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<br />The overnight rate set by the Fed has decreased. The most current overnight rate was set on December 16, <br />2008 at 0.00% to .25%. At the end of the second quarter, the City's portfolio consisted of 78% of the <br />portfolio maturing overnight (see graph below), 17% of the City's portfolio matures in 1-12 months and 5% <br />maturing in 12-24 months. <br /> <br />B)'o Innstment Maturity <br /> <br />:,\00 <br /> <br /> <br />'"'800 <br /> <br /> <br />.Ovenught <br /> <br />o 1-11 Months <br /> <br />11112-24 Months <br /> <br />Currently, the 3-month T-Bill is at .28%; 2-year, at .89%; 5-year, at 1.86%; and, the 20-year is at 3.89% (see <br />yield curve below). <br /> <br />l1e1d Cune <br /> <br />5.00% <br /> <br /> <br />4.00% <br /> <br />3.00% <br /> <br />2.00% <br /> <br />1.00% <br /> <br />0.00% <br /> <br />":;~ <br /> <br />'O~ <br /> <br />~" ",,, <br />" '\-' <br />Treasury Bills <br /> <br />~" <br />':l <br /> <br />~" <br />,,~ <br /> <br />~" <br />r6> <br /> <br />- 3 months ago - current <br /> <br />The overnight rate is currently at 0.00% to .25%. We will continue to focus on laddering the portfolio to <br />maintain a constant cash flow and a liquid position. <br /> <br />2 <br />