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CHANDLER <br />ASSET <br />MANAGEMENT <br />Portfolio Characteristics <br />12/31/2005 <br />9/30/2005 <br />LAIF - City Pool <br />$977,903 <br />$12,309,326 <br />LAIF - Redevelopment Agency <br />5,316,228 <br />5,577,931 <br />LAIF - RDA 1993A Bond Proceeds <br />34,748 <br />34,472 <br />LAIF - RDA 2004 Bond Proceeds <br />4,430,113 <br />4,767,136 <br />Managed Pool Accounts <br />301,539 <br />298,640 <br />Passbook/Checking Accounts <br />19,446 <br />4,527,279 <br />Total LAIF and Bank Accounts <br />$11,079,977 <br />$27,514,784 <br />Investment Portfolio Market Value $48,394,796 $48,073,940 <br />Total Market Value $59,474,773 $75,588,724 <br />LAIF Quarterly Apportionment Rate <br />3.63% <br />3.18% <br />2 year US Treasury Yield to Maturity <br />4.40% <br />4.16% <br />5 year US Treasury Yield to Maturity <br />4.35% <br />4.19% <br />Investment Portfolio: <br />Average Maturity (yrs) <br />1.79 <br />1.80 <br />Modified Duration <br />1.64 <br />1.65 <br />Average Book Yield <br />3.40% <br />3.28% <br />Average Yield to Maturity at Market <br />4.62% <br />4.25% <br />Average Quality <br />AAA <br />AAA <br />Portfolio Activib, <br />During the fourth quarter of 2005, activity in the portfolio managed by Chandler Asset <br />Management consisted of the re -investment of maturing balances into Agency securities with <br />maturities ranging between January 2009 and September 2009. The portfolio sector <br />allocation was little changed, as the portfolio held 83% in Agencies and 17% in Treasuries. <br />We will continue to maintain the City's portfolio duration very close to the duration of the <br />portfolio's 1-3 Year Government benchmark. <br />