%
59.023%
5.50%
4.50%
37,206.32
37,206.32
74,412.63
31,544.60
141,950.70
105,957.23
4,760,160.46
(6,033.46)
3,186,319.53
60.110%
59.584%
5.50% 5.50%
4.50% 4.50%
-
-
0.000% 0.000%
0 000% 0 000%
-------
Investment Benefit of Alternative Portfolios
a
b
d
e
f
g
h
1990
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
nterest, Dividends and Realized Gains
Shortfall
Excess Earnings
Equity Returns
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
I | Treasury Allocation
I Equity Allocation (from Excess Int.)
a-b
c-d
f-b
0.25
Total
800,194,707.29
364,960,183.93
435,234,523.36
386,996,695.61
48,237,827.74
431 ,946,900.39
66,986,716.46
$ 66,986,716.46
48,237,827.74
$ 115,224,544.20
2013
28,173,489.24
21,826,510.76
100%
1.00
Treasury Investment j 20,534,105.46
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
1 ,032,081 .29
1990
6/15/1990
50,000,000.00
28,173,489.24
21,826,510.76
20,534,105.46
1 ,292,405.30
33,350,702.58
5,177,213.34
66,986,776.46
1991
6/15/1991
50,000,000.00
25,969,197.87
24,030,802.13
19,952,133.58
4,078,668.56
30,746,678.34
4,777,480.48
from below to check
-
100.0%
0.0%
151,838.65
100.0%
0.0%
-
1992
6/15/1992
-
-
-
1993
6/15/1993
-
-
-
Aggregate Equity Deposit
% of Escrow Principal
Gross Future Equity Return
Equity Costs & Fees
1,451,463.57
100.0%
0.0%
-
1,759,582.12
100.0%
1994
6/15/1994
50,000,000.00
21 ,592,533.74
28,407,466.26
21,182,362.48
7,225,103.78
25,249,091.19
3,656,557.45
18,822,660.31
4.86%
6.5%
1.0%
1 ,757,860.99
100.0%
1995
6/15/1995
50,001 ,390.00
21,477,086.38
28,524,303.62
21,603,882.24
6,920,421.38
25,056,418.02
3,579,331.64
1,752,067.85
100.0%
1996
6/15/1996
-
-
-
1,741,709.12
100.0%
1997
6/15/1997
50,000,040.00
20,680,886.38
29,319,153.62
22,632,265.13
6,686,888.50
23,247,417.33
2,566,530.95
1 ,726,254.20
100.0%
1998
6/15/1998
50,001,795.00
18,956,051.71
31 ,045,743.29
25,083,784.51
5,961,958.79
21 ,420,726.02
2,464,674.31
1,704,757.11
100.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
20,842.89 69,667.08 123,711.76 182,983.79 252,347.62 328,170.69
1999
6/15/1999
-
-
-
1 ,676,764.06
100.0%
0.0%
416,100.91
2000
6/15/2000
-
-
-
1,641,224.00
100.0%
0.0%
512,624.15
2001
6/15/2001
50,002,340.00
25,100,583.86
24,901,756.14
22,333,761.89
2,567,994.26
29,660,734.75
4,560,150.89
1,597,382.33
100.0%
5I5CT
0.0%
618,967.92
-
-
7.89%
-
1 ,032,081 .29
8.16%
-
1,112,232.72
8.26%
-
1,234,133.43
8.32%
-
1,206,846.74
8.37%
-
1,530,112.70
8.45%
-
1,772,115.33
8.52%
-
2,150,107.53
8.53%
-
2,401,541.10
8.54%
-
2,963,789.90
8.55%
-
2,944,584.54
8.56%
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
1%
30,000,792.21
AA Taxable Interest
1991
Equity Dividend Income
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
Equity Allocation
Treasury Investment
526,379.41
2,823,530.96
1,827,302.97
1 ,032,081 .29
-
-
1 ,292,405.30
5,177,213.34
6,469,618.64
2.58%
12.94%
2015
25,969,197.87
24,030,802.13
100%
1.00
19,952,133.58
-1 1 .01 %
-12.01%
-
35.52%
34.52%
1,759,582.12
8.77%
7.77%
1,759,582.12
1 1 .96%
10.96%
-1.21%
-2.21%
1,759,582.12 1,757,860.99
27.79%
26.79%
1,752,067.85
16.82%
15.82%
1,741,709.12
22.33%
21 .33%
1 ,726,254.20
12.69%
11.69%
1,704,757.11
24.41 %
23.41%
1 ,676,764.06
0.35%
-0.65%
-9.55%
-10.55%
1,641,224.00 1,597,382.33
.
-
-
-
-
-
100.0%
0.0%
-
-
1,759,582.12
1,759,582.12
1,607,743.47
-
-
-
100.0%
^^H£3
10,320.81
80,151.43
1,769,902.94
1,769,902.94
308,118.55
-
-
1,112,232.72
204,856.31
100.0%
^^HEH
11,122.33
121,900.71
1,770,704.45
1 ,791 ,547.34
-
-
-
1,234,133.43
1,421,753.32
100.0%
0.0%
12,341.33
(27,286.69)
1,770,202.33
1 ,839,869.40
-
-
-
1 ,206,846.74
1,583,910.87
100.0%
0.0%
12,068.47
323,265.97
1,764,136.32
1 ,887,848.08
-
-
-
1,530,112.70
1,575,278.32
100.0%
15,301.13
242,002.62
1,757,010.25
1 ,939,994.04
-
-
-
1,772,115.33
1,563,772.47
100.0%
17,721.15
377,992.20
1 ,743,975.35
1,996,322.97
-
-
-
2,150,107.53
1 ,549,039.45
100.0%
21,501.08
251,433.57
1,726,258.19
2,054,428.87
-
-
-
2,401,541.10
1 ,530,537.50
100.0%
24,015.41
562,248.80
1 ,700,779.47
2,116,880.39
-
-
-
2,963,789.90
1 ,507,853.80
100.0%
29,637.90
(19,205.36)
1,670,861.90
2,183,486.05
-
-
-
2,944,584.54
1,480,383.70
100.0%
29,445.85
(310,683.12)
1,626,828.17
2,245,796.09
-
-
-
2,633,901.43
1 ,447,647.36
100.0%
iliTft
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% | 0.0%
162,150.64 199,780.47 245,813.04 295,396.02 354,902.99 419,628.50 491,946.86
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
^^ERRflRI^RR^I
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
1,018,244.39
1%
-1 1 .01 %
-12.01%
27,428,890.26 I
-
-
35.52%
34.52%
^^^^
-
-
5.86%
8.77%
7.77%
1,583,910.87
-
1,018,244.39
6.49%
1 1 .96%
10.96%
1,583,910.87
-
1,129,843.97
6.82%
-1.21%
-2.21%
1,583,910.87
-
1,104,863.12
7.10%
27.79%
26.79%
1,575,278.32
-
1 ,400,81 1 .76
7.37%
16.82%
15.82%
1,563,772.47
-
1,622,364.14
7.53%
22.33%
21 .33%
1 ,549,039.45
-
1,968,414.42
7.68%
12.69%
1 1 .69%
1 ,530,537.50
-
2,198,600.80
7.74%
24.41 %
23.41 %
1 ,507,853.80
-
2,713,337.22
7.80%
0.35%
-0.65%
1,480,383.70
-
2,695,754.79
7.86%
-9.55%
-10.55%
1 ,447,647.36
Page 1 of 32
-------
Investment Benefit of Alternative Portfolios
a
b
c
d
e
f
g
h
1990
1991
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
nterest, Dividends and Realized Gains
Shortfall
Excess Earnings
Equity Returns
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
Equity Allocation (from Excess Int.)
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividend Income
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
^^^^Q
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
2002
6/15/2002
50,000,465.00
24,626,497.33
25,373,967.67
23,247,582.84
2,126,384.83
28,980,531 .32
4,354,033.99
1 ,544,427.89
100.0%
0.0%
739,818.08
-
-
2,633,901.43
8.56%
-18.91%
-19.91%
1,544,427.89
-
26,339.01
(524,436.11)
1 ,570,766.90
2,310,584.98
-
-
-
2,109,465.31
1,408,968.72
100.0%
0.0%
0.0%
573,587.11
-
-
2,411,325.70
7.88%
-18.91%
-19.91%
1,408,968.72
2003
6/15/2003
50,001,110.00
22,897,721.57
27,103,388.43
25,579,625.25
1,523,763.18
26,751,142.74
3,853,421.17
1,481,113.08
100.0%
0.0%
869,675.85
-
-
2,109,465.31
8.56%
36.77%
35.77%
1,481,113.08
-
21 ,094.65
754,513.55
1,502,207.73
2,371 ,883.58
-
-
-
2,863,978.87
1 ,363,791 .86
100.0%
0.0%
0.0%
664,537.52
-
-
1 ,931 ,206.64
7.89%
36.77%
35.77%
1 ,363,791 .86
2004
6/15/2004
50,001,170.00
21,761,959.65
28,239,210.35
23,810,443.61
4,428,766.74
25,174,961.96
3,413,002.31
1 ,406,659.78
100.0%
0.0%
1,015,790.63
-
-
2,863,978.87
8.56%
15.91%
14.91%
1,406,659.78
-
28,639.79
427,076.53
1 ,435,299.57
2,451,090.19
-
-
-
3,291 ,055.40
1,311,359.58
100.0%
0.0%
0.0%
763,297.47
-
-
2,621,960.63
7.90%
1 5.91 %
14.91%
1,311,359.58
2005
6/15/2005
50,001,410.00
22,589,858.93
27,411,551.07
25,236,983.74
2,174,567.33
25,528,596.46
2,938,737.53
1,319,668.28
100.0%
0.0%
1,174,990.61
-
-
3,291 ,055.40
8.57%
1 0.07%
9.07%
1,319,668.28
-
32,910.55
298,498.72
1,352,578.84
2,527,569.44
-
-
-
3,589,554.12
1,251,029.46
100.0%
0.0%
0.0%
872,439.25
-
-
3,012,947.40
7.92%
10.07%
9.07%
1,251,029.46
2006
6/15/2006
50,180,654.00
23,546,736.33
26,633,917.67
23,852,873.30
2,781,044.37
28,975,396.83
5,428,660.50
1,219,009.19
100.0%
0.0%
1,479,410.95
-
-
3,589,554.12
8.57%
17.68%
16.68%
1,219,009.19
35,895.54
598,594.05
1 ,254,904.73
2,734,315.68
-
-
-
4,188,148.17
1,181,952.17
100.0%
0.0%
0.0%
992,614.21
-
-
3,286,221 .73
7.93%
1 7.68%
16.68%
1,181,952.17
2007
6/15/2007
50,002,140.00
22,122,632.76
27,879,507.24
23,551 ,949.88
4,327,557.36
27,548,305.33
5,425,672.57
1,103,092.80
92.5%
7.5%
1 ,563,059.51
m
126,734.55
4,188,148.17
8.57%
7.86%
6.86%
1,092,228.40
41 ,881 .48
287,306.96
1,134,109.88
7,172,624.52
(10,864.40)
126,734.55
-
4,348,720.58
1,103,222.38
100.0%
0.0%
0.0%
1 ,231 ,058.58
-
-
3,834,232.07
7.95%
7.86%
6.86%
1,103,222.38
2008
6/15/2008
50,000,925.00
22,529,637.93
27,471,287.07
29,254,275.91
(1 ,782,988.84)
27,533,342.40
5,003,704.46
970,585.59
92.5%
7.5%
1,776,398.69
m
144,032.33
4,348,720.58
8.58%
-41 .28%
-42.28%
958,234.19
43,487.21
(1 ,838,769.52)
1,001,721.39
5,288,071.14
(12,351.41)
144,032.33
-
2,365,918.73
1,013,710.58
92.5%
0.0%
7.5%
1,286,249.13
-
104,290.47
4,097,260.39
7.96%
-41 .28%
-42.28%
1,005,409.85
2009
6/15/2009
50,001 ,095.00
23,759,491.49
26,241 ,603.51
32,632,688.87
(6,391 ,085.36)
29,336,476.74
5,576,985.24
819,866.04
92.5%
7.5%
2,007,917.58
m
162,804.13
2,365,918.73
8.58%
35.59%
34.59%
805,900.18
23,659.19
818,442.27
829,559.37
6,021 ,837.95
(13,965.86)
162,804.13
-
3,021,556.87
912,377.50
92.5%
0.0%
7.5%
1 ,445,289.64
-
117,185.65
2,260,525.31
7.97%
35.59%
34.59%
903,034.19
2010
6/15/2010
50,000,173.29
19,175,818.78
30,824,354.51
26,507,976.93
4,316,377.58
23,386,378.40
4,210,559.62
649,378.68
92.5%
7.5%
2,259,945.50
m
183,238.82
3,021,556.87
8.58%
5.50%
4.50%
633,654.59
30,215.57
135,970.06
663,870.16
6,081,342.58
(15,724.09)
183,238.82
-
2,974,288.10
798,280.01
92.5%
0.0%
7.5%
1,618,300.30
-
131,213.54
2,925,323.18
7.99%
5.50%
4.50%
787,800.09
2011
6/15/2011
457,263.42
92.5%
7.5%
2,519,986.77
m
204,323.25
2,974,288.10
8.58%
5.50%
4.50%
439,724.15
29,742.88
133,842.96
469,467.03
6,097,584.86
(17,539.27)
204,323.25
-
2,903,807.81
670,248.31
92.5%
0.0%
7.5%
1 ,803,665.70
-
146,243.16
2,925,749.19
8.00%
5.50%
4.50%
658,547.74
2012
6/15/2012
241,520.50
92.5%
7.5%
2,601 ,694.49
m
210,948.20
2,903,807.81
8.59%
5.50%
4.50%
223,406.47
29,038.08
130,671.35
252,444.54
5,888,618.20
(18,114.04)
210,948.20
-
2,823,530.96
527,200.15
92.5%
0.0%
7.5%
1,994,263.86
-
161,697.07
2,911,164.74
8.01%
5.50%
4.50%
514,240.78
2013
6/15/2013
-
100.0%
0.0%
H
-
5.50%
4.50%
-
-
-
-
-
-
-
-
368,640.57
92.5%
0.0%
7.5%
2,186,337.48
-
177,270.61
2,880,470.08
8.03%
5.50%
4.50%
354,408.51
2014
6/15/2014
-
100.0%
0.0%
1
-
-
-
5.50%
4.50%
-
-
-
-
-
-
-
193,383.48
92.5%
0.0%
7.5%
2,224,241.32
-
180,343.89
2,832,820.63
8.04%
5.50%
4.50%
178,879.71
Page 2 of 32
-------
Investment Benefit of Alternative Portfolios
a
b
c
d
e
f
g
h
1990
F
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
nterest, Dividends and Realized Gains
Shortfall
Excess Earnings
Equity Returns
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
Equity Allocation (from Excess Int.)
Treasury Investment
2015
6/15/2015
-
100.0%
0.0%
-
2016
6/15/2016
-
100.0%
0.0%
0.0%
-
2017
6/15/2017
-
100.0%
0.0%
0.0%
-
2018
6/15/2018
-
100.0%
0.0%
0.0%
-
2019
6/15/2019
-
100.0%
0.0%
0.0%
-
2020
6/15/2020
-
100.0%
0.0%
0.0%
-
2021
6/15/2021
-
100.0%
0.0%
0.0%
-
2022
6/15/2022
-
100.0%
0.0%
0.0%
-
2023
6/15/2023
-
100.0%
0.0%
0.0%
-
2024
6/15/2024
-
100.0%
0.0%
0.0%
-
2025
6/15/2025
-
-
100.0%
0.0%
0.0%
-
2026
6/15/2026
-
100.0%
0.0%
0.0%
-
2027
6/15/2027
-
100.0%
0.0%
0.0%
-
2028
6/15/2028
-
100.0%
0.0%
0.0%
-
2029
6/15/2029
-
100.0%
0.0%
0.0%
-
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
1991
Equity Dividend Income
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
AA Taxable Investment
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
5.50%
4.50%
^^^^
Page 3 of 32
-------
Investment Benefit of Alternative Portfolios
a
b
c
d
e
f
g
h
1990
H
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
nterest, Dividends and Realized Gains
Shortfall
Excess Earnings
Equity Returns
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
Equity Allocation (from Excess Int.)
Treasury Investment
EESEOnESm^^^B
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
2030
6/15/2030
-
100.0%
0.0%
-
5.50%
4.50%
-
-
2031
6/15/2031
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2032
6/15/2032
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2033
6/15/2033
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2034
6/15/2034
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2035
6/15/2035
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2036
6/15/2036
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2037
6/15/2037
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2038
6/15/2038
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2039
6/15/2039
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
2040
6/15/2040
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
2041
6/15/2041
-
100.0%
0.0%
^^^00%
-
-
-
5.50%
4.50%
-
1991
Equity Dividend Income
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
.
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
^^^^
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-
-
5.50%
4.50%
^^^^
Page 4 of 32
-------
Investment Benefit of Alternative Portfolios
Total
6/15/1990
6/15/1991
6/15/1992
6/15/1993
6/15/1994
6/15/1995
6/15/1996
6/15/1997
6/15/1998
6/15/1999
6/15/2000
6/15/2001
Equity Dividends
537,834.42
10,182.44
11,298.44
11,048.63
14,008.12
16,223.64
19,684.14
21,986.01
27,133.37
26,957.55
Equity Return
2,779,953.66
111,599.58
(24,980.85)
295,948.64
221,552.39
346,050.27
230,186.38
514,736.42
(17,582.43)
(284,429.09)
Current Available Return
1,583,910.87
1,594,093.32
1,595,209.31
1,586,326.95
1,577,780.58
1,565,263.10
1,550,221.64
1,529,839.81
1,507,517.07
1,474,604.91
Currently Available for Subsidy
1,583,910.87
1,594,093.32
1,721,842.79
1,748,477.59
1,777,561.06
1,811,076.14
1,845,617.67
1,884,742.80
1,927,145.57
1,966,551.77
Excess Interest Income
1,459,692.39
1,379,054.56
162,157.55
Equity Draw
1,018,244.39
Shortfall
Ending Equity Investment Balance
1,129,843.97
1,104,863.12
1,400,811.76
1,622,364.14
1,968,414.42
2,198,600.80
2,713,337.22
2,695,754.79
2,411,325.70
Capital Savings
4,078,668.56
Investment Benefit
4,777,480.48
Total Benefit
8,856,149.04
Percentage Savings
8.16%
Percentage Beneift
17.71%
1994
1994 Financing
2016
Required SF Deposit
21,592,533.74
295,014.00
1,408,311.50
1,534,629.94
1,511,107.76
1,484,231.12
1,453,521.15
1,418,041.64
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
28,407,466.26
100%
1.00
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
375,127.89
0.0%
414,804.20
0.0%
459,161.38
0.0%
521,911.67
0.0%
582,477.41
997,842.54
Beginning Equity Investment Balance
997,842.54
1,155,661.32
1,402,163.88
1,566,132.92
1,932,795.96
1,920,271.44
Treasury Investment Rate
5.32%
5.94%
6.27%
6.48%
6.69%
6.80%
6.91 %
AA Taxable Rate
6.20%
6.77%
7.23%
7.46%
7.65%
7.76%
7.87%
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
35.52%
8.77%
11.96%
-1.21%
27.79%
16.82%
22.33%
12.69%
24.41%
0.35%
-9.55%
1%
-12.01%
34.52%
7.77%
10.96%
-2.21%
26.79%
15.82%
21.33%
11.69%
23.41%
-0.65%
-10.55%
Treasury Interest
22,884,503.24
1,534,629.94
1,534,629.94
1,534,629.94
1,511,107.76
1,484,231.12
1,453,521.15
1,418,041.64
AA Taxable Interest
Equity Dividends
409,863.45
9,978.43
11,556.61
14,021.64
15,661.33
19,327.96
19,202.71
Equity Return
1,954,724.50
157,818.78
246,502.56
163,969.04
366,663.04
(12,524.52)
(202,607.84)
Current Available Return
1,534,629.94
1,544,608.37
1,546,186.55
1,525,129.40
1,499,892.45
1,472,849.11
1,437,244.35
Currently Available for Subsidy
1,534,629.94
1,544,608.37
1,921,314.45
1,939,933.60
1,959,053.82
1,994,760.78
2,019,721.76
Excess Interest Income
1,291,969.50
1,239,615.94
126,318.44
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
7,225,103.78
3,656,557.45
Investment Amt Split - Treasury Share: 0.000%
Investment Return/Escrow Return Split - Treasury Share: 100.000%
1,155,661.32
0.000%
100.000%
1,402,163.88
100.000%
100.000%
1,566,132.92
100.000%
100.000%
1,932,795.96
100.000%
100.000%
1,920,271.44
100.000%
100.000%
1,717,663.60
100.000%
100.000%
10,881,661.23
14.45%
Percentage Beneift
21.76%
1995
1995 Financing
2018
Required SF Deposit
21,477,086.38
286,675.29
1,343,022.92
1,461,995.38
1,440,297.28
1,415,820.11
1,388,280.12
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
28,522,913.62
100%
1.00
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
21,603,882.24
0.0%
346,907.53
0.0%
387,357.17
0.0%
431,436.77
0.0%
477,764.90
1,078,184.64
Beginning Equity Investment Balance
1,078,184.64
1,308,161.42
1,461,137.82
1,803,219.41
1,791,534.55
Treasury Investment Rate
5.94%
6.15%
6.25%
6.32%
6.38%
6.44%
AA Taxable Rate
6.33%
6.52%
6.72%
6.86%
7.03%
7.10%
Equity - Total Return Rate
Net Equity Return Rate
-11.01%
35.52%
8.77%
11.96%
-1.21%
27.79%
16.82%
22.33%
12.69%
24.41%
0.35%
-9.55%
1%
-12.01%
34.52%
7.77%
10.96%
-2.21%
26.79%
15.82%
21.33%
11.69%
23.41%
-0.65%
-10.55%
Treasury Interest
22,697,075.95
1,461,995.38
1,461,995.38
1,461,995.38
1,440,297.28
1,415,820.11
1,388,280.12
AA Taxable Interest
Equity Dividends
429,408.40
10,781.85
13,081.61
14,611.38
18,032.19
17,915.35
Equity Return
1,929,933.67
229,976.78
152,976.40
342,081.59
(11,684.86)
(189,024.81)
Page 5 of 32
-------
Investment Benefit of Alternative Portfolios
1994
1995
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
6/15/2002
24,113.26
(480,119.06)
1 ,433,081 .98
2,006,669.09
-
-
-
1 ,931 ,206.64
1 ,377,805.78
100.0%
0.0%
0.0%
651,772.47
-
-
1 ,71 7,663.60
6.97%
7.95%
-18.91%
-19.91%
1,377,805.78
-
17,176.64
(342,004.00)
1,394,982.42
2,046,754.89
-
-
-
1 ,375,659.60
100.000%
100.000%
1,357,512.63
100.0%
0.0%
0.0%
552,849.35
-
-
1 ,602,509.74
6.50%
7.18%
-18.91%
-19.91%
1,357,512.63
-
16,025.10
(319,075.71)
6/15/2003
19,312.07
690,753.99
1,383,103.92
2,047,641.44
-
-
-
2,621 ,960.63
1,332,397.66
100.0%
0.0%
0.0%
728,199.58
-
-
1 ,375,659.60
7.03%
8.03%
36.77%
35.77%
1 ,332,397.66
-
13,756.60
492,045.93
1,346,154.25
2,074,353.83
-
-
-
1,867,705.53
100.000%
100.000%
1,321,597.10
100.0%
0.0%
0.0%
635,893.99
-
-
1,283,434.02
6.52%
7.21%
36.77%
35.77%
1,321,597.10
-
12,834.34
459,058.68
6/15/2004
26,219.61
390,986.77
1,337,579.19
2,100,876.66
-
-
-
3,012,947.40
1,281,234.18
100.0%
0.0%
0.0%
810,028.48
-
-
1 ,867,705.53
7.09%
8.10%
15.91%
14.91%
1,281,234.18
-
18,677.06
278,512.25
1,299,911.23
2,109,939.71
-
-
-
2,146,217.78
100.000%
100.000%
1,280,122.40
100.0%
0.0%
0.0%
702,323.26
-
-
1,742,492.70
6.55%
7.25%
15.91%
14.91%
1,280,122.40
-
17,424.93
259,840.51
6/15/2005
30,129.47
273,274.33
1,281,158.94
2,153,598.19
-
-
-
3,286,221.73
1,223,842.20
100.0%
0.0%
0.0%
899,856.86
-
-
2,146,217.78
7.13%
8.15%
10.07%
9.07%
1,223,842.20
-
21,462.18
194,661.95
1 ,245,304.38
2,145,161.24
-
-
-
2,340,879.73
100.000%
100.000%
1,234,133.62
100.0%
0.0%
0.0%
767,311.33
-
-
2,002,333.22
6.57%
7.33%
10.07%
9.07%
1,234,133.62
-
20,023.33
181,611.62
6/15/2006
32,862.22
548,010.34
1,214,814.38
2,207,428.59
-
-
-
3,834,232.07
1,159,721.36
100.0%
0.0%
0.0%
998,051 .29
-
-
2,340,879.73
7.17%
8.20%
17.68%
16.68%
1,159,721.36
-
23,408.80
390,365.10
1,183,130.16
2,181,181.45
-
-
-
2,731,244.83
100.000%
100.000%
1,183,691.19
100.0%
0.0%
0.0%
844,553.00
-
-
2,183,944.84
6.61 %
7.35%
17.68%
16.68%
1,183,691.19
-
21,839.45
364,194.64
6/15/2007
38,342.32
263,028.32
1,141,564.70
2,372,623.28
-
-
-
4,097,260.39
1,088,199.40
100.0%
0.0%
0.0%
1,105,006.01
-
-
2,731 ,244.83
7.21%
8.25%
7.86%
6.86%
1,088,199.40
-
27,312.45
187,363.40
1,115,511.85
2,220,517.86
-
-
-
2,918,608.23
100.000%
100.000%
1,127,849.41
100.0%
0.0%
0.0%
927,295.82
-
-
2,548,139.48
6.65%
7.37%
7.86%
6.86%
1,127,849.41
-
25,481.39
174,802.37
6/15/2008
40,972.60
(1,732,444.61)
1,046,382.45
4,697,447.37
(8,300.73)
104,290.47
-
2,260,525.31
1 ,008,565.48
100.0%
0.0%
0.0%
1 ,329,240.56
-
-
2,918,608.23
7.25%
8.31%
-41.28%
-42.28%
1 ,008,565.48
-
29,186.08
(1,234,075.12)
1 ,037,751 .56
2,366,992.12
-
-
-
1,684,533.11
100.000%
100.000%
1,066,183.64
100.0%
0.0%
0.0%
1 ,01 7,796.04
-
-
2,722,941.85
6.69%
7.41 %
-41 .28%
-42.28%
1,066,183.64
-
27,229.42
(1,151,341.50)
6/15/2009
22,605.25
781 ,983.52
925,639.45
5,413,437.91
(9,343.31)
117,185.65
-
2,925,323.18
920,211.32
92.5%
0.0%
7.5%
1,350,131.18
-
109,470.10
1,684,533.11
7.29%
8.34%
35.59%
34.59%
912,233.55
-
16,845.33
582,730.54
929,078.88
4,546,473.71
(7,977.78)
-
-
2,157,793.55
100.000%
100.000%
998,112.06
100.0%
0.0%
0.0%
1,214,782.52
-
-
1,571,600.35
6.73%
7.44%
35.59%
34.59%
998,112.06
-
15,716.00
543,663.71
6/15/2010
29,253.23
131,639.54
81 7,053.32
5,492,316.35
(10,479.92)
131,213.54
-
2,925,749.19
822,637.10
92.5%
0.0%
7.5%
1 ,480,399.80
-
120,032.42
2,267,263.65
7.33%
8.36%
5.50%
4.50%
813,840.98
-
22,672.64
102,026.86
836,513.61
4,686,203.92
(8,796.12)
-
-
2,249,258.10
100.000%
100.000%
923,155.93
92.5%
0.0%
7.5%
1,231,216.53
-
99,828.37
2,115,264.05
6.76%
7.47%
5.50%
4.50%
916,403.26
-
21,152.64
95,186.88
6/15/2011
29,257.49
131,658.71
687,805.23
5,548,878.84
(11,700.56)
146,243.16
-
2,911,164.74
715,027.71
92.5%
0.0%
7.5%
1,618,903.47
-
131,262.44
2,369,290.51
7.37%
8.38%
5.50%
4.50%
705,355.50
-
23,692.91
106,618.07
729,048.40
4,823,860.46
(9,672.22)
-
-
2,344,646.14
100.000%
100.000%
840,541 .98
92.5%
0.0%
7.5%
1,345,618.11
-
109,104.17
2,210,450.94
6.80%
7.51%
5.50%
4.50%
833,120.33
-
22,104.51
99,470.29
6/15/2012
29,111.65
131,002.41
543,352.43
5,579,783.44
(12,959.37)
161,697.07
-
2,880,470.08
596,664.67
92.5%
0.0%
7.5%
1 ,764,474.28
-
143,065.48
2,475,908.59
7.41 %
8.40%
5.50%
4.50%
586,064.81
-
24,759.09
111,415.89
610,823.89
4,962,622.65
(10,599.87)
-
-
2,444,258.99
100.000%
100.000%
749,724.17
92.5%
0.0%
7.5%
1 ,467,200.70
-
118,962.22
2,309,921.23
6.84%
7.54%
5.50%
4.50%
741 ,586.65
-
23,099.21
103,946.46
6/15/2013
28,804.70
129,621.15
383,213.21
5,579,641.93
(14,232.06)
177,270.61
-
2,832,820.63
466,931 .57
92.5%
0.0%
7.5%
1 ,920,205.02
-
155,692.30
2,587,324.47
7.45%
8.42%
5.50%
4.50%
455,333.13
-
25,873.24
116,429.60
481 ,206.38
5,105,165.47
(11,598.44)
-
-
2,548,061.78
100.000%
100.000%
650,127.12
92.5%
0.0%
7.5%
1,596,372.21
-
129,435.58
2,413,867.68
6.88%
7.58%
5.50%
4.50%
641 ,223.90
-
24,138.68
108,624.05
6/15/2014
28,328.21
127,476.93
207,207.92
5,391,746.79
(14,503.76)
180,343.89
-
2,779,953.66
324,890.08
92.5%
0.0%
7.5%
2,075,461.32
-
168,280.65
2,703,754.08
7.49%
8.44%
5.50%
4.50%
312,285.73
-
27,037.54
121,668.93
339,323.27
5,240,207.59
(12,604.36)
-
-
2,657,142.36
100.000%
100.000%
541,144.48
92.5%
0.0%
7.5%
1 ,734,474.57
-
140,633.07
2,522,491.73
6.92%
7.61 %
5.50%
4.50%
531,417.50
-
25,224.92
113,512.13
Page 6 of 32
-------
Investment Benefit of Alternative Portfolios
1994
1995
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
6/15/2015
-
-
-
-
-
-
-
-
169,548.12
92.5%
0.0%
7.5%
2 097 149 61
170,039.16
2,825,423.01
7.48%
8.45%
5.50%
4.50%
156,832.01
-
28,254.23
127,144.04
185,086.24
5,234,802.89
(12,716.11)
-
-
2,782,527.89
100.000%
100.000%
422,002.99
92.5%
0.0%
7.5%
1,871,217.26
151,720.32
2,636,003.86
6.95%
7.67%
5.50%
4.50%
41 1 ,451 .39
-
26,360.04
118,620.17
6/15/2016
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
292,694.10
92.5%
0.0%
7.5%
2,020,135.64
163,794.78
2,754,624.03
6.95%
7.70%
5.50%
4.50%
281,314.96
-
27,546.24
123,958.08
6/15/2017
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
152,402.45
92.5%
0.0%
7.5%
2,031,375.54
164,706.13
2,878,582.11
6.94%
7.72%
5.50%
4.50%
140,972.26
-
28,785.82
129,536.20
6/15/2018
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
;
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
5.50%
4.50%
-
-
-
-
6/15/2019
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2020
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2021
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2022
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2023
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2024
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2025
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2026
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
;
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
5.50%
4.50%
-
-
-
-
6/15/2027
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2028
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2029
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
Page 7 of 32
-------
Investment Benefit of Alternative Portfolios
1994
1995
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
6/15/2030
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
6/15/2031
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2032
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2033
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2034
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2035
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2036
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2037
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2038
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2039
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2040
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
5.50%
4.50%
-
-
-
-
6/15/2041
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
Page 8 of 32
-------
Investment Benefit of Alternative Portfolios
1997
1998
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Total
1,219,989.58
-
-
-
6,919,031.38
3,579,331 .64
13.84%
7.16%
2020
20,680,886.38
29,319,113.62
100%
1.00
22,632,265.13
1 ,260,706.22
1%
21,895,157.66
-
316,326.45
1 ,035,933.21
1,214,271.29
-
-
-
6,686,848.50
2,566,530.95
9,253,379.45
13.37%
18.51%
2020
18,956,051.71
31 ,043,948.29
100%
1.00
25,083,784.51
-
1 ,248,909.94
1%
20,081,119.29
-
313,366.62
1,026,240.10
1,125,067.59
6/15/1990
-
-
-
-
^^^
-
100.0%
0.0%
0.0%
:
-1 1 .01 %
-12.01%
-
-
-
-
-
-
6/15/1991
-
-
-
-
-
lnv£
-
100.0%
0.0%
0.0%
;
35.52%
34.52%
-
-
-
-
-
-
-
-
-
6/15/1992
-
-
-
-
-
Inv
istment Return/Es
-
100.0%
0.0%
0.0%
;
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
Inv
6/15/1993
-
-
-
-
-
astment Amt Split
crow Return Split
-
100.0%
0.0%
0.0%
;
-
1 1 .96%
10.96%
-
-
-
-
-
-
-
-
-
astment Amt Split
6/15/1994
-
-
-
-
-
- Treasury Share:
- Treasury Share:
-
100.0%
0.0%
0.0%
;
-
-1.21%
-2.21 %
-
-
-
-
-
-
-
-
-
- Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
!
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
100.0%
0.0%
0.0%
35.52%
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21 %
-
-
-
-
-
-
-
6/15/1995
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
6/15/1996
1,461,995.38
1,461,995.38
1,175,320.09
-
-
0.000%
100.000%
-
100.0%
0.0%
0.0%
;
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
6/15/1997
1 ,472,777.22
1 ,472,777.22
118,972.45
-
-
1,308,161.42
0.000%
100.000%
-
100.0%
0.0%
0.0%
;
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
6/15/1998
1 ,475,076.99
1,821,984.52
-
-
-
1,461,137.82
100.000%
100.000%
-
100.0%
0.0%
0.0%
;
-
12.69%
1 1 .69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
12.69%
1 1 .69%
-
-
-
-
-
-
-
6/15/1999
1 ,454,908.66
1 ,842,265.84
-
-
-
1,803,219.41
100.000%
100.000%
299,517.72
100.0%
0.0%
0.0%
;
-
5.99%
6.10%
24.41 %
23.41 %
1,479,580.61
-
-
-
1 ,479,580.61
1 ,479,580.61
1,180,062.89
-
-
0.000%
100.000%
283,986.61
100.0%
0.0%
0.0%
-
5.05%
5.49%
24.41%
23.41%
1,375,114.79
-
-
-
1,375,114.79
1,375,114.79
1,091,128.17
6/15/2000
1,433,852.30
1,865,289.07
-
-
-
1,791,534.55
100.000%
100.000%
1,361,927.13
100.0%
0.0%
0.0%
1,260,706.22
6.10%
6.40%
0.35%
-0.65%
1 ,479,580.61
-
12,607.06
(8,169.38)
1,492,187.67
1,492,187.67
117,653.48
-
-
1,252,536.85
0.000%
100.000%
1,271,111.99
100.0%
0.0%
0.0%
1,248,909.94
5.13%
5.58%
0.35%
-0.65%
1,375,114.79
-
12,489.10
(8,092.94)
1 ,387,603.89
1,387,603.89
104,002.79
6/15/2001
1,406,195.46
1 ,883,960.36
-
-
-
1 ,602,509.74
100.000%
100.000%
1 ,479,580.61
100.0%
0.0%
0.0%
356,435.90
1 ,252,536.85
6.16%
6.52%
-9.55%
-10.55%
1,479,580.61
-
12,525.37
(132,155.16)
1,492,105.98
1 ,848,541 .88
-
-
-
1,120,381.68
100.000%
1 nn nnn%
1,375,114.79
100.0%
0.0%
0.0%
506,860.51
1,240,817.00
5.14%
5.67%
-9.55%
-10.55%
1,375,114.79
-
12,408.17
(130,918.60)
1,387,522.96
1 ,894,383.46
-
Page 9 of 32
-------
Investment Benefit of Alternative Portfolios
1997
1998
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
6/15/2002
1 ,373,537.73
1 ,926,387.08
-
-
-
1 ,283,434.02
100.000%
100.000%
1,457,610.54
100.0%
0.0%
0.0%
412,475.78
_
-
1,120,381.68
6.22%
6.64%
-18.91%
-19.91%
1,457,610.54
-
1 1 ,203.82
(223,079.20)
1,468,814.36
1,881,290.13
-
-
-
897,302.49
100.000%
100.000%
1,349,072.70
100.0%
0.0%
0.0%
562,100.43
-
1,109,898.40
5.15%
5.76%
-18.91%
-19.91%
1,349,072.70
-
11,098.98
(220,991 .87)
1,360,171.68
1,922,272.12
-
6/15/2003
1,334,431.44
1,970,325.43
-
-
-
1,742,492.70
100.000%
100.000%
1 ,431 ,935.24
100.0%
0.0%
0.0%
471,304.16
-
897,302.49
6.28%
6.73%
36.77%
35.77%
1,431,935.24
-
8,973.02
320,947.15
1,440,908.27
1,912,212.42
-
-
-
1,218,249.64
100.000%
100.000%
1,320,151.96
100.0%
0.0%
0.0%
620,166.66
-
888,906.53
5.15%
5.87%
36.77%
35.77%
1,320,151.96
-
8,889.07
317,944.09
1 ,329,041 .02
1,949,207.68
-
6/15/2004
1 ,297,547.33
1 ,999,870.59
-
-
-
2,002,333.22
100.000%
100.000%
1,402,357.14
100.0%
0.0%
0.0%
534,579.94
-
1,218,249.64
6.33%
6.82%
15.91%
14.91%
1,402,357.14
-
12,182.50
181,665.39
1,414,539.63
1,949,119.58
-
-
-
1,399,915.03
100.000%
100.000%
1,288,198.99
100.0%
0.0%
0.0%
683,416.18
-
1 ,206,850.62
5.22%
5.94%
15.91%
14.91%
1,288,198.99
-
12,068.51
179,965.56
1 ,300,267.49
1 ,983,683.67
-
6/15/2005
1,254,156.95
2,021 ,468.28
-
-
-
2,183,944.84
100.000%
100.000%
1 ,368,534.69
100.0%
0.0%
0.0%
604,380.37
-
1,399,915.03
6.34%
6.86%
10.07%
9.07%
1 ,368,534.69
-
13,999.15
126,972.29
1,382,533.84
1,986,914.22
-
-
-
1,526,887.32
100.000%
100.000%
1,252,555.55
100.0%
0.0%
0.0%
746,529.74
-
1,386,816.18
5.28%
6.02%
10.07%
9.07%
1,252,555.55
-
13,868.16
125,784.23
1,266,423.71
2,012,953.45
-
6/15/2006
1 ,205,530.64
2,050,083.64
-
-
-
2,548,139.48
100.000%
100.000%
1 ,330,241 .55
100.0%
0.0%
0.0%
696,654.31
-
1 ,526,887.32
6.34%
6.89%
1 7.68%
16.68%
1,330,241.55
-
15,268.87
254,623.73
1,345,510.43
2,042,164.73
-
-
-
1,781,511.05
100.000%
100.000%
1,213,148.93
100.0%
0.0%
0.0%
836,566.13
-
1,512,600.41
5.27%
6.07%
17.68%
16.68%
1,213,148.93
-
15,126.00
252,241 .24
1 ,228,274.94
2,064,841.07
-
6/15/2007
1,153,330.80
2,080,626.62
-
-
-
2,722,941.85
100.000%
100.000%
1,286,039.21
100.0%
0.0%
0.0%
797,823.15
-
1,781,511.05
6.35%
6.96%
7.86%
6.86%
1 ,286,039.21
-
17,815.11
122,211.66
1,303,854.32
2,101,677.47
-
-
-
1,903,722.71
100.000%
100.000%
1,169,033.57
100.0%
0.0%
0.0%
933,905.59
-
1,764,841.65
5.27%
6.12%
7.86%
6.86%
1,169,033.57
-
17,648.42
121,068.14
1,186,681.98
2,120,587.57
-
6/15/2008
1,093,413.06
2,111,209.10
-
-
-
1,571,600.35
100.000%
100.000%
1 ,235,345.84
100.0%
0.0%
0.0%
941 ,206.03
-
1,903,722.71
6.39%
7.00%
-41 .28%
-42.28%
1,235,345.84
-
19,037.23
(804,951 .07)
1 ,254,383.07
2,195,589.10
-
-
-
1 ,098,771 .64
100.000%
1 nn nnn%
1,119,834.18
100.0%
0.0%
0.0%
1,014,013.61
-
1 ,885,909.79
5.26%
6.21%
-41 .28%
-42.28%
1,119,834.18
-
18,859.10
(797,419.24)
1,138,693.27
2,152,706.88
-
6/15/2009
1,013,828.06
2,228,610.58
-
-
-
2,115,264.05
100.000%
100.000%
1,175,228.68
100.0%
0.0%
0.0%
1,036,107.29
-
1,098,771.64
6.42%
7.03%
35.59%
34.59%
1,175,228.68
-
10,987.72
380,098.07
1,186,216.40
2,222,323.69
-
-
-
1,478,869.71
100.000%
1 nn nnn%
1,066,467.86
100.0%
0.0%
0.0%
1,112,769.17
-
1,088,490.55
5.31%
6.25%
35.59%
34.59%
1 ,066,467.86
-
10,884.91
376,541 .54
1,077,352.76
2,190,121.93
-
6/15/2010
937,555.90
4,379,223.37
(6,752.67)
-
-
2,110,622.57
100.000%
100.000%
1,108,705.04
100.0%
0.0%
0.0%
1,232,588.10
-
1 ,478,869.71
6.45%
7.07%
5.50%
4.50%
1,108,705.04
-
14,788.70
66,549.14
1,123,493.74
2,356,081.84
-
-
-
1,545,418.84
100.000%
100.000%
1,007,399.98
100.0%
0.0%
0.0%
1,217,852.53
-
1,465,032.09
5.35%
6.29%
5.50%
4.50%
1 ,007,399.98
-
14,650.32
65,926.44
1 ,022,050.30
2,239,902.83
-
6/15/2011
855,224.84
4,510,764.18
(7,421.65)
-
-
2,200,817.06
100.000%
100.000%
1 ,035,699.89
92.5%
0.0%
7.5%
1,244,133.58
_
100,875.70
1,545,418.84
6.49%
7.11%
5.50%
4.50%
1,029,155.97
-
15,454.19
69,543.85
1,044,610.16
3,903,706.43
(6,543.92)
-
-
1,514,087.00
100.000%
100.000%
942,202.29
100.0%
0.0%
0.0%
1 ,446,381 .40
-
1,530,958.53
5.40%
6.33%
5.50%
4.50%
942,202.29
-
15,309.59
68,893.13
957,511.88
2,403,893.27
-
6/15/2012
764,685.86
4,645,754.25
(8,137.52)
-
-
2,294,905.47
100.000%
100.000%
955,600.86
92.5%
0.0%
7.5%
1,353,032.55
-
109,705.34
1,614,962.69
6.52%
7.15%
5.50%
4.50%
948,447.63
-
16,149.63
72,673.32
964,597.26
4,005,265.82
(7,153.23)
-
-
1 ,577,930.67
100.000%
100.000%
870,547.86
92.5%
0.0%
7.5%
1,457,330.37
118,161.92
1 ,599,851 .67
5.44%
6.37%
5.50%
4.50%
864,114.99
-
15,998.52
71 ,993.33
880,113.51
4,009,288.88
(6,432.87)
6/15/2013
665,362.58
4,784,226.51
(8,903.22)
-
-
2,393,056.15
100.000%
100.000%
868,029.59
92.5%
0.0%
7.5%
1 ,468,834.06
_
119,094.65
1,687,636.01
6.55%
7.19%
5.50%
4.50%
860,224.50
-
16,876.36
75,943.62
877,100.86
4,109,514.55
(7,805.09)
-
-
1 ,644,484.98
100.000%
100.000%
791 ,844.05
92.5%
0.0%
7.5%
1 ,587,945.30
128,752.32
1,671,844.99
5.49%
6.40%
5.50%
4.50%
784,776.30
-
16,718.45
75,233.02
801 ,494.75
4,136,518.07
(7,067.76)
6/15/2014
556,642.42
4,927,120.85
(9,726.98)
-
-
2,495,370.78
100.000%
100.000%
772,454.24
92.5%
0.0%
7.5%
1,590,127.63
_
128,929.27
1 ,763,579.63
6.59%
7.24%
5.50%
4.50%
763,961.70
-
1 7,635.80
79,361 .08
781,597.49
4,214,665.85
(8,492.54)
-
-
1,714,011.45
100.000%
100.000%
705,342.42
92.5%
0.0%
7.5%
1,723,657.23
139,755.99
1 ,747,078.02
5.53%
6.43%
5.50%
4.50%
697,607.31
-
17,470.78
78,618.51
715,078.09
4,264,431.85
(7,735.11)
Page 10 of 32
-------
Investment Benefit of Alternative Portfolios
6/15/2015
6/15/2016
6/15/2017
6/15/2018
6/15/2019
6/15/2020
6/15/2021
6/15/2022
6/15/2023
6/15/2024
6/15/2025
6/15/2026
6/15/2027
6/15/2028
6/15/2029
Current Available Return
437,811.43
308,861.20
169,758.08
Currently Available for Subsidy
5,063,652.72
5,207,578.95
5,209,251.94
Excess Interest Income
(10,551.60)
(11,379.14)
(11,430.18)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
2,602,903.71
100.000%
Investment Benefit
2,714,787.33
100.000%
100.000% 100.000%
2,843,412.18
100.000%
100.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Percentage Savings
Percentage Beneift
1997
1997 Financing
Required SF Deposit
668,447.86
555,427.47
432,778.98
299,722.18
155,701.91
Available Investment Funds
Treasury Allocation
92.5%
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
7.5% 7.5% 7.5% 7.5% 7.5%
1,719,050.29 1,856,012.97 2,002,127.82 2,156,373.48 2,159,017.70
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
AA Taxable Investment
Equity Allocation (from Excess Int.)
139,382.46
150,487.54
162,334.69
174,841.09
175,055.49
Beginning Equity Investment Balance
1,842,940.72
1,925,873.05
2,012,537.34
2,103,101.52
2,197,741.08
Treasury Investment Rate
6.62%
6.65%
6.69%
6.68%
6.67%
AA Taxable Rate
7.28%
7.33%
7.40%
7.40%
7.40%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
659,220.37
545,414.71
421,923.92
288,044.83
144,024.27
AA Taxable Interest
Equity Dividends
18,429.41
19,258.73
20,125.37
21,031.02
21,977.41
Equity Return
82,932.33
86,664.29
90,564.18
94,639.57
98,898.35
Current Available Return
677,649.78
564,673.44
442,049.29
309,075.85
166,001.68
Currently Available for Subsidy
4,322,573.12
4,433,223.74
4,547,278.63
4,663,190.42
4,621,658.82
Excess Interest Income
(9,227.49)
(10,012.77)
(10,855.06)
(11,677.34)
(11,677.64)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
1,786,490.59 | 1,862,049.80
100.000% 100.000%
100.000%
1,940,766.83
100.000%
100.000%
2,022,899.99 | 2,121,583.94
100.000% 100.000%
100.000% 100.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Total Benefit
Percentage Savings
0.000%
0.000%
0.000%
0.0
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Percentage Beneift
1998
1998 Financing
Required SF Deposit
610,627.10
507,508.25
395,537.71
273,995.08
142,369.83
Available Investment Funds
Treasury Allocation
92.5%
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
7.5% 7.5% 7.5% 7.5% 7.5%
1,860,934.54 2,004,236.35 2,156,704.45 2,302,854.93 2,309,559.39
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
AA Taxable Investment
Equity Allocation (from Excess Int.)
150,886.58
162,505.65
174,867.93
186,717.97
187,261.57
Equity Investment Balance
1,825,696.53
1,907,852.87
1,993,706.25
2,083,423.03
2,177,177.07
Treasury Investment Rate
5.58%
5.63%
5.67%
5.72%
5.70%
AA Taxable Rate
6.46%
6.48%
6.50%
6.54%
6.54%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
602,207.57
498,366.75
385,621.56
263,322.36
131,692.09
AA Taxable Interest
Equity Dividends
18,256.97
19,078.53
19,937.06
20,834.23
21,771.77
Equity Return
82,156.34
85,853.38
89,716.78
93,754.04
97,972.97
Current Available Return
620,464.54
517,445.28
405,558.63
284,156.59
153,463.86
Currently Available for Subsidy
4,389,251.95
4,515,387.89
4,645,686.11
4,764,188.59
4,738,173.29
Excess Interest Income
(8,419.53)
(9,141.50)
(9,916.15)
(10,672.72)
(10,677.74)
Page 11 of 32
-------
Investment Benefit of Alternative Portfolios
6/15/2030
6/15/2031
6/15/2032
6/15/2033
6/15/2034
6/15/2035
6/15/2036
6/15/2037
6/15/2038
6/15/2039
6/15/2040
6/15/2041
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Percentage Savings
Percentage Beneift
1997
1997 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
0.000%
0.000%
0.000%
0.0
0.000%
0.000%
0.000%
0.0
0.000%
0.000%
0.000%
0.000%
Total Benefit
Percentage Savings
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.0
0.000%
Percentage Beneift
1998
1998 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Page 12 of 32
-------
Investment Benefit of Alternative Portfolios
2001
2002
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Total
-
-
-
5,960,163.79
2,464,674.31
Q A') A Q-2Q -I n
1 1 .92%
16.85%
2032
25,100,583.86
24,899,416.14
100%
1.00
22,333,761.89
-
1,277,293.07
1%
26,197,915.68
-
656,518.06
2,806,301.01
1 ,097,331 .82
-
-
-
2,565,654.26
4,560,150.89
7,125,805.15
5.13%
14.25%
2032
24,626,497.33
25,373,502.67
100%
1.00
23,247,582.84
-
1,208,079.29
1%
25,705,354.99
-
620,942.76
2,654,233.57
1 ,078,857.66
-
-
6/15/1990
-
-
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
6/15/1991
-
-
Inve
-
100.0%
0.0%
0.0%
35.52%
34.52%
-
-
-
-
-
-
-
-
-
6/15/1992
-
-
Inv
;stment Return/Es
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
-
6/15/1993
-
-
astment Amt Split
crow Return Split
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
-
6/15/1994
-
-
- Treasury Share:
-Treasury Share:
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
-
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
6/15/1995
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
6/15/1996
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
6/15/1997
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
6/15/1998
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
12.69%
11.69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
12.69%
11.69%
-
-
-
-
-
-
-
-
-
6/15/1999
-
-
0.000%
100.000%
-
100.0%
0.0%
0.0%
;
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
6/15/2000
-
-
1 ,240,81 7.00
0.000%
100.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
6/15/2001
-
-
1,109,898.40
100.000%
100.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
Page 13 of 32
-------
Investment Benefit of Alternative Portfolios
2001
2002
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
6/15/2002
-
-
888,906.53
100.000%
100.000%
-
100.0%
0.0%
0.0%
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
_
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
6/15/2003
-
-
1 ,206,850.62
100.000%
100.000%
177,235.26
100.0%
0.0%
0.0%
-
-
3.83%
4.76%
36.77%
35.77%
1 ,220,090.08
-
-
-
1 ,220,090.08
1 ,220,090.08
1 ,042,854.82
-
-
-
0.000%
100.000%
182,524.02
100.0%
0.0%
0.0%
_
-
2.00%
2.64%
36.77%
35.77%
1 ,206,690.86
-
-
-
1,206,690.86
1 ,206,690.86
1,024,166.84
-
-
6/15/2004
-
-
1,386,816.18
100.000%
100.000%
1 ,094,690.98
100.0%
0.0%
0.0%
-
-
1 ,277,293.07
4.09%
5.07%
15.91%
14.91%
1 ,220,090.08
-
12,772.93
190,469.94
1 ,232,863.01
1,232,863.01
125,399.10
-
-
1 ,467,763.01
0.000%
100.000%
1 ,086,571 .65
100.0%
0.0%
0.0%
_
1 ,208,079.29
2.64%
3.30%
15.91%
14.91%
1,206,690.86
-
12,080.79
180,148.78
1,218,771.65
1,218,771.65
120,119.21
-
-
6/15/2005
-
-
1,512,600.41
100.000%
100.000%
1,220,090.08
100.0%
0.0%
0.0%
138,305.90
-
-
1,467,763.01
4.32%
5.36%
10.07%
9.07%
1 ,220,090.08
-
14,677.63
133,126.10
1,234,767.71
1 ,373,073.60
-
-
-
1,600,889.11
100.000%
1 ,206,690.86
100.0%
0.0%
0.0%
259,517.21
^^ .
1 ,388,228.08
3.10%
3.86%
10.07%
9.07%
1 ,206,690.86
-
13,882.28
125,912.29
1,220,573.14
1 ,480,090.34
-
-
-
6/15/2006
-
-
1 ,764,841 .65
100.000%
100.000%
1,214,111.13
100.0%
0.0%
0.0%
160,064.99
-
-
1,600,889.11
4.56%
5.66%
17.68%
16.68%
1,214,111.13
-
16,008.89
266,964.27
1,230,120.03
1,390,185.01
-
-
-
1 ,867,853.38
100.000%
1,198,646.03
100.0%
0.0%
0.0%
258,474.17
_
1,514,140.36
3.46%
4.34%
17.68%
16.68%
1,198,646.03
-
15,141.40
252,498.05
1,213,787.44
1 ,472,261 .60
-
-
-
6/15/2007
-
-
1 ,885,909.79
100.000%
100.000%
1,206,817.46
100.0%
0.0%
0.0%
183,822.77
-
-
1,867,853.38
4.72%
5.84%
7.86%
6.86%
1,206,817.46
-
18,678.53
128,134.74
1 ,225,496.00
1,409,318.76
-
-
-
1,995,988.12
100.000%
100.000%
1,189,708.46
100.0%
0.0%
0.0%
258,785.39
'
1,766,638.41
3.82%
4.82%
7.86%
6.86%
1,189,708.46
-
17,666.38
121,191.39
1,207,374.85
1,466,160.23
-
-
-
6/15/2008
-
-
1 ,088,490.55
100.000%
100.000%
1,198,142.55
100.0%
0.0%
0.0%
207,431 .79
-
-
1,995,988.12
4.88%
6.03%
-41 .28%
-42.28%
1,198,142.55
-
19,959.88
(843,963.66)
1,218,102.43
1 ,425,534.22
-
-
-
1,152,024.46
100.000%
100.000%
1,179,833.94
100.0%
0.0%
0.0%
291 ,793.42
^H
1 ,887,829.80
4.06%
5.12%
-41.28%
-42.28%
1,179,833.94
-
18,878.30
(798,231 .08)
1,198,712.23
1 ,490,505.66
-
-
-
6/15/2009
-
-
1 ,465,032.09
100.000%
100.000%
1,188,016.45
100.0%
0.0%
0.0%
236,418.27
-
1,152,024.46
4.93%
6.15%
35.59%
34.59%
1,188,016.45
-
11,520.24
398,519.82
1,199,536.69
1 ,435,954.96
-
-
-
1 ,550,544.29
100.000%
100.000%
1,167,986.66
100.0%
0.0%
0.0%
323,320.52
^B
1 ,089,598.73
4.30%
5.41%
35.59%
34.59%
1,167,986.66
-
10,895.99
376,924.89
1,178,882.64
1,502,203.16
-
-
-
6/15/2010
-
-
1 ,530,958.53
100.000%
100.000%
1,176,365.76
100.0%
0.0%
0.0%
268,959.19
-
1 ,550,544.29
4.97%
6.26%
5.50%
4.50%
1,176,365.76
-
15,505.44
69,774.49
1,191,871.20
1 ,460,830.39
-
-
-
1,620,318.78
100.000%
100.000%
1,154,069.00
100.0%
0.0%
0.0%
367,882.10
^B
1 ,466,523.62
4.41 %
5.58%
5.50%
4.50%
1,154,069.00
-
14,665.24
65,993.56
1,168,734.24
1,536,616.34
-
-
-
6/15/2011
-
-
1 ,599,851 .67
100.000%
100.000%
1,162,986.81
100.0%
0.0%
0.0%
305,161.81
1,620,318.78
5.02%
6.36%
5.50%
4.50%
1,162,986.81
-
16,203.19
72,914.35
1,179,190.00
1 ,484,351 .81
-
-
-
1,693,233.13
100.000%
100.000%
1,137,854.87
100.0%
0.0%
0.0%
412,931.35
_
1,532,517.18
4.51%
5.74%
5.50%
4.50%
1,137,854.87
-
15,325.17
68,963.27
1,153,180.04
1,566,111.39
-
-
-
6/15/2012
-
-
1 ,553,683.07
100.000%
100.000%
1,147,665.60
100.0%
0.0%
0.0%
340,912.61
-
1,693,233.13
5.08%
6.43%
5.50%
4.50%
1,147,665.60
-
16,932.33
76,195.49
1,164,597.93
1,505,510.54
-
-
-
1 ,769,428.62
100.000%
100.000%
1,119,230.62
100.0%
0.0%
0.0%
335,976.01
_
1 ,601 ,480.45
4.61 %
5.94%
5.50%
4.50%
1,119,230.62
-
16,014.80
72,066.62
1,135,245.42
1,471,221.43
-
-
-
6/15/2013
-
-
1,618,325.70
100.000%
100.000%
1,130,340.98
100.0%
0.0%
0.0%
380,966.83
-
1,769,428.62
5.14%
6.49%
5.50%
4.50%
1,130,340.98
-
17,694.29
79,624.29
1,148,035.27
1,529,002.10
-
-
-
1,849,052.90
100.000%
100.000%
1,103,731.77
100.0%
0.0%
0.0%
385,967.58
_
1,673,547.07
4.69%
6.03%
5.50%
4.50%
1,103,731.77
-
16,735.47
75,309.62
1,120,467.25
1 ,506,434.83
-
-
-
6/15/2014
-
-
1 ,685,940.54
100.000%
100.000%
1,110,747.92
100.0%
0.0%
0.0%
427,148.04
-
-
1,849,052.90
5.20%
6.53%
5.50%
4.50%
1,110,747.92
-
18,490.53
83,207.38
1,129,238.45
1 ,556,386.49
-
-
-
1,932,260.29
100.000%
100.000%
1,085,610.86
100.0%
0.0%
0.0%
444,730.06
_
1 ,748,856.69
4.78%
6.12%
5.50%
4.50%
1,085,610.86
-
1 7,488.57
78,698.55
1,103,099.43
1 ,547,829.48
-
-
-
Page 14 of 32
-------
Investment Benefit of Alternative Portfolios
2001
2002
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Rate
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
6/15/2015
-
-
1 ,756,966.29
100.000%
100.000%
1,088,518.57
100.0%
0.0%
0.0%
484,401 .83
_
-
1 ,932,260.29
5.27%
6.57%
5.50%
4.50%
1,088,518.57
-
19,322.60
86,951.71
1,107,841.17
1 ,592,243.00
-
-
-
2,019,212.00
100.000%
100.000%
1 ,064,367.06
100.0%
0.0%
0.0%
504,692.59
1 ,827,555.24
4.86%
6.20%
5.50%
4.50%
1,064,367.06
-
18,275.55
82,239.99
1,082,642.62
1 ,587,335.20
-
-
-
6/15/2016
-
-
1 ,831 ,200.60
100.000%
100.000%
1,063,013.44
100.0%
0.0%
0.0%
543,453.78
-
2,019,212.00
5.33%
6.61 %
5.50%
4.50%
1,063,013.44
-
20,192.12
90,864.54
1 ,083,205.56
1 ,626,659.34
-
-
-
2,110,076.54
100.000%
1 ,039,845.89
100.0%
0.0%
0.0%
565,950.24
_
1 ,909,795.23
4.94%
6.28%
5.50%
4.50%
1 ,039,845.89
-
19,097.95
85,940.79
1 ,058,943.84
1 ,624,894.08
-
-
-
6/15/2017
-
-
1,908,555.11
100.000%
100.000%
1 ,034,066.75
100.0%
0.0%
0.0%
606,745.65
-
2,110,076.54
5.39%
6.64%
5.50%
4.50%
1 ,034,066.75
-
21,100.77
94,953.44
1,055,167.52
1,661,913.17
-
-
-
2,205,029.98
100.000%
100.000%
1,011,885.19
100.0%
0.0%
0.0%
631 ,061 .89
_
1 ,995,736.01
5.02%
6.34%
5.50%
4.50%
1,011,885.19
-
19,957.36
89,808.12
1,031,842.55
1 ,662,904.43
-
-
-
6/15/2018
-
-
1,990,459.10
100.000%
100.000%
1,001,377.84
100.0%
0.0%
0.0%
674,415.44
-
2,205,029.98
5.45%
6.67%
5.50%
4.50%
1 ,001 ,377.84
-
22,050.30
99,226.35
1,023,428.14
1 ,697,843.58
-
-
-
2,304,256.33
100.000%
100.000%
980,191.11
100.0%
0.0%
0.0%
700,127.33
_
2,085,544.13
5.10%
6.38%
5.50%
4.50%
980,191.11
-
20,855.44
93,849.49
1,001,046.55
1,701,173.88
-
-
-
6/15/2019
-
-
2,087,888.47
100.000%
100.000%
964,630.76
100.0%
0.0%
0.0%
739,717.67
-
2,304,256.33
5.51 %
6.69%
5.50%
4.50%
964,630.76
-
23,042.56
103,691.53
987,673.33
1,727,391.00
-
-
-
2,407,947.87
100.000%
100.000%
944,455.27
100.0%
0.0%
0.0%
768,483.33
_
2,179,393.62
5.19%
6.42%
5.50%
4.50%
944,455.27
-
21,793.94
98,072.71
966,249.20
1,734,732.54
-
-
-
6/15/2020
-
-
-
0.000%
0.000%
923,873.22
100.0%
0.0%
0.0%
882,554.16
-
2,407,947.87
5.57%
6.71%
5.50%
4.50%
923,873.22
-
24,079.48
108,357.65
947,952.69
1 ,830,506.85
-
-
-
2,516,305.52
100.000%
100.000%
904,601 .38
100.0%
0.0%
0.0%
843,278.77
_
2,277,466.33
5.27%
6.44%
5.50%
4.50%
904,601 .38
-
22,774.66
102,485.98
927,376.05
1 ,770,654.82
-
-
-
6/15/2021
-
-
-
0.000%
0.000%
878,775.71
92.5%
0.0%
7.5%
891,212.55
_
72,260.48
2,516,305.52
5.63%
6.74%
5.50%
4.50%
874,705.87
-
25,163.06
113,233.75
899,868.93
4,420,620.75
(4,069.84)
-
-
2,557,278.79
100.000%
100.000%
860,178.34
100.0%
0.0%
0.0%
994,966.28
_
2,379,952.32
5.35%
6.46%
5.50%
4.50%
860,178.34
-
23,799.52
107,097.85
883,977.86
1,878,944.14
-
-
-
6/15/2022
-
-
-
0.000%
0.000%
828,992.12
92.5%
0.0%
7.5%
983,629.48
79,753.74
2,629,539.27
5.62%
6.74%
5.50%
4.50%
824,511.20
-
26,295.39
118,329.27
850,806.59
4,582,304.61
(4,480.92)
-
-
2,668,114.79
100.000%
100.000%
811,331.12
92.5%
0.0%
7.5%
994,772.41
80,657.22
2,487,050.17
5.43%
6.50%
5.50%
4.50%
806,950.15
-
24,870.50
111,917.26
831,820.65
4,425,560.49
(4,380.98)
-
-
6/15/2023
-
-
-
0.000%
0.000%
774,158.73
92.5%
0.0%
7.5%
1 ,080,943.07
87,644.03
2,747,868.54
5.60%
6.74%
5.50%
4.50%
769,246.53
-
27,478.69
123,654.08
796,725.22
4,749,190.91
(4,912.19)
-
-
2,783,878.59
100.000%
100.000%
757,717.20
92.5%
0.0%
7.5%
1 ,090,329.59
88,405.10
2,598,967.43
5.43%
6.51%
5.50%
4.50%
752,918.09
-
25,989.67
116,953.53
778,907.76
4,585,158.32
(4,799.11)
-
-
6/15/2024
-
-
-
0.000%
0.000%
714,020.00
92.5%
0.0%
7.5%
1,181,760.60
_
95,818.43
2,871,522.62
5.59%
6.75%
5.50%
4.50%
708,662.81
-
28,715.23
129,218.52
737,378.04
4,919,879.78
(5,357.19)
-
-
2,904,922.71
100.000%
698,977.00
92.5%
0.0%
7.5%
1,192,963.52
96,726.77
2,715,920.96
5.43%
6.52%
5.50%
4.50%
693,729.11
-
27,159.21
122,216.44
720,888.32
4,751,989.25
(5,247.89)
-
-
6/15/2025
-
-
-
0.000%
0.000%
648,433.99
92.5%
0.0%
7.5%
1,292,128.99
_
104,767.22
3,000,741.14
5.58%
6.75%
5.50%
4.50%
642,590.86
-
30,007.41
135,033.35
672,598.28
5,100,501.76
(5,843.12)
-
-
3,031 ,007.27
100.000%
100.000%
634,733.28
92.5%
0.0%
7.5%
1,302,874.49
105,638.47
2,838,137.41
5.42%
6.53%
5.50%
4.50%
629,005.11
-
28,381 .37
127,716.18
657,386.49
4,926,114.56
(5,728.16)
-
-
6/15/2026
-
-
-
0.000%
0.000%
576,871 .95
92.5%
0.0%
7.5%
1 ,406,853.26
_
114,069.18
3,135,774.49
5.56%
6.75%
5.50%
4.50%
570,525.70
-
31 ,357.74
141,109.85
601 ,883.45
5,285,621.05
(6,346.25)
-
-
3,162,815.16
100.000%
100.000%
564,590.04
92.5%
0.0%
7.5%
1,418,329.92
114,999.72
2,965,853.59
5.42%
6.54%
5.50%
4.50%
558,357.79
-
29,658.54
133,463.41
588,016.32
5,105,663.24
(6,232.25)
-
-
6/15/2027
-
-
-
0.000%
0.000%
499,157.99
92.5%
0.0%
7.5%
1 ,533,991 .68
_
124,377.70
3,276,884.34
5.55%
6.76%
5.50%
4.50%
492,255.31
-
32,768.84
147,459.80
525,024.15
5,483,359.97
(6,902.68)
-
-
3,299,966.43
100.000%
100.000%
488,255.39
92.5%
0.0%
7.5%
1 ,539,760.98
124,845.48
3,099,317.00
5.42%
6.55%
5.50%
4.50%
481 ,493.38
-
30,993.17
139,469.27
512,486.55
5,291,033.80
(6,762.01)
-
-
6/15/2028
-
-
-
0.000%
0.000%
414,601.23
92.5%
0.0%
7.5%
1,666,188.84
_
135,096.39
3,424,344.14
5.54%
6.76%
5.50%
4.50%
407,122.24
-
34,243.44
154,095.49
441 ,365.68
5,685,994.14
(7,478.99)
-
-
3,443,343.23
100.000%
100.000%
405,423.04
92.5%
0.0%
7.5%
1 ,669,523.66
135,366.78
3,238,786.27
5.41 %
6.55%
5.50%
4.50%
398,095.31
-
32,387.86
145,745.38
430,483.17
5,484,538.48
(7,327.73)
-
-
6/15/2029
-
-
-
0.000%
0.000%
322,981 .88
92.5%
0.0%
7.5%
1,809,145.66
_
146,687.49
3,578,439.62
5.52%
6.76%
5.50%
4.50%
314,881.35
-
35,784.40
161,029.78
350,665.75
5,899,280.81
(8,100.53)
-
-
3,592,781.92
100.000%
100.000%
315,647.82
92.5%
0.0%
7.5%
1,807,270.87
146,535.48
3,384,531 .65
5.41 %
6.56%
5.50%
4.50%
307,719.99
-
33,845.32
152,303.92
341,565.30
5,685,671 .75
(7,927.83)
-
-
Page 15 of 32
-------
Investment Benefit of Alternative Portfolios
6/15/2030
6/15/2031
6/15/2032
6/15/2033
6/15/2034
6/15/2035
6/15/2036
6/15/2037
6/15/2038
6/15/2039
6/15/2040
6/15/2041
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Total Benefit
Percentage Savings
Percentage Beneift
2001
2001 Financing
Required SF Deposit
223,689.48
116,209.22
Available Investment Funds
Treasury Allocation
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
7.5%
1,951,163.41
158,202.44
7.5%
1,956,263.58
158,615.97
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Beginning Equity Investment Balance
3,739,469.41
3,907,745.53
Treasury Investment Rate
5.51 %
5.49%
AA Taxable Rate
6.76%
6.76%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
214,974.78
107,493.53
AA Taxable Interest
Equity Dividends
37,394.69
39,077.46
Equity Return
168,276.12
175,848.55
Current Available Return
252,369.48
146,570.98
Currently Available for Subsidy
6,111,278.42
6,186,428.64
Excess Interest Income
(8,714.70)
(8,715.69)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
3,749,543.09
100.000%
100.000%
3,924,978.11
100.000%
100.0
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.0
0.000%
0.000%
0.000%
0.0
0.000%
0.000%
0.000%
0.000%
Total Benefit
Percentage Savings
Percentage Beneift
2002
2002 Financing
Required SF Deposit
218,462.55
113,376.93
Available Investment Funds
Treasury Allocation
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
7.5% 7.5%
1,943,173.35 1,940,645.81
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
AA Taxable Investment
Equity Allocation (from Excess Int.)
157,554.60
157,349.66
Beginning Equity Investment Balance
3,536,835.57
3,695,993.17
Treasury Investment Rate
5.41 %
AA Taxable Rate
6.56%
6.57%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
209,943.38
104,873.66
AA Taxable Interest
Equity Dividends
35,368.36
36,959.93
Equity Return
159,157.60
166,319.69
Current Available Return
245,311.73
141,833.60
Currently Available for Subsidy
5,884,478.26
5,944,792.28
Excess Interest Income
(8,519.17)
(8,503.27)
Equity Draw
Shortfall
Page 16 of 32
-------
Investment Benefit of Alternative Portfolios
2003
2004
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Total
-
2,125,919.83
4,354,033.99
6 479 953 82
4.25%
12.96%
2033
22,897,721.57
27,102,278.43
100%
1.00
25,579,625.25
-
1 ,200,750.53
1%
23,900,802.72
-
560,043.47
2,290,296.55
1,003,081.15
-
-
-
1,522,653.18
3,853,421.17
5,376,074.35
3.05%
10.75%
2034
21,761,959.65
28,238,040.35
100%
1.00
23,810,443.61
-
1,102,296.85
1%
22,716,088.08
-
490,646.97
1,968,226.91
954,128.43
-
-
-
4,427,596.74
6/15/1990
^H
-
100.0%
0.0%
0.0%
:
-1 1 .01 %
-12.01%
-
-
-
-
-
-
6/15/1991
6/15/1992
Inv
Investment Return/Es
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
-
6/15/1993
estment Amt Split
crow Return Split
-
100.0%
0.0%
0.0%
;
-
1 1 .96%
10.96%
-
-
-
-
-
-
-
-
-
-
6/15/1994
-Treasury Share:
- Treasury Share:
-
100.0%
0.0%
0.0%
;
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
-
Investment Amt Split - Treasury Share:
Investment Return/Es
-
100.0%
0.0%
0.0%
-1 1 .01 %
-12.01%
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
Inv
crow Return Split
-
100.0%
0.0%
0.0%
-
1 1 .96%
10.96%
-
-
-
-
-
-
-
-
-
estment Amt Split
- Treasury Share:
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
-Treasury Share:
6/15/1995
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
6/15/1996
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
6/15/1997
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
6/15/1998
0.000%
0.000%
-
100.0%
0.0%
0.0%
^1
-
12.69%
1 1 .69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
12.69%
11.69%
-
-
-
-
-
-
-
-
-
0.000%
6/15/1999
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
24.41 %
23.41%
-
-
-
-
-
-
-
-
-
0.000%
6/15/2000
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
6/15/2001
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
Page 17 of 32
-------
Investment Benefit of Alternative Portfolios
2003
2004
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
6/15/2002
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
_
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
6/15/2003
-
0.000%
100.000%
-
100.0%
0.0%
0.0%
-
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
36.77%
35.77%
-
-
-
-
-
-
-
-
-
-
0.000%
6/15/2004
1 ,388,228.08
0.000%
100.000%
203,279.66
100.0%
0.0%
0.0%
_
-
1 .24%
1 .70%
15.91%
14.91%
1,163,057.86
-
-
-
1,163,057.86
1,163,057.86
959,778.20
-
-
-
0.000%
100.000%
-
100.0%
0.0%
0.0%
-
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
-
0.000%
6/15/2005
1,514,140.36
100.000%
100.000%
1 ,060,227.94
100.0%
0.0%
0.0%
_
1 ,200,750.53
1.65%
2.22%
10.07%
9.07%
1,163,057.86
-
12,007.51
108,908.07
1,175,065.37
1,175,065.37
102,829.92
-
-
1,309,658.60
0.000%
100.000%
210,470.63
100.0%
0.0%
0.0%
-
-
1.89%
2.34%
10.07%
9.07%
1,123,897.80
-
-
-
1,123,897.80
1,123,897.80
913,427.17
-
-
-
0.000%
6/15/2006
1 ,766,638.41
100.000%
100.000%
1,163,057.86
100.0%
0.0%
0.0%
670,230.68
1 ,309,658.60
2.10%
2.77%
17.68%
16.68%
1,163,057.86
-
13,096.59
218,398.67
1,176,154.45
1,846,385.12
-
-
-
1 ,528,057.27
100.000%
1,027,592.72
100.0%
0.0%
0.0%
-
-
1,102,296.85
2.38%
2.91%
17.68%
16.68%
1,123,897.80
-
11,022.97
183,819.02
1,134,920.77
1,134,920.77
96,305.08
-
-
1,286,115.88
0.000%
6/15/2007
1,887,829.80
100.000%
100.000%
1,148,951.92
100.0%
0.0%
0.0%
590,477.72
_
1,528,057.27
2.54%
3.29%
7.86%
6.86%
1,148,951.92
-
15,280.57
104,824.73
1,164,232.49
1,754,710.21
-
-
-
1,632,882.00
100.000%
1,123,897.80
100.0%
0.0%
0.0%
475,415.27
1,286,115.88
2.78%
3.37%
7.86%
6.86%
1,123,897.80
-
12,861.16
88,227.55
1,136,758.96
1,612,174.23
-
-
-
1,374,343.43
100.000%
6/15/2008
1 ,089,598.73
100.000%
100.000%
1,133,980.94
100.0%
0.0%
0.0%
558,107.63
1,632,882.00
2.97%
3.74%
-41 .28%
-42.28%
1,133,980.94
-
16,328.82
(690,431 .50)
1,150,309.76
1,708,417.39
-
-
-
942,450.51
100.000%
1,110,683.73
100.0%
0.0%
0.0%
484,226.08
-
1 ,374,343.43
3.10%
3.75%
-41 .28%
-42.28%
1,110,683.73
-
13,743.43
(581,113.63)
1,124,427.16
1 ,608,653.24
-
-
-
793,229.80
100.000%
6/15/2009
1,466,523.62
100.000%
100.000%
1,117,426.58
100.0%
0.0%
0.0%
529,823.41
_
942,450.51
3.24%
4.08%
35.59%
34.59%
1,117,426.58
-
9,424.51
326,021.90
1,126,851.08
1,656,674.50
-
-
-
1,268,472.41
100.000%
100.000%
1,095,659.55
100.0%
0.0%
0.0%
490,531.48
-
793,229.80
3.43%
4.04%
35.59%
34.59%
1,095,659.55
-
7,932.30
274,401.98
1,103,591.85
1,594,123.32
-
-
-
1,067,631.78
100.000%
6/15/2010
1,532,517.18
100.000%
100.000%
1,100,235.93
100.0%
0.0%
0.0%
535,745.32
_
1,268,472.41
3.52%
4.42%
5.50%
4.50%
1,100,235.93
-
12,684.72
57,081 .26
1,112,920.65
1 ,648,665.97
-
-
-
1 ,325,553.67
100.000%
100.000%
1,078,854.14
100.0%
0.0%
0.0%
514,696.27
-
1 ,067,631 .78
3.65%
4.28%
5.50%
4.50%
1,078,854.14
-
10,676.32
48,043.43
1 ,089,530.46
1 ,604,226.73
-
-
-
1,115,675.21
100.000%
6/15/2011
1,601,480.45
100.000%
100.000%
1,081,361.41
100.0%
0.0%
0.0%
547,429.83
_
1 ,325,553.67
3.69%
4.65%
5.50%
4.50%
1,081,361.41
-
13,255.54
59,649.92
1,094,616.94
1,642,046.78
-
-
-
1,385,203.58
100.000%
100.000%
1,060,088.21
100.0%
0.0%
0.0%
543,651.83
-
1,115,675.21
3.87%
4.52%
5.50%
4.50%
1,060,088.21
-
11,156.75
50,205.38
1 ,071 ,244.96
1,614,896.79
-
-
-
1,165,880.59
100.000%
6/15/2012
1 ,673,547.07
100.000%
100.000%
1,061,179.57
100.0%
0.0%
0.0%
586,117.49
_
1 ,385,203.58
3.85%
4.87%
5.50%
4.50%
1,061,179.57
-
13,852.04
62,334.16
1 ,075,031 .60
1,661,149.09
-
-
-
1 ,447,537.74
100.000%
100.000%
1,039,070.19
100.0%
0.0%
0.0%
583,941 .98
-
1,165,880.59
4.00%
4.69%
5.50%
4.50%
1,039,070.19
-
11,658.81
52,464.63
1 ,050,729.00
1 ,634,670.98
-
-
-
1,218,345.22
100.000%
6/15/2013
1,748,856.69
100.000%
100.000%
1,038,612.48
100.0%
0.0%
0.0%
421,741.70
_
1,447,537.74
4.01%
5.08%
5.50%
4.50%
1,038,612.48
-
14,475.38
65,139.20
1,053,087.86
1,474,829.56
-
-
-
1,512,676.94
100.000%
100.000%
1,015,705.74
100.0%
0.0%
0.0%
623,976.28
-
1,218,345.22
4.14%
4.87%
5.50%
4.50%
1,015,705.74
-
12,183.45
54,825.53
1,027,889.19
1,651,865.47
-
-
-
1,273,170.75
100.000%
6/15/2014
1 ,827,555.24
100.000%
100.000%
1 ,021 ,684.28
100.0%
0.0%
0.0%
474,794.53
1,512,676.94
4.11%
5.25%
5.50%
4.50%
1,021,684.28
-
15,126.77
68,070.46
1,036,811.04
1,511,605.57
-
-
-
1 ,580,747.40
100.000%
100.000%
989,896.59
100.0%
0.0%
0.0%
392,364.84
1,273,170.75
4.27%
5.01 %
5.50%
4.50%
989,896.59
-
12,731.71
57,292.68
1 ,002,628.29
1,394,993.13
-
-
-
1 ,330,463.44
100.000%
Page 18 of 32
-------
Investment Benefit of Alternative Portfolios
2003
2004
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
6/15/2015
1,909,795.23
100.000%
100.000%
1,002,178.58
100.0%
0.0%
0.0%
528,241.81
_
1 ,580,747.40
4.20%
5.42%
5.50%
4.50%
1,002,178.58
-
15,807.47
71,133.63
1,017,986.05
1,546,227.86
-
-
-
1,651,881.04
100.000%
100.000%
973,137.43
100.0%
0.0%
0.0%
444,877.34
'
1,330,463.44
4.35%
5.14%
5.50%
4.50%
973,137.43
-
13,304.63
59,870.85
986,442.06
1,431,319.40
-
-
-
1 ,390,334.29
100.000%
6/15/2016
1,995,736.01
100.000%
100.000%
979,978.69
100.0%
0.0%
0.0%
584,814.80
_
1 ,651 ,881 .04
4.30%
5.56%
5.50%
4.50%
979,978.69
-
16,518.81
74,334.65
996,497.50
1,581,312.29
-
-
-
1,726,215.68
100.000%
953,791 .38
100.0%
0.0%
0.0%
498,004.13
1,390,334.29
4.43%
5.27%
5.50%
4.50%
953,791 .38
-
13,903.34
62,565.04
967,694.73
1 ,465,698.85
-
-
-
1 ,452,899.34
100.000%
6/15/2017
2,085,544.13
100.000%
100.000%
954,849.43
100.0%
0.0%
0.0%
623,933.69
_
1,726,215.68
4.39%
5.70%
5.50%
4.50%
954,849.43
-
17,262.16
77,679.71
972,111.59
1,596,045.28
-
-
-
1 ,803,895.39
100.000%
100.000%
931,750.08
100.0%
0.0%
0.0%
554,139.69
-
1,452,899.34
4.50%
5.39%
5.50%
4.50%
931,750.08
-
14,528.99
65,380.47
946,279.07
1,500,418.77
-
-
-
1,518,279.81
100.000%
6/15/2018
2,179,393.62
100.000%
100.000%
927,450.50
100.0%
0.0%
0.0%
683,884.23
_
1 ,803,895.39
4.49%
5.79%
5.50%
4.50%
927,450.50
-
18,038.95
81,175.29
945,489.46
1,629,373.68
-
-
-
1 ,885,070.68
100.000%
100.000%
906,795.88
100.0%
0.0%
0.0%
608,757.26
-
1,518,279.81
4.58%
5.50%
5.50%
4.50%
906,795.88
-
15,182.80
68,322.59
921,978.68
1 ,530,735.94
-
-
-
1,586,602.40
100.000%
6/15/2019
2,277,466.33
100.000%
100.000%
896,773.65
100.0%
0.0%
0.0%
742,133.92
_
1 ,885,070.68
4.58%
5.87%
5.50%
4.50%
896,773.65
-
18,850.71
84,828.18
915,624.35
1,657,758.27
-
-
-
1 ,969,898.86
100.000%
100.000%
878,911.54
100.0%
0.0%
0.0%
664,197.36
-
1,586,602.40
4.66%
5.58%
5.50%
4.50%
878,911.54
-
15,866.02
71,397.11
894,777.56
1 ,558,974.92
-
-
-
1 ,657,999.51
100.000%
6/15/2020
2,379,952.32
100.000%
100.000%
862,783.61
100.0%
0.0%
0.0%
806,084.13
_
1 ,969,898.86
4.67%
5.95%
5.50%
4.50%
862,783.61
-
19,698.99
88,645.45
882,482.60
1,688,566.73
-
-
-
2,058,544.31
100.000%
100.000%
847,974.29
100.0%
0.0%
0.0%
722,739.28
-
1,657,999.51
4.74%
5.66%
5.50%
4.50%
847,974.29
-
16,580.00
74,609.98
864,554.28
1 ,587,293.56
-
-
-
1 ,732,609.48
100.000%
6/15/2021
2,487,050.17
100.000%
100.000%
825,104.02
100.0%
0.0%
0.0%
868,632.50
_
2,058,544.31
4.77%
6.01%
5.50%
4.50%
825,104.02
-
20,585.44
92,634.49
845,689.46
1,714,321.96
-
-
-
2,151,178.81
100.000%
100.000%
813,751.54
100.0%
0.0%
0.0%
782,260.10
-
1,732,609.48
4.81%
5.73%
5.50%
4.50%
813,751.54
-
17,326.09
77,967.43
831 ,077.64
1,613,337.73
-
-
-
1,810,576.91
100.000%
6/15/2022
2,518,310.21
100.000%
100.000%
783,681 .02
100.0%
0.0%
0.0%
1,018,175.31
_
2,151,178.81
4.86%
6.07%
5.50%
4.50%
783,681.02
-
21,511.79
96,803.05
805,192.81
1,823,368.12
-
-
-
2,247,981.85
100.000%
100.000%
776,105.68
100.0%
0.0%
0.0%
847,114.27
1,810,576.91
4.89%
5.78%
5.50%
4.50%
776,105.68
-
18,105.77
81,475.96
794,211.45
1,641,325.73
-
-
-
1,892,052.87
100.000%
6/15/2023
2,627,515.86
100.000%
100.000%
738,231 .90
92.5%
0.0%
7.5%
1,011,540.18
82,016.77
2,247,981.85
4.96%
6.14%
5.50%
4.50%
734,165.93
-
22,479.82
101,159.18
756,645.75
4,117,326.97
(4,065.97)
-
-
2,267,124.26
100.000%
100.000%
734,683.90
100.0%
0.0%
0.0%
984,555.63
-
1,892,052.87
4.97%
5.83%
5.50%
4.50%
734,683.90
-
18,920.53
85,142.38
753,604.42
1,738,160.06
-
-
-
1,977,195.25
100.000%
6/15/2024
2,741,410.63
100.000%
100.000%
688,461 .23
92.5%
0.0%
7.5%
1,105,141.33
89,606.05
2,349,141.04
4.96%
6.15%
5.50%
4.50%
684,019.03
-
23,491 .41
105,711.35
707,510.44
4,267,504.15
(4,442.20)
-
-
2,365,246.33
100.000%
689,746.88
92.5%
0.0%
7.5%
969,777.36
78,630.60
1,977,195.25
5.04%
5.88%
5.50%
4.50%
685,780.47
-
19,771.95
88,973.79
705,552.42
3,741,498.81
(3,966.41)
-
-
1,987,538.44
100.000%
6/15/2025
2,860,215.12
100.000%
100.000%
634,060.13
92.5%
0.0%
7.5%
1,201,185.24
97,393.40
2,454,852.38
4.96%
6.16%
5.50%
4.50%
629,231.87
-
24,548.52
110,468.36
653,780.39
4,420,286.37
(4,828.26)
-
-
2,467,927.34
100.000%
100.000%
641,147.38
92.5%
0.0%
7.5%
1,047,910.83
84,965.74
2,066,169.04
5.04%
5.89%
5.50%
4.50%
636,861 .41
-
20,661.69
92,977.61
657,523.10
3,864,580.57
(4,285.98)
-
-
2,074,180.90
100.000%
6/15/2026
2,984,317.28
100.000%
100.000%
574,932.13
92.5%
0.0%
7.5%
1,305,802.79
105,875.90
2,565,320.74
4.96%
6.17%
5.50%
4.50%
569,683.35
-
25,653.21
115,439.43
595,336.56
4,581,899.52
(5,248.78)
-
-
2,574,884.27
100.000%
100.000%
588,627.29
92.5%
0.0%
7.5%
1,131,114.13
91,711.96
2,159,146.64
5.04%
5.89%
5.50%
4.50%
584,001 .01
-
21,591.47
97,161.60
605,592.48
3,993,014.85
(4,626.28)
-
-
2,164,596.29
100.000%
6/15/2027
3,113,940.78
100.000%
100.000%
510,636.87
92.5%
0.0%
7.5%
1,415,181.51
114,744.45
2,680,760.17
4.96%
6.18%
5.50%
4.50%
504,948.44
-
26,807.60
120,634.21
531 ,756.04
4,748,331 .93
(5,688.43)
-
-
2,686,649.93
100.000%
100.000%
531,917.67
92.5%
0.0%
7.5%
1,216,160.83
98,607.63
2,256,308.24
5.04%
5.89%
5.50%
4.50%
526,943.54
-
22,563.08
101,533.87
549,506.62
4,123,509.57
(4,974.12)
-
-
2,259,234.48
100.000%
6/15/2028
3,249,164.87
100.000%
100.000%
440,940.35
92.5%
0.0%
7.5%
1,529,823.77
124,039.76
2,801 ,394.38
4.96%
6.19%
5.50%
4.50%
434,791.10
-
28,013.94
126,062.75
462,805.04
4,920,085.94
(6,149.25)
-
-
2,803,417.36
100.000%
100.000%
470,947.75
92.5%
0.0%
7.5%
1 ,308,487.54
106,093.58
2,357,842.11
5.04%
5.90%
5.50%
4.50%
465,596.01
-
23,578.42
106,102.90
489,174.43
4,261,606.98
(5,351 .74)
-
-
2,357,851.42
100.000%
6/15/2029
3,390,300.10
100.000%
100.000%
365,598.06
92.5%
0.0%
7.5%
1,653,822.21
134,093.69
2,927,457.13
4.96%
6.21%
5.50%
4.50%
358,950.39
-
29,274.57
131,735.57
388,224.96
5,101,239.87
(6,647.67)
-
-
2,925,099.01
100.000%
100.000%
405,329.64
92.5%
0.0%
7.5%
1 ,403,035.80
113,759.66
2,463,945.01
5.04%
5.90%
5.50%
4.50%
399,591.19
-
24,639.45
110,877.53
424,230.64
4,402,088.97
(5,738.45)
-
-
2,461 ,062.87
100.000%
Page 19 of 32
-------
Investment Benefit of Alternative Portfolios
6/15/2030
6/15/2031
6/15/2032
6/15/2033
6/15/2034
6/15/2035
6/15/2036
6/15/2037
6/15/2038
Ending Equity Investment Balance
Capital Savings
Investment Benefit
3,538,438.58 3,704,963.21
100.000% 100.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
100.000% 100.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Total Benefit
Percentage Savings
Percentage Beneift
2003
2003 Financing
Required SF Deposit
284,127.99
196,252.69
101,682.17
Available Investment Funds
Treasury Allocation
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
7.5%
1,782,650.55
144,539.23
7.5%
1,906,854.65
154,609.84
7.5%
1,897,254.33
153,831.43
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Beginning Equity Investment Balance
3,059,192.70
3,196,856.37
3,340,714.91
Treasury Investment Rate
4.96%
4.96%
4.96%
AA Taxable Interest
6.22%
6.24%
6.25%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
276,962.49
188,587.94
94,056.00
AA Taxable Interest
Equity Dividends
30,591.93
31,968.56
33,407.15
Equity Return
137,663.67
143,858.54
150,332.17
Current Available Return
307,554.41
220,556.51
127,463.15
Currently Available for Subsidy
5,287,061.33
5,468,126.06
5,515,764.56
Excess Interest Income
(7,165.50)
(7,664.75)
(7,626.16)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
3,052,317.14
100.000%
100.000%
3,186,105.07
100.000%
100.000%
3,337,215.65
100.000%
100.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Total Benefit
Percentage Savings
0.000%
0.0
0.000%
O.C
0.000%
0.0
Percentage Beneift
2004
2004 Financing
Required SF Deposit
334,973.35
259,471.00
178,711.74
92,265.93
Available Investment Funds
Treasury Allocation
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
7.5%
1,505,208.66
122,043.95
7.5%
1,609,313.41
130,484.87
7.5%
1,712,076.84
138,817.04
7.5%
1,691,909.14
137,181.82
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Beginning Equity Investment Balance
2,574,822.53
2,690,689.55
2,811,770.58
2,938,300.25
Treasury Investment Rate
5.04%
5.04%
5.04%
5.04%
AA Taxable Interest
5.90%
5.90%
5.91%
5.91%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
328,817.01
252,888.87
171,709.31
85,345.99
AA Taxable Interest
Equity Dividends
25,748.23
26,906.90
28,117.71
29,383.00
Equity Return
115,867.01
121,081.03
126,529.68
132,223.51
Current Available Return
354,565.24
279,795.76
199,827.01
114,728.99
Currently Available for Subsidy
4,550,463.45
4,700,879.75
4,850,204.10
4,877,161.89
Excess Interest Income
(6,156.34)
(6,582.13)
(7,002.43)
(6,919.94)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
2,568,645.60
100.000%
2,681,285.71
100.000%
2,799,483.21
100.000%
2,933,341.94
100.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Page 20 of 32
-------
Investment Benefit of Alternative Portfolios
2005
2006
Investment Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Total
3,413,002.31
7 R4n ^QQ ("14
8.86%
15.68%
2036
22,589,858.93
27,410,141.07
100%
1.00
25,236,983.74
-
1 ,066,408.51
1%
23,582,305.03
-
410,903.13
1,535,388.30
992,446.11
-
-
-
2,173,157.33
2,938,737.53
5,111,894.86
4.35%
10.22%
2037
23,546,736.33
26,453,263.67
100%
1.00
23,852,873.30
-
1,068,755.39
1%
24,582,925.42
-
740,154.70
3,652,316.71
1,036,189.09
-
-
-
2,600,390.37
5,428,660.50
8,029,050.88
6/15/1990 6/15/1991 6/15/1992 6/15/1993 6/15/1994 6/15/1995 6/15/1996 6/15/1997 6/15/1998 6/15/1999 6/15/2000 6/15/2001
Investment Return/Escrow Return Split -Treasury Share: 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
-
Investment Amt Split - Treasury Share:
I
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21 %
-
-
-
-
-
-
-
-
-
Investment Amt Split - Treasury Share:
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
^^^ 0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
^^^ 0.000%
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
12.69%
11.69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
12.69%
1 1 .69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
0.000% 0.000% 0.000%
Page 21 of 32
-------
Investment Benefit of Alternative Portfolios
2005
2006
Investment Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
6/15/2002
0.000%
-
100.0%
0.0%
0.0%
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
_
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2003
0.000%
-
100.0%
0.0%
0.0%
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2004
0.000%
-
100.0%
0.0%
0.0%
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2005
100.000%
-
100.0%
0.0%
0.0%
-
10.07%
9.07%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-
10.07%
9.07%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2006
100.000%
-
100.0%
0.0%
0.0%
-
17.68%
16.68%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-
17.68%
16.68%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2007
100.000%
208,877.80
100.0%
0.0%
0.0%
-
3.85%
4.25%
7.86%
6.86%
1,149,574.56
-
-
-
1,149,574.56
1,149,574.56
940,696.76
-
-
-
0.000%
100.000%
-
100.0%
0.0%
0.0%
-
-
7.86%
6.86%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2008
100.000%
1,048,299.49
100.0%
0.0%
0.0%
1 ,066,408.51
3.93%
4.37%
-41.28%
-42.28%
1,149,574.56
-
10,664.09
(450,909.51)
1,160,238.64
1,160,238.64
101,275.07
-
-
615,499.00
0.000%
100.000%
195,619.74
100.0%
0.0%
0.0%
-
-
4.82%
5.29%
-41.28%
-42.28%
1,172,540.54
-
-
-
1,172,540.54
1,172,540.54
976,920.81
-
-
-
0.000%
100.000%
6/15/2009
100.000%
1,149,574.56
100.0%
0.0%
0.0%
284,932.28
-
615,499.00
3.99%
4.48%
35.59%
34.59%
1,149,574.56
-
6,154.99
212,919.57
1,155,729.55
1 ,440,661 .83
-
-
-
828,418.57
100.000%
100.000%
1 ,060,664.60
100.0%
0.0%
0.0%
-
1 ,068,755.39
4.77%
5.29%
35.59%
34.59%
1,172,540.54
-
10,687.55
369,714.55
1,183,228.10
1,183,228.10
1 1 1 ,875.94
-
-
1 ,438,469.94
0.000%
100.000%
6/15/2010
100.000%
1,138,214.08
100.0%
0.0%
0.0%
327,653.89
^H
828,418.57
4.05%
4.56%
5.50%
4.50%
1,138,214.08
-
8,284.19
37,278.84
1,146,498.26
1,474,152.16
-
-
-
865,697.40
100.000%
100.000%
1,172,540.54
100.0%
0.0%
0.0%
161 648 28
_
1 ,438,469.94
4.76%
5.31%
5.50%
4.50%
1,172,540.54
-
14,384.70
64,731.15
1,186,925.24
1 ,348,573.52
-
-
-
1 ,503,201 .09
100.000%
100.000%
6/15/2011
100.000%
1,124,956.02
100.0%
0.0%
0.0%
350,528.85
-
-
865,697.40
4.10%
4.64%
5.50%
4.50%
1,124,956.02
-
8,656.97
38,956.38
1,133,613.00
1,484,141.85
-
-
-
904,653.79
100.000%
100.000%
1,164,844.66
100.0%
0.0%
0.0%
198,403.60
1 ,503,201 .09
4.75%
5.32%
5.50%
4.50%
1,164,844.66
-
15,032.01
67,644.05
1,179,876.67
1,378,280.27
-
-
-
1,570,845.14
100.000%
100.000%
6/15/2012
100.000%
1,110,587.49
100.0%
0.0%
0.0%
387,039.49
-
-
904,653.79
4.15%
4.73%
5.50%
4.50%
1,110,587.49
-
9,046.54
40,709.42
1,119,634.03
1 ,506,673.52
-
-
-
945,363.21
100.000%
100.000%
1,155,422.95
100.0%
0.0%
0.0%
236,169.62
_
1,570,845.14
4.75%
5.35%
5.50%
4.50%
1,155,422.95
-
15,708.45
70,688.03
1,171,131.40
1 ,407,301 .02
-
-
-
1,641,533.17
100.000%
100.000%
6/15/2013
100.000%
1,094,518.23
100.0%
0.0%
0.0%
432,838.75
-
-
945,363.21
4.20%
4.80%
5.50%
4.50%
1,094,518.23
-
9,453.63
42,541.34
1,103,971.87
1,536,810.62
-
-
-
987,904.55
100.000%
100.000%
1,144,196.68
100.0%
0.0%
0.0%
277,998.52
_
1,641,533.17
4.76%
5.38%
5.50%
4.50%
1,144,196.68
-
16,415.33
73,868.99
1,160,612.01
1,438,610.52
-
-
-
1,715,402.16
100.000%
100.000%
6/15/2014
100.000%
1,076,349.74
100.0%
0.0%
0.0%
482,327.84
987,904.55
4.24%
4.88%
5.50%
4.50%
1 ,076,349.74
-
9,879.05
44,455.70
1 ,086,228.79
1 ,568,556.62
-
-
-
1 ,032,360.26
100.000%
100.000%
1,130,968.95
100.0%
0.0%
0.0%
321,152.74
_
1,715,402.16
4.77%
5.43%
5.50%
4.50%
1,130,968.95
-
17,154.02
77,193.10
1,148,122.97
1 ,469,275.71
-
-
-
1 ,792,595.26
100.000%
100.000%
Page 22 of 32
-------
Investment Benefit of Alternative Portfolios
2005
2006
Investment Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
6/15/2015
100.000%
1,055,883.61
100.0%
0.0%
0.0%
533,057.21
_
1,032,360.26
4.29%
4.94%
5.50%
4.50%
1 ,055,883.61
-
10,323.60
46,456.21
1 ,066,207.21
1 ,599,264.41
-
-
-
1,078,816.47
100.000%
100.000%
1,115,648.47
100.0%
0.0%
0.0%
366,081 .42
_
1,792,595.26
4.78%
5.47%
5.50%
4.50%
1,115,648.47
-
17,925.95
80,666.79
1,133,574.42
1 ,499,655.84
-
-
-
1,873,262.04
100.000%
100.000%
6/15/2016
100.000%
1,033,021.42
100.0%
0.0%
0.0%
407,847.57
_
1,078,816.47
4.32%
4.99%
5.50%
4.50%
1 ,033,021 .42
-
10,788.16
48,546.74
1 ,043,809.59
1,451,657.16
-
-
-
1,127,363.21
100.000%
100.000%
1,098,139.77
100.0%
0.0%
0.0%
422,419.87
_
1,873,262.04
4.80%
5.50%
5.50%
4.50%
1,098,139.77
-
18,732.62
84,296.79
1,116,872.39
1,539,292.26
-
-
-
1 ,957,558.84
100.000%
100.000%
6/15/2017
100.000%
1,015,384.43
100.0%
0.0%
0.0%
464,170.31
1,127,363.21
4.36%
5.05%
5.50%
4.50%
1,015,384.43
-
11,273.63
50,731 .34
1 ,026,658.06
1 ,490,828.38
-
-
-
1,178,094.55
100.000%
100.000%
1 ,077,884.74
100.0%
0.0%
0.0%
356,283.67
_
1 ,957,558.84
4.82%
5.55%
5.50%
4.50%
1 ,077,884.74
-
19,575.59
88,090.15
1,097,460.32
1 ,453,743.99
-
-
-
2,045,648.98
100.000%
100.000%
6/15/2018
100.000%
995,146.90
100.0%
0.0%
0.0%
519,646.25
"
1,178,094.55
4.40%
5.10%
5.50%
4.50%
995,146.90
-
11,780.95
53,014.25
1 ,006,927.85
1,526,574.10
-
-
-
1,231,108.81
100.000%
100.000%
1 ,060,728.86
100.0%
0.0%
0.0%
413,624.83
_
2,045,648.98
4.84%
5.59%
5.50%
4.50%
1 ,060,728.86
-
20,456.49
92,054.20
1,081,185.35
1,494,810.18
-
-
-
2,137,703.19
100.000%
100.000%
6/15/2019
100.000%
972,306.04
100.0%
0.0%
0.0%
579,198.85
_
1,231,108.81
4.43%
5.15%
5.50%
4.50%
972,306.04
-
12,311.09
55,399.90
984,617.13
1,563,815.98
-
-
-
1 ,286,508.70
100.000%
100.000%
1 ,040,728.22
100.0%
0.0%
0.0%
470,801 .80
_
2,137,703.19
4.86%
5.63%
5.50%
4.50%
1 ,040,728.22
-
21 ,377.03
96,196.64
1,062,105.25
1,532,907.05
-
-
-
2,233,899.83
100.000%
100.000%
6/15/2020
100.000%
946,641.78
100.0%
0.0%
0.0%
642,940.44
1,286,508.70
4.47%
5.17%
5.50%
4.50%
946,641 .78
-
12,865.09
57,892.89
959,506.87
1 ,602,447.31
-
-
-
1 ,344,401 .60
100.000%
100.000%
1,017,867.57
100.0%
0.0%
0.0%
530,180.33
_
2,233,899.83
4.88%
5.66%
5.50%
4.50%
1,017,867.57
-
22,339.00
100,525.49
1,040,206.57
1 ,570,386.90
-
-
-
2,334,425.32
100.000%
100.000%
6/15/2021
100.000%
917,924.72
100.0%
0.0%
0.0%
708,580.11
"
1,344,401.60
4.50%
5.20%
5.50%
4.50%
917,924.72
-
13,444.02
60,498.07
931 ,368.73
1 ,639,948.84
-
-
-
1 ,404,899.67
100.000%
100.000%
992,016.44
100.0%
0.0%
0.0%
591 ,854.31
_
2,334,425.32
4.90%
5.70%
5.50%
4.50%
992,016.44
-
23,344.25
105,049.14
1,015,360.70
1,607,215.01
-
-
-
2,439,474.46
100.000%
100.000%
6/15/2022
100.000%
886,024.10
100.0%
0.0%
0.0%
778,588.18
_
1,404,899.67
4.54%
5.23%
5.50%
4.50%
886,024.10
-
14,049.00
63,220.49
900,073.10
1 ,678,661 .28
-
-
-
1,468,120.15
100.000%
100.000%
963,038.43
100.0%
0.0%
0.0%
658,252.93
_
2,439,474.46
4.92%
5.72%
5.50%
4.50%
963,038.43
-
24,394.74
109,776.35
987,433.17
1,645,686.10
-
-
-
2,549,250.81
100.000%
100.000%
6/15/2023
100.000%
850,695.07
100.0%
0.0%
0.0%
850,718.73
_
1,468,120.15
4.57%
5.25%
5.50%
4.50%
850,695.07
-
14,681.20
66,065.41
865,376.27
1,716,095.00
-
-
-
1,534,185.56
100.000%
930,676.29
100.0%
0.0%
0.0%
727,234.83
_
2,549,250.81
4.94%
5.74%
5.50%
4.50%
930,676.29
-
25,492.51
114,716.29
956,168.80
1 ,683,403.63
-
-
-
2,663,967.10
100.000%
100.000%
6/15/2024
100.000%
811,790.82
100.0%
0.0%
0.0%
927,414.16
_
1,534,185.56
4.61%
5.27%
5.50%
4.50%
81 1 ,790.82
-
15,341.86
69,038.35
827,132.68
1 ,754,546.84
-
-
-
1 ,603,223.91
100.000%
894,775.65
100.0%
0.0%
0.0%
798,910.10
_
2,663,967.10
4.96%
5.75%
5.50%
4.50%
894,775.65
-
26,639.67
119,878.52
921,415.32
1,720,325.41
-
-
-
2,783,845.62
100.000%
100.000%
6/15/2025
-i po r\f\r\ojL
769,049.71
100.0%
0.0%
0.0%
1 ,006,474.32
_
1,603,223.91
4.64%
5.31%
5.50%
4.50%
769,049.71
-
16,032.24
72,145.08
785,081 .95
1 ,791 ,556.28
-
-
-
1 ,675,368.98
100.000%
100.000%
855,175.08
100.0%
0.0%
0.0%
877,998.48
_
2,783,845.62
4.98%
5.77%
5.50%
4.50%
855,175.08
-
27,838.46
125,273.05
883,013.53
1,761,012.02
-
-
-
2,909,118.67
100.000%
100.000%
6/15/2026
100.000%
722,307.44
100.0%
0.0%
0.0%
1 ,098,655.55
_
1,675,368.98
4.64%
5.31%
5.50%
4.50%
722,307.44
-
16,753.69
75,391 .60
739,061.13
1,837,716.68
-
-
-
1 ,750,760.59
100.000%
100.000%
81 1 ,476.64
100.0%
0.0%
0.0%
957,894.86
_
2,909,118.67
5.00%
5.77%
5.50%
4.50%
81 1 ,476.64
-
29,091.19
130,910.34
840,567.82
1 ,798,462.69
-
-
-
3,040,029.01
100.000%
100.000%
6/15/2027
100.000%
671,284.11
100.0%
0.0%
0.0%
1 ,301 ,999.36
_
1,750,760.59
4.64%
5.32%
5.50%
4.50%
671,284.11
-
17,507.61
78,784.23
688,791 .72
1 ,990,791 .08
-
-
-
1 ,829,544.82
100.000%
100.000%
763,607.95
100.0%
0.0%
0.0%
1 ,052,041 .95
_
3,040,029.01
4.99%
5.78%
5.50%
4.50%
763,607.95
-
30,400.29
136,801.31
794,008.24
1,846,050.19
-
-
-
3,176,830.32
100.000%
100.000%
6/15/2028
^^
615,687.87
92.5%
0.0%
7.5%
1,293,492.54
104,877.77
1,829,544.82
4.64%
5.32%
5.50%
4.50%
610,817.18
-
18,295.45
82,329.52
629,112.63
3,834,479.50
(4,870.69)
-
-
1 ,806,996.56
100.000%
100.000%
711,149.64
100.0%
0.0%
0.0%
1 ,252,604.70
_
3,176,830.32
4.98%
5.79%
5.50%
4.50%
711,149.64
-
31 ,768.30
142,957.36
742,917.95
1 ,995,522.65
-
-
-
3,319,787.68
100.000%
100.000%
6/15/2029
100.000%
555,974.20
92.5%
0.0%
7.5%
1,388,616.11
112,590.50
1,911,874.33
4.64%
5.33%
5.50%
4.50%
550,745.32
-
19,118.74
86,034.34
569,864.06
3,956,388.85
(5,228.88)
-
-
1,885,318.18
100.000%
100.000%
653,892.32
92.5%
0.0%
7.5%
1 ,258,209.49
102,016.99
3,319,787.68
4.96%
5.80%
5.50%
4.50%
648,827.75
-
33,197.88
149,390.45
682,025.63
5,409,413.25
(5,064.57)
-
-
3,367,161.14
100.000%
100.000%
Page 23 of 32
-------
Investment Benefit of Alternative Portfolios
6/15/2030
6/15/2031
6/15/2032
6/15/2033
6/15/2034
6/15/2035
6/15/2036
6/15/2037
6/15/2038
6/15/2039
6/15/2040
6/15/2041
Investment Benefit
100.000%
100.000%
100.000%
100.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Total Benefit
Percentage Savings
Percentage Beneift
2005
2005 Financing
Required SF Deposit
491,858.23
423,151.44
349,657.25
271,062.12
186,930.51
96,699.73
Available Investment Funds
Treasury Allocation
92.5%
92.5%
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
7.5% 7.5% 7.5% 7.5% 7.5% 7.5%
1,487,826.84 1,591,470.98 1,702,015.96 1,821,311.89 1,941,621.54 1,926,015.7.
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
AA Taxable Investment
Equity Allocation (from Excess Int.)
120,634.61
129,038.19
138,001.29
147,673.94
157,428.77
156,163.44
Beginning Equity Investment Balance
1,997,908.68
2,087,814.57
2,181,766.22
2,279,945.70
2,382,543.26
2,489,757.71
Treasury Investment Rate
4.64%
4.64%
4.64%
4.64%
4.64%
4.64%
AA Taxable Interest
5.33%
5.33%
5.34%
5.34%
5.34%
5.35%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
486,255.76
417,158.71
343,248.25
264,203.90
179,619.26
89,447.25
AA Taxable Interest
Equity Dividends
19,979.09
20,878.15
21,817.66
22,799.46
23,825.43
24,897.58
Equity Return
89,905.89
93,951.66
98,179.48
102,597.56
107,214.45
112,039.10
Current Available Return
506,234.85
438,036.85
365,065.91
287,003.36
203,444.70
114,344.83
Currently Available for Subsidy
4,081,876.26
4,211,274.06
4,347,027.57
4,490,858.51
4,634,823.94
4,642,157.37
Excess Interest Income
(5,602.46)
(5,992.74)
(6,409.00)
(6,858.21)
(7,311.24)
(7,252.48)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
1,967,179.96
100.000%
2,052,728.04
100.000%
2,141,944.41
100.000%
2,234,869.32
100.000%
2,332,328.93
100.000%
2,445,633.37
100.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2006
2006 Financing
Required SF Deposit
591,846.19
524,678.18
452,154.65
373,916.71
289,932.77
199,826.15
103,317.50
Available Investment Funds
Treasury Allocation
92.5%
92.5%
92.5%
92.5%
92.5%
92.5%
92.5%
100.0%
100.0%
100.0%
100.0%
100.0%
AA Taxable Investment
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
7.5%
1,364,784.73
-
110,658.22
7.5%
1,476,714.73
119,733.63
7.5%
1,595,955.24
-
129,401.78
7.5%
1,716,823.07
7.5%
1,844,951.13
7.5%
1,968,628.53
7.5%
1,955,249.52
0.0%
0.0%
0.0%
0.0%
0.0%
139,201.87
149,590.63
159,618.53
158,533.75
Beginning Equity Investment Balance
3,469,178.13
3,625,291.14
3,788,429.24
3,958,908.56
4,137,059.45
4,323,227.12
4,517,772.34
Treasury Investment Rate
4.95%
4.94%
4.93%
4.92%
4.91 %
4.90%
4.89%
AA Taxable Interest
5.81%
5.82%
5.81%
5.81%
5.81%
5.80%
5.80%
Equity - Total Return Rate
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
5.50%
Net Equity Return Rate
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Treasury Interest
586,364.75
518,760.30
445,773.08
367,067.08
282,588.33
192,006.84
95,568.69
AA Taxable Interest
Equity Dividends
34,691.78
36,252.91
37,884.29
39,589.09
41,370.59
43,232.27
45,177.72
Equity Return
156,113.02
163,138.10
170,479.32
178,150.89
186,167.68
194,545.22
203,299.76
Current Available Return
621,056.53
555,013.21
483,657.37
406,656.17
323,958.92
235,239.11
140,746.41
Currently Available for Subsidy
5,611,132.40
5,820,157.19
6,038,521.18
6,260,538.68
6,492,137.18
6,721,639.98
6,817,068.03
Excess Interest Income
(5,481.44)
(5,917.88)
(6,381.57)
(6,849.63)
(7,344.45)
(7,819.31)
(7,748.81)
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
3,514,632.92 3,668,695.62 3,829,506.78 3,997,857.58 4,173,636.49 4,358,153.81 4,562,538.35
100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 0.000% 0.000% 0.000% 0.000% 0.000%
100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Total Benefit
Page 24 of 32
-------
Investment Benefit of Alternative Portfolios
2007
2008
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
Total
5.20%
16.06%
2037
22,122,632.76
27,877,367.24
100%
1.00
23,551,949.88
1 ,084,290.91
1%
23,091,984.58
-
750,913.65
3,705,407.09
969,351 .83
-
-
5.50
4,325,417.36
5,425,672.57
9,751,089.93
8.65%
19.50%
2038
22,529,637.93
27,470,362.07
100%
1.00
29,254,275.91
-
1 ,426,476.43
1%
23,554,724.47
-
723,385.08
3,255,232.85
1,025,086.54
-
-
-
(1,783,913.84)
5,003,704.46
3,219,790.62
-3.57%
6.44%
6/15/1990
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
6/15/1991
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
6/15/1992
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
-
6/15/1993
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
-
6/15/1994
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
-
Investment Amt Split - Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
;
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
Inv
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
estment Amt Split
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21 %
-
-
-
-
-
-
-
-
-
- Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
6/15/1995
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/1996
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
;
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/1997
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
^H
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/1998
-
100.0%
0.0%
0.0%
-
12.69%
11.69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
12.69%
1 1 .69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/1999
-
100.0%
0.0%
^^^ 0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2000
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
6/15/2001
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000% 0.000%
0.000% 0.000%
Page 25 of 32
-------
Investment Benefit of Alternative Portfolios
2007
2008
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
6/15/2002
-
100.0%
0.0%
0.0%
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-
-
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2003
-
100.0%
0.0%
0.0%
_
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
-
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2004
-
100.0%
0.0%
0.0%
_
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2005
-
100.0%
0.0%
0.0%
-
10.07%
9.07%
-
-
-
-
-
-
-
-
-
-
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
10.07%
9.07%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2006
-
100.0%
0.0%
0.0%
-
1 7.68%
16.68%
-
-
-
-
-
-
-
-
-
-
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
17.68%
16.68%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2007
-
100.0%
0.0%
0.0%
-
7.86%
6.86%
-
-
-
-
-
-
-
-
-
-
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
-
7.86%
6.86%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2008
207,617.61
100.0%
0.0%
0.0%
-
4.53%
5.08%
-41 .28%
-42.28%
1,131,355.32
-
-
-
1,131,355.32
1,131,355.32
923,737.71
-
-
-
0.000%
100000%
-
100.0%
0.0%
0.0%
-
-41 .28%
-42.28%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2009
1 ,032,928.03
100.0%
0.0%
0.0%
1,084,290.91
4.36%
5.08%
35.59%
34.59%
1,131,355.32
-
10,842.91
375,088.75
1,142,198.23
1,142,198.23
98,427.30
-
-
1 ,459,379.66
0.000%
100 000%
-
100.0%
0.0%
0.0%
-
35.59%
34.59%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2010
1,131,355.32
100.0%
0.0%
0.0%
287,871.99
-
1 ,459,379.66
4.35%
5.12%
5.50%
4.50%
1,131,355.32
-
14,593.80
65,672.08
1,145,949.12
1,433,821.11
-
-
-
1,525,051.74
100.000%
100000%
213,162.10
100.0%
0.0%
0.0%
-
2.01%
3.97%
5.50%
4.50%
1,194,110.01
-
-
-
1,194,110.01
1,194,110.01
980,947.91
-
-
-
0.000%
100.000%
6/15/2011
1,118,841.72
100.0%
0.0%
0.0%
309,384.27
_
1,525,051.74
4.39%
5.17%
5.50%
4.50%
1,118,841.72
-
15,250.52
68,627.33
1,134,092.24
1,443,476.51
-
-
-
1 ,593,679.07
100.000%
100 000%
1,088,380.15
100.0%
0.0%
0.0%
1,426,476.43
2.24%
4.25%
5.50%
4.50%
1,194,110.01
-
14,264.76
64,191.44
1,208,374.78
1,208,374.78
105,729.86
-
-
1,490,667.87
0.000%
100.000%
6/15/2012
1,105,262.03
100.0%
0.0%
0.0%
338,723.51
_
1 ,593,679.07
4.43%
5.24%
5.50%
4.50%
1,105,262.03
-
15,936.79
71,715.56
1,121,198.82
1,459,922.33
-
-
-
1,665,394.63
100.000%
100000%
1,194,110.01
100.0%
0.0%
0.0%
543,046.84
-
1 ,490,667.87
2.52%
4.48%
5.50%
4.50%
1,194,110.01
-
14,906.68
67,080.05
1,209,016.69
1 ,752,063.53
-
-
-
1 ,557,747.92
100.000%
100.000%
6/15/2013
1,090,251.18
100.0%
0.0%
0.0%
381,064.51
_
1 ,665,394.63
4.47%
5.30%
5.50%
4.50%
1,090,251.18
-
16,653.95
74,942.76
1,106,905.13
1,487,969.64
-
-
-
1,740,337.39
100.000%
100000%
1,180,408.03
100.0%
0.0%
0.0%
559,997.21
-
1,557,747.92
2.80%
4.71%
5.50%
4.50%
1,180,408.03
-
15,577.48
70,098.66
1,195,985.51
1,755,982.72
-
-
-
1,627,846.58
100.000%
100.000%
6/15/2014
1,073,215.40
100.0%
0.0%
0.0%
424,586.33
_
1 ,740,337.39
4.51%
5.36%
5.50%
4.50%
1,073,215.40
-
1 7,403.37
78,315.18
1,090,618.77
1,515,205.10
-
-
-
1,818,652.57
100.000%
100.000%
1,164,708.25
100.0%
0.0%
0.0%
595,429.90
-
1 ,627,846.58
2.99%
4.90%
5.50%
4.50%
1,164,708.25
-
16,278.47
73,253.10
1,180,986.72
1,776,416.61
-
-
-
1,701,099.67
100.000%
100.000%
Page 26 of 32
-------
Investment Benefit of Alternative Portfolios
2007
2008
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
6/15/2015
1 ,054,068.42
100.0%
0.0%
0.0%
469,060.70
_
1,818,652.57
4.55%
5.42%
5.50%
4.50%
1 ,054,068.42
-
18,186.53
81,839.37
1 ,072,254.94
1,541,315.65
-
-
-
1 ,900,491 .94
100.000%
100.000%
1,146,919.37
100.0%
0.0%
0.0%
611,746.24
_
-
1,701,099.67
3.17%
5.08%
5.50%
4.50%
1,146,919.37
-
17,011.00
76,549.49
1,163,930.37
1,775,676.60
-
-
-
1,777,649.16
100.000%
100.000%
6/15/2016
1,032,720.24
100.0%
0.0%
0.0%
517,089.54
_
1 ,900,491 .94
4.59%
5.47%
5.50%
4.50%
1 ,032,720.24
-
19,004.92
85,522.14
1,051,725.16
1,568,814.70
-
-
-
1,986,014.07
100.000%
100.000%
1,127,517.26
100.0%
0.0%
0.0%
652,755.73
1,777,649.16
3.34%
5.22%
5.50%
4.50%
1,127,517.26
-
17,776.49
79,994.21
1,145,293.76
1,798,049.49
-
-
-
1 ,857,643.37
100.000%
100.000%
6/15/2017
1,008,970.51
100.0%
0.0%
0.0%
373,382.03
_
1,986,014.07
4.63%
5.52%
5.50%
4.50%
1 ,008,970.51
-
19,860.14
89,370.63
1 ,028,830.65
1,402,212.69
-
-
-
2,075,384.71
100.000%
100.000%
1,105,742.53
100.0%
0.0%
0.0%
693,016.91
1 ,857,643.37
3.50%
5.37%
5.50%
4.50%
1,105,742.53
-
18,576.43
83,593.95
1,124,318.96
1,817,335.88
-
-
-
1 ,941 ,237.32
100.000%
100.000%
6/15/2018
991 ,665.52
100.0%
0.0%
0.0%
423,566.67
_
2,075,384.71
4.66%
5.57%
5.50%
4.50%
991,665.52
-
20,753.85
93,392.31
1,012,419.37
1 ,435,986.04
-
-
-
2,168,777.02
100.000%
100000%
1,081,486.66
100.0%
0.0%
0.0%
735,882.79
-
1,941,237.32
3.66%
5.49%
5.50%
4.50%
1,081,486.66
-
19,412.37
87,355.68
1,100,899.03
1,836,781.83
-
-
-
2,028,593.00
100.000%
100.000%
6/15/2019
971,918.20
100.0%
0.0%
0.0%
477,655.07
_
2,168,777.02
4.69%
5.61%
5.50%
4.50%
971,918.20
-
21,687.77
97,594.97
993,605.97
1,471,261.04
-
-
-
2,266,371.99
100.000%
100.000%
1 ,054,521 .98
100.0%
0.0%
0.0%
523,984.45
-
2,028,593.00
3.73%
5.59%
5.50%
4.50%
1 ,054,521 .98
-
20,285.93
91 ,286.69
1,074,807.91
1,598,792.36
-
-
-
2,119,879.69
100.000%
100.000%
6/15/2020
949,51 7.89
100.0%
0.0%
0.0%
535,768.46
_
2,266,371.99
4.72%
5.65%
5.50%
4.50%
949,517.89
-
22,663.72
101,986.74
972,181.61
1 ,507,950.07
-
-
-
2,368,358.73
100.000%
100.000%
1 ,034,957.38
100.0%
0.0%
0.0%
585,995.89
-
2,119,879.69
3.80%
5.69%
5.50%
4.50%
1 ,034,957.38
-
21,198.80
95,394.59
1,056,156.18
1,642,152.07
-
-
-
2,215,274.27
100.000%
100.000%
6/15/2021
924,244.99
100.0%
0.0%
0.0%
593,543.52
_
2,368,358.73
4.74%
5.69%
5.50%
4.50%
924,244.99
-
23,683.59
106,576.14
947,928.57
1,541,472.10
-
-
-
2,474,934.87
100.000%
100.000%
1,012,669.83
100.0%
0.0%
0.0%
648,993.64
2,215,274.27
3.87%
5.76%
5.50%
4.50%
1,012,669.83
-
22,152.74
99,687.34
1,034,822.58
1,683,816.22
-
-
-
2,314,961.61
100.000%
100.000%
6/15/2022
896,083.59
100.0%
0.0%
0.0%
657,698.28
_
2,474,934.87
4.77%
5.71%
5.50%
4.50%
896,083.59
-
24,749.35
111,372.07
920,832.94
1 ,578,531 .22
-
-
-
2,586,306.94
100.000%
100.000%
987,534.88
100.0%
0.0%
0.0%
718,868.09
-
2,314,961.61
3.94%
5.83%
5.50%
4.50%
987,534.88
-
23,149.62
104,173.27
1,010,684.50
1,729,552.59
-
-
-
2,419,134.89
100.000%
100.000%
6/15/2023
864,697.50
100.0%
0.0%
0.0%
723,980.80
2,586,306.94
4.80%
5.73%
5.50%
4.50%
864,697.50
-
25,863.07
116,383.81
890,560.57
1,614,541.37
-
-
-
2,702,690.75
100.000%
100.000%
959,193.78
100.0%
0.0%
0.0%
787,124.75
-
2,419,134.89
4.01%
5.90%
5.50%
4.50%
959,193.78
-
24,191.35
108,861.07
983,385.13
1,770,509.87
-
-
-
2,527,995.96
100.000%
100.000%
6/15/2024
829,949.30
100.0%
0.0%
0.0%
792,477.72
2,702,690.75
4.83%
5.75%
5.50%
4.50%
829,949.30
-
27,026.91
121,621.08
856,976.21
1 ,649,453.93
-
-
-
2,824,311.83
100.000%
100.000%
927,614.24
100.0%
0.0%
0.0%
859,482.14
-
2,527,995.96
4.08%
5.94%
5.50%
4.50%
927,614.24
-
25,279.96
113,759.82
952,894.20
1,812,376.34
-
-
-
2,641 ,755.77
100.000%
100.000%
6/15/2025
791 ,695.68
100.0%
0.0%
0.0%
858,886.68
_
2,824,311.83
4.85%
5.77%
5.50%
4.50%
791,695.68
-
28,243.12
127,094.03
819,938.80
1 ,678,825.48
-
-
-
2,951,405.87
100.000%
100.000%
892,533.94
100.0%
0.0%
0.0%
936,023.04
2,641,755.77
4.15%
5.99%
5.50%
4.50%
892,533.94
-
26,417.56
118,879.01
918,951.50
1,854,974.54
-
-
-
2,760,634.78
100.000%
100.000%
6/15/2026
750,000.32
100.0%
0.0%
0.0%
927,551.95
_
2,951 ,405.87
4.88%
5.79%
5.50%
4.50%
750,000.32
-
29,514.06
132,813.26
779,514.38
1 ,707,066.33
-
-
-
3,084,219.13
100.000%
100000%
853,678.58
100.0%
0.0%
0.0%
1,014,131.13
-
2,760,634.78
4.22%
6.03%
5.50%
4.50%
853,678.58
-
27,606.35
124,228.57
881 ,284.93
1,895,416.06
-
-
-
2,884,863.35
100.000%
100.000%
6/15/2027
704,716.57
100.0%
0.0%
0.0%
1,086,736.67
_
3,084,219.13
4.91%
5.79%
5.50%
4.50%
704,716.57
-
30,842.19
138,789.86
735,558.76
1 ,822,295.43
-
-
-
3,223,008.99
100.000%
100.000%
810,875.54
100.0%
0.0%
0.0%
1,194,587.89
-
2,884,863.35
4.29%
6.07%
5.50%
4.50%
810,875.54
-
28,848.63
129,818.85
839,724.18
2,034,312.07
-
-
-
3,014,682.20
100.000%
100.000%
6/15/2028
655,691 .47
92.5%
0.0%
7.5%
1,089,046.71
88,301 .08
3,223,008.99
4.90%
5.79%
5.50%
4.50%
651,362.56
-
32,230.09
145,035.40
683,592.65
5,140,683.76
(4,328.90)
-
-
3,279,743.31
100.000%
100.000%
763,830.12
92.5%
0.0%
7.5%
1,189,530.82
_
96,448.44
3,014,682.20
4.36%
6.08%
5.50%
4.50%
759,625.20
-
30,146.82
135,660.70
789,772.02
5,129,645.74
(4,204.92)
-
-
3,053,894.46
100.000%
100.000%
6/15/2029
602,659.00
92.5%
0.0%
7.5%
1,180,659.30
.
95,729.13
3,368,044.39
4.90%
5.80%
5.50%
4.50%
597,972.76
-
33,680.44
151,562.00
631,653.21
5,331,918.90
(4,686.23)
-
-
3,423,877.26
100.000%
100.000%
712,348.36
92.5%
0.0%
7.5%
1,299,180.02
_
105,338.92
3,150,342.90
4.35%
6.09%
5.50%
4.50%
707,764.50
-
31 ,503.43
141,765.43
739,267.93
5,330,556.28
(4,583.86)
-
-
3,186,769.41
100.000%
100.000%
Page 27 of 32
-------
Investment Benefit of Alternative Portfolios
2007
2008
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
6/15/2030
545,235.31
92.5%
0.0%
7.5%
1 ,276,544.81
-
103,503.63
3,519,606.39
4.89%
5.80%
5.50%
4.50%
540,175.87
-
35,196.06
158,382.29
575,371 .93
5,529,905.42
(5,059.44)
-
-
3,574,485.05
100.000%
100.000%
656,227.46
92.5%
0.0%
7.5%
1,419,032.54
-
115,056.69
3,292,108.33
4.34%
6.11%
5.50%
4.50%
651,230.19
-
32,921 .08
148,144.87
684,151.27
5,543,437.01
(4,997.27)
-
-
3,325,196.51
100.000%
100.000%
6/15/2031
483,233.21
92.5%
0.0%
7.5%
1 ,378,898.64
-
111,802.59
3,677,988.68
4.88%
5.80%
5.50%
4.50%
477,776.07
-
36,779.89
165,509.49
514,555.96
5,736,952.77
(5,457.14)
-
-
3,731 ,695.58
100.000%
100.000%
595,026.78
92.5%
0.0%
7.5%
1,544,731.13
-
125,248.47
3,440,253.21
4.34%
6.13%
5.50%
4.50%
589,597.14
-
34,402.53
154,811.39
623,999.67
5,763,795.41
(5,429.64)
-
-
3,469,816.13
100.000%
100.000%
6/15/2032
416,351.04
92.5%
0.0%
7.5%
1 ,487,847.96
-
120,636.32
3,843,498.17
4.87%
5.80%
5.50%
4.50%
410,471.31
-
38,434.98
172,957.42
448,906.30
5,953,209.85
(5,879.72)
-
-
3,895,819.27
100.000%
100.000%
528,514.08
92.5%
0.0%
7.5%
1 ,676,737.99
-
135,951.73
3,595,064.60
4.33%
6.14%
5.50%
4.50%
522,631 .63
-
35,950.65
161,777.91
558,582.28
5,992,162.77
(5,882.45)
-
-
3,620,890.78
100.000%
100.000%
6/15/2033
344,274.22
92.5%
0.0%
7.5%
1,601,472.34
^H
129,849.11
4,016,455.59
4.87%
5.80%
5.50%
4.50%
337,954.73
-
40,164.56
180,740.50
378,119.29
6,176,787.71
(6,319.49)
-
-
4,067,346.98
100.000%
100000%
456,446.55
92.5%
0.0%
7.5%
1,817,786.17
-
147,388.07
3,756,842.51
4.32%
6.16%
5.50%
4.50%
450,081 .38
-
37,568.43
169,057.91
487,649.81
6,231,336.40
(6,365.17)
-
-
3,778,512.35
100.000%
100.000%
6/15/2034
266,781 .42
92.5%
0.0%
7.5%
1,717,416.74
^H
139,250.01
4,197,196.09
4.86%
5.80%
5.50%
4.50%
260,014.33
-
41,971.96
188,873.82
301 ,986.29
6,405,472.94
(6,767.09)
-
-
4,246,819.91
100.000%
100.000%
378,455.97
92.5%
0.0%
7.5%
1 ,968,082.46
-
159,574.25
3,925,900.42
4.31%
6.16%
5.50%
4.50%
371,577.64
-
39,259.00
176,665.52
410,836.65
6,481,485.05
(6,878.32)
-
-
3,942,991.68
100.000%
100.000%
6/15/2035
183,748.30
92.5%
0.0%
7.5%
1 ,828,633.36
-
148,267.57
4,386,069.91
4.85%
5.80%
5.50%
4.50%
176,553.55
-
43,860.70
197,373.15
220,414.25
6,632,490.67
(7,194.75)
-
-
4,435,175.49
100.000%
100.000%
294,157.29
92.5%
0.0%
7.5%
2,124,925.47
-
172,291.25
4,102,565.94
4.30%
6.16%
5.50%
4.50%
286,744.98
-
41,025.66
184,615.47
327,770.64
6,739,877.51
(7,412.31)
-
-
4,114,890.15
100.000%
100.000%
6/15/2036
94,938.76
92.5%
0.0%
7.5%
1,812,401.32
-
146,951.46
4,583,443.06
4.85%
5.80%
5.50%
4.50%
87,818.35
-
45,834.43
206,254.94
133,652.78
6,735,752.10
(7,120.41)
-
-
4,642,746.54
100.000%
100.000%
203,262.13
92.5%
0.0%
7.5%
2,279,318.45
-
184,809.60
4,287,181.41
4.29%
6.17%
5.50%
4.50%
195,326.45
-
42,871 .81
192,923.16
238,198.26
6,997,621 .29
(7,935.68)
-
-
4,295,294.96
100.000%
100.000%
6/15/2037
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0.000%
105,354.66
92.5%
0.0%
7.5%
2,273,884.21
-
184,368.99
4,480,104.57
4.29%
6.17%
5.50%
4.50%
97,453.06
-
44,801 .05
201,604.71
142,254.11
7,097,847.59
(7,901.60)
-
-
4,497,340.28
100.000%
100.000%
6/15/2038
-
100.0%
0.0%
0.0%
-
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0.000%
6/15/2039
-
100.0%
0.0%
0.0%
-
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0.000%
6/15/2040
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0 000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0.000%
6/15/2041
-
100.0%
0.0%
0.0%
H
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
_
0.000%
0.000%
Page 28 of 32
-------
Investment Benefit of Alternative Portfolios
2009
2010
2009 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total
2038
23,759,491 .49
26,240,508.51
100%
1.00
32,632,688.87
-
1,614,331.49
1%
24,833,907.97
-
818,648.87
3,683,919.90
1,074,416.47
-
-
-
(6,392,180.36)
5,576,985.24
(815,195.12)
-12.78%
-1.63%
2040
19,175,818.78
30,824,181.22
100%
1.00
26,507,976.93
-
1,138,008.82
1%
20,006,909.47
-
614,448.90
2,765,020.03
831 ,090.69
-
-
-
4,316,204.29
4,210,559.62
6/15/1990
-
100.0%
0.0%
0.0%
-11.01%
-12.01%
-
-
-
-
-
-
6/15/1991
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
6/15/1992
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
Inv
6/15/1993
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
astment Amt Split
6/15/1994
-
100.0%
0.0%
0.0%
:
-
-1.21%
-2.21%
-
-
-
-
-
-
-
-
-
-Treasury Share:
Investment Return/Escrow Return Split - Treasury Share:
-
100.0%
0.0%
0.0%
:
-11.01%
-12.01%
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
35.52%
34.52%
-
-
-
-
-
-
-
-
-
-
100.0%
0.0%
0.0%
-
8.77%
7.77%
-
-
-
-
-
-
-
-
-
Inv
-
100.0%
0.0%
0.0%
-
11.96%
10.96%
-
-
-
-
-
-
-
-
-
astment Amt Split
-
100.0%
0.0%
0.0%
-
-1.21%
-2.21 %
-
-
-
-
-
-
-
-
-
- Treasury Share:
6/15/1995
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
6/15/1996
-
100.0%
0.0%
0.0%
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000% 0.000%
0.000% 0.000%
-
100.0%
0.0%
0.0%
-
27.79%
26.79%
-
-
-
-
-
-
-
-
-
0.000%
^^B 0.000%
-
100.0%
0.0%
0.0%
:
-
16.82%
15.82%
-
-
-
-
-
-
-
-
-
0.000%
^^B 0.000%
6/15/1997
-
100.0%
0.0%
0.0%
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
:
-
22.33%
21.33%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/1998
-
100.0%
0.0%
0.0%
-
12.69%
11.69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
12.69%
1 1 .69%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/1999
-
100.0%
0.0%
0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
24.41%
23.41%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0-000%
6/15/2000
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
0.35%
-0.65%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0.000%
6/15/2001
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-9.55%
-10.55%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0.000%
Page 29 of 32
-------
Investment Benefit of Alternative Portfolios
2009
2010
2009 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
6/15/2002
-
100.0%
0.0%
0.0%
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-18.91%
-19.91%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0-000%
6/15/2003
-
100.0%
0.0%
0.0%
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
36.77%
35.77%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0.000%
6/15/2004
-
100.0%
0.0%
0.0%
;
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
15.91%
14.91%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0.000%
6/15/2005
-
100.0%
0.0%
0.0%
-
10.07%
9.07%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
10.07%
9.07%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0.000%
6/15/2006
-
100.0%
0.0%
0.0%
-
17.68%
16.68%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
17.68%
16.68%
-
-
-
-
-
-
-
-
-
0.000%
^H. 0.000%
6/15/2007
-
100.0%
0.0%
0.0%
-
7.86%
6.86%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
7.86%
6.86%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2008
-
100.0%
0.0%
0.0%
;
-
-41.28%
-42.28%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
-41 .28%
-42.28%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2009
-
100.0%
0.0%
0.0%
-
35.59%
34.59%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
35.59%
34.59%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2010
200,119.69
100.0%
0.0%
0.0%
-
0.47%
1 .91 %
5.50%
4.50%
1 ,224,669.22
-
-
-
1 ,224,669.22
1 ,224,669.22
1 ,024,549.54
-
-
0.000%
100.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
0.000%
0.000%
6/15/2011
1,108,743.28
100.0%
0.0%
0.0%
1,614,331.49
0.96%
2.43%
5.50%
4.50%
1 ,224,669.22
-
16,143.31
72,644.92
1,240,812.54
1,240,812.54
115,925.94
-
-
1,686,976.41
0.000%
100.000%
223,747.00
100.0%
0.0%
0.0%
-
0.38%
1.02%
5.50%
4.50%
1 ,031 ,949.76
-
-
-
1 ,031 ,949.76
1,031,949.76
808,202.76
-
-
0.000%
100.000%
6/15/2012
1,224,669.22
100.0%
0.0%
0.0%
718,499.04
1 ,686,976.41
1 .43%
2.92%
5.50%
4.50%
1 ,224,669.22
-
16,869.76
75,913.94
1 ,241 ,538.98
1 ,960,038.03
-
-
-
1 ,762,890.35
100.000%
100.000%
957,954.26
100.0%
0.0%
0.0%
j
1,138,008.82
0.93%
1 .70%
5.50%
4.50%
1 ,031 ,949.76
-
11,380.09
51,210.40
1 ,043,329.85
1 ,043,329.85
73,995.50
-
-
1,189,219.22
0.000%
100.000%
6/15/2013
1,214,390.09
100.0%
0.0%
0.0%
607,676.99
1,762,890.35
1.81%
3.35%
5.50%
4.50%
1,214,390.09
-
17,628.90
79,330.07
1,232,018.99
1 ,839,695.98
-
-
-
1,842,220.41
100.000%
100.000%
1 ,031 ,949.76
100.0%
0.0%
0.0%
1,321,010.57
1,189,219.22
1 .48%
2.33%
5.50%
4.50%
1 ,031 ,949.76
-
11,892.19
53,514.86
1 ,043,841 .95
2,364,852.52
-
-
-
1,242,734.09
100.000%
100.000%
6/15/2014
1,203,365.49
100.0%
0.0%
0.0%
564,938.19
;
1 ,842,220.41
2.20%
3.80%
5.50%
4.50%
1 ,203,365.49
-
18,422.20
82,899.92
1,221,787.69
1 ,786,725.88
-
-
-
1,925,120.33
100.000%
100.000%
1,012,452.67
100.0%
0.0%
0.0%
1,071,180.45
1 ,242,734.09
1 .94%
2.94%
5.50%
4.50%
1,012,452.67
-
12,427.34
55,923.03
1 ,024,880.01
2,096,060.46
-
-
-
1,298,657.12
100.000%
100.000%
Page 30 of 32
-------
Investment Benefit of Alternative Portfolios
2009
2010
2009 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
6/15/2015
1,190,949.28
100.0%
0.0%
0.0%
582,798.65
"
1,925,120.33
2.51%
4.15%
5.50%
4.50%
1,190,949.28
-
19,251.20
86,630.41
1,210,200.48
1,792,999.13
-
-
-
2,011,750.75
100.000%
100.000%
991 ,628.09
100.0%
0.0%
0.0%
938,888.16
-
1,298,657.12
2.41%
3.49%
5.50%
4.50%
991 ,628.09
-
12,986.57
58,439.57
1,004,614.66
1,943,502.82
-
-
-
1 ,357,096.69
100.000%
100.000%
6/15/2016
1,176,341.66
100.0%
0.0%
0.0%
600,538.94
_
2,011,750.75
2.82%
4.49%
5.50%
4.50%
1,176,341.66
-
20,117.51
90,528.78
1,196,459.17
1,796,998.11
-
-
-
2,102,279.53
100.000%
100.000%
968,979.92
100.0%
0.0%
0.0%
885,385.76
-
1 ,357,096.69
2.77%
3.87%
5.50%
4.50%
968,979.92
-
13,570.97
61 ,069.35
982,550.89
1 ,867,936.65
-
-
-
1,418,166.04
100.000%
100.000%
6/15/2017
1,159,435.77
100.0%
0.0%
0.0%
655,638.05
_
2,102,279.53
2.96%
4.75%
5.50%
4.50%
1,159,435.77
-
21 ,022.80
94,602.58
1,180,458.57
1 ,836,096.62
-
-
-
2,196,882.11
100.000%
100.000%
944,442.70
100.0%
0.0%
0.0%
834,862.21
-
1,418,166.04
3.13%
4.25%
5.50%
4.50%
944,442.70
-
14,181.66
63,817.47
958,624.36
1 ,793,486.57
-
-
-
1 ,481 ,983.51
100.000%
100.000%
6/15/2018
1,139,997.50
100.0%
0.0%
0.0%
705,492.16
_
2,196,882.11
3.11%
5.01%
5.50%
4.50%
1,139,997.50
-
21 ,968.82
98,859.69
1,161,966.32
1 ,867,458.49
-
-
-
2,295,741.81
100.000%
100.000%
918,307.46
100.0%
0.0%
0.0%
851 ,554.49
-
1 ,481 ,983.51
3.32%
4.47%
5.50%
4.50%
918,307.46
-
14,819.84
66,689.26
933,127.30
1 ,784,681 .78
-
-
-
1,548,672.77
100.000%
100.000%
6/15/2019
1,118,025.28
100.0%
0.0%
0.0%
589,610.33
_
2,295,741.81
3.26%
5.25%
5.50%
4.50%
1,118,025.28
-
22,957.42
103,308.38
1,140,982.69
1 ,730,593.03
-
-
-
2,399,050.19
100.000%
100.000%
890,068.37
100.0%
0.0%
0.0%
871,194.50
-
1,548,672.77
3.50%
4.68%
5.50%
4.50%
890,068.37
-
15,486.73
69,690.27
905,555.10
1 ,776,749.60
-
-
-
1,618,363.04
100.000%
100.000%
6/15/2020
1,098,779.69
100.0%
0.0%
0.0%
657,329.85
_
2,399,050.19
3.35%
5.42%
5.50%
4.50%
1 ,098,779.69
-
23,990.50
107,957.26
1,122,770.19
1,780,100.04
-
-
-
2,507,007.45
100.000%
100.000%
859,560.21
100.0%
0.0%
0.0%
yIRO RHT K>/\
40AOU/.04
-
1,618,363.04
3.69%
4.95%
5.50%
4.50%
859,560.21
-
16,183.63
72,826.34
875,743.84
1,338,351.38
-
-
-
1,691,189.38
100.000%
100.000%
6/15/2021
1,076,765.58
100.0%
0.0%
0.0%
736,289.58
_
2,507,007.45
3.43%
5.58%
5.50%
4.50%
1 ,076,765.58
-
25,070.07
112,815.34
1,101,835.65
1,838,125.23
-
-
-
2,619,822.78
100.000%
100.000%
842,501 .22
100.0%
0.0%
0.0%
491 ,259.07
-
1,691,189.38
3.76%
5.06%
5.50%
4.50%
842,501 .22
-
16,911.89
76,103.52
859,413.11
1,350,672.19
-
-
-
1,767,292.90
100.000%
100.000%
6/15/2022
1,051,481.98
100.0%
0.0%
0.0%
815,971.64
_
2,619,822.78
3.52%
5.71%
5.50%
4.50%
1 ,051 ,481 .98
-
26,198.23
117,892.03
1 ,077,680.21
1 ,893,651 .85
-
-
-
2,737,714.81
100.000%
100.000%
824,022.82
100.0%
0.0%
0.0%
529,489.87
-
1,767,292.90
3.84%
5.17%
5.50%
4.50%
824,022.82
-
17,672.93
79,528.18
841 ,695.75
1,371,185.62
-
-
-
1,846,821.08
100.000%
100.000%
6/15/2023
1,022,769.41
100.0%
0.0%
0.0%
896,541 .46
_
2,737,714.81
3.60%
5.84%
5.50%
4.50%
1 ,022,769.41
-
27,377.15
123,197.17
1,050,146.56
1 ,946,688.02
-
-
-
2,860,911.97
100.000%
100.000%
803,715.29
100.0%
0.0%
0.0%
558,776.61
-
1 ,846,821 .08
3.91 %
5.26%
5.50%
4.50%
803,715.29
-
18,468.21
83,106.95
822,183.50
1,380,960.11
-
-
-
1 ,929,928.03
100.000%
100.000%
6/15/2024
990,460.57
100.0%
0.0%
0.0%
984,773.02
_
2,860,911.97
3.69%
5.93%
5.50%
4.50%
990,460.57
-
28,609.12
128,741.04
1,019,069.69
2,003,842.71
-
-
-
2,989,653.01
100.000%
100.000%
781,871.79
100.0%
0.0%
0.0%
608,628.24
-
1 ,929,928.03
3.98%
5.34%
5.50%
4.50%
781,871.79
-
19,299.28
86,846.76
801,171.07
1,409,799.31
-
-
-
2,016,774.80
100.000%
100.000%
6/15/2025
954,136.03
100.0%
0.0%
0.0%
1 ,070,993.93
_
2,989,653.01
3.77%
6.00%
5.50%
4.50%
954,136.03
-
29,896.53
134,534.39
984,032.56
2,055,026.49
-
-
-
3,124,187.40
100.000%
100.000%
757,629.95
100.0%
0.0%
0.0%
660,997.93
-
2,016,774.80
4.06%
5.44%
5.50%
4.50%
757,629.95
-
20,167.75
90,754.87
777,797.70
1,438,795.63
-
-
-
2,107,529.66
100.000%
100.000%
6/15/2026
913,721.86
100.0%
0.0%
0.0%
1,164,913.49
_
3,124,187.40
3.86%
6.08%
5.50%
4.50%
913,721.86
-
31,241.87
140,588.43
944,963.74
2,109,877.23
-
-
-
3,264,775.83
100.000%
100.000%
730,813.97
100.0%
0.0%
0.0%
715,902.15
-
2,107,529.66
4.13%
5.53%
5.50%
4.50%
730,813.97
-
21 ,075.30
94,838.83
751 ,889.27
1,467,791.41
-
-
-
2,202,368.50
100.000%
100.000%
6/15/2027
868,774.61
100.0%
0.0%
0.0%
1,370,595.12
_
3,264,775.83
3.94%
6.13%
5.50%
4.50%
868,774.61
-
32,647.76
146,914.91
901,422.37
2,272,017.49
-
-
-
3,411,690.74
100.000%
100.000%
701,241.79
100.0%
0.0%
0.0%
771,229.49
-
2,202,368.50
4.20%
5.63%
5.50%
4.50%
701,241.79
-
22,023.68
99,106.58
723,265.47
1 ,494,494.97
-
-
-
2,301 ,475.08
100.000%
100.000%
6/15/2028
819,195.08
92.5%
0.0%
7.5%
1 ,367,805.93
110,903.18
3,411,690.74
4.03%
6.1 7%
5.50%
4.50%
814,727.66
-
34,116.91
153,526.08
848,844.56
5,781 ,867.32
(4,467.42)
-
-
3,454,313.64
100.000%
100.000%
668,814.51
100.0%
0.0%
0.0%
899,567.74
-
2,301,475.08
4.28%
5.74%
5.50%
4.50%
668,814.51
-
23,014.75
103,566.38
691 ,829.26
1,591,397.00
-
-
-
2,405,041.46
100.000%
100.000%
6/15/2029
764,513.34
92.5%
0.0%
7.5%
1 ,464,458.22
118,739.86
3,565,216.82
4.11%
6.21%
5.50%
4.50%
759,629.42
-
35,652.17
160,434.76
795,281 .59
5,985,391 .39
(4,883.91)
-
-
3,606,911.73
100.000%
100.000%
633,429.72
92.5%
0.0%
7.5%
879,326.82
-
71 ,296.77
2,405,041.46
4.35%
5.84%
5.50%
4.50%
630,326.64
-
24,050.41
108,226.87
654,377.05
4,046,972.19
(3,103.08)
-
-
2,441,971.55
100.000%
100.000%
Page 31 of 32
-------
Investment Benefit of Alternative Portfolios
2009
2010
2009 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Treasury Allocation
AA Taxable Investment
Equity Allocation
Treasury Investment
AA Taxable Investment
Equity Allocation (from Excess Int.)
Beginning Equity Investment Balance
Treasury Investment Rate
AA Taxable Interest
Equity - Total Return Rate
Net Equity Return Rate
Treasury Interest
AA Taxable Interest
Equity Dividends
Equity Return
Current Available Return
Currently Available for Subsidy
Excess Interest Income
Equity Draw
Shortfall
Ending Equity Investment Balance
Capital Savings
Investment Benefit
6/15/2030
704,724.37
92.5%
0.0%
7.5%
1 ,599,600.20
-
129,697.31
3,725,651 .58
4.11%
6.26%
5.50%
4.50%
699,394.50
-
37,256.52
167,654.32
736,651 .02
6,229,557.12
(5,329.87)
-
-
3,763,608.59
100.000%
100.000%
595,429.77
92.5%
0.0%
7.5%
940,283.85
-
76,239.23
2,513,268.32
4.43%
6.03%
5.50%
4.50%
592,055.26
-
25,132.68
113,097.07
617,187.94
4,183,837.19
(3,374.51)
-
-
2,550,126.17
100.000%
100.000%
6/15/2031
639,457.07
92.5%
0.0%
7.5%
1 ,741 ,547.98
-
141,206.59
3,893,305.90
4.11%
6.31%
5.50%
4.50%
633,659.38
-
38,933.06
175,198.77
672,592.44
6,482,645.09
(5,797.69)
-
-
3,927,298.08
100.000%
100.000%
554,092.94
92.5%
0.0%
7.5%
1,015,523.66
-
82,339.76
2,626,365.40
4.44%
6.16%
5.50%
4.50%
550,436.29
-
26,263.65
118,186.44
576,699.94
4,336,775.44
(3,656.65)
-
-
2,662,212.08
100.000%
100.000%
6/15/2032
568,444.15
92.5%
0.0%
7.5%
1,891,010.47
-
153,325.17
4,068,504.67
4.10%
6.36%
5.50%
4.50%
562,154.48
-
40,685.05
183,082.71
602,839.53
6,745,437.38
(6,289.67)
-
-
4,098,262.20
100.000%
100.000%
509,299.52
92.5%
0.0%
7.5%
1 ,096,675.56
-
88,919.64
2,744,551.84
4.46%
6.28%
5.50%
4.50%
505,337.57
-
27,445.52
123,504.83
532,783.09
4,497,515.33
(3,961.95)
-
-
2,779,137.03
100.000%
100.000%
6/15/2033
491 ,405.30
92.5%
0.0%
7.5%
2,053,301.88
-
166,483.94
4,251,587.38
4.10%
6.41%
5.50%
4.50%
484,581 .90
-
42,515.87
191,321.43
527,097.78
7,023,308.47
(6,823.39)
-
-
4,276,424.87
100.000%
100.000%
460,746.06
92.5%
0.0%
7.5%
1,178,748.21
-
95,574.18
2,868,056.67
4.47%
6.41%
5.50%
4.50%
456,473.54
-
28,680.57
129,062.55
485,154.11
4,661,021.54
(4,272.52)
-
-
2,901 ,545.04
100.000%
100.000%
6/15/2034
407,802.55
92.5%
0.0%
7.5%
2,221,509.23
-
180,122.37
4,442,908.81
4.09%
6.47%
5.50%
4.50%
400,426.75
-
44,429.09
199,930.90
444,855.84
7,309,204.77
(7,375.79)
-
-
4,462,717.34
100.000%
100.000%
408,387.34
92.5%
0.0%
7.5%
1,267,185.40
-
102,744.76
2,997,119.22
4.49%
6.53%
5.50%
4.50%
403,779.15
-
29,971.19
134,870.37
433,750.34
4,832,925.32
(4,608.19)
-
-
3,029,244.83
100.000%
100.000%
6/15/2035
317,437.66
92.5%
0.0%
7.5%
2,405,344.42
-
195,027.93
4,642,839.71
4.09%
6.50%
5.50%
4.50%
309,458.62
-
46,428.40
208,927.79
355,887.01
7,612,998.92
(7,979.04)
-
-
4,656,739.57
100.000%
100.000%
351 ,907.44
92.5%
0.0%
7.5%
1,360,196.40
-
110,286.19
3,131,989.59
4.50%
6.66%
5.50%
4.50%
346,944.78
-
31,319.90
140,939.53
378,264.67
5,011,390.19
(4,962.66)
-
-
3,162,642.92
100.000%
100.000%
6/15/2036
219,614.83
92.5%
0.0%
7.5%
2,584,117.89
-
209,523.07
4,851,767.49
4.09%
6.53%
5.50%
4.50%
21 1 ,050.39
-
48,517.67
218,329.54
259,568.07
7,913,782.99
(8,564.43)
-
-
4,860,573.96
100.000%
100.000%
291 ,068.79
92.5%
0.0%
7.5%
1,456,172.83
-
118,068.07
3,272,929.12
4.51%
6.71%
5.50%
4.50%
285,738.58
-
32,729.29
147,281.81
318,467.87
5,194,851.63
(5,330.21)
-
-
3,302,142.86
100.000%
100.000%
6/15/2037
113,970.17
92.5%
0.0%
7.5%
2,581,392.19
^M
209,302.07
5,070,097.03
4.08%
6.57%
5.50%
4.50%
105,422.41
-
50,700.97
228,154.37
156,123.38
8,035,766.97
(8,547.76)
-
-
5,088,949.33
100.000%
100.000%
225,715.00
92.5%
0.0%
7.5%
1,556,410.30
-
126,195.43
3,420,210.93
4.53%
6.76%
5.50%
4.50%
219,999.30
-
34,202.11
153,909.49
254,201 .41
5,384,732.13
(5,715.70)
-
-
3,447,924.99
100.000%
100.000%
6/15/2038
-
100.0%
0.0%
0.0%
-
-
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
155,594.33
92.5%
0.0%
7.5%
1,652,590.48
-
133,993.82
3,574,120.42
4.54%
6.82%
5.50%
4.50%
149,505.70
-
35,741 .20
160,835.42
185,246.91
5,572,793.22
(6,088.63)
-
-
3,600,962.02
100.000%
100.000%
6/15/2039
-
100.0%
0.0%
0.0%
-
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
80,446.09
92.5%
0.0%
7.5%
1,632,328.65
-
132,350.97
3,734,955.84
4.56%
6.87%
5.50%
4.50%
74,412.63
-
37,349.56
168,073.01
111,762.19
5,647,119.69
(6,033.46)
-
-
3,770,677.88
100.000%
100.000%
6/15/2040
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
n
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
-
0.000%
^M 0.000%
6/15/2041
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
-
0.000%
0.000%
-
100.0%
0.0%
0.0%
-
5.50%
4.50%
-
-
-
-
-
-
-
-
-
-
0.000%
^H. 0-000%
Page 32 of 32
-------
Partial first year 0.25
Total
a Initial Equity Allocation 800,194,707.29
bl Required SF Deposit 364,960,183.93
c Available Investment Funds a-b 435,234,523.36
d Capital Recovery Investment 320,163,301.69
e Capital Savings c-d 115,071,221.67
f Investment Earnings 384,217,497.74
g Excess Earnings f-b 19,257,313.81
Excess Earnings $ 19,257,313.81
Capital Savings 115,071,221.67
Total Benefit $ 134,328,535.48
1990 1990 Financing
Required Escrow Capital 28,173,489.24
Available Investment Funds 21,826,510.76
Treasury Investment 20,533,758.94
Treasury Investment Rate
Treasury Interest 30,089,351.27
Required for Subsidy 30,089,351.27
Excess Earnings 1,915,862.03
Capital Savings 1,292,751.82
Total Benefit 3,208,613.85
Percentage Savings 2.59%
Percentage Beneift 6.42%
1991 1991 Financing
Required Escrow Capital 25,969,197.87
Available Investment Funds 24,030,802.13
Treasury Investment 19,950,370.25
Treasury Investment Rate
Treasury Interest 27,510,409.97
Required for Subsidy 27,510,409.97
Excess Earnings 1,541,212.11
Capital Savings 4,080,431.89
Total Benefit 5,621,644.00
Percentage Savings 8.16%
Percentage Beneift 1 1 .24%
1994 1994 Financing
Required Escrow Capital 21,592,533.74
Available Investment Funds 28,407,466.26
Treasury Investment
AA Taxable Investment 18,610,271.88
Treasury Investment Rate
AA Taxable Rate 100%
Treasury Interest
AA Taxable Interest 22,958,468.12
Required for Subsidy 22,958,468.12
Excess Earnings 1,365,934.38
Capital Savings 9,797,194.38
Total Benefit 11,163,128.76
Percentage Beneift 22.33%
1995 1995 Financing
Required Escrow Capital 21,477,086.38
1990 1991 1992 1993 1994
6/15/1990 6/15/1991 6/15/1992 6/15/1993 6/15/1994
50,000,000.00 50,000,000.00 50,000,000.00
28,173,489.24 25,969,197.87 ^^| - 21,592,533.74
21,826,510.76 24,030,802.13 28,407,466.26
20,533,758.94 19,950,370.25 - - 18,610,271.88
1,292,751.82 4,080,431.89 - - 9,797,194.38
30,089,351.27 27,510,409.97 - - 22,958,468.12
1,915,862.03 1,541,212.11 - - 1,365,934.38
151,838.65 1,451,463.57 1,759,582.12 1,757,860.99
20,842.89 69,667.08
7.887% 8.162% 8.258% 8.315%
1,759,582.12 1,759,582.12 1,759,582.12 1,757,860.99
1,607,743.47 308,118.55
204,856.31 1,421,753.32 1,583,910.87
5.861% 6.488% 6.817%
1,583,910.87 1,583,910.87 1,583,910.87
1,583,910.87 1,583,910.87 1,583,910.87
1,379,054.56 162,157.55
-
Investment Ami Split - Treasury Share:
1995
6/15/1995
50,001,390.00
21,477,086.38
28,524,303.62
19,547,352.02
8,976,951.60
22,771,378.92
1,294,292.55
1,752,067.85
123,711.76
8.373%
1,752,067.85
1,752,067.85
1,575,278.32
162,150.64
7.096%
1,575,278.32
1,575,278.32
295,014.00
5.317%
6.201%
1,534,629.94
1,534,629.94
1,239,615.94
0.000%
0.000%
1996
6/15/1996
1,741,709.12
182,983.79
8.446%
1,741,709.12
1,741,709.12
1,563,772.47
199,780.47
7.375%
1,563,772.47
1,563,772.47
1,408,311.50
5.943%
6.775%
1,534,629.94
1,534,629.94
126,318.44
0.000%
0.000%
286,675.29
1997 1998
6/15/1997 6/15/1998
50,000,040.00 50,001,795.00
20,680,886.38 18,956,051.71
29,319,153.62 31,045,743.29
20,616,923.68 21,704,975.58
8,702,229.94 | 9,340,767.72
21,978,602.74 20,151,182.67
1,297,716.37 1,195,130.97
1,726,254.20 1,704,757.11
252,347.62 328,170.69
8.519% 8.530%
1,726,254.20 1,704,757.11
1,726,254.20 1,704,757.11
1,549,039.45 1,530,537.50
245,813.04 295,396.02
7.527% 7.679%
1,549,039.45 1,530,537.50
1,549,039.45 1,530,537.50
1,534,629.94 1,511,107.76
6.270% 6.479%
7.231% 7.465%
1,534,629.94 1,511,107.76
1,534,629.94 1,511,107.76
0.000% 0.000%
0.000% 0.000%
1,343,022.92 1,461,995.38
1999 2000
6/15/1999 6/15/2000
: I :
1,676,764.06 1,641,224.00
416,100.91 512,624.15
8.541% 8.552%
1,676,764.06 1,641,224.00
1,676,764.06 1,641,224.00
1,507,853.80 1,480,383.70
354,902.99 419,628.50
7.740% 7.801%
1,507,853.80 1,480,383.70
1,507,853.80 1,480,383.70
1,484,231.12 1,453,521.15
6.688% 6.798%
7.654% 7.760%
1,484,231.12 1,453,521.15
1,484,231.12 1,453,521.15
0.000% 0.000%
0.000% 0.000%
1,440,297.28 1,415,820.11
2001 2002
6/15/2001 6/15/2002
50,002,340.00 50,000,465.00
25,100,583.86 24,626,497.33
24,901,756.14 25,373,967.67
18,274,779.02 18,998,867.01
6,626,977.12 | 6,375,100.67
26,268,837.77 25,770,783.38
1,168,253.91 1,144,286.05
1,597,382.33 1,544,427.89
618,967.92 739,818.08
8.555% 8.558%
1,597,382.33 1,544,427.89
1,597,382.33 1,544,427.89
1,447,647.36 1,408,968.72
491,946.86 573,587.11
7.862% 7.876%
1,447,647.36 1,408,968.72
1,447,647.36 1,408,968.72
1,418,041.64 1,377,805.78
511,581.12 571,301.56
6.908% 6.967%
7.865% 7.948%
1,418,041.64 1,377,805.78
1,418,041.64 1,377,805.78
0.000% 0.000%
0.000% 0.000%
1,388,280.12 1,357,512.63
2003
6/15/2003
50,001,110.00
22,897,721.57
27,103,388.43
20,288,745.60
6,814,642.83 |
23,960,329.69
1,062,608.12
1,481,113.08
869,675.85
8.561%
1,481,113.08
1,481,113.08
1,363,791.86
664,537.52
7.890%
1,363,791.86
1,363,791.86
1,332,397.66
7.026%
8.031%
1,332,397.66
1,332,397.66
0.000%
0.000%
1,321,597.10
-------
1997
1998
2001
2002
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required Escrow Capital
Available Investment Funds
28,522,913.62
19,547,352.02
0%
100%
22,771,378.92
22,771,378.92
1,294,292.55
8,975,561.60
10,269,854.15
17.95%
20.54%
20,680,886.38
29,319,113.62
20,616,923.68
0%
100%
21,978,602.74
21,978,602.74
1,297,716.37
8,702,189.94
9,999,906.31
17.40%
20.00%
18,956,051.71
31,043,948.29
21,704,975.58
0%
100%
20,151,182.67
20,151,182.67
1,195,130.97
9,338,972.72
10,534,103.69
18.68%
21.07%
25,100,583.86
24,899,416.14
18,274,779.02
0%
100%
26,268,837.77
26,268,837.77
1,168,253.91
6,624,637.12
7,792,891.03
13.25%
15.59%
24,626,497.33
25,373,502.67
322,688,5 356,778,6 391,869,0 433,148,4 500,313,0 574,973-82
5.942% 6.151% 6.255% 6.319% 6.383%
6.332% 6.524% 6.724% 6.861% 7.028%
1,461,995.38 1,461,995.38 1,461,995.38 1,440,297.28 1,415,820.11
1,461,995.38 1,461,995.38 1,461,995.38 1,440,297.28 1,415,820.11
1,175,320.09 118,972.45
299,517.72 1,361,927.13
6.096% 6.401%
1,479,580.61 1,479,580.61
1,479,580.61 1,479,580.61
1,180,062.89 117,653.48
283,986.61 1,271,111.99
6.440% 6.496% 6.522%
7.103% 7.179% 7.213%
1,388,280.12 1,357,512.63 1,321,597.10
1,388,280.12 1,357,512.63 1,321,597.10
1,479,580.61 1,457,610.54 1,431,935.24
337,098.93 386,421.97 439,313.80
6.164% 6.225% 6.276%
6.517% 6.644% 6.733%
1,479,580.61 1,457,610.54 1,431,935.24
1,479,580.61 1,457,610.54 1,431,935.24
1,375,114.79 1,349,072.70 1,320,151.96
458,964.23 502,507.35 544,386.26
5.053% 5.131%
5.489% 5.583%
1,375,114.79 1,375,114.79
1,375,114.79 1,375,114.79
1,091,128.17 104,002.79
5.138% 5.145% 5.152%
5.674% 5.755% 5.870%
1,375,114.79 1,349,072.70 1,320,151.96
1,375,114.79 1,349,072.70 1,320,151.96
177,235.26
-
3.831%
4.755%
1,220,090.08
1,220,090.08
1,042,854.82
182,524.02
-------
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
2004
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
2005
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 2006 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
18,998,867.01
0%
100%
25,770,783.38
Required for Subsidy 25,770,783.38
Excess Earnings 1,144,286.05
Capital Savings 6,374,635.67
Total Benefit 7,518,921.72
Percentage Savings 12.75%
Percentage Beneift 15.04%
2003 2003 Financing
Required Escrow Capital 22,897,721.57
Available Investment Funds 27,102,278.43
20,288,745.60
0%
100%
23,960,329.69
23,960,329.69
1,062,608.12
6,813,532.83
7,876,140.95
13.63%
15.75%
21,761,959.65
28,238,040.35
20,236,557.96
0%
100%
22,771,691.90
22,771,691.90
1,009,732.25
8,001,482.38
9,011,214.63
16.00%
18.02%
22,589,858.93
27,410,141.07
21,975,787.39
0%
100%
23,631,830.75
23,631,830.75
1,041,971.82
5,434,353.68
6,476,325.50
10.87%
12.95%
23,546,736.33
26,453,263.67
20,411,530.89
2.002%
2.644%
1,206,690.86
1,206,690.86
1,024,166.84
-------
2007
2008
2009
2010
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
100%
24,635,533.07
24,635,533.07
1,088,796.75
6,041,732.79
7,130,529.54
12.08%
14.26%
22,122,632.76
27,877,367.24
19,788,831.05
0%
100%
23,144,797.76
23,144,797.76
1,022,165.01
8,088,536.19
9,110,701.20
16.18%
18.22%
22,529,637.93
27,470,362.07
20,102,148.17
0%
100%
23,616,315.70
23,616,315.70
1,086,677.77
7,368,213.90
8,454,891.67
14.74%
16.91%
23,759,491.49
26,240,508.51
20,486,685.11
0%
100%
24,899,966.96
24,899,966.96
1,140,475.47
5,753,823.39
6,894,298.86
11.51%
13.79%
19,175,818.78
30,824,181.22
18,635,717.13
0%
100%
Treasury Interest
-------
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
20,058,017.04
20,058,017.04
882,198.26
12,188,464.09
13,070,662.35
24.38%
26.14%
-
-------
2004
6/15/2004
50,001,170.00
21,761,959.65
28,239,210.35
20,236,557.96
8,002,652.38
22,771,691.90
1,009,732.25
1,406,659.78
1,015,790.63
8.564%
1,406,659.78
1,406,659.78
1,311,359.58
763,297.47
7.904%
1,311,359.58
1,311,359.58
1,281,234.18
7.085%
8.100%
1,281,234.18
1,281,234.18
0.000%
0.000%
2005
6/15/2005
50,001,410.00
22,589,858.93
27,411,551.07
21,975,787.39
5,435,763.68 |
23,631,830.75
1,041,971.82
1,319,668.28
1,174,990.61
8.567%
1,319,668.28
1,319,668.28
1,251,029.46
872,439.25
7.918%
1,251,029.46
1,251,029.46
1,223,842.20
7.126%
8.148%
1,223,842.20
1,223,842.20
0.000%
0.000%
2006
6/15/2006
50,180,654.00
23,546,736.33
26,633,917.67
20,411,530.89
6,222,386.79
24,635,533.07
1,088,796.75
1,219,009.19
1,352,633.80
8.570%
1,219,009.19
1,219,009.19
1,181,952.17
992,614.21
7.932%
1,181,952.17
1,181,952.17
1,159,721.36
7.166%
8.195%
1,159,721.36
1,159,721.36
0.000%
0.000%
2007
6/15/2007
50,002,140.00
22,122,632.76
27,879,507.24
19,788,831.05
8,090,676.19 |
23,144,797.76
1,022,165.01
1,103,092.80
1,545,713.35
8.573%
1,103,092.80
1,103,092.80
1,103,222.38
1,126,586.45
7.945%
1,103,222.38
1,103,222.38
1,088,199.40
7.207%
8.253%
1,088,199.40
1,088,199.40
0.000%
0.000%
2008
6/15/2008
50,000,925.00
22,529,637.93
27,471,287.07
20,102,148.17
7,369,138.90
23,616,315.70
1,086,677.77
970,585.59
1,757,572.21
8.575%
970,585.59
970,585.59
1,013,710.58
1,273,150.19
7.959%
1,013,710.58
1,013,710.58
1,008,565.48
7.247%
8.311%
1,008,565.48
1,008,565.48
0.000%
0.000%
2009
6/15/2009
50,001,095.00
23,759,491.49
26,241,603.51
20,486,685.11
5,754,918.39 |
24,899,966.96
1,140,475.47
819,866.04
1,987,421.37
8.578%
819,866.04
819,866.04
912,377.50
1,431,033.98
7.973%
912,377.50
912,377.50
920,211.32
7.288%
8.337%
920,211.32
920,211.32
0.000%
0.000%
2010
6/15/2010
50,000,173.29
19,175,818.78
30,824,354.51
18,635,717.13
12,188,637.38
20,058,017.04
882,198.26
For
649,378.68
2,238,792.49
8.581%
649,378.68
649,378.68
798,280.01
1,603,017.26
7.987%
798,280.01
798,280.01
822,637.10
7.328%
8.359%
822,637.10
822,637.10
0.000%
0.000%
2011
6/15/2011
2012
6/15/2012
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
6/15/2013 6/15/2014 6/15/2015 6/15/2016 6/15/2017 6/15/2018 6/15/2019 6/15/2020 6/15/2021 6/15/2022
Other formulas:
To split par closer to 60/40 (but still has excess earnings - for cell AB68)
(for cell AB69) 143,258.14
mulato split Investment amount 60/40 (result in excess earnings - for cell AB68) 183,180.15
(for cell AB69) 122,120.10
457,263.42 241,520.50 ..........
2,513,291.04 2,812,642.69 ..........
8.584%
457,263.42
457,263.42
670,248.31
1,787,932.08
8.001%
670,248.31
670,248.31
715,027.71
7.369%
8.380%
715,027.71
715,027.71
0.000%
0.000%
8.587%
241,520.50
241,520.50
527,200.15
1,978,384.21
8.015%
527,200.15
527,200.15
596,664.67
7.409%
8.400%
596,664.67
596,664.67
0.000%
0.000%
368,640.57 193,383.48 ........
8.028% 8.042% ........
368,640.57 193,383.48 ........
368,640.57 193,383.48 ........
466,931.57 324,890.08 169,548.12 .......
1 ,686,764.86 1 ,841 ,635.65 2,007,343.83 _______
7.450% 7.490% 7.478% .......
8.421% 8.435% 8.446% .......
466,931.57 324,890.08 169,548.12 .......
466,931.57 324,890.08 169,548.12 .......
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
1,280,122.40 1,234,133.62 1,183,691.19 1,127,849.41 1,066,183.64
998,112.06
923,155.93 840,541!
749,724.17 650,127.12 541,144.48 422,002.99 292,694.10
152,402.45
-------
6.548%
7.248%
6.574%
7.332%
6.612%
7.352%
6.650%
7.373%
6.688%
7.406%
6.726%
7.439%
6.764%
7.467%
6.802%
7.506%
6.840%
7.545%
6.878%
7.580%
6.917%
7.614%
6.955%
7.673%
6.947%
7.695%
6.940%
7.717%
1,280,122.40 1,234,133.62 1,183,691.19 1,127,849.41 1,066,183.64
998,112.06
923,155.93 840,541!
749,724.17 650,127.12 541,144.48 422,002.99 292,694.10
152,402.45
1,280,122.40 1,234,133.62 1,183,691.19 1,127,849.41 1,066,183.64
998,112.06
923,155.93 840,541!
749,724.17 650,127.12 541,144.48 422,002.99 292,694.10
152,402.45
1,402,357.14 1,368,534.69 1,330,24155 1,286,039.21 1,235,345.84 1,175,228.68 1,108,705.04 1,035,699.89 955,600.86 868,029.59 772,454.24 668,447.86
555,427.47
432,778.98
299,722.18
155,70191
495,84115
558,575.57
641,564.86
728,112.44
859,336.36
946,385.40 1,032,520.70 1,126,265.19 1,224,628.62 1,328,400.38 1,436,810.72 1,551,987.77 1,674,176.38 1,798,232.48 1,946,582.58 2,104,668.37
6.327%
6.821%
6.336%
6.855%
6.345%
6.890%
6.354%
6.962%
6.387%
6.996%
6.421%
7.029%
6.454%
7.071%
6.487%
7.112%
6.520%
7.151%
6.554%
7.195%
6.587%
7.239%
6.620%
7.282%
6.654%
7.326%
6.687%
7.399%
6.679%
7.399%
6.671%
7.398%
1,402,357.14 1,368,534.69 1,330,24155 1,286,039.21 1,235,345.84 1,175,228.68 1,108,705.04 1,035,699.89 955,600.86 868,029.59 772,454.24 668,447.86 555,427.47 432,778.98 299,722.18 155,70191
1,402,357.14 1,368,534.69 1,330,24155 1,286,039.21 1,235,345.84 1,175,228.68 1,108,705.04 1,035,699.89 955,600.86 868,029.59 772,454.24 668,447.86
555,427.47
432,778.98
299,722.18
155,70191
1,288,198.99 1,252,555.55 1,213,148.93 1,169,033.57 1,119,834.18 1,066,467.86 1,007,399.98 942,202.29 870,547.86 791,844.05 705,342.42 610,627.10 507,508.25 395,537.71 273,995.08 142,369.83
599,734.80
5.215%
5.943%
1,288,198.99
1,288,198.99
654,936.78
5.279%
6.017%
1,252,555.55
1,252,555.55
726,758.70
5.273%
6.070%
1,213,148.93
1,213,148.93
803,458.92
5.268%
6.123%
1,169,033.57
1,169,033.57
859,796.01
5.263%
6.207%
1,119,834.18
1,119,834.18
945,303.38
5.308%
6.249%
1,066,467.86
1,066,467.86
1,036,485.00
5.353%
6.290%
1,007,399.98
1,007,399.98
1,132,355.04
5.399%
6.328%
942,202.29
942,202.29
1,236,40127
5.444%
6.366%
870,547.86
870,547.86
1,351,037.96
5.489%
6.403%
791,844.05
791,844.05
1,472,434.36
5.535%
6.433%
705,342.42
705,342.42
1,595,642.29
5.580%
6.463%
610,627.10
610,627.10
1,726,960.17
5.625%
6.484%
507,508.25
507,508.25
1,868,498.89 2,013,715.70 2,175,598.46
5.671% 5.716% 5.702%
6.505% 6.536% 6.544%
395,537.71 273,995.08 142,369.83
395,537.71 273,995.08 142,369.83
1,094,690.98 1,220,090.08 1,214,11113 1,206,817.46 1,198,142.55 1,188,016.45 1,176,365.76 1,162,986.81 1,147,665.60 1,130,340.98 1,110,747.92 1,088,518.57 1,063,013.44 1,034,066.75 1,001,377.84 964,630.76 923,873.22 878,775.71 828,992.12
4.089%
5.073%
1,220,090.08
1,220,090.08
111,533.55
4.323%
5.361%
1,220,090.08
1,220,090.08
128,970.68
4.557%
5.655%
1,214,11113
1,214,11113
148,513.65
4.719%
5.841%
1,206,817.46
1,206,817.46
168,01174
4.882%
6.027%
1,198,142.55
1,198,142.55
189,565.35
4.928%
6.146%
1,188,016.45
1,188,016.45
213,55132
4.974%
6.265%
1,176,365.76
1,176,365.76
240,757.09
5.021%
6.364%
1,162,986.81
1,162,986.81
269,638.88
5.082%
6.425%
1,147,665.60
1,147,665.60
302,060.46
5.143%
6.486%
1,130,340.98
1,130,340.98
340,472.04
5.204%
6.529%
1,110,747.92
1,110,747.92
388,117.81
5.265%
6.571%
1,088,518.57
1,088,518.57
437,925.33
5.326%
6.610%
1,063,013.44
1,063,013.44
492,299.98
5.388%
6.640%
1,034,066.75
1,034,066.75
550,920.95
5.449%
6.670%
1,001,377.84
1,001,377.84
609,020.30
5.510%
6.692%
964,630.76
964,630.76
671,642.52
5.571%
6.715%
923,873.22
923,873.22
739,132.12
5.632%
6.735%
878,775.71
878,775.71
813,668.28
5.618%
6.739%
828,992.12
828,992.12
125,399.10
1,086,57165 1,206,690.86 1,198,646.03 1,189,708.46 1,179,833.94 1,167,986.66 1,154,069.00 1,137,854.87 1,119,230.62 1,103,73177 1,085,610.86 1,064,367.06 1,039,845.89 1,011,885.19 980,19111 944,455.27 904,60138
0,178.34 811,33112
-------
208,594.61
206,074.16
204,916.57
231,561.57
257,081.81
290,754.93 324,497.03 260,716.52 300,302.15
5,406.80 445,286.15 500,266.02 560,509.63 621,187.95 689,761.67 755,570.75 824,242.1
2.638%
3.297%
3.100%
3.857%
3.458%
4.337%
3.816%
4.819%
4.060%
5.116%
4.305%
5.414%
4.407%
5.577%
4.510%
5.739%
4.613% 4.695%
5.945% 6.034%
4.777%
6.124%
4.859%
6.202%
4.940%
6.279%
5.022%
6.335%
5.104%
6.376%
5.186%
6.416%
5.268%
6.440%
5.350% 5.432%
6.465% 6.505%
1,206,690.86 1,206,690.86 1,198,646.03 1,189,708.46 1,179,833.94 1,167,986.66 1,154,069.00 1,137,854.87 1,119,230.62 1,103,731.77 1,085,610.86 1,064,367.06 1,039,845.89 1,011,885.19 980,191.11 944,455.27 904,601.38
0,178.34 811,331.12
1,206,690.86 1,206,690.86 1,198,646.03 1,189,708.46 1,179,833.94 1,167,986.66 1,154,069.00 1,137,854.87 1,119,230.62 1,103,731.77 1,085,610.86 1,064,367.06 1,039,845.89 1,011,885.19 980,191.11
120,119.21 - - - - - .........
944,455.27 904,601.38
0,178.34 811,331.12
203,279.66 1,060,227.94 1,163,057.86 1,148,951.92 1,133,980.94 1,117,426.58 1,100,235.93 1,081,361.41 1,061,179.57 1,038,612.48 1,021,684.28 1,002,178.58 979,978.69 954,849.43 927,450.50 896,773.65 862,783.61 825,104.02 783,681.02
:
1.241%
1.697%
1,163,057.86
1,163,057.86
959,778.20
-
1.651%
2.223%
1,163,057.86
1,163,057.86
102,829.92
509,239.82
2.105%
2.770%
1,163,057.86
1,163,057.86
455,691.83
2.535%
3.285%
1,148,951.92
1,148,951.92
442,602.67
2.966%
3.740%
1,133,980.94
1,133,980.94
421,271.70
3.245%
4.081%
1,117,426.58
1,117,426.58
426,920.96
3.523%
4.421%
1,100,235.93
1,100,235.93
434,411.23
3.687%
4.646%
1,081,361.41
1,081,361.41
463,342.11
3.850%
4.871%
1,061,179.57
1,061,179.57
333,065.32
4.014%
5.083%
1,038,612.48
1,038,612.48
371,370.51
4.108%
5.252%
1,021,684.28
1,021,684.28
409,428.74
4.203%
5.422%
1,002,178.58
1,002,178.58
451,761.16
4.297%
5.563%
979,978.69
979,978.69
480,442.07
4.391%
5.703%
954,849.43
954,849.43
529,538.81
4.486%
5.793%
927,450.50
927,450.50
578,774.32
4.580%
5.873%
896,773.65
896,773.65
633,015.85
4.674%
5.952%
862,783.61
862,783.61
689,057.53
4.769%
6.012%
825,104.02
825,104.02
748,664.24
4.863%
6.071%
783,681.02
783,681.02
210,470.63 1,027,592.72 1,123,897.80 1,110,683.73 1,095,659.55 1,078,854.14 1,060,088.21 1,039,070.19 1,015,705.74
989,896.59
973,137.43 953,791.38 931,750.08 906,795.88 878,911.54 847,974.29 813,751.54 776,105.68
1.888%
2.339%
1,123,897.80
1,123,897.80
913,427.17
2.381%
2.913%
1,123,897.80
1,123,897.80
96,305.08
392,570.45
2.779%
3.366%
1,123,897.80
1,123,897.80
400,468.16
3.103%
3.752%
1,110,683.73
1,110,683.73
416,106.27
3.426%
4.039%
1,095,659.55
1,095,659.55
438,513.43
3.646%
4.279%
1,078,854.14
1,078,854.14
464,984.49
3.866%
4.520%
1,060,088.21
1,060,088.21
497,873.83
4.001%
4.693%
1,039,070.19
1,039,070.19
530,448.10
4.136%
4.866%
1,015,705.74
1,015,705.74
334,562.93
4.271%
5.009%
989,896.59
989,896.59
376,373.70
4.349%
5.140%
973,137.43
973,137.43
418,164.77
4.426%
5.271%
953,791.38
953,791.38
463,175.36
4.503%
5.388%
931,750.08
931,750.08
506,591.33
4.581%
5.504%
906,795.88
906,795.88
554,060.56
4.658%
5.584%
878,911.54
878,911.54
605,014.22
4.735%
5.657%
847,974.29
847,974.29
657,075.21
4.812%
5.729%
813,751.54
813,751.54
716,735.30
4.890%
5.779%
776,105.68
776,105.68
208,877.80 1,048,299.49 1,149,574.56 1,138,214.08 1,124,956.02 1,110,587.49 1,094,518.23 1,076,349.74 1,055,883.61 1,033,021.42 1,015,384.43 995,146.90 972,306.04 946,641.78 917,924.72 886,024.10
253,345.02
290,663.49 309,401.11 339,971.17 378,130.02 419,130.35 463,258.92 353,303.78 400,825.57 448,089.87 498,741.04 555,311.18 613,543.74 675,835.30
3.855%
4.246%
3.928%
4.373%
3.987%
4.484%
4.046%
4.561%
4.099%
4.644%
4.152%
4.727%
4.198%
4.805%
4.243%
4.883%
4.289%
4.935%
4.324%
4.992%
4.360%
5.049%
4.395%
5.097%
4.431%
5.146%
4.467%
5.171%
4.502%
5.199%
1,149,574.56
940,696.76
1,149,574.56
101,275.07
4.538%
5.227%
1,149,574.56 1,149,574.56 1,149,574.56 1,138,214.08 1,124,956.02 1,110,587.49 1,094,518.23 1,076,349.74 1,055,883.61 1,033,021.42 1,015,384.43 995,146.90 972,306.04 946,641.78 917,924.72 886,024.10
1,149,574.56 1,138,214.08 1,124,956.02 1,110,587.49 1,094,518.23 1,076,349.74 1,055,883.61 1,033,021.42 1,015,384.43 995,146.90 972,306.04 946,641.78 917,924.72 886,024.10
195,619.74 1,060,664.60 1,172,540.54 1,164,844.66 1,155,422.95 1,144,196.68 1,130,968.95 1,115,648.47 1,098,139.77 1,077,884.74 1,060,728.86 1,040,728.22 1,017,867.57 992,016.44 963,038.43
145,047.41 177,174.12 209,835.42 245,763.08 282,274.16 319,926.18 368,234.70 309,364.56 357,763.78 406,372.61 456,684.03 508,825.71 566,024.71
4.818%
4.773%
4.761%
4.749%
4.753%
4.758%
4.770%
4.783%
4.795%
4.815%
4.835%
4.856%
4.876%
4.896%
4.916%
-------
5.286%
5.290%
5.306%
5.318%
5.350%
5.382%
5.428%
5.473%
5.501%
5.546%
5.590%
5.626%
5.661%
5.695%
5.717%
1,172,540.54 1,172,540.54 1,172,540.54 1,164,844.66 1,155,422.95 1,144,196.68 1,130,968.95 1,115,648.47 1,098,139.77 1,077,884.74 1,060,728.86 1,040,728.22 1,017,867.57 992,016.44 963,038.43
1,172,540.54
976,920.81
1,172,540.54
111,875.94
1,172,540.54 1,164,844.66 1,155,422.95 1,144,196.68 1,130,968.95 1,115,648.47 1,098,139.77 1,077,884.74 1,060,728.86 1,040,728.22 1,017,867.57 992,016.44 963,038.43
207,617.61 1,032,928.03 1,131,355.32 1,118,841.72 1,105,262.03 1,090,251.18 1,073,215.40 1,054,068.42 1,032,720.24 1,008,970.51
991,665.52 971,918.20 949,517.89 924,244.99 896,083.59
4.531%
5.083%
4.365%
5.083%
244,549.00 262,789.82 286,669.92 321,589.15 357,321.99 394,184.37 433,935.22 313,330.96 354,747.15 399,273.42 447,480.98 495,331.41 549,270.88
4.347%
5.117%
4.389%
5.168%
4.432%
5.236%
4.471%
5.297%
4.510%
5.358%
4.551%
5.416%
4.593%
5.473%
4.635%
5.523%
4.662%
5.567%
4.690%
5.610%
4.717%
5.648%
4.745%
5.685%
4.772%
5.714%
1,131,355.32 1,131,355.32 1,131,355.32 1,118,841.72 1,105,262.03 1,090,251.18 1,073,215.40 1,054,068.42 1,032,720.24 1,008,970.51 991,665.52 971,918.20 949,517.89 924,244.99 896,083.59
1,131,355.32 1,131,355.32 1,131,355.32 1,118,841.72 1,105,262.03 1,090,251.18 1,073,215.40 1,054,068.42 1,032,720.24 1,008,970.51 991,665.52 971,918.20 949,517.89 924,244.99 896,083.59
923,737.71 98,427.30 .............
213,162.10 1,088,380.15 1,194,110.01 1,180,408.03 1,164,708.25 1,146,919.37 1,127,517.26 1,105,742.53 1,081,486.66 1,054,521.98 1,034,957.38 1,012,669.83 987,534.88
2.011%
3.975%
1,194,110.01
1,194,110.01
980,947.91
2.243%
4.249%
1,194,110.01
1,194,110.01
105,729.86
305,910.33
2.523%
4.479%
1,194,110.01
1,194,110.01
333,018.28
2.804%
4.714%
1,180,408.03
1,180,408.03
363,382.34
2.988%
4.895%
1,164,708.25
1,164,708.25
382,206.87
3.172%
5.076%
1,146,919.37
1,146,919.37
416,936.26
3.336%
5.223%
1,127,517.26
1,127,517.26
451,794.90
3.500%
5.369%
1,105,742.53
1,105,742.53
491,388.83
3.664%
5.487%
1,081,486.66
1,081,486.66
349,976.08
3.734%
5.590%
1,054,521.98
1,054,521.98
391,484.09
3.803%
5.693%
1,034,957.38
1,034,957.38
436,171.32
3.873%
5.763%
1,012,669.83
1,012,669.83
485,943.92
3.942%
5.832%
987,534.88
987,534.88
200,119.69 1,108,743.28 1,224,669.22 1,214,390.09 1,203,365.49 1,190,949.28 1,176,341.66 1,159,435.77 1,139,997.50 1,118,025.28 1,098,779.69 1,076,765.58 1,051,481.9
352,108.32 329,179.06 326,521.83 352,265.53 376,442.90 409,079.89 438,352.80 366,251.21
406,269.18 452,911.99 502,948.41
0.474%
1.912%
0.958%
2.428%
1.431%
2.919%
1.814%
3.349%
2.198%
3.803%
2.506%
4.147%
2.815%
4.491%
2.965%
4.752%
3.114%
5.012%
3.264%
5.255%
3.349%
5.419%
3.434%
5.582%
3.519%
5.709%
1,224,669.22 1,224,669.22 1,224,669.22 1,214,390.09 1,203,365.49 1,190,949.28 1,176,341.66 1,159,435.77 1,139,997.50 1,118,025.28 1,098,779.69 1,076,765.58 1,051,481.98
1,224,669.22
1,024,549.54
1,224,669.22
115,925.94
1,224,669.22 1,214,390.09 1,203,365.49 1,190,949.28 1,176,341.66 1,159,435.77 1,139,997.50 1,118,025.28 1,098,779.69 1,076,765.58 1,051,481.98
223,747.00 957,954.26 1,031,949.76 1,012,452.67 991,628.09 968,979.92 944,442.70 918,307.46 890,068.37 859,560.21 842,501.22 824,022.82
0.383%
1.015%
0.931%
1.701%
1.476%
2.329%
1.944%
2.936%
2.412%
3.490%
2.771%
3.870%
3.130%
4.250%
3.316%
4.466%
3.502%
4.682%
3.688%
4.945%
3.761%
5.060%
3.835%
5.174%
-------
1,031,949.76 1,031,949.76 1,031,949.76 1,012,452.67 991,628.09 968,979.92 944,442.70 918,307.46 890,068.37 859,560.21 842,501.22 824,022.82
1,031,949.76 1,031,949.76 1,031,949.76 1,012,452.67 991,628.09 968,979.92 944,442.70 918,307.46 890,068.37 859,560.21 842,501.22 824,022.82
808,202.76 73,995.50 ..........
-------
2023 2024
6/15/2023 6/15/2024
2025
6/15/2025
2026
6/15/2026
2027
6/15/2027
2028
6/15/2028
2029
6/15/2029
2030
6/15/2030
2031
6/15/2031
2032
6/15/2032
2033
6/15/2033
2034
6/15/2034
2035
6/15/2035
2036
6/15/2036
2037
6/15/2037
2038
6/15/2038
2039
6/15/2039
2040 2041
6/15/2040 6/15/2041
-
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-------
_
774,158.73 714,020.00 648,433.99 576,871.95 499,157.99 414,601.23 322,981;
223,689.48 116,209.22
1,589,533.38 1,718,104.51
5.605%
6.743%
5.591%
6.746%
5.577%
6.750%
5.564%
6.754%
5.550%
6.756%
5.536%
6.758%
5.522%
6.760%
5.509% 5.495%
6.762% 6.764%
774,158.73 714,020.00 648,433.99 576,871.95 499,157.99 414,601.23 322,981.88 223,689.48
116,209.22
774,158.73 714,020.00 648,433.99 576,871.95 499,157.99 414,601.23 322,981.88 223,689.48 116,209.22
757,717.20 698,977.00 634,733.28 564,590.04 488,255.39 405,423.04 315,647.82 218,462.55 113,376.93
-------
985,195.55 1,074,325.32 1,167,698.30 1,265,5
54.17
5.429%
6.513%
5.425%
6.521%
5.422%
6.529%
5.419%
6.537%
5.416%
6.545%
5.413%
6.551%
5.410%
6.556%
5.407% 5.404%
6.562% 6.567%
757,717.20 698,977.00 634,733.28 564,590.04 488,255.39 405,423.04 315,647.82 218,462.55
113,376.93
757,717.20 698,977.00 634,733.28 564,590.04 488,255.39 405,423.04 315,647.82 218,462.55
113,376.93
738,231.90 688,461.23 634,060.13 574,932.13 510,636.87 440,940.35 365,598.06 284,127.99 196,252.69 101,682.17
811,010.24 884,846.34 959,979.63 1,041,976.43 1,127,461.35 1,216,584.60 1,312,493.50 1,412,419.63 1,516,536.72 1,626,838.28
4.957% 4.957% 4.957% 4.957% 4.957% 4.957% 4.957% 4.957% 4.957% 4.957%
6.137% 6.148% 6.159% 6.171% 6.182% 6.193% 6.207% 6.222% 6.236% 6.250%
738,231.90 688,461.23 634,060.13 574,932.13 510,636.87 440,940.35 365,598.06 284,127.99 196,252.69 101,682.17
738,231.90 688,461.23 634,060.13 574,932.13 510,636.87 440,940.35 365,598.06 284,127.99
196,252.69
101,682.17
734,683.90 689,746.88 641,147.38 588,627.29 531,917.67 470,947.75 405,329.64 334,973.35 259,471.00 178,711.74
92,265.93
770,901.24
4.967%
5.829%
734,683.90
734,683.90
825,852.15
5.044%
5.885%
689,746.88
689,746.88
892,036.53
5.044%
5.888%
641,147.38
641,147.38
962,721.46
5.044%
5.891%
588,627.29
588,627.29
1,034,537.53
5.044%
5.893%
531,917.67
531,917.67
1,112,862.13
5.044%
5.896%
470,947.75
470,947.75
1,192,634.94
5.044%
5.899%
405,329.64
405,329.64
1,279,347.29
5.044%
5.902%
334,973.35
334,973.35
1,367,866.47
5.044%
5.904%
259,471.00
259,471.00
1,463,587.89
5.044%
5.906%
178,711.74
178,711.74
1,561,492.22 - - - - - ...
5.044% - - - - - ...
5.909% ..... ...
92,265.93 - - - - - ...
92,265.93 - - - - - ...
850,695.07 811,790.82 769,049.71
722,307.44 671,284.11
615,687.87 555,974.20 491,858.23 423,151.44 349,657.25 271,062.12
186,930.51
96,699.73
741,152.83
4.573%
5.249%
850,695.07
850,695.07
810,896.48
4.609%
5.271%
811,790.82
811,790.82
880,460.21
4.644%
5.309%
769,049.71
769,049.71
960,284.66
4.644%
5.313%
722,307.44
722,307.44
1,045,462.38
4.644%
5.318%
671,284.11
671,284.11
1,121,937.79
4.644%
5.322%
615,687.87
615,687.87
1,203,631.57
4.644%
5.327%
555,974.20
555,974.20
1,288,723.07
4.644%
5.331%
491,858.23
491,858.23
1,377,782.38
4.644%
5.334%
423,151.44
423,151.44
1,472,620.80
4.644%
5.337%
349,657.25
349,657.25
1,575,514.16
4.644%
5.340%
271,062.12
271,062.12
1,688,829.36
4.644%
5.343%
186,930.51
186,930.51
1,808,941.16 - - - ...
4.644% - - - ...
5.346% - - - ...
96,699.73 - - - ...
96,699.73 - - - ...
930,676.29 894,775.65 855,175.08 811,476.64 763,607.95 711,149.64 653,892.32 591,846.19 524,678.18 452,154.65 373,916.71 289,932.77 199,826.15 103,317.50
625,467.74 688,157.76 757,424.50 829,231.92 907,392.32 988,938.38 1,070,067.43 1,156,693.02 1,247,081.26 1,346,045.11 1,445,655.91 1,551,858.38 1,662,985.00 1,781,241.69
4.937%
4.957%
4.977%
4.997%
4.986%
4.975%
4.964%
4.953%
4.943%
4.932%
4.921%
4.910%
4.899%
4.888%
-------
5.740%
5.755%
5.769%
5.773%
5.781%
5.790%
5.798%
5.807%
5.815%
5.812%
5.809%
5.806%
5.803%
5.800%
930,676.29 894,775.65 855,175.08 811,476.64 763,607.95 711,149.64 653,892.32 591,846.19 524,678.18 452,154.65 373,916.71
289,932.77
199,826.15
103,317.50
930,676.29 894,775.65 855,175.08 811,476.64 763,607.95 711,149.64 653,892.32 591,846.19 524,678.18 452,154.65 373,916.71
289,932.77
199,826.15
103,317.50
864,697.50 829,949.30 791,695.68 750,000.32 704,716.57 655,691.47 602,659.00 545,235.31
483,233.21
416,351.04 344,274.22 266,781.42
183,748.30
94,938.76
606,091.38
4.800%
5.733%
864,697.50
864,697.50
665,027.86
4.827%
5.752%
829,949.30
829,949.30
722,687.93
4.855%
5.769%
791,695.68
791,695.68
782,537.76
4.882%
5.787%
750,000.32
750,000.32
846,692.28
4.910%
5.790%
704,716.57
704,716.57
915,459.56
4.902%
5.793%
655,691.47
655,691.47
990,783.51
4.895%
5.796%
602,659.00
602,659.00
1,069,263.06
4.888%
5.799%
545,235.31
545,235.31
1,152,866.81
4.881%
5.801%
483,233.21
483,233.21
1,241,809.54
4.874%
5.804%
416,351.04
416,351.04
1,335,438.89
4.867%
5.803%
344,274.22
344,274.22
1,431,255.66
4.860%
5.801%
266,781.42
266,781.42
1,531,188.81
4.853%
5.800%
183,748.30
183,748.30
1,637,253.72 - - ...
4.845% - - ...
5.799% - - ...
94,938.76 - - ...
94,938.76 - - ...
959,193.78 927,614.24 892,533.94 853,678.58 810,875.54 763,830.12 712,348.36 656,227.46 595,026.78 528,514.08 456,446.55 378,455.97 294,157.29 203,262.13 105,354.66
535,579.04
4.012%
5.896%
959,193.78
959,193.78
590,129.90
4.082%
5.945%
927,614.24
927,614.24
648,381.26
4.151%
5.993%
892,533.94
892,533.94
709,780.92
4.221%
6.030%
853,678.58
853,678.58
775,272.37
4.290%
6.068%
810,875.54
810,875.54
847,345.86
4.360%
6.076%
763,830.12
763,830.12
921,183.66
4.352%
6.092%
712,348.36
712,348.36
1,001,833.16
4.343%
6.109%
656,227.46
656,227.46
1,085,836.27
4.335%
6.125%
595,026.78
595,026.78
1,173,338.62
4.327%
6.142%
528,514.08
528,514.08
1,266,347.67
4.319%
6.159%
456,446.55
456,446.55
1,368,244.24
4.310%
6.161%
378,455.97
378,455.97
1,474,741.07
4.302%
6.163%
294,157.29
294,157.29
1,587,899.69
4.294%
6.166%
203,262.13
203,262.13
1,708,021.21 - ...
4.286% - ...
6.168% - ...
105,354.66 - ...
105,354.66 - ...
1,022,769.41 990,460.57 954,136.03 913,721;
868,774.61 819,195.08 764,513.34 704,724.37 639,457.07 568,444.15 491,405.30 407,802.55 317,437.66 219,614.83 113,970.17
53,684.06 612,373.39 673,019.40 739,501.73 809,292.08 885,603.00 963,278.50 1,042,833.34 1,125,316.77 1,210,862.17 1,303,412.08 1,397,544.21 1,505,058.94 1,617,036.63 1,735,537.70
3.604%
5.835%
3.689%
5.932%
3.774%
6.005%
3.858%
6.078%
3.943%
6.126%
4.028%
6.175%
4.113%
6.207%
4.109%
6.259%
4.106%
6.310%
4.102%
6.362%
4.099%
6.414%
4.095%
6.466%
4.091%
6.500%
4.088% 4.084%
6.533% 6.567%
1,022,769.41
990,460.57 954,136.03 913,721.8
868,774.61 819,195.08 764,513.34 704,724.37 639,457.07 568,444.15 491,405.30 407,802.55 317,437.66 219,614.83
113,970.17
1,022,769.41 990,460.57 954,136.03 913,721;
868,774.61 819,195.08 764,513.34 704,724.37 639,457.07 568,444.15 491,405.30 407,802.55 317,437.66 219,614.83 113,970.17
803,715.29 781,87179 757,629.95 730,813.97 701,24179 668,814.51 633,429.72 595,429.77 554,092.94 509,299.52 460,746.06 408,387.34 351,907.44 291,068.79 225,715.00 155,594.33
80,446.09
3.909%
5.256%
3.983% 4.057% 4.131%
5.337% 5.436% 5.534%
4.205%
5.632%
4.278%
5.737%
4.352%
5.843%
4.426%
6.034%
4.441% 4.456% 4.470%
6.159% 6.284% 6.409%
4.485% 4.500%
6.534% 6.659%
4.515% 4.529% 4.544% 4.559%
6.711% 6.764% 6.817% 6.869%
-------
803,715.29 781,871.79 757,629.95 730,813.97 701,241.79 668,814.51 633,429.72 595,429.77 554,092.94 509,299.52 460,746.06 408,387.34 351,907.44 291,068.79 225,715.00 155,594.33 80,446.09
803,715.29 781,871.79 757,629.95 730,813.97 701,241.79 668,814.51 633,429.72 595,429.77 554,092.94 509,299.52 460,746.06 408,387.34 351,907.44 291,068.79 225,715.00 155,594.33 80,446.09
-------
Investment Benefit of Treasuries
a
b
c
d
e
f
g
1990
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
Investment Earnings
Excess Earnings
Excess Earnings
Capital Savings
Total Benefit
1990 Financing
Required Escrow Capital
Available Investment Funds
a-b
c-d
f-b
0.25
Total
800,194,707.29
364,960,183.93
435,234,523.36
355,702,681.82
79,531,841.53
387,234,413.45
22,274,229.52
$ 22,274,229.52
79,531,841.53
$ 101,806,071.05
28,173,489.24
21,826,510.76
Treasury Investment Rate
Treasury Interest 30,089,351.27
1991
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
Treasury Investment Rate
Treasury Interest
1994
1995
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earninqs
30,089,351.27
1,915,862.03
1,292,751.82
3,208,613.85
2.59%
6.42%
25,969,197.87
24,030,802.13
19,950,370.25
27,510,409.97
27,510,409.97
1,541,212.11
4,080,431.89
5,621,644.00
8.16%
11.24%
21,592,533.74
28,407,466.26
10,589,036.79
9,305,135.94
50%
50%
11,479,234.06
11,479,234.06
22,958,468.12
1,365,934.38
8,513,293.53
9,879,227.90
17.03%
19.76%
21,477,086.38
28,522,913.62
10,800,027.67
9,773,676.01
50%
50%
11,385,689.46
11,385,689.46
22,771,378.92
1,294,292.55
1990
6/15/1990
50,000,000.00
28,173,489.24
21,826,510.76
20,533,758.94
1,292,751.82
30,089,351.27
1,915,862.03
1991
6/15/1991
50,000,000.00
25,969,197.87
24,030,802.13
19,950,370.25
4,080,431.89
27,510,409.97
1,541,212.11
151,838.65
1992
6/15/1992
-
-
1,451,463.57
1993
6/15/1993
-
-
1,759,582.12
1994
6/15/1994
50,000,000.00
21,592,533.74
28,407,466.26
19,894,172.73
8,513,293.53
22,958,468.12
1,365,934.38
1,757,860.99
69,667.08
1995
6/15/1995
50,001,390.00
21,477,086.38
28,524,303.62
20,573,703.69
7,950,599.94
22,771,378.92
1,294,292.55
1,752,067.85
123,711.76
1996
6/15/1996
-
-
1,741,709.12
182,983.79
1997
6/15/1997
50,000,040.00
20,680,886.38
29,319,153.62
23,759,366.18
5,559,787.44
24,995,518.45
4,314,632.08
1,726,254.20
252,347.62
1998
6/15/1998
50,001,795.00
18,956,051.71
31,045,743.29
23,390,272.18
7,655,471.12
20,151,182.67
1,195,130.97
1,704,757.11
328,170.69
1999
6/15/1999
-
-
1,676,764.06
416,100.91
2000
6/15/2000
-
-
1,641,224.00
512,624.15
2001
6/15/2001
50,002,340.00
25,100,583.86
24,901,756.14
20,305,361.84
4,596,394.30
26,268,837.77
1,168,253.91
1,597,382.33
618,967.92
2002
6/15/2002
50,000,465.00
24,626,497.33
25,373,967.67
21,122,926.28
4,251,041.40
25,770,783.38
1,144,286.05
1,544,427.89
739,818.08
2003
6/15/2003
50,001,110.00
22,897,721.57
27,103,388.43
22,933,389.73
4,169,998.70
23,960,329.69
1,062,608.12
1,481,113.08
869,675.85
2004
6/15/2004
50,001,170.00
21,761,959.65
28,239,210.35
22,022,888.91
6,216,321.44
22,771,691.90
1,009,732.25
1,406,659.78
1,015,790.63
7.887% | 8.162%| 8.258% | 8.31 5% 8.373% | 8.446% 8.51 9% | 8.530% 8.541 %| 8.552% 8.555% | 8.558% f^61 %| 8.564%
1,759,582.12 1,759,582.12 1,759,582.12 1,757,860.99 1,752,067.85 1,741,709.12 1,726,254.20 1,704,757.11 1,676,764.06 1,641,224.00 1,597,382.33 1,544,427.89 1,481,113.08 1,406,659.78
-
1,759,582.12
1,607,743.47
-
1,759,582.12
308,118.55
204,856.31
5.861%
-
j_
-
-
-
,
-
-
1,759,582.12
1,421,753.32
6.488%
1,757,860.99
1,583,910.87
126,633.47
1,752,067.85
1,575,278.32
162,150.64
1,741,709.12
1,563,772.47
199,780.47
1,726,254.20
1,549,039.45
245,813.04
1,704,757.11
1,530,537.50
1,676,764.06
1,507,853.80
354,902.99
1,641,224.00
1,480,383.70
419,628.50
6.817%| 7.096%| 7.375%| 7.527% | ^^79% 7.740% | 7.801%
1,583,910.87 1,583,910.87 1,583,910.87 1,575,278.32 1,563,772.47 1,549,039.45 1,530,537.50 1,507,853.80
1,583,910.87
1,379,054.56
-
L
-
-
Inv
Investment Return/Es
-
-
-
;
-
-
;
-
-
1,583,910.87
162,157.55
-
L
-
-
1,583,910.87
-
, j_
-
-
Bstment Amt Split - Treasury Share:
crow Return Split - Treasury Share:
;' ;
-
-
-
-
1,575,278.32
295,014.00
5.317%
6.201%
767,314.97
767,314.97
1,534,629.94
1,239,615.94
0.000%
50.000%
1,563,772.47
1,408,311.50
5.943%
6.775%
767,314.97
767,314.97
1,534,629.94
126,318.44
0.000%
50.000%
286,675.29
-
-
5.942%
6.332%
730,997.69
730,997.69
1,461,995.38
1,175,320.09
1,549,039.45
1,534,629.94
187,563.95
162,638.05
6.270%
7.231%
767,314.97
767,314.97
1,534,629.94
53.559%
50.661%
1,343,022.92
6.151%
6.524%
730,997.69
730,997.69
1,461,995.38
118,972.45
1,530,537.50
1,511,107.76
207,402.10
180,022.97
6.479%
7.465%
755,553.88
755,553.88
1,511,107.76
53.533%
50.721%
1,461,995.38
161,344.27
6.255%
6.724%
730,997.69
730,997.69
1,461,995.38
1,507,853.80
1,484,231.12
229,580.69
200,602.83
6.688%
7.654%
742,115.56
742,115.56
1,484,231.12
53.368%
50.757%
1,440,297.28
193,678.59
178,389.48
6.319%
6.861%
720,148.64
720,148.64
1,440,297.28
1,480,383.70
1,597,382.33
1,447,647.36
491,946.86
1,544,427.89
1,408,968.72
573,587.11
1,481,113.08
1,363,791.86
664,537.52
1,406,659.78
1,311,359.58
763,297.47
7.862% | ^^76% | ^^90% | 7.904%
1,447,647.36
1,480,383.70
1,453,521.15
260,955.84
228,613.65
6.798%
7.760%
726,760.58
726,760.58
1,453,521.15
53.303%
50.832%
1,415,820.11
215,718.39
195,934.95
6.383%
7.028%
707,910.05
707,910.05
1,415,820.11
1,447,647.36
1,418,041.64
291,238.71
255,790.56
6.908%
7.865%
709,020.82
709,020.82
1,418,041.64
53.240%
50.902%
1,388,280.12
238,882.45
216,574.22
6.440%
7.103%
694,140.06
694,140.06
1,388,280.12
1,408,968.72 1,363,791.86 1,311,359.58
1,408,968.72
1,377,805.78
325,886.23
285,650.78
6.967%
7.948%
688,902.89
688,902.89
1,377,805.78
53.290%
51.011%
1,357,512.63
276,424.68
250,156.90
6.496%
7.179%
678,756.32
678,756.32
1,357,512.63
1,363,791.86
1,332,397.66
364,099.79
318,522.46
7.026%
8.031%
666,198.83
666,198.83
1,332,397.66
53.338%
51.131%
1,321,597.10
317,946.99
287,486.91
6.522%
7.213%
660,798.55
660,798.55
1,321,597.10
1,311,359.58
1,281,234.18
405,014.24
354,274.66
7.085%
8.100%
640,617.09
640,617.09
1,281,234.18
53.341%
51.243%
1,280,122.40
351,161.63
317,249.78
6.548%
7.248%
640,061.20
640,061.20
1,280,122.40
Page 1 of 12
-------
Investment Benefit of Treasuries
a
b
c
d
e
f
g
1990
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
Investment Earnings
Excess Earnings
Excess Earnings
Capital Savings
Total Benefit
1990 Financing
Required Escrow Capital
Available Investment Funds
2005
6/15/2005
50,001,410.00
22,589,858.93
27,411,551.07
23,606,385.57
3,805,165.50
23,631,830.75
1,041,971.82
1,319,668.28
1,174,990.61
2006
6/15/2006
50,180,654.00
23,546,736.33
26,633,917.67
22,133,388.02
4,500,529.65
24,635,533.07
1,088,796.75
1,219,009.19
1,352,633.80
2007
6/15/2007
50,002,140.00
22,122,632.76
27,879,507.24
21,671,182.65
6,208,324.59
23,144,797.76
1,022,165.01
1,103,092.80
1,545,713.35
2008
6/15/2008
50,000,925.00
22,529,637.93
27,471,287.07
24,678,695.30
2,792,591.77
23,616,315.70
1,086,677.77
970,585.59
1,757,572.21
2009
6/15/2009
50,001,095.00
23,759,491.49
26,241,603.51
26,557,857.99
(316,254.48)
24,899,966.96
1,140,475.47
819,866.04
1,987,421.37
2010
6/15/2010
50,000,173.29
19,175,818.78
30,824,354.51
22,568,961.58
8,255,392.93
20,058,017.04
882,198.26
For
649,378.68
2,238,792.49
2011
6/15/2011
2012
6/15/2012
2013
6/15/2013
2014
6/15/2014
2015
6/15/2015
Other formulas:
To split par closer to 60/40 (but stilt has excess earnings - for cell AB68)
mula to split Invs
457,263.42
2,513,291.04
(for cell AB69)
stment amount 60/40 (result in excess earnings - for cell AB68)
241,520.50
2,812,642.69
(for cell AB69)
2016
6/15/2016
75,326.21
74,352.91
183,180.15
122,120.10
2017
6/15/2017
2018
6/15/2018
2019
6/15/2019
2020
6/15/2020
2021
6/15/2021
2022
6/15/2022
Treasury Investment Rate f^67% | 8.570% 8.573% | 8.575% 8.578% | f^81%| f^84%| f^87%| ..........
Treasury Interest 1,319,668.28 1,219,009.19 1,103,092.80 970,585.59 819,866.04 649,378.68 457,263.42 241,520.50 ..........
1991
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
1,319,668.28
1,251,029.46
872,439.25
1,219,009.19
1,181,952.17
992,614.21
1,103,092.80
1,103,222.38
1,126,586.45
970,585.59
1,013,710.58
1,273,150.19
819,866.04
912,377.50
1,431,033.98
649,378.68
798,280.01
1,603,017.26
457,263.42
670,248.31
1,787,932.08
241,520.50
527,200.15
1,978,384.21
368,640.57
2,182,953.31
193,383.48
2,404,585.21
Treasury Investment Rate 7.918%| 7.932% 7.945%| 7.959%| 7.973%| 7.987% 8.001 %| 8.015% 8.028%| 8.042% - - - -
Treasury Interest
1994
1995
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earninqs
1,251,029.46 1,181,952.17 1,103,222.38 1,013,710.58 912,377.50 798,280.01 670,248.31 527,200.15 368,640.57 193,383.48 -
1,251,029.46
1,223,842.20
449,928.43
393,496.57
7.126%
8.148%
611,921.10
611,921.10
1,223,842.20
53.345%
51.365%
1,234,133.62
383,655.67
343,984.47
6.574%
7.332%
617,066.81
617,066.81
1,234,133.62
1,181,952.17
1,159,721.36
499,025.64
436,364.01
7.166%
8.195%
579,860.68
579,860.68
1,159,721.36
53.349%
51.495%
1,183,691.19
422,276.50
379,752.03
6.612%
7.352%
591,845.59
591,845.59
1,183,691.19
1,103,222.38
1,088,199.40
552,503.00
482,453.97
7.207%
8.253%
544,099.70
544,099.70
1,088,199.40
53.384%
51.650%
1,127,849.41
463,647.91
418,202.27
6.650%
7.373%
563,924.70
563,924.70
1,127,849.41
1,013,710.58
1,008,565.48
609,579.43
531,562.46
7.247%
8.311%
504,282.74
504,282.74
1,008,565.48
53.418%
51.815%
1,066,183.64
508,898.02
459,587.88
6.688%
7.406%
533,091.82
533,091.82
1,066,183.64
912,377.50
920,211.32
669,450.98
585,160.42
7.288%
8.337%
460,105.66
460,105.66
920,211.32
53.359%
51.938%
998,112.06
557,194.55
503,824.10
6.726%
7.439%
499,056.03
499,056.03
998,112.06
798,280.01
822,637.10
734,222.25
643,700.01
7.328%
8.359%
411,318.55
411,318.55
822,637.10
53.285%
52.057%
923,155.93
610,663.32
553,223.38
6.764%
7.467%
461,577.97
461,577.97
923,155.93
670,248.31
715,027.71
803,157.15
706,229.52
7.369%
8.380%
357,513.86
357,513.86
715,027.71
53.211%
52.179%
840,541.98
667,547.12
604,989.05
6.802%
7.506%
420,270.99
420,270.99
840,541.98
527,200.15
596,664.67
875,498.31
772,180.85
7.409%
8.400%
298,332.34
298,332.34
596,664.67
53.135%
52.302%
749,724.17
728,003.47
660,030.69
6.840%
7.545%
374,862.08
374,862.08
749,724.17
368,640.57
466,931.57
953,351.02
843,382.43
7.450%
8.421%
233,465.79
233,465.79
466,931.57
53.060%
52.429%
650,127.12
792,198.16
718,930.26
6.878%
7.580%
325,063.56
325,063.56
650,127.12
193,383.48
324,890.08
1,036,984.65
920,817.82
7.490%
8.435%
162,445.04
162,445.04
324,890.08
52.967%
52.545%
541,144.48
861,276.09
782,372.05
6.917%
7.614%
270,572.24
270,572.24
541,144.48
169,548.12
1,133,594.38
1,003,671.92
7.478%
8.446%
84,774.06
84,774.06
169,548.12
53.039%
52.816%
422,002.99
929,659.11
842,600.79
6.955%
7.673%
211,001.49
211,001.49
422,002.99
-
L
-
-
0.000%
0.000%
292,694.10
1,009,700.44
911,574.82
6.947%
7.695%
146,347.05
146,347.05
292,694.10
-
L
-
-
0.000%
0.000%
152,402.45
1,098,040.83
987,467.69
6.940%
7.717%
76,201.22
76,201.22
152,402.45
-
-
,
-
-
0.000%
0.000%
-
-
-
-
-
-
0.000%
0.000%
-
-
-
^^^^^^^^
-
L
-
-
0.000%
0.000%
-
-
-
-
L
-
-
0.000%
0.000%
-
-
-
-
, L
-
-
0.000%
0.000%
-
-
-
Page 2 of 12
-------
Investment Benefit of Treasuries
a
b
c
d
e
f
g
1990
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
Investment Earnings
Excess Earnings
Excess Earnings
Capital Savings
Total Benefit
1990 Financing
Required Escrow Capital
Available Investment Funds
2023
6/15/2023
2024
6/15/2024
2025
6/15/2025
2026
6/15/2026
2027
6/15/2027
2028
6/15/2028
2029
6/15/2029
2030
6/15/2030
2031
6/15/2031
2032
6/15/2032
2033
6/15/2033
2034
6/15/2034
2035
6/15/2035
2036
6/15/2036
2037
6/15/2037
-
2038
6/15/2038
-
2039
6/15/2039
^^^
-
Treasury Investment Rate ____________ | -
Treasury Interest ________________
1991
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
Treasury Investment Rate - - | -
Treasury Interest
1994
1995
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earninqs
^^^^^^^^^
-
L_
-
-
0.000%
0.000%
_
-
-
_
-
,
-
-
0.000%
0.000%
;
-
_
-
-
-
0.000%
0.000%
;
-
_
-
L_
-
-
0.000%
0.000%
;
-
_
-
L_
-
-
0.000%
0.000%
I
-
-
,
-
-
0.000%
0.000%
-
-
-
-
-
-
-
0.000%
0.000%
_
-
-
-
L_
-
-
0.000%
0.000%
_
-
-
-
L_
-
-
0.000%
0.000%
^^^^ ^^^^
-
,
-
-
0.000%
0.000%
-
-
-
0.000%
0.000%
M
I
-
L_
-
-
0.000%
0.000%
-
L_
-
-
0.000%
0.000%
-
-
,
-
-
0.000%
0.000%
M
-
-
-
-
-
_
-
-
-
-
-
-
-
-
-
0.000%
0.000%
;
-
-
-
L_
-
-
0.000%
0.000%
;
-
_
-
L_
-
-
0.000%
0.000%
;
-
_
Page 3 of 12
-------
Investment Benefit of Treasuries
1997
1998
2001
2002
2003
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
Total
7,949,209.94
9,243,502.48
15.90%
18.49%
20,680,886.38
29,319,113.62
20,341,757.15
50%
50%
4,522,516.45
20,473,002.00
24,995,518.45
4,314,632.08
5,559,747.44
9,874,379.52
11.12%
19.75%
18,956,051.71
31,043,948.29
10,852,487.79
50%
50%
10,075,591.34
10,075,591.34
20,151,182.67
1,195,130.97
7,653,676.12
8,848,807.08
15.31%
17.70%
25,100,583.86
24,899,416.14
11,167,972.33
9,137,389.51
50%
50%
13,134,418.89
13,134,418.89
26,268,837.77
1,168,253.91
4,594,054.30
5,762,308.22
9.19%
11.52%
24,626,497.33
25,373,502.67
11,623,492.77
9,499,433.50
50%
50%
12,885,391.69
12,885,391.69
25,770,783.38
1,144,286.05
4,250,576.40
5,394,862.45
8.50%
10.79%
22,897,721.57
27,102,278.43
12,789,016.93
10,144,372.80
50%
6/15/1990
-
6/15/1991
-
6/15/1992
-
6/15/1993
-
6/15/1994
-
-
-
-
-
-
-
-
-
-
-
-
L_
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
:
-
-
-
-
-
6/15/1995
-
_
-
-
-
-
-
-
-
-
-
-
-
-
:
-
-
-
-
-
6/15/1996
-
_
-
-
-
-
6/15/1997
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1998
-
, j_
-
-
-
-
-
-
-
6/15/1999
299,517.72
-
5.991%
6.096%
228,064.23
1,453,560.48
1,681,624.71
1,382,106.99
283,986.61
5.053%
5.489%
687,557.39
687,557.39
1,375,114.79
1,091,128.17
6/15/2000
1,361,927.13
-
6.103%
6.401%
228,064.23
1,453,560.48
1,681,624.71
319,697.58
1,271,111.99
5.131%
5.583%
687,557.39
687,557.39
1,375,114.79
104,002.79
6/15/2001
1,479,580.61
399,241.31
6.164%
6.517%
228,064.23
1,453,560.48
1,681,624.71
202,044.10
1,375,114.79
253,430.25
229,482.11
5.138%
5.674%
687,557.39
687,557.39
1,375,114.79
-
6/15/2002
1,457,610.54
452,566.69
6.225%
6.644%
228,064.23
1,427,540.34
1,655,604.57
197,994.04
1,349,072.70
281,050.22
251,253.67
5.145%
5.755%
674,536.35
674,536.35
1,349,072.70
-
6/15/2003
1,431,935.24
511,898.61
6.276%
6.733%
228,064.23
1,397,470.15
1,625,534.38
193,599.14
1,320,151.96
310,083.33
272,193.13
5.152%
5.870%
660,075.98
660,075.98
1,320,151.96
-
177,235.26
6/15/2004
1,402,357.14
576,906.29
6.327%
6.821%
228,064.23
1,363,005.05
1,591,069.28
188,712.15
1,288,198.99
341,708.09
299,867.40
5.215%
5.943%
644,099.49
644,099.49
1,288,198.99
-
1,094,690.98
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
3.831%
4.755%
610,045.04
610,045.04
1,220,090.08
1,042,854.82
182,524.02
:
2.002%
2.644%
603,345.43
603,345.43
1,206,690.86
1,024,166.84
4.089%
5.073%
610,045.04
610,045.04
1,220,090.08
125,399.10
1,086,571.65
2.638%
3.297%
603,345.43
603,345.43
1,206,690.86
120,119.21
203,279.66
.
1.241%
Page 4 of 12
-------
Investment Benefit of Treasuries
1997
1998
2001
2002
2003
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
6/15/2005
1,368,534.69
654,682.10
6.336%
6.855%
228,064.23
1,323,652.97
1,551,717.20
183,182.51
1,252,555.55
373,264.87
327,468.39
5.279%
6.017%
626,277.78
626,277.78
1,252,555.55
-
1,220,090.08
69,152.95
55,766.77
4.323%
5.361%
610,045.04
610,045.04
1,220,090.08
-
1,206,690.86
129,758.60
104,297.31
3.100%
3.857%
603,345.43
603,345.43
1,206,690.86
-
1,060,227.94
-
1.651%
6/15/2006
1,330,241.55
747,053.96
6.345%
6.890%
228,064.23
1,278,771.25
1,506,835.48
176,593.93
1,213,148.93
418,283.07
363,379.35
5.273%
6.070%
606,574.47
606,574.47
1,213,148.93
-
1,214,111.13
80,032.49
64,485.34
4.557%
5.655%
607,055.57
607,055.57
1,214,111.13
-
1,198,646.03
129,237.08
103,037.08
3.458%
4.337%
599,323.02
599,323.02
1,198,646.03
-
1,163,057.86
335,115.34
254,619.91
2.105%
6/15/2007
1,286,039.21
843,661.81
6.354%
6.962%
228,064.23
1,227,300.95
1,455,365.18
169,325.97
1,169,033.57
466,952.79
401,729.46
5.268%
6.123%
584,516.78
584,516.78
1,169,033.57
-
1,206,817.46
91,911.38
74,256.82
4.719%
5.841%
603,408.73
603,408.73
1,206,817.46
-
1,189,708.46
129,392.69
102,458.28
3.816%
4.819%
594,854.23
594,854.23
1,189,708.46
-
0.56
0.51
1,148,951.92
295,238.86
227,845.92
2.535%
6/15/2008
1,235,345.84
954,622.36
6.387%
6.996%
228,064.23
1,168,562.70
1,396,626.93
161,281.08
1,119,834.18
507,006.80
429,898.00
5.263%
6.207%
559,917.09
559,917.09
1,119,834.18
-
1,198,142.55
103,715.89
84,005.87
4.882%
6.027%
599,071.27
599,071.27
1,198,142.55
-
1,179,833.94
145,896.71
115,780.78
4.060%
5.116%
589,916.97
589,916.97
1,179,833.94
-
1,133,980.94
279,053.81
221,301.34
2.966%
6/15/2009
1,175,228.68
1,044,909.57
6.421%
7.029%
228,064.23
1,101,779.55
1,329,843.78
154,615.10
1,066,467.86
556,384.58
472,651.69
5.308%
6.249%
533,233.93
533,233.93
1,066,467.86
-
1,188,016.45
118,209.14
94,782.67
4.928%
6.146%
594,008.22
594,008.22
1,188,016.45
-
1,167,986.66
161,660.26
128,540.91
4.305%
5.414%
583,993.33
583,993.33
1,167,986.66
-
1,117,426.58
264,911.71
210,635.85
3.245%
6/15/2010
1,108,705.04
1,136,748.18
6.454%
7.071%
228,064.23
1,028,330.41
1,256,394.64
147,689.60
1,007,399.98
608,926.27
518,242.50
5.353%
6.290%
503,699.99
503,699.99
1,007,399.98
-
1,176,365.76
134,479.59
106,775.66
4.974%
6.265%
588,182.88
588,182.88
1,176,365.76
-
1,154,069.00
183,941.05
145,377.46
4.407%
5.577%
577,034.50
577,034.50
1,154,069.00
-
1,100,235.93
267,872.66
213,460.48
3.523%
6/15/2011
1,035,699.89
1,233,761.97
6.487%
7.112%
228,064.23
947,955.78
1,176,020.01
140,320.12
942,202.29
663,613.92
566,177.52
5.399%
6.328%
471,101.15
471,101.15
942,202.29
-
1,162,986.81
152,580.91
120,378.55
5.021%
6.364%
581,493.41
581,493.41
1,162,986.81
-
1,137,854.87
206,465.68
162,248.51
4.510%
5.739%
568,927.43
568,927.43
1,137,854.87
-
1,081,361.41
273,714.92
217,205.62
3.687%
6/15/2012
955,600.86
1,333,957.31
6.520%
7.151%
228,064.23
860,211.67
1,088,275.90
132,675.04
870,547.86
722,834.22
618,200.63
5.444%
6.366%
435,273.93
435,273.93
870,547.86
-
1,147,665.60
170,456.31
134,819.44
5.082%
6.425%
573,832.80
573,832.80
1,147,665.60
-
1,119,230.62
167,988.01
130,358.26
4.613%
5.945%
559,615.31
559,615.31
1,119,230.62
-
1,061,179.57
293,058.74
231,671.05
3.850%
6/15/2013
868,029.59
1,434,474.10
6.554%
7.195%
228,064.23
764,822.48
992,886.71
124,857.12
791,844.05
787,894.07
675,518.98
5.489%
6.403%
395,922.03
395,922.03
791,844.05
-
1,130,340.98
190,483.41
151,030.23
5.143%
6.486%
565,170.49
565,170.49
1,130,340.98
-
1,103,731.77
192,983.79
150,151.07
4.695%
6.034%
551,865.89
551,865.89
1,103,731.77
-
1,038,612.48
210,870.85
166,532.66
4.014%
6/15/2014
772,454.24
1,531,199.18
6.587%
7.239%
228,064.23
661,615.36
889,679.60
117,225.36
705,342.42
855,645.73
736,217.18
5.535%
6.433%
352,671.21
352,671.21
705,342.42
-
1,110,747.92
213,574.02
170,236.02
5.204%
6.529%
555,373.96
555,373.96
1,110,747.92
-
1,085,610.86
222,365.03
173,454.26
4.777%
6.124%
542,805.43
542,805.43
1,085,610.86
-
1,021,684.28
237,397.26
185,685.26
4.108%
6/15/2015
668,447.86
109,942.84
1,615,854.71
6.620%
7.282%
228,064.23
550,776.49
778,840.72
110,392.86
610,627.10
923,997.99
797,821.14
5.580%
6.463%
305,313.55
305,313.55
610,627.10
-
1,088,518.57
242,200.92
194,058.90
5.265%
6.571%
544,259.28
544,259.28
1,088,518.57
-
1,064,367.06
252,346.29
197,703.40
4.859%
6.202%
532,183.53
532,183.53
1,064,367.06
-
1,002,178.58
264,120.91
204,714.37
4.203%
6/15/2016
555,427.47
358,590.04
1,669,724.45
6.654%
7.326%
220,785.72
433,105.12
653,890.85
98,463.37
507,508.25
995,232.82
863,480.09
5.625%
6.484%
253,754.13
253,754.13
507,508.25
-
1,063,013.44
271,726.89
218,962.67
5.326%
6.610%
531,506.72
531,506.72
1,063,013.44
-
1,039,845.89
282,975.12
222,643.08
4.940%
6.279%
519,922.94
519,922.94
1,039,845.89
-
979,978.69
292,407.40
225,880.58
4.297%
6/15/2017
432,778.98
703,855.06
1,648,751.03
6.687%
7.399%
196,926.75
310,782.77
507,709.52
74,930.54
395,537.71
1,071,681.28
934,249.45
5.671%
6.505%
197,768.86
197,768.86
395,537.71
-
1,034,066.75
303,372.83
246,149.99
5.388%
6.640%
517,033.38
517,033.38
1,034,066.75
-
1,011,885.19
315,530.94
250,133.01
5.022%
6.335%
505,942.59
505,942.59
1,011,885.19
-
954,849.43
311,966.85
240,221.04
4.391%
6/15/2018
299,722.18
1,078,184.49
1,499,409.34
6.679%
7.399%
149,861.09
188,786.57
338,647.65
38,925.48
273,995.08
1,151,383.62
1,006,857.85
5.716%
6.536%
136,997.54
136,997.54
273,995.08
-
1,001,377.84
337,207.72
275,460.47
5.449%
6.670%
500,688.92
500,688.92
1,001,377.84
-
980,191.11
350,063.66
280,254.81
5.104%
6.376%
490,095.56
490,095.56
980,191.11
-
927,450.50
341,942.11
264,769.41
4.486%
6/15/2019
155,701.91
1,167,036.59
1,052,334.19
6.671%
7.398%
77,850.96
77,850.96
155,701.91
142,369.83
1,248,410.48
1,087,799.23
5.702%
6.544%
71,184.91
71,184.91
142,369.83
-
964,630.76
369,858.84
304,510.15
5.510%
6.692%
482,315.38
482,315.38
964,630.76
-
944,455.27
384,241.67
310,593.97
5.186%
6.416%
472,227.63
472,227.63
944,455.27
-
896,773.65
371,066.96
289,387.16
4.580%
6/15/2020
-
-
-
-
-
-
-
-
-
923,873.22
404,750.27
335,821.26
5.571%
6.715%
461,936.61
461,936.61
923,873.22
-
904,601.38
421,639.39
344,880.84
5.268%
6.440%
452,300.69
452,300.69
904,601.38
-
862,783.61
403,042.07
316,507.93
4.674%
6/15/2021
-
-
-
-
-
-
-
-
-
-
878,775.71
441,956.88
369,566.06
5.632%
6.735%
439,387.86
439,387.86
878,775.71
-
860,178.34
456,537.50
377,785.37
5.350%
6.465%
430,089.17
430,089.17
860,178.34
-
825,104.02
434,316.25
344,528.76
4.769%
6/15/2022
-
-
-
-
-
-
-
-
-
-
828,992.12
487,976.71
406,834.14
5.618%
6.739%
414,496.06
414,496.06
828,992.12
-
811,331.12
493,537.17
412,121.08
5.432%
6.505%
405,665.56
405,665.56
811,331.12
-
783,681.02
467,283.58
374,332.12
4.863%
Page 5 of 12
-------
Investment Benefit of Treasuries
1997
1998
2001
2002
2003
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
6/15/2023
-
-
-
-
-
-
-
774,158.73
6/15/2024
:
-
-
-
-
-
-
714,020.00
6/15/2025
_^
-
-
-
-
-
-
648,433.99
6/15/2026
-
6/15/2027
-
-
-
-
-
-
-
-
576,871.95
-
-
-
-
-
-
-
-
499,157.99
6/15/2028
-
_
-
-
-
-
6/15/2029
-
6/15/2030
-
6/15/2031
-
_
-
-
-
-
-
-
-
414,601.23
-
-
-
-
322,981.88
-
-
-
-
-
-
-
-
223,689.48
-
-
-
-
-
-
-
116,209.22
536,501.74 586,534.59 641,553.96 698,425.89 761,803.66 827,480.82 899,012.08 975,572.67 1,057,439.77
445,957.08 486,090.04 530,096.52 575,358.13 625,828.66 677,894.61 734,444.51 794,766.69 859,052.25
5.605%
6.743%
387,079.36
387,079.36
774,158.73
-
757,717.20
541,031.22
450,961.52
5.429%
6.513%
378,858.60
378,858.60
757,717.20
-
738,231.90
501,975.45
405,505.12
5.591%
6.746%
357,010.00
357,010.00
714,020.00
-
698,977.00
592,055.70
492,597.78
5.425%
6.521%
349,488.50
349,488.50
698,977.00
-
688,461.23
548,676.99
442,423.17
5.577%
6.750%
324,216.99
324,216.99
648,433.99
-
634,733.28
646,789.07
537,162.66
5.422%
6.529%
317,366.64
317,366.64
634,733.28
-
634,060.13
596,351.37
479,989.82
5.564%
6.754%
288,435.98
288,435.98
576,871.95
-
564,590.04
704,277.32
583,849.15
5.419%
6.537%
282,295.02
282,295.02
564,590.04
-
574,932.13
648,467.12
520,988.21
5.550%
6.756%
249,579.00
249,579.00
499,157.99
-
488,255.39
764,658.08
632,759.34
5.416%
6.545%
244,127.69
244,127.69
488,255.39
-
510,636.87
702,943.10
563,730.68
5.536%
6.758%
207,300.61
207,300.61
414,601.23
-
405,423.04
829,218.90
685,218.96
5.413%
6.551%
202,711.52
202,711.52
405,423.04
-
440,940.35
759,884.92
608,292.30
5.522%
6.760%
161,490.94
161,490.94
322,981.88
-
315,647.82
898,170.43
741,153.21
5.410%
6.556%
157,823.91
157,823.91
315,647.82
-
365,598.06
821,688.33
656,246.75
5.509%
6.762%
111,844.74
111,844.74
223,689.48
-
218,462.55
971,733.67
800,729.30
5.407%
6.562%
109,231.27
109,231.27
218,462.55
-
284,127.99
886,289.97
706,209.82
5.495%
6.764%
58,104.61
58,104.61
116,209.22
-
113,376.93
1,048,997.74
863,182.09
5.404%
6.567%
56,688.47
56,688.47
113,376.93
-
196,252.69
953,816.53
758,268.36
6/15/2032
-
,
-
-
-
, :
-
-
-
6/15/2033
-
-
-
-
-
-
-
-
6/15/2034
-
-
6/15/2035
-
-
6/15/2036
-
-
6/15/2037
-
-
6/15/2038
-
-
6/15/2039
J
i
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
:
-
-
-
-
101,682.17
1,025,542.88
813,419.14
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
:
-
-
-
-
-
-
-
L
-
-
-
-
-
-
-
-
L
-
-
-
-
-
-
-
-
-
-
-
-
-
4.957% I 4.957% I 4.957% I 4.957% I 4.957% I 4.957% I 4.957% I 4.957% I 4.957% I 4.957% I ......
Page 6 of 12
-------
Investment Benefit of Treasuries
2004
2005
2006
2007
2008
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Total
50%
11,980,164.84
11,980,164.84
23,960,329.69
1,062,608.12
4,168,888.70
5,231,496.82
8.34%
10.46%
21,761,959.65
28,238,040.35
11,904,609.93
50%
50%
11,385,845.95
11,385,845.95
22,771,691.90
1,009,732.25
6,215,151.44
7,224,883.69
12.43%
14.45%
22,589,858.93
27,410,141.07
12,618,491.87
50%
50%
11,815,915.38
11,815,915.38
23,631,830.75
1,041,971.82
3,803,755.50
4,845,727.33
7.61%
9.69%
23,546,736.33
26,453,263.67
50%
50%
12,317,766.54
12,317,766.54
24,635,533.07
1,088,796.75
4,319,875.65
5,408,672.40
8.64%
10.82%
22,122,632.76
27,877,367.24
50%
11,572,398.88
11,572,398.88
23,144,797.76
1,022,165.01
6,206,184.59
7,228,349.60
12.41%
14.46%
6/15/1990
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1991
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1992
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1993
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1994
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1995
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1996
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1997
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1998
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1999
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2000
-
-
-
^B
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2001
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2002
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2003
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2004
1.697%
581,528.93
581,528.93
1,163,057.86
959,778.20
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Page 7 of 12
-------
Investment Benefit of Treasuries
2004
2005
2006
2007
2008
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
6/15/2005
2.223%
581,528.93
581,528.93
1,163,057.86
102,829.92
210,470.63
1.888%
2.339%
561,948.90
561,948.90
1,123,897.80
913,427.17
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2006
2.770%
581,528.93
581,528.93
1,163,057.86
-
1,027,592.72
-
-
2.381%
2.913%
561,948.90
561,948.90
1,123,897.80
96,305.08
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2007
3.285%
574,475.96
574,475.96
1,148,951.92
-
1,123,897.80
237,707.63
196,285.22
2.779%
3.366%
561,948.90
561,948.90
1,123,897.80
208,877.80
-
3.855%
4.246%
574,787.28
574,787.28
1,149,574.56
940,696.76
-
-
-
-
-
-
-
-
6/15/2008
3.740%
566,990.47
566,990.47
1,133,980.94
-
1,110,683.73
242,113.04
200,234.08
3.103%
3.752%
555,341.86
555,341.86
1,110,683.73
1,048,299.49
-
3.928%
4.373%
574,787.28
574,787.28
1,149,574.56
101,275.07
195,619.74
4.818%
5.286%
586,270.27
586,270.27
1,172,540.54
976,920.81
207,617.61
;
4.531%
5.083%
565,677.66
565,677.66
1,131,355.32
923,737.71
6/15/2009
4.081%
558,713.29
558,713.29
1,117,426.58
-
1,095,659.55
245,265.74
208,053.14
3.426%
4.039%
547,829.78
547,829.78
1,095,659.55
1,149,574.56
142,466.14
126,672.51
3.987%
4.484%
574,787.28
574,787.28
1,149,574.56
1,060,664.60
4.773%
5.290%
586,270.27
586,270.27
1,172,540.54
111,875.94
1,032,928.03
;
4.365%
5.083%
565,677.66
565,677.66
1,131,355.32
98,427.30
6/15/2010
4.421%
550,117.96
550,117.96
1,100,235.93
-
1,078,854.14
257,348.14
219,256.71
3.646%
4.279%
539,427.07
539,427.07
1,078,854.14
1,138,214.08
163,826.95
145,331.74
4.046%
4.561%
569,107.04
569,107.04
1,138,214.08
1,172,540.54
80,824.14
72,523.70
4.761%
5.306%
586,270.27
586,270.27
1,172,540.54
-
1,131,355.32
122,274.50
4.347%
5.117%
565,677.66
565,677.66
1,131,355.32
6/15/2011
4.646%
540,680.70
540,680.70
1,081,361.41
-
1,060,088.21
271,825.91
232,492.25
3.866%
4.520%
530,044.10
530,044.10
1,060,088.21
1,124,956.02
175,264.42
154,700.55
4.099%
4.644%
562,478.01
562,478.01
1,124,956.02
1,164,844.66
99,201.80
88,587.06
4.749%
5.318%
582,422.33
582,422.33
1,164,844.66
-
1,118,841.72
131,394.91
4.389%
5.168%
559,420.86
559,420.86
1,118,841.72
6/15/2012
4.871%
530,589.78
530,589.78
1,061,179.57
-
1,039,070.19
291,970.99
248,936.92
4.001%
4.693%
519,535.10
519,535.10
1,039,070.19
1,110,587.49
193,519.74
169,985.58
4.152%
4.727%
555,293.75
555,293.75
1,110,587.49
1,155,422.95
118,084.81
104,917.71
4.753%
5.350%
577,711.48
577,711.48
1,155,422.95
-
1,105,262.03
143,334.96
4.432%
5.236%
552,631.02
552,631.02
1,105,262.03
6/15/2013
5.083%
519,306.24
519,306.24
1,038,612.48
-
1,015,705.74
311,988.14
265,224.05
4.136%
4.866%
507,852.87
507,852.87
1,015,705.74
1,094,518.23
216,419.38
189,065.01
4.198%
4.805%
547,259.12
547,259.12
1,094,518.23
1,144,196.68
138,999.26
122,881.54
4.758%
5.382%
572,098.34
572,098.34
1,144,196.68
-
1,090,251.18
160,794.58
4.471%
5.297%
545,125.59
545,125.59
1,090,251.18
6/15/2014
5.252%
510,842.14
510,842.14
1,021,684.28
-
989,896.59
196,182.42
167,281.47
4.271%
5.009%
494,948.29
494,948.29
989,896.59
1,076,349.74
241,163.92
209,565.17
4.243%
4.883%
538,174.87
538,174.87
1,076,349.74
1,130,968.95
160,576.37
141,137.08
4.770%
5.428%
565,484.48
565,484.48
1,130,968.95
-
1,073,215.40
178,661.00
4.510%
5.358%
536,607.70
536,607.70
1,073,215.40
6/15/2015
5.422%
501,089.29
501,089.29
1,002,178.58
-
973,137.43
222,438.67
188,186.85
4.349%
5.140%
486,568.71
486,568.71
973,137.43
1,055,883.61
266,528.60
231,629.46
4.289%
4.935%
527,941.80
527,941.80
1,055,883.61
1,115,648.47
183,040.71
159,963.09
4.783%
5.473%
557,824.23
557,824.23
1,115,648.47
-
1,054,068.42
197,092.19
4.551%
5.416%
527,034.21
527,034.21
1,054,068.42
6/15/2016
5.563%
489,989.34
489,989.34
979,978.69
-
953,791.38
249,002.06
209,082.38
4.426%
5.271%
476,895.69
476,895.69
953,791.38
1,033,021.42
203,923.78
176,651.89
4.324%
4.992%
516,510.71
516,510.71
1,033,021.42
1,098,139.77
211,209.94
184,117.35
4.795%
5.501%
549,069.88
549,069.88
1,098,139.77
-
1,032,720.24
216,967.61
4.593%
5.473%
516,360.12
516,360.12
1,032,720.24
6/15/2017
5.703%
477,424.71
477,424.71
954,849.43
-
931,750.08
277,069.85
231,587.68
4.503%
5.388%
465,875.04
465,875.04
931,750.08
1,015,384.43
232,085.16
200,412.78
4.360%
5.049%
507,692.21
507,692.21
1,015,384.43
1,077,884.74
178,141.83
154,682.28
4.815%
5.546%
538,942.37
538,942.37
1,077,884.74
-
1,008,970.51
156,665.48
4.635%
5.523%
504,485.26
504,485.26
1,008,970.51
6/15/2018
5.793%
463,725.25
463,725.25
927,450.50
-
906,795.88
304,378.63
253,295.66
4.581%
5.504%
453,397.94
453,397.94
906,795.88
995,146.90
259,823.13
224,044.93
4.395%
5.097%
497,573.45
497,573.45
995,146.90
1,060,728.86
206,812.41
178,881.89
4.835%
5.590%
530,364.43
530,364.43
1,060,728.86
-
991,665.52
177,373.57
4.662%
5.567%
495,832.76
495,832.76
991,665.52
6/15/2019
5.873%
448,386.82
448,386.82
896,773.65
-
878,911.54
332,098.68
277,030.28
4.658%
5.584%
439,455.77
439,455.77
878,911.54
972,306.04
289,599.43
249,370.52
4.431%
5.146%
486,153.02
486,153.02
972,306.04
1,040,728.22
235,400.90
203,186.31
4.856%
5.626%
520,364.11
520,364.11
1,040,728.22
-
971,918.20
199,636.71
4.690%
5.610%
485,959.10
485,959.10
971,918.20
6/15/2020
5.952%
431,391.81
431,391.81
862,783.61
-
847,974.29
361,369.64
302,507.11
4.735%
5.657%
423,987.14
423,987.14
847,974.29
946,641.78
321,470.22
277,655.59
4.467%
5.171%
473,320.89
473,320.89
946,641.78
1,017,867.57
265,090.17
228,342.02
4.876%
5.661%
508,933.79
508,933.79
1,017,867.57
-
949,517.89
223,740.49
4.717%
5.648%
474,758.95
474,758.95
949,517.89
6/15/2021
6.012%
412,552.01
412,552.01
825,104.02
-
813,751.54
391,130.05
328,537.60
4.812%
5.729%
406,875.77
406,875.77
813,751.54
917,924.72
354,290.05
306,771.87
4.502%
5.199%
458,962.36
458,962.36
917,924.72
992,016.44
295,927.15
254,412.86
4.896%
5.695%
496,008.22
496,008.22
992,016.44
-
924,244.99
247,665.70
4.745%
5.685%
462,122.49
462,122.49
924,244.99
6/15/2022
6.071%
391,840.51
391,840.51
783,681.02
-
776,105.68
|
423,557.14
358,367.65
4.890%
5.779%
388,052.84
388,052.84
776,105.68
886,024.10
389,294.09
337,917.65
4.538%
5.227%
443,012.05
443,012.05
886,024.10
963,038.43
329,126.46
283,012.35
4.916%
5.717%
481,519.21
481,519.21
963,038.43
-
896,083.59
274,635.44
4.772%
5.714%
448,041.80
448,041.80
896,083.59
Page 8 of 12
-------
Investment Benefit of Treasuries
2004
2005
2006
2007
2008
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
6/15/2023
6.137%
369,115.95
369,115.95
738,231.90
-
734,683.90
452,350.64
385,450.62
4.967%
5.829%
367,341.95
367,341.95
734,683.90
850,695.07
425,359.36
370,576.41
4.573%
5.249%
425,347.54
425,347.54
850,695.07
930,676.29
363,617.42
312,733.87
4.937%
5.740%
465,338.15
465,338.15
930,676.29
-
864,697.50
361,990.40
303,045.69
4.800%
5.733%
432,348.75
432,348.75
864,697.50
6/15/2024
6.148%
344,230.62
344,230.62
688,461.23
-
689,746.88
481,721.11
412,926.08
5.044%
5.885%
344,873.44
344,873.44
689,746.88
811,790.82
463,707.08
405,448.24
4.609%
5.271%
405,895.41
405,895.41
811,790.82
894,775.65
399,455.05
344,078.88
4.957%
5.755%
447,387.82
447,387.82
894,775.65
-
829,949.30
396,238.86
332,513.93
4.827%
5.752%
414,974.65
414,974.65
829,949.30
6/15/2025
6.159%
317,030.06
317,030.06
634,060.13
-
641,147.38
520,582.31
446,018.26
5.044%
5.888%
320,573.69
320,573.69
641,147.38
769,049.71
503,237.16
440,230.10
4.644%
5.309%
384,524.86
384,524.86
769,049.71
855,175.08
438,999.24
378,712.25
4.977%
5.769%
427,587.54
427,587.54
855,175.08
-
791,695.68
429,443.34
361,343.96
4.855%
5.769%
395,847.84
395,847.84
791,695.68
6/15/2026
6.171%
287,466.06
287,466.06
574,932.13
-
588,627.29
562,109.22
481,360.73
5.044%
5.891%
294,313.65
294,313.65
588,627.29
722,307.44
549,327.78
480,142.33
4.644%
5.313%
361,153.72
361,153.72
722,307.44
811,476.64
478,947.43
414,615.96
4.997%
5.773%
405,738.32
405,738.32
811,476.64
-
750,000.32
463,775.98
391,268.88
4.882%
5.787%
375,000.16
375,000.16
750,000.32
6/15/2027
6.182%
255,318.44
255,318.44
510,636.87
-
531,917.67
604,337.44
517,268.76
5.044%
5.893%
265,958.83
265,958.83
531,917.67
671,284.11
598,560.79
522,731.19
4.644%
5.318%
335,642.06
335,642.06
671,284.11
763,607.95
526,020.97
453,696.16
4.986%
5.781%
381,803.97
381,803.97
763,607.95
-
704,716.57
499,281.89
423,346.14
4.910%
5.790%
352,358.29
352,358.29
704,716.57
6/15/2028
6.193%
220,470.17
220,470.17
440,940.35
-
470,947.75
650,410.73
556,431.06
5.044%
5.896%
235,473.88
235,473.88
470,947.75
615,687.87
642,889.91
560,968.90
4.644%
5.322%
307,843.94
307,843.94
615,687.87
711,149.64
575,406.10
494,469.19
4.975%
5.790%
355,574.82
355,574.82
711,149.64
-
655,691.47
540,878.92
457,729.78
4.902%
5.793%
327,845.73
327,845.73
655,691.47
6/15/2029
6.207%
182,799.03
182,799.03
365,598.06
-
405,329.64
697,375.76
596,317.47
5.044%
5.899%
202,664.82
202,664.82
405,329.64
555,974.20
690,286.00
601,815.78
4.644%
5.327%
277,987.10
277,987.10
555,974.20
653,892.32
624,906.14
535,033.71
4.964%
5.798%
326,946.16
326,946.16
653,892.32
-
602,659.00
586,517.75
495,391.75
4.895%
5.796%
301,329.50
301,329.50
602,659.00
6/15/2030
6.222%
142,064.00
142,064.00
284,127.99
-
334,973.35
748,383.87
639,673.64
5.044%
5.902%
167,486.67
167,486.67
334,973.35
491,858.23
739,711.63
644,361.53
4.644%
5.331%
245,929.11
245,929.11
491,858.23
591,846.19
677,986.98
578,346.51
4.953%
5.807%
295,923.09
295,923.09
591,846.19
-
545,235.31
634,204.43
534,631.53
4.888%
5.799%
272,617.66
272,617.66
545,235.31
6/15/2031
6.236%
98,126.35
98,126.35
196,252.69
-
259,471.00
800,490.62
683,933.24
5.044%
5.904%
129,735.50
129,735.50
259,471.00
423,151.44
791,253.94
688,891.19
4.644%
5.334%
211,575.72
211,575.72
423,151.44
524,678.18
733,666.61
623,540.63
4.943%
5.815%
262,339.09
262,339.09
524,678.18
-
483,233.21
685,120.54
576,433.40
4.881%
5.801%
241,616.61
241,616.61
483,233.21
6/15/2032
6.250%
50,841.08
50,841.08
101,682.17
-
178,711.74
856,856.03
731,793.95
5.044%
5.906%
89,355.87
89,355.87
178,711.74
349,657.25
846,171.66
736,310.40
4.644%
5.337%
174,828.62
174,828.62
349,657.25
452,154.65
793,232.09
673,022.56
4.932%
5.812%
226,077.32
226,077.32
452,154.65
-
416,351.04
739,412.53
620,904.77
4.874%
5.804%
208,175.52
208,175.52
416,351.04
6/15/2033
-
-
-
92,265.93
914,545.48
780,746.11
5.044%
5.909%
46,132.97
46,132.97
92,265.93
271,062.12
905,778.53
787,757.08
4.644%
5.340%
135,531.06
135,531.06
271,062.12
373,916.71
853,383.57
722,827.96
4.921%
5.809%
186,958.35
186,958.35
373,916.71
-
344,274.22
796,137.69
667,719.45
4.867%
5.803%
172,137.11
172,137.11
344,274.22
6/15/2034
-
-
-
6/15/2035
-
-
-
6/15/2036
-
-
-
M
-
-
186,930.51
971,443.44
844,414.68
4.644%
5.343%
93,465.25
93,465.25
186,930.51
289,932.77
917,639.58
775,929.19
4.910%
5.806%
144,966.39
144,966.39
289,932.77
-
266,781.42
854,308.32
715,627.83
4.860%
5.801%
133,390.71
133,390.71
266,781.42
-
-
96,699.73
904,470.58
4.644%
5.346%
48,349.87
48,349.87
96,699.73
199,826.15
985,033.81
831,492.50
4.899%
5.803%
99,913.07
99,913.07
199,826.15
-
183,748.30
915,082.66
765,594.40
4.853%
5.800%
91,874.15
91,874.15
183,748.30
-
-
-
-
-
-
103,317.50
1,056,891.63
890,620.84
4.888%
5.800%
51,658.75
51,658.75
103,317.50
-
94,938.76
979,676.39
818,626.86
4.845%
5.799%
47,469.38
47,469.38
94,938.76
6/15/2037
-
-
-
.
-
-
-
6/15/2038
-
-
-
;
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2039
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Page 9 of 12
-------
Investment Benefit of Treasuries
2009
2010
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Total
22,529,637.93
27,470,362.07
14,627,621.21
10,051,074.09
50%
11,808,157.85
11,808,157.85
23,616,315.70
1,086,677.77
2,791,666.77
3,878,344.54
5.58%
7.76%
23,759,491.49
26,240,508.51
50%
50%
12,449,983.48
12,449,983.48
24,899,966.96
1,140,475.47
(317,349.48)
823,125.99
-0.63%
1.65%
19,175,818.78
30,824,181.22
13,251,103.01
50%
50%
10,029,008.52
10,029,008.52
20,058,017.04
882,198.26
8,255,219.64
9,137,417.90
6/15/1990
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1991
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1992
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1993
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1994
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1995
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1996
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1997
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1998
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1999
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2000
-
-
-
-
-
-
-
-
-
6/15/2001
-
-
-
-
-
-
-
-
-
-
6/15/2002
-
-
-
-
-
-
-
-
-
-
6/15/2003
-
-
-
-
-
-
-
-
-
-
-
6/15/2004
-
-
-
-
-
-
-
-
-
-
-
Page 10 of 12
-------
Investment Benefit of Treasuries
2009
2010
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
6/15/2005
-
-
-
-
-
-
-
-
-
-
-
6/15/2006
-
-
-
-
-
-
-
-
-
-
6/15/2007
-
-
-
-
-
-
-
-
-
-
-
6/15/2008
-
-
-
-
-
-
-
-
-
-
-
6/15/2009
-
-
-
-
-
-
-
-
-
-
-
6/15/2010
213,162.10
-
2.011%
3.975%
597,055.01
597,055.01
1,194,110.01
980,947.91
200,119.69
0.474%
1.912%
612,334.61
612,334.61
1,224,669.22
1,024,549.54
-
-
6/15/2011
1,088,380.15
-
2.243%
4.249%
597,055.01
597,055.01
1,194,110.01
105,729.86
1,108,743.28
0.958%
2.428%
612,334.61
612,334.61
1,224,669.22
115,925.94
223,747.00
0.383%
1.015%
515,974.88
515,974.88
1,031,949.76
808,202.76
6/15/2012
1,194,110.01
271,523.42
152,955.17
2.523%
4.479%
597,055.01
597,055.01
1,194,110.01
-
1,224,669.22
176,054.16
1.431%
2.919%
612,334.61
612,334.61
1,224,669.22
-
957,954.26
0.931%
1.701%
515,974.88
515,974.88
1,031,949.76
73,995.50
6/15/2013
1,180,408.03
279,998.61
166,509.14
2.804%
4.714%
590,204.02
590,204.02
1,180,408.03
-
1,214,390.09
164,589.53
1.814%
3.349%
607,195.04
607,195.04
1,214,390.09
-
1,031,949.76
1.476%
2.329%
515,974.88
515,974.88
1,031,949.76
6/15/2014
1,164,708.25
297,714.95
181,691.17
2.988%
4.895%
582,354.13
582,354.13
1,164,708.25
-
1,203,365.49
163,260.91
2.198%
3.803%
601,682.74
601,682.74
1,203,365.49
-
1,012,452.67
535,590.23
1.944%
2.936%
506,226.34
506,226.34
1,012,452.67
6/15/2015
1,146,919.37
305,873.12
191,103.44
3.172%
5.076%
573,459.68
573,459.68
1,146,919.37
-
1,190,949.28
176,132.77
2.506%
4.147%
595,474.64
595,474.64
1,190,949.28
-
991,628.09
469,444.08
2.412%
3.490%
495,814.05
495,814.05
991,628.09
6/15/2016
1,127,517.26
326,377.87
208,468.13
3.336%
5.223%
563,758.63
563,758.63
1,127,517.26
-
1,176,341.66
188,221.45
2.815%
4.491%
588,170.83
588,170.83
1,176,341.66
-
968,979.92
442,692.88
2.771%
3.870%
484,489.96
484,489.96
968,979.92
6/15/2017
1,105,742.53
346,508.46
225,897.45
3.500%
5.369%
552,871.26
552,871.26
1,105,742.53
-
1,159,435.77
204,539.95
2.965%
4.752%
579,717.89
579,717.89
1,159,435.77
-
944,442.70
417,431.11
3.130%
4.250%
472,221.35
472,221.35
944,442.70
6/15/2018
1,081,486.66
367,941.40
245,694.41
3.664%
5.487%
540,743.33
540,743.33
1,081,486.66
-
1,139,997.50
219,176.40
3.114%
5.012%
569,998.75
569,998.75
1,139,997.50
-
918,307.46
425,777.24
3.316%
4.466%
459,153.73
459,153.73
918,307.46
6/15/2019
1,054,521.98
261,992.22
174,988.04
3.734%
5.590%
527,260.99
527,260.99
1,054,521.98
-
1,118,025.28
183,125.60
3.264%
5.255%
559,012.64
559,012.64
1,118,025.28
-
890,068.37
3.502%
4.682%
445,034.19
445,034.19
890,068.37
6/15/2020
1,034,957.38
292,997.94
195,742.05
3.803%
5.693%
517,478.69
517,478.69
1,034,957.38
-
1,098,779.69
203,134.59
3.349%
5.419%
549,389.84
549,389.84
1,098,779.69
-
859,560.21
231,303.77
3.688%
4.945%
429,780.11
429,780.11
859,560.21
6/15/2021
1,012,669.83
324,496.82
218,085.66
3.873%
5.763%
506,334.92
506,334.92
1,012,669.83
-
1,076,765.58
226,456.00
3.434%
5.582%
538,382.79
538,382.79
1,076,765.58
-
842,501.22
245,629.54
3.761%
5.060%
421,250.61
421,250.61
842,501.22
6/15/2022
987,534.88
359,434.05
242,971.96
3.942%
5.832%
493,767.44
493,767.44
987,534.88
-
1,051,481.98
251,474.20
3.519%
5.709%
525,740.99
525,740.99
1,051,481.98
-
824,022.82
264,744.93
3.835%
5.174%
412,011.41
412,011.41
824,022.82
Page 11 of 12
-------
Investment Benefit of Treasuries
2009
2010
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required Escrow Capital
Available Investment Funds
Treasury Investment
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required Escrow Capital
Available Investment Funds
AA Taxable Investment
Treasury Investment Rate
AA Taxable Rate
Treasury Interest
AA Taxable Interest
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
6/15/2023
959,193.78
393,562.37
267,789.52
4.012%
5.896%
479,596.89
479,596.89
959,193.78
-
1,022,769.41
448,270.73
276,842.03
3.604%
5.835%
511,384.71
511,384.71
1,022,769.41
-
803,715.29
207,810.15
3.909%
5.256%
401,857.65
401,857.65
803,715.29
6/15/2024
927,614.24
429,741.07
295,064.95
4.082%
5.945%
463,807.12
463,807.12
927,614.24
-
990,460.57
492,386.51
306,186.69
3.689%
5.932%
495,230.28
495,230.28
990,460.57
-
781,871.79
227,113.22
3.983%
5.337%
390,935.90
390,935.90
781,871.79
6/15/2025
892,533.94
468,011.52
324,190.63
4.151%
5.993%
446,266.97
446,266.97
892,533.94
-
954,136.03
535,496.96
336,509.70
3.774%
6.005%
477,068.02
477,068.02
954,136.03
-
757,629.95
246,637.61
4.057%
5.436%
378,814.98
378,814.98
757,629.95
6/15/2026
853,678.58
507,065.56
354,890.46
4.221%
6.030%
426,839.29
426,839.29
853,678.58
-
913,721.86
582,456.74
369,750.86
3.858%
6.078%
456,860.93
456,860.93
913,721.86
-
730,813.97
267,189.38
4.131%
5.534%
365,406.99
365,406.99
730,813.97
6/15/2027
810,875.54
548,287.95
387,636.19
4.290%
6.068%
405,437.77
405,437.77
810,875.54
-
868,774.61
628,652.09
404,646.04
3.943%
6.126%
434,387.30
434,387.30
868,774.61
-
701,241.79
287,906.71
4.205%
5.632%
350,620.90
350,620.90
701,241.79
6/15/2028
763,830.12
590,419.51
423,672.93
4.360%
6.076%
381,915.06
381,915.06
763,830.12
-
819,195.08
678,733.33
442,801.50
4.028%
6.175%
409,597.54
409,597.54
819,195.08
-
668,814.51
308,386.10
4.278%
5.737%
334,407.26
334,407.26
668,814.51
6/15/2029
712,348.36
644,839.84
460,591.83
4.352%
6.092%
356,174.18
356,174.18
712,348.36
-
764,513.34
726,807.90
481,639.25
4.113%
6.207%
382,256.67
382,256.67
764,513.34
-
633,429.72
325,195.92
4.352%
5.843%
316,714.86
316,714.86
633,429.72
6/15/2030
656,227.46
704,538.94
500,916.58
4.343%
6.109%
328,113.73
328,113.73
656,227.46
-
704,724.37
794,108.13
521,416.67
4.109%
6.259%
352,362.19
352,362.19
704,724.37
-
595,429.77
342,534.18
4.426%
6.034%
297,714.89
297,714.89
595,429.77
6/15/2031
595,026.78
767,142.88
542,918.14
4.335%
6.125%
297,513.39
297,513.39
595,026.78
-
639,457.07
864,782.82
562,658.38
4.106%
6.310%
319,728.54
319,728.54
639,457.07
-
554,092.94
363,649.11
4.441%
6.159%
277,046.47
277,046.47
554,092.94
6/15/2032
528,514.08
832,790.88
586,669.31
4.327%
6.142%
264,257.04
264,257.04
528,514.08
-
568,444.15
938,999.88
605,431.08
4.102%
6.362%
284,222.08
284,222.08
568,444.15
-
509,299.52
386,339.15
4.456%
6.284%
254,649.76
254,649.76
509,299.52
6/15/2033
456,446.55
902,951.92
633,173.84
4.319%
6.159%
228,223.27
228,223.27
456,446.55
-
491,405.30
1,019,911.88
651,706.04
4.099%
6.414%
245,702.65
245,702.65
491,405.30
-
460,746.06
408,497.52
4.470%
6.409%
230,373.03
230,373.03
460,746.06
6/15/2034
378,455.97
977,847.07
684,122.12
4.310%
6.161%
189,227.98
189,227.98
378,455.97
-
407,802.55
1,103,388.71
698,772.10
4.095%
6.466%
203,901.27
203,901.27
407,802.55
-
408,387.34
432,226.30
4.485%
6.534%
204,193.67
204,193.67
408,387.34
6/15/2035
294,157.29
1,056,380.18
737,370.53
4.302%
6.163%
147,078.64
147,078.64
294,157.29
-
317,437.66
1,195,518.05
752,529.47
4.091%
6.500%
158,718.83
158,718.83
317,437.66
-
351,907.44
456,848.79
4.500%
6.659%
175,953.72
175,953.72
351,907.44
6/15/2036
203,262.13
1,140,056.07
793,949.84
4.294%
6.166%
101,631.07
101,631.07
203,262.13
-
219,614.83
1,292,262.85
808,518.32
4.088%
6.533%
109,807.41
109,807.41
219,614.83
-
291,068.79
486,899.49
4.515%
6.711%
145,534.40
145,534.40
291,068.79
6/15/2037
105,354.66
1,229,126.60
854,010.61
4.286%
6.168%
52,677.33
52,677.33
105,354.66
-
113,970.17
1,395,347.13
867,768.85
4.084%
6.567%
56,985.08
56,985.08
113,970.17
-
225,715.00
518,342.74
4.529%
6.764%
112,857.50
112,857.50
225,715.00
6/15/2038
-
-
-
-
-
-
-
-
-
-
155,594.33
551,211.88
4.544%
6.817%
77,797.17
77,797.17
155,594.33
6/15/2039
-
-
-
-
-
-
-
I
-
-
-
-
-
80,446.09
585,543.89
4.559%
6.869%
40,223.05
40,223.05
80,446.09
Page 12 of 12
-------
Investment Benefit of Treasuries
a
b
c
d
e
f
g
1990
1991
1994
1995
1997
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
Investment Earnings
Excess Earnings
Excess Earnings
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
a-b
c-d
f-b
0.25
Total
800,194,707.29
364,960,183.93
435,234,523.36
386,968,318.33
48,266,205.02
384,217,497.74
19,257,313.81
$ 19,257,313.81
48,266,205.02
$ 67,523,518.83
28,173,489.24
21,826,510.76
30,089,351.27
1,915,862.03
1,292,751.82
3,208,613.85
2.59%
6.42%
25,969,197.87
24,030,802.13
27,510,409.97
27,510,409.97
1,541,212.11
4,080,431.89
5,621,644.00
8.16%
11.24%
21,592,533.74
28,407,466.26
21 178 073 58
22,958,468.12
1,365,934.38
7,229,392.67
8,595,327.05
14.46%
17.19%
21,477,086.38
28,522,913.62
22,771,378.92
1,294,292.55
6,922,858.28
8,217,150.82
13.85%
16.43%
20,680,886.38
29,319,113.62
21,978,602.74
1,297,716.37
1990
6/15/1990
50,000,000.00
28,173,489.24
21,826,510.76
20,533,758.94
1,292,751.82
30,089,351.27
1,915,862.03
-
:
_
_
-
.
-
1991
6/15/1991
50,000,000.00
25,969,197.87
24,030,802.13
19,950,370.25
4,080,431.89
27,510,409.97
1,541,212.11
151,838.65
7.887%
1,759,582.12
1,607,743.47
:
_
_
-
-
-
1992
6/15/1992
-
-
1,451,463.57
8.162%
1,759,582.12
1,759,582.12
308,118.55
204,856.31
5.861%
1,583,910.87
1,583,910.87
1,379,054.56
_
_
-
-
-
1993
6/15/1993
-
-
1,759,582.12
20,842.89
8.258%
1,759,582.12
1,421,753.32
6.488%
1,583,910.87
1,583,910.87
162,157.55
_
_
-
-
-
1994
6/15/1994
50,000,000.00
21,592,533.74
28,407,466.26
21,178,073.58
7,229,392.67
22,958,468.12
1,365,934.38
1,757,860.99
69,667.08
8.315%
1,757,860.99
1,757,860.99
1,583,910.87
126,633.47
6.817%
1,583,910.87
1,583,910.87
_
_
-
-
-
1995
6/15/1995
50,001,390.00
21,477,086.38
28,524,303.62
21,600,055.35
6,924,248.28
22,771,378.92
1,294,292.55
1,752,067.85
123,711.76
8.373%
1,752,067.85
1,752,067.85
1,575,278.32
162,150.64
7.096%
1,575,278.32
1,575,278.32
295,014.00
5.317%
1,534,629.94
1,239,615.94
_
-
-
-
1996
6/15/1996
-
-
1,741,709.12
8.446%
1,741,709.12
1 ,741 ,709.12
1,563,772.47
199,780.47
7.375%
1,563,772.47
1,563,772.47
1,408,311.50
5.943%
1,534,629.94
126,318.44
286,675.29
5.942%
1,461,995.38
1,175,320.09
-
-
-
1997
6/15/1997
50,000,040.00
20,680,886.38
29,319,153.62
22,628,065.06
6,691,088.57
21,978,602.74
1,297,716.37
1,726,254.20
8.519%
1,726,254.20
1,726,254.20
1,549,039.45
245,813.04
7.527%
1,549,039.45
1,549,039.45
1,534,629.94
6.270%
1,534,629.94
1,343,022.92
6.151%
1,461,995.38
1,461,995.38
118,972.45
-
-
1998
6/15/1998
50,001,795.00
18,956,051.71
31,045,743.29
25,075,568.78
5,970,174.51
20,151,182.67
1,195,130.97
1,704,757.11
328,170.69
8.530%
1,704,757.11
1,704,757.11
1,530,537.50
295,396.02
7.679%
1,530,537.50
1,530,537.50
1,511,107.76
6.479%
1,511,107.76
1,461,995.38
346,907.53
6.255%
1,461,995.38
1,461,995.38
-
-
1999
6/15/1999
-
-
1,676,764.06
416,100.91
8.541%
1,676,764.06
1,676,764.06
1,507,853.80
354,902.99
7.740%
1,507,853.80
1,507,853.80
1,484,231.12
459 161 38
6.688%
1,484,231.12
1,440,297.28
387,357.17
6.319%
1,440,297.28
1,440,297.28
299,517.72
5.991%
1,479,580.61
1,180,062.89
2000
6/15/2000
-
-
1,641,224.00
512,624.15
8.552%
1,641,224.00
1 ,641 ,224.00
1,480,383.70
419,628.50
7.801%
1,480,383.70
1,480,383.70
1,453,521.15
521 91 1 67
6.798%
1,453,521.15
1,415,820.11
431,436.77
6.383%
1,415,820.11
1,415,820.11
1,361,927.13
6.103%
1,479,580.61
1,479,580.61
117,653.48
2001
6/15/2001
50,002,340.00
25,100,583.86
24,901,756.14
22,335,944.65
2,565,811.49
26,268,837.77
1,168,253.91
1,597,382.33
618,967.92
8.555%
1,597,382.33
1,597,382.33
1,447,647.36
491,946.86
7.862%
1,447,647.36
1,447,647.36
1,418,041.64
582 477 41
6.908%
1,418,041.64
1,388,280.12
477,764.90
6.440%
1,388,280.12
1,388,280.12
1,479,580.61
356,435.90
6.164%
1,479,580.61
1,479,580.61
2002
6/15/2002
50,000,465.00
24,626,497.33
25,373,967.67
23,246,985.55
2,126,982.13
25,770,783.38
1,144,286.05
1,544,427.89
739,818.08
8.558%
1,544,427.89
1,544,427.89
1,408,968.72
573,587.11
7.876%
1,408,968.72
1,408,968.72
1,377,805.78
651 772 47
6.967%
1,377,805.78
1,357,512.63
552,849.35
6.496%
1,357,512.63
1,357,512.63
1,457,610.54
412,475.78
6.225%
1,457,610.54
1,457,610.54
2003
6/15/2003
50,001,110.00
22,897,721.57
27,103,388.43
25,578,033.86
1,525,354.57
23,960,329.69
1,062,608.12
1,481,113.08
869,675.85
8.561%
1,481,113.08
1,481,113.08
1,363,791.86
664,537.52
7.890%
1,363,791.86
1,363,791.86
1,332,397.66
728,199.58
7.026%
1,332,397.66
1,332,397.66
1,321,597.10
635,893.99
6.522%
1,321,597.10
1,321,597.10
1,431,935.24
471,304.16
6.276%
1,431,935.24
1,431,935.24
2004
6/15/2004
50,001,170.00
21,761,959.65
28,239,210.35
23,809,219.85
4,429,990.49
22,771,691.90
1,009,732.25
1,406,659.78
1,015,790.63
8.564%
1,406,659.78
1,406,659.78
1,311,359.58
763,297.47
7.904%
1,311,359.58 |
1,311,359.58
1,281,234.18
810,028.48
7.085%
1,281,234.18
1,281,234.18
1,280,122.40
702,323.26
6.548%
1,280,122.40
1,280,122.40
1,402,357.14
6.327%
1,402,357.14
1,402,357.14
Page 1 of 9
-------
Investment Benefit of Treasuries
a
b
c
d
e
f
g
1990
1991
1994
1995
1997
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
Investment Earnings
Excess Earnings
Excess Earnings
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
2005
6/15/2005
50,001,410.00
22,589,858.93
27,411,551.07
25,236,983.74
2,174,567.33
23,631,830.75
1,041,971.82
1,319,668.28
1,174,990.61
8.567%
1,319,668.28
1,319,668.28
1,251,029.46
872,439.25
7.918%
1,251,029.46
1,251,029.46
1,223,842.20
899,856.86
7.126%
1,223,842.20
1,223,842.20
1,234,133.62
767 31 1 33
6.574%
1,234,133.62
1,234,133.62
1,368,534.69
604,380.37
6.336%
1,368,534.69
1,368,534.69
2006
6/15/2006
50,180,654.00
23,546,736.33
26,633,917.67
23,855,245.16
2,778,672.52
24,635,533.07
1,088,796.75
1,219,009.19
8.570%
1,219,009.19
1,181,952.17
992,614.21
7.932%
1,181,952.17
1,181,952.17
1,159,721.36
998,051.29
7.166%
1,159,721.36
1,159,721.36
1,183,691.19
844,553.00
6.612%
1,183,691.19
1,183,691.19
1,330,241.55
696,654.31
6.345%
1,330,241.55
1,330,241.55
2007
6/15/2007
50,002,140.00
22,122,632.76
27,879,507.24
23,553,534.25
4,325,972.99
23,144,797.76
1,022,165.01
1,103,092.80
8.573%
1,103,092.80
1,103,222.38
1,126,586.45
7.945%
1,103,222.38
1,103,222.38
1,088,199.40
1,105,006.01
7.207%
1,088,199.40
1,088,199.40
1,127,849.41
927,295.82
6.650%
1,127,849.41
1,127,849.41
1,286,039.21
797,823.15
6.354%
1,286,039.21
1,286,039.21
2008
6/15/2008
50,000,925.00
22,529,637.93
27,471,287.07
29,255,242.43
(1,783,955.36)
23,616,315.70
1,086,677.77
970,585.59
1,757,572.21
8.575%
970,585.59
970,585.59
1,013,710.58
1,273,150.19
7.959%
1,013,710.58
1,013,710.58
1,008,565.48
1 219 158 85
7.247%
1,008,565.48
1,066,183.64
1,017,796.04
6.688%
1,066,183.64
1,066,183.64
1,235,345.84
941,206.03
6.387%
1,235,345.84
1,235,345.84
2009
6/15/2009
50,001,095.00
23,759,491.49
26,241,603.51
32,629,030.86
(6,387,427.35)
24,899,966.96
1,140,475.47
819,866.04
1,987,421.37
8.578%
819,866.04
819,866.04
912,377.50
1,431,033.98
7.973%
912,377.50
912,377.50
920,211.32
1 338 901 96
7.288%
920,211.32
998,112.06
1,114,389.10
6.726%
998,112.06
998,112.06
1,175,228.68
1,036,107.29
6.421%
1,175,228.68
1,175,228.68
2010
6/15/2010
50,000,173.29
19,175,818.78
30,824,354.51
26,502,206.02
4,322,148.49
20,058,017.04
882,198.26
649,378.68
2,238,792.49
8.581%
649,378.68
649,378.68
798,280.01
1,603,017.26
7.987%
798,280.01
798,280.01
822,637.10
1 468 444 51
7.328%
822,637.10
822,637.10
923,155.93
1 221 326 65
6.764%
923,155.93
923,155.93
1,108,705.04
1,131,192.10
6.454%
1,108,705.04
1,108,705.04
2011
6/15/2011
457,263.42
2,513,291.04
8.584%
457,263.42
457,263.42
670,248.31
1,787,932.08
8.001%
670,248.31
670,248.31
715,027.71
1 606 314 30
7.369%
715,027.71
715,027.71
840,541.98
1 335 094 24
6.802%
840,541.98
840,541.98
1,035,699.89
1,234,740.99
6.487%
1,035,699.89
1,035,699.89
2012
6/15/2012
241,520.50
2,812,642.69
8.587%
241,520.50
241,520.50
527,200.15
1,978,384.21
8.015%
527,200.15
527,200.15
596,664.67
1 750 996 62
7.409%
596,664.67
596,664.67
749,724.17
1,456,006.93
6.840%
749,724.17
749,724.17
955,600.86
1,343,035.23
6.520%
955,600.86
955,600.86
2013
6/15/2013
368,640.57
2,182,953.31
8.028%
368,640.57
368,640.57
466,931.57
1 906 702 03
7.450%
466,931.57
466,931.57
650,127.12
1 584 396 32
6.878%
650,127.12
650,127.12
868,029.59
1,458,344.58
6.554%
868,029.59
868,029.59
2014
6/15/2014
193,383.48
2,404,585.21
8.042%
193,383.48
193,383.48
324,890.08
2,073,969.30
7.490%
324,890.08
324,890.08
541,144.48
1 722 552 1 9
6.917%
541,144.48
541,144.48
772,454.24
1,578,970.06
6.587%
772,454.24
772,454.24
2015
6/15/2015
169,548.12
2,267,188.76
7.478%
169,548.12
169,548.12
422,002.99
1 859 318 21
6.955%
422,002.99
422,002.99
668,447.86
1,707,188.53
6.620%
668,447.86
668,447.86
2016
6/15/2016
292,694.10
2 019 400 87
6.947%
292,694.10
292,694.10
555,427.47
1,843,353.65
6.654%
555,427.47
555,427.47
2017
6/15/2017
152,402.45
2,196,081.67
6.940%
152,402.45
152,402.45
432,778.98
1,989,830.80
6.687%
432,778.98
432,778.98
2018
6/15/2018
_
-
_
_
299,722.18
2,156,368.98
6.679%
299,722.18
299,722.18
2019
6/15/2019
_
-
_
_
155,701.91
6.671%
155,701.91
2020
6/15/2020
_
-
_
_
-
-
-
2021
6/15/2021
_
-
_
_
-
-
-
2022
6/15/2022
_
-
_
_
-
-
-
Page 2 of 9
-------
Investment Benefit of Treasuries
a
b
c
d
e
f
g
1990
1991
1994
1995
1997
Partial first year
Initial Equity Allocation
Required SF Deposit
Available Investment Funds
Capital Recovery Investment
Capital Savings
Investment Earnings
Excess Earnings
Excess Earnings
Capital Savings
Total Benefit
1990 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1991 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1994 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1995 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1997 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
2023
6/15/2023
-
-
-
_
-
-
-
2024
6/15/2024
-
-
-
_
-
-
-
2025
6/15/2025
-
-
-
_
-
-
-
2026
6/15/2026
-
-
-
_
-
-
-
2027
6/15/2027
-
-
-
_
-
-
-
2028
6/15/2028
-
-
-
_
-
-
-
2029
6/15/2029
-
-
-
_
-
-
2030
6/15/2030
-
-
-
_
-
-
2031
6/15/2031
_
-
2032
6/15/2032
_
-
2033
6/15/2033
_
-
2034
6/15/2034
_
-
2035
6/15/2035
_
-
2036
6/15/2036
_
-
2037
6/15/2037
-
-
-
_
-
-
-
2038
6/15/2038
-
-
-
_
-
-
-
2039
6/15/2039
^^^*
-
-
-
_
-
-
-
Page 3 of 9
-------
Investment Benefit of Treasuries
1998
2001
2002
2003
2004
2005
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earninqs
Total
6,691,048.57
7,988,764.94
13.38%
15.98%
18,956,051.71
31,043,948.29
20,151,182.67
20,151,182.67
1,195,130.97
5,968,379.51
7,163,510.48
11.94%
14.33%
25,100,583.86
24,899,416.14
26,268,837.77
1,168,253.91
2,563,471.49
3,731,725.40
5.13%
7.46%
24,626,497.33
25,373,502.67
25,770,783.38
1,144,286.05
2,126,517.13
3,270,803.18
4.25%
6.54%
22,897,721.57
27,102,278.43
23,960,329.69
1,062,608.12
1,524,244.57
2,586,852.69
3.05%
5.17%
21,761,959.65
28,238,040.35
22,771,691.90
1,009,732.25
4,428,820.49
5,438,552.74
8.86%
10.88%
22,589,858.93
27,410,141.07
25,236,983.74
23,631,830.75
6/15/1990
-
-
6/15/1991
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1992
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1993
-
-
^^^^
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1994
-
-
^^^^
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1995
-
-
^^^^
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1996
-
-
-
-
-
-
-
-
-
-
-
-
6/15/1997
-
-
-
-
-
-
-
-
6/15/1998
-
-
-
-
-
-
-
-
6/15/1999
283,986.61
5.053%
1,375,114.79
1,375,114.79
1,091,128.17
-
-
-
-
-
-
6/15/2000
1,271,111.99
5.131%
1,375,114.79
1,375,114.79
104,002.79
-
-
-
-
-
-
6/15/2001
1,375,114.79
5.138%
1,375,114.79
1,375,114.79
-
-
-
-
-
-
6/15/2002
1,349,072.70
562,100.43
5.145%
1,349,072.70
1,349,072.70
-
-
-
-
-
-
6/15/2003
1,320,151.96
620,166.66
5.152%
1,320,151.96
1,320,151.96
6/15/2004
1,288,198.99
683,416.18
5.215%
1,288,198.99
1,288,198.99
177,235.26
3.831%
1,220,090.08
1,042,854.82
182,524.02
2.002%
1,206,690.86
1,024,166.84
-
-
-
1,094,690.98
4.089%
1,220,090.08
125,399.10
1,086,571.65
2.638%
1,206,690.86
120,119.21
203,279.66
1.241%
1,163,057.86
959,778.20
-
-
Page 4 of 9
-------
Investment Benefit of Treasuries
1998
2001
2002
2003
2004
2005
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earninqs
6/15/2005
1,252,555.55
746,529.74
5.279%
1,252,555.55
1,252,555.55
1,220,090.08
138,305.90
4.323%
1,220,090.08
1,220,090.08
1,206,690.86
259,517.21
3.100%
1,206,690.86
1,206,690.86
6/15/2006
1,213,148.93
836,566.13
5.273%
1,213,148.93
1,213,148.93
1,214,111.13
160,064.99
4.557%
1,214,111.13
1,214,111.13
1,198,646.03
258,474.17
3.458%
1,198,646.03
1,060,227.94 1,163,057.86
670,230.68
1.651% 2.105%
1,163,057.86
102,829.92
210,470.63
-
1.888%
1,123,897.80
1,123,897.80
913,427.17
1,163,057.86
1,163,057.86
1,027,592.72
2.381%
1,123,897.80
1,123,897.80
96,305.08
6/15/2007
1,169,033.57
933,905.59
5.268%
1,169,033.57
1,169,033.57
1,206,817.46
183,822.77
4.719%
1,206,817.46
1,206,817.46
1,189,708.46
258,785.39
3.816%
1,189,708.46
1 1 89 708 46
1,148,951.92
590,477.72
2.535%
1,148,951.92
1,148,951.92
1,123,897.80
475,415.27
2.779%
1,123,897.80
1,123,897.80
208,877.80
-
3.855%
6/15/2008
1,119,834.18
1,014,013.61
5.263%
1,119,834.18
1,119,834.18
1,198,142.55
207,431.79
4.882%
1,198,142.55
1,198,142.55
1,179,833.94
291,793.42
4.060%
1,179,833.94
1 179 833 94
1,133,980.94
558,107.63
2.966%
1,133,980.94
1,133,980.94
1,110,683.73
484,226.08
3.103%
1,110,683.73
1,110,683.73
1,048,299.49
3.928%
6/15/2009
1,066,467.86
1,112,769.17
5.308%
1,066,467.86
1,066,467.86
1,188,016.45
236,418.27
4.928%
1,188,016.45
1,188,016.45
1,167,986.66
323,320.52
4.305%
1,167,986.66
1 167 986 66
1,117,426.58
529,823.41
3.245%
1,117,426.58
1,117,426.58
1,095,659.55
490,531.48
3.426%
1,095,659.55
1,095,659.55
1,149,574.56
284,932.28
3.987%
1,149,574.56 1,149,574.56 1,149,574.56
6/15/2010
1,007,399.98
1,217,852.53
5.353%
1,007,399.98
1,007,399.98
1,176,365.76
268,959.19
4.974%
1,176,365.76
1,176,365.76
1,154,069.00
367,882.10
4.407%
1,154,069.00
1,154,069.00
1,100,235.93
535,745.32
3.523%
1,100,235.93
1,100,235.93
1,078,854.14
514,696.27
3.646%
1,078,854.14
1,078,854.14
1,138,214.08
327,653.89
4.046%
1,138,214.08
6/15/2011
942,202.29
1,327,227.83
5.399%
942,202.29
942,202.29
1,162,986.81
305,161.81
5.021%
1,162,986.81
1 16298681
1,137,854.87
412,931.35
4.510%
1,137,854.87
1,137,854.87
1,081,361.41
547,429.83
3.687%
1,081,361.41
1,081,361.41
1,060,088.21
543,651.83
3.866%
1,060,088.21
1,060,088.21
1,124,956.02
350,528.85
4.099%
1,124,956.02
6/15/2012
870,547.86
1,445,668.45
5.444%
870,547.86
870,547.86
1,147,665.60
340,912.61
5.082%
1,147,665.60
1 1 47 665 60
1,119,230.62
335,976.01
4.613%
1,119,230.62
1,119,230.62
1,061,179.57
586,117.49
3.850%
1,061,179.57
1,061,179.57
1,039,070.19
583,941.98
4.001%
1,039,070.19
1,039,070.19
1,110,587.49
387,039.49
4.152%
1,110,587.49
6/15/2013
791,844.05
1,575,788.13
5.489%
791,844.05
791,844.05
1,130,340.98
380,966.83
5.143%
1,130,340.98
1 1 30 340 98
1,103,731.77
385,967.58
4.695%
1,103,731.77
1,103,731.77
1,038,612.48
421,741.70
4.014%
1,038,612.48
1,038,612.48
1,015,705.74
623,976.28
4.136%
1,015,705.74
1,015,705.74
1,094,518.23
432,838.75
4.198%
1,094,518.23
6/15/2014
705,342.42
1,711,291.46
5.535%
705,342.42
705,342.42
1,110,747.92
427,148.04
5.204%
1,110,747.92
1110 747 92
1,085,610.86
444,730.06
4.777%
1,085,610.86
1,085,610.86
1,021,684.28
474,794.53
4.108%
1,021,684.28
1,021,684.28
989,896.59
392,364.84
4.271%
989,896.59
989,896.59
1,076,349.74
482,327.84
4.243%
1,076,349.74
6/15/2015
610,627.10
1,847,995.99
5.580%
610,627.10
610,627.10
1,088,518.57
484,401.83
5.265%
1,088,518.57
1 08851857
1,064,367.06
504,692.59
4.859%
1,064,367.06
1,064,367.06
1,002,178.58
528,241.81
4.203%
1,002,178.58
1,002,178.58
973,137.43
444,877.34
4.349%
973,137.43
973,137.43
1,055,883.61
533,057.21
4.289%
1,055,883.61
6/15/2016
507,508.25
1,990,465.64
5.625%
507,508.25
507,508.25
1,063,013.44
543,453.78
5.326%
1,063,013.44
1,063,013.44
1,039,845.89
565,950.24
4.940%
1,039,845.89
1,039,845.89
979,978.69
584,814.80
4.297%
979,978.69
979,978.69
953,791.38
498,004.13
4.426%
953,791.38
953,791.38
1,033,021.42
407,847.57
4.324%
1,033,021.42
6/15/2017
395,537.71
2,143,362.55
5.671%
395,537.71
395,537.71
1,034,066.75
606,745.65
5.388%
1,034,066.75
1,034,066.75
1,011,885.19
631,061.89
5.022%
1,011,885.19
1,01 1,885.19
954,849.43
623,933.69
4.391%
954,849.43
954,849.43
931,750.08
554,139.69
4.503%
931,750.08
931,750.08
1,015,384.43
464,170.31
4.360%
1,015,384.43
6/15/2018
273,995.08
2,302,767.23
5.716%
273,995.08
273,995.08
1,001,377.84
674,415.44
5.449%
1,001,377.84
1,001,377.84
980,191.11
700,127.33
5.104%
980,191.11
980,191.11
927,450.50
683,884.23
4.486%
927,450.50
927,450.50
906,795.88
608,757.26
4.581%
906,795.88
906,795.88
995,146.90
519,646.25
4.395%
995,146.90
6/15/2019
142,369.83
2,496,820.96
5.702%
142,369.83
142,369.83
964,630.76
739,717.67
5.510%
964,630.76
944,455.27
768,483.33
5.186%
944,455.27
944,455.27
896,773.65
742,133.92
4.580%
896,773.65
896,773.65
878,911.54
664,197.36
4.658%
878,911.54
878,911.54
972,306.04
579,198.85
4.431%
972,306.04
6/15/2020
-
-
923,873.22
809,500.53
5.571%
923,873.22
904,601.38
843,278.77
5.268%
904,601.38
904,601.38
862,783.61
806,084.13
4.674%
862,783.61
862,783.61
847,974.29
722,739.28
4.735%
847,974.29
847,974.29
946,641.78
642,940.44
4.467%
946,641.78
6/15/2021
-
-
878,775.71
883,913.77
5.632%
878,775.71
860,178.34
913,074.99
5.350%
860,178.34
860,178.34
825,104.02
868,632.50
4.769%
825,104.02
825,104.02
813,751.54
782,260.10
4.812%
813,751.54
813,751.54
917,924.72
708,580.11
4.502%
917,924.72
6/15/2022
-
^^^^
828,992.12
975,953.43
5.618%
828,992.12
811,331.12
987,074.34
5.432%
811,331.12
811,331.12
783,681.02
934,567.15
4.863%
783,681.02
783,681.02
776,105.68
847,114.27
4.890%
776,105.68
776,105.68
886,024.10
778,588.18
4.538%
886,024.10
Page 5 of 9
-------
Investment Benefit of Treasuries
1998
2001
2002
2003
2004
2005
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
1998 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2001 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2002 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2003 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2004 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2005 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earninqs
6/15/2023
-
.
-
774,158.73
1,073,003.47
5.605%
774,158.73
774,158.73
757,717.20
1,082,062.44
5.429%
757,717.20
757,717.20
738,231.90
1,003,950.90
4.957%
738,231.90
738,231.90
734,683.90
904,701.28
4.967%
734,683.90
734,683.90
850,695.07
850,718.73
4.573%
850,695.07
6/15/2024
-
-
-
714,020.00
1,173,069.17
5.591%
714,020.00
714,020.00
698,977.00
1,184,111.40
5.425%
698,977.00
698,977.00
688,461.23
1,097,353.99
4.957%
688,461.23
688,461.23
689,746.88
963,442.21
5.044%
689,746.88
689,746.88
811,790.82
927,414.16
4.609%
811,790.82
6/15/2025
-
-
-
648,433.99
1,283,107.92
5.577%
648,433.99
648,433.99
634,733.28
1,293,578.13
5.422%
634,733.28
634,733.28
634,060.13
1,192,702.73
4.957%
634,060.13
634,060.13
641,147.38
1,041,164.62
5.044%
641,147.38
641,147.38
769,049.71
1,006,474.32
4.644%
769,049.71
6/15/2026
-
-
-
576,871.95
1,396,851.77
5.564%
576,871.95
576,871.95
564,590.04
1,408,554.65
5.419%
564,590.04
564,590.04
574,932.13
1,296,934.25
4.957%
574,932.13
574,932.13
588,627.29
1,124,218.45
5.044%
588,627.29
588,627.29
722,307.44
1,098,655.55
4.644%
722,307.44
6/15/2027
-
-
-
499,157.99
1,523,607.31
5.550%
499,157.99
499,157.99
488,255.39
1,529,316.16
5.416%
488,255.39
488,255.39
510,636.87
1,405,886.19
4.957%
510,636.87
510,636.87
531,917.67
1,208,674.88
5.044%
531,917.67
531,917.67
671,284.11
1,197,121.59
4.644%
671,284.11
6/15/2028
-
-
-
414,601.23
1,654,961.65
5.536%
414,601.23
405,423.04
1,658,437.81
5.413%
405,423.04
405,423.04
440,940.35
1,519,769.84
4.957%
440,940.35
440,940.35
470,947.75
1,300,821.46
5.044%
470,947.75
470,947.75
615,687.87
1,285,779.82
4.644%
615,687.87
6/15/2029
-
-
322,981.88
1,798,024.16
5.522%
322,981.88
315,647.82
1,796,340.86
5.410%
315,647.82
315,647.82
365,598.06
1,643,376.67
4.957%
365,598.06
365,598.06
405,329.64
1,394,751.51
5.044%
405,329.64
405,329.64
555,974.20
1,380,571.99
4.644%
555,974.20
6/15/2030
-
-
223,689.48
1,951,145.35
5.509%
223,689.48
223,689.48
218,462.55
1,943,467.33
5.407%
218,462.55
218,462.55
284,127.99
1,772,579.95
4.957%
284,127.99
284,127.99
334,973.35
1,496,767.74
5.044%
334,973.35
334,973.35
491,858.23
1,479,423.26
4.644%
491,858.23
6/15/2031
-
-
116,209.22
5.495%
116,209.22
116,209.22
113,376.93
5.404%
113,376.93
113,376.93
196,252.69
1,907,633.05
4.957%
196,252.69
196,252.69
259,471.00
1,600,981.24
5.044%
259,471.00
259,471.00
423,151.44
1,582,507.88
4.644%
6/15/2032
-
-
-
-
101,682.17
2,051,085.76
4.957%
101,682.17
101,682.17
178,711.74
1,713,712.06
5.044%
178,711.74
178,711.74
349,657.25
1,692,343.32
4.644%
423,151.44 I 349,657.25
6/15/2033
-
-
-
-
-
92,265.93
1,829,090.96
5.044%
92,265.93
271,062.12
1,811,557.05
4.644%
271,062.12
6/15/2034
-
-
-
-
-
-
-
186,930.51
1,942,886.87
4.644%
186,930.51
6/15/2035
-
-
-
-
-
-
-
96,699.73
2,082,179.18
4.644%
96,699.73
6/15/2036
-
-
-
-
-
-
-
6/15/2037
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2038
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6/15/2039
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Page 6 of 9
-------
Investment Benefit of Treasuries
2006
2007
2008
2009
2010
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Total
23,631,830.75
1,041,971.82
2,173,157.33
3,215,129.15
4.35%
6.43%
23,546,736.33
26,453,263.67
24,635,533.07
1,088,796.75
2,598,018.52
3,686,815.27
5.20%
7.37%
22,122,632.76
27,877,367.24
23,144,797.76
1,022,165.01
4,323,832.99
5,345,997.99
8.65%
10.69%
22,529,637.93
27,470,362.07
23,616,315.70
1,086,677.77
(1,784,880.36)
(698,202.59)
-3.57%
-1.40%
23,759,491.49
26,240,508.51
24,899,966.96
24,899,966.96
1,140,475.47
(6,388,522.35)
(5,248,046.88)
-12.78%
-10.50%
19,175,818.78
30,824,181.22
20,058,017.04
20,058,017.04
882,198.26
4,321,975.20
5,204,173.46
6/15/1990
:
.
.
.
-
.
-
6/15/1991
:
.
.
.
-
.
-
6/15/1992
:
.
.
.
-
.
-
6/15/1993
:
.
.
.
-
.
-
6/15/1994
:
.
.
.
-
.
-
6/15/1995
:
.
.
.
-
.
-
6/15/1996
6/15/1997
6/15/1998
6/15/1999
6/15/2000
6/15/2001
6/15/2002
6/15/2003
6/15/2004
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Page 7 of 9
-------
Investment Benefit of Treasuries
2006
2007
2008
2009
2010
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
6/15/2005
:
.
.
.
.
.
-
6/15/2006
:
.
.
.
.
-
6/15/2007
1,149,574.56
940,696.76
-
-
-
-
-
6/15/2008
1,149,574.56
101,275.07
195,619.74
4.818%
1,172,540.54
1,172,540.54
976,920.81
207,617.61
4.531%
1,131,355.32
1,131,355.32
923,737.71
-
-
-
-
6/15/2009
1,149,574.56
1,060,664.60
4.773%
1,172,540.54
1,172,540.54
111,875.94
1,032,928.03
4.365%
1,131,355.32
1,131,355.32
98,427.30
-
-
-
-
6/15/2010
1,138,214.08
1,172,540.54
4.761%
1,172,540.54
1,172,540.54
1,131,355.32
4.347%
1,131,355.32
1,131,355.32
213,162.10
2.011%
1,194,110.01
1,194,110.01
980,947.91
200,119.69
0.474%
1,224,669.22
1,224,669.22
1,024,549.54
-
-
6/15/2011
1,124,956.02
1,164,844.66
198,403.60
4.749%
1,164,844.66
1,164,844.66
1,118,841.72
309,384.27
4.389%
1,118,841.72
1,118,841.72
1,088,380.15
2.243%
1,194,110.01
1,194,110.01
105,729.86
1,108,743.28
0.958%
1,224,669.22
1,224,669.22
115,925.94
223,747.00
0.383%
1,031,949.76
1,031,949.76
808,202.76
6/15/2012
1,110,587.49
1,155,422.95
236,169.62
4.753%
1,155,422.95
1,155,422.95
1,105,262.03
338,723.51
4.432%
1,105,262.03
1,105,262.03
1,194,110.01
543,046.84
2.523%
1,194,110.01
1,194,110.01
1,224,669.22
718,499.04
1.431%
1,224,669.22
1,224,669.22
957,954.26
0.931%
1,031,949.76
1,031,949.76
73,995.50
6/15/2013
1,094,518.23
1,144,196.68
277,998.52
4.758%
1,144,196.68
1,144,196.68
1,090,251.18
381,064.51
4.471%
1,090,251.18
1,090,251.18
1,180,408.03
559,997.21
2.804%
1,180,408.03
1,180,408.03
1,214,390.09
607,676.99
1.814%
1,214,390.09
1,214,390.09
1,031,949.76
1,321,010.57
1.476%
1,031,949.76
1,031,949.76
6/15/2014
1,076,349.74
1,130,968.95
321,152.74
4.770%
1,130,968.95
1,130,968.95
1,073,215.40
424,586.33
4.510%
1,073,215.40
1,073,215.40
1,164,708.25
595,429.90
2.988%
1,164,708.25
1,164,708.25
1,203,365.49
564,938.19
2.198%
1,203,365.49
1,203,365.49
1,012,452.67
1,071,180.45
1.944%
1,012,452.67
1,012,452.67
6/15/2015
1,055,883.61
1,115,648.47
366,081.42
4.783%
1,115,648.47
1,115,648.47
1,054,068.42
469,060.70
4.551%
1,054,068.42
1,054,068.42
1,146,919.37
611,746.24
3.172%
1,146,919.37
1,146,919.37
1,190,949.28
582,798.65
2.506%
1,190,949.28
1,190,949.28
991,628.09
938,888.16
2.412%
991,628.09
991,628.09
6/15/2016
1,033,021.42
1,098,139.77
422,419.87
4.795%
1,098,139.77
1,098,139.77
1,032,720.24
517,089.54
4.593%
1,032,720.24
1,032,720.24
1,127,517.26
652,755.73
3.336%
1,127,517.26
1,127,517.26
1,176,341.66
600,538.94
2.815%
1,176,341.66
1,176,341.66
968,979.92
885,385.76
2.771%
968,979.92
968,979.92
6/15/2017
1,015,384.43
1,077,884.74
356,283.67
4.815%
1,077,884.74
1,077,884.74
1,008,970.51
373,382.03
4.635%
1,008,970.51
1,008,970.51
1,105,742.53
693,016.91
3.500%
1,105,742.53
1,105,742.53
1,159,435.77
655,638.05
2.965%
1,159,435.77
1,159,435.77
944,442.70
834,862.21
3.130%
944,442.70
944,442.70
6/15/2018
995,146.90
1,060,728.86
413,624.83
4.835%
1,060,728.86
1,060,728.86
991,665.52
423,566.67
4.662%
991,665.52
991,665.52
1,081,486.66
735,882.79
3.664%
1,081,486.66
1,081,486.66
1,139,997.50
705,492.16
3.114%
1,139,997.50
1,139,997.50
918,307.46
851,554.49
3.316%
918,307.46
918,307.46
6/15/2019
972,306.04
1,040,728.22
470,801.80
4.856%
1,040,728.22
1,040,728.22
971,918.20
477,655.07
4.690%
971,918.20
971,918.20
1,054,521.98
523,984.45
3.734%
1,054,521.98
1,054,521.98
1,118,025.28
589,610.33
3.264%
1,118,025.28
1,118,025.28
890,068.37
871,194.50
3.502%
890,068.37
890,068.37
6/15/2020
946,641.78
1,017,867.57
530,180.33
4.876%
1,017,867.57
1,017,867.57
949,517.89
535,768.46
4.717%
949,517.89
949,517.89
1,034,957.38
585,995.89
3.803%
1,034,957.38
1,034,957.38
1,098,779.69
657,329.85
3.349%
1,098,779.69
1,098,779.69
859,560.21
462,607.54
3.688%
859,560.21
859,560.21
6/15/2021
917,924.72
992,016.44
591,854.31
4.896%
992,016.44
992,016.44
924,244.99
593,543.52
4.745%
924,244.99
924,244.99
1,012,669.83
648,993.64
3.873%
1,012,669.83
1,012,669.83
1,076,765.58
736,289.58
3.434%
1,076,765.58
1,076,765.58
842,501.22
491,259.07
3.761%
842,501.22
842,501.22
6/15/2022
886,024.10
963,038.43
658,252.93
4.916%
963,038.43
963,038.43
896,083.59
657,698.28
4.772%
896,083.59
896,083.59
987,534.88
718,868.09
3.942%
987,534.88
987,534.88
1,051,481.98
815,971.64
3.519%
1,051,481.98
1,051,481.98
824,022.82
529,489.87
3.835%
824,022.82
824,022.82
Page 8 of 9
-------
Investment Benefit of Treasuries
2006
2007
2008
2009
2010
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2006 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2007 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2008 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2009 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
Percentage Savings
Percentage Beneift
2010 Financing
Required SF Deposit
Available Investment Funds
Required Investment
Investment Rate
Investment Earnings
Required for Subsidy
Excess Earnings
Capital Savings
Total Benefit
6/15/2023 6/15/2024 6/15/2025 6/15/2026 6/15/2027 6/15/2028 6/15/2029 6/15/2030 6/15/2031 6/15/2032 6/15/2033 6/15/2034 6/15/2035 6/15/2036 6/15/2037 6/15/2038
850,695.07
930,676.29
727,234.83
4.937%
930,676.29
930,676.29
864,697.50
723,980.80
4.800%
864,697.50
864,697.50
959,193.78
787,124.75
4.012%
959,193.78
959,193.78
1,022,769.41
896,541.46
3.604%
1,022,769.41
1,022,769.41
803,715.29
558,776.61
3.909%
803,715.29
803,715.29
811,790.82
894,775.65
798,910.10
4.957%
894,775.65
894,775.65
829,949.30
792,477.72
4.827%
829,949.30
829,949.30
927,614.24
859,482.14
4.082%
927,614.24
927,614.24
990,460.57
984,773.02
3.689%
990,460.57
990,460.57
781,871.79
608,628.24
3.983%
781,871.79
781,871.79
769,049.71
855,175.08
877,998.48
4.977%
855,175.08
855,175.08
791,695.68
858,886.68
4.855%
791,695.68
791,695.68
892,533.94
936,023.04
4.151%
892,533.94
892,533.94
954,136.03
1,070,993.93
3.774%
954,136.03
954,136.03
757,629.95
660,997.93
4.057%
757,629.95
757,629.95
722,307.44
811,476.64
957,894.86
4.997%
811,476.64
811,476.64
750,000.32
927,551.95
4.882%
750,000.32
750,000.32
853,678.58
1,014,131.13
4.221%
853,678.58
853,678.58
913,721.86
1,164,913.49
3.858%
913,721.86
913,721.86
730,813.97
715,902.15
4.131%
730,813.97
730,813.97
671,284.11
763,607.95
1,052,041.95
4.986%
763,607.95
763,607.95
704,716.57
998,563.77
4.910%
704,716.57
704,716.57
810,875.54
1,096,575.90
4.290%
810,875.54
810,875.54
868,774.61
1,257,304.19
3.943%
868,774.61
868,774.61
701,241.79
771,229.49
4.205%
701,241.79
701,241.79
615,687.87
711,149.64
1,150,812.20
4.975%
711,149.64
711,149.64
655,691.47
1,081,757.84
4.902%
655,691.47
655,691.47
763,830.12
1,180,839.03
4.360%
763,830.12
763,830.12
819,195.08
1,357,466.67
4.028%
819,195.08
819,195.08
668,814.51
827,040.09
4.278%
668,814.51
668,814.51
555,974.20
653,892.32
1,249,812.29
4.964%
653,892.32
653,892.32
602,659.00
1,173,035.50
4.895%
602,659.00
602,659.00
712,348.36
1,289,679.68
4.352%
712,348.36
712,348.36
764,513.34
1,453,615.79
4.113%
764,513.34
764,513.34
633,429.72
873,090.50
4.352%
633,429.72
633,429.72
491,858.23
591,846.19
1,355,973.96
4.953%
591,846.19
591,846.19
545,235.31
1,268,408.87
4.888%
545,235.31
545,235.31
656,227.46
1,409,077.89
4.343%
656,227.46
656,227.46
704,724.37
1,588,216.27
4.109%
704,724.37
704,724.37
595,429.77
933,909.52
4.426%
595,429.77
595,429.77
423,151.44
524,678.18
1,467,333.22
4.943%
524,678.18
524,678.18
483,233.21
1,370,241.07
4.881%
483,233.21
483,233.21
595,026.78
1,534,285.76
4.335%
595,026.78
595,026.78
639,457.07
1,729,565.63
4.106%
639,457.07
639,457.07
554,092.94
1,008,649.08
4.441%
554,092.94
554,092.94
349,657.25
452,154.65
1,586,464.17
4.932%
452,154.65
452,154.65
416,351.04
1,478,825.06
4.874%
416,351.04
416,351.04
528,514.08
1,665,581.76
4.327%
528,514.08
528,514.08
568,444.15
1,877,999.76
4.102%
568,444.15
568,444.15
509,299.52
1,089,705.31
4.456%
509,299.52
509,299.52
271,062.12
373,916.71
1,706,767.13
4.921%
373,916.71
373,916.71
344,274.22
1,592,275.37
4.867%
344,274.22
344,274.22
456,446.55
1,805,903.83
4.319%
456,446.55
456,446.55
491,405.30
2,039,823.77
4.099%
491,405.30
491,405.30
460,746.06
1,171,239.35
4.470%
460,746.06
460,746.06
186,930.51
289,932.77
1,835,279.17
4.910%
289,932.77
289,932.77
266,781.42
1,708,616.63
4.860%
266,781.42
266,781.42
378,455.97
1,955,694.15
4.310%
378,455.97
378,455.97
407,802.55
2,206,777.42
4.095%
407,802.55
407,802.55
408,387.34
1,259,282.04
4.485%
408,387.34
408,387.34
96,699.73
199,826.15
1,970,067.62
4.899%
199,826.15
199,826.15
183,748.30
1,830,165.32
4.853%
183,748.30
183,748.30
294,157.29
2,112,760.36
4.302%
294,157.29
294,157.29
317,437.66
2,391,036.09
4.091%
317,437.66
317,437.66
351,907.44
1,352,028.34
4.500%
351,907.44
351,907.44
103,317.50
2,113,783.27
4.888%
103,317.50
103,317.50
94,938.76
1,959,352.78
4.845%
94,938.76
203,262.13
2,280,112.14
4.294%
203,262.13
203,262.13
219,614.83
2,584,525.69
4.088%
219,614.83
219,614.83
291,068.79
1,447,634.04
4.515%
291,068.79
291,068.79
:
-
:
-
.
105,354.66
2,458,253.20
4.286%
105,354.66
105,354.66
113,970.17
2,790,694.26
4.084%
113,970.17
113,970.17
225,715.00
1,548,176.47
4.529%
225,715.00
225,715.00
:
^
-
-
155,594.33
1,653,804.63
4.544%
155,594.33
155,594.33
6/15/2039
:
^
^^
^^H
^^m
80,446.09
1,764,679.62
4.559%
80,446.09
80,446.09
Page 9 of 9
-------
100 Million, 50% Subsidy CW NYW Deal
39,982,735.41
e-b
New Model
Long Term
Investments
126,871.0
509,524.2
134,938.1
103,314.3
125,942.1
164,693.0
205,367.2
248,060.2
295,372.2
342,532.4
350,162.4
405,042.0
462,645.5
525,608.1
594,195.6
666,187.4
741,752.3
821,067.8
906,819.9
999,328.2
1,096,428.0
1,198,347.1
1,307,824.8
1,425,236.2
1,548,475.1
1,677,830.7
1,818,606.6
1,963,869.7
2,121,342.6
2,284,131.4
24,829,694.06 15,731,744.00 40,561,438.06 50,001,210.00 25,171,515.94
Arbitrage Yield
Payment
Date
6/15/1989
12/15/1989
6/15/1990
12/15/1990
6/15/1991
12/15/1991
6/15/1992
12/15/1992
6/15/1993
12/15/1993
6/15/1994
12/15/1994
6/15/1995
12/15/1995
6/15/1996
12/15/1996
6/15/1997
12/15/1997
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
a
Subsidy
Requirement
156,633.99
482,114.51
788,572.33
1,078,129.51
1,205,820.27
1,175,864.84
1,175,864.84
1,143,641.68
1,143,641.68
1,110,989.48
1,110,989.48
1,077,540.52
1,077,540.52
1,043,294.79
1,043,294.79
1,008,252.28
1,008,252.28
972,351.72
972,351.72
935,654.38
935,654.38
899,186.78
899,186.78
861,799.83
861,799.83
823,493.53
823,493.53
784,206.59
784,206.59
743,877.72
743,877.72
702,506.91
702,506.91
660,094.18
660,094.18
616,639.51
616,639.51
572,081.63
572,081.63
526,359.23
526,359.23
479,472.31
479,472.31
431 ,420.89
431 ,420.89
382,143.67
382,143.67
331 ,579.35
331 ,579.35
279,727.94
279,727.94
226,589.44
226,589.44
172,041.27
172,041.27
116,144.72
116,144.72
58,777.21
58,777.21
b
4.903206%
Escrow
Deposit
Direct Loan
Principal
179,846.76
473,813.06
613,119.84
598,195.68
612,861.06
595,662.82
610,266.11
592,575.21
607,102.81
588,537.60
602,966.21
583,502.81
597,807.99
577,421 .36
591,577.44
570,180.01
584,158.56
561,782.47
575,555.15
553,197.88
566,760.09
543,267.85
556,586.62
531,925.62
544,966.33
519,039.80
531,764.59
504,472.48
516,840.15
488,140.20
500,107.47
469,955.39
481,476.83
449,826.06
460,854.01
427,594.44
438,077.36
403,094.88
412,977.17
376,214.81
385,438.10
346,836.09
355,339.14
314,773.42
322,490.42
279,832.28
286,692.66
241,869.82
247,799.51
200,736.07
205,657.32
156,151.05
159,979.25
108,004.76
110,652.61
55,997.86
57,370.71
c
Interest
Earned on
Escrow
Direct Loan
Interest
608,725.57
608,725.57
608,725.57
604,316.45
592,700.43
577,669.16
563,003.78
547,978.86
533,375.57
518,414.27
503,886.67
489,002.92
474,574.31
459,791.98
445,486.80
430,830.92
416,674.84
402,171.71
388,193.16
373,871 .91
360,099.23
345,988.90
332,426.69
318,531.98
305,213.21
291,567.91
278,527.20
265,166.79
252,442.00
239,405.24
227,037.57
214,366.71
202,399.44
190,138.79
178,617.35
166,813.45
155,785.50
144,487.19
134,004.27
123,264.35
113,382.06
103,257.50
94,034.21
84,584.80
76,081.75
67,370.25
59,653.25
51,747.07
44,886.69
37,858.12
31,928.43
25,853.37
20,932.12
15,890.22
12,062.02
8,139.96
5,492.11
2,779.35
1,406.50
d
Total Escrow
Cash Flow
Direct Loan DS
608,725.57
608,725.57
788,572.33
1,078,129.51
1 ,205,820.27
1,175,864.84
1,175,864.84
1,143,641.68
1,143,641.68
1,110,989.48
1,110,989.48
1 ,077,540.52
1 ,077,540.52
1,043,294.79
1,043,294.79
1,008,252.28
1,008,252.28
972,351.72
972,351.72
935,654.38
935,654.38
899,186.78
899,186.78
861,799.83
861,799.83
823,493.53
823,493.53
784,206.59
784,206.59
743,877.72
743,877.72
702,506.91
702,506.91
660,094.18
660,094.18
616,639.51
616,639.51
572,081 .63
572,081 .63
526,359.23
526,359.23
479,472.31
479,472.31
431,420.89
431,420.89
382,143.67
382,143.67
331,579.35
331,579.35
279,727.94
279,727.94
226,589.44
226,589.44
172,041.27
172,041.27
116,144.72
116,144.72
58,777.21
58,777.21
e
Base Case
Release
Recyclable
Funds
126,871.00
689,371.00
1,221,871.00
1,314,371.00
1,331,871.00
1,364,371.00
1,396,871.00
1,429,371.00
1,464,371.00
1,496,871.00
1,487,500.00
1,525,000.00
1,562,500.00
1,602,500.00
1,645,000.00
1,687,500.00
1,730,000.00
1,772,500.00
1,817,500.00
1,865,000.00
1,912,500.00
1,960,000.00
2,010,000.00
2,062,500.00
2,115,000.00
2,167,500.00
2,225,000.00
2,280,000.00
2,340,000.00
2,397,500.00
old:
interest earnings + principal of this amount must total the sum of column "e"
-------
100 Million, 50% Subsidy CW NYW Deal
1990 Scale
Term: 22.0
a b
e-b
b2
Arbitrage Yield 7.374072%
SRF Sinking Fund
Payment Interest Subsidy Escrow
Date Requirement Maturing Principal
Interest
Earned on
Sinking Fund
Total Escrow
Sinking Fund
Cash Flow
Base Case
Release
Capital
Available for
Long Term
Investments
Capital
Recovery
Amount to
Solve for
6/15/1990
12/15/1990
6/15/1991
12/15/1991
6/15/1992
12/15/1992
6/15/1993
12/15/1993
6/15/1994
12/15/1994
6/15/1995
12/15/1995
6/15/1996
12/15/1996
6/15/1997
12/15/1997
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
235,560.61
729,725.81
1,190,605.27
1,651,484.73
1,843,517.84
1,843,517.84
1,843,517.84
1,777,796.43
1,777,796.43
1,710,139.33
1,710,139.33
1,640,454.35
1,640,454.35
1,568,649.33
1,568,649.33
1,494,447.74
1,494,447.74
1,417,849.57
1,417,849.57
1,338,578.31
1,338,578.31
1,256,541.76
1,256,541.76
1,171,647.76
1,171,647.76
1,083,619.79
1,083,619.79
992,457.83
992,457.83
897,885.37
897,885.37
799,810.22
799,810.22
697,955.85
697,955.85
592,230.11
592,230.11
482,448.62
482,448.62
368,519.22
368,519.22
250,257.55
250,257.55
127,479.26
127,479.26
0.00
0.00
151,838.65
618,316.45
833,147.11
863,865.55
895,716.58
863,020.56
894,840.43
860,176.42
891,891.43
855,090.81
886,618.31
847,503.23
878,750.97
836,949.25
867,807.86
823,206.08
853,557.98
805,757.71
835,466.29
784,233.68
813,148.65
758,235.73
786,192.16
727,151.37
753,961.70
690,598.58
716,061.20
647,890.17
671,778.11
598,471.66
620,537.53
541,562.60
561,530.20
476,508.28
494,077.31
402,512.63
417,353.41
318,811.98
330,566.69
224,493.14
232,770.28
118,574.31
122,946.19
1,038,766.62
1,038,766.62
1,038,766.62
1,033,168.28
1,010,370.73
979,652.29
947,801.26
914,775.87
882,956.00
849,962.91
818,247.90
785,363.54
753,836.04
721,146.10
689,898.36
657,498.49
626,639.88
594,643.49
564,291.59
532,820.60
503,112.02
472,308.08
443,393.11
413,412.03
385,455.60
356,468.42
329,658.09
301,859.25
276,396.63
249,995.20
226,107.26
201,338.56
179,272.69
156,393.25
136,425.65
115,721.83
98,152.80
79,935.99
65,095.21
49,707.24
37,952.53
25,764.41
17,487.27
8,904.95
4,533.07
1,038,766.62
1,038,766.62
1,190,605.27
1,651,484.73
1,843,517.84
1,843,517.84
1,843,517.84
1,777,796.43
1,777,796.43
1,710,139.33
1,710,139.33
1,640,454.35
1,640,454.35
1,568,649.33
1,568,649.33
1,494,447.74
1,494,447.74
1,417,849.57
1,417,849.57
1,338,578.31
1,338,578.31
1,256,541.76
1,256,541.76
1,171,647.76
1,171,647.76
1,083,619.79
1,083,619.79
992,457.83
992,457.83
897,885.37
897,885.37
799,810.22
799,810.22
697,955.85
697,955.85
592,230.11
592,230.11
482,448.62
482,448.62
368,519.22
368,519.22
250,257.55
250,257.55
127,479.26
127,479.26
1,782,500.00
1,835,000.00
1,890,000.00
1,947,500.00
2,012,500.00
2,077,500.00
2,150,000.00
2,225,000.00
2,302,500.00
2,387,500.00
2,472,500.00
2,565,000.00
2,660,000.00
2,762,500.00
2,867,500.00
2,977,500.00
3,090,000.00
3,207,500.00
3,330,000.00
3,457,500.00
(151,838.65)
(1,451,463.57)
22,917.88
77,139.01
137,932.15
205,790.88
286,245.80
372,742.89
473,235.94
583,776.00
705,117.67
843,072.11
991,386.92
1,158,340.22
1,340,331.72
1,543,490.81
1,764,407.20
2,006,914.41
2,270,133.96
2,558,121.32
2,872,736.58
3,215,979.50
151,838.65
1,451,463.57
1,759,582.12
1,757,860.99
1,752,067.85
1,741,709.12
1,726,254.20
1,704,757.11
1,676,764.06
1,641,224.00
1,597,382.33
1,544,427.89
1,481,113.08
1,406,659.78
1,319,668.28
1,219,009.19
1,103,092.80
970,585.59
819,866.04
649,378.68
457,263.42
241,520.50
48,675,466.74
28,173,489.24 21,614,224.32 49,787,713.56 50,000,000.00 21,826,510.76
28,173,489.24
amount to solve for
-------
100 Million, 50% Subsidy CW NYW Deal
1991 Scale
Term: 23.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
6.480263%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/1991
12/15/1991
6/15/1992
12/15/1992
6/15/1993
12/15/1993
6/15/1994
12/15/1994
6/15/1995
12/15/1995
6/15/1996
12/15/1996
6/15/1997
12/15/1997
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
207,008.40
641,276.03
1,046,292.47
1,451,308.91
1,620,065.76
1,568,061.65
1,568,061.65
1,512,493.39
1,512,493.39
1,455,791.09
1,455,791.09
1,397,873.74
1,397,873.74
1,338,579.33
1,338,579.33
1,277,826.87
1,277,826.87
1,215,454.34
1,215,454.34
1,151,380.74
1,151,380.74
1,085,444.06
1,085,444.06
1,017,563.30
1,017,563.30
947,576.46
947,576.46
875,402.53
875,402.53
800,879.51
800,879.51
723,845.38
723,845.38
644,057.14
644,057.14
561,352.79
561,352.79
475,651.31
475,651.31
386,790.70
386,790.70
294,689.96
294,689.96
199,592.10
199,592.10
101,416.12
101,416.12
0.00
0.00
204,856.31
616,510.36
805,242.96
779,329.78
804,581.09
775,082.32
800,196.00
769,421.10
794,351.36
762,172.04
786,867.42
753,068.54
777,468.96
741,907.51
765,946.29
728,391.43
751,992.27
712,284.21
735,363.15
693,253.20
715,715.52
671,024.88
692,766.97
645,226.69
666,132.89
615,542.54
635,486.93
581,554.52
600,397.65
542,817.19
560,405.18
498,774.81
514,935.77
448,916.01
463,461.48
392,776.76
405,503.25
329,781.48
340,466.83
259,397.66
267,802.49
181,381.78
187,258.79
95,150.24
98,233.23
0.00
0.00
841,436.16
841,436.16
841,436.16
834,798.55
814,822.80
788,731.87
763,480.56
737,411.07
712,297.39
686,369.99
661,439.73
635,701.70
611,006.32
585,510.79
561,110.37
535,919.36
511,880.58
487,062.91
463,462.07
439,096.53
416,017.59
392,190.86
369,728.54
346,538.42
324,796.33
302,349.77
281,443.57
259,859.99
239,915.60
219,324.99
200,481.86
181,028.19
163,440.20
145,282.33
129,121.37
112,436.78
97,891.31
82,874.55
70,148.06
57,009.22
46,323.87
35,292.30
26,887.47
18,210.32
12,333.31
6,265.88
3,182.89
0.00
0.00
841,436.16
841,436.16
1,046,292.47
1,451,308.91
1,620,065.76
1,568,061.65
1,568,061.65
1,512,493.39
1,512,493.39
1,455,791.09
1,455,791.09
1,397,873.74
1,397,873.74
1,338,579.33
1,338,579.33
1,277,826.87
1,277,826.87
1,215,454.34
1,215,454.34
1,151,380.74
1,151,380.74
1,085,444.06
1,085,444.06
1,017,563.30
1,017,563.30
947,576.46
947,576.46
875,402.53
875,402.53
800,879.51
800,879.51
723,845.38
723,845.38
644,057.14
644,057.14
561,352.79
561,352.79
475,651.31
475,651.31
386,790.70
386,790.70
294,689.96
294,689.96
199,592.10
199,592.10
101,416.12
101,416.12
0.00
0.00
1,605,000.00
1,715,000.00
1,750,000.00
1,787,500.00
1,830,000.00
1,875,000.00
1,925,000.00
1,977,500.00
2,035,000.00
2,095,000.00
2,160,000.00
2,227,500.00
2,300,000.00
2,377,500.00
2,462,500.00
2,552,500.00
2,645,000.00
2,742,500.00
2,842,500.00
2,935,000.00
3,030,000.00
3,130,000.00
(204,856.31)
183,246.68
131,089.13
174,721.68
223,727.53
280,960.55
344,462.50
417,146.20
497,116.30
587,352.64
686,031.28
796,208.14
916,140.42
1,048,970.54
1,195,547.83
1,359,277.62
1,538,789.42
1,732,622.50
1,944,219.99
2,172,251.69
2,407,799.85
2,661,359.43
2,936,616.52
204,856.31
1,421,753.32
1,583,910.87
1,575,278.32
1,563,772.47
1,549,039.45
1,530,537.50
1,507,853.80
1,480,383.70
1,447,647.36
1,408,968.72
1,363,791.86
1,311,359.58
1,251,029.46
1,181,952.17
1,103,222.38
1,013,710.58
912,377.50
798,280.01
670,248.31
527,200.15
368,640.57
193,383.48
43,029,396.59
25,969,197.87 17,894,786.62 43,863,984.48 50,000,000.00 24,030,802.13
25,969,197.87
amount to solve
-------
100 Million, 50% Subsidy CW NYW Deal
1994 Scale
Term: 21.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
5.652078%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/1994
12/15/1994
6/15/1995
12/15/1995
6/15/1996
12/15/1996
6/15/1997
12/15/1997
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
180,552.51
551,972.56
905,227.46
1,223,651.42
1,370,840.96
1,318,700.54
1,318,700.54
1,263,734.08
1,263,734.08
1,207,778.50
1,207,778.50
1,150,692.51
1,150,692.51
1,092,122.85
1,092,122.85
1,032,210.82
1,032,210.82
970,885.77
970,885.77
908,006.39
908,006.39
843,502.05
843,502.05
777,302.08
777,302.08
709,265.19
709,265.19
639,250.07
639,250.07
567,186.07
567,186.07
493,073.19
493,073.19
416,770.13
416,770.13
338,206.24
338,206.24
257,381.52
257,381.52
174,154.66
174,154.66
88,384.37
88,384.37
0.00
0.00
295,014.00
621,775.17
786,536.32
756,623.73
778,006.21
745,026.51
766,081.25
731,775.43
752,455.69
716,634.39
736,886.76
699,141.81
718,899.83
679,304.19
698,501.59
656,916.47
675,481.19
631,691.17
649,543.01
603,395.01
620,447.19
571,781.30
587,940.06
536,518.59
551,680.81
497,256.41
511,309.07
453,694.86
466,516.46
405,587.52
417,049.58
352,532.50
362,495.21
294,175.58
302,489.09
230,212.83
236,718.74
160,181.64
164,708.44
83,592.87
85,955.24
0.00
0.00
0.00
0.00
0.00
0.00
610,213.46
610,213.46
610,213.46
601,876.25
584,304.64
562,076.81
540,694.33
518,707.57
497,652.83
476,003.07
455,322.81
434,058.12
413,805.75
392,981.04
373,223.02
352,906.63
333,709.23
313,969.30
295,404.58
276,315.22
258,463.38
240,107.04
223,054.86
205,520.78
189,362.02
172,746.60
157,584.38
141,993.66
127,941.00
113,491.21
100,669.61
87,485.67
76,023.61
64,237.63
54,274.92
44,030.66
35,717.15
27,168.69
20,662.78
13,973.02
9,446.22
4,791.50
2,429.13
0.00
0.00
0.00
0.00
0.00
0.00
610,213.46
610,213.46
905,227.46
1,223,651.42
1,370,840.96
1,318,700.54
1,318,700.54
1,263,734.08
1,263,734.08
1,207,778.50
1,207,778.50
1,150,692.51
1,150,692.51
1,092,122.85
1,092,122.85
1,032,210.82
1,032,210.82
970,885.77
970,885.77
908,006.39
908,006.39
843,502.05
843,502.05
777,302.08
777,302.08
709,265.19
709,265.19
639,250.07
639,250.07
567,186.07
567,186.07
493,073.19
493,073.19
416,770.13
416,770.13
338,206.24
338,206.24
257,381.52
257,381.52
174,154.66
174,154.66
88,384.37
88,384.37
0.00
0.00
0.00
0.00
0.00
0.00
260,000.00
1,232,500.00
1,845,000.00
1,945,000.00
1,980,000.00
2,020,000.00
2,072,500.00
2,120,000.00
2,170,000.00
2,225,000.00
2,282,500.00
2,342,500.00
2,407,500.00
2,477,500.00
2,550,000.00
2,622,500.00
2,700,000.00
2,780,000.00
2,860,000.00
2,945,000.00
3,035,000.00
3,127,500.00
260,000.00
937,486.00
436,688.50
410,370.06
468,892.24
535,768.88
618,978.85
701,958.36
792,194.22
892,602.34
1,001,265.82
1,118,657.80
1,247,778.64
1,389,300.60
1,541,434.52
1,702,288.68
1,877,362.90
2,064,972.29
2,263,335.33
2,478,068.43
2,710,109.92
2,957,951.88
295,014.00
1,408,311.50
1,534,629.94
1,511,107.76
1,484,231.12
1,453,521.15
1,418,041.64
1,377,805.78
1,332,397.66
1,281,234.18
1,223,842.20
1,159,721.36
1,088,199.40
1,008,565.48
920,211.32
822,637.10
715,027.71
596,664.67
466,931.57
324,890.08
169,548.12
32,729,458.97
21,592,533.74 11,624,827.07 33,217,360.81
50,000,000.00 28,407,466.26
21,592,533.74
amount to solve
-------
100 Million, 50% Subsidy CW NYW Deal
1995 Scale
Term: 22.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
5.305196%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/1995
12/15/1995
6/15/1996
12/15/1996
6/15/1997
12/15/1997
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
169,476.26
524,792.07
856,376.05
1,156,642.43
1,294,802.42
1,247,900.80
1,247,900.80
1,198,412.90
1,198,412.90
1,148,129.21
1,148,129.21
1,096,983.44
1,096,983.44
1,044,975.57
1,044,975.57
991,243.51
991,243.51
935,720.94
935,720.94
879,071.03
879,071.03
821,443.34
821,443.34
762,489.35
762,489.35
702,142.74
702,142.74
640,270.89
640,270.89
576,807.49
576,807.49
511,553.58
511,553.58
444,442.85
444,442.85
375,408.99
375,408.99
304,385.67
304,385.67
231,240.28
231,240.28
156,238.08
156,238.08
79,246.42
79,246.42
0.00
0.00
286,675.29
594,546.01
748,476.91
721,429.38
740,566.00
710,722.34
729,574.95
698,643.95
717,176.16
685,054.19
703,225.93
669,871.81
687,640.82
652,149.10
669,448.00
631,683.19
648,439.21
608,989.78
625,143.84
584,098.70
599,592.49
556,543.28
571,306.13
526,113.98
540,069.67
492,523.69
505,588.37
455,536.19
467,619.74
414,769.90
425,772.08
369,955.37
379,768.80
320,808.68
329,318.44
267,030.62
274,113.87
208,239.62
213,763.37
144,431.46
148,262.64
75,203.80
77,198.65
0.00
0.00
0.00
0.00
569,700.76
569,700.76
569,700.76
562,096.42
546,325.51
526,471.42
507,334.80
487,690.56
468,837.95
449,485.26
430,953.05
411,929.25
393,757.51
375,103.76
357,334.75
339,094.41
321,795.51
304,037.75
287,281.73
270,081.25
253,927.19
237,344.64
221,850.85
205,946.07
191,183.22
176,028.76
162,073.07
147,747.20
134,682.52
121,271.30
109,187.75
96,783.68
85,781.50
74,487.48
64,674.05
54,600.31
46,090.55
37,355.05
30,271.80
23,000.66
17,476.91
1 1 ,806.62
7,975.44
4,042.62
2,047.77
0.00
0.00
0.00
0.00
569,700.76
569,700.76
856,376.05
1,156,642.43
1,294,802.42
1,247,900.80
1,247,900.80
1,198,412.90
1,198,412.90
1,148,129.21
1,148,129.21
1,096,983.44
1,096,983.44
1,044,975.57
1,044,975.57
991,243.51
991,243.51
935,720.94
935,720.94
879,071.03
879,071.03
821,443.34
821,443.34
762,489.35
762,489.35
702,142.74
702,142.74
640,270.89
640,270.89
576,807.49
576,807.49
511,553.58
511,553.58
444,442.85
444,442.85
375,408.99
375,408.99
304,385.67
304,385.67
231,240.28
231,240.28
156,238.08
156,238.08
79,246.42
79,246.42
0.00
0.00
0.00
0.00
8,139.00
1,180,639.00
1,768,139.00
1,865,639.00
1,895,639.00
1,928,139.00
1,960,639.00
2,025,639.00
2,093,139.00
2,135,639.00
2,172,500.00
2,222,500.00
2,275,000.00
2,332,500.00
2,392,500.00
2,460,000.00
2,530,000.00
2,602,500.00
2,677,500.00
2,757,500.00
2,827,500.00
2,902,500.00
2,987,500.00
8,139.00
893,963.71
425,116.08
403,643.62
455,341.72
512,318.89
572,358.88
668,126.37
771,541.90
855,516.60
938,366.38
1,038,808.81
1,147,150.59
1,266,316.36
1,394,387.94
1,536,844.07
1,689,458.02
1,852,775.83
2,027,372.88
2,216,355.52
2,405,497.01
2,609,805.90
2,835,097.55
286,675.29
1,343,022.92
1,461,995.38
1,440,297.28
1,415,820.11
1,388,280.12
1,357,512.63
1,321,597.10
1,280,122.40
1,234,133.62
1,183,691.19
1,127,849.41
1,066,183.64
998,112.06
923,155.93
840,541.98
749,724.17
650,127.12
541,144.48
422,002.99
292,694.10
152,402.45
32,298,303.39
21,477,086.38 11,266,350.21 32,743,436.59 50,001,390.00 28,524,303.62
21,477,086.38
amount to solve
-------
100 Million, 50% Subsidy CW NYW Deal
1997 Scale
Term: 22.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
5.264254%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/1997
12/15/1997
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
168,163.80
514,848.74
843,864.88
1,140,926.89
1,278,016.95
1,230,796.49
1,230,796.49
1,181,009.71
1,181,009.71
1,129,972.66
1,129,972.66
1,077,685.36
1,077,685.36
1,024,081.99
1,024,081.99
969,162.56
969,162.56
912,334.83
912,334.83
853,467.21
853,467.21
791,283.21
791,283.21
727,519.94
727,519.94
662,309.00
662,309.00
595,518.78
595,518.78
527,149.28
527,149.28
457,134.71
457,134.71
385,475.05
385,475.05
312,104.51
312,104.51
236,957.29
236,957.29
159,901.78
159,901.78
80,937.97
80,937.97
0.00
0.00
299,517.72
604,463.41
757,463.72
730,180.66
749,399.94
719,338.32
738,272.22
706,667.43
725,267.81
692,070.48
710,286.65
675,378.93
693,155.76
656,481.07
673,760.48
634,666.98
651,372.22
609,649.55
625,696.30
579,981.42
595,247.26
547,151.66
561,553.38
511,123.24
524,576.65
471,593.96
484,006.91
428,377.08
439,652.51
381,210.15
391,244.09
329,882.47
338,565.39
274,106.32
281,321.15
213,578.66
219,200.32
147,914.44
151,807.74
76,839.70
78,862.22
0.00
0.00
0.00
0.00
0.00
0.00
544,347.16
544,347.16
544,347.16
536,463.48
520,553.23
500,615.83
481,396.55
461,671.39
442,737.49
423,305.23
404,704.85
385,614.88
367,398.71
348,703.06
330,926.23
312,681.49
295,402.08
277,667.85
260,962.61
243,817.66
227,770.91
211,301.79
196,035.95
180,368.28
165,966.56
151,185.76
137,732.35
123,924.82
111,511.87
98,772.20
87,496.77
75,924.56
65,890.62
55,592.58
46,909.66
37,998.19
30,783.36
23,378.63
17,756.97
11,987.34
8,094.04
4,098.27
2,075.75
0.00
0.00
0.00
0.00
0.00
0.00
544,347.16
544,347.16
843,864.88
1,140,926.89
1,278,016.95
1,230,796.49
1,230,796.49
1,181,009.71
1,181,009.71
1,129,972.66
1,129,972.66
1,077,685.36
1,077,685.36
1,024,081.99
1,024,081.99
969,162.56
969,162.56
912,334.83
912,334.83
853,467.21
853,467.21
791,283.21
791,283.21
727,519.94
727,519.94
662,309.00
662,309.00
595,518.78
595,518.78
527,149.28
527,149.28
457,134.71
457,134.71
385,475.05
385,475.05
312,104.51
312,104.51
236,957.29
236,957.29
159,901.78
159,901.78
80,937.97
80,937.97
0.00
0.00
0.00
0.00
0.00
0.00
231,504.00
1,214,004.00
1,794,004.00
1,891,504.00
1,939,004.00
1,986,504.00
2,036,504.00
2,086,504.00
2,159,004.00
2,236,504.00
2,362,500.00
2,422,500.00
2,477,500.00
2,537,500.00
2,597,500.00
2,660,000.00
2,722,500.00
2,787,500.00
2,855,000.00
2,927,500.00
3,000,000.00
3,075,000.00
231,504.00
914,486.28
432,076.87
411,923.39
481,393.46
554,568.76
634,146.86
717,969.31
828,762.45
950,464.79
1,127,154.16
1,247,271.32
1,368,794.96
1,501,800.11
1,641,899.14
1,791,970.41
1,950,045.76
2,119,052.14
2,299,572.53
2,494,721.02
2,700,277.82
2,919,298.09
299,517.72
1,361,927.13
1,479,580.61
1,457,610.54
1,431,935.24
1,402,357.14
1,368,534.69
1,330,241.55
1,286,039.21
1,235,345.84
1,175,228.68
1,108,705.04
1,035,699.89
955,600.86
868,029.59
772,454.24
668,447.86
555,427.47
432,778.98
299,722.18
155,701.91
30,575,425.92
20,680,886.38 10,300,221.33 30,981,107.71 50,000,040.00 29,319,153.62
20,680,886.38
amount to solve
-------
100 Million, 50% Subsidy CW NYW Deal
1998 Scale
Term: 21.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
5.264254%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/1998
12/15/1998
6/15/1999
12/15/1999
6/15/2000
12/15/2000
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
156,570.59
476,600.18
782,933.94
1,055,782.23
1,183,421.29
1,136,641.40
1,136,641.40
1,087,594.73
1,087,594.73
1,037,812.89
1,037,812.89
987,295.86
987,295.86
935,798.61
935,798.61
883,382.39
883,382.39
829,679.61
829,679.61
774,629.01
774,629.01
718,817.00
718,817.00
661,595.91
661,595.91
602,904.47
602,904.47
542,742.68
542,742.68
480,988.02
480,988.02
417,456.68
417,456.68
352,148.67
352,148.67
285,186.51
285,186.51
216,570.21
216,570.21
146,177.24
146,177.24
74,007.60
74,007.60
0.00
0.00
283,986.61
564,309.79
706,802.20
678,626.24
696,488.54
665,774.34
683,298.36
651,501.80
668,650.16
635,732.85
652,466.14
618,142.63
634,412.93
598,695.26
614,453.68
576,924.10
592,109.47
552,643.94
567,190.23
526,307.39
540,160.47
497,157.09
510,242.89
464,981.69
477,220.60
429,619.86
440,928.00
390,779.12
401,064.93
348,090.12
357,252.30
301,347.62
309,279.47
250,457.94
257,050.31
195,199.90
200,337.81
135,217.99
138,777.10
70,260.25
72,109.58
0.00
0.00
0.00
0.00
0.00
0.00
498,947.33
498,947.33
498,947.33
491,472.44
476,619.09
458,015.16
440,152.86
421,820.39
404,296.37
386,311.09
369,162.73
351,563.01
334,829.72
317,655.98
301,385.68
284,687.13
268,928.71
252,755.51
237,570.14
221,985.07
207,438.78
192,509.61
178,656.53
164,438.82
151,353.02
137,922.78
125,683.87
113,122.82
101,814.68
90,208.90
79,923.09
69,366.56
60,204.38
50,801.05
42,869.20
34,728.57
28,136.20
21,370.31
16,232.40
10,959.25
7,400.14
3,747.35
1 ,898.02
0.00
0.00
0.00
0.00
0.00
0.00
498,947.33
498,947.33
782,933.94
1,055,782.23
1,183,421.29
1,136,641.40
1,136,641.40
1,087,594.73
1,087,594.73
1,037,812.89
1,037,812.89
987,295.86
987,295.86
935,798.61
935,798.61
883,382.39
883,382.39
829,679.61
829,679.61
774,629.01
774,629.01
718,817.00
718,817.00
661,595.91
661,595.91
602,904.47
602,904.47
542,742.68
542,742.68
480,988.02
480,988.02
417,456.68
417,456.68
352,148.67
352,148.67
285,186.51
285,186.51
216,570.21
216,570.21
146,177.24
146,177.24
74,007.60
74,007.60
0.00
0.00
0.00
0.00
0.00
0.00
343,929.50
1,366,429.50
1,908,929.50
2,001,429.50
2,031,429.50
2,061,429.50
2,101,429.50
2,138,929.50
2,191,429.50
2,246,429.50
2,277,500.00
2,335,000.00
2,395,000.00
2,455,000.00
2,520,000.00
2,592,500.00
2,665,000.00
2,732,500.00
2,800,000.00
2,872,500.00
2,945,000.00
3,020,000.00
343,929.50
1,082,442.89
637,817.51
626,314.71
682,356.80
741,277.54
813,230.51
886,373.95
978,280.57
1,077,395.93
1,157,665.82
1,268,532.14
1,387,600.02
1,512,797.71
1,649,452.14
1,800,655.95
1,959,657.58
2,121,872.90
2,292,491.75
2,476,962.29
2,671,004.92
2,877,630.17
283,986.61
1,271,111.99
1,375,114.79
1,349,072.70
1,320,151.96
1,288,198.99
1,252,555.55
1,213,148.93
1,169,033.57
1,119,834.18
1,066,467.86
1,007,399.98
942,202.29
870,547.86
791,844.05
705,342.42
610,627.10
507,508.25
395,537.71
273,995.08
142,369.83
27,998,167.21
18,956,051.71 9,406,839.39 28,362,891.09 50,001,795.00 31,045,743.29
18,956,051.71
amount to solve
-------
100 Million, 50% Subsidy CW NYW Deal
2001 Scale
Term: 30.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.998271%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2001
12/15/2001
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
159,674.47
492,126.27
804,532.85
1,099,177.22
1,229,346.63
1,198,026.62
1,198,026.62
1,164,582.34
1,164,582.34
1,130,638.23
1,130,638.23
1,096,194.30
1,096,194.30
1,061,250.53
1,061,250.53
1,025,806.94
1,025,806.94
989,801.05
989,801.05
953,170.37
953,170.37
915,933.25
915,933.25
878,008.87
878,008.87
839,272.27
839,272.27
799,473.54
799,473.54
758,612.67
758,612.67
716,627.20
716,627.20
673,454.63
673,454.63
629,219.93
629,219.93
583,860.62
583,860.62
537,314.23
537,314.23
489,518.26
489,518.26
440,472.72
440,472.72
390,240.10
390,240.10
338,695.43
338,695.43
285,901.19
285,901.19
231,669.95
231,669.95
176,064.19
176,064.19
118,958.94
118,958.94
60,291.74
60,291.74
40,750,977.66
0.00
0.00
177,235.26
476,308.98
618,382.00
602,516.19
617,573.89
599,563.61
614,547.52
595,961.79
610,855.68
591,677.86
606,464.69
586,677.29
601,339.15
580,923.84
595,441.92
574,316.93
588,669.89
566,750.86
580,914.74
558,195.46
572,145.52
548,519.83
562,228.09
537,542.33
550,976.24
524,947.15
538,066.29
510,652.43
523,414.32
494,509.69
506,868.15
476,362.90
488,267.86
456,235.63
467,637.58
433,965.17
444,810.54
409,380.57
419,611.55
382,302.24
391,856.49
352,603.97
361,416.02
320,215.68
328,218.30
284,876.25
291,995.70
246,498.83
252,659.17
204,742.22
209,859.01
159,497.91
163,483.98
110,464.41
113,225.07
57,387.51
58,821.71
25,100,583.86
627,297.59
627,297.59
627,297.59
622,868.24
610,964.63
595,510.43
580,452.73
565,018.73
550,034.82
534,676.44
519,782.55
504,516.44
489,729.61
474,573.24
459,911.38
444,883.10
430,365.02
415,484.12
401,131.16
386,419.51
372,255.63
357,737.79
343,787.73
329,489.04
315,780.78
301,729.94
288,296.03
274,526.39
261,407.25
247,960.24
235,198.35
222,117.51
209,759.05
197,091.73
185,186.77
172,984.30
161,582.35
149,895.45
139,050.08
127,933.66
117,702.68
107,216.02
97,661.77
87,868.75
79,056.70
70,024.42
62,021.80
53,819.18
46,699.73
39,402.36
33,242.02
26,927.73
21,810.94
16,566.28
12,580.21
8,494.53
5,733.87
2,904.23
1,470.03
16,253,188.24
627,297.59
627,297.59
804,532.85
1,099,177.22
1,229,346.63
1,198,026.62
1,198,026.62
1,164,582.34
1,164,582.34
1,130,638.23
1,130,638.23
1,096,194.30
1,096,194.30
1,061,250.53
1,061,250.53
1,025,806.94
1,025,806.94
989,801.05
989,801.05
953,170.37
953,170.37
915,933.25
915,933.25
878,008.87
878,008.87
839,272.27
839,272.27
799,473.54
799,473.54
758,612.67
758,612.67
716,627.20
716,627.20
673,454.63
673,454.63
629,219.93
629,219.93
583,860.62
583,860.62
537,314.23
537,314.23
489,518.26
489,518.26
440,472.72
440,472.72
390,240.10
390,240.10
338,695.43
338,695.43
285,901.19
285,901.19
231,669.95
231,669.95
176,064.19
176,064.19
118,958.94
118,958.94
60,291.74
60,291.74
41,353,772.10
100,734.00
710,734.00
1,253,234.00
1,338,234.00
1,358,234.00
1,378,234.00
1,398,234.00
1,418,234.00
1,440,734.00
1,465,734.00
1,490,000.00
1,517,500.00
1,550,000.00
1,592,500.00
1,635,000.00
1,680,000.00
1,727,500.00
1,770,000.00
1,815,000.00
1,862,500.00
1,912,500.00
1,962,500.00
2,010,000.00
2,062,500.00
2,112,500.00
2,170,000.00
2,225,000.00
2,285,000.00
2,347,500.00
2,412,500.00
50,002,340.00
100,734.00
533,498.74
158,543.02
118,143.92
144,122.87
171,416.54
200,091.45
230,217.55
264,368.24
302,747.19
342,334.40
387,159.02
439,252.08
503,981.43
571,986.56
645,933.25
726,122.16
805,369.24
891,126.78
983,724.29
1,083,507.88
1,188,341.27
1,295,980.00
1,414,066.01
1,535,628.05
1,670,842.01
1,810,398.77
1,962,018.12
2,123,810.52
2,296,290.78
24,901,756.14
177,235.26
1,094,690.98
1,220,090.08
1,214,111.13
1,206,817.46
1,198,142.55
1,188,016.45
1,176,365.76
1,162,986.81
1,147,665.60
1,130,340.98
1,110,747.92
1,088,518.57
1,063,013.44
1,034,066.75
1,001,377.84
964,630.76
923,873.22
878,775.71
828,992.12
774,158.73
714,020.00
648,433.99
576,871.95
499,157.99
414,601.23
322,981.88
223,689.48
116,209.22
25,100,583.86
-------
100 Million, 50% Subsidy CW NYW Deal
2002 Scale
Term: 29.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.887722%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2002
12/15/2002
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
156,137.01
478,875.87
784,361.33
1,071,229.55
1,198,515.16
1,166,884.35
1,166,884.35
1,133,420.65
1,133,420.65
1,099,712.57
1,099,712.57
1,065,760.09
1,065,760.09
1,031,074.46
1,031,074.46
995,655.67
995,655.67
959,442.63
959,442.63
922,435.33
922,435.33
887,427.02
887,427.02
851,502.27
851,502.27
814,477.78
814,477.78
776,353.55
776,353.55
737,129.58
737,129.58
696,744.78
696,744.78
655,138.05
655,138.05
612,370.49
612,370.49
568,319.90
568,319.90
523,169.57
523,169.57
476,858.41
476,858.41
429,325.31
429,325.31
380,509.19
380,509.19
330,348.95
330,348.95
278,844.58
278,844.58
225,996.09
225,996.09
171,742.38
171,742.38
116,022.35
116,022.35
58,774.91
58,774.91
0.00
0.00
182,524.02
473,852.87
612,718.78
596,061.97
610,628.89
592,088.11
606,557.92
587,673.27
602,035.19
582,795.61
597,038.32
576,943.48
591,043.18
570,068.66
584,000.34
562,059.46
575,795.41
552,859.75
566,370.87
545,203.88
558,527.90
536,252.79
549,358.07
525,759.12
538,607.94
513,646.54
526,199.35
499,834.96
512,050.23
484,179.22
496,011.89
466,527.00
477,928.27
446,840.61
457,760.77
424,897.22
435,281.12
400,768.45
410,562.67
374,285.09
383,432.10
345,269.55
353,707.45
313,535.45
321,197.82
278,887.21
285,702.83
241,180.63
247,074.75
200,264.43
205,158.61
155,918.69
159,729.13
107,912.66
110,549.89
56,004.14
57,372.80
601,837.31
601,837.31
601,837.31
597,376.68
585,796.38
570,822.38
556,255.46
541,332.54
526,862.73
512,039.30
497,677.38
482,964.48
468,721.77
454,130.98
440,031.28
425,587.01
411,655.33
397,383.17
383,647.22
369,575.58
356,064.46
342,223.14
328,899.12
315,249.48
302,144.20
288,718.66
275,869.84
262,707.01
250,154.20
237,294.62
225,079.35
212,565.56
200,732.89
188,611.05
177,209.78
165,529.88
154,609.72
143,422.68
133,038.78
122,401.12
112,606.90
102,573.32
93,426.31
84,055.76
75,617.86
66,973.74
59,311.37
51,461.74
44,646.12
37,663.95
31,769.83
25,731.66
20,837.48
15,823.69
12,013.25
8,109.69
5,472.46
2,770.77
1,402.11
601,837.31
601,837.31
784,361.33
1,071,229.55
1,198,515.16
1,166,884.35
1,166,884.35
1,133,420.65
1,133,420.65
1,099,712.57
1,099,712.57
1,065,760.09
1,065,760.09
1,031,074.46
1,031,074.46
995,655.67
995,655.67
959,442.63
959,442.63
922,435.33
922,435.33
887,427.02
887,427.02
851,502.27
851,502.27
814,477.78
814,477.78
776,353.55
776,353.55
737,129.58
737,129.58
696,744.78
696,744.78
655,138.05
655,138.05
612,370.49
612,370.49
568,319.90
568,319.90
523,169.57
523,169.57
476,858.41
476,858.41
429,325.31
429,325.31
380,509.19
380,509.19
330,348.95
330,348.95
278,844.58
278,844.58
225,996.09
225,996.09
171,742.38
171,742.38
116,022.35
116,022.35
58,774.91
58,774.91
196,796.50
761,796.50
1,294,296.50
1,369,296.50
1,379,296.50
1,389,296.50
1,419,296.50
1,449,296.50
1,481,796.50
1,514,296.50
1,432,500.00
1,470,000.00
1,515,000.00
1,560,000.00
1,605,000.00
1,652,500.00
1,702,500.00
1,750,000.00
1,802,500.00
1,847,500.00
1,895,000.00
1,945,000.00
1,997,500.00
2,052,500.00
2,107,500.00
2,162,500.00
2,220,000.00
2,280,000.00
2,342,500.00
2,405,000.00
196,796.50
579,272.48
207,724.85
162,605.64
180,650.47
199,588.04
239,462.56
281,309.84
327,727.50
376,441.63
313,269.38
366,268.23
429,389.14
495,632.94
565,154.11
640,614.81
722,308.89
805,544.73
897,898.62
987,321.66
1,083,668.88
1,187,282.80
1,298,523.00
1,417,766.72
1,542,909.96
1,674,244.61
1,814,576.96
1,964,352.18
2,124,037.45
2,291,623.07
182,524.02
1,086,571.65
1,206,690.86
1,198,646.03
1,189,708.46
1,179,833.94
1,167,986.66
1,154,069.00
1,137,854.87
1,119,230.62
1,103,731.77
1,085,610.86
1,064,367.06
1,039,845.89
1,011,885.19
980,191.11
944,455.27
904,601.38
860,178.34
811,331.12
757,717.20
698,977.00
634,733.28
564,590.04
488,255.39
405,423.04
315,647.82
218,462.55
113,376.93
39,620,000.74
24,626,497.33 15,562,165.16 40,188,662.49
50,000,465.00
25,373,967.67
24,626,497.33
-------
100 Million, 50% Subsidy CW NYW Deal
2003 Scale
Term: 29.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.477499%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2003
12/15/2003
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
143,034.41
436,052.38
715,902.32
974,660.76
1,091,264.90
1,059,427.39
1,059,427.39
1,026,414.54
1,026,414.54
993,289.76
993,289.76
959,717.21
959,717.21
926,200.65
926,200.65
892,236.33
892,236.33
858,048.14
858,048.14
823,132.35
823,132.35
791,510.01
791,510.01
758,992.17
758,992.17
725,578.83
725,578.83
691,214.02
691,214.02
656,289.52
656,289.52
620,357.59
620,357.59
583,474.19
583,474.19
545,527.38
545,527.38
506,573.14
506,573.14
466,555.48
466,555.48
425,418.46
425,418.46
383,106.09
383,106.09
339,674.34
339,674.34
295,011.29
295,011.29
249,116.91
249,116.91
201,991.23
201,991.23
153,522.30
153,522.30
103,710.12
103,710.12
52,554.69
52,554.69
35,538,203.03
0.00
0.00
203,279.66
466,589.02
593,638.92
575,091.50
587,966.36
568,116.60
580,835.31
560,713.98
573,266.96
552,528.43
564,898.15
544,028.25
556,207.68
534,695.46
546,665.95
524,716.24
536,463.33
513,557.61
525,054.88
505,187.20
516,497.08
495,542.31
506,636.26
484,565.24
495,413.44
472,139.70
482,709.73
458,591.89
468,858.61
443,423.25
453,350.39
426,616.37
436,167.24
407,985.13
417,118.89
387,502.90
396,178.12
365,029.90
373,202.00
340,420.04
348,041.19
313,520.59
320,539.53
284,283.86
290,648.27
252,492.10
258,144.77
218,029.60
222,910.74
180,775.47
184,822.59
140,491.37
143,636.62
97,040.10
99,212.59
50,278.28
51,403.89
22,897,721.57
512,622.66
512,622.66
512,622.66
508,071.74
497,625.98
484,335.89
471,461.03
458,297.94
445,579.23
432,575.78
420,022.80
407,188.78
394,819.06
382,172.40
369,992.97
357,540.87
345,570.38
333,331.90
321,584.81
309,574.74
298,077.47
286,322.81
275,012.93
263,449.86
252,355.91
241,013.59
230,165.39
219,074.32
208,504.29
197,697.63
187,430.91
176,934.34
167,007.20
156,857.82
147,306.95
137,542.25
128,408.49
119,070.24
110,395.02
101,525.58
93,353.48
84,998.42
77,377.27
69,585.50
62,566.56
55,390.48
49,026.07
42,519.19
36,866.52
31,087.31
26,206.17
21,215.76
17,168.64
13,030.93
9,885.68
6,670.02
4,497.53
2,276.41
1,150.80
13,086,640.00
512,622.66
512,622.66
715,902.32
974,660.76
1,091,264.90
1,059,427.39
1,059,427.39
1,026,414.54
1,026,414.54
993,289.76
993,289.76
959,717.21
959,717.21
926,200.65
926,200.65
892,236.33
892,236.33
858,048.14
858,048.14
823,132.35
823,132.35
791,510.01
791,510.01
758,992.17
758,992.17
725,578.83
725,578.83
691,214.02
691,214.02
656,289.52
656,289.52
620,357.59
620,357.59
583,474.19
583,474.19
545,527.38
545,527.38
506,573.14
506,573.14
466,555.48
466,555.48
425,418.46
425,418.46
383,106.09
383,106.09
339,674.34
339,674.34
295,011.29
295,011.29
249,116.91
249,116.91
201,991.23
201,991.23
153,522.30
153,522.30
103,710.12
103,710.12
52,554.69
52,554.69
35,984,361.56
314,611.00
942,111.00
1,422,111.00
1,474,611.00
1,479,611.00
1,499,611.00
1,497,111.00
1,517,111.00
1,527,111.00
1,559,611.00
1,412,500.00
1,452,500.00
1,492,500.00
1,535,000.00
1,560,000.00
1,605,000.00
1,647,500.00
1,695,000.00
1,740,000.00
1,787,500.00
1,837,500.00
1,890,000.00
1,940,000.00
1,995,000.00
2,050,000.00
2,105,000.00
2,165,000.00
2,225,000.00
2,285,000.00
2,347,500.00
50,001,110.00
314,611.00
738,831.34
361,883.06
311,553.14
330,659.08
365,630.06
379,684.42
416,875.07
445,749.59
498,431.43
373,887.52
430,815.72
490,321.42
555,021.31
605,150.57
677,549.50
750,726.35
832,216.39
914,895.98
1,003,818.98
1,099,268.10
1,201,538.77
1,305,939.87
1,420,067.87
1,539,363.13
1,664,059.65
1,799,401.94
1,940,872.01
2,088,747.31
2,245,817.83
27,103,388.43
203,279.66
1,060,227.94
1,163,057.86
1,148,951.92
1,133,980.94
1,117,426.58
1,100,235.93
1,081,361.41
1,061,179.57
1,038,612.48
1,021,684.28
1,002,178.58
979,978.69
954,849.43
927,450.50
896,773.65
862,783.61
825,104.02
783,681.02
738,231.90
688,461.23
634,060.13
574,932.13
510,636.87
440,940.35
365,598.06
284,127.99
196,252.69
101,682.17
amount to solve
22,897,721.57
-------
100 Million, 50% Subsidy CW NYW Deal
2004 Scale
Term: 29.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.145724%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2004
12/15/2004
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
132,436.06
402,451.95
661,565.99
901,830.09
1,009,794.28
981,616.45
981,616.45
951,780.34
951,780.34
921,322.37
921,322.37
890,294.35
890,294.35
858,644.48
858,644.48
826,269.11
826,269.11
793,168.23
793,168.23
759,341.85
759,341.85
730,529.04
730,529.04
700,783.45
700,783.45
670,105.07
670,105.07
638,442.07
638,442.07
605,846.29
605,846.29
572,317.72
572,317.72
537,804.54
537,804.54
502,306.75
502,306.75
465,720.71
465,720.71
428,253.70
428,253.70
389,905.72
389,905.72
350,624.95
350,624.95
310,359.57
310,359.57
269,161.41
269,161.41
226,926.81
226,926.81
183,707.60
183,707.60
139,400.14
139,400.14
94,056.25
94,056.25
47,572.28
47,572.28
32,800,600.87
0.00
0.00
210,470.63
455,097.50
572,495.23
556,184.43
567,713.37
549,645.17
561,038.56
542,210.14
553,449.41
533,893.63
544,960.51
524,606.92
535,481.29
514,205.71
524,864.48
502,643.32
513,062.42
489,871.12
500,025.47
481,577.50
491,559.93
472,003.70
481,787.68
461,096.10
470,653.98
448,746.99
458,048.89
434,947.84
443,963.70
419,637.89
428,336.40
402,702.04
411,049.50
384,072.20
392,033.48
363,573.76
371,110.14
341,335.73
348,411.15
317,285.25
323,862.13
291,294.58
297,332.71
263,230.63
268,687.04
233,058.39
237,889.37
200,585.88
204,743.75
165,768.60
169,204.75
128,404.67
131,066.32
88,439.26
90,272.48
45,659.73
46,606.20
21,761,959.65
451,095.36
451,095.36
451,095.36
446,732.59
437,299.05
425,432.02
413,903.08
402,135.17
390,741.78
379,112.23
367,872.96
356,400.72
345,333.84
334,037.56
323,163.19
312,063.40
301,404.63
290,524.91
280,105.81
269,470.73
259,316.38
248,951.54
238,969.11
228,779.75
218,995.77
209,008.97
199,451.09
189,695.08
180,393.18
170,898.45
161,882.59
152,679.83
143,981.32
135,102.50
126,755.04
118,234.55
110,273.27
102,146.95
94,610.57
86,917.97
79,842.55
72,620.47
66,043.59
59,330.37
53,292.24
47,128.94
41,672.53
36,103.02
31,272.04
26,340.93
22,183.06
17,939.00
14,502.85
10,995.47
8,333.82
5,616.99
3,783.77
1,912.55
966.08
11,405,943.93
451,095.36
451,095.36
661,565.99
901,830.09
1,009,794.28
981,616.45
981,616.45
951,780.34
951,780.34
921,322.37
921,322.37
890,294.35
890,294.35
858,644.48
858,644.48
826,269.11
826,269.11
793,168.23
793,168.23
759,341.85
759,341.85
730,529.04
730,529.04
700,783.45
700,783.45
670,105.07
670,105.07
638,442.07
638,442.07
605,846.29
605,846.29
572,317.72
572,317.72
537,804.54
537,804.54
502,306.75
502,306.75
465,720.71
465,720.71
428,253.70
428,253.70
389,905.72
389,905.72
350,624.95
350,624.95
310,359.57
310,359.57
269,161.41
269,161.41
226,926.81
226,926.81
183,707.60
183,707.60
139,400.14
139,400.14
94,056.25
94,056.25
47,572.28
47,572.28
33,167,903.58
376,867.00
909,367.00
1,359,367.00
1,439,367.00
1,469,367.00
1,496,867.00
1,526,867.00
1,561,867.00
1,596,867.00
1,631,867.00
1,390,000.00
1,435,000.00
1,480,000.00
1,527,500.00
1,572,500.00
1,617,500.00
1,665,000.00
1,712,500.00
1,765,000.00
1,807,500.00
1,850,000.00
1,895,000.00
1,942,500.00
1,987,500.00
2,037,500.00
2,085,000.00
2,137,500.00
2,187,500.00
2,242,500.00
2,295,000.00
50,001,170.00
376,867.00
698,896.37
331,774.28
315,469.20
358,683.27
401,207.45
448,012.86
501,778.79
557,796.81
616,161.26
400,103.41
461,862.57
526,208.62
595,749.92
665,704.12
738,588.46
817,025.71
898,748.46
988,894.32
1,072,816.10
1,160,253.12
1,253,852.62
1,353,872.71
1,455,582.33
1,566,552.25
1,679,670.36
1,802,526.65
1,928,029.00
2,063,788.26
2,202,734.07
28,239,210.35
210,470.63
1,027,592.72
1,123,897.80
1,110,683.73
1,095,659.55
1,078,854.14
1,060,088.21
1,039,070.19
1,015,705.74
989,896.59
973,137.43
953,791.38
931,750.08
906,795.88
878,911.54
847,974.29
813,751.54
776,105.68
734,683.90
689,746.88
641,147.38
588,627.29
531,917.67
470,947.75
405,329.64
334,973.35
259,471.00
178,711.74
92,265.93
amount to solve
21,761,959.65
-------
100 Million, 50% Subsidy CW NYW Deal
2005 Scale
Term: 30.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.237213%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2005
12/15/2005
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
6/15/2035
12/15/2035
137,249.40
418,936.60
687,468.02
937,462.89
1,049,350.98
1,020,717.94
1,020,717.94
990,742.28
990,742.28
960,068.46
960,068.46
929,126.11
929,126.11
897,646.72
897,646.72
865,469.16
865,469.16
832,539.74
832,539.74
798,858.45
798,858.45
768,246.73
768,246.73
736,722.03
736,722.03
704,338.06
704,338.06
671,041.10
671,041.10
636,777.46
636,777.46
601,547.13
601,547.13
565,296.41
565,296.41
528,025.30
528,025.30
489,680.10
489,680.10
450,260.80
450,260.80
409,713.70
409,713.70
367,985.09
367,985.09
325,397.21
325,397.21
281,896.35
281,896.35
237,482.51
237,482.51
192,155.68
192,155.68
145,862.17
145,862.17
98,494.56
98,494.56
49,891.75
49,891.75
34,342,433.89
0.00
0.00
208,877.80
463,297.97
585,001.52
568,762.36
580,812.20
563,141.66
575,072.42
556,582.12
568,373.90
549,473.16
561,114.33
541,522.75
552,995.49
532,533.72
543,816.02
522,407.92
533,475.69
511,096.65
521,924.77
502,370.59
513,013.84
492,357.89
502,789.01
481,057.16
491,248.87
468,359.54
478,282.24
454,151.52
463,773.20
438,368.40
447,655.70
420,889.04
429,806.03
401,640.82
410,150.00
380,494.27
388,555.45
357,368.11
364,939.33
332,123.86
339,160.26
304,617.12
311,070.76
275,073.24
280,900.96
243,351.29
248,506.94
209,357.99
213,793.46
172,996.07
176,661.18
134,110.42
136,951.69
92,485.55
94,444.96
47,843.06
48,856.67
22,589,858.93
478,590.22
478,590.22
478,590.22
474,164.92
464,349.46
451,955.58
439,905.74
427,600.62
415,669.86
403,486.34
391,694.56
379,652.95
368,011.78
356,123.97
344,651.23
332,935.44
321,653.14
310,131.82
299,064.05
287,761.80
276,933.68
265,876.14
255,232.89
244,364.14
233,933.02
223,280.90
213,089.19
202,681.56
192,758.86
182,625.94
173,004.26
163,178.73
153,891.43
144,407.37
135,490.38
126,384.48
117,875.30
109,185.83
101,124.65
92,892.69
85,321.47
77,589.84
70,553.44
63,367.97
56,914.33
50,323.97
44,496.25
38,545.06
33,389.41
28,124.52
23,689.05
19,159.61
15,494.50
11,751.75
8,910.48
6,009.01
4,049.60
2,048.69
1 ,035.08
12,153,569.40
478,590.22
478,590.22
687,468.02
937,462.89
1,049,350.98
1,020,717.94
1,020,717.94
990,742.28
990,742.28
960,068.46
960,068.46
929,126.11
929,126.11
897,646.72
897,646.72
865,469.16
865,469.16
832,539.74
832,539.74
798,858.45
798,858.45
768,246.73
768,246.73
736,722.03
736,722.03
704,338.06
704,338.06
671,041.10
671,041.10
636,777.46
636,777.46
601,547.13
601,547.13
565,296.41
565,296.41
528,025.30
528,025.30
489,680.10
489,680.10
450,260.80
450,260.80
409,713.70
409,713.70
367,985.09
367,985.09
325,397.21
325,397.21
281,896.35
281,896.35
237,482.51
237,482.51
192,155.68
192,155.68
145,862.17
145,862.17
98,494.56
98,494.56
49,891.75
49,891.75
34,743,428.33
290,391.00
862,891.00
1,332,891.00
1,395,391.00
1,427,891.00
1,440,391.00
1,465,391.00
1,497,891.00
1,532,891.00
1,567,891.00
1,425,000.00
1,467,500.00
1,507,500.00
1,550,000.00
1,595,000.00
1,640,000.00
1,687,500.00
1,735,000.00
1,785,000.00
1,835,000.00
1,887,500.00
1,942,500.00
1,982,500.00
2,025,000.00
2,067,500.00
2,110,000.00
2,155,000.00
2,205,000.00
2,262,500.00
2,322,500.00
50,001,410.00
290,391.00
654,013.20
284,591.51
245,816.44
289,676.92
315,434.98
354,803.51
403,372.77
456,541.26
512,007.39
391,978.58
452,115.57
512,353.10
577,693.96
648,358.22
722,075.28
801,475.90
884,304.93
973,209.18
1,065,950.29
1,165,192.56
1,271,215.89
1,366,812.13
1,469,025.80
1,575,641.77
1,686,848.56
1,805,342.75
1,933,937.88
2,075,569.49
2,225,800.27
27,411,551.07
208,877.80
1,048,299.49
1,149,574.56
1,138,214.08
1,124,956.02
1,110,587.49
1,094,518.23
1,076,349.74
1,055,883.61
1,033,021.42
1,015,384.43
995,146.90
972,306.04
946,641.78
917,924.72
886,024.10
850,695.07
811,790.82
769,049.71
722,307.44
671,284.11
615,687.87
555,974.20
491,858.23
423,151.44
349,657.25
271,062.12
186,930.51
96,699.73
22,589,858.93
-------
100 Million, 50% Subsidy CW NYW Deal
2006 Scale
Term: 30.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.511280%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2006
12/15/2006
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
6/15/2035
12/15/2035
6/15/2036
12/15/2036
144,752.06
443,538.80
726,749.34
992,790.76
1,110,795.15
1,082,524.29
1,082,524.29
1,052,270.97
1,052,270.97
1,021,337.95
1,021,337.95
989,725.23
989,725.23
957,376.17
957,376.17
924,290.77
924,290.77
890,469.04
890,469.04
855,684.39
855,684.39
822,888.92
822,888.92
789,073.90
789,073.90
754,295.97
754,295.97
718,555.13
718,555.13
681,851.39
681,851.39
644,128.10
644,128.10
605,385.26
605,385.26
565,622.88
565,622.88
524,727.66
524,727.66
482,756.25
482,756.25
439,595.37
439,595.37
395,245.01
395,245.01
349,818.47
349,818.47
303,259.09
303,259.09
255,566.88
255,566.88
206,685.20
206,685.20
156,727.33
156,727.33
105,636.63
105,636.63
53,413.10
53,413.10
36,676,448.81
0.00
0.00
195,619.74
466,073.63
594,590.97
579,731.94
592,808.60
575,926.91
588,917.75
571,268.59
584,154.36
565,718.06
578,478.62
559,177.95
571,791.00
551,603.14
564,045.32
542,946.43
555,193.34
532,931.86
544,952.88
524,449.58
536,279.28
514,560.79
526,167.43
503,257.94
514,609.63
490,476.53
501,539.91
476,149.11
486,889.32
460,148.50
470,527.79
442,398.37
452,377.28
422,818.90
432,356.18
401,213.35
410,263.28
377,545.94
386,062.01
351,609.30
359,540.34
323,299.92
330,592.40
292,622.83
299,223.35
259,413.37
265,264.81
223,556.02
228,598.63
184,873.32
189,043.39
143,349.66
146,583.11
98,798.80
101,027.35
51,082.63
52,234.87
23,546,736.33
531,129.60
531,129.60
531,129.60
526,717.13
516,204.18
502,792.35
489,715.69
476,344.06
463,353.22
450,069.36
437,183.59
424,007.17
411,246.61
398,198.22
385,585.17
372,687.63
360,245.45
347,522.61
335,275.70
322,752.53
310,731.51
298,439.34
286,609.64
274,513.11
262,906.47
251,038.03
239,686.34
228,078.60
217,015.22
205,702.28
194,962.07
183,979.60
173,600.31
162,986.89
153,007.98
142,803.98
133,266.70
123,514.31
114,464.38
105,210.31
96,694.24
87,986.07
80,055.03
71,945.09
64,652.61
57,195.64
50,595.12
43,845.72
37,994.28
32,010.86
26,968.25
21,811.88
17,641.81
13,377.67
10,144.22
6,837.83
4,609.28
2,330.47
1,178.23
13,603,680.83
531,129.60
531,129.60
726,749.34
992,790.76
1,110,795.15
1,082,524.29
1,082,524.29
1,052,270.97
1,052,270.97
1,021,337.95
1,021,337.95
989,725.23
989,725.23
957,376.17
957,376.17
924,290.77
924,290.77
890,469.04
890,469.04
855,684.39
855,684.39
822,888.92
822,888.92
789,073.90
789,073.90
754,295.97
754,295.97
718,555.13
718,555.13
681,851.39
681,851.39
644,128.10
644,128.10
605,385.26
605,385.26
565,622.88
565,622.88
524,727.66
524,727.66
482,756.25
482,756.25
439,595.37
439,595.37
395,245.01
395,245.01
349,818.47
349,818.47
303,259.09
303,259.09
255,566.88
255,566.88
206,685.20
206,685.20
156,727.33
156,727.33
105,636.63
105,636.63
53,413.10
53,413.10
37,150,417.16
290,391.00
862,891.00
1,247,796.50
1,335,296.50
1,365,296.50
1,395,296.50
1,427,796.50
1,460,296.50
1,492,796.50
1,535,296.50
1,447,500.00
1,492,500.00
1,535,000.00
1,577,500.00
1,620,000.00
1,665,000.00
1,710,000.00
1,755,000.00
1,805,000.00
1,852,500.00
1,905,000.00
1,957,500.00
2,005,000.00
2,055,000.00
2,105,000.00
2,157,500.00
2,205,000.00
2,255,000.00
2,305,000.00
2,357,500.00
50,180,654.00
290,391.00
667,271.26
187,131.90
162,755.96
200,451.84
239,873.55
283,599.82
329,327.55
377,148.03
437,156.73
369,615.26
431,771.14
494,271.78
559,632.43
627,983.56
701,961.57
779,323.71
860,224.35
949,824.92
1,041,023.36
1,141,392.05
1,246,350.36
1,351,107.68
1,463,153.81
1,580,321.82
1,705,345.35
1,831,083.29
1,965,067.23
2,105,173.85
2,254,182.50
26,633,917.67
195,619.74
1,060,664.60
1,172,540.54
1,164,844.66
1,155,422.95
1,144,196.68
1,130,968.95
1,115,648.47
1,098,139.77
1,077,884.74
1,060,728.86
1,040,728.22
1,017,867.57
992,016.44
963,038.43
930,676.29
894,775.65
855,175.08
811,476.64
763,607.95
711,149.64
653,892.32
591,846.19
524,678.18
452,154.65
373,916.71
289,932.77
199,826.15
103,317.50
23,546,736.33
-------
100 Million, 50% Subsidy CW NYW Deal
2007 Scale
Term: 29.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.217533%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2007
12/15/2007
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
6/15/2035
12/15/2035
6/15/2036
12/15/2036
6/15/2037
12/15/2037
134,732.52
410,525.18
674,132.28
918,866.68
1,028,702.97
1,000,129.94
1,000,129.94
970,080.78
970,080.78
939,768.02
939,768.02
909,033.51
909,033.51
877,613.64
877,613.64
845,508.43
845,508.43
812,717.87
812,717.87
779,189.25
779,189.25
749,350.20
749,350.20
718,667.65
718,667.65
687,088.87
687,088.87
654,561.15
654,561.15
621,137.20
621,137.20
586,711.58
586,711.58
551,284.31
551,284.31
514,855.37
514,855.37
477,530.20
477,530.20
439,308.81
439,308.81
400,191.19
400,191.19
360,124.62
360,124.62
319,003.68
319,003.68
276,828.35
276,828.35
233,545.92
233,545.92
189,103.66
189,103.66
143,501.59
143,501.59
96,792.41
96,792.41
48,976.13
48,976.13
0.00
0.00
207,617.61
456,730.18
576,197.85
559,775.48
571,579.84
553,583.96
565,257.76
546,864.96
558,397.07
539,437.85
550,813.33
531,008.83
542,206.57
521,535.23
532,533.19
510,972.51
521,747.73
499,221.55
509,748.96
490,659.33
501,006.19
480,888.69
491,029.51
469,805.40
479,712.49
457,300.79
466,944.20
443,367.01
452,716.58
427,837.70
436,859.80
410,644.88
419,304.42
391,717.63
399,978.04
371,087.48
378,912.85
348,681.84
356,034.73
324,425.05
331,266.42
298,185.48
304,473.52
269,773.21
275,462.10
239,095.62
244,137.59
206,003.45
210,347.58
170,341.06
173,933.16
131,998.93
134,782.48
90,915.55
92,832.75
46,974.09
47,964.67
466,514.67
466,514.67
466,514.67
462,136.50
452,505.12
440,354.46
428,550.10
416,496.82
404,823.02
392,903.06
381,370.95
369,595.66
358,220.18
346,604.81
335,407.07
323,973.20
312,975.24
301,745.36
290,970.14
279,967.70
269,440.29
258,690.87
248,344.01
237,778.96
227,638.14
217,283.47
207,376.38
197,260.36
187,616.95
177,770.19
168,420.62
158,873.88
149,851.78
140,639.43
131,979.89
123,137.74
114,877.33
106,442.72
98,617.35
90,626.97
83,274.08
75,766.14
68,924.77
61,939.14
55,651.10
49,230.47
43,541.58
37,732.73
32,690.76
27,542.47
23,198.34
18,762.60
15,170.50
11,502.66
8,719.11
5,876.86
3,959.66
2,002.04
1,011.46
466,514.67
466,514.67
674,132.28
918,866.68
1,028,702.97
1,000,129.94
1,000,129.94
970,080.78
970,080.78
939,768.02
939,768.02
909,033.51
909,033.51
877,613.64
877,613.64
845,508.43
845,508.43
812,717.87
812,717.87
779,189.25
779,189.25
749,350.20
749,350.20
718,667.65
718,667.65
687,088.87
687,088.87
654,561.15
654,561.15
621,137.20
621,137.20
586,711.58
586,711.58
551,284.31
551,284.31
514,855.37
514,855.37
477,530.20
477,530.20
439,308.81
439,308.81
400,191.19
400,191.19
360,124.62
360,124.62
319,003.68
319,003.68
276,828.35
276,828.35
233,545.92
233,545.92
189,103.66
189,103.66
143,501.59
143,501.59
96,792.41
96,792.41
48,976.13
48,976.13
324,964.00
894,964.00
1,354,964.00
1,424,964.00
1,437,464.00
1,457,464.00
1,489,964.00
1,522,464.00
1,554,964.00
1,589,964.00
1,415,000.00
1,455,000.00
1,497,500.00
1,542,500.00
1,585,000.00
1,632,500.00
1,680,000.00
1,727,500.00
1,770,000.00
1,812,500.00
1,855,000.00
1,900,000.00
1,950,000.00
2,000,000.00
2,052,500.00
2,107,500.00
2,162,500.00
2,215,000.00
2,267,500.00
2,322,500.00
324,964.00
687,346.39
322,035.97
293,608.68
318,622.28
352,201.97
399,712.82
449,248.60
500,895.58
557,243.76
406,029.49
463,334.48
525,581.80
592,982.11
660,755.01
736,416.41
815,302.50
897,550.70
978,304.32
1,062,499.68
1,150,283.43
1,244,308.53
1,347,341.00
1,454,764.69
1,569,266.79
1,691,148.96
1,818,225.78
1,948,218.58
2,083,751.70
2,227,561.24
207,617.61
1,032,928.03
1,131,355.32
1,118,841.72
1,105,262.03
1,090,251.18
1,073,215.40
1,054,068.42
1,032,720.24
1,008,970.51
991,665.52
971,918.20
949,517.89
924,244.99
896,083.59
864,697.50
829,949.30
791,695.68
750,000.32
704,716.57
655,691.47
602,659.00
545,235.31
483,233.21
416,351.04
344,274.22
266,781.42
183,748.30
94,938.76
33,572,168.29
22,122,632.76 11,837,307.17 33,959,939.93
50,002,140.00 27,879,507.24
22,122,632.76
-------
100 Million, 50% Subsidy CW NYW Deal
2008 Scale
Term: 29.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.520320%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2008
12/15/2008
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
6/15/2035
12/15/2035
6/15/2036
12/15/2036
6/15/2037
12/15/2037
6/15/2038
12/15/2038
144,401.78
439,842.73
722,367.95
984,295.37
1,102,014.21
1,070,172.12
1,070,172.12
1,036,408.89
1,036,408.89
1,001,967.61
1,001,967.61
966,848.29
966,848.29
931,333.43
931,333.43
895,084.03
895,084.03
858,100.07
858,100.07
820,325.06
820,325.06
786,818.19
786,818.19
752,407.25
752,407.25
717,092.25
717,092.25
680,760.18
680,760.18
643,467.54
643,467.54
605,157.83
605,157.83
565,774.55
565,774.55
525,317.68
525,317.68
483,730.74
483,730.74
441,013.72
441,013.72
397,166.62
397,166.62
352,076.43
352,076.43
305,743.15
305,743.15
258,166.78
258,166.78
209,290.82
209,290.82
159,058.77
159,058.77
107,470.62
107,470.62
54,469.87
54,469.87
0.00
0.00
213,162.10
479,907.32
608,472.83
590,383.20
603,726.81
583,608.77
596,799.26
575,846.60
588,861.65
567,051.55
579,867.82
557,458.90
570,058.36
546,693.19
559,049.34
534,700.78
546,785.88
521,369.10
533,152.88
511,696.12
523,261.27
500,676.87
511,992.97
488,249.83
499,285.05
474,237.62
484,956.15
458,624.30
468,989.94
441,280.15
451,253.79
422,069.57
431,609.02
400,907.20
409,968.34
377,647.34
386,182.78
352,194.11
360,154.26
324,447.22
331,780.24
294,188.82
300,837.96
261,304.10
267,209.99
225,672.99
230,773.56
187,113.45
191,342.51
145,435.11
148,722.18
100,495.39
102,766.74
52,088.69
53,265.97
509,205.85
509,205.85
509,205.85
504,388.05
493,541.38
479,788.92
466,445.31
452,800.12
439,609.63
426,121.01
413,105.96
399,796.74
386,980.47
373,874.53
361,275.07
348,390.84
336,034.69
323,399.29
311,314.19
298,955.96
287,172.18
275,122.07
263,556.92
251,730.38
240,414.28
228,842.42
217,807.20
206,522.56
195,804.03
184,843.24
174,477.60
163,877.68
153,904.04
143,704.98
134,165.53
124,410.48
115,349.34
106,083.40
97,547.96
88,819.61
80,859.46
72,719.40
65,386.38
57,887.61
51,238.47
44,439.05
38,533.16
32,493.79
27,393.22
22,177.37
17,948.31
13,623.66
10,336.59
6,975.23
4,703.88
2,381.18
1,203.90
509,205.85
509,205.85
722,367.95
984,295.37
1,102,014.21
1,070,172.12
1,070,172.12
1,036,408.89
1,036,408.89
1,001,967.61
1,001,967.61
966,848.29
966,848.29
931,333.43
931,333.43
895,084.03
895,084.03
858,100.07
858,100.07
820,325.06
820,325.06
786,818.19
786,818.19
752,407.25
752,407.25
717,092.25
717,092.25
680,760.18
680,760.18
643,467.54
643,467.54
605,157.83
605,157.83
565,774.55
565,774.55
525,317.68
525,317.68
483,730.74
483,730.74
441,013.72
441,013.72
397,166.62
397,166.62
352,076.43
352,076.43
305,743.15
305,743.15
258,166.78
258,166.78
209,290.82
209,290.82
159,058.77
159,058.77
107,470.62
107,470.62
54,469.87
54,469.87
331,342.50
911,342.50
1,408,842.50
1,493,842.50
1,523,842.50
1,553,842.50
1,571,342.50
1,603,842.50
1,636,342.50
1,671,342.50
1,482,500.00
1,522,500.00
1,562,500.00
1,607,500.00
1,650,000.00
1,695,000.00
1,742,500.00
1,790,000.00
1,840,000.00
1,890,000.00
1,940,000.00
1,995,000.00
2,050,000.00
2,105,000.00
2,162,500.00
2,222,500.00
2,282,500.00
2,345,000.00
2,410,000.00
331,342.50
698,180.40
320,462.35
299,732.49
343,434.47
389,134.25
424,423.13
476,325.24
530,599.97
589,855.84
427,978.02
487,542.62
549,830.17
619,965.12
690,806.22
767,385.76
849,966.06
936,321.42
1,029,124.46
1,126,169.88
1,227,651.64
1,338,772.54
1,454,973.22
1,576,485.92
1,706,053.45
1,844,044.03
1,988,342.71
2,141,737.87
2,304,645.34
213,162.10
1,088,380.15
1,194,110.01
1,180,408.03
1,164,708.25
1,146,919.37
1,127,517.26
1,105,742.53
1,081,486.66
1,054,521.98
1,034,957.38
1,012,669.83
987,534.88
959,193.78
927,614.24
892,533.94
853,678.58
810,875.54
763,830.12
712,348.36
656,227.46
595,026.78
528,514.08
456,446.55
378,455.97
294,157.29
203,262.13
105,354.66
34,643,367.02
22,529,637.93 12,547,896.28 35,077,534.22
50,000,925.00
27,471,287.07
22,529,637.93
-------
100 Million, 50% Subsidy CW NYW Deal
2009 Scale
Term: 28.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
4.820695%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2009
12/15/2009
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
6/15/2035
12/15/2035
6/15/2036
12/15/2036
6/15/2037
12/15/2037
6/15/2038
12/15/2038
6/15/2039
12/15/2039
153,997.81
471,505.97
772,806.03
1,053,609.47
1,179,151.16
1,146,180.99
1,146,180.99
1,111,583.84
1,111,583.84
1,076,866.16
1,076,866.16
1,041,726.69
1,041,726.69
1,005,803.84
1,005,803.84
969,097.63
969,097.63
931,547.80
931,547.80
893,214.61
893,214.61
856,758.11
856,758.11
819,397.72
819,397.72
780,952.67
780,952.67
741,422.97
741,422.97
700,808.62
700,808.62
658,989.09
658,989.09
616,024.64
616,024.64
571,794.76
571,794.76
526,359.71
526,359.71
479,598.97
479,598.97
431,633.05
431,633.05
382,401.70
382,401.70
331,904.92
331,904.92
280,142.71
280,142.71
226,994.54
226,994.54
172,520.68
172,520.68
116,540.36
116,540.36
59,053.57
59,053.57
0.00
0.00
200,119.69
485,746.71
622,996.58
605,042.79
619,626.43
599,964.43
614,425.66
594,517.77
608,847.72
588,383.59
602,565.68
581,166.76
595,174.90
572,814.47
586,621.30
563,211.08
576,786.42
552,355.79
565,669.49
542,847.59
555,932.10
531,971.61
544,793.97
519,480.35
532,001.63
505,295.02
517,474.39
489,332.97
501,127.60
471,386.98
482,749.05
451,420.53
462,301.33
429,214.52
439,560.08
404,719.96
414,475.12
377,704.67
386,808.67
348,166.18
356,558.19
315,921.14
323,535.93
280,837.50
287,606.66
242,776.77
248,628.53
201,473.17
206,329.38
156,828.77
160,608.89
108,499.80
111,115.02
56,306.49
57,663.67
0.00
0.00
572,686.34
572,686.34
572,686.34
567,862.76
556,154.58
541,138.20
526,554.56
511,619.41
497,158.18
482,348.39
468,018.44
453,343.10
439,161.01
424,637.08
410,628.94
396,283.16
382,476.33
368,336.72
354,761.38
340,858.82
327,545.12
313,910.52
300,826.01
287,426.11
274,603.75
261,472.32
248,951.04
236,127.95
223,948.58
211,475.65
199,681.02
187,602.11
176,240.04
164,604.11
153,723.31
142,580.24
132,234.68
121,639.75
1 1 1 ,884.59
101,894.30
92,790.30
83,466.87
75,074.86
66,480.56
58,865.77
51,067.42
44,298.26
37,365.94
31,514.18
25,521.37
20,665.16
15,691.91
11,911.79
8,040.56
5,425.34
2,747.08
1 ,389.90
0.00
0.00
572,686.34
572,686.34
772,806.03
1,053,609.47
1,179,151.16
1,146,180.99
1,146,180.99
1,111,583.84
1,111,583.84
1,076,866.16
1,076,866.16
1,041,726.69
1,041,726.69
1,005,803.84
1,005,803.84
969,097.63
969,097.63
931,547.80
931,547.80
893,214.61
893,214.61
856,758.11
856,758.11
819,397.72
819,397.72
780,952.67
780,952.67
741,422.97
741,422.97
700,808.62
700,808.62
658,989.09
658,989.09
616,024.64
616,024.64
571,794.76
571,794.76
526,359.71
526,359.71
479,598.97
479,598.97
431,633.05
431,633.05
382,401.70
382,401.70
331,904.92
331,904.92
280,142.71
280,142.71
226,994.54
226,994.54
172,520.68
172,520.68
116,540.36
116,540.36
59,053.57
59,053.57
0.00
0.00
230,359.50
850,359.50
1,367,859.50
1,435,359.50
1,440,359.50
1,457,859.50
1,490,359.50
1,522,859.50
1,557,859.50
1,590,359.50
1,512,500.00
1,550,000.00
1,595,000.00
1,640,000.00
1,685,000.00
1,735,000.00
1,782,500.00
1,835,000.00
1,885,000.00
1,940,000.00
1,990,000.00
2,042,500.00
2,095,000.00
2,147,500.00
2,205,000.00
2,260,000.00
2,322,500.00
2,385,000.00
2,450,000.00
230,359.50
650,239.81
259,116.22
210,690.28
225,969.41
254,494.01
299,410.22
346,517.84
398,423.73
450,362.00
394,474.72
451,220.31
518,234.42
588,518.02
662,230.59
744,539.43
828,363.97
921,278.14
1,016,225.39
1,120,804.92
1,225,486.66
1,337,775.63
1,455,542.93
1,579,055.85
1,713,594.70
1,852,197.45
2,005,062.34
2,165,385.17
2,336,029.83
200,119.69
1,108,743.28
1,224,669.22
1,214,390.09
1,203,365.49
1,190,949.28
1,176,341.66
1,159,435.77
1,139,997.50
1,118,025.28
1,098,779.69
1,076,765.58
1,051,481.98
1,022,769.41
990,460.57
954,136.03
913,721.86
868,774.61
819,195.08
764,513.34
704,724.37
639,457.07
568,444.15
491,405.30
407,802.55
317,437.66
219,614.83
113,970.17
37,489,711.14
23,759,491.49 14,250,088.56 38,009,580.05
50,001,095.00 26,241,603.51
23,759,491.49
-------
100 Million, 50% Subsidy CW NYW Deal
2010 Scale
Term: 29.0
Arbitrage Yield
Payment
Date
a
Subsidy
Requirement
b
3.556426%
Escrow
Deposit
c
Interest
Earned on
Escrow
d
Total Escrow
Cash Flow
e
Base Case
Release
e-b
Capital
Available for
Long Term
Investments
b2
Capital
Recovery
Amount to
Solve for
6/15/2010
12/15/2010
6/15/2011
12/15/2011
6/15/2012
12/15/2012
6/15/2013
12/15/2013
6/15/2014
12/15/2014
6/15/2015
12/15/2015
6/15/2016
12/15/2016
6/15/2017
12/15/2017
6/15/2018
12/15/2018
6/15/2019
12/15/2019
6/15/2020
12/15/2020
6/15/2021
12/15/2021
6/15/2022
12/15/2022
6/15/2023
12/15/2023
6/15/2024
12/15/2024
6/15/2025
12/15/2025
6/15/2026
12/15/2026
6/15/2027
12/15/2027
6/15/2028
12/15/2028
6/15/2029
12/15/2029
6/15/2030
12/15/2030
6/15/2031
12/15/2031
6/15/2032
12/15/2032
6/15/2033
12/15/2033
6/15/2034
12/15/2034
6/15/2035
12/15/2035
6/15/2036
12/15/2036
6/15/2037
12/15/2037
6/15/2038
12/15/2038
6/15/2039
12/15/2039
6/15/2040
12/15/2040
113,610.12
341,713.61
563,994.27
765,863.88
858,480.82
831,401.48
831,401.48
803,388.58
803,388.58
775,064.49
775,064.49
746,206.94
746,206.94
716,815.92
716,815.92
687,069.26
687,069.26
656,744.68
656,744.68
625,797.72
625,797.72
602,058.58
602,058.58
577,919.34
577,919.34
553,202.17
553,202.17
528,084.91
528,084.91
502,167.46
502,167.46
475,405.35
475,405.35
447,754.14
447,754.14
419,213.81
419,213.81
389,784.39
389,784.39
359,688.13
359,688.13
328,613.85
328,613.85
296,561.56
296,561.56
263,442.34
263,442.34
229,300.65
229,300.65
194,047.57
194,047.57
157,638.66
157,638.66
120,073.91
120,073.91
81,308.86
81,308.86
41,299.07
41,299.07
0.00
726.71
223,020.29
428,855.68
529,098.58
511,427.74
520,522.02
501,765.11
510,687.56
491,444.58
500,183.51
480,220.29
488,759.63
468,059.80
476,382.90
455,107.34
463,200.12
441,112.23
448,956.14
425,992.58
433,567.63
417,538.25
424,962.97
408,380.47
415,642.35
398,316.19
405,399.10
387,490.69
394,381.10
375,476.59
382,153.36
362,186.76
368,627.21
347,530.97
353,710.82
331,460.22
337,354.29
313,923.74
319,505.98
295,091.21
300,338.56
274,604.94
279,488.00
252,405.61
256,893.91
228,342.82
232,403.24
202,394.17
205,993.17
174,403.09
177,504.35
144,251.84
146,816.95
111,862.92
113,852.08
77,111.56
78,482.77
39,868.57
40,577.52
340,986.90
340,986.90
340,973.98
337,008.20
329,382.24
319,973.74
310,879.46
301,623.47
292,701.02
283,619.91
274,880.98
265,986.65
257,447.31
248,756.12
240,433.02
231,961.92
223,869.14
215,632.45
207,788.54
199,805.14
192,230.09
184,520.33
177,095.61
169,538.87
162,276.99
154,885.98
147,803.07
140,594.22
133,703.81
126,690.87
120,014.10
113,218.59
106,778.14
100,223.17
94,043.32
87,753.59
81,859.52
75,860.65
70,278.41
64,596.92
59,349.57
54,008.91
49,125.85
44,155.95
39,667.65
35,099.52
31,039.10
26,906.48
23,307.48
19,644.48
16,543.22
13,386.82
10,821.71
8,210.99
6,221.83
4,197.30
2,826.09
1 ,430.50
721.55
340,986.90
341,713.61
563,994.27
765,863.88
858,480.82
831,401.48
831,401.48
803,388.58
803,388.58
775,064.49
775,064.49
746,206.94
746,206.94
716,815.92
716,815.92
687,069.26
687,069.26
656,744.68
656,744.68
625,797.72
625,797.72
602,058.58
602,058.58
577,919.34
577,919.34
553,202.17
553,202.17
528,084.91
528,084.91
502,167.46
502,167.46
475,405.35
475,405.35
447,754.14
447,754.14
419,213.81
419,213.81
389,784.39
389,784.39
359,688.13
359,688.13
328,613.85
328,613.85
296,561.56
296,561.56
263,442.34
263,442.34
229,300.65
229,300.65
194,047.57
194,047.57
157,638.66
157,638.66
120,073.91
120,073.91
81,308.86
81,308.86
41,299.07
41,299.07
575,340.00
1,147,840.00
1,522,840.00
1,575,340.00
1,592,840.00
1,622,840.00
1,652,840.00
1,672,840.00
1,705,340.00
1,740,340.00
1,335,000.00
1,357,500.00
1,390,000.00
1,412,500.00
1,457,500.00
1,505,000.00
1,555,000.00
1,605,000.00
1,655,000.00
1,692,500.00
1,747,500.00
1,802,500.00
1,862,500.00
1,920,000.00
1,982,500.00
2,047,500.00
2,112,500.00
2,180,000.00
2,250,000.00
2,322,500.00
575,340.00
(726.71)
924,093.00
564,885.74
543,390.24
580,387.33
631,211.91
683,860.08
728,397.30
787,032.54
850,271.63
475,439.79
514,998.78
565,977.18
608,784.71
675,628.21
747,370.05
824,186.03
903,758.21
986,185.49
1,059,070.28
1,152,070.23
1,248,407.06
1,353,200.48
1,459,253.94
1,574,112.66
1,695,592.56
1,821,431.21
1,954,285.00
2,094,405.67
2,242,053.91
223,747.00
957,954.26
1,031,949.76
1,012,452.67
991,628.09
968,979.92
944,442.70
918,307.46
890,068.37
859,560.21
842,501.22
824,022.82
803,715.29
781,871.79
757,629.95
730,813.97
701,241.79
668,814.51
633,429.72
595,429.77
554,092.94
509,299.52
460,746.06
408,387.34
351,907.44
291,068.79
225,715.00
155,594.33
80,446.09
27,463,770.34
19,175,818.78 8,515,328.34 27,691,147.12
50,000,900.00
30,824,354.51
19,175,818.78
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UNITED STATES ENVIRONMENTAL PROTECTION AGENCY
WASHINGTON, D.C. 20460
JUN "
OFFICE OF
WATER
Mr. Bradiey Abelow
Chair, Environmental Financial Advisory Board
Environmental Protection Agency
1200 Pennsylvania Avenue (MC 2731R)
Washington, DC 20460
Dear Mr. Abelow:
Thank you for submitting the report of the Environmental Financial Advisory Board (the Board)
entitled: "SRF Investment Function: Current Status and Prospects for Enhancing SRF
Sustainability." The Board is to be commended for a thorough analysis of how State Revolving
Funds (SRF) have managed their investments to date. We appreciate the innovative perspective
the report brings to potential options for the financial operations of the SRF programs with
regard to investments.
The fundamental premise of the report as stated on page 34. is: "...that given existing authority.
the SRF investment function is underutilized. This underutilization is the result of institutional
(state statutory authority and postioning) and financial modeling constructs". The SRFs do have
broad flexibility in determining and managing their investments. Given that there are 102 SRF
programs, Clean Water and Drinking Water, it is not surprising that some states have not
necessarily taken full advantage of their potential investment options. Many factors are clearly
involved in those decisions.
The Board's recommendations at p.37 are as follows:
1. identify and promote SRF state-of-the-art investment practices that support more
productive utilization of SRF funds among headquarters and regional SRF staff:
2. work with stakeholders and SRF administrators to develop interpretative guidance
that clarifies existing investment authority and. to the extent deemed necessary,
develop model language changes to the Clean Water and Safe Drinking Water Acts
that broaden investment authority to include both fixed income and capital growth
asset classes to the stable of permitted investments that SRF administrators can
utilize; and
3. develop model regulatory language that would establish the parameters that would
effectively govern SRF investment among asset classes.
With respect to the first recommendation. I have directed my staff to request the Council of
Infrastructure Financing Authorities to include the findings and recommendations of this
Rueycled/Racyclable . Printed with Vegetable Oil Based Inks on 100% Recycled Paper (20% Postconsumer)
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report in one or more sessions at their annual SRF Workshop, scheduled for November 14-15,
2011 in Baltimore Maryland. I understand that over the years SRF investment issues and
opportunities have been a fairly frequent topic at these workshops; however, this report expands
upon conventional perceptions of the type and role of such investments, revealing new and
worthwhile potential opportunities that I am sure would be of interest to all attendees,
particularly state and federal officials.
Regarding the second recommendation, please be aware that immediately following the SRF
Workshop, the State/EPA Workgroup convenes for a day and a half meeting at the same
location. I have also directed my staff to place the report on the agenda and invite you to send
Board representatives to present its findings and recommendations. I think it will generate an
informative and helpful debate for all attending. Additionally, I have asked the SRF
headquarters staff to review our regional and state training materials to ascertain where
additional information on SRF investments should be developed to include in our periodic
training sessions. Both of these steps will help significantly in expanding the awareness of
current investment practices and opportunities for change and improvement. Any actions that
might be taken under the third recommendation would likely follow directly from the outcomes
of the first two.
I am deeply grateful to the Environmental Financial Advisory Board for investing an impressive
amount of time and effort in producing a needed and worthwhile report for members of the SRF
community. If you have any questions, please direct them to George Ames, Chief of the
CWSRF Branch in the Office of Wastewater Management. He can be reached at (202) 564-0661
or ames.george@epa.gov.
Sincerely,
Nancy K. Stoner
Acting Assistant Administrator
cc: Lisa P. Jackson, Administrator
Barbara J. Bennett, Chief Financial Officer
Michael H. Shapiro, EFAB Designated Federal Official
EPA-190-R-11-006
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