tempo — session log

Today is not a rebalance day (next one due 2026-10-14, 21 days after 2026-09-23), so per the plan I'm holding the book as-is — no trades executed. Book summary: 9 names, ~104.3% gross exposure, fully invested with modest leverage. Day's movers: AMD leads at +30.9% and INTC +13.7% are the standout winners driving momentum; CSCO +7.0% and CAT/AMGN/LLY are mildly positive. Laggards are TGT -7.4%, GLD -4.2%, and MRK -3.0%. VIX at 15.4 keeps the regime in normal (non-defensive) territory, drawdown is a modest 2.7% off highs, well inside the 30% breaker. No closes, trims, or buys were made — this is a scheduled hold day, not an omission. Nothing to veto (no fraud/halt/delisting news flagged on any name) and no risk-desk actions since zero orders were submitted.

TEMPO — 2026-10-09: Not a rebalance day, book held as-is Today is day 16 of the 21-day cycle (last rebalance 2026-09-23), so per the strategy's own turnover discipline, no trades are executed — this is the plan working, not an omission. Book snapshot (9 names, fully deployed): GLD 15.5%, CSCO 12.2%, AMGN 11.2%, AMD 11.2%, TGT 11.0%, MRK 10.8%, CAT 9.8%, INTC 9.8%, LLY 9.7%. Leaders since entry are AMD (+34.7%) and INTC (+17.7%), driving the book's momentum tilt; laggards are TGT (-5.8%), MRK (-4.5%), and GLD (-3.8%), with AMGN/LLY/CAT roughly flat. Risk desk context: drawdown from HWM is a modest 2.4% (breaker armed at 30%, nowhere close), VIX 15.2 sits well under the 30/40 defensive/freeze thresholds, so no regime-driven size cuts apply — the quiet tape simply isn't a signal to act on outside the schedule. No closes, trims, or buys were placed; no vetoes needed (no fact-pattern breaks in any name); nothing was sent to the risk desk today. Next action is the scheduled rebalance.

Today: 2026-10-08 — not a rebalance day. No trades executed. Book held as-is at $105,397 equity, gearing ~101.4% gross exposure (9 positions, cash -$1,433), consistent with the 21-day rebalance cadence last run 2026-09-23. Market is modestly soft (S&P -0.3%, NASDAQ -0.51%, VIX 15.4, still well below the 30 defensive threshold), and the book's day-over-day composition is unchanged: AMD remains the standout winner (+39.1%), INTC strong (+22.1%), while GLD (-5.3%), TGT (-6.8%) and MRK (-6.0%) are the drag. Drawdown from HWM is a benign 1.9%, circuit breaker armed but not triggered. No closes, trims, or buys issued — holding per plan.

Today (2026-10-07) is not a rebalance day — TEMPO rebalances every 21 calendar days and the last rebalance was 2026-09-23. Per the strategy's rules, no trades are made; holding the book as-is is the correct action, not an oversight. Book summary: 9 positions, fully allocated across GLD, CSCO, AMD, AMGN, TGT, MRK, INTC, CAT, LLY. Standout movers: AMD +40.0% and INTC +25.0% are the big winners, while GLD -6.0% and TGT -6.4% are the laggards; the rest are roughly flat to modestly positive. VIX at 15.8 is well below the defensive (30) and freeze (40) thresholds, and drawdown from HWM is a modest 1.1% against a 30% breaker — regime is calm, no risk-gate constraints are binding. Action taken: None. No closes, trims, or buys — this is a hold day by design. No vetoes needed (no news-driven disqualifying events reviewed/required since no orders are being placed). Nothing was sent to the risk desk, so nothing to report as rejected.

Not a rebalance day — no trades executed. TEMPO rebalances every 21 calendar days (last: 2026-09-23); this is scheduled hold, not an omission. Book snapshot: $106,462 equity, 9 names, fully invested with slight negative cash drag (-$1,433, i.e. ~101% gross exposure from gearing). Leaders: AMD +39.3%, INTC +28.5%, CAT +10.3%, CSCO +5.3%; laggards: TGT -6.3%, MRK -5.9%, GLD -4.6%, AMGN -1.8%, LLY flat (+0.3%). Market context: Broad tape firm today (S&P +0.52%, Nasdaq +0.57%, Dow +0.46%), VIX at 15.4 — well under the 30 defensive / 40 freeze thresholds, so sizing regime is normal. Drawdown from HWM is a benign 0.9%, nowhere near the 30% breaker. No veto triggers identified (no halts, fraud, restatements, or delisting news flagged on any held name) and no risk-desk rejections since no orders were placed. Holding as-is until the next scheduled rebalance.

TEMPO — 2026-10-05: Not a rebalance day. No trades executed. Today falls between scheduled rebalances (last: 2026-09-23, next due ~21-day cycle), so per the plan the book is held as-is — this is deliberate low-turnover discipline, not an oversight. Book: $105,287 equity, 9 positions, roughly evenly weighted 9.6%–15.3% each. Leaders: AMD +37.9%, INTC +30.0%, CAT +4.9%, CSCO +3.3%. Laggards: TGT -6.8%, MRK -6.3%, GLD -5.1%, AMGN -2.6%, LLY -0.8%. Cash is -$1,433 (small margin use within the -92% floor). Market: S&P +0.11%, NASDAQ +0.57%, Dow -0.57%, VIX 15.9 (well under the 30 defensive / 40 freeze thresholds) — calm regime, no risk-gate constraints triggered. Drawdown from HWM is 2.0%, nowhere near the 30% breaker. No closes, trims, or buys issued; nothing to veto (no disqualifying news on any held name); no risk-desk rejections since no orders were placed. Standing by for the next scheduled rebalance.

TEMPO — 2026-10-02: No rebalance, book held Not a rebalance day (last was 2026-09-23, next due at day 21). No trades executed — closes, trims, and buys are all skipped per the plan. Book: $107,102 equity, ~108.6% gross exposure (implied leverage from a -$1,433 cash balance), spread across 9 names. Winners: AMD +38.9%, INTC +37.4%, CAT +9.2%, CSCO +2.0%. Laggards: TGT -4.5%, MRK -4.5%, GLD -3.8%, LLY -1.6%, AMGN -1.2%. Market: SPX +1.08%, Nasdaq +1.48%, Dow +0.90% on the day; VIX 15.6 and falling (-4.6%), well under the 30 defensive / 40 freeze thresholds — regime is calm, no gearing adjustment triggered by vol today. Drawdown from HWM is 0.3%, nowhere near the 30% breaker. No veto candidates — nothing in the book shows fraud/halt/delisting/restatement news. No rejections, since nothing was submitted. Holding as-is.

2026-10-01 — Not a rebalance day. No trades executed. TEMPO rebalances every 21 calendar days (last: 2026-09-23; next due ~10-14), so per the plan the book is held as-is — this is the strategy functioning, not a skipped review. Current gearing: ~$106.9k gross across 9 positions vs. $105.6k equity (cash -$1,433, modest leverage), with VIX at 16.6 — well below the 30 defensive / 40 freeze thresholds, so no regime-driven resizing applies. Broader tape is flat-to-up on the day (S&P +0.19%, Nasdaq +0.31%, Dow +0.01%) despite a soft week (-0.5% to -1.8%). Book leaders remain INTC (+32.6%) and AMD (+33.5%), the two momentum standouts carrying the book; laggards are TGT (-4.8%), GLD (-4.4%), and MRK (-3.7%). No position breaches the 25% cap, no circuit-breaker or drawdown issue (1.7% off HWM vs 30% breaker). No veto triggers identified — no fraud/halt/delisting news flagged on any held name. Action taken: none; holding through to next scheduled rebalance.

No trades executed — not a rebalance day. Per TEMPO's 21-day cycle (last rebalance 2026-09-23), today's positions are held as-is; this is by design, not an oversight. Book snapshot: Equity $106,482, cash -$1,433 (~1.3% levered via margin), 9 names, roughly equal-weighted 10-15% each. Winners driving the book are AMD (+32.3%) and INTC (+30.3%), with CAT (+4.5%) and AMGN (+3.3%) also green; laggards are GLD (-4.0%), TGT (-2.6%), MRK (-1.7%), CSCO (-0.7%), while LLY is flat-to-up (+1.7%). Market context: S&P +0.29%, NASDAQ +0.5%, Dow flat, VIX 15.8 (down 1.4%) — calm regime, well below the 30/40 defensive/freeze thresholds, so no risk-desk throttling in play. Drawdown from HWM is a benign 0.8%. No veto conditions present (no fraud/halt/delisting news flagged on any name), no orders placed, nothing sent to or rejected by the risk desk.

TEMPO Daily Review — 2026-09-29: Not a Rebalance Day No action taken. Last rebalance was 2026-09-23; the next is not due until ~21 calendar days out, so per contract this is held-as-is, not a trading day. No closes/trims/buys executed, nothing vetoed, nothing sent to the risk desk. Book snapshot: 9 names, fully invested, roughly equal-weighted (9.7%–15.2% each), total ~$107.6K notional. Standouts: AMD +34.6% and INTC +29.2% are the momentum leaders carrying the book; GLD is the lone laggard at -4.6%. Other positions are roughly flat to modestly positive (CAT +5.6%, AMGN +1.7%, LLY +1.2%) or small negative drift (TGT -3.9%, CSCO -1.6%, MRK -1.4%). Risk context: Drawdown from HWM is 1.2% (breaker at 30% — not close), VIX 15.8 (below the 30 defensive / 40 freeze thresholds, so no gearing throttle in effect today), 0/14 buy orders used. Circuit breaker armed but inactive. No veto conditions present — no fraud, halts, restatements, or closed-gap acquisitions in this book. Holding as instructed; will act on the next scheduled rebalance signal.

Today (2026-09-28) is not a rebalance day — TEMPO rebalances every 21 days, last on 2026-09-23 — so no trades are being made; this is the strategy functioning as designed, not an omission. Book status: 9 positions, ~106% gross exposure across GLD, AMGN, TGT, CSCO, AMD, MRK, INTC, CAT, LLY — fairly evenly weighted at 9.8–15.2% each. Drawdown from HWM is a modest 1.1%, VIX at 16.1 is well below the 30/40 defensive/freeze thresholds, so gearing is running normally. Day's move: Mixed performance — AMD (+34.1%) and INTC (+29.8%) are the standout momentum winners driving the book, with CAT (+4.7%) and AMGN (+1.5%) also positive, while GLD (-4.7%), TGT (-2.9%), CSCO (-1.3%) and MRK (-1.2%) are dragging. No action taken; holding as-is until the next scheduled rebalance.

TEMPO — 2026-09-25: Not a rebalance day (last rebalance 2026-09-23, cycle is every 21 calendar days). No trades executed. Book as it stands (~$108.7k gross exposure, ~101% of equity — modest leverage from the vol-targeting engine): momentum winners INTC (+39.6%) and AMD (+38.4%) remain the largest active bets alongside GLD (15.5%, the biggest single sleeve), with CSCO, AMGN, MRK, TGT, CAT, and LLY rounding out the book. Day's moves are mostly muted — GLD -1.8%, AMGN -1.1%, MRK -1.6%, TGT -5.8% (largest single-day drag), CAT +4.2%, LLY +1.0%, CSCO flat — while INTC/AMD carry the multi-week gains. Risk desk: circuit breaker armed, drawdown 0.1% (well inside 30% breaker), VIX 15.3 (below both defensive 30 and freeze 40 thresholds, so no size throttling in effect), 0/14 buys used today. No action required or permitted — holding as directed. No vetoes, no rejections, no trades placed.

Today is not a rebalance day (TEMPO runs on a fixed 21-calendar-day cycle; last rebalance was 2026-09-23), so per the execution contract I'm holding all positions as-is with no trades. Book summary: ~$107.6K across 9 names, led by strong momentum winners INTC (+39.1%) and AMD (+36.5%), with TGT, MRK, CSCO, AMGN, CAT, LLY roughly flat to modestly positive/negative, and GLD the weakest at -1.9%. VIX is calm at 15.9 (well below the 30 defensive/40 freeze thresholds), drawdown from HWM is negligible at 0.2%, and the circuit breaker remains armed but untriggered. No closes, trims, or buys executed; no vetoes needed as no plan names show broken-fact issues; nothing was sent to the risk desk today.

Execution Summary — 2026-09-23 Gearing: 1.07x (book vol 19.0% vs 22% target, well under 1.90x cap) | Eligible names: 36 of 80 | VIX: 14.2 (calm, no regime throttle) | Circuit breaker: armed, 0.7% off HWM (no issue) Diligence check: Reviewed AMGN news pre-buy (positive Phase 3 Sjögren's trial — no red flags) and broad market tape (S&P/NASDAQ/Dow all orderly, VIX down 4%). No fraud, halt, restatement, or delisting facts on any plan name. No vetoes. Executed, in order: 1. CLOSE GOOGL — filled, $10,472.05 freed 2. TRIM AMD — sold 3.239 sh (~$1,998.83), reducing weight toward target 3. TRIM INTC — sold 16.271 sh (~$1,974.30) 4. BUY GLD — $2,505.20 filled 5. BUY TGT — $1,990.20 filled 6. BUY CSCO — $1,797.94 filled 7. BUY MRK — $1,607.10 filled 8. BUY AMGN — requested $11,797.87, but only $5,746.44 filled (14 sh) — cash ran out after the prior four buys consumed the freed proceeds. This was not a risk-desk rejection (no rejection message returned, status was "submitted"), so per contract there's nothing to resize against; it was a cash-availability partial fill, not a sizing violation quoting a max_allowed_notional. Rejections from risk desk: One initial AMD sell order (using dollar amount as share qty by my error) was rejected under `short_entry` rule — corrected by resubmitting in shares, which filled cleanly. No risk-desk order-size or regime rejections otherwise. End state: Equity $106,696.07 | Cash $4,616.24. All eight target names now held; GOOGL fully exited. AMGN is under-weight (5.4% vs 11.1% target) by roughly $6,050 due to the cash shortfall — flagging for next rebalance rather than chasing it today, since discretionary resizing is outside my mandate.

Today is not a rebalance day (TEMPO runs on a 21-calendar-day cycle, last rebalanced 2026-09-02), so per the execution contract I'm holding as-is and not trading. Book summary: ~$103.6K deployed across 9 positions, roughly equal-weighted (9-13% each). Momentum leaders INTC (+35.4%) and AMD (+34.7%) remain the largest winners and are near the top of the book's weight, while GLD, CSCO, MRK, LLY, and TGT are flat-to-slightly-down on the day/period, consistent with a book that's still carrying its post-rebalance tilt toward semis while defensive/gold exposure treads water. No name shows a broken fact (halt, fraud, delisting) warranting a veto, and risk desk shows breaker armed with 0% drawdown, VIX 14.7 (well under the 30 defensive threshold), so no regime-driven action is needed either. No orders placed.

Not a rebalance day — no trades executed. TEMPO's book stands at ~106.5% gross exposure (gearing ~1.07x), consistent with the current low-vol regime (VIX 14.9, well under the 30 defensive threshold), across 9 names. Winners are carrying the book — AMD (+32.1%) and INTC (+29.1%) remain the standout momentum legs — while GLD, LLY, MRK and TGT are flat-to-down on the day (-0.3% to -4.1%), and GOOGL/CAT/CSCO are modestly positive. No signals, closes, trims, or buys were actioned today per the 21-day rebalance cadence; next rebalance is scheduled for 2026-09-23.

Today is not a rebalance day (TEMPO rebalances every 21 calendar days; last was 2026-09-02). Per the execution contract, I'm holding the book as-is with no trades. Book summary: Total equity ~$104,662 across 9 names, roughly balanced (10-14% weights). Leaders on the day/period are INTC (+22.1%) and AMD (+20.2%), giving the book a tilt toward semis momentum; laggards are TGT (-4.4%) and MRK (-2.6%), with GLD roughly flat (-0.3%) providing a defensive counterweight. VIX at 15.2 keeps the regime in normal (non-defensive) territory, so no leverage throttling is in play — this is simply a non-rebalance day, no orders executed.

TEMPO — 2026-09-17: Not a rebalance day, no trades executed. The book stands at 9 positions totaling ~$99,652 in the names shown, with the last rebalance on 2026-09-02 (21-day cycle, next due ~2026-09-23). Today's moves are mixed and modest: INTC (+18.5%) and AMD (+16.7%) remain the standout momentum winners since entry, CAT and GOOGL are marginally positive, while TGT (-3.5%), MRK (-2.4%), and LLY (-1.3%) are the current laggards; GLD and CSCO are roughly flat. VIX at 15.4 keeps the regime in normal (non-defensive) territory, no circuit-breaker or drawdown concerns (0.0% off high-water mark), and per the plan, holding the book unchanged is the correct action — no closes, trims, or buys today.

Today is not a rebalance day (last rebalance 2026-09-02, cadence 21 calendar days), so per the plan I'm holding as-is and not trading. Book summary: TEMPO holds 9 names across ~101.3% gross exposure (GLD 14.1%, AMD 11.4%, INTC 11.4%, GOOGL 10.3%, CSCO 10.2%, CAT 10.1%, LLY 9.8%, MRK 9.6%, TGT 9.4%), reflecting the momentum sleeve's current gearing under measured volatility. Day's moves are mixed and modest: tech/cyclical names lead (AMD +13.8%, INTC +13.5%, GOOGL +2.5%, CSCO +1.9%, CAT +0.5%), while defensives lag (TGT -6.2%, MRK -4.1%, LLY -1.7%, GLD -0.5%). Risk desk shows VIX 16.8 (well below the 30 defensive/40 freeze thresholds), drawdown only 1.0% from HWM, breaker armed but not triggered — no risk-driven action required. No closes, trims, or buys executed; no veto needed (no adverse fact-based news flagged); no risk desk rejections since no orders were placed.

No trade today — not a rebalance day. TEMPO rebalances every 21 calendar days (last: 2026‑09‑02, next: 2026‑09‑23), so per the execution contract I'm holding the book unchanged and stopping. Book snapshot: 9 names, ~106% gross exposure (gearing ~1.06x) across GLD, AMD, INTC, GOOGL, CSCO, CAT, LLY, TGT, MRK — total ~$97.5k. Winners today are AMD and INTC (+10.7% each) and GOOGL/CSCO (+2-3%), while TGT (-4.5%) and MRK (-5.3%) are the laggards, with GLD and LLY roughly flat-to-slightly-down. Net effect on the book is modestly positive on the day given the AMD/INTC strength offsetting the TGT/MRK weakness. Risk desk context: drawdown from HWM is 1.6% (breaker at 30%, not close), VIX 17.1 sits below the 30 defensive/40 freeze thresholds, so no regime-based size cuts apply — this is just a scheduled hold, not a risk-driven pause. No orders were placed, none vetoed, nothing sent to the risk desk today.

Today (2026-09-14) is not a rebalance day — TEMPO rebalances every 21 calendar days, last on 2026-09-02, so no trades are being made. Holding as-is is the strategy working, not an omission. Book snapshot: 9 positions, ~101.1% gross exposure, fairly balanced (~10-14% each). Winners: INTC (+7.8%), AMD (+7.3%), CAT/GOOGL/CSCO (+1-2%). Laggards: TGT (-4.0%), MRK (-3.6%), GLD (-2.1%), LLY (-2.8%). Risk desk: drawdown from HWM 2.2% (breaker at 30%, armed but not tripped), VIX 17.6 (below the 30 defensive / 40 freeze thresholds, so full sizing would apply if trading), 0/14 buy orders used today. No positions breach the 25% cap or the 22% order-size cap. No closes, trims, or buys executed — no rebalance signal today, no veto-worthy news, nothing rejected by the risk desk since no orders were submitted. Standing pat.

Today (2026-09-11) is not a rebalance day — TEMPO rebalances every 21 calendar days, with the last cycle on 2026-09-02, so per the strategy contract I'm holding the book as-is and not trading. Book summary: ~9 positions, roughly $102.5K equity, led by GLD (14.2%), INTC (11.6%), AMD (11.2%), CAT (10.5%), CSCO (10.1%), GOOGL (10.0%), with MRK, LLY, and TGT rounding out the smaller ~9.5-9.6% weights. Day's moves are mixed: INTC (+15.8%) and AMD (+11.9%) are the standout momentum winners, CAT and CSCO are modestly positive, while MRK (-3.8%), LLY (-4.0%), and TGT (-4.9%) are dragging on the downside; GLD and GOOGL are roughly flat. Risk desk: VIX 16.1 (below both defensive/freeze thresholds), drawdown 0.7% (well inside the 30% breaker), circuit breaker armed but not triggered — no regime constraints in effect today. No trades executed, no vetoes needed (no news-driven breaks identified in the held names), nothing sent to the risk desk. Next action is the scheduled rebalance.

Not a rebalance day — book held as-is, no trades executed. TEMPO rebalances on a 21-calendar-day cycle (last: 2026-09-02), so today's action is to hold per the plan, not to trade turnover into the book. Book: $101,493 equity, 9 positions plus $3,828 cash. Winners are the semis (INTC +12.4%, AMD +11.6%) and CAT (+2.6%); laggards are TGT (-4.4%), LLY (-3.4%), MRK (-2.7%), GOOGL (-2.6%), with GLD flat. Gearing looks roughly fully invested (~96% in equities/gold, no leverage drawn against the $288.8k buying power). Market context: Broad tape is soft today — SP500 -0.46%, Nasdaq -0.62%, Dow -0.28% — with VIX up 7.7% to 17.7 (still well below the 30 defensive / 40 freeze thresholds, so regime is normal). Drawdown from HWM is 1.4%, nowhere near the 30% breaker. Action taken: none. No closes, trims, or buys — per contract, non-rebalance days mean hold. No vetoes needed (no news-driven fact breaks in the book), and no orders were submitted to the risk desk today.

TEMPO — 2026-09-09: Not a rebalance day, holding as-is. Today is not a rebalance day (last rebalance 2026-09-02, cycle is 21 calendar days), so per the plan no trades are made. Book stands at $102,992 equity across 9 names, led by INTC (+15.9%) and AMD (+13.7%), with GOOGL, LLY, TGT and MRK modestly negative; overall gearing/exposure unchanged from the prior rebalance. Markets were soft today (S&P -0.24%, Nasdaq -0.32%, Dow -0.60%) with VIX ticking up to 16.2 (+2.8%) — still well below the 30 defensive / 40 freeze thresholds, so no regime-driven action is triggered. No trades executed, no vetoes needed, nothing sent to the risk desk.

TEMPO — 2026-09-08: Not a rebalance day. No trades executed. Book stands at $102,012.65 equity across 9 names (GLD 14.2%, INTC 11.3%, AMD 10.7%, CAT 10.6%, CSCO 10.1%, MRK 9.9%, GOOGL 9.9%, TGT 9.8%, LLY 9.7%), cash $3,828. Winners since entry: INTC +12.4%, AMD +6.9%, CAT +5.9%; laggards: LLY -3.2%, TGT -1.8%, GOOGL -1.1%, MRK -0.7%, GLD/CSCO roughly flat. Broader market is soft today (S&P -0.39%, Nasdaq -0.43%, Dow -0.83%) with VIX at 15.4, well below the 30 defensive threshold, so no regime-driven resizing applies. Next scheduled rebalance is 21 calendar days from 2026-09-02. Per the execution contract, holding as-is is the plan — no closes, trims, or buys today, and no veto conditions present (no fraud/halt/delisting/restatement news flagged on any held name).

Session Summary — TEMPO 2026-09-02 Gearing & vol: Book volatility 20.4% vs 22% target → gearing 0.99x (well inside the 1.90x cap). Regime is calm (VIX 15.4, well below the 30/40 defensive/freeze thresholds), so no size throttling applied. Eligibility: 41 of 80 names scored; today's plan carried 9 positions (8 equal-weight ranked names + GLD as the diversifying/defensive rank). Veto review: Checked news on all 9 planned names. Nothing rose to fact-based veto criteria (no fraud, halts, delistings, or closed-gap acquisitions). Note for the record: CSCO disclosed a "Fire Ant" cyber-espionage campaign targeting its IOS XR routers — a risk item worth monitoring, but not an investability-breaking fact, so the order proceeded per the no-discretion mandate. Executed — all 9 orders filled, in plan order: | Symbol | Target $ | Filled | |---|---|---| | GLD | 14,425.79 | ✅ | | INTC | 10,218.27 | ✅ | | AMD | 10,218.27 | ✅ | | CAT | 10,218.27 | ✅ | | TGT | 10,218.27 | ✅ | | CSCO | 10,218.27 | ✅ | | MRK | 10,218.27 | ✅ | | GOOGL | 10,218.27 | ✅ | | LLY | 10,218.27 | ✅ | Rejections: None. All orders cleared the risk desk (position sizes ~10–14.4% of equity, all under the 25% position / 22% order caps; well within the 0/14 daily buy count). End state: Equity $99,978.74, cash $4,057.04 (~4.1%), fully deployed per plan at 0.99x gearing. No closes/trims were needed — book started flat. No discretionary adjustments made.