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NOTE: Numbers that appear on this report were generated by sample data.
They do not represent actual holdings or positions.




                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/1994
 Investment Grade Publics            1,375,519,580  1,342,867,252     23,490,333     32,652,328     56,142,660  1,402,828,841  1,368,351,230    (1,825,283)      7.07           7.62     
 Investment Grade Privates           2,038,877,687  1,981,062,762     40,170,171     57,814,925     97,985,096  2,038,647,394  1,980,080,209      (752,260)      8.08           7.71     
 Mortgages - Mortgage Capital        1,493,511,921  1,444,476,584     31,408,789     49,035,337     80,444,126  1,494,866,429  1,446,023,124       192,032       9.02           8.71     
 Below Investment Grade Publics         69,068,950     69,068,950      1,501,698              0      1,501,698     65,797,594     65,858,148        60,554      10.58           9.46     
 Below Investment Grade Privates       238,050,109    235,259,556      4,706,088      2,790,553      7,496,641    237,038,983    234,172,461       (75,969)      9.82           9.42     
 Total:                              5,215,028,247  5,072,735,104    101,277,079    142,293,143    243,570,222  5,239,179,241  5,094,485,172    (2,400,926)      8.19           8.07     
 
Date: 12/31/1994
 Investment Grade Publics            1,342,867,252  1,334,200,042     28,695,301      8,667,211     37,362,511  1,368,351,230  1,357,860,324    (1,823,696)      7.08           7.63     
 Investment Grade Privates           1,981,062,762  1,918,982,298     38,070,155     62,080,464    100,150,619  1,980,080,209  1,917,852,829      (146,916)      8.08           7.76     
 Mortgages - Mortgage Capital        1,444,476,584  1,370,440,334     30,468,207     74,036,250    104,504,456  1,446,023,124  1,371,899,459       (87,415)      8.98           8.67     
 Below Investment Grade Publics         69,068,950     69,068,950      1,765,730              0      1,765,730     65,858,148     65,920,061        61,912      10.57           9.46     
 Below Investment Grade Privates       235,259,556    231,992,235      6,370,206      3,267,321      9,637,526    234,172,461    230,894,476       (10,664)      9.84           9.43     
 Total:                              5,072,735,104  4,924,683,859    105,369,599    148,051,245    253,420,844  5,094,485,172  4,944,427,149    (2,006,778)      8.17           8.08     
 
Date: 03/31/1995
 Investment Grade Publics            1,334,200,042  1,334,197,941     22,373,059          2,101     22,375,160  1,357,860,324  1,356,003,583    (1,854,639)      7.08           7.63     
 Investment Grade Privates           1,918,982,298  1,871,401,397     37,832,230     47,580,901     85,413,131  1,917,852,829  1,870,410,536       138,607       8.08           7.76     
 Mortgages - Mortgage Capital        1,370,440,334  1,336,300,260     30,031,090     34,140,074     64,171,164  1,371,899,459  1,337,665,142       (94,243)      8.98           8.67     
 Below Investment Grade Publics         69,068,950     69,068,950      1,501,698              0      1,501,698     65,920,061     65,983,382        63,321      10.57           9.46     
 Below Investment Grade Privates       231,992,235    224,769,571      4,630,207      7,222,664     11,852,871    230,894,476    223,697,784        25,971       9.84           9.43     
 Total:                              4,924,683,859  4,835,738,119     96,368,284     88,945,740    185,314,024  4,944,427,149  4,853,760,427    (1,720,982)      8.16           8.08     
 
Date: 06/30/1995
 Investment Grade Publics            1,334,197,941  1,313,185,943     28,928,784     21,011,998     49,940,782  1,356,003,583  1,333,138,371    (1,853,214)      7.08           7.62     
 Investment Grade Privates           1,871,401,397  1,823,740,143     36,717,495     47,661,255     84,378,750  1,870,410,536  1,822,934,725       185,444       8.07           7.74     
 Mortgages - Mortgage Capital        1,336,300,260  1,280,257,556     28,091,854     56,042,704     84,134,558  1,337,665,142  1,281,524,720       (97,718)      8.94           8.64     
 Below Investment Grade Publics         69,068,950     69,068,950      1,765,730              0      1,765,730     65,983,382     66,048,135        64,753      10.57           9.46     
 Below Investment Grade Privates       224,769,571    214,160,067      6,186,916     10,609,504     16,796,420    223,697,784    213,114,508        26,228       9.83           9.41     
 Total:                              4,835,738,119  4,700,412,659    101,690,779    135,325,461    237,016,239  4,853,760,427  4,716,760,458    (1,674,508)      8.14           8.05     
 
Date: 09/30/1995
 Investment Grade Publics            1,313,185,943  1,259,334,041     21,985,140     53,851,902     75,837,042  1,333,138,371  1,277,429,062    (1,857,408)      7.10           7.69     
 Investment Grade Privates           1,823,740,143  1,737,875,075     35,725,016     85,865,068    121,590,084  1,822,934,725  1,737,228,847       159,190       8.05           7.74     
 Mortgages - Mortgage Capital        1,280,257,556  1,175,123,302     27,271,843    105,134,254    132,406,097  1,281,524,720  1,176,280,818      (109,648)      8.86           8.56     
 Below Investment Grade Publics         69,068,950     69,068,950      1,501,698              0      1,501,698     66,048,135     66,114,372        66,237      10.57           9.46     
 Below Investment Grade Privates       214,160,067    206,348,331      4,323,262      7,811,736     12,134,998    213,114,508    205,330,308        27,536       9.86           9.43     
 Total:                              4,700,412,659  4,447,749,699     90,806,960    252,662,960    343,469,921  4,716,760,458  4,462,383,407    (1,714,092)      8.11           8.05     
 
Date: 12/31/1995
 Investment Grade Publics            1,259,334,041  1,230,832,229     27,678,834     28,501,812     56,180,645  1,277,429,062  1,247,029,628    (1,897,622)      7.12           7.71     
 Investment Grade Privates           1,737,875,075  1,671,966,814     34,362,915     65,908,261    100,271,176  1,737,228,847  1,671,652,562       331,976       8.05           7.74     
 Mortgages - Mortgage Capital        1,175,123,302  1,098,595,550     24,404,810     76,527,752    100,932,562  1,176,280,818  1,099,642,024      (111,041)      8.80           8.51     
 Below Investment Grade Publics         69,068,950     66,398,950      1,765,730      2,670,000      4,435,730     66,114,372     63,517,608        73,236      10.65           9.46     
 Below Investment Grade Privates       206,348,331    195,945,392      5,681,825     10,402,939     16,084,764    205,330,308    194,982,849        55,480       9.90           9.43     
 Total:                              4,447,749,699  4,263,738,935     93,894,113    184,010,764    277,904,877  4,462,383,407  4,276,824,671    (1,547,971)      8.10           8.04     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/1996
 Investment Grade Publics            1,230,832,229  1,219,830,502     20,745,282     11,001,727     31,747,009  1,247,029,628  1,234,103,958    (1,923,943)      7.12           7.69     
 Investment Grade Privates           1,671,966,814  1,595,799,007     32,474,322     76,167,807    108,642,128  1,671,652,562  1,595,511,069        26,314       8.03           7.72     
 Mortgages - Mortgage Capital        1,098,595,550  1,058,425,269     23,661,700     40,170,281     63,831,981  1,099,642,024  1,059,388,274       (83,470)      8.79           8.48     
 Below Investment Grade Publics         66,398,950     66,398,950      1,501,698              0      1,501,698     63,517,608     63,593,774        76,166      10.65           9.46     
 Below Investment Grade Privates       195,945,392    189,082,256      3,809,493      6,863,136     10,672,629    194,982,849    188,165,267        45,554       9.90           9.43     
 Total:                              4,263,738,935  4,129,535,984     82,192,494    134,202,950    216,395,445  4,276,824,671  4,140,762,342    (1,859,379)      8.08           8.01     
 
Date: 06/30/1996
 Investment Grade Publics            1,219,830,502  1,129,629,854     27,129,011     90,200,648    117,329,658  1,234,103,958  1,142,152,786    (1,750,525)      7.10           7.64     
 Investment Grade Privates           1,595,799,007  1,539,084,776     32,039,474     56,714,231     88,753,705  1,595,511,069  1,538,878,656        81,818       8.03           7.71     
 Mortgages - Mortgage Capital        1,058,425,269  1,036,112,823     22,031,831     22,312,446     44,344,276  1,059,388,274  1,037,007,255       (68,573)      8.77           8.46     
 Below Investment Grade Publics         66,398,950     66,398,950      1,639,573              0      1,639,573     63,593,774     63,671,572        77,798      10.65           9.46     
 Below Investment Grade Privates       189,082,256    178,299,260      5,319,260     10,782,996     16,102,256    188,165,267    177,428,926        46,655       9.88           9.40     
 Total:                              4,129,535,984  3,949,525,664     88,159,148    180,010,321    268,169,468  4,140,762,342  3,959,139,194    (1,612,827)      8.08           8.00     
 
Date: 09/30/1996
 Investment Grade Publics            1,129,629,854  1,075,633,573     19,799,134     53,996,282     73,795,416  1,142,152,786  1,086,613,026    (1,543,478)      7.06           7.57     
 Investment Grade Privates           1,539,084,776  1,456,328,842     29,264,467     82,755,934    112,020,400  1,538,878,656  1,456,071,168       (51,554)      7.97           7.71     
 Mortgages - Mortgage Capital        1,036,112,823    963,504,617     21,632,476     72,608,207     94,240,682  1,037,007,255    964,335,889       (63,159)      8.70           8.41     
 Below Investment Grade Publics         66,398,950     66,398,950      1,501,698              0      1,501,698     63,671,572     63,751,267        79,694      10.65           9.46     
 Below Investment Grade Privates       178,299,260    171,137,722      3,468,062      7,161,538     10,629,601    177,428,926    170,331,885        64,498       9.95           9.44     
 Total:                              3,949,525,664  3,733,003,703     75,665,837    216,521,961    292,187,797  3,959,139,194  3,741,103,235    (1,513,998)      8.03           7.96     
 
Date: 12/31/1996
 Investment Grade Publics            1,075,633,573  1,038,632,069     23,089,328     37,001,503     60,090,831  1,086,613,026  1,048,142,240    (1,469,283)      7.08           7.59     
 Investment Grade Privates           1,456,328,842  1,382,927,420     29,263,167     73,401,422    102,664,589  1,456,071,168  1,382,796,713       126,967       7.97           7.71     
 Mortgages - Mortgage Capital          963,504,617    858,406,345     19,392,639    105,098,272    124,490,911    964,335,889    859,167,471       (70,146)      8.62           8.33     
 Below Investment Grade Publics         66,398,950     66,398,950      1,639,573              0      1,639,573     63,751,267     63,832,687        81,421      10.65           9.46     
 Below Investment Grade Privates       171,137,722    164,761,781      4,711,211      6,375,941     11,087,152    170,331,885    164,012,769        56,825       9.97           9.45     
 Total:                              3,733,003,703  3,511,126,565     78,095,918    221,877,138    299,973,056  3,741,103,235  3,517,951,881    (1,274,216)      8.01           7.94     
 
Date: 03/31/1997
 Investment Grade Publics            1,038,632,069    980,089,752     18,015,222     58,542,317     76,557,539  1,048,142,240    988,150,568    (1,449,356)      7.07           7.57     
 Investment Grade Privates           1,382,927,420  1,315,109,522     25,972,549     67,817,898     93,790,447  1,382,796,713  1,315,087,340       108,525       7.95           7.68     
 Mortgages - Mortgage Capital          858,406,345    815,657,017     17,912,843     42,749,328     60,662,171    859,167,471    816,356,371       (61,772)      8.60           8.31     
 Below Investment Grade Publics         66,398,950     66,398,950      1,501,698              0      1,501,698     63,832,687     63,916,101        83,413      10.65           9.46     
 Below Investment Grade Privates       164,761,781    157,249,938      3,253,744      7,511,843     10,765,587    164,012,769    156,547,661        46,735       9.97           9.45     
 Total:                              3,511,126,565  3,334,505,179     66,656,056    176,621,387    243,277,442  3,517,951,881  3,340,058,040    (1,272,454)      7.99           7.92     
 
Date: 06/30/1997
 Investment Grade Publics              980,089,752    887,098,376     21,777,403     92,991,376    114,768,780    988,150,568    893,903,244    (1,255,948)      7.08           7.52     
 Investment Grade Privates           1,315,109,522  1,267,665,646     26,506,013     47,443,875     73,949,888  1,315,087,340  1,267,525,936      (117,529)      7.94           7.67     
 Mortgages - Mortgage Capital          815,657,017    771,340,700     16,481,017     44,316,317     60,797,335    816,356,371    771,970,674       (69,380)      8.55           8.26     
 Below Investment Grade Publics         66,398,950     66,398,950      1,639,573              0      1,639,573     63,916,101     64,001,340        85,239      10.64           9.46     
 Below Investment Grade Privates       157,249,938    144,528,520      4,403,300     12,721,418     17,124,718    156,547,661    143,881,594        55,351       9.96           9.41     
 Total:                              3,334,505,179  3,137,032,192     70,807,307    197,472,986    268,280,294  3,340,058,040  3,141,282,788    (1,302,266)      7.99           7.89     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/1997
 Investment Grade Publics              887,098,376    872,877,961     14,700,441     14,220,415     28,920,856    893,903,244    878,566,637    (1,116,191)      7.09           7.51     
 Investment Grade Privates           1,267,665,646  1,197,300,269     23,600,470     70,365,377     93,965,847  1,267,525,936  1,197,306,107       145,548       7.91           7.66     
 Mortgages - Mortgage Capital          771,340,700    733,145,348     16,024,791     38,195,352     54,220,143    771,970,674    733,704,134       (71,188)      8.50           8.22     
 Below Investment Grade Publics         66,398,950     66,398,950      1,501,698              0      1,501,698     64,001,340     64,088,674        87,334      10.64           9.46     
 Below Investment Grade Privates       144,528,520    135,663,418      2,893,408      8,865,102     11,758,510    143,881,594    135,070,449        53,957       9.98           9.40     
 Total:                              3,137,032,192  3,005,385,945     58,720,808    131,646,247    190,367,055  3,141,282,788  3,008,736,001      (900,539)      7.97           7.87     
 
Date: 12/31/1997
 Investment Grade Publics              872,877,961    762,753,305     18,866,744    110,124,656    128,991,400    878,566,637    767,402,935    (1,039,046)      7.08           7.50     
 Investment Grade Privates           1,197,300,269  1,091,278,399     23,950,774    106,021,870    129,972,644  1,197,306,107  1,091,354,421        70,185       7.92           7.66     
 Mortgages - Mortgage Capital          733,145,348    704,107,371     14,839,860     29,037,976     43,877,837    733,704,134    704,596,036       (70,122)      8.46           8.18     
 Below Investment Grade Publics         66,398,950     66,398,950      1,639,573              0      1,639,573     64,088,674     64,177,940        89,266      10.64           9.46     
 Below Investment Grade Privates       135,663,418    109,755,372      3,846,512     25,908,046     29,754,558    135,070,449    109,238,581        76,177      10.18           9.85     
 Total:                              3,005,385,945  2,734,293,397     63,143,464    271,092,548    334,236,012  3,008,736,001  2,736,769,913      (873,540)      7.98           7.88     
 
Date: 03/31/1998
 Investment Grade Publics              762,753,305    637,610,506     14,268,878    125,142,799    139,411,677    767,402,935    641,463,990      (796,146)      7.09           7.46     
 Investment Grade Privates           1,091,278,399  1,043,482,177     20,669,083     47,796,222     68,465,305  1,091,354,421  1,043,633,896        75,697       7.92           7.66     
 Mortgages - Mortgage Capital          704,107,371    683,515,094     14,614,341     20,592,277     35,206,618    704,596,036    683,940,849       (62,910)      8.44           8.16     
 Below Investment Grade Publics         66,398,950     65,090,950      1,501,698      1,308,000      2,809,698     64,177,940     62,955,029        85,089      10.60           9.65     
 Below Investment Grade Privates       109,755,372    103,146,815      2,113,773      6,608,557      8,722,331    109,238,581    102,609,079       (20,944)     10.19           9.87     
 Total:                              2,734,293,397  2,532,845,541     53,167,773    201,447,856    254,615,629  2,736,769,913  2,534,602,843      (719,214)      8.01           7.88     
 
Date: 06/30/1998
 Investment Grade Publics              637,610,506    575,623,660     14,113,619     61,986,846     76,100,465    641,463,990    578,800,237      (676,907)      7.12           7.48     
 Investment Grade Privates           1,043,482,177    965,065,295     20,793,475     78,416,882     99,210,357  1,043,633,896    965,082,332      (134,683)      7.93           7.66     
 Mortgages - Mortgage Capital          683,515,094    653,337,373     13,581,865     30,177,721     43,759,587    683,940,849    653,716,974       (46,153)      8.43           8.15     
 Below Investment Grade Publics         65,090,950     65,090,950      1,639,573              0      1,639,573     62,955,029     63,009,597        54,568      10.60           9.65     
 Below Investment Grade Privates       103,146,815     91,129,886      3,181,974     12,016,929     15,198,903    102,609,079     90,570,369       (21,781)     10.16           9.85     
 Total:                              2,532,845,541  2,350,247,164     53,310,507    182,598,378    235,908,885  2,534,602,843  2,351,179,509      (824,956)      8.03           7.89     
 
Date: 09/30/1998
 Investment Grade Publics              575,623,660    539,222,541      8,714,419     36,401,120     45,115,538    578,800,237    541,736,402      (662,716)      7.13           7.54     
 Investment Grade Privates             965,065,295    920,854,047     18,296,377     44,211,249     62,507,626    965,082,332    921,033,392       162,309       7.88           7.63     
 Mortgages - Mortgage Capital          653,337,373    590,290,751     12,873,690     63,046,622     75,920,312    653,716,974    590,629,849       (40,503)      8.41           8.12     
 Below Investment Grade Publics         65,090,950     64,140,950      1,501,698        950,000      2,451,698     63,009,597     62,116,382        56,785      10.57           9.61     
 Below Investment Grade Privates        91,129,886     89,072,117      1,775,995      2,057,769      3,833,764     90,570,369     88,492,096       (20,504)     10.17           9.83     
 Total:                              2,350,247,164  2,203,580,405     43,162,179    146,666,759    189,828,938  2,351,179,509  2,204,008,122      (504,628)      8.01           7.89     
 
Date: 12/31/1998
 Investment Grade Publics              539,222,541    491,803,370     13,084,914     47,419,171     60,504,085    541,736,402    493,666,428      (650,803)      7.19           7.59     
 Investment Grade Privates             920,854,047    792,402,427     18,214,139    128,451,619    146,665,758    921,033,392    792,624,786        43,013       8.02           7.75     
 Mortgages - Mortgage Capital          590,290,751    565,761,510     11,701,583     24,529,240     36,230,823    590,629,849    566,064,877       (35,732)      8.40           8.11     
 Below Investment Grade Publics         64,140,950     64,140,950      1,639,573              0      1,639,573     62,116,382     62,174,422        58,040      10.57           9.61     
 Below Investment Grade Privates        89,072,117     79,945,234      2,652,268      9,126,883     11,779,151     88,492,096     79,357,883        (7,331)     10.29           9.93     
 Total:                              2,203,580,405  1,994,053,492     47,292,477    209,526,913    256,819,390  2,204,008,122  1,993,888,395      (592,814)      8.09           7.96     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                      --- Page 4 ---                                                                                     
 
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/1999
 Investment Grade Publics              491,803,370    478,802,333      7,138,423     13,001,037     20,139,460    493,666,428    480,050,372      (615,019)      7.16           7.57     
 Investment Grade Privates             792,402,427    742,089,488     15,587,634     50,312,940     65,900,573    792,624,786    742,357,860        46,013       8.01           7.74     
 Mortgages - Mortgage Capital          565,761,510    529,602,483     11,578,798     36,159,027     47,737,825    566,064,877    529,871,410       (34,440)      8.40           8.11     
 Below Investment Grade Publics         64,140,950     63,074,950      1,441,729      1,066,000      2,507,729     62,174,422     61,164,280        55,857      10.48           9.55     
 Below Investment Grade Privates        79,945,234     73,197,565      1,557,978      6,747,669      8,305,647     79,357,883     72,593,903       (16,311)     10.30           9.96     
 Total:                              1,994,053,492  1,886,766,819     37,304,562    107,286,673    144,591,235  1,993,888,395  1,886,037,825      (563,898)      8.07           7.95     
 
Date: 06/30/1999
 Investment Grade Publics              478,802,333    430,919,334     11,452,887     47,882,999     59,335,886    480,050,372    431,626,588      (540,785)      7.13           7.47     
 Investment Grade Privates             742,089,488    700,561,727     14,978,685     41,527,761     56,506,446    742,357,860    700,640,729      (189,370)      7.99           7.73     
 Mortgages - Mortgage Capital          529,602,483    483,868,369     10,440,974     45,734,114     56,175,088    529,871,410    484,106,576       (30,720)      8.38           8.09     
 Below Investment Grade Publics         63,074,950     63,074,950      1,639,573              0      1,639,573     61,164,280     61,219,118        54,839      10.48           9.55     
 Below Investment Grade Privates        73,197,565     62,164,036      2,299,432     11,033,530     13,332,962     72,593,903     61,540,760       (19,613)     10.30           9.95     
 Total:                              1,886,766,819  1,740,588,415     40,811,551    146,178,404    186,989,955  1,886,037,825  1,739,133,771      (725,650)      8.05           7.91     
 
Date: 09/30/1999
 Investment Grade Publics              430,919,334    400,718,370      6,585,244     30,200,964     36,786,207    431,626,588    400,949,912      (475,713)      7.12           7.47     
 Investment Grade Privates             700,561,727    655,910,617     13,688,965     44,651,111     58,340,076    700,640,729    656,105,851       116,233       7.93           7.68     
 Mortgages - Mortgage Capital          483,868,369    448,878,793      9,676,093     34,989,576     44,665,669    484,106,576    449,092,541       (24,459)      8.36           8.08     
 Below Investment Grade Publics         63,074,950     63,074,950      1,372,561              0      1,372,561     61,219,118     61,275,084        55,966      10.47           9.55     
 Below Investment Grade Privates        62,164,036     61,229,228      1,237,291        934,807      2,172,098     61,540,760     60,589,146       (16,806)     10.32           9.93     
 Total:                              1,740,588,415  1,629,811,958     32,560,155    110,776,458    143,336,612  1,739,133,771  1,628,012,535      (344,779)      8.03           7.90     
 
Date: 12/31/1999
 Investment Grade Publics              400,718,370    371,667,440      9,504,465     29,050,930     38,555,395    400,949,912    371,470,770      (428,211)      7.12           7.42     
 Investment Grade Privates             655,910,617    567,249,620     13,088,844     88,660,997    101,749,841    656,105,851    567,391,615       (53,239)      7.94           7.69     
 Mortgages - Mortgage Capital          448,878,793    411,013,687      8,766,739     37,865,106     46,631,845    449,092,541    411,220,574        (6,861)      8.33           8.05     
 Below Investment Grade Publics         63,074,950     63,074,000      1,639,573            950      1,640,523     61,275,084     61,330,987        56,852      10.47           9.55     
 Below Investment Grade Privates        61,229,228     54,755,029      1,833,093      6,474,199      8,307,291     60,589,146     54,126,015        11,068      10.45           9.96     
 Total:                              1,629,811,958  1,467,759,776     34,832,714    162,052,182    196,884,896  1,628,012,535  1,465,539,962      (420,391)      8.04           7.89     
 
Date: 03/31/2000
 Investment Grade Publics              371,667,440    331,416,542      5,539,444     40,250,898     45,790,342    371,470,770    330,844,191      (375,681)      7.15           7.46     
 Investment Grade Privates             567,249,620    517,362,118     11,657,932     49,887,502     61,545,434    567,391,615    517,511,367         7,253       7.93           7.67     
 Mortgages - Mortgage Capital          411,013,687    391,964,632      8,262,067     19,049,054     27,311,121    411,220,574    392,166,276        (5,243)      8.34           8.06     
 Below Investment Grade Publics         63,074,000     63,074,000      1,372,561              0      1,372,561     61,330,987     61,389,008        58,022      10.47           9.55     
 Below Investment Grade Privates        54,755,029     50,738,639      1,087,227      4,016,390      5,103,617     54,126,015     50,099,735        (9,890)     10.43           9.97     
 Total:                              1,467,759,776  1,354,555,931     27,919,231    113,203,845    141,123,076  1,465,539,962  1,352,010,577      (325,540)      8.06           7.90     
 
Date: 06/30/2000
 Investment Grade Publics              331,416,542    296,415,673      8,013,790     35,000,868     43,014,658    330,844,191    295,481,828      (361,495)      7.22           7.55     
 Investment Grade Privates             517,362,118    475,137,037     10,175,797     42,225,081     52,400,879    517,511,367    475,066,122      (220,164)      7.96           7.69     
 Mortgages - Mortgage Capital          391,964,632    350,754,302      7,633,716     41,210,330     48,844,046    392,166,276    350,951,881        (4,066)      8.21           7.94     
 Below Investment Grade Publics         63,074,000     63,074,000      1,639,512              0      1,639,512     61,389,008     61,447,971        58,963      10.47           9.55     
 Below Investment Grade Privates        50,738,639     43,443,152      1,565,418      7,295,487      8,860,905     50,099,735     42,799,125        (5,123)     10.49           9.98     
 Total:                              1,354,555,931  1,228,824,165     29,028,234    125,731,766    154,760,001  1,352,010,577  1,225,746,927      (531,884)      8.06           7.90     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                      --- Page 5 ---                                                                                     
 
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/2000
 Investment Grade Publics              296,415,673    290,414,833      3,527,886      6,000,840      9,528,726    295,481,828    289,153,828      (327,159)      7.26           7.53     
 Investment Grade Privates             475,137,037    433,178,927      9,370,653     41,958,109     51,328,762    475,066,122    433,203,379        95,366       7.93           7.65     
 Mortgages - Mortgage Capital          350,754,302    328,925,960      6,875,095     21,828,342     28,703,437    350,951,881    329,105,776       (17,763)      8.21           7.93     
 Below Investment Grade Publics         63,074,000     61,550,000      1,372,561      1,524,000      2,896,561     61,447,971     59,984,053        60,082      10.47           9.55     
 Below Investment Grade Privates        43,443,152     42,640,983        903,758        802,169      1,705,927     42,799,125     41,994,994        (1,961)     10.52           9.95     
 Total:                              1,228,824,165  1,156,710,704     22,049,953     72,113,461     94,163,414  1,225,746,927  1,153,442,031      (191,435)      8.07           7.89     
 
Date: 12/31/2000
 Investment Grade Publics              290,414,833    280,414,020      7,742,592     10,000,814     17,743,405    289,153,828    278,854,022      (298,993)      7.25           7.47     
 Investment Grade Privates             433,178,927    372,040,509      8,617,299     61,138,419     69,755,718    433,203,379    372,077,143        12,183       8.02           7.73     
 Mortgages - Mortgage Capital          328,925,960    288,083,809      6,372,929     40,842,151     47,215,080    329,105,776    288,247,904       (15,721)      8.28           8.00     
 Below Investment Grade Publics         61,550,000     60,070,000      1,639,512      1,480,000      3,119,512     59,984,053     58,564,116        60,063      10.36           9.47     
 Below Investment Grade Privates        42,640,983     33,496,727      1,245,879      9,144,256     10,390,135     41,994,994     32,884,337        33,599      10.80           9.74     
 Total:                              1,156,710,704  1,034,105,065     25,618,211    122,605,639    148,223,850  1,153,442,031  1,030,627,522      (208,870)      8.11           7.90     
 
Date: 03/31/2001
 Investment Grade Publics              280,414,020    272,913,231      3,265,342      7,500,788     10,766,131    278,854,022    271,096,465      (256,769)      7.27           7.44     
 Investment Grade Privates             372,040,509    332,219,620      7,546,306     39,820,888     47,367,194    372,077,143    332,271,220        14,965       8.13           7.83     
 Mortgages - Mortgage Capital          288,083,809    232,598,187      5,372,281     55,485,622     60,857,903    288,247,904    232,747,902       (14,380)      8.51           8.23     
 Below Investment Grade Publics         60,070,000     58,693,000      1,298,266      1,377,000      2,675,266     58,564,116     57,242,610        55,494      10.38           9.49     
 Below Investment Grade Privates        33,496,727     30,412,829        673,334      3,083,898      3,757,231     32,884,337     29,833,464        33,024      10.77           9.72     
 Total:                              1,034,105,065    926,836,868     18,155,529    107,268,197    125,423,725  1,030,627,522    923,191,660      (167,665)      8.20           7.98     
 
Date: 06/30/2001
 Investment Grade Publics              272,913,231    258,412,467      7,132,870     14,500,764     21,633,635    271,096,465    256,369,932      (225,768)      7.23           7.38     
 Investment Grade Privates             332,219,620    291,926,658      6,868,520     40,292,962     47,161,482    332,271,220    291,769,946      (208,312)      8.15           7.81     
 Mortgages - Mortgage Capital          232,598,187    207,500,525      4,649,840     25,097,662     29,747,502    232,747,902    207,635,941       (14,299)      8.60           8.31     
 Below Investment Grade Publics         58,693,000     57,818,000      1,546,687        875,000      2,421,687     57,242,610     56,422,321        54,712      10.34           9.45     
 Below Investment Grade Privates        30,412,829     23,904,392        920,331      6,508,438      7,428,769     29,833,464     23,359,219        34,193      10.97           9.68     
 Total:                                926,836,868    839,562,042     21,118,248     87,274,827    108,393,075    923,191,660    835,557,359      (359,474)      8.20           7.97     
 
Date: 09/30/2001
 Investment Grade Publics              258,412,467    258,411,725      2,936,052            742      2,936,794    256,369,932    256,156,253      (212,937)      7.23           7.38     
 Investment Grade Privates             291,926,658    261,814,437      6,184,992     30,112,221     36,297,213    291,769,946    261,748,974        91,249       8.12           7.77     
 Mortgages - Mortgage Capital          207,500,525    191,867,512      4,206,141     15,633,013     19,839,154    207,635,941    191,989,447       (13,481)      8.56           8.28     
 Below Investment Grade Publics         57,818,000     56,753,000      1,237,483      1,065,000      2,302,483     56,422,321     55,413,046        55,725      10.32           9.42     
 Below Investment Grade Privates        23,904,392     23,034,657        497,604        869,734      1,367,338     23,359,219     22,525,828        36,344      10.99           9.66     
 Total:                                839,562,042    791,881,331     15,062,271     47,680,711     62,742,982    835,557,359    787,833,548       (43,100)      8.17           7.94     
 
Date: 12/31/2001
 Investment Grade Publics              258,411,725    228,416,004      6,683,411     29,995,721     36,679,131    256,156,253    226,005,887      (154,646)      7.20           7.19     
 Investment Grade Privates             261,814,437    212,427,915      5,009,215     49,386,522     54,395,738    261,748,974    212,389,866        27,414       8.13           7.75     
 Mortgages - Mortgage Capital          191,867,512    188,889,233      3,895,483      2,978,279      6,873,762    191,989,447    188,998,019       (13,149)      8.55           8.27     
 Below Investment Grade Publics         56,753,000     54,448,000      1,493,628      2,305,000      3,798,628     55,413,046     53,163,322        55,276      10.25           9.33     
 Below Investment Grade Privates        23,034,657     18,699,874        635,506      4,334,783      4,970,289     22,525,828     18,232,496        41,451      11.43           9.83     
 Total:                                791,881,331    702,881,027     17,717,243     89,000,305    106,717,548    787,833,548    698,789,590       (43,654)      8.19           7.88     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                      --- Page 6 ---                                                                                     
 
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2002
 Investment Grade Publics              228,416,004    207,415,304      2,936,014     21,000,700     23,936,714    226,005,887    204,906,363       (98,824)      7.10           7.04     
 Investment Grade Privates             212,427,915    183,987,331      4,865,562     28,440,583     33,306,145    212,389,866    183,977,100        27,818       8.14           7.72     
 Mortgages - Mortgage Capital          188,889,233    169,513,691      3,975,320     19,375,542     23,350,862    188,998,019    169,609,079       (13,399)      8.59           8.31     
 Below Investment Grade Publics         54,448,000     53,473,000      1,180,226        975,000      2,155,226     53,163,322     52,245,919        57,597      10.24           9.32     
 Below Investment Grade Privates        18,699,874     17,519,962        414,597      1,179,912      1,594,509     18,232,496     17,088,346        35,761      11.35           9.81     
 Total:                                702,881,027    631,909,289     13,371,719     70,971,737     84,343,456    698,789,590    627,826,806         8,954       8.18           7.85     
 
Date: 06/30/2002
 Investment Grade Publics              207,415,304    182,414,623      5,194,657     25,000,681     30,195,338    204,906,363    179,844,441       (61,241)      7.05           6.93     
 Investment Grade Privates             183,987,331    165,467,902      3,477,354     18,519,430     21,996,784    183,977,100    165,264,879      (192,792)      8.15           7.70     
 Mortgages - Mortgage Capital          169,513,691    159,202,930      3,419,038     10,310,762     13,729,800    169,609,079    159,284,949       (13,367)      8.57           8.29     
 Below Investment Grade Publics         53,473,000     50,513,000      1,360,059      2,960,000      4,320,059     52,245,919     49,345,487        59,568      10.17           9.20     
 Below Investment Grade Privates        17,519,962     14,335,856        471,679      3,184,106      3,655,786     17,088,346     13,938,995        34,755      11.55           9.73     
 Total:                                631,909,289    571,934,310     13,922,788     59,974,979     73,897,767    627,826,806    567,678,751      (173,077)      8.18           7.80     
 
Date: 09/30/2002
 Investment Grade Publics              182,414,623    179,790,009      2,021,728      2,624,614      4,646,342    179,844,441    177,179,886       (39,942)      7.02           6.89     
 Investment Grade Privates             165,467,902    150,924,948      3,665,857     14,542,954     18,208,811    165,264,879    150,803,369        81,444       8.15           7.67     
 Mortgages - Mortgage Capital          159,202,930    156,099,385      3,279,611      3,103,544      6,383,155    159,284,949    156,168,113       (13,292)      8.56           8.28     
 Below Investment Grade Publics         50,513,000     47,835,000      1,131,445      2,678,000      3,809,445     49,345,487     46,732,067        64,580      10.10           9.07     
 Below Investment Grade Privates        14,335,856     13,871,673        331,281        464,183        795,464     13,938,995     13,511,138        36,326      11.59           9.71     
 Total:                                571,934,310    548,521,016     10,429,922     23,413,295     33,843,217    567,678,751    544,394,572       129,116       8.15           7.76     
 
Date: 12/31/2002
 Investment Grade Publics              179,790,009    173,289,364      4,377,052      6,500,646     10,877,697    177,179,886    170,651,657       (27,583)      7.00           6.85     
 Investment Grade Privates             150,924,948    130,755,862      2,603,728     20,169,086     22,772,814    150,803,369    130,674,374        40,091       8.18           7.67     
 Mortgages - Mortgage Capital          156,099,385    141,187,440      3,114,018     14,911,945     18,025,963    156,168,113    141,242,897       (13,270)      8.50           8.23     
 Below Investment Grade Publics         47,835,000     44,955,000      1,192,112      2,880,000      4,072,112     46,732,067     43,918,460        66,393      10.08           9.00     
 Below Investment Grade Privates        13,871,673     10,052,376        352,997      3,819,297      4,172,293     13,511,138      9,730,989        39,148      12.60          10.08     
 Total:                                548,521,016    500,240,042     11,639,906     48,280,974     59,920,880    544,394,572    496,218,377       104,778       8.12           7.71     
 
Date: 03/31/2003
 Investment Grade Publics              173,289,364    154,988,734      1,893,777     18,300,629     20,194,406    170,651,657    152,337,522       (13,505)      7.02           6.80     
 Investment Grade Privates             130,755,862    115,637,345      2,861,248     15,118,517     17,979,764    130,674,374    115,600,636        44,779       8.23           7.67     
 Mortgages - Mortgage Capital          141,187,440    137,677,679      2,942,940      3,509,761      6,452,701    141,242,897    137,720,745       (12,391)      8.48           8.21     
 Below Investment Grade Publics         44,955,000     42,462,000        976,606      2,493,000      3,469,606     43,918,460     41,493,097        67,637      10.01           8.89     
 Below Investment Grade Privates        10,052,376      9,400,366        263,452        652,010        915,462      9,730,989      9,115,338        36,359      12.53          10.08     
 Total:                                500,240,042    460,166,125      8,938,022     40,073,917     49,011,939    496,218,377    456,267,338       122,878       8.15           7.70     
 
Date: 06/30/2003
 Investment Grade Publics              154,988,734    140,954,019      3,960,464     14,034,715     17,995,179    152,337,522    138,338,144        35,337       6.99           6.61     
 Investment Grade Privates             115,637,345     97,830,372      2,337,346     17,806,973     20,144,319    115,600,636     97,610,975      (182,688)      8.39           7.75     
 Mortgages - Mortgage Capital          137,677,679    120,926,375      2,734,826     16,751,304     19,486,130    137,720,745    120,958,181       (11,259)      8.48           8.21     
 Below Investment Grade Publics         42,462,000     36,974,000      1,045,675      5,488,000      6,533,675     41,493,097     36,073,696        68,599       9.85           8.61     
 Below Investment Grade Privates         9,400,366      7,292,276        226,740      2,108,090      2,334,831      9,115,338      7,042,496        35,249      13.36          10.27     
 Total:                                460,166,125    403,977,042     10,305,051     56,189,082     66,494,134    456,267,338    400,023,493       (54,762)      8.15           7.62     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                      --- Page 7 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/2003
 Investment Grade Publics              140,954,019    138,453,420      1,227,932      2,500,599      3,728,531    138,338,144    135,882,970        45,424       6.98           6.60     
 Investment Grade Privates              97,830,372     87,836,542      2,158,952      9,993,830     12,152,782     97,610,975     87,705,324        88,179       8.44           7.75     
 Mortgages - Mortgage Capital          120,926,375    101,417,415      2,326,102     19,508,960     21,835,063    120,958,181    101,443,282        (5,939)      8.50           8.22     
 Below Investment Grade Publics         36,974,000     32,361,000        841,561      4,613,000      5,454,561     36,073,696     31,530,755        70,059       9.76           8.38     
 Below Investment Grade Privates         7,292,276      6,794,157        197,304        498,119        695,423      7,042,496      6,580,412        36,034      13.58          10.30     
 Total:                                403,977,042    366,862,534      6,751,852     37,114,508     43,866,360    400,023,493    363,142,742       233,757       8.12           7.55     
 
Date: 12/31/2003
 Investment Grade Publics              138,453,420    125,316,929      3,720,113     13,136,492     16,856,605    135,882,970    122,769,415        22,937       6.97           6.65     
 Investment Grade Privates              87,836,542     81,395,645      1,588,028      6,440,897      8,028,925     87,705,324     81,310,511        46,084       8.44           7.73     
 Mortgages - Mortgage Capital          101,417,415     77,805,110      2,007,494     23,612,305     25,619,799    101,443,282     77,824,594        (6,383)      8.49           8.22     
 Below Investment Grade Publics         32,361,000     24,544,000        751,046      7,817,000      8,568,046     31,530,755     23,780,113        66,358       9.59           8.20     
 Below Investment Grade Privates         6,794,157      6,056,166        174,967        737,990        912,957      6,580,412      5,879,422        37,001      14.01          10.37     
 Total:                                366,862,534    315,117,850      8,241,647     51,744,684     59,986,332    363,142,742    311,564,055       165,997       8.07           7.51     
 
Date: 03/31/2004
 Investment Grade Publics              125,316,929    116,316,357      1,134,152      9,000,571     10,134,723    122,769,415    113,785,521        16,677       7.02           6.69     
 Investment Grade Privates              81,395,645     68,016,202      1,751,585     13,379,443     15,131,027     81,310,511     67,986,749        55,680       8.65           7.82     
 Mortgages - Mortgage Capital           77,805,110     38,642,608      1,568,483     39,162,502     40,730,985     77,824,594     38,660,160        (1,932)      8.93           8.59     
 Below Investment Grade Publics         24,544,000     19,998,000        605,374      4,546,000      5,151,374     23,780,113     19,283,722        49,609       9.51           7.96     
 Below Investment Grade Privates         6,056,166      5,381,487        157,054        674,679        831,733      5,879,422      5,240,630        35,888      14.06          10.40     
 Total:                                315,117,850    248,354,654      5,216,647     66,763,195     71,979,843    311,564,055    244,956,782       155,922       8.12           7.48     
 
Date: 06/30/2004
 Investment Grade Publics              116,316,357     56,265,798      2,846,172     60,050,559     62,896,730    113,785,521     53,761,357        26,395       6.73           6.03     
 Investment Grade Privates              68,016,202     61,080,136      1,507,973      6,936,066      8,444,039     67,986,749     60,870,046      (180,637)      8.70           7.85     
 Mortgages - Mortgage Capital           38,642,608     29,243,458        780,775      9,399,150     10,179,924     38,660,160     29,258,479        (2,531)      9.08           8.78     
 Below Investment Grade Publics         19,998,000     17,253,000        401,514      2,745,000      3,146,514     19,283,722     16,580,954        42,233       9.42           7.86     
 Below Investment Grade Privates         5,381,487      5,287,396        139,872         94,091        233,963      5,240,630      5,181,195        34,655      14.14          10.42     
 Total:                                248,354,654    169,129,789      5,676,305     79,224,866     84,901,170    244,956,782    165,652,031       (79,885)      8.37           7.49     
 
Date: 09/30/2004
 Investment Grade Publics               56,265,798     50,584,755        858,498      5,681,043      6,539,541     53,761,357     48,119,194        38,880       6.55           5.83     
 Investment Grade Privates              61,080,136     57,599,540      1,349,429      3,480,596      4,830,025     60,870,046     57,474,313        84,863       8.73           7.84     
 Mortgages - Mortgage Capital           29,243,458     27,675,312        609,161      1,568,146      2,177,307     29,258,479     27,687,795        (2,537)      9.04           8.75     
 Below Investment Grade Publics         17,253,000     14,663,000        394,094      2,590,000      2,984,094     16,580,954     14,009,857        18,903       9.77           8.70     
 Below Investment Grade Privates         5,287,396      5,193,306        137,736         94,091        231,827      5,181,195      5,122,831        35,727      14.22          10.44     
 Total:                                169,129,789    155,715,913      3,348,918     13,413,876     16,762,794    165,652,031    152,413,991       175,836       8.38           7.52     
 
Date: 12/31/2004
 Investment Grade Publics               50,584,755     37,120,238      1,025,540     13,464,517     14,490,057     48,119,194     34,687,196        32,519       6.38           5.53     
 Investment Grade Privates              57,599,540     51,908,715      1,011,119      5,690,825      6,701,945     57,474,313     51,846,058        62,571       8.68           7.82     
 Mortgages - Mortgage Capital           27,675,312     21,973,452        615,358      5,701,860      6,317,217     27,687,795     21,983,678        (2,258)      9.24           8.93     
 Below Investment Grade Publics         14,663,000     14,003,000        284,323        660,000        944,323     14,009,857     13,364,493        14,635       9.89           8.84     
 Below Investment Grade Privates         5,193,306      4,631,594        135,600        561,711        697,311      5,122,831      4,597,962        36,842      14.60          10.43     
 Total:                                155,715,913    129,637,000      3,071,940     26,078,913     29,150,853    152,413,991    126,479,386       144,309       8.49           7.56     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                      --- Page 8 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2005
 Investment Grade Publics               37,120,238     37,119,714        634,848            524        635,372     34,687,196     34,716,216        29,544       6.38           5.53     
 Investment Grade Privates              51,908,715     48,027,973      1,154,008      3,880,742      5,034,750     51,846,058     48,010,577        45,261       8.75           7.84     
 Mortgages - Mortgage Capital           21,973,452     20,574,254        462,303      1,399,198      1,861,501     21,983,678     20,583,087        (1,393)      9.19           8.89     
 Below Investment Grade Publics         14,003,000     13,353,000        353,300        650,000      1,003,300     13,364,493     12,727,468        12,975       9.96           9.03     
 Below Investment Grade Privates         4,631,594      2,022,621        120,755      2,608,973      2,729,728      4,597,962      2,009,156        20,167      12.19          11.08     
 Total:                                129,637,000    121,097,563      2,725,215      8,539,437     11,264,652    126,479,386    118,046,503       106,554       8.32           7.50     
 
Date: 06/30/2005
 Investment Grade Publics               37,119,714     37,119,201        292,361            513        292,875     34,716,216     34,746,323        30,621       6.39           5.53     
 Investment Grade Privates              48,027,973     45,271,231      1,051,897      2,756,742      3,808,638     48,010,577     45,089,869      (163,966)      8.79           7.84     
 Mortgages - Mortgage Capital           20,574,254     19,296,744        469,172      1,277,511      1,746,682     20,583,087     19,304,295        (1,282)      9.14           8.85     
 Below Investment Grade Publics         13,353,000     11,693,000        265,873      1,660,000      1,925,873     12,727,468     11,074,028         6,560       9.91           8.98     
 Below Investment Grade Privates         2,022,621      2,000,121         56,009         22,500         78,509      2,009,156      1,988,929         2,273      12.12          11.06     
 Total:                                121,097,563    115,380,297      2,135,311      5,717,266      7,852,577    118,046,503    112,203,443      (125,795)      8.28           7.44     
 
Date: 09/30/2005
 Investment Grade Publics               37,119,201     32,118,698        634,822      5,000,503      5,635,325     34,746,323     29,764,176        18,357       5.58           5.03     
 Investment Grade Privates              45,271,231     41,588,211      1,013,273      3,683,020      4,696,294     45,089,869     41,485,344        78,495       8.84           7.83     
 Mortgages - Mortgage Capital           19,296,744     17,940,774        392,427      1,355,969      1,748,396     19,304,295     17,947,141        (1,184)      9.09           8.80     
 Below Investment Grade Publics         11,693,000     11,053,000        337,050        640,000        977,050     11,074,028     10,440,227         6,200       9.83           8.82     
 Below Investment Grade Privates         2,000,121      1,977,621         55,303         22,500         77,803      1,988,929      1,968,518         2,090      12.05          11.04     
 Total:                                115,380,297    104,678,304      2,432,874     10,701,993     13,134,867    112,203,443    101,605,407       103,957       8.09           7.30     
 
Date: 12/31/2005
 Investment Grade Publics               32,118,698     32,118,204        490,180            494        490,674     29,764,176     29,768,713         5,030       5.58           5.03     
 Investment Grade Privates              41,588,211     39,110,141        710,149      2,478,070      3,188,219     41,485,344     39,068,754        61,480       8.88           7.85     
 Mortgages - Mortgage Capital           17,940,774     16,689,731        408,710      1,251,043      1,659,753     17,947,141     16,695,033        (1,065)      9.02           8.74     
 Below Investment Grade Publics         11,053,000     11,053,000        188,048              0        188,048     10,440,227     10,446,828         6,600       9.83           8.82     
 Below Investment Grade Privates         1,977,621      1,565,100         54,597        412,522        467,118      1,968,518      1,557,895         1,898      12.15          11.06     
 Total:                                104,678,304    100,536,176      1,851,684      4,142,128      5,993,813    101,605,407     97,537,222        73,944       8.05           7.25     
 
Date: 03/31/2006
 Investment Grade Publics               32,118,204     32,117,720        416,046            484        416,531     29,768,713     29,773,200         4,971       5.58           5.03     
 Investment Grade Privates              39,110,141     37,432,320        882,394      1,677,821      2,560,214     39,068,754     37,439,085        48,151       8.89           7.82     
 Mortgages - Mortgage Capital           16,689,731     15,420,092        334,967      1,269,639      1,604,606     16,695,033     15,424,434          (960)      8.94           8.66     
 Below Investment Grade Publics         11,053,000      9,973,000        299,450      1,080,000      1,379,450     10,446,828      9,372,275         5,447       9.79           8.79     
 Below Investment Grade Privates         1,565,100      1,328,569         43,291        236,530        279,821      1,557,895      1,323,063         1,698      12.18          11.07     
 Total:                                100,536,176     96,271,701      1,976,148      4,264,474      6,240,622     97,537,222     93,332,056        59,308       7.98           7.17     
 
Date: 06/30/2006
 Investment Grade Publics               32,117,720     32,117,244        292,311            476        292,786     29,773,200     29,778,117         5,393       5.58           5.03     
 Investment Grade Privates              37,432,320     35,468,849        855,242      1,963,471      2,818,713     37,439,085     35,312,766      (162,848)      8.92           7.81     
 Mortgages - Mortgage Capital           15,420,092     14,218,168        350,621      1,201,924      1,552,546     15,424,434     14,221,659          (851)      8.84           8.58     
 Below Investment Grade Publics          9,973,000      9,553,000        188,048        420,000        608,048      9,372,275      8,957,017         4,743       9.78           8.74     
 Below Investment Grade Privates         1,328,569      1,306,069         36,768         22,500         59,268      1,323,063      1,302,053         1,490      12.07          11.04     
 Total:                                 96,271,701     92,663,331      1,722,991      3,608,371      5,331,361     93,332,056     89,571,611      (152,074)      7.93           7.10     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                      --- Page 9 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/2006
 Investment Grade Publics               32,117,244     32,116,777        416,022            467        416,489     29,778,117     29,783,163         5,513       5.58           5.03     
 Investment Grade Privates              35,468,849     32,767,231        813,974      2,701,618      3,515,593     35,312,766     32,688,938        77,790       8.96           7.79     
 Mortgages - Mortgage Capital           14,218,168     12,857,345        266,946      1,360,823      1,627,768     14,221,659     12,860,082          (754)      8.72           8.47     
 Below Investment Grade Publics          9,553,000      9,553,000        250,325              0        250,325      8,957,017      8,961,942         4,924       9.78           8.74     
 Below Investment Grade Privates         1,306,069      1,283,569         36,062         22,500         58,562      1,302,053      1,280,825         1,272      11.96          11.02     
 Total:                                 92,663,331     88,577,923      1,783,330      4,085,408      5,868,738     89,571,611     85,574,949        88,745       7.88           7.04     
 
Date: 12/31/2006
 Investment Grade Publics               32,116,777     32,116,318        490,132            459        490,591     29,783,163     29,788,222         5,518       5.58           5.03     
 Investment Grade Privates              32,767,231     30,954,694        546,475      1,812,538      2,359,013     32,688,938     30,938,903        62,503       9.01           7.81     
 Mortgages - Mortgage Capital           12,857,345     11,586,189        291,272      1,271,156      1,562,428     12,860,082     11,588,289          (637)      8.56           8.33     
 Below Investment Grade Publics          9,553,000      9,553,000        167,310              0        167,310      8,961,942      8,966,900         4,958       9.78           8.74     
 Below Investment Grade Privates         1,283,569        924,950         35,356        358,620        393,976      1,280,825        923,250         1,045      12.04          11.03     
 Total:                                 88,577,923     85,135,151      1,530,546      3,442,772      4,973,318     85,574,949     82,205,564        73,387       7.82           6.97     
 
Date: 03/31/2007
 Investment Grade Publics               32,116,318     32,115,867        415,999            451        416,450     29,788,222     29,793,242         5,472       5.58           5.03     
 Investment Grade Privates              30,954,694     29,807,095        707,112      1,147,599      1,854,710     30,938,903     29,842,584        51,279       9.03           7.79     
 Mortgages - Mortgage Capital           11,586,189     10,549,379        207,627      1,036,810      1,244,437     11,588,289     10,550,954          (524)      8.46           8.25     
 Below Investment Grade Publics          9,553,000      9,553,000        250,325              0        250,325      8,966,900      8,972,045         5,145       9.78           8.74     
 Below Investment Grade Privates           924,950        523,440         25,516        401,509        427,025        923,250        522,548           807      12.27          11.09     
 Total:                                 85,135,151     82,548,781      1,606,578      2,586,370      4,192,947     82,205,564     79,681,373        62,179       7.77           6.90     
 
Date: 06/30/2007
 Investment Grade Publics               32,115,867     32,115,423        292,264            444        292,708     29,793,242     29,798,704         5,906       5.58           5.03     
 Investment Grade Privates              29,807,095     28,573,103        713,123      1,233,992      1,947,115     29,842,584     28,446,742      (161,849)      9.08           7.79     
 Mortgages - Mortgage Capital           10,549,379      9,969,876        242,733        579,503        822,235     10,550,954      9,971,017          (435)      8.45           8.23     
 Below Investment Grade Publics          9,553,000      9,553,000        167,310              0        167,310      8,972,045      8,977,229         5,184       9.78           8.74     
 Below Investment Grade Privates           523,440        500,940         14,509         22,500         37,009        522,548        500,608           560      11.99          11.02     
 Total:                                 82,548,781     80,712,342      1,429,939      1,836,439      3,266,378     79,681,373     77,694,299      (150,635)      7.76           6.88     
 
Date: 09/30/2007
 Investment Grade Publics               32,115,423     32,114,986        415,976            437        416,413     29,798,704     29,804,306         6,039       5.58           5.03     
 Investment Grade Privates              28,573,103     26,904,930        665,631      1,668,173      2,333,804     28,446,742     26,855,164        76,595       9.14           7.79     
 Mortgages - Mortgage Capital            9,969,876      9,337,881        169,921        631,996        801,917      9,971,017      9,338,654          (367)      8.44           8.23     
 Below Investment Grade Publics          9,553,000      9,553,000        250,325              0        250,325      8,977,229      8,982,604         5,376       9.78           8.74     
 Below Investment Grade Privates           500,940        478,440         13,803         22,500         36,303        500,608        478,409           301      11.67          10.95     
 Total:                                 80,712,342     78,389,237      1,515,656      2,323,105      3,838,761     77,694,299     75,459,138        87,944       7.74           6.85     
 
Date: 12/31/2007
 Investment Grade Publics               32,114,986     32,114,556        490,087            430        490,517     29,804,306     29,809,933         6,057       5.58           5.03     
 Investment Grade Privates              26,904,930     26,183,031        443,099        721,900      1,164,998     26,855,164     26,196,651        63,387       9.19           7.85     
 Mortgages - Mortgage Capital            9,337,881      5,515,981        220,767      3,821,900      4,042,667      9,338,654      5,516,464          (290)      8.56           8.33     
 Below Investment Grade Publics          9,553,000      9,553,000        167,310              0        167,310      8,982,604      8,988,024         5,420       9.78           8.74     
 Below Investment Grade Privates           478,440            (0)         13,097        478,440        491,538        478,409              0            31       0.00          (0.00)    
 Total:                                 78,389,237     73,366,567      1,334,359      5,022,670      6,357,029     75,459,138     70,511,073        74,605       7.69           6.77     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 10 ---                                                                                     
 
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                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2008
 Investment Grade Publics               32,114,556     32,114,133        415,954            423        416,378     29,809,933     29,815,534         6,024       5.58           5.03     
 Investment Grade Privates              26,183,031     26,171,580        603,753         11,451        615,204     26,196,651     26,239,490        54,290       9.19           7.85     
 Mortgages - Mortgage Capital            5,515,981      4,908,381        150,893        607,600        758,493      5,516,464      4,908,646          (219)      8.57           8.33     
 Below Investment Grade Publics          9,553,000      9,553,000        250,325              0        250,325      8,988,024      8,993,641         5,617       9.78           8.74     
 Total:                                 73,366,567     72,747,094      1,420,926        619,474      2,040,400     70,511,073     69,957,311        65,712       7.68           6.75     
 
Date: 06/30/2008
 Investment Grade Publics               32,114,133     32,113,716        292,220            417        292,638     29,815,534     29,821,589         6,472       5.59           5.03     
 Investment Grade Privates              26,171,580     25,788,977        655,145        382,603      1,037,748     26,239,490     25,695,971      (160,916)      9.22           7.86     
 Mortgages - Mortgage Capital            4,908,381      4,281,872         65,854        626,509        692,362      4,908,646      4,281,996          (141)      8.61           8.36     
 Below Investment Grade Publics          9,553,000      9,553,000        167,310              0        167,310      8,993,641      8,999,308         5,667       9.78           8.74     
 Total:                                 72,747,094     71,737,565      1,180,529      1,009,528      2,190,058     69,957,311     68,798,864      (148,919)      7.68           6.74     
 
Date: 09/30/2008
 Investment Grade Publics               32,113,716     32,113,305        415,933            411        416,344     29,821,589     29,827,797         6,619       5.59           5.03     
 Investment Grade Privates              25,788,977     24,718,010        603,010      1,070,967      1,673,977     25,695,971     24,700,394        75,389       9.27           7.87     
 Mortgages - Mortgage Capital            4,281,872      3,004,237        122,545      1,277,635      1,400,181      4,281,996      3,004,285           (76)      8.69           8.43     
 Below Investment Grade Publics          9,553,000      9,553,000        250,325              0        250,325      8,999,308      9,005,178         5,870       9.77           8.74     
 Total:                                 71,737,565     69,388,552      1,391,814      2,349,013      3,740,827     68,798,864     66,537,653        87,803       7.66           6.70     
 
Date: 12/31/2008
 Investment Grade Publics               32,113,305     32,112,899        490,044            405        490,450     29,827,797     29,834,042         6,651       5.59           5.03     
 Investment Grade Privates              24,718,010     24,498,872        413,418        219,138        632,556     24,700,394     24,545,558        64,303       9.30           7.93     
 Mortgages - Mortgage Capital            3,004,237      2,483,022         41,170        521,215        562,385      3,004,285      2,483,068            (2)      8.82           8.55     
 Below Investment Grade Publics          9,553,000      9,203,000        167,310        350,000        517,310      9,005,178      8,661,104         5,926       9.76           8.70     
 Total:                                 69,388,552     68,297,794      1,111,943      1,090,758      2,202,701     66,537,653     65,523,773        76,878       7.65           6.69     
 
Date: 03/31/2009
 Investment Grade Publics               32,112,899     32,112,500        415,913            400        416,312     29,834,042     29,840,276         6,633       5.59           5.03     
 Investment Grade Privates              24,498,872     24,486,366        561,702         12,506        574,208     24,545,558     24,590,400        57,348       9.30           7.93     
 Mortgages - Mortgage Capital            2,483,022      1,333,988         71,310      1,149,034      1,220,345      2,483,068      1,333,992           (42)      9.16           8.86     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,661,104      8,667,239         6,135       9.76           8.70     
 Total:                                 68,297,794     67,135,854      1,299,250      1,161,940      2,461,190     65,523,773     64,431,906        70,073       7.64           6.67     
 
Date: 06/30/2009
 Investment Grade Publics               32,112,500     32,112,105        292,179            394        292,574     29,840,276     29,846,976         7,095       5.59           5.03     
 Investment Grade Privates              24,486,366     24,461,676        635,003         24,690        659,693     24,590,400     24,405,775      (159,935)      9.31           7.93     
 Mortgages - Mortgage Capital            1,333,988      1,197,173         22,142        136,815        158,957      1,333,992      1,197,174            (2)      9.12           8.83     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,667,239      8,673,436         6,197       9.76           8.70     
 Total:                                 67,135,854     66,973,954      1,099,353        161,899      1,261,253     64,431,906     64,123,361      (146,645)      7.64           6.66     
 
Date: 09/30/2009
 Investment Grade Publics               32,112,105     32,111,716        415,893            389        416,282     29,846,976     29,853,845         7,258       5.59           5.03     
 Investment Grade Privates              24,461,676     23,389,606        560,912      1,072,070      1,632,982     24,405,775     23,407,937        74,233       9.36           7.94     
 Mortgages - Mortgage Capital            1,197,173      1,083,053         32,188        114,120        146,308      1,197,174      1,083,054            (1)      9.04           8.75     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,673,436      8,679,848         6,412       9.76           8.70     
 Total:                                 66,973,954     65,787,375      1,259,318      1,186,579      2,445,897     64,123,361     63,024,684        87,901       7.62           6.64     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 11 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 12/31/2009
 Investment Grade Publics               32,111,716     32,111,455        490,004            261        490,265     29,853,845     29,860,890         7,306       5.59           5.03     
 Investment Grade Privates              23,389,606     23,376,245        405,595         13,361        418,956     23,407,937     23,460,170        65,593       9.36           7.94     
 Mortgages - Mortgage Capital            1,083,053        976,323         16,913        106,730        123,643      1,083,054        976,323            (1)      8.92           8.65     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,679,848      8,686,328         6,480       9.76           8.70     
 Total:                                 65,787,375     65,667,023      1,062,541        120,352      1,182,893     63,024,684     62,983,711        79,379       7.62           6.63     
 
Date: 03/31/2010
 Investment Grade Publics               32,111,455     32,111,443        415,880             12        415,892     29,860,890     29,868,189         7,311       5.59           5.03     
 Investment Grade Privates              23,376,245     23,362,586        522,876         13,659        536,535     23,460,170     23,506,132        59,621       9.36           7.94     
 Mortgages - Mortgage Capital              976,323        863,572         26,644        112,751        139,395        976,323        863,572            (0)      8.79           8.54     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,686,328      8,693,030         6,702       9.76           8.70     
 Total:                                 65,667,023     65,540,601      1,215,724        126,422      1,342,147     62,983,711     62,930,923        73,634       7.62           6.63     
 
Date: 06/30/2010
 Investment Grade Publics               32,111,443     32,111,432        292,156             11        292,167     29,868,189     29,875,976         7,798       5.59           5.03     
 Investment Grade Privates              23,362,586     23,348,622        630,451         13,963        644,415     23,506,132     23,332,420      (159,748)      9.36           7.94     
 Mortgages - Mortgage Capital              863,572        806,517         12,215         57,054         69,270        863,572        806,517             0       8.74           8.50     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,693,030      8,699,807         6,777       9.76           8.70     
 Total:                                 65,540,601     65,469,572      1,084,852         71,029      1,155,881     62,930,923     62,714,721      (145,172)      7.61           6.63     
 
Date: 09/30/2010
 Investment Grade Publics               32,111,432     32,111,422        415,879             10        415,889     29,875,976     29,883,952         7,986       5.59           5.03     
 Investment Grade Privates              23,348,622     22,459,348        522,260        889,275      1,411,535     23,332,420     22,515,419        72,273       9.40           7.95     
 Mortgages - Mortgage Capital              806,517        748,147         22,980         58,371         81,351        806,517        748,147             0       8.71           8.47     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,699,807      8,706,813         7,006       9.76           8.70     
 Total:                                 65,469,572     64,521,917      1,211,444        947,655      2,159,100     62,714,721     61,854,330        87,265       7.60           6.61     
 
Date: 12/31/2010
 Investment Grade Publics               32,111,422     32,111,413        490,000              9        490,009     29,883,952     29,892,003         8,060       5.60           5.03     
 Investment Grade Privates              22,459,348     22,444,755        404,363         14,593        418,956     22,515,419     22,566,573        65,747       9.40           7.94     
 Mortgages - Mortgage Capital              748,147        699,474         10,013         48,673         58,686        748,147        699,474             0       8.67           8.44     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,706,813      8,713,901         7,088       9.76           8.70     
 Total:                                 64,521,917     64,458,641      1,054,405         63,275      1,117,680     61,854,330     61,871,950        80,895       7.60           6.60     
 
Date: 03/31/2011
 Investment Grade Publics               32,111,413     32,111,404        415,878              8        415,887     29,892,003     29,900,078         8,084       5.60           5.03     
 Investment Grade Privates              22,444,755     22,429,837        487,317         14,918        502,235     22,566,573     22,613,562        61,908       9.40           7.94     
 Mortgages - Mortgage Capital              699,474        638,475         20,374         60,998         81,373        699,474        638,475            (0)      8.63           8.40     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,713,901      8,721,225         7,324       9.76           8.70     
 Total:                                 64,458,641     64,382,716      1,173,895         75,925      1,249,820     61,871,950     61,873,341        77,316       7.60           6.60     
 
Date: 06/30/2011
 Investment Grade Publics               32,111,404     32,111,397        292,155              8        292,162     29,900,078     29,908,661         8,590       5.60           5.03     
 Investment Grade Privates              22,429,837     19,304,807        629,164      3,125,030      3,754,194     22,613,562     19,295,480      (193,053)      9.57           9.22     
 Mortgages - Mortgage Capital              638,475        587,924          7,807         50,551         58,358        638,475        587,924             0       8.57           8.35     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,721,225      8,728,638         7,413       9.76           8.70     
 Total:                                 64,382,716     61,207,128      1,079,155      3,175,589      4,254,744     61,873,341     58,520,703      (177,049)      7.56           6.93     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 12 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/2011
 Investment Grade Publics               32,111,397     32,111,390        415,878              7        415,885     29,908,661     29,917,452         8,798       5.60           5.03     
 Investment Grade Privates              19,304,807     18,226,716        486,645      1,078,091      1,564,735     19,295,480     18,223,915         6,526       9.65           9.30     
 Mortgages - Mortgage Capital              587,924        524,562         17,660         63,362         81,023        587,924        524,562             0       8.50           8.30     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,728,638      8,736,295         7,657       9.76           8.70     
 Total:                                 61,207,128     60,065,668      1,170,508      1,141,460      2,311,968     58,520,703     57,402,224        22,981       7.54           6.92     
 
Date: 12/31/2011
 Investment Grade Publics               32,111,390     32,111,384        489,999              6        490,005     29,917,452     29,926,337         8,892       5.60           5.03     
 Investment Grade Privates              18,226,716     18,210,778        403,018         15,938        418,956     18,223,915     18,208,665           688       9.65           9.30     
 Mortgages - Mortgage Capital              524,562        471,716          5,512         52,846         58,358        524,562        471,716             0       8.42           8.22     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,736,295      8,744,049         7,754       9.76           8.70     
 Total:                                 60,065,668     59,996,878      1,048,558         68,790      1,117,348     57,402,224     57,350,767        17,334       7.54           6.91     
 
Date: 03/31/2012
 Investment Grade Publics               32,111,384     32,111,378        415,877              6        415,883     29,926,337     29,935,268         8,937       5.60           5.03     
 Investment Grade Privates              18,210,778     18,194,485        444,292         16,293        460,585     18,208,665     18,190,486        (1,885)      9.65           9.30     
 Mortgages - Mortgage Capital              471,716        405,522         14,829         66,194         81,023        471,716        405,522             0       8.30           8.12     
 Below Investment Grade Publics          9,203,000      9,203,000        250,325              0        250,325      8,744,049      8,752,055         8,006       9.76           8.70     
 Total:                                 59,996,878     59,914,385      1,125,323         82,493      1,207,816     57,350,767     57,283,332        15,057       7.54           6.91     
 
Date: 06/30/2012
 Investment Grade Publics               32,111,378     32,111,373        292,154              5        292,159     29,935,268     29,944,727         9,464       5.60           5.03     
 Investment Grade Privates              18,194,485     18,177,828        402,299         16,656        418,956     18,190,486     18,174,495           665       9.65           9.31     
 Mortgages - Mortgage Capital              405,522        367,245          3,147         38,278         41,425        405,522        367,245            (0)      8.22           8.06     
 Below Investment Grade Publics          9,203,000      9,203,000        150,029              0        150,029      8,752,055      8,760,166         8,111       9.76           8.70     
 Total:                                 59,914,385     59,859,446        847,629         54,939        902,569     57,283,332     57,246,633        18,240       7.54           6.91     
 
Date: 09/30/2012
 Investment Grade Publics               32,111,373     32,111,368        415,877              5        415,882     29,944,727     29,954,416         9,693       5.61           5.03     
 Investment Grade Privates              18,177,828     17,098,301        443,558      1,079,528      1,523,085     18,174,495     17,098,258         3,291       9.73           9.40     
 Mortgages - Mortgage Capital              367,245        336,447         12,575         30,798         43,373        367,245        336,447            (0)      8.23           8.06     
 Below Investment Grade Publics          9,203,000      8,243,000        250,325        960,000      1,210,325      8,760,166      7,808,797         8,631       9.72           8.53     
 Total:                                 59,859,446     57,789,116      1,122,334      2,070,330      3,192,665     57,246,633     55,197,918        21,615       7.48           6.84     
 
Date: 12/31/2012
 Investment Grade Publics               32,111,368     32,111,364        489,998              4        490,003     29,954,416     29,964,221         9,809       5.61           5.03     
 Investment Grade Privates              17,098,301     17,080,894        401,549         17,407        418,956     17,098,258     17,080,852             1       9.73           9.40     
 Mortgages - Mortgage Capital              336,447        317,964          2,225         18,482         20,708        336,447        317,964             0       8.24           8.08     
 Below Investment Grade Publics          8,243,000      8,243,000        150,029              0        150,029      7,808,797      7,818,115         9,318       9.72           8.53     
 Total:                                 57,789,116     57,753,222      1,043,802         35,894      1,079,695     55,197,918     55,181,152        19,128       7.48           6.84     
 
Date: 03/31/2013
 Investment Grade Publics               32,111,364     29,070,083        415,877      3,041,281      3,457,158     29,964,221     26,933,147        10,208       5.68           5.00     
 Investment Grade Privates              17,080,894     17,063,098        401,140         17,795        418,935     17,080,852     17,063,058             1       9.73           9.40     
 Mortgages - Mortgage Capital              317,964        269,098         11,340         48,866         60,206        317,964        269,098            (0)      8.19           8.03     
 Below Investment Grade Publics          8,243,000      7,543,000        201,725        700,000        901,725      7,818,115      7,127,728         9,613       9.68           8.41     
 Total:                                 57,753,222     53,945,280      1,030,082      3,807,942      4,838,024     55,181,152     51,393,032        19,822       7.60           6.88     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 13 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 06/30/2013
 Investment Grade Publics               29,070,083     29,070,083        292,154              0        292,154     26,933,147     26,946,592        13,445       5.68           5.00     
 Investment Grade Privates              17,063,098     17,044,907        400,764         18,192        418,956     17,063,058     17,044,867             1       9.74           9.40     
 Mortgages - Mortgage Capital              269,098        249,893          1,503         19,206         20,709        269,098        249,893            (0)      8.21           8.04     
 Below Investment Grade Publics          7,543,000      7,543,000        150,029              0        150,029      7,127,728      7,137,475         9,747       9.68           8.41     
 Total:                                 53,945,280     53,907,882        844,450         37,398        881,847     51,393,032     51,378,827        23,193       7.60           6.88     
 
Date: 09/30/2013
 Investment Grade Publics               29,070,083     27,194,627        335,283      1,875,456      2,210,739     26,946,592     25,085,243        14,107       5.75           4.96     
 Investment Grade Privates              17,044,907     17,026,309        400,338         18,597        418,935     17,044,867     17,026,271             1       9.74           9.40     
 Mortgages - Mortgage Capital              249,893        127,282          9,298        122,610        131,909        249,893        127,282             0       7.87           7.72     
 Below Investment Grade Publics          7,543,000      6,803,000        167,163        740,000        907,163      7,137,475      6,406,439         8,964       9.57           8.29     
 Total:                                 53,907,882     51,151,218        912,082      2,756,664      3,668,745     51,378,827     48,645,236        23,072       7.65           6.89     
 
Date: 12/31/2013
 Investment Grade Publics               27,194,627     27,194,627        489,998              0        489,998     25,085,243     25,102,269        17,026       5.75           4.96     
 Investment Grade Privates              17,026,309     17,007,298        399,944         19,012        418,956     17,026,271     17,007,260             1       9.74           9.40     
 Mortgages - Mortgage Capital              127,282        107,939            752         19,343         20,096        127,282        107,939            (0)      7.86           7.71     
 Below Investment Grade Publics          6,803,000      6,803,000        150,029              0        150,029      6,406,439      6,414,910         8,470       9.57           8.29     
 Total:                                 51,151,218     51,112,863      1,040,724         38,355      1,079,079     48,645,236     48,632,377        25,497       7.65           6.89     
 
Date: 03/31/2014
 Investment Grade Publics               27,194,627     27,194,627        283,708              0        283,708     25,102,269     25,119,526        17,257       5.75           4.96     
 Investment Grade Privates              17,007,298     17,000,867        399,547          6,431        405,978     17,007,260     17,000,830             1       9.74           9.40     
 Mortgages - Mortgage Capital              107,939              0          4,161        107,939        112,100        107,939              0            (0)      0.00           8.57     
 Below Investment Grade Publics          6,803,000      6,273,000        132,013        530,000        662,013      6,414,910      5,893,662         8,752       9.46           8.11     
 Total:                                 51,112,863     50,468,493        819,429        644,370      1,463,798     48,632,377     48,014,018        26,011       7.62           6.85     
 
Date: 06/30/2014
 Investment Grade Publics               27,194,627     27,194,627        292,154              0        292,154     25,119,526     25,137,372        17,846       5.75           4.96     
 Investment Grade Privates              17,000,867     17,000,867        399,521              0        399,521     17,000,830     17,000,832             1       9.74           9.40     
 Below Investment Grade Publics          6,273,000      6,273,000        150,029              0        150,029      5,893,662      5,902,511         8,850       9.46           8.11     
 Total:                                 50,468,493     50,468,493        841,703              0        841,703     48,014,018     48,040,715        26,697       7.62           6.85     
 
Date: 09/30/2014
 Investment Grade Publics               27,194,627     27,194,627        283,708              0        283,708     25,137,372     25,155,639        18,266       5.75           4.96     
 Investment Grade Privates              17,000,867     17,000,867        399,500              0        399,500     17,000,832     17,000,833             1       9.74           9.40     
 Below Investment Grade Publics          6,273,000      6,273,000        104,188              0        104,188      5,902,511      5,911,652         9,140       9.45           8.11     
 Total:                                 50,468,493     50,468,493        787,395              0        787,395     48,040,715     48,068,123        27,408       7.62           6.85     
 
Date: 12/31/2014
 Investment Grade Publics               27,194,627     27,194,627        489,998              0        489,998     25,155,639     25,174,087        18,448       5.75           4.96     
 Investment Grade Privates              17,000,867     17,000,867        399,521              0        399,521     17,000,833     17,000,834             1       9.74           9.40     
 Below Investment Grade Publics          6,273,000      6,273,000        150,029              0        150,029      5,911,652      5,920,899         9,247       9.45           8.11     
 Total:                                 50,468,493     50,468,493      1,039,548              0      1,039,548     48,068,123     48,095,819        27,696       7.62           6.85     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 14 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2015
 Investment Grade Publics               27,194,627     27,194,627        283,708              0        283,708     25,174,087     25,192,799        18,712       5.76           4.96     
 Investment Grade Privates              17,000,867     17,000,867        399,500              0        399,500     17,000,834     17,000,835             1       9.74           9.40     
 Below Investment Grade Publics          6,273,000      6,273,000        104,188              0        104,188      5,920,899      5,930,445         9,546       9.45           8.11     
 Total:                                 50,468,493     50,468,493        787,395              0        787,395     48,095,819     48,124,079        28,259       7.62           6.85     
 
Date: 06/30/2015
 Investment Grade Publics               27,194,627     27,194,627        292,154              0        292,154     25,192,799     25,212,131        19,333       5.76           4.96     
 Investment Grade Privates              17,000,867     17,000,867        399,521              0        399,521     17,000,835     17,000,836             1       9.74           9.40     
 Below Investment Grade Publics          6,273,000      6,273,000        150,029              0        150,029      5,930,445      5,940,107         9,662       9.45           8.11     
 Total:                                 50,468,493     50,468,493        841,703              0        841,703     48,124,079     48,153,074        28,996       7.62           6.85     
 
Date: 09/30/2015
 Investment Grade Publics               27,194,627     27,194,627        283,708              0        283,708     25,212,131     25,231,917        19,786       5.76           4.96     
 Investment Grade Privates              17,000,867            867        399,500     17,000,000     17,399,500     17,000,836            837             1       5.57           4.75     
 Below Investment Grade Publics          6,273,000      6,273,000        104,188              0        104,188      5,940,107      5,950,078         9,971       9.45           8.11     
 Total:                                 50,468,493     33,468,493        787,395     17,000,000     17,787,395     48,153,074     31,182,832        29,758       6.46           5.55     
 
Date: 12/31/2015
 Investment Grade Publics               27,194,627     27,194,627        489,998              0        489,998     25,231,917     25,251,918        20,001       5.76           4.96     
 Investment Grade Privates                     867            867             21              0             21            837            839             1       5.57           4.75     
 Below Investment Grade Publics          6,273,000      6,273,000        150,029              0        150,029      5,950,078      5,960,174        10,096       9.45           8.11     
 Total:                                 33,468,493     33,468,493        640,048              0        640,048     31,182,832     31,212,931        30,099       6.47           5.55     
 
Date: 03/31/2016
 Investment Grade Publics               27,194,627     27,194,627        283,708              0        283,708     25,251,918     25,272,216        20,299       5.76           4.96     
 Investment Grade Privates                     867            867              0              0              0            839            840             1       5.57           4.75     
 Below Investment Grade Publics          6,273,000      6,273,000        104,188              0        104,188      5,960,174      5,970,590        10,415       9.45           8.11     
 Total:                                 33,468,493     33,468,493        387,895              0        387,895     31,212,931     31,243,646        30,715       6.47           5.55     
 
Date: 06/30/2016
 Investment Grade Publics               27,194,627     27,194,627        292,154              0        292,154     25,272,216     25,293,171        20,955       5.77           4.96     
 Investment Grade Privates                     867            867             21              0             21            840            841             1       5.57           4.75     
 Below Investment Grade Publics          6,273,000      6,273,000        150,029              0        150,029      5,970,590      5,981,140        10,551       9.45           8.11     
 Total:                                 33,468,493     33,468,493        442,203              0        442,203     31,243,646     31,275,153        31,507       6.47           5.55     
 
Date: 09/30/2016
 Investment Grade Publics               27,194,627     27,194,627        283,708              0        283,708     25,293,171     25,314,615        21,444       5.77           4.96     
 Investment Grade Privates                     867            867              0              0              0            841            842             1       5.57           4.75     
 Below Investment Grade Publics          6,273,000      5,473,000        104,188        800,000        904,188      5,981,140      5,192,106        10,966       9.41           7.86     
 Total:                                 33,468,493     32,668,493        387,895        800,000      1,187,895     31,275,153     30,507,564        32,411       6.39           5.45     
 
Date: 12/31/2016
 Investment Grade Publics               27,194,627     27,194,627        489,998              0        489,998     25,314,615     25,336,311        21,696       5.77           4.96     
 Investment Grade Privates                     867            867             21              0             21            842            844             1       5.57           4.75     
 Below Investment Grade Publics          5,473,000      5,473,000        150,029              0        150,029      5,192,106      5,203,664        11,558       9.41           7.86     
 Total:                                 32,668,493     32,668,493        640,048              0        640,048     30,507,564     30,540,818        33,255       6.39           5.45     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 15 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2017
 Investment Grade Publics               27,194,627     26,393,627        283,708        801,000      1,084,708     25,336,311     24,557,342        22,031       5.64           4.82     
 Investment Grade Privates                     867            867              0              0              0            844            845             1       5.57           4.75     
 Below Investment Grade Publics          5,473,000      5,473,000         65,188              0         65,188      5,203,664      5,215,582        11,918       9.41           7.86     
 Total:                                 32,668,493     31,867,493        348,895        801,000      1,149,895     30,540,818     29,773,769        33,951       6.30           5.34     
 
Date: 06/30/2017
 Investment Grade Publics               26,393,627     26,393,627        292,154              0        292,154     24,557,342     24,580,068        22,726       5.64           4.82     
 Investment Grade Privates                     867            867             21              0             21            845            846             1       5.57           4.75     
 Below Investment Grade Publics          5,473,000      4,405,000        150,029      1,068,000      1,218,029      5,215,582      4,159,266        11,684       9.33           7.59     
 Total:                                 31,867,493     30,799,493        442,203      1,068,000      1,510,203     29,773,769     28,740,180        34,411       6.18           5.22     
 
Date: 09/30/2017
 Investment Grade Publics               26,393,627     26,393,627        245,300              0        245,300     24,580,068     24,603,322        23,254       5.65           4.82     
 Investment Grade Privates                     867            867              0              0              0            846            848             1       5.57           4.75     
 Below Investment Grade Publics          4,405,000      3,735,000         65,188        670,000        735,188      4,159,266      3,500,451        11,185       8.91           6.93     
 Total:                                 30,799,493     30,129,493        310,488        670,000        980,488     28,740,180     28,104,621        34,441       6.05           5.08     
 
Date: 12/31/2017
 Investment Grade Publics               26,393,627     25,193,627        489,998      1,200,000      1,689,998     24,603,322     23,423,118        19,795       5.38           4.74     
 Investment Grade Privates                     867            867             21              0             21            848            849             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000        101,969              0        101,969      3,500,451      3,511,770        11,319       8.91           6.93     
 Total:                                 30,129,493     28,929,493        591,988      1,200,000      1,791,988     28,104,621     26,935,737        31,116       5.84           5.03     
 
Date: 03/31/2018
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,423,118     23,435,133        12,015       5.38           4.74     
 Investment Grade Privates                     867            867              0              0              0            849            850             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000         27,500              0         27,500      3,511,770      3,523,454        11,684       8.91           6.93     
 Total:                                 28,929,493     28,929,493        253,300              0        253,300     26,935,737     26,959,438        23,701       5.84           5.03     
 
Date: 06/30/2018
 Investment Grade Publics               25,193,627     25,193,627        272,654              0        272,654     23,435,133     23,447,575        12,442       5.38           4.74     
 Investment Grade Privates                     867            867             21              0             21            850            852             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000        101,969              0        101,969      3,523,454      3,535,284        11,829       8.91           6.93     
 Total:                                 28,929,493     28,929,493        374,643              0        374,643     26,959,438     26,983,710        24,272       5.85           5.03     
 
Date: 09/30/2018
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,447,575     23,460,269        12,695       5.38           4.74     
 Investment Grade Privates                     867            867              0              0              0            852            853             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000         27,500              0         27,500      3,535,284      3,547,489        12,206       8.91           6.93     
 Total:                                 28,929,493     28,929,493        253,300              0        253,300     26,983,710     27,008,612        24,902       5.85           5.03     
 
Date: 12/31/2018
 Investment Grade Publics               25,193,627     25,193,627        470,498              0        470,498     23,460,269     23,472,974        12,705       5.39           4.74     
 Investment Grade Privates                     867            867             21              0             21            853            855             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000        101,969              0        101,969      3,547,489      3,559,852        12,363       8.91           6.93     
 Total:                                 28,929,493     28,929,493        572,488              0        572,488     27,008,612     27,033,681        25,069       5.85           5.03     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 16 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2019
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,472,974     23,485,765        12,791       5.39           4.74     
 Investment Grade Privates                     867            867              0              0              0            855            856             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000         27,500              0         27,500      3,559,852      3,572,604        12,751       8.91           6.93     
 Total:                                 28,929,493     28,929,493        253,300              0        253,300     27,033,681     27,059,224        25,544       5.85           5.03     
 
Date: 06/30/2019
 Investment Grade Publics               25,193,627     25,193,627        272,654              0        272,654     23,485,765     23,498,995        13,230       5.39           4.74     
 Investment Grade Privates                     867            867             21              0             21            856            857             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000        101,969              0        101,969      3,572,604      3,585,525        12,921       8.91           6.93     
 Total:                                 28,929,493     28,929,493        374,643              0        374,643     27,059,224     27,085,377        26,152       5.85           5.03     
 
Date: 09/30/2019
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,498,995     23,512,490        13,496       5.39           4.74     
 Investment Grade Privates                     867            867              0              0              0            857            859             1       5.57           4.75     
 Below Investment Grade Publics          3,735,000      3,735,000         27,500              0         27,500      3,585,525      3,598,847        13,322       8.92           6.93     
 Total:                                 28,929,493     28,929,493        253,300              0        253,300     27,085,377     27,112,196        26,820       5.86           5.03     
 
Date: 12/31/2019
 Investment Grade Publics               25,193,627     25,193,627        470,498              0        470,498     23,512,490     23,526,009        13,519       5.39           4.74     
 Investment Grade Privates                     867            867             21              0             21            859            860             2       5.57           4.75     
 Below Investment Grade Publics          3,735,000      2,335,000        101,969      1,400,000      1,501,969      3,598,847      2,212,352        13,505       9.97           7.84     
 Total:                                 28,929,493     27,529,493        572,488      1,400,000      1,972,488     27,112,196     25,739,222        27,025       5.78           5.01     
 
Date: 03/31/2020
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,526,009     23,539,628        13,619       5.39           4.74     
 Investment Grade Privates                     867            867              0              0              0            860            862             2       5.57           4.75     
 Below Investment Grade Publics          2,335,000      2,335,000         27,500              0         27,500      2,212,352      2,220,420         8,069       9.97           7.84     
 Total:                                 27,529,493     27,529,493        253,300              0        253,300     25,739,222     25,760,911        21,689       5.78           5.01     
 
Date: 06/30/2020
 Investment Grade Publics               25,193,627     25,193,627        272,654              0        272,654     23,539,628     23,553,700        14,071       5.39           4.74     
 Investment Grade Privates                     867            867             21              0             21            862            864             2       5.57           4.75     
 Below Investment Grade Publics          2,335,000      2,335,000         64,066              0         64,066      2,220,420      2,228,488         8,068       9.97           7.84     
 Total:                                 27,529,493     27,529,493        336,740              0        336,740     25,760,911     25,783,051        22,141       5.78           5.01     
 
Date: 09/30/2020
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,553,700     23,568,051        14,351       5.39           4.74     
 Investment Grade Privates                     867            867              0              0              0            864            865             2       5.57           4.75     
 Below Investment Grade Publics          2,335,000      2,335,000         27,500              0         27,500      2,228,488      2,236,948         8,460       9.97           7.84     
 Total:                                 27,529,493     27,529,493        253,300              0        253,300     25,783,051     25,805,864        22,813       5.79           5.01     
 
Date: 12/31/2020
 Investment Grade Publics               25,193,627     25,193,627        470,498              0        470,498     23,568,051     23,582,440        14,389       5.39           4.74     
 Investment Grade Privates                     867              0             21            867            887            865              0             2       0.00           0.00     
 Below Investment Grade Publics          2,335,000      2,335,000         64,066              0         64,066      2,236,948      2,245,416         8,468       9.97           7.84     
 Total:                                 27,529,493     27,528,627        534,585            867        535,451     25,805,864     25,827,856        22,859       5.79           5.01     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 17 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2021
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,582,440     23,596,942        14,503       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         27,500              0         27,500      2,245,416      2,254,287         8,870       9.97           7.84     
 Total:                                 27,528,627     27,528,627        253,300              0        253,300     25,827,856     25,851,229        23,373       5.79           5.01     
 
Date: 06/30/2021
 Investment Grade Publics               25,193,627     25,193,627        272,654              0        272,654     23,596,942     23,611,912        14,970       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         64,066              0         64,066      2,254,287      2,263,176         8,889       9.98           7.84     
 Total:                                 27,528,627     27,528,627        336,719              0        336,719     25,851,229     25,875,088        23,859       5.79           5.01     
 
Date: 09/30/2021
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,611,912     23,627,177        15,265       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         27,500              0         27,500      2,263,176      2,272,477         9,301       9.98           7.84     
 Total:                                 27,528,627     27,528,627        253,300              0        253,300     25,875,088     25,899,654        24,566       5.79           5.01     
 
Date: 12/31/2021
 Investment Grade Publics               25,193,627     25,193,627        470,498              0        470,498     23,627,177     23,642,494        15,317       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         64,066              0         64,066      2,272,477      2,281,807         9,330       9.98           7.84     
 Total:                                 27,528,627     27,528,627        534,564              0        534,564     25,899,654     25,924,301        24,647       5.80           5.01     
 
Date: 03/31/2022
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,642,494     23,657,941        15,447       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         27,500              0         27,500      2,281,807      2,291,560         9,753       9.98           7.84     
 Total:                                 27,528,627     27,528,627        253,300              0        253,300     25,924,301     25,949,501        25,200       5.80           5.01     
 
Date: 06/30/2022
 Investment Grade Publics               25,193,627     25,193,627        272,654              0        272,654     23,657,941     23,673,871        15,930       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         64,066              0         64,066      2,291,560      2,301,353         9,793       9.98           7.84     
 Total:                                 27,528,627     27,528,627        336,719              0        336,719     25,949,501     25,975,223        25,723       5.80           5.01     
 
Date: 09/30/2022
 Investment Grade Publics               25,193,627     25,193,627        225,800              0        225,800     23,673,871     23,690,111        16,240       5.39           4.74     
 Below Investment Grade Publics          2,335,000      2,335,000         27,500              0         27,500      2,301,353      2,311,579        10,227       9.98           7.84     
 Total:                                 27,528,627     27,528,627        253,300              0        253,300     25,975,223     26,001,690        26,467       5.80           5.01     
 
Date: 12/31/2022
 Investment Grade Publics               25,193,627     25,193,627        470,498              0        470,498     23,690,111     23,706,420        16,309       5.40           4.74     
 Below Investment Grade Publics          2,335,000      1,100,000         64,066      1,235,000      1,299,066      2,311,579      1,087,195        10,615      10.04           5.00     
 Total:                                 27,528,627     26,293,627        534,564      1,235,000      1,769,564     26,001,690     24,793,615        26,925       5.60           4.75     
 
Date: 03/31/2023
 Investment Grade Publics               25,193,627     24,093,627        225,800      1,100,000      1,325,800     23,706,420     22,623,164        16,744       5.21           4.54     
 Below Investment Grade Publics          1,100,000              0         27,500      1,100,000      1,127,500      1,087,195              0        12,805       0.00           0.00     
 Total:                                 26,293,627     24,093,627        253,300      2,200,000      2,453,300     24,793,615     22,623,164        29,549       5.21           4.54     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 18 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 06/30/2023
 Investment Grade Publics               24,093,627     23,297,411        272,654        796,216      1,068,869     22,623,164     21,843,665        16,717       5.06           4.42     
 
Date: 09/30/2023
 Investment Grade Publics               23,297,411     23,297,411        175,475              0        175,475     21,843,665     21,859,197        15,532       5.06           4.42     
 
Date: 12/31/2023
 Investment Grade Publics               23,297,411     23,297,411        438,650              0        438,650     21,859,197     21,874,763        15,566       5.06           4.42     
 
Date: 03/31/2024
 Investment Grade Publics               23,297,411     23,297,411        175,475              0        175,475     21,874,763     21,890,464        15,701       5.07           4.42     
 
Date: 06/30/2024
 Investment Grade Publics               23,297,411     23,297,411        240,805              0        240,805     21,890,464     21,906,629        16,165       5.07           4.42     
 
Date: 09/30/2024
 Investment Grade Publics               23,297,411     23,297,411        175,475              0        175,475     21,906,629     21,923,110        16,481       5.07           4.42     
 
Date: 12/31/2024
 Investment Grade Publics               23,297,411     23,297,411        438,650              0        438,650     21,923,110     21,939,639        16,530       5.07           4.42     
 
Date: 03/31/2025
 Investment Grade Publics               23,297,411     23,297,411        175,475              0        175,475     21,939,639     21,956,319        16,680       5.07           4.42     
 
Date: 06/30/2025
 Investment Grade Publics               23,297,411     23,297,411        240,805              0        240,805     21,956,319     21,973,479        17,159       5.07           4.42     
 
Date: 09/30/2025
 Investment Grade Publics               23,297,411     23,297,411        175,475              0        175,475     21,973,479     21,990,970        17,491       5.07           4.42     
 
Date: 12/31/2025
 Investment Grade Publics               23,297,411     20,000,000        438,650      3,297,411      3,736,061     21,990,970     18,703,910        10,351       4.68           4.16     
 
Date: 03/31/2026
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,703,910     18,711,378         7,469       4.68           4.16     
 
Date: 06/30/2026
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,711,378     18,719,012         7,634       4.68           4.16     
 
Date: 09/30/2026
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,719,012     18,726,656         7,644       4.68           4.16     
 
Date: 12/31/2026
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,726,656     18,734,468         7,811       4.68           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 19 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2027
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,734,468     18,742,291         7,824       4.68           4.16     
 
Date: 06/30/2027
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,742,291     18,750,285         7,993       4.68           4.16     
 
Date: 09/30/2027
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,750,285     18,758,292         8,008       4.68           4.16     
 
Date: 12/31/2027
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,758,292     18,766,471         8,179       4.68           4.16     
 
Date: 03/31/2028
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,766,471     18,774,667         8,196       4.68           4.16     
 
Date: 06/30/2028
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,774,667     18,783,036         8,369       4.68           4.16     
 
Date: 09/30/2028
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,783,036     18,791,425         8,388       4.68           4.16     
 
Date: 12/31/2028
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,791,425     18,799,989         8,564       4.68           4.16     
 
Date: 03/31/2029
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,799,989     18,808,574         8,585       4.68           4.16     
 
Date: 06/30/2029
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,808,574     18,817,338         8,764       4.68           4.16     
 
Date: 09/30/2029
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,817,338     18,826,126         8,787       4.68           4.16     
 
Date: 12/31/2029
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,826,126     18,835,094         8,968       4.68           4.16     
 
Date: 03/31/2030
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,835,094     18,844,087         8,994       4.68           4.16     
 
Date: 06/30/2030
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,844,087     18,853,264         9,177       4.68           4.16     
 
Date: 09/30/2030
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,853,264     18,862,470         9,205       4.68           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 20 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 12/31/2030
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,862,470     18,871,861         9,391       4.68           4.16     
 
Date: 03/31/2031
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,871,861     18,881,282         9,422       4.68           4.16     
 
Date: 06/30/2031
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,881,282     18,890,892         9,610       4.68           4.16     
 
Date: 09/30/2031
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,890,892     18,900,535         9,643       4.68           4.16     
 
Date: 12/31/2031
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,900,535     18,910,369         9,834       4.68           4.16     
 
Date: 03/31/2032
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,910,369     18,920,239         9,870       4.68           4.16     
 
Date: 06/30/2032
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,920,239     18,930,303        10,063       4.68           4.16     
 
Date: 09/30/2032
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,930,303     18,940,405        10,102       4.68           4.16     
 
Date: 12/31/2032
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,940,405     18,950,703        10,298       4.68           4.16     
 
Date: 03/31/2033
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,950,703     18,961,043        10,340       4.68           4.16     
 
Date: 06/30/2033
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,961,043     18,971,582        10,539       4.68           4.16     
 
Date: 09/30/2033
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,971,582     18,982,165        10,583       4.68           4.16     
 
Date: 12/31/2033
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     18,982,165     18,992,949        10,785       4.68           4.16     
 
Date: 03/31/2034
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     18,992,949     19,003,781        10,832       4.68           4.16     
 
Date: 06/30/2034
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,003,781     19,014,818        11,037       4.68           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 21 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/2034
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,014,818     19,025,905        11,087       4.68           4.16     
 
Date: 12/31/2034
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,025,905     19,037,199        11,294       4.68           4.16     
 
Date: 03/31/2035
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,037,199     19,048,547        11,348       4.68           4.16     
 
Date: 06/30/2035
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,048,547     19,060,105        11,558       4.68           4.16     
 
Date: 09/30/2035
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,060,105     19,071,720        11,615       4.68           4.16     
 
Date: 12/31/2035
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,071,720     19,083,548        11,829       4.68           4.16     
 
Date: 03/31/2036
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,083,548     19,095,436        11,888       4.68           4.16     
 
Date: 06/30/2036
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,095,436     19,107,542        12,105       4.68           4.16     
 
Date: 09/30/2036
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,107,542     19,119,709        12,168       4.68           4.16     
 
Date: 12/31/2036
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,119,709     19,132,098        12,388       4.68           4.16     
 
Date: 03/31/2037
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,132,098     19,144,552        12,454       4.68           4.16     
 
Date: 06/30/2037
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,144,552     19,157,230        12,678       4.68           4.16     
 
Date: 09/30/2037
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,157,230     19,169,977        12,747       4.68           4.16     
 
Date: 12/31/2037
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,169,977     19,182,952        12,975       4.68           4.16     
 
Date: 03/31/2038
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,182,952     19,196,000        13,048       4.68           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 22 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 06/30/2038
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,196,000     19,209,278        13,278       4.68           4.16     
 
Date: 09/30/2038
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,209,278     19,222,633        13,355       4.68           4.16     
 
Date: 12/31/2038
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,222,633     19,236,222        13,589       4.68           4.16     
 
Date: 03/31/2039
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,236,222     19,249,891        13,669       4.68           4.16     
 
Date: 06/30/2039
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,249,891     19,263,799        13,907       4.68           4.16     
 
Date: 09/30/2039
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,263,799     19,277,790        13,991       4.68           4.16     
 
Date: 12/31/2039
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,277,790     19,292,023        14,233       4.68           4.16     
 
Date: 03/31/2040
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,292,023     19,306,344        14,321       4.68           4.16     
 
Date: 06/30/2040
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,306,344     19,320,911        14,567       4.68           4.16     
 
Date: 09/30/2040
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,320,911     19,335,569        14,658       4.68           4.16     
 
Date: 12/31/2040
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,335,569     19,350,477        14,908       4.68           4.16     
 
Date: 03/31/2041
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,350,477     19,365,480        15,004       4.68           4.16     
 
Date: 06/30/2041
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,365,480     19,380,738        15,257       4.68           4.16     
 
Date: 09/30/2041
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,380,738     19,396,095        15,357       4.68           4.16     
 
Date: 12/31/2041
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,396,095     19,411,710        15,615       4.68           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 23 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 03/31/2042
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,411,710     19,427,429        15,719       4.68           4.16     
 
Date: 06/30/2042
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,427,429     19,443,411        15,981       4.68           4.16     
 
Date: 09/30/2042
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,443,411     19,459,500        16,090       4.68           4.16     
 
Date: 12/31/2042
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,459,500     19,475,856        16,356       4.68           4.16     
 
Date: 03/31/2043
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,475,856     19,492,325        16,469       4.68           4.16     
 
Date: 06/30/2043
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,492,325     19,509,065        16,740       4.68           4.16     
 
Date: 09/30/2043
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,509,065     19,525,922        16,857       4.68           4.16     
 
Date: 12/31/2043
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,525,922     19,543,055        17,133       4.68           4.16     
 
Date: 03/31/2044
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,543,055     19,560,310        17,255       4.68           4.16     
 
Date: 06/30/2044
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,560,310     19,577,845        17,535       4.68           4.16     
 
Date: 09/30/2044
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,577,845     19,595,506        17,662       4.68           4.16     
 
Date: 12/31/2044
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,595,506     19,613,453        17,947       4.68           4.16     
 
Date: 03/31/2045
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,613,453     19,631,531        18,078       4.68           4.16     
 
Date: 06/30/2045
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,631,531     19,649,899        18,368       4.69           4.16     
 
Date: 09/30/2045
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,649,899     19,668,403        18,505       4.69           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 24 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 12/31/2045
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,668,403     19,687,203        18,800       4.69           4.16     
 
Date: 03/31/2046
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,687,203     19,706,144        18,941       4.69           4.16     
 
Date: 06/30/2046
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,706,144     19,725,385        19,241       4.69           4.16     
 
Date: 09/30/2046
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,725,385     19,744,773        19,388       4.69           4.16     
 
Date: 12/31/2046
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,744,773     19,764,467        19,693       4.69           4.16     
 
Date: 03/31/2047
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,764,467     19,784,312        19,845       4.69           4.16     
 
Date: 06/30/2047
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,784,312     19,804,469        20,156       4.69           4.16     
 
Date: 09/30/2047
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,804,469     19,824,782        20,314       4.69           4.16     
 
Date: 12/31/2047
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,824,782     19,845,413        20,630       4.69           4.16     
 
Date: 03/31/2048
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,845,413     19,866,206        20,793       4.69           4.16     
 
Date: 06/30/2048
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,866,206     19,887,321        21,115       4.69           4.16     
 
Date: 09/30/2048
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,887,321     19,908,606        21,284       4.69           4.16     
 
Date: 12/31/2048
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,908,606     19,930,218        21,612       4.69           4.16     
 
Date: 03/31/2049
 Investment Grade Publics               20,000,000     20,000,000        175,475              0        175,475     19,930,218     19,952,004        21,787       4.69           4.16     
 
Date: 06/30/2049
 Investment Grade Publics               20,000,000     20,000,000        240,805              0        240,805     19,952,004     19,974,125        22,121       4.69           4.16     



                                                                D E F I N E D  C O N T R I B U T I O N  P O R T F O L I O                                                                
                                                                    P R O J E C T E D  B O O K  Y I E L D  R E P O R T                                                                   
                                                                                     --- Page 25 ---                                                                                     
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Amortization                               
                                                                                   Scheduled        Total                                          of       Ann. Book Yld   Coupon Rate  
                                    Beg of Period  End of Period     Interest      Principal      Scheduled    Beg of Period  End of Period    (Premium)     (weighted by   (weighted by 
                                      Par Value      Par Value       Payments       Payments      Cash Flows     Book Value     Book Value      Discount    EOP book val)   EOP par val) 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
Date: 09/30/2049
 Investment Grade Publics               20,000,000     12,000,000        175,475      8,000,000      8,175,475     19,974,125     11,989,287        15,162       4.62           4.16     
 
Date: 12/31/2049
 Investment Grade Publics               12,000,000              0        189,243     12,000,000     12,189,243     11,989,287              0        10,713       0.00           0.00     
 
                                                                                  --- End-of-Report ---                                                                                  


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