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<br />The overnight rate set by the Fed has decreased. The most current overnight rate was set on March 18,2008 <br />at 2.25%. At the end of the second quarter, the City's portfolio consisted of 87% of the portfolio maturing <br />overnight (see graph below). 13% of the City's portfolio matures in 12-24 months. <br /> <br />By Investment Maturity <br /> <br />13% <br /> <br /> <br />87% <br /> <br />. Overnight <br /> <br />. 12-24 Months <br /> <br />Currently, the 3-month T-Bill is at 1.70%; 2-year, at 1.61%; 5-year, at 2.48%; and, the 20-year is at 4.37% <br />(see yield curve below). <br /> <br /> Yield Curve <br />5.00% <br />4.00% <br />3.00% <br />2.00% <br />1.00% <br />0.00% <br />3mon 6mon 1 yr 2 yr 5 yr 10 yr 20 yr <br /> <br /> <br />Treasury Bills <br /> <br />- 3 months ago - current <br /> <br />The overnight rate is currently at 2.25%. We will continue to focus on laddering the portfolio to maintain a <br />constant cash flow and a liquid position. <br /> <br />2 <br />