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@ Janakisri
I have two point for you
1. This question is not about a pension fund. But about a hospital project  which is fully funded. Not like pension funds (DBs) there no indication of possible future liabilities beyond immunization (thhis is a on -off situation).
2. As I have stated above post, the question clearly say only non-callable bonds are there.
Thanks for the reply, however your reply is out of focus, IMHO.

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