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Investments allowed by Allowed by Investment Portfolio Value at 2/29/08 <br />California Government Policy <br />Code <br />Money Market Accounts YES $ 1,065,062 <br />(as detailed in investment policy) <br />Local Agency Investment YES $ 35,935,000 <br />Fund (LAIF) <br />U.S. Treasury issues YES $ 92,043,081 <br />Federal Agencies YES $109,506,548 <br />State of California Bonds, NO <br />Notes, or Registered State <br />warrants <br />California Local Agencies NO <br />Bonds, Notes, and warrants <br />Bankers' Acceptances YES <br />Commercial Paper YES <br />Certificates of Deposit YES <br />Re urchase A reements YES <br />Reverse Repurchase NO <br />Agreements <br />Medium Term Corporate YES <br />Notes <br />Mutual Funds invested in Bond Proceeds Funds Only <br />securities allowed by <br />Investment Polic <br />Mortgage Backed Securities NO <br />or Collateralized Mortgaged <br />Obli ations <br />Total Portfolio Value at $238,549,691 <br />2/29/08 <br />~` Bond proceeds such as reserve funds are held in trust by a financial institution until the <br />debt is retired. The trustee is directed to place proceeds in mutual funds invested in U.S. <br />Treasury instruments. <br />Page 3 of 4 <br />