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<br />The overnight rate set by the Fed continues to remain stable. The most current overnight rate was set on June <br />29,2006 at 5.25%. With that said, our main focus is to continue to ladder the portfolio. <br /> <br />At the end of the first quarter, the City's portfolio consisted of 64% of the portfolio maturing overnight (see <br />graph below). 10% of the City's portfolio matures in one year and 26% of the City's portfolio matures in 12- <br />24 months. <br /> <br />By Investment Maturity <br /> <br /> <br />I · Overnight <br /> <br />.1-12 Months <br /> <br />012-24 Months I <br /> <br />Currently, the 3-month T-Bill is at 4.79%; 2-year, at 4.97%; 5-year, at 4.92%; and, the 20-year is at 5.15% <br />(see yield curve below). <br /> <br />Yield Curve <br /> <br />6.00% <br /> <br />3.00% <br /> <br /> <br />5.00% <br /> <br />4.00% <br /> <br />2.00% <br /> <br />3 mon 6 mon <br /> <br />1 yr <br /> <br />2 yr <br /> <br />5 yr <br /> <br />10 yr <br /> <br />20 yr <br /> <br />Treasury Bills <br /> <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 />