HomeMy WebLinkAboutInvestment Report - August 2012CITY PORTFOLIO CONCENTRATION LIMITS
August 2012
% of
Investments
Book Value
Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM
$ 6,903,360.88
3.34%
CITY LOAN TO RDA
13,554,999.95
6.56%
WF/L.A.I.F. BOND PROCEEDS
25,387,899.47
12.28%
FEDERAL AGENCY -- COUPON
-
0.00%
LOCAL AGENCY INVESTMENT FUND
35,247,442.81
17.05%
WELLS FARGO CORPORATE TRUST
9,008,798.01
4.36%
CORPORATE MEDIUM -TERM NOTES
8,721,575.42
4.22%
RIVERSIDE COUNTY TREASURER
105,046,520.96
50.81 %
TOTAL BEFORE CASH
$ 203,870,597.50
98.61%
PLUS:
CASH
$ 2,883,172.74
1.39%
GRAND TOTAL
$ 206,753,770.24 (1)
100.00%
FOOTNOTE:
(1) In the City of Palm Desert Comprehensive Annual Financial Report ("CAFR"), both the City of Palm Desert
("City") and the City's external auditor define total investments as demand deposits, investments in
various instruments, and investments held in local government investment pools. The concentration
percentages shown above were calculated based on that definition.
0 C
o t
O
a
0
m 10
W 0
W tT
N
—JMUM
Q p ++
a o•
LL
0
OQ
.
oa
va
�
U
N Y
C
I
I
f0
�
C y
N N
n
n O
toO
t0
n (00
N
0 0 0 0 0 0 o
o
G
c
CD
O—
cQ
.- N
O
O
N
r N
�
N
N
_
f6 7
CO
. N
to
to
a a
EL
N �
2
>
c
6Nj
0 N to m N OD M
M (0 'S N W N W
O
O N
M O
O
I
E �
O
N m
�D
o°DD rn v m o v rn
O
W)
v
�'
N E
E
� rn o v 0 U)i
m
o
n
m
y
OOi M N O � O
�nclin
O
N
M
N
>
to to 0) OD O
n
O
N
n
N O
a
N
N CD
N
s
N
O
C
m O
o
ce) U
�o
Op
W 0 V O V 0
OD
t`
N
> ;N
c') C O 4- 0i O N
M rn cD v W rn v�
O
rn
�
C)
C
V O
Q
O n O
O
c
0 (D CD
O- U
OOi fN7 N
01 W O
01
N
h
U C V
N
0
o
(D N m
N
N
N
E .0 N
.--1
`o-
O
> E _N
N
0x E
N O
r\
N 'V< N
rl
I
c ccon
c n
CD
(D
m rn V ao D o rn
CO^
p
cm
O
C
N
`MD R v °' o L
N
It
M
OMf
N
_U
o— E
ccl
c+i a 1� ao ao �O
O
ri
CD
I
W
M
N
C in )
OOco MiNONOM
oc�
L
co
M
O
i
rvM
N
cv
CD
'0 -0.7�
N
N
I
N
j p
dCL0
a
au a)
N,
m'
L
3 o
c
7
C
a U
N�
jU U) W
m F X
O c U
U U e
Q
D
a�
C . .O
_
N
p Z W
� W F- QQ
F w W W
O
-
7
N
V
C
.N
U
j 0
Z U F 17
g 0 w m Z F>
�
>
a
O
y 0
o a z 0 p
C
m
0
Z Q. Z} U W
��
YT
C
0
_ac,
C N
'o z 0 w 0
`'3
Lc
L
SI
6
T
m
m
E N~
m
t- Z tL U Q g W
�_
N
U �i
N
m
C I
f0
N
}_
O
>_
N D
W Q _ Q U- �c
� O Q J N O N
W
0 0
U
W
e
> T
E
< J Q J a a'
Q U J W
LL
H
N
>
= D c
U! `nj -6
��pp
i�
is
N
�o
�.
(D
U
U
d
'C f4
N a
0 W o f
Q
U U� J� U K
m �p O
U a
O
F-
O I 7
1 F- 0
>
Q
ui
L w f0
F- O a
E
N
N
m
z
0
L
N
z
a
N
3
�
M
C
NN
W d
�%
W 0
O
0 m
N
C
^
�
a
a
N
O
LL=o
oQ
Val
�o
O
a
a'
m m
o) �
` C
A
Q m
aD o 000
M r r
u9 n M
act a
to(D
(D o
co
oA
M n
oc
m
O
M
M
m
(D
�I
n r
M M
O O
M
O
N W
O) CA
rn T
Iq
M M
LO M
rn m
o) D)
c O
,.ra
V)
IQ o
M M
N N
O (F1
O CA i
W T
3I I a
�2 I M
n
v
O)
M
M
M
N
N
r`
aD
M
N
a
W
DD
M
LO
N
v
R
rl
N
N
N
N
M
0
CN
V
N
co
a0
aN
V
n
N
Lo
M
N
ti
a
N
%n
M
w
N
vim)
o a
Q
a >
o
� t
n
a
O O
o o O
O o o O O O O o O
o
0 0
O O
O O O
O O O
O O O O O O 0 0 0
0 0 0 O O O o 0 0
O
O
O O
O O O
0 0 0 0 0 0 O O O
O
N
N N
¢ Q
N N N
Q Q Q
N N fmfQQ N ttmQQ N (2q N N
Q¢ Q Q Q Q Q Q Q
a
In O (D 00 0 0 V' T O O W 0 0 N
N 0 99 0 0 (D 0 0 (n O O O (D
o Vi (O W 0 N N O o
Ih to (O O M 0 (n 00 Oi
c0 0 o O
h 0 (D 00 O O 01 0 0 0 0 0 N
N O O O 0 0 O O UL O O O (D
O O O O O O O M O N M O CD (D
W", (D o M N O O) O
r� toaD M O (n o0 O
h o m o o oD(D
(n O O O O O O 0 O O O) O O N
N O O o O O O O U7 O O O (D
O O 0 O 0 0 0 M O N M 0 0 0
'{ N O (n W o
Go- O (D o O Cl! (t1
r- 0) m ro m o0D o (D
0 0 0 0 0 0 0 0 0 0 0 0 0 O 0
N N N N N N N N N (\1 N N N N N
O O O O O O O O O O O O O O O
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
a � v m n
tp pf W M M LL LL LL LL LL LL LL LL LL 11 LL LL LL LL LL
70 T Z CO
e0 Y) ~ M to N (0 V) N Ln V) N V) V)Ln Ln rn N N N N
-� M M Z LD N a0 7 7
W N M d d d d d d d d d d d d d d d
F- NF- > >r >- >- >- >- >- >- >- > >- >- >- >- >
�x xx(r = w w =(rcr crwa: w
w ti z u) w U) 0 0 0 w w w 0Q 0 w 0Q 0
u�u� u�u�ug ug u�u� t�i t�i LIL u�LL�Lli u�
J J co d U m (D _ 4) F- F H H H H F- F- F_ F_ F_ F_ F- F_ F_
O O o) I Of z O) cn O) ''' W W W IL W LL LL W W W W W W W W
a a a) ! a a) 0 4) a) 1 a ! ¢ ¢ ¢ ¢ ¢ ¢ a ¢ Q ¢ ¢ ¢ ¢ ¢ ¢
a a Q LL > ¢ ¢ Q Q
J z z z z z z z z z z z z z z z
O 9 Q 'O a LL 9 Q Q a Q a Q Q Q Q Q¢ Q Q a ¢
C } C ) C C . c § i
Q Q m �" m O j Q, 0 0 0 0 O O O O O O O O O O
C) U J J F- ¢¢ ¢¢¢ Qaa aaa aa¢ a
z o v)
z a a a a
O to to h N LL N
to Z Z H FT H F F F� F 1- F- F- F7F-
W O O - N M O N o N a N
d O O W F- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0
W o a M M n r r r` o 0 o O) O 0) 0 0 O
2 v W o o o v a s v v v v n n n
W v U (o O N o O rn w a) rn rn w a)o) a) a) o) rn a) rn rn
C M N O N (� W N a o a0 a0 aD o oD oCL 0 o CD OD o W o 0
O O p V Z O
Q V
Z
Z i Z I
0� m w
z FL v Q O Q oo o oo o 0o o o0 0 00 o
W v Q — o J Q o LL (� (� v v I, v v co cov o)v vOi (on (on
N v O Q M j o rn rn rn rn rn rn rn rn o) a) a) a) a) c) 2
M N J J N ' IW Q N J o 00 o a0 0 o OD o o aD o oD o o0 0
Q LL W in in in in
> W O r >- r>>->>-> r>>>>r>>-
U (n N U V)[n LL J V) (n (n (n Ln Ln N Ln (n N (n (n (n Lq rn to
w
N
CL O
R
M
Q
M
Uo
m
a
a
-
O 1
.-
o a
r�
a
0 A
a
�?W)
0 0 0
0 0 0
0 0 0 0 0 0
0 0 0
0 0 0
0 0 0
0 0 o O 0 0
0 0 O o 0 o
O O
p
to
M
O o o
O O 0
0 0 0 0 O 0
0 0 0
O O 0
0 0 0
o o
O 0 0 0
O O O O O
0 O O o 0 0
0 0 0 O O O
0 O
O O
0
O
O O O
O O O
O O O
O O O
O O O O O O
0 0 0 O O O
O O O
O O O
O O O
O O (3
O O O
O o 0
O
O O O O O O
O O O O O O
O O
O
I
m m m
m m
m m m
m m m
m m m m m m
m m m
m m m
m m m
m m m
m
m m m
m m
m m m m m m
m m m m
m m m m m m
m m
m m
m m
r
v
a Q
a a a
a a a
Q a a
a
a a
a a a a a
a a a
a a
00
N
O (O
O N O
O Of O 0 0 (0
V 01 O
O O M
O O O
O M M O Lc)
(0 O O O O
M O
7
(0 O N
O V O
O O O O O 0)
0 O) O
O O 00O
O O
O f` n O O�
V OR O 0 0
O
O
6 O 0
O N O
O O O O O M
O) O O
O O M
O O O
0 � O (O O
M 0 O O O O
O O
CO
O)
O
Cl) (0
O O
O
O V M
0) M O
to 0)
�
N
n
mY
0
Q) �
O (0
O
O
00 M
?
O V
)O .-
.- (0 O) (O
M )O
(0
V 1`
co
0
V
N OV) M
(N
O
(00
N
O
0)
(D (n
0 O
N
0) O O O
O N
V 0) O
O O M
O O O
O M M O r
CD0 0 C) O
M O
O
3
lD O N
O V O
O O O O O O
O O) O
O O O
O O O
O r n O O n
V 00 O O O O
O
m
O O 00
O N O
O O O O O M
O) O O
O O M
O O O
O O V 0
O O O M O O
O O
M
O r-
O
oc co M
OOD V
ss��
(D m O
(O (MA 00)
N
r
y
O co
O
V
O
CO
0
co
(VD
M
0 v 7
N T M
LO V
O
0
N
O
�
L
r
4)
W40
N E W N
LLJ_
G)
O W)
O N 0
0 0 O O O 0
V M O
CD M
O O o
0 M M O 1` O
O h O O h
(0 O O 00
v, 00 C?ou C?O
M O
O
O
ai ;
O
7
o O N
O v 0
0 0 O O CD
O O) 0
0 0 CO
O O O
O O N O
M (0 0 0 00
O O
Go
Q C
ip
O O 0
o N O
o
O O O O O M
Cl) (D
0 0 O
00 (o
O O M
0
O O O
0� (h
Q) M 0
r-
o)
N
m
O
O Cl)
00 V
�-
O )A
0] (f) 0)
N
1%
G = 1 r
m
O
V
v a
10 v rl
co
d
cD
Cl)
00 (�
N 0 M
O
(D
N
O
J ea N M
it
O)
a.
o
0000a00000000000a000000o00000000000
^
L O
N N N
N N N
N N N N N N
N N N
N N N
N N N
N N N N N N
N N N N N N
N N
U 1i
V
o 0 0
0 0 0
0 0 0 0 0 0
0 0 0
0 0 0
0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0
0
p,
a
m
LL LL LL
LL LL LL
LL LL LL LL LL LL
LL LL LL
LL LL LL
LL LL LL
LL LL LL LL LL LL
LL LL LL LL LL LL
LL LL
W
A
Q li1
�2
rL r2
G
V) V) N
U) U) U)
N V) N (t) U) U)
U) U) (n
N N N
U) U) U)
(n U) 0 0 0 0
0 0 0 U) (n (1)
(1) N
p
J J J
a a a
J J J
a a a
J J J J J J
a a a a a a
J J J
a a a
J J
EL M
J J J
a a a
J J J J J J
a a a a a a
J J J J J
a a a M a a a
J J
a s
V) V) V)
V) U) U)
U) N V) (n V) U)
(n U) U)
V) V) V)
(n V) (0
V) U) V) V) U) to
0 0 U) 0 0 U)
V) V)
� � �
�L��
� � � � � �
L� ��
� � �
��
� � � � � �
� � 6 ��
��
F- F- F-
F- F- F-
F- F- F F- F- F-
F- !- F-
F F- F-
F- F- F-
F- F- F- F- F- F
F- F- F- F- F- F-
F- F-
w
LU LL W
LL L11 Lil
W LU Lll LL LLI W
LL L11 LLJ
L11 W LU
111 LU W
LLJ W W W W W
W W LL LU w w
111 w
0)
7
0 0 ()
C7 0 0
0 CD 0 C) 0 0
0 0 0
0 CD 0
CD (D C7
C7 C7 0 CD 0 CD
CD C) 0 0 (7 CD
0 (7
a
Q Q a
a a a
a a Q a Q Q
a a a
a a Q
Q Q Q
a a a Q a Q
a a Q Q a a
a Q
N
Z Z Z
Z Z Z
Z Z Z Z Z Z
Z Z Z
Z Z Z
Z Z Z
Z Z Z 2 2 Z
Z Z Z Z Z Z
Z Z
Q
a a a
a a a
a a a Q a Q
a Q a
a a a
Q a a
a a a a a a
a a a Q a a
a a
a
0 0
0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0
�
0 0 0
0 0 0
0 0 0 0 0 0
0 0 0
0
a a Q
a a a
a a a a Q a
a a a
a a a
a a Q
Q a a a a a
a Q a a a a
a a
0
�
0
~
y
c
d
LUF-
F- H E-
(M O
F- F- F-
N ch V
F- F- F-
(n (D tL 6 m 0
F- F-
N A
F- F- F-
V h O
F- F- F-
o0 O) O
F- F F F- F•- F-
A V 6 (V
F- F F F- F- F-
A O N 06 O
F; F
.- N
E
0 0 o
0 0 0
0 0 0 O o
f o
0 0 0 0 0 0
0 0 0 o M
00 CO OD O
OD OD
a
F-
O
(O
r'
N
N N N
N N N O O O
N O
o_ rn rn rn m rn
rn rn
O O 00 00 00
O CO
>
=
Q
a
O
O N O
CD
O O O
O N O O O O
�
O O O
O O O
N
O O N
N N N N h N
N N N N N N
� V1 N O N (A
N M M M M M
N h
M M
-
.- N N
N N N
N N N N N N
N N N
N N N
N N N
N N N N N N
N N N N N N
N N
N
O
0
U
O
F-F-F-F-F-
f- F- F- F- F
F- F- F-
aM
O
N (h
(0 uJ r O O) O
NA
V N (D
o0 6 O
O
A O NA
O O O O O
O .- N O O
O O O C,0
� N
iv
n
u
O O O
O
O O
O O O O O
N N N
N co O co O O
o0 O
N
)O
V V
O)
V V V
V V V V V V
V V V
V V V
V V
V V
N
O O 00 O O
N
0D O
O
J
CD O O
o 0 0
O O O O O O
O O O
O N O
N
N
O O N
N
N N N N n
N N N N N N
M M N M M
N M M M M M
M LO
M M
M
N
d
.I
N N
N N N
N N N N N N
N N N
N N N
N N N
N N N N N N
N N N N N N
N N
N
-
(/)
W
V) V1 V)
V) co U)
V) V) V) V) V) V)
V) V) V)
V) V1 V)
U) V) V)
V) V) V) V) V) V)
V) U) V) (n V) V)
V) V)
O
} V) U)
U) U) U)
V) V) U) V)(n}
U) U) U)
U) U)}
U) U) U)
U) U) 0
U
�
V) V) V)
V) V) V)
V) V) (n V) V) V)
(n U) N
V) V) V)
V) V) V)
V) V) V) V) (n U)
0 0 0
V) V1 V) V) V) V)
0 0 0 0 0 0
V) V)
0 0
�
N N
(O N
0 0
n N"
n (o ITN N h
N N h
(n aD (n
N OD
oOD
(R pli
ITv oo
0 0 0
O 00 0
O C O
0N0 (O w
IT v Go
C1
m
m
a
2�2
� 0
M {Q
m U
c�
F�Fo
Y�
0
m �
h
N
7
N
0
00
m
m
A
N
A
L
�+
I.L
E
W
V)
N N
W d
c
�
C N
>
C
� r
a
N M
Qcc
a O
O
t
O Q
O
0
d m
a
U
=�
O
a
a'
0 N
mu
A c
m
Q m
m
W
H
c
0
E
N
C
V
n
tD
O
O
z N
Z O
LL
H
Z
W
N am
w Im
z �
o a'
w
J
O c
O 10
a
0
a
O
v
Ui
O
N
N
N
W
to
CD
Go
N
O
N
�
U
IL
-
�
o
a
i
0
so
-
o
a
p
a
V
Nf
0 0 0
O O O
;o
M
[>
O O O
O
N
a
8
2
N A
cr
N
01
OD h O
V m
0
Y
O
O
O O n
m
Q
r
(V
t0
O
N
O CY)
N
7
O
rm V N
O
N
O
N
r
A�r
WA,
W
W Q% VT.-
7
� O v
ao
CD
N� N
j
0 ro o
C cc
r a rn
=
M
a
oc'�
m
�
/J
li
O p
O
O
CD
a CL
,= p
N
v
o0
IL
o 0
rnu
f`0
o
0
w
N
W LL
Q m
d'
co
a: O
o
Z : U
N
O W
m
N
LL H
J J
(p U Q
LL
o O Q
°'
J
vi
O
a
A
m
N
_
QF
m
�E
O LL W
N
'
V)i U
A
5
W W
c
N
U 0 x
Q
H
Z
t
M
m
ih
O
U
U
Q
o
F-
y
(7
(D c) N
o o
c
Z
Y
U
0
W
2
U
N
Y
b
Z
Q
m
O m N
p��
W
Z
O O CDa
O
V V
z'
v
�
ai v}i vri
U
Q
W W,
M
n n v n o o l -
V N ccl O M
O CO
�
O O O O mO C
rn � l so
� o
� r-
N co
0
ao 0 0 o v co O
O 00 O .- a0 C
f0 N O
ono n o w o Cii N
N
N W M < O O
OD O I N O <O
of of r r- ofIn
a
M T n 0
O
co i(i N <0co
CA
co
0o I O co O
M
O C7
Im
0
V m
c0
N O U7
N
00
00
y'
co n
O
V0 O ch
N
V
0)
N co
(n
N 0
p
c0
m
co
00 co
m
y
O
to
(M
O
rn
ri ri
n
of
m
m Ln rn
n
m °�
iD
rn
co
h
N uJ
O)
O
co
e-
co
s-
l0 0/
a
.4
c
N
d
C:
0Wo n O N O fh
M V M N O y
co c0 c0 .- O T
m o6 n rn
O N N O
c rn n o
z N
w (D �
w
o W a W
W
W a
W
O w w a
>�
a 0 z z 0
W U
0 z Q} CL
O
O
m
W W z Of
L` g w
c
¢ } L
J Lij Q a J
z
N
lL> Q O W
U J W
C
y C
c 0)
o E
= y
U 41
1
c
rn�
Y T c
0) c m
L � L
0= U
N
U aE H
cna��
U
a�
o
a
^ n
o
a >
o
0
"L-
r
w
a
a
t0, o
d
a
N `O
X e
M O
¢U
o m
m
c �
m y
7 .0 , i
a o
a) a
m
C
U
a •F m
c8aEi
N w V
EUY
N
> O E
C N
N m
c n
E�m
0' E
m cm E
•eve
0) y •O
N 0) O
0?'tz:
E�a.
-i6 O N
amc r
_
=O O
a
m y
m
m
mm
(�O CO U
O
M O- fp
ui = U
y
L
p C O
m
U V • O
>
o
CD
a
w
z
ono
0
C
EZL
N
E N ~
y
O
U
r`
E a
I
_O fn x
ON
O
rn
ao
M
Up�
E
W)
coO
O
N 2
r
co
C 0 (Ny}
U) U C
C
C"
O m Co
L O ¢
..+ y
t y Vl
N
(n U
CDm
¢ y
N
a� O
E
O
8
co
yy0-
U r C
C
Q
C4
C O
a
C
y C 0)
N
c
'•'
U
c
.7+
O O
° N
o
rri
m
(U
U
o
o
cLvp,
co
N
N
T
.G7+
N U CL
y
N
O
0
N T
0)
4)
d
'-
c
U
Q
w
o f
CL
}
Z
W
y
C� E
N N
Q
G
C N
O C
cn t4
N M
n
W
U •2
r N
a) a's
U 0
0
O
a a.
t
`
0
�
a
a'
CI C
j R
Q ri
x
a
Fn
D
U
(n r r r r r rn (n r r (.
r r r r (n r r r r
M M Cl? Cl) Cl) Cl? M M Cl) M r-
o 0 o o 0 0 o 0 0 o 0
M M M M M M M M M M
0 0 0 O O O O O O O
07 R a CO O CO 407 I O LO N OR
N IT 000 In O cM O 0�0
ch O O co o Oi cn o n (O N
r (n 0 0) (n to W) N Cl) O T
(n 00 M (D W (D O M M (D M
V V' M .- ^ (D (n r- � o
N
7 M O N M10 O N
r O�0 D O O N I r Or
N 'C 0 •- N O .-- r
M o V w O 0) (n O r 0
(!r) ONO 00') (D M (O O M MO') 0
v M .- � 0 N- � (D
N
0 C V W O N o Lo a 0 N
O N 0 w O O
0
N O O 0 N M r M N O (n .- r
cn O C) 0 c (O O M M (O
N
m '
r
v
O
M M
r n
0
1D
� N
O 0)
00 00
O V
V
Oa0
�
O
O
�
Wf
OR
pnppp
M
M
N
O
O
ONE
OD
C
(O
7
(p
(p
cc
N
O
O
m
m
M
(n
cn
to
r
n
W)N
O
m
w
M
0)
Q)
tl�
n
(O
cD
ccOp
(n
In
(V
N
Oa0
r
�
co
coN
N
O
O
(V
OD
pp
M
O
O
0)
00
Itp
(O
(C
(O
(D
N
`
O
O
O
O
M
CA
0)
r
n
(O
cD
W
Op
uY
(n
N
N
N -N N _N N_ N_ N N N N N N N_
O O O 0 0 0 O O O O O O O
N N N N N N N N N N N N N
�aa�aa�aa� LO
o
s o 0
M f7 M C7 M M iY5 (7 M O') N N 0
o O o 0 o O o o o o o o 0
N
T O N
W ch N
M c0 n
v z
LL
LL
R LU 2' LL' w LL' LL' LL' LL' LLZ uj
<
W W W W W W W W W W w
to w W (n N (n (n (o N NW ❑
W W W W W W W W W FIx
^
❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ O ( Q
J J J J J J J J J J
Q Q¢ ¢ Q Q ¢¢¢ ¢ z O ¢
LL LLLL LL a.LL LL LLLL a(u d LL dC)
LL LL LL LL LL LL LL LL LL u- Q ❑ > D_ Q Q
0 Q J 9 i V LL
o! o c d A a A
O O O Z O
w 0 ILL
fA N y 0 N ~
w Z
CL
::: (00 c0 (ND (MD ID (NO rc0 COO 000 00) Q O F- 'L
w O O O O 0 0 O O O O w r
M M M M M M. M M M M 7 Z H
O M M M M M M M M M M N w 0 (n V
o w N > o
a IZ w
0 �0 !a z
m i V w
LL (00 O N co ((D (D N M oOO m w
0 O ~ j
O O O O O O 0 0 0 O r W Q
Q OM7 mM M M M M M M M ly N N CO J V
J N N N N N N N N N N w O Q Q O
LL w v) v) v, ) ) v, v, cn W > v, 0 r, v
U UU)rrcn n (n n (n n
r>rrr I r a r 0 r
3 (n (n (n (n cn (n v (n
0)
O
O
N
M
0
O
O
O
Qi
N
(D
N
LL'
W
uj
W
O
N
J N
LL
LL Q
r
_ m
V 0
ai
j
M
N
co
a
0
O
N
0
a a r)
� � n
N �
O
LL 0
CD
O CDm o
O
0 0
0 0 0
O
a
O �
0 0
O O O
O
d
0 0
0 00
o
a
c0 c0
m m
Q Q
m
Q Q Q
fNQ
¢
O O O O O N
(NO O O O o
r a
co V
co
O O O O O N
� C
0 V
M
N O O O O 00
O O O O O N
(n O O O O
00 C
c V
O O O O O O
N N N N N N
ssosss
0 0 0 0 0 0
LL LL LL LL LL LL
N N N N (n U)
> M M 7 D
J J J J J J
LL LL LL LL a a
7 cn U) cn cn
cn yy
QU) Qcn QU)
Q QNof
W W W W W W
af
F-
W w W W W W
Q Q Q Q ¢ ¢
Z
z z z z z z
N
7
LU
F- F- F- F F F-
O o 0 0 o O
N N N NU
N n N N N A
O
O ON O O O O
W 0) 0) W W 0)
a
COGO CO COCO M
CK
0
U
0
C9
F• F; F• F- F- F-
Q
O N 0 0 O
LL
N N N
N
N 0 (n cn (n (n
O 0 0
W 01 W
c2 aD oo OD OD
JOD
w
W in v v CO in
U)(ncn(nU)(n
.
y
U) a o
Q
4)
p
<
A
� N
a
o_ a
V
� LL
w
co
O 00 O O O
O O O
0 0 0
O O O
0 0 0
O O O
O O O O O O
O O O 0 0 0
O O 0
a
0 00 0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0 0 0 0
0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0
0 0 0
0
0 0 0 0 0 0
0 0 0
0 0 0
0 0 0
O O O
0 0 09
0 0 0
0 0 0 0
0 0 o
a
0 0 0 0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0 0 0 0
0 0
a
aU
A�
0 m
w
m m m m m m
m m m
m m m
m m m
m m m
m m m
m m m m(� m m
m m m(� m m m(�
m m m
�.
v
Q Q Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q¢
¢ Q Q
Q¢ Q¢
Q
0
0
2
w
47
o 0 0 O O O
O W O
O o Ln
M O O
N O
O O N
O O O Cl 0
O N N 0 0 0
N O O
7
O O O O O O
O r 0
O O M
to O O
fM O
o 0 0
0 O O h O O
O Un 0 0 0 O
O O O
m
o 0 0 CD CD
CDm O
0 0 co
� 0 0
N CD
O o0
0 00 � O o
O O O O O O
O O O
,N
M
Y
0)
N
N
o
M
rn
N
�
O
n
rn
n
o
rri
N
V
m
W
v
y
O O O O o 0
O W O
o O W
M O O
N O
O O N
0 0 0 O O
KI
0 W O O O
N O O
0 0 0 0 0 0
O r o
O O M
Un 0 0
M V O
0 0 0
0 0 0 0 0
O Ln 0 O 0 o
O 0 0
j�
O O O O O O
O M O
o o M
0 0
N N O
O O 0
O O O 0 0
N
O O O 0 0
O
O O O�
C
N
M
N
0
O
M
m
P, m
n
rn
n
V)
W
o
irr)
Lo
V W
V
U c
r a)
E N N
Q
07
O O O O O O
O W O
O O O
M O O
N O
v
O O N
0 0
o 0 0 0 0
0 n o 0
O Uo in O O O
O� 0 0 0 0
N O O
0 0 0
� �
p�
2
m
0 0 0 0 0 o
0000000M000M
O r o
0 0 c�
Un o o
N00
M 0
0N00000000
0
99
M000n00000000
CN
o
M
0 w
Cl
M
N
:n c N M
a.0
N 2 ++
LLI N
d
V '0
N
�
000
000
000 000
000 0 0 0
000
Q ,O
Q^ r..�
Am
o 00 000
N N N N N
000
N N
000
N N
N
000
N N N
N N N
Q N N
N N N N N N
N N N N N N
N N N
ii
0
O O O O O O
O O O
O O O
O O o
O O O
O O O
O O O O O O
O O O O O O
o O O
Q 0
0 0 0 O O O
O O O
O O O
O O O
O O O
O O O
O O O O O O
O O O 0 0 0
O O O
m m
rnu
dcc
LL U. LL LL LL LL
LL LL LL
LL LL LL
LL LL LL
LL LL LL
LL LL LL
LL LL LL LL LL LL
LL LL LL LL LL LL
LL. LL LL
Q m
(n U) (n (n U) U)
U) (n (n
U) U) U)
U) (n U)
U) U) (n
U) U) U)
U) U) U) U) U) U)
U) U) U) U) U) U)
U) U) Ul
J J J J J J
a a a a a a
J J J
a s n.
J J J
a a a
J J J
a a a
J J J
a a a
J J J
a a a
J J J J J J
a a a a a a
(L J J J(L(L
a a a a a a
(L J J
a a a
co (nN (Qo fQ�
(Q�
tQ� tQ�
(a� (Qn (Q�
(Q� tQ�
tQ� (Q�
fQ� (Q� lQ� (Q� lad (Q�
(Q� (Q� (Q� (Q� tad
(Q� (Q� tQ�
Qy QN
W W W W W W
¢N QN
W W W
¢N
W W W
W W W
QN
W W W
QN
W W W
W W W W W W
QN
W W W W W W
W W W
Of 0� 0_
D_ Q: w
Q_ w Q:
Q_ x Q_
Q_ x w
0_ Q: 4= w w 0�
4_ D_ x w 0_
w w w
F- F- F- F- F- F-
F- F- F-
F- F- F-
F- F- F-
F- F- F-
F- F- F-
F- F- H F- F- H
F- F- F- F- F- F-
F- F-
LU W W W W W
W W W
W W W
W W W
W W W
W W W
W W W W W W
W W W W W W
W W W
0 CD
U U 0
(9 U (D
(D (D (7
C7 0 0 0 0 0
U 0 CD C7 (D (7
(7 0 (D
Q Q Q Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q Q Q Q
Q Q Q Q Q Q
Q Q Q
N
Z Z Z Z Z Z
Z Z Z
Z Z Z
Z Z Z
Z Z Z
Z Z Z
Z Z Z Z Z Z
Z Z Z Z Z Z
Z Z Z
Q Q Q Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q Q Q Q
Q Q Q Q Q Q
> > > >
Q Q Q
> > >
> > > > > >
> > >
> > >
> > >
> > >
> > >
> > > > > >
> >
Q Q Q Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q
Q Q Q Q Q Q
Q Q Q Q Q Q
Q Q Q
F
7
F-
F- F- F- F- F- H
F- H F-
F- F- F-
F- t F-
F- F- F-
F- F- F-
F- F- F- F- F- F-
t F7 F- F- F- F-
F- H F-
d
LU
NA O NA
O
NA V
O M
W 0 .-
N Cl) O
N m O N
In � O N M
00 N
E
H
0 0 0 O O O
0 0 0
O O O
W
O o 0
W W W
0 0 0
W W 01
O O O
m m N
O O O 0 0 0
M
MW
NW NW
O O O 0 0 00
M 0 Ln N
MW
O O
W W
NC
Q
v U� Lo 0
W 0 W N
0 W W
0 n o
0 W
0 0 W
W W Ln
N 0
W W
r n N n
1- r
a7
0 0 0 O O O
O O O
O O O
0 0 0
O O O
0 0
O O O O
O O
>
)00)0
>
0)0)0)01
00)0
0CY)
WW
0) 0) 1
W WWWN
00) O O OOOO
0
a
W W W W W
W W
W W
W
W W W
W
N N N
NW
N N
O
U
tD
O
N
C7
H H F F F- H
F F- H
H F- F
f- N F
F F- F"
H F- F7
N F- F- N F- N
F- F- F7 F- F- F-
H H H
0
QIL
NA O (V
A O
N M
O (`�
W O
N M 0
N A O N
M 0 '- N M
C)
O N
�
LL
0 0 0 O O O
V A Q W Uo Lo
0 0 0
to W W
0 0
W f0 W
O O O
W W W
0 0 0
W 0� 0�
O O O
0 m N
0 0 0 0 0 0
N N N M M M
0 0 O 0 0
M M �o �o N W
O O O
W W 0
m
U)
U) 0 W to in
o 0 0 0 0 0
V) 0 N
0 0 0
h 0 in
0 0 0
in 0 U)
0 0 0
0 W 0
0 0 0
0 0 o
0 0
rn
0 0 0 0 o O
rn m rn rn rn rn
c o n n r n
- o 0 0 0
rn
r r r
0 0 0
0
Q.
J
am m m rn rn rn
W W W W W W
rn 0rn m
W W W
am m 0,
W W
rn m m
W W_ W
m rn rn
W W W
rn am
W W W
W W W W W W
0 0 0 0 0
W_ W o 0 0 0
0 0 0
0 0 0
W
(n (n ((n ) (n (n
U) (n U)
_W
U) (o U
U) U) U)
U) co (n
(n U) (n
(iJ U) Ui U) (%J Ui
U) (n U) U) U) U)
co U) (n
G
>U)r r rr
}>r
r U)}
r rr
rr>
r rr
r V)r Y
(n rU) r rr
(n U)(
U)w
U)a0
�o
C)
m
m
N
IL
a
O
U�
0 0 0
O O O
o 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0 o 0 0
0 0 0 0 0 0 0 0 0
LL
a
M
O O O
O O O
O O O
0 0 0
O O O
O O O
O O O
0 0 0 O O O
O O O O O O O O O
0 0 0 0
O 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
O O O
0 0 0 0 0 0
0 0 0 0 0
CL
0 0 0
0 0 0
0 0 0
0 o
0
0 o 0
0 0
0
0 0 0
0 0 0 0 0 0
0 0 0
0 0 0 0 0 0
a
wU
cc .j
C '0
f
a
'
m m m
m m m
aaa
m m m
a
m m m
a
m m m
m m m
m m m
aaa
m m m m m m
aakaa�
m m m m m m m m m
a��aa¢a�a
am
--qaaaa
0
0
dm
rn
a)
0 W O
O O W
W O O
O W V
0 00
N O O
O N )0
O V N )0 0 0
O O N O O O )0 O W
7
0 )0 0
O O .-
O O O
O Cl?
0 0 )0
to 0 0
O .- O
O W W 0 0 0
O O O O O 0) O O
0 V 0
O O N
O O O
O I- N
o O W
n O O
O O O
O 0 O O_ O O
O M O O 00 0 O 0
Cl)
I�
M (0
NM
W O
N O W (D
Y
a)
M O
M
0)
V
r
O
0O
)0 0 M )0
O
8
m
Go
N
N
N O
W
� V N P-
a)
y
O 0 0
0 0 W
O O O
O W
o 0 0
N O O
O N 0
O V N )0 00
O O N O 00 )0 O W
O )0 O
O O .--
O O O
O
0 0 )0
)0 0 0
O .. O
O 0 W 0 0 0
O O O O O 0) 0 0
ja
O V O
O O N
O O O
O Io N
O O W
M O O
O O O
O W O O_ O O
O M O 0 0 0 0
Cl)
co
h
V
cowI
M O
N
W
M
v
co O
0) (D
N W O
)0 0 M �
W M
_
'6
W
N
N
N
0
N O
^ N O
m
W
4)
C� E N N
al
O 0 O
O In
O O W
O O •-
m 0 0
O O O
O W
O
O O O
09 )0
N O O
)0 0 0
O N )0
O O
O V N )0 00
O (O W O O O
O O N O O O )O O W
0 •. O O O O W O O
O
N
N
o 0 0
0 N N
O o W
N 0 0
O o 0
0 (0 O o 0 0
O M 0 O co 0 o 0
cV
0 V O
Cl)
O O
h
Cl) W
N
Cl)
W O
N O 0) W
O w
V7
W
M O
M
a)
V
^
( r V
)0 C M
r
M
d
N
N
CD
N O
h 0)
V I� t•
C
CUJ
aJ
U •O
C
V/
N N
O
Q
R m
L
O O O
N N N
O O O
N N N
O O O
N N N
O O O
N N N
0 0 0
N N N
O O O
N N N
0 0 0
N N N
O O O O O O
N N N N N N
0 0 0 O O O O O O
N N N N N N N N N
0 1i
`
O O
O O O
O O O
O O O
O O O
O O O O O O
O O O O O O O O O
a
a
o 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0 0 0 0
0 `o 'o 0 0 0 0 0 0
a) d
0)U
A
LL LL LL
LL LL. LL
LL LL LL
LL LL LL
LL LL LL
LL LL LL
LL. LL LL
LL LL LL LL LL LL
LL LL LL LL LL LL LL LL LL
Q m
U) (1) U)
U) U) U)
co U) U)
U) N U)
U) (1) W
U) (0 (0
U) U) U)
U) U) U) (n (n U)
(1) U) (1) (1) (1) U) V) U) U)
J J J
a a a
J J J
a a a
J J J
a a a
J J J
a d a.
J J J
a a a
J J J
a a d
J J J
a a a
J J J J J J
a a a a a a
J J J J J J J J J
a a a a a a a d a
r r r
r r r
r r r
r r r
r r r
r r r
r r r
r r r r r r
r r r r r r r r r
U) w 0
(Q� w
wooQ
0¢
w 0
(Q� 0 w
!aate 0 (QA (Q� 0Q (QQ�
(Q� (QQ� w w w 0 0 (Q�
W W W
QN
W W W
W W LL1
QN QN
LL] W W
QN
W W W
QN QN QN
W W lil
W W W
W W W Lil �] LLl
QN
W ll] W W W W W W W
F- F- H
H H H
H F- F-
F- t- H
H H F-
F- F-
W W W
W W W
W W W
W W W
W W W
W W W
W W W
W W W W W W
W W W W W W W W W
U U U
U U U
U U U
U U U
U U U
U U U
U U U
U U U U U U
U U U U U U U U (D
a a a
a Q a
aaa
Q a Q
a a a
a Q a
Q Q a
aaa Q a 4
a a Q Q a a Q a a
W
F H H
H H
H
H h H
F H h H
Z Z Z
z z z
Z Z Z
Z Z Z
z
Z Z Z
z z z
Z Z Z
z z
Z Z Z
2 Z Z
z z z
Z Z Z Z Z Z
z z z z z z
z
Z Z Z Z Z Z Z Z Z
z z z z
a a a
a a a
a a a
a a a
a a a
a a a
a a a
a a a a a a
a a a a a a a a a
> > > > > >
> > >
0 0 0
> > >
0 0 0
> > >
O O O
> > >
0 0 0
> > >
0 0 0
> > >
0 0 0
> > >
0 0 0
> > > > > >
a O a 0 O a
> > >
0 0 0 0 0 0 0 0 0
C
W
M O
0
N M a
O N
0
M O
F7
N M
0
O N
0
M V O
N M O N
0 0
F7�
M v 0 N M W O
0
E
o 0
() 0) 0)
0 0 0
0) 0) 0)
0 0
M co M
0 o
M M .p
0 103
V V
0 0
)0 � N
0 0 0
N LO 0
0 0 Cc,0
W 0 w W W W
0 0 0 0 0 o 0
W W N N N N N N )0
N
f` N W
N N N
O O O
O O O
O O O
O O O
0 0 0
O O O 0 0 0
O O M M M M M M )0
O M M
Cl) M M
O O O
O O O
O O O
O O O
O O O
O O O O O O
O O I�
>Q
O N N
N N N
Cl) M Cl)
M M M
M M M
M M M
M M M
M M (M M M M
0 0 0 0 0
CO M Q) W 0) a) O) 0) O)
0 0 0 0 0 0 0 0 0
c
d
o 0 0
N N N
0 0 0
N N N
0 0 0
N N N
0 0 0
N N N
0 0 0
N N N
0 0 0
N N N
0 0 0
N N N
0
N N N N N N
N N N N N N N N N
O
M
U
N
'0
V
F F" F
F f"' H
U F F
F" F F7
F7 f"
F7 F7
f" F H
H H H
H' ~ F7 F
H H H H F h H f
O
M O L
N M v
O N
M V O
N M
O N
M V O
N M O N
N O O N Cl) 0 O
Q
LL
O O O
(O 0) 0)
O O O
0) 0 0)
O O O
M M M
O O O
co CO) V
O O O
a V V
O O O
N 0
O O O
U) Ln (0
O O O O O O
a7 W l0 W co W
0 0 O O O O O O
W co N N N N N N N
n
O)
N
I� 0 t0
O M M
M 10 0
M M M
O O O
0 0 0
O O O
0 0 0
O O O
0 0 0
0 0 0
0 0 0
O O O
0 0 0
O O O O O O
0 0 0 0 0 0
O O M M M M M M N')
0 0 n
0
J
,O N N
o 0 0
N N N
0 0 0
M M M
0 0 0
M M M
0 0 0
M M M
0 0 0
M M M
0 0 0
M M M
0 0 0
M M M M M M
0 0 0 0 0 0
M M m 0) 0) m 0) 01 m
0 0 0 0 0 0 0 0 0
N
a
J
N N N
N N N
N N N
N N N
N N N
N N N
N N N
N N N N N N
N N N N N N N N N
)o
Vl
LL
U) W W
(1) U) U)
U) U) W
U) U) U)
U) U) U)
U) U) w
U) U) U)
U) V) (n V) U) (f)
U) U) 0 U) U) U) U) U) V)
0
rrr
>- >- >-
r>-r
>->-r
rrr
rrr
>- >- >-
rrr >- >-
rrr >- >- >- >- >- >-
c
U
(n (n (n
(n (n (n
(n cn (n
(n (n (n
(n (n
(n (n (n
(n (n (n
(n (n (n (n (n (n
(n (n cn (n (n (n (n (n cn
m � o
rn
�
a �
M
o
O
O O O
O O O
O(
O
M
}
o o 0
o
o
co
A :s
O '0
Ml� Mfq m
m
T
Q Q Q
Q
O
O
cc
(A
N w
t0
L
CL
ro to
rn u
E C
o m
Q m
it
w
V
CL
7
U
O 00 N M
O 00 n
O to
co
0
co 01
o 0 o N M
O O O f.-
O OD
O �
O
(O 01
co
Lq
LL LL LL LL
7
5
co
7
J J J J
r
a a a a
0 o n M
w w w w
c9 c9 c9 (7
Z Z Z Z
Q
>>>>
Q Q Q Q
(n
O
�
D
F
N
W
H F H 4
o o o o
Lo o o o
� o O o
O
n ran n
rn
a
a o 0
O o
o
Ix
N
N N N N
O
U
'0
O O O
LL
N
n n
rn M m rn
J
N N N N
W
U U� Vi Ui
h
O
t0
a
v1
r4
�Op
O
t0
Mf
OT
n
0
N
O a
O LL
CL
d a
rn
w a �
Q ti
m
QQ
O_
a
U M) to
0
00
O
�
LL
d
F
T
o
O
Ci
o
O
p
a
m U
T �
0 N
°O
0
W
yT
O
O
2
W 2
y
m
O
�
m
v
o
�
tp
v
0 0
m
N
tV
pp
OI
O
tV
7
O
�
to
T
p
t0
0
tD
N
O
co
R
2
W
U
Z =
W U
aE �o
tl! N
>
0
m
a
_
Oo
C
tri
co e4 M
40
C
U •ui
0 c a�
V ♦ O
Q//�� ^
Li �
N a1
t
N
N
_
A/
LL
a
N
O
A C
O
O
Oa
co
>
Q m
t0
O
U
t0
Z
W
0
Q
O
to
C
N
W
U
C
M
Gt
E
N
m
N
Q
C
Z
a
co
H
ac
�
p
m
U
U0
Q
�
N
C
Z N
O
U
W
n
U
Y
Q
N
�
m
rn
a
Z N
O 0
O
d
m
o P- I r-
M
O o C
-
0
O O O
O
O p O
N (h (p
N
(� N M
n
V n
a
N Cl) N
N
c N M
LO
W
N
N
e-
N
N M
C N
N
N
I
y
C
m
E
a N
Oo I r
O n
M
O C
S
c
as
m
Y
C
N
d
a)
fa
y
I
C
(a
N
l Q
Vl
a)
m
m
f9
E
(0
N
O
O_
a
vi Q
cU
>'a
a
c `a
`—`
yg
N
7 O
m y r-1
� O
N O N
c o-
a) n
o rn
.c m
O
O) m O N U N
O O O O 7 0
LO W (O N Oa
C M M C
(O O
N E
M i 3 N
y � O
c T
m � y
U c
Q 'D ,O
C �
fa
N a)
a
(6 O
V1 O
Jr-
m U} ma yOa7 4-56
w
yci
(D
W 0
c L CL
0iQW cc
N
O
N
M
co
O
N_
O
O
co
O N
a
C_ o
t 2
O m
a 0
a) c
N N
0 0
V
N
0
CN
�I
N R
N
C
�
E
N N
O m
>c
= N
1>1
Q l0
N M
a
t+
ZO
.O
O
IM
04
O o
o
= a
`o
O
IL
a'
d�
OI V
` C
�a
am
c
d
N
d
C
N N
v a
v v
N
O
N
a
0
M
Q N
z v
m n
w
z
w
f-
w
w
z
U y
Z Cf
W N
Q >
J Q
UC
O 10
J
0
a
m
0
O
O
N
0
0
LL 04
}
0
N
N
N
h
n
N
V
N
N
cn
n
N
v
n
N
N
r.
_¢
f0
0 N
d
a
t
0 0
d a
0 o
M
0 CDa
c
wU
T �
y
V
O
O
N
H
O
cc
0
>
(n
a
X
G ^
N
O
N 00
Oi
O
m
0 (
M
1'7
0)
r O
7
00 n
N
N
N OD
Qi
A
rj
�
C7
C
N
m
O
a
_ U) N
>cc
N
_ r
d
0 0
ai
N
Z O O
O
4) N
N N
CL a
L 0
N N
2
�
O O
a
0 0
4) c
c
0
of
� A
N
Q m
Oi
M
Z
Y F
U N
w �
x �
U F-
2 2
d
Q a
ai
R
E
y
z z
m
N
N F
C
O O
>
C
Q
A
t
y
A
�
v
d
E
F°
y
u7 (O
C
_
C4 CN
N N
m
N
O
0
Y
0 0
o
a
U
n
W
N vNi
O
x
U
U
ai N
ti
City of
Desert
f
5;e_a,4tt,4enr d , n e"� "��l
ECONOMIC COMMENTARY
The key event in September was the Federal Reserve's announcement that it
would launch Quantitative Easing 3 ("QE3") with the goals of driving down long-
term interest rates; pushing up stock and real estate values; and increasing
exports (by weakening the U.S. dollar). Specifically, the Fed made an
open-ended commitment to keep interest rates low through 2015, and to "print"
$40 billion per month in order to buy mortgage -backed securities. The Fed's
announcement followed the release of an unfavorable Labor Department
report which showed a sharp slide in job creation between July and August.
Economists are divided over whether QE3 will have a significant economic
impact, other than temporarily lifting the stock market. Economists for the
Wall Street Journal, for example, have calculated that QE3 will only decrease the
national unemployment rate by a few tenths of a percent. On the downside, a
weakening of the U.S. dollar could exacerbate the U.S. trade deficit by raising
the cost of commodities imports. An increase in exports could be challenging,
with most of Europe in recession, and the Chinese economy slowing down.
The launch of QE3 is an implicit admission that QE1 and QE2 did not succeed
in creating sustainable economic growth. Since 2008, the Fed has: (1) held
short-term interest rates near zero for four years; (2) created $1.8 trillion of new
money through QE1 and QE2; and (3) bought hundreds of billions of dollars of
long-term U.S. Treasuries as part of "Operation Twist" 1 and 2.
Y=ts oyw, , ee.my.
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
Thousands of Dollars
2012
i marKets i eam
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
investment
The treasurer shall invest all
public monies in a manner
that ensures safety of
principal; sufficient liquidity
to finance the City's
expenditures; and the
highest yield possible after
the previous two objectives
have been met.
Month -End Book Value
$
206,754
$ 205,805
$ 216,803
$ 218,086
$
210,198
$
210,603
Month -End Market Value
$
206,794
$ 205,845
$ 216,813
$ 218,101
$
210,229
$
210,643
Paper Gain (Loss)
$
40
$ 40
$ 10
$ 15
$
31
$
40
Prior Year Book Variance
$
99
$ (1,578)
$ (6,478)
$ (1,596)
$
3,543
$
3,948
Interest Earnings
$
71
$ 72
$ 75
$ 76
$
72
$
74
Yield -To -Maturity
0.40%
0.42%
0.43%
0.43%
0.42%
0.45%
Weighted Maturity (Days)
28
40
40
38
39
39
Effective Duration
0.04
0.05
0.05
0.05
0.06
0.06
All data as of August 31, 2012
PORTFOLIO CHARACTERISTICS
August 2012
Dollars in Thousands
Maturities
Market Value
< 1 M
$ 179,093
< 2M
-
< 3M
-
< 6M
-
< 1Y
4,707
< 2Y
4,058
< 3Y
-
< 4Y
-
< 5Y
-
Total:
$ 187,858
Ratings
Market Value
AAA or Aaa
$ 120,959
AA or Aa
4,706
A
4,056
U nrated
74,190
Total:
$ 203,911
i
Maturities Distribution
95
100
80
e
0
�o
60
40
0
a
20
0
0 0 0 3 2 0 0 0
A <2M <3M <6M <1Y <2Y <3Y <4Y <
Credit Quality
AA
A or Aaa
59%
Unrated
37% AA orAa
2
2%%
Asset Allocation
Assets
Market Value
County Pool
105,047
County Pool
LAIF
35,247
52%
WF/LAIF Bond Proceeds
25,388
City Loan to RDA
13,555
MTN
8,762
Agencies
CAMP
6,903
WF/Bond Proceeds
9,009
Agencies
-
Total:
$ 203,911
Month
City Yield
LAW Yield
Variance
Sep11
0.49
0.41
0.08
Oct
0.43
0.39
0.05
Nov
0.44
0.40
0.04
Dec
0.37
0.38
-0.01
Jan12
0.40
0.39
0.01
Feb
0.41
0.39
0.02
Mar
0.45
0.38
0.07
Apr
0.42
0.37
0.05
May
0.43
0.36
0.07
Jun
0.43
0.36
0.08
Jul
0.42
0.36
0.05
Aug
0.40
0.38
0.02
LAI F
17%
WF/LAIF Bond
Proceeds
13%
.oan to
WF/Bond CAMP MTN RDA
Proceeds 3% 4% 7%
4%
STATEMENT OF COMPLIANCE
August 2012
The investment of the City of Palm Desert securities portfolio is governed by California Government Code Section 53601 and by the Palm
Desert Statement of Investment Policy. The City investment policy is more conservative than State law. The Palm Desert Audit, Finance, and
Investment Committee, and the Palm Desert City Council review the City investment policy annually.
For the month ended August 31, 2012, the City investment portfolio was in compliance with all applicable state and local laws and
regulations. The City Treasurer's Office continued to pursue conservative and prudent investment strategies, based upon the stated objectives
of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the next
six months. In addition, portions of the City investment portfolio could be liquidated in order to meet any significant, unexpected cash
requirements.
Interactive Data Services provided the market value prices for securities in the City investment portfolio. All balances are bank balances.
Respectfully submitted,
.raa(s 095m, ee.M.Y.
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a)
Palm Desert Bonds
5 Years
No Limit
-
53633
Demand Deposits
No Limit
No Limit
No Limit
No Limit
-
53601(b)
U.S. Treasuries
5 Years
No Limit
5 Years
No Limit
-
53601(c)
CA State Debt
5 Years
No Limit
Not Authorized
53601(d)
CA Local Agency Debt
5 Years
No Limit
Not Authorized
53601(e)
Federal Agencies
5 Years
No Limit
5 Years
No Limit
-
53601(f)
Bankers's Acceptances
180 Days
40%
180 Days
40%
A-1 or P-1
-
53601(g)
Commercial Paper
270 Days
25%
A-1/P-1
270 Days
25%
A-1 or P-1
-
53601(h)
Negotiable CDs
5 Years
30%
5 Years
30%
AA- or Aa3
-
53601(i)
Repos
1 Year
No Limit
30 Days
20%
1
1 -
53601(I)
Reverse Repos
92 Days
20%
Not Authorized
53601(j)
Medium -Term Notes
5 Years
30%
A
5 Years
30%
A
4.3%
53601(k)
Money Market Funds
90 Days
20%
AAA & Aaa
90 Days
20%
AAA & Aaa
4.4%
53601(I)
Trust Indenture Debt
Not Authorized
53601(m)
Secured Bank Deposits
5 Years
No Limit
Not Authorized
53601(k)
Local Government
Investment Pools
90 Days
No Limit
AAA & Aaa
or Advisor
90 Days
50% (1)
AAA & Aaa
1 or Advisor
54.9%
53601(n)
Mortgage -Backed
Securities
5 Years
20%
A (Issuer) &
AA (Security)
Not Authorized
16429.1(b)
L.A.I.F.
No Limit
$50MM/Acct
No Limit $50MM/Acct
29.7%
(2)1 93.4%
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the City Loan to RDA.