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ELK RIVER MUNICIPAL UTILITIES <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 AND 2006 <br />Note Z: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />Investments <br />The Utilities' investment balances were as follows for December 31, 2007: <br />Credit Segmented <br />Quality/ Time <br />Types of Investments Ratings (1) Distribution (2) <br />Non-pooled investments <br />U. S. Government Securities AAA 1 year <br />Commercial paper <br />Brokered CD's <br />A1, P1 less than 9 months <br />N/A less than 1 year <br />Money market funds <br />Piper Jaffray <br />RBC Dain Rauscher <br />Citigroup-Smith Barney <br />Total money market funds <br />Total investments <br />N/A less than 6 months <br />N/A less than 6 months <br />N/A less than 6 months <br />The Utilities' investment balances were as follows for December 31, 2006: <br />Fair Value <br />and <br />Carrying <br />Amount <br />$ 349,342 <br />788,673 <br />117,088 <br />14,848 <br />573 <br />1,088 <br />16,509 <br />$ 1,271,612 <br /> Fair Value <br /> Credit Segmented and <br /> Quality/ Time Carrying <br />Types of Investments Ratings (1) Distribution (2) Amount <br />Non-pooled investments <br />U. S. Government Securities AAA 1 year $ 266,575 <br />U. S. Government Securities AAA 1-5 years 698,668 <br />Commercial paper A1, P1 6 months 759,846 <br />Money market funds <br />Piper Jaf&ay N/A less than 6 months 10,204 <br />RBC Dain Rauscher N/A less than 6 months 4,105 <br />Citigroup-Smith Barney N/A less than 6 months 876 <br /> <br />Total money market funds 15,185 <br />Total investments $ 1,740,274 <br />1. Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk. <br />2. Interest rate risk is disclosed using the segmented time distribution method. <br />N/A Indicated not applicable or unavailable. <br />-18- <br />