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<br />The overnight rate set by the Fed continues to climb. The most current overnight rate was set on June 29th at <br />5.25. With that said, our main focus is to continue to ladder the portfolio. <br /> <br />At the end of the third quarter, the City's portfolio consisted of 46% of the portfolio maturing overnight (see <br />graph below). 13% of the City's portfolio matures in one year, 30% of the City's portfolio matures in 12-24 <br />months and 11 % of the portfolio matures in over 2 years. <br /> <br />By Investment Maturity <br /> <br />11% <br /> <br /> <br />46% <br /> <br />30% <br /> <br />13% <br /> <br />. Overnight <br />o 12-24 Months <br /> <br />.1-12 Months <br />DOver 24 Months <br /> <br />Currently, the 3-month T-Bill is at 4.83%; 2 year, at 5.04%; 5 year, at 5.03%; and, the 20-year is at 5.34% <br />(see yield curve below). <br /> <br /> Yield Curve <br />5.50% <br /> 11- <br />4.50% <br />3.50% <br />2.50% <br />1.50% <br />0.50% <br /> 0 5 10 15 20 <br /> - 3 months ago - current <br /> <br />The overnight rate is currently at 5.25%. We will continue to focus on laddering the portfolio to maintain a <br />constant cash flow and a liquid position. <br /> <br />2 <br />