[February 1, 2001]

The Treasurer's Office has negotiated a new contract for the Insurance Company Contract (ICC) Fund for 2001. The contract with Principal Life Insurance Company has a 7.47% guaranteed interest rate and matures in December 2008.

Contributions invested in the ICC Fund during 2001 will be pooled with existing money in the Fund to produce a blended rate of return that reflects the average yield of all the insurance contracts in force. Assuming that deposits to the Fund in 2001 follow anticipated cash flow trends, the ICC Fund should produce a net yield of 6.95% in 2001.

Principal Life Insurance Company is rated A+ by A.M. Best and Company, based on financial condition and operating performance.

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