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CHANDLER <br />ASSET <br />°p MANAGEMENT <br />Portfolio Characteristics <br />Average Book Yield 1.37% 1.47% <br />Average Yield to Maturity at Market 0.45% 0.41% <br />Average Quality AA+ AA+ <br />Portfolio Activity <br />During the first quarter of 2012, activity in the portfolio managed by Chandler Asset Management <br />consisted of the reinvestment of $3.7 million in several Agency securities with maturities ranging <br />from April 2015 to November 2016. The portfolio structure and maturity strategy has been directed <br />by the City. Currently, the portfolio's average maturity is 1.81 years and is about equal to that of <br />the 1 -3 Year Government benchmark. <br />The Redevelopment LAIF accounts were closed on 1/31/12 for a total of $9,346,000. These funds <br />were then transferred to the City's Economic Development Agency LAIF account on February 9, <br />2012. <br />3/31/2012 <br />12/31/2011 <br />LAIF - City Pool #98 -01 -809 <br />$35,626,816 <br />$37,596,633 <br />LAIF - Redevelopment Agency #65 -01 -005 <br />0 <br />346,307 <br />LAIF - RDA 1999 Bond Proceeds #11 -01 -001 <br />0 <br />189 <br />LAIF - RDA 2008 Bond Proceeds #11 -01 -038 <br />0 <br />8,989,267 <br />LAIF - Economic Development Agency <br />8,022,000 <br />2,960,348 <br />Passbook/Checking Accounts <br />4,519,712 <br />7,011,808 <br />Total LAIF and Bank Accounts <br />$48,168,528 <br />$56,904,552 <br />Investment Portfolio Market Value <br />$28,295,633 <br />$28,255,661 <br />Total Market Value <br />$76,464,161 <br />$85,160,213 <br />LAIF Quarterly Apportionment Rate <br />0.38% <br />0.38% <br />2 year US Treasury Yield to Maturity <br />0.33% <br />0.23% <br />5 year US Treasury Yield to Maturity <br />1.04% <br />0.83% <br />Investment Portfolio: <br />Average Maturity (yrs) <br />1.81 <br />1.56 <br />Modified Duration <br />1.75 <br />1.51 <br />Average Book Yield 1.37% 1.47% <br />Average Yield to Maturity at Market 0.45% 0.41% <br />Average Quality AA+ AA+ <br />Portfolio Activity <br />During the first quarter of 2012, activity in the portfolio managed by Chandler Asset Management <br />consisted of the reinvestment of $3.7 million in several Agency securities with maturities ranging <br />from April 2015 to November 2016. The portfolio structure and maturity strategy has been directed <br />by the City. Currently, the portfolio's average maturity is 1.81 years and is about equal to that of <br />the 1 -3 Year Government benchmark. <br />The Redevelopment LAIF accounts were closed on 1/31/12 for a total of $9,346,000. These funds <br />were then transferred to the City's Economic Development Agency LAIF account on February 9, <br />2012. <br />