diff --git a/checkin_notes b/checkin_notes
index b86eda9051..aa6c5b1180 100644
--- a/checkin_notes
+++ b/checkin_notes
@@ -10222,3 +10222,10 @@ David  17 Dec 2009
 
 	client/
 		cpu_sched.cpp
+
+David  17 Dec 2009
+    - client: in computing "anticipated" STD, scale by ninstances
+        (from John McLeod)
+
+    client/
+        cpu_sched.cpp
diff --git a/client/cpu_sched.cpp b/client/cpu_sched.cpp
index 41ca57698b..e5894e7b19 100644
--- a/client/cpu_sched.cpp
+++ b/client/cpu_sched.cpp
@@ -635,9 +635,12 @@ static bool schedule_if_possible(
     }
     proc_rsc.schedule(rp);
     double dt = gstate.global_prefs.cpu_scheduling_period();
-    rp->project->cpu_pwf.anticipated_debt -= dt*rp->avp->avg_ncpus;
-    rp->project->cuda_pwf.anticipated_debt -= dt*rp->avp->ncudas;
-    rp->project->ati_pwf.anticipated_debt -= dt*rp->avp->natis;
+
+    // project STD at end of scheduling period
+    //
+    rp->project->cpu_pwf.anticipated_debt -= dt*rp->avp->avg_ncpus/cpu_work_fetch.ninstances;
+    rp->project->cuda_pwf.anticipated_debt -= dt*rp->avp->ncudas/cuda_work_fetch.ninstances;
+    rp->project->ati_pwf.anticipated_debt -= dt*rp->avp->natis/ati_work_fetch.ninstances;
     return true;
 }