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s CHANDI.~R <br />~~ ~ CvtAt~lAGEMENT <br />Portfolio Characteristics <br /> 6/30/2006 3/31 /2006 <br />LAIF -City Pool ~ $21,157,917 $14,031,557 <br />LAIF -Redevelopment Agency 4,769,077 4,989,762 <br />LAIF -RDA 1993A Bond Proceeds 35,414 35,066 <br />LAIF -RDA 2004 Bond Proceeds 3,199,387 4,473,939 <br />Managed Pool Accounts 308,397 304,742 <br />Passbook/Checking Accounts 104,566 5,874,199 <br />Total LAIF and Bank Accounts 529,574,759 x29,709,266 <br />Investment Portfolio Market Value $43,589,386 $45,641,679 <br />Total Market Value x73,164,145 x75,350,945 <br />LAIF Quarterly Apportionment Rate 4.53% 4.03°I° <br />2 year US Treasury Yield to Maturity 5.15% 4.82% <br />5 year US Treasury Yield to Maturity 5.09% 4.81 <br />Investment Portfolio: <br />Average Maturity (yrs) 1.62 1.70 <br />Modified Duration 1.49 1.57 <br />Average Book Yield 3.83% 3.53% <br />Average Yield to Maturity at Market 5.46% 4.99% <br />Average Quality AAA AAA <br />Portfolio Activity <br />During the second quarter of 2006, activity in the portfolio managed by Chandler Asset <br />Management was primarily influenced by the withdrawal of $2.374 million for the City's <br />liquidity needs. Other activity consisted of the re-investment of maturing balances into °AA" <br />rated or better Corporate securities with maturities ranging between March 2007 and May <br />2008. The high quality corporate securities purchased included Bank of America, Citigroup, <br />Credit Suisse USA, General Electric, JP Morgan, and US Bancorp. The portfolio sector <br />allocation changed as we added Corporates and reduced our Agency holdings as the sector <br />allocation was about 74% Agencies, 19% Treasuries, and 7% Corporates. Currently the <br />City's portfolio duration is about 88% of the 1-3 Year Government benchmark. <br />5 <br />