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<br />At the end of the first quarter, the City's portfolio consisted of 67% of the portfolio maturing overnight (see <br />graph below). 14% of the City's portfolio matures in one year and 19% of the City's portfolio matures in 12- <br />24 months. <br /> <br />By Investment Maturity <br /> <br />19% <br /> <br /> <br />14% <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 5.15%; 2-year, at 4.63%; 5-year, at 4.50%; and, the 20-year is at 4.78% <br />(see yield curve below). <br /> <br /> Yield Curve <br />6.00% <br /> I <br /> j <br />5.00% j <br /> - <br />4.00% I <br /> i <br />3.00% I <br /> ! <br /> ! <br />2.00% i <br />3mon 6mon 1 yr 2 yr 5 yr 10 yr 20 yr <br /> Treasury Bills <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 />