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ELK RIVER MUNICIPAL UTILITIES <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 AND 2007 <br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />Investments <br />The Utilities' investment balances were as follows for December 31, 2008: <br /> Fair Value <br /> Credit Segmented and <br /> Quality/ Time Carrying <br />Types of Investments Ratings (1) Distribution (2) Amount <br /> <br />Pooled investments <br />Broker Money Markets N/A less than 6 months $ 220,428 <br />Non-pooled investments <br />U.S. Government Agency Securities AAA 6 months to 1 year 303,843 <br /> AAA 1 to 3 years 508,280 <br /> 812,123 <br />Brokered CD's N/A less than 6 months 207,000 <br /> N/A 6 months to 1 year 595,000 <br /> N/A 1 to 3 years 338,000 <br /> N/A more than 3 years 96,000 <br />1,236,000 <br />Total non-pooled investments <br />Total investments <br />1. Rating were provided by Moody's <br />2. Interest rate risk is disclosed using the segmented time distribution method. <br />N/A Indicates not applicable or available <br />2,048,123 <br />$ 2,268,551 <br />-18- <br />