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At the end of thethirdquarter, the City’s portfolio consisted of 78% of the portfolio maturing overnight, <br />6% maturing in 1 year, 10% maturing in 1-2 yearsand 6% maturing beyond two years. <br />By Investment Maturity <br />6% <br />10% <br />6% <br />78% <br />Overnight1-12 Months <br />12-24 Months24-36 Months <br />Currently, the 3-month T-Bill is at0.02%; 2-year, at0.69%; 5-year, at1.68%; and, the 20-year is at <br />2.85%(seeyield curve below).Rates along the short end are the same as they were 3 months ago, and <br />there have beenno changes to the overnight rate. <br />Yield Curve <br />3.00% <br />2.00% <br />1.00% <br />0.00% <br />Treasury Bills <br />3 months agocurrent <br />The most current overnight rate was set on December 16, 2008 at 0.00% to 0.25%.Economic data has <br />strengthened during the last quarter. The housing and labor markets have shown improvements, and <br />consumer confidencecontinues to grow. Although inflation is still below 2%, which is lower than the <br />Fed would like to see, signs are pointingto a rate increase at the Septembermeeting.It is anticipated that <br />rates may move towards 1.75% by the end of 2016. We will continue to focus on laddering the portfolio <br />to maintain a constant cash flow and a liquid position. <br />2 <br /> <br />