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i CHANDLER
<br />~~~ I AifANAC-rEMENT
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<br />Portfolio Characteristics
<br /> 6/30/2008 12/31 /2007
<br />IAIF -City Pool $39,025,965 $34,285,600
<br />L.AIF -Redevelopment Agency 3,702,629 3,814,771
<br />I.AIF -RDA 1993A Bond Proceeds 39,046 38,171
<br />LAIF -RDA 2004 Bond Proceeds 401,583 1,028,364
<br />LAIF -Economic Development Agency 15,071,085 5,000,000
<br />Managed Pool Accounts 338,754 333,125
<br />Passbook/Checking Accounts 27,705 66,056
<br />Total LAIF and Bank Accounts $58,606,768 $44,566,086
<br />Investment Portfolio Market Value $37,137,407 $41,760,703
<br />Total Market Value $95,744,175 $86,326,789
<br />LAIF Quarterly Apportionment Rate 3.11% 4.80%
<br />2 year US Treasury Yield to Maturity 2.62% 3.05%
<br />5 year US Treasury Yield to Maturity 3.34% 3.45%
<br />Investment Portfolio:
<br />Average Maturity (yrs) 1.38 1.33
<br />Modified Duration 1.29 1.24
<br />Average Book Yield 4.12% 4.42%
<br />Average Yield to Maturity at Market 2.92% 3.97%
<br />Average Quality A~ AAA
<br />Portfolio Activity
<br />Since December 2007, activity in the portfolio managed by Chandler Asset Management was influenced by net
<br />withdrawals of $5.5 million. Portfolio activity included the re-investment of maturing balances into Treasury,
<br />Agency, and Corporate securities with maturities ranging between April 2009 and April 2012. The portfolio
<br />sector allocation is currently 70.2% Agencies, 22.6% Treasuries, 6.9% Corporates, and 0.3% Money Market
<br />Fund. The portfolio structure and duration strategy has been directed by the City and has been subordinate to
<br />their cash flow needs. Currently the City's portfolio duration is about 81 % of the 1-3 Year Government
<br />benchmark.
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