report, if you look at the capital preservation under treasury, you will see that we have both physical and synthetic exposures to u.s. treasury bonds. the physical exposure relates to holding bonds that are [inaudible] this account is fully funded, which means that we sent $1.1 billion to black rock, and they bought $1.1 billion of u.s. treasury bonds, replicating the treasury benchmark that we set. the synthetic exposure refers to holding of market treasury futures. to match [inaudible] and requires about 10% of the actual exposure in cash. that is $40 million in cash funding to gain 400 million of economic exposure to the one to ten viewer treasury mix. the remaining 160 million cash is available to be drawn should we have a large capital call. however, if you see on the six calls that we did not use this 160 million cash. that means that we have sufficient cash, and that means we do not have fund level leverage. if you see, all the exposures add up -- [please stand by]. >> the annual cost [inaudible] was 63 basis points, which included 30 basis points of administrative fees and 33 p

report, if you look at the capital preservation under treasury, you will see that we have both physical and synthetic exposures to u.s. treasury bonds. the physical exposure relates to holding bonds that are [inaudible] this account is fully funded, which means that we sent $1.1 billion to black rock, and they bought $1.1 billion of u.s. treasury bonds, replicating the treasury benchmark that we set. the synthetic exposure refers to holding of market treasury futures. to match [inaudible] and requires about 10% of the actual exposure in cash. that is $40 million in cash funding to gain 400 million of economic exposure to the one to ten viewer treasury mix. the remaining 160 million cash is available to be drawn should we have a large capital call. however, if you see on the six calls that we did not use this 160 million cash. that means that we have sufficient cash, and that means we do not have fund level leverage. if you see, all the exposures add up -- [please stand by]. >> the annual cost [inaudible] was 63 basis points, which included 30 basis points of administrative fees and 33 p