Investments include auction rate securities with maturities extending through 2046. The securities include credit linked notes with a face value of $48.3 million and collateralized debt obligations with a face value of $84.2 million. All investments were rated AAA when acquired. Investments ratings now are, and have been in prior comparative periods, as follows:

Investment Liquidity  ($ millions)
August 6, 2008				May 9, 2008				February 28, 2008
Credit Rating, Agency 1	Credit Rating, Agency 2	Face Value		Credit Rating, Agency 1	Credit Rating, Agency 2	Face Value		Credit Rating, Agency 1	Credit Rating, Agency 2	Face Value
Aaa	AAA	$	5.0	Aaa	AAA	$	53.3	Aaa	AAA	$	87.7
AAA	AAA, C/W		20.0	Aaa, C/W	AAA		34.4	Aaa, C/W	AAA, C/W		25.0
AAA	A		28.3	A3, C/W	B		25.0	Baa3	AAA, C/W		19.8
Ba1, C/W	BBB		25.0	Baa3	B		19.8
B2, C/W	AAA		34.4
Ca	B, C/W		19.8
C/W on Credit Watch with negative implications

As of June 30, 2008, the balance recorded in investments related to these auction rate securities was $46.9 million (face value $132.5 million), resulting in a loss of $85.6 million reflected, in part, in the quarters ended December 31, 2007, March 31, 2008 and June 30, 2008. The impairment represents the company’s estimate of diminution in value as of June 30, 2008 resulting from the current lack of liquidity for these investments and the challenging sub-prime mortgage and housing markets at period-end, which create uncertainty as to the ultimate recoverability. Of the decline in value, $18.8 million related to investments for which the decline was considered temporary and $66.8 million related to investments for which the decline was considered other-than-temporary. We have commenced an arbitration proceeding against the investment firm that purchased the securities for our account without our authorization, and we intend to pursue our claim vigorously.

We are exposed to liquidity and credit risk on investments in auction rate securities due to the current lack of liquidity that has existed since August 2007; therefore the securities are being held in our account for longer than the approximate 28 days that was originally anticipated. We are uncertain as to when the liquidity for such securities will improve. As a result, during the fourth quarter of 2007, we reclassified the investments from short-term to long-term, reflecting that liquidity may not return within 12 months and that, if necessary, we may hold the investments for a longer period of time, as we are able to.