................................................................................................................................... 3-2
................................................................................................................................... 3-3
............................................................................................................... 3-6
................................................................................................... 3-7
........................................................................................................................... 3-8
....................................................................................... 3-9
......................................................................................... 3-17
..................................................................................... 3-18
..................................................................................................... 3-25
............................................................. 3-30
..................................................................................................................... 3-32
................................................................................................................. 3-32
................................................................................................. 3-32
................................................................................................................. 3-33
................................................................................................................. 3-38
................................................................................................................. 3-38
............................................................................................................. 3-38
......................................................................................................... 3-43
......................................................................................................... 3-44
..................................................................................................... 3-46
..................................................................................................... 3-46
......................................................... 3-49
................................................................................................................. 3-51
................................................................................................................. 3-51
............................................................................................................. 3-52
..................................................................................................... 3-52
1
2
3
10%
T
T n T T n
1.00
2
1.2%
/ 1
/ 1
/
1
2
1
2
1
2
1
2
1
2
3
4
5
1
2
3
1
2
1
1 )
/
/ 1
2
1
=
3 T T+1
T T /T
1 1.5 0.50
2
3
4
25%
5
1
2 T 1 T 2
3 T 1
4
1
10
2
1
2 10
3
4
1
1
2
3
4
5
6
2
1
2
3
4
5
3
4
1
2
3
1
2
3
4
3
5
3
6
7
/
8
1
2
T
T+1 T+2
9
1
2 T+1
3
4 3
10
1
1
2
3
4
5
2
3
1
1 1
3
1
2
3
T T+1 T+2
1
88 37
2003 4 18
2003 48
1
2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
1
1
1912 2 5
1998 24
2
1
2
3
4
5
6
7
3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15 15
16
17
18
19
20
21
22
23
24
25
26
1
2
1
2
3
4
5
6
7
8
9
3
1
2
3
4
5
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
1
2
3
4
5
6
30
1
2
3
4
5
6
1
2 50%
1
2
3 50%
4
;
1
1
2
2
30
1
2
1
2
1
1
2
3
2
1
2
3 2
1
1
2
3
4
2
1
2
3
4
1
1 10
2
3
4
5
6
2
1) 10%
2)
3)
4)
5)
6) 5
1
2
3
4
5
6
7
8
70 -95% 5
1
1
2
3
2
1
2
3
4
5 /
6
7
8
3
1
2
3
80 20
1
1
2
3
4
5
6
7
8
2
1 10%
2 10%
3
4
3
10
1
2
3
4
1
1
2
3
4 1 2 3 1 2 3
5
2
1
2
3
4
5 1)-4)
1)-4)
6
1
2
3
T T /T
0.001
1
0.5%
2
3
1
2
3
4)
5)
6)
7)
4
1
2
3
4
5 0.5%
1 1 4 2 5
2
1
2
3
4
5
6
7
1
1.5%
1.5%
H E 1.5%
H
E
2
0.25%
0.25%
H=E 0.25%
H
E
3 3 7
3
1
2
3
1
2
3
4
5
6
7 50% 4
8
9
1
2
1 1 1 12 31
2
3
4
5
6
1
2
3 2
1
2
3
4
1
2
3
1
2
3
4
5
6
7 ;
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
1
2 1
1
2
3
1
2
1
2
3
3
1
2
3
4
5
6
7
8
9
10
4
5
6
7
1
2
3
1
2
3
4
5
6
7
8
9
10
11
12 - 3-53 -
13
14
15
16
17
1
2
3
4
5
6
7
8
9
- 3-54 -
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25 - 3-55 -
26
1
2
3
4
5
6
7
1
2
3
4
5
6
7
8 - 3-56 -
9
10
11
12
13
14
15 15
16
17
18
19
20
21
22
23
24
- 3-57 -
25
26
1
2
3
4
5
6
7
8
9
1
2
3
4
5
1
2
3
4
5 - 3-58 -
6
7
8
9
10
1
2
3
4 - 3-59 -
5
6
30
1
2
3
4
5
6
1
2 - 3-60 -
50%
1
2
3 50%
4
;
1
1
2
2
30
1
2
1
- 3-61 -
2
1
1
2
3
2
- 3-62 -
1
2
3 2
1
2
3
4
5
6
7 50% 4
8
9
- 3-63 -
1
2
3
4
5
6
7
1
1.5%
1.5%
H E 1.5%
H
E
2
0.25%
- 3-64 -
0.25%
H=E 0.25%
H
E
3 3 7
70 -95% 5
1
1
2
3
4
5
6
7
- 3-65 -
8
2
1 10%
2 10%
3
4
3
1
1
2
3
4 1 2 3 - 3-66 -
1 2 3
5
2
1
2
3
4
5 1)-4) 1)-4)
6
- 3-67 -
1
2
3
1
2
1
2
3
3
1
2
3
4
5
6
7
8
9
10
4
- 3-68 -
5
6
7
www.hftfund.com
- 3-69 -