I have a set of monthly cash flows that are distributed between investors based on IRR hurdles. The first hurdle is that the Primary Investor receives 100% of the Cash Flow until they have received a 20% return on their $80 Million investment.
In the past, I have used interest as a way to calculate the return - as in 20% growth on outstanding cash flow per year. But in a monthly cash flow, the IRR and XIRR test at the end is coming up with slightly different numbers. Cash Flows follow.
Formula for growing the beginning balance (Interest) is =(Beginning Balance)*Growth Rate/(365/(days in period))
Growth Rate is 20%, XIRR is 21.9394%, solver for XIRR = 20% results in growth rate of ~18.4%.
Why are these different? Is this a good way to calculate the hurdle? Should I use a different growth rate given the annualized XIRR? or Is it okay that these are coming up differently given the monthly cash flows?
<table x:str="" style="border-collapse: collapse; width: 623pt;" width="829" border="0" cellpadding="0" cellspacing="0"><col style="width: 79pt;" width="105"> <col style="width: 114pt;" width="152"> <col style="width: 106pt;" width="141" span="2"> <col style="width: 109pt;" width="145" span="2"> <tbody><tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt; width: 79pt;" width="105" height="21">Date</td> <td class="xl489" style="width: 114pt;" width="152">Beginning Balance</td> <td class="xl489" style="width: 106pt;" width="141">Investment</td> <td class="xl489" style="width: 106pt;" width="141">Interest</td> <td class="xl489" style="width: 109pt;" width="145">Pay Down</td> <td class="xl489" style="width: 109pt;" width="145">Ending Balance</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40391" align="right" height="21">8/1/2010</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="80000000" align="right">80,000,000</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="80000000" align="right">80,000,000</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40421" align="right" height="21">8/31/2010</td> <td class="xl489" x:num="80000000" align="right">80,000,000</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1315068.493150685" align="right">1,315,068</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="77091068.493150681" align="right">77,091,068</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40451" align="right" height="21">9/30/2010</td> <td class="xl489" x:num="77091068.493150681" align="right">77,091,068</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1267250.4409832989" align="right">1,267,250</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="74134318.934133977" align="right">74,134,319</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40482" align="right" height="21">10/31/2010</td> <td class="xl489" x:num="74134318.934133977" align="right">74,134,319</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1259267.8832647416" align="right">1,259,268</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="71169586.817398712" align="right">71,169,587</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40512" align="right" height="21">11/30/2010</td> <td class="xl489" x:num="71169586.817398712" align="right">71,169,587</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1169911.0161764172" align="right">1,169,911</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="68115497.83357513" align="right">68,115,498</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40543" align="right" height="21">12/31/2010</td> <td class="xl489" x:num="68115497.83357513" align="right">68,115,498</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1157030.3741593584" align="right">1,157,030</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="65048528.207734495" align="right">65,048,528</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40574" align="right" height="21">1/31/2011</td> <td class="xl489" x:num="65048528.207734495" align="right">65,048,528</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1104933.9038026135" align="right">1,104,934</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="61929462.111537106" align="right">61,929,462</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40602" align="right" height="21">2/28/2011</td> <td class="xl489" x:num="61929462.111537106" align="right">61,929,462</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="950150.65157426801" align="right">950,151</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="58655612.763111375" align="right">58,655,613</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40633" align="right" height="21">3/31/2011</td> <td class="xl489" x:num="58655612.763111375" align="right">58,655,613</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="996341.91542819329" align="right">996,342</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="55427954.678539567" align="right">55,427,955</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40663" align="right" height="21">4/30/2011</td> <td class="xl489" x:num="55427954.678539567" align="right">55,427,955</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="911144.46046914358" align="right">911,144</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="52115099.139008708" align="right">52,115,099</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40694" align="right" height="21">5/31/2011</td> <td class="xl489" x:num="52115099.139008708" align="right">52,115,099</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="885242.77989549038" align="right">885,243</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="48776341.9189042" align="right">48,776,342</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40724" align="right" height="21">6/30/2011</td> <td class="xl489" x:num="48776341.9189042" align="right">48,776,342</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="801802.88085869933" align="right">801,803</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="45354144.799762897" align="right">45,354,145</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40755" align="right" height="21">7/31/2011</td> <td class="xl489" x:num="45354144.799762897" align="right">45,354,145</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="770399.17194117804" align="right">770,399</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="41900543.971704073" align="right">41,900,544</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40786" align="right" height="21">8/31/2011</td> <td class="xl489" x:num="41900543.971704073" align="right">41,900,544</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="711735.26746456244" align="right">711,735</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="38261559.239168637" align="right">38,261,559</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40816" align="right" height="21">9/30/2011</td> <td class="xl489" x:num="38261559.239168637" align="right">38,261,559</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="628957.13817811466" align="right">628,957</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="34539796.377346754" align="right">34,539,796</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40847" align="right" height="21">10/31/2011</td> <td class="xl489" x:num="34539796.377346754" align="right">34,539,796</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="586703.39051931479" align="right">586,703</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="30775779.767866068" align="right">30,775,780</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40877" align="right" height="21">11/30/2011</td> <td class="xl489" x:num="30775779.767866068" align="right">30,775,780</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="505903.2290608121" align="right">505,903</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="26930962.996926881" align="right">26,930,963</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40908" align="right" height="21">12/31/2011</td> <td class="xl489" x:num="26930962.996926881" align="right">26,930,963</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="457457.45364642929" align="right">457,457</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="23037700.45057331" align="right">23,037,700</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40939" align="right" height="21">1/31/2012</td> <td class="xl489" x:num="23037700.45057331" align="right">23,037,700</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="391325.32272206724" align="right">391,325</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="19078305.773295376" align="right">19,078,306</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40968" align="right" height="21">2/29/2012</td> <td class="xl489" x:num="19078305.773295376" align="right">19,078,306</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="303162.11913729639" align="right">303,162</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="15030747.892432671" align="right">15,030,748</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40999" align="right" height="21">3/31/2012</td> <td class="xl489" x:num="15030747.892432671" align="right">15,030,748</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="255316.81351529472" align="right">255,317</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="10935344.705947965" align="right">10,935,345</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41029" align="right" height="21">4/30/2012</td> <td class="xl489" x:num="10935344.705947965" align="right">10,935,345</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="179759.09105667891" align="right">179,759</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="6764383.7970046438" align="right">6,764,384</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41060" align="right" height="21">5/31/2012</td> <td class="xl489" x:num="6764383.7970046438" align="right">6,764,384</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="114901.86175733917" align="right">114,902</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="2528565.6587619828" align="right">2,528,566</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41090" align="right" height="21">6/30/2012</td> <td class="xl489" x:num="2528565.6587619828" align="right">2,528,566</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="41565.462883758628" align="right">41,565</td> <td class="xl489" x:num="-2570131.1216457416" align="right">-2,570,131</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41121" align="right" height="21">7/31/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41152" align="right" height="21">8/31/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41182" align="right" height="21">9/30/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41213" align="right" height="21">10/31/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> </tbody></table>
In the past, I have used interest as a way to calculate the return - as in 20% growth on outstanding cash flow per year. But in a monthly cash flow, the IRR and XIRR test at the end is coming up with slightly different numbers. Cash Flows follow.
Formula for growing the beginning balance (Interest) is =(Beginning Balance)*Growth Rate/(365/(days in period))
Growth Rate is 20%, XIRR is 21.9394%, solver for XIRR = 20% results in growth rate of ~18.4%.
Why are these different? Is this a good way to calculate the hurdle? Should I use a different growth rate given the annualized XIRR? or Is it okay that these are coming up differently given the monthly cash flows?
<table x:str="" style="border-collapse: collapse; width: 623pt;" width="829" border="0" cellpadding="0" cellspacing="0"><col style="width: 79pt;" width="105"> <col style="width: 114pt;" width="152"> <col style="width: 106pt;" width="141" span="2"> <col style="width: 109pt;" width="145" span="2"> <tbody><tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt; width: 79pt;" width="105" height="21">Date</td> <td class="xl489" style="width: 114pt;" width="152">Beginning Balance</td> <td class="xl489" style="width: 106pt;" width="141">Investment</td> <td class="xl489" style="width: 106pt;" width="141">Interest</td> <td class="xl489" style="width: 109pt;" width="145">Pay Down</td> <td class="xl489" style="width: 109pt;" width="145">Ending Balance</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40391" align="right" height="21">8/1/2010</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="80000000" align="right">80,000,000</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="80000000" align="right">80,000,000</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40421" align="right" height="21">8/31/2010</td> <td class="xl489" x:num="80000000" align="right">80,000,000</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1315068.493150685" align="right">1,315,068</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="77091068.493150681" align="right">77,091,068</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40451" align="right" height="21">9/30/2010</td> <td class="xl489" x:num="77091068.493150681" align="right">77,091,068</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1267250.4409832989" align="right">1,267,250</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="74134318.934133977" align="right">74,134,319</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40482" align="right" height="21">10/31/2010</td> <td class="xl489" x:num="74134318.934133977" align="right">74,134,319</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1259267.8832647416" align="right">1,259,268</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="71169586.817398712" align="right">71,169,587</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40512" align="right" height="21">11/30/2010</td> <td class="xl489" x:num="71169586.817398712" align="right">71,169,587</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1169911.0161764172" align="right">1,169,911</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="68115497.83357513" align="right">68,115,498</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40543" align="right" height="21">12/31/2010</td> <td class="xl489" x:num="68115497.83357513" align="right">68,115,498</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1157030.3741593584" align="right">1,157,030</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="65048528.207734495" align="right">65,048,528</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40574" align="right" height="21">1/31/2011</td> <td class="xl489" x:num="65048528.207734495" align="right">65,048,528</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="1104933.9038026135" align="right">1,104,934</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="61929462.111537106" align="right">61,929,462</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40602" align="right" height="21">2/28/2011</td> <td class="xl489" x:num="61929462.111537106" align="right">61,929,462</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="950150.65157426801" align="right">950,151</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="58655612.763111375" align="right">58,655,613</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40633" align="right" height="21">3/31/2011</td> <td class="xl489" x:num="58655612.763111375" align="right">58,655,613</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="996341.91542819329" align="right">996,342</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="55427954.678539567" align="right">55,427,955</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40663" align="right" height="21">4/30/2011</td> <td class="xl489" x:num="55427954.678539567" align="right">55,427,955</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="911144.46046914358" align="right">911,144</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="52115099.139008708" align="right">52,115,099</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40694" align="right" height="21">5/31/2011</td> <td class="xl489" x:num="52115099.139008708" align="right">52,115,099</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="885242.77989549038" align="right">885,243</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="48776341.9189042" align="right">48,776,342</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40724" align="right" height="21">6/30/2011</td> <td class="xl489" x:num="48776341.9189042" align="right">48,776,342</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="801802.88085869933" align="right">801,803</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="45354144.799762897" align="right">45,354,145</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40755" align="right" height="21">7/31/2011</td> <td class="xl489" x:num="45354144.799762897" align="right">45,354,145</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="770399.17194117804" align="right">770,399</td> <td class="xl489" x:num="-4224000" align="right">-4,224,000</td> <td class="xl489" x:num="41900543.971704073" align="right">41,900,544</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40786" align="right" height="21">8/31/2011</td> <td class="xl489" x:num="41900543.971704073" align="right">41,900,544</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="711735.26746456244" align="right">711,735</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="38261559.239168637" align="right">38,261,559</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40816" align="right" height="21">9/30/2011</td> <td class="xl489" x:num="38261559.239168637" align="right">38,261,559</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="628957.13817811466" align="right">628,957</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="34539796.377346754" align="right">34,539,796</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40847" align="right" height="21">10/31/2011</td> <td class="xl489" x:num="34539796.377346754" align="right">34,539,796</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="586703.39051931479" align="right">586,703</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="30775779.767866068" align="right">30,775,780</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40877" align="right" height="21">11/30/2011</td> <td class="xl489" x:num="30775779.767866068" align="right">30,775,780</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="505903.2290608121" align="right">505,903</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="26930962.996926881" align="right">26,930,963</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40908" align="right" height="21">12/31/2011</td> <td class="xl489" x:num="26930962.996926881" align="right">26,930,963</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="457457.45364642929" align="right">457,457</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="23037700.45057331" align="right">23,037,700</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40939" align="right" height="21">1/31/2012</td> <td class="xl489" x:num="23037700.45057331" align="right">23,037,700</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="391325.32272206724" align="right">391,325</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="19078305.773295376" align="right">19,078,306</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40968" align="right" height="21">2/29/2012</td> <td class="xl489" x:num="19078305.773295376" align="right">19,078,306</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="303162.11913729639" align="right">303,162</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="15030747.892432671" align="right">15,030,748</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="40999" align="right" height="21">3/31/2012</td> <td class="xl489" x:num="15030747.892432671" align="right">15,030,748</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="255316.81351529472" align="right">255,317</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="10935344.705947965" align="right">10,935,345</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41029" align="right" height="21">4/30/2012</td> <td class="xl489" x:num="10935344.705947965" align="right">10,935,345</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="179759.09105667891" align="right">179,759</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="6764383.7970046438" align="right">6,764,384</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41060" align="right" height="21">5/31/2012</td> <td class="xl489" x:num="6764383.7970046438" align="right">6,764,384</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="114901.86175733917" align="right">114,902</td> <td class="xl489" x:num="-4350720" align="right">-4,350,720</td> <td class="xl489" x:num="2528565.6587619828" align="right">2,528,566</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41090" align="right" height="21">6/30/2012</td> <td class="xl489" x:num="2528565.6587619828" align="right">2,528,566</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="41565.462883758628" align="right">41,565</td> <td class="xl489" x:num="-2570131.1216457416" align="right">-2,570,131</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41121" align="right" height="21">7/31/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41152" align="right" height="21">8/31/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41182" align="right" height="21">9/30/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> <tr style="height: 15.75pt;" height="21"> <td class="xl490" style="height: 15.75pt;" x:num="41213" align="right" height="21">10/31/2012</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> <td class="xl489" x:num="" align="right">0</td> </tr> </tbody></table>
