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G„ CHANDLER <br />MANAGEMENT <br />Portfolio Characteristics <br />3/31/2006 12/31/2005 <br />LAIF - City Pool <br />$14,031,557 <br />$977,903 <br />LAIF - Redevelopment Agency <br />4,989,762 <br />5,316,228 <br />LAIF - RDA 1993A Bond Proceeds <br />35,066 <br />34,748 <br />LAIF - RDA 2004 Bond Proceeds <br />4,473,939 <br />4,430,113 <br />Managed Pool Accounts <br />304,742 <br />301,539 <br />Passbook/Checking Accounts <br />5,874,199 <br />19,446 <br />Total LAIF and Bank Accounts $29,709,266 $11,079,977 <br />Investment Portfolio Market Value $45,641,679 $48,394,796 <br />Total Market Value $75,350,945 $59,474,773 <br />LAIF Quarterly Apportionment Rate <br />4.03% <br />3.63% <br />2 year US Treasury Yield to Maturity <br />4.82% <br />4.40% <br />5 year US Treasury Yield to Maturity <br />4.81% <br />4.35% <br />Investment Portfolio: <br />Average Maturity (yrs) <br />1.70 <br />1.79 <br />Modified Duration <br />1.57 <br />1.64 <br />Average Book Yield <br />3.53% <br />3.40% <br />Average Yield to Maturity at Market <br />4.99% <br />4.62% <br />Average Quality <br />AAA <br />AAA <br />Portfolio Activity <br />During the first quarter of 2006, activity in the portfolio managed by Chandler Asset <br />Management was primarily influenced by the withdrawal of $3.035 million for the City's <br />liquidity needs. Other activity consisted of the re -investment of maturing balances into Agency <br />securities with maturities ranging between January 2008 and March 2008. The portfolio <br />sector allocation was little changed, as the portfolio held 82% in Agencies and 18% in <br />Treasuries. We will continue to suggest maintaining the City's portfolio duration very close to <br />the duration of the portfolio's 1-3 Year Government benchmark. <br />0 <br />