HomeMy WebLinkAboutInvestment Report - Oct 2013 �� �
���-�-� CITY OF PALM DESERT
� �
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE D. KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY���
DATE: DECEMBER 3, 2013
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Attached are the Compliance Analysis and Investment Report which was presented and
approved at the recent meeting of the Audit, Investment and Finance Committee for the
month of October 2013. Please include the report on the upcoming agenda for review
and acceptance by City Council.
Also included are the approved minutes of the October 2013 meeting for acceptance by
the City Council, and the attendance report in progress for 2013.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted) CITY COUNCILACTION
APPROVF,D n1�,1�1I['D
RECEIVEU `�' �i�P OTH ER
, � MEETINC DATE ��J����C/3
�� " 't��C�Q � �i ��' _ ��'�r1-�13A�5-�� AYES:J��s�T��/lik���iPr;�l. Gtll��7q�'1�,.�,,--
NOES: N�%�IP-
OI�T I � - I� -�� p�SENT: N on�
VlE„RI�'�L� ��'��( f AC� T3STAIN: /v or,l�
�"" VE,RIFIED [3Y: . �K-�r�
��������°������'���� ���`i'����'���� ���1�� Original on File with City Clcrk's OfFce 1
� • ' ' CITY PORTFC1Li0 CONCENTRATiON LIMITS
October 2013
°/a of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,095,038.85 2.51%
CITY LOAN TO RDA 22,654,999.95 11.1$%
WF/L.A.I.F. BOND PROCEEDS 25,008,762.29 12.34%
FEDERAL AGENCY--COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 43,314,565.71 21.37%
WELLS FARGO CORPORATE TRUST 7,000,408.71 3.45%
CORPORATE MEDIUM-TERM NOTES - 0.00%
RIVERSIDE COUNTY TREASURER 94,890,615.29 46.83%
TOTAL BEFORE CASH $ 197,964,390.80 97.69%
PLUS:
CASH $ 4,680,853.49 2.31%
GRAND TOTAL $ 202,645,244.29 (1) 100.00%
FOOTNOTE:
(1) In the Citv 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.
o a
�` H Q � r�i
U U - ^
t � � a >
«. l9 O i �
'y-' y O a �
� � a �
>
v� a
V > o � m � o rn � o � d c�
�� N N N O C7 � O � C
�W O O O O O O � O p � �
� N D
M
O-
C a
7
E � � � .- � •- r- �,N
N �-
H f0 7
m �
. H
U.0
a°�
M� .- � r- .- � � r- c a
aU d
q'� �«
G� N
j O
C N
� O.�
0
O� �i a t�0 a�0 � m p C �'
e� N e^- � N � � O � 7
a° � � >
N�r
p j OND O�f N 1� f� N p�p � (��j N E
O j0 aC Oi N N aD � M
m� O � r i� V t0 � O�D � Q�
M N
��/ r O !�O O M O a�0 � (�O � ��
LL C � N N � I� � OI � {O a Q.
W G> � °-' N � `
N � � M o
� �.
0 C� � N .°3 � `° a
� � � N
� � � O
Q G N M F_ �? u� �,C
a ° � � � c m
� �, � �, �, o m �, d �o
� • y d a0 W N h h N pp �f N } � V j N
Q •0 � � '�> o rn n � v � � a�'o_ � � � V o
� � � � � a
� � � � rn u�-i o � o rn et ro uj y p 4;�
O a o co o r� o ro ip <o � LL V ��
�' N N v n � rn v �o �
U � O�f � N L E �-�-V
r N
` Ov O
N
> � N 1
o x' pp
�'� o �
'ca�irn •�
w � a "�
10 j a�D O�i N f� h N p�p � N Ql N h r � "" NC
a� M O�f (NO � O � � u�'1 9 CV G O O�p C
O � f� � V' f0 aD �
W t� O � O W M a�0 N W � � C � 7
O (O O ('� O c0 � (O a t N � p ��
� N N � 1� � 01 �f t0 C � � �(p��
A N 0 N �> C O
� N � N O_X-O
•- N N d
M M y
�. N t
d ='= '"'
o �3 � o M
c
c) � C � e-
� � N
C t�.«
� O @ V/ �
� at V � �
� � H
� � � V (0 � F- O
U' LL � W � v ._�', �
a o z W v�i o` a�i N � � V N
� W � � u� f0 � y � �� �- o
w � �n O � u d � � o N � o �
w � > � c� C i � d' p fn U .- `°
(� QD a Z O � �� W �r a L o U O r>
Q a, O } U � �,a� � N m O c �� o
Y3 Z ° pzc°� � '�3 �� � c .—'' « �, r °' N a �
c � ~ 00 w � w c j a t 'c a�i p � � � rn �
m W ¢ `� Q LL o �Cc' �p� � m } d > > �y' � c �
y fn O Q J fn � y O U V W C � a+ ,C� �} U� Q N
G7 Q Y -� U J W CS (p j�',�y '.4 `.4 � a�i a�i v� f° a� a, �
> Q F= ii � w > > R@ o 0 0 = > � r a m m °' ;
t U U � � � � � � U a5 H � H-,�J Q W I- o.n d � �
r �.a�+ a � m
� 70 � Q ^ ^
io U
a � o � �
s� o � �
TV � � � � � � � � � '- '- � � � � � .- .- .- 0 a �
C o ol �I � I �I a �
� � � � a f
V� O �O 10 t0 1D t0 t0 O O O O O O O O O O O O O O O O O O
�M O O O f0 t0 �D 10 10 t0 O O O O O O O O O O O O O O O O O O
� O O I O O I O o I O O( O o O O O O O O O O O C O O O O O O O
N f 0 l 9 f 0 f 0 f 0 /0 (6 N (0 (0 l 0 f 0 f 0 1 0 f 0 f C N f 0
$ I ( I I aa � aa � � a" � � aa � � a � aa
�
m�' � � N N N
� W
� O O O O O
N
N CO I� �q U7 U7 01 01 f� O t0 O O O O a0 f0 O a0 O O � O N � th
7 � �D t0 W 01 N N I� P � O � O O O O T N O M O O .- O fD O1 O
; h 00 O) W N N 47 1ff O O O O O O ch f0 O t0 O O .- O m fD O
� OD M 01 W fD 10 t0 �p e� lh N <O y a0
Y N I� O Of W I� P � �(i � O O 00 (O CO �
� I� 1� 1p � V 00 OD V' V t0 N M O � c'7 01 a0
p m W N o O rn (p oo fp �
m O O f0 t0 O O 01 P7
� N N N N 1ff c7 1�'j
N N N N � Q
N �D 1� �ff � In Of T h O (O O O O O aD fD O �D O O '- O N �f1 f`7
� f0 CO W 01 N N 1� P O R O O O O Ol N O C] O O � O f0 Of O
jp f� f0 W O! N fV N N O O O O O O M t0 O f0 O O � O Of t0 O
� N CD M � Of (D t0 (O t0 � M � t0 OD
N 1� O T O�}f I� 1� �[1 N � O O OD tD � Of
.��C an0 n W � �ff O O � V � N 1h � � � � a0
� O O (O 1D O O fh M .- �-
� 2r �(1 Y1 N N � N M Nf
N N N N � a
w � EM
W � y � d co n n u� in rn m r� o co 0 0 0 o ao ro o m o o � o N �n cn
G� ; 0 7 � 1D 00 � W N N f� h � O a O O O O Of N O M O O � O t0 � O
Q � C N j �n � M � � � � � � o op o 0 0 0 � N o � o c � m rn m o
� C „ � �i � o rn a� n i. u� N �n � o ao co � � rn
� r- a ano � o�i v�i u� o o v v � �i ci � � � � and
J � N M o o co �n o o c� �n .- �
` N Uf N N � N (`') ty
Q O '= � N N N N � V
O •0 � V
� � O O y� f7 c7 c'� ('7 i`� M M C7 P7 M M c7 (`�
ao o �o � s c o 0o so sc os so
y� ,=O N N N N N N N N N N N N N
U � �
� � o 0 0 0 0 0 0 0 0 0 0 0 0
a, a o 0 0 0 0 0 0 0 0 0 0 0 0
rn u w� a`�i � o
� R � � � N�} n lL LL LL LL LL LL LL LL LL lL LL LL tL lL LL LL LL LL
Q m S^ O Wp Z M O � � � � � � `�2 � � � � � � � � � � �
� O�! N � O O � � � � � � � � � � � � � � �L � � �
� O �D F- O � fn (n VJ fn VI (/) U) f/) (n (n !/) UJ fn fn fn fn U) (n
J � N W N � > > � > > > > 7 > > > > � � > > > �
� J J J J J J J J J J J J J J J J J J
� a a a a a a a a a a a a a a a a a a
r r r r � r r r r r r r r r r r � r
� � � � � � � � � � � � � � � � � � � � �
� W N Z t= f= N !p fp fp l= ln fA N � f= !n fA N fp N f=
U 0 p Y 4.' � a' � � � � � � d' � d' a' 4.' � a' � d.'
J J y � y U GI N h F- V- H F- F- H H F- F'- F- F- F' h F'- V- H F
O O � J � Z m O� W W W W W W W W W W W W W W W W W W
'w a a a`r a d cW7 m � y C� c� c� c7 C7 c� C7 c7 C7 c7 c7 c� c� c7 c7 c7 c� c7
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
y a a ¢ u. a' a Q' � Q r � �- �- F- F- � � �- F- f- F- �-- r � � F- F-
J Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z
� � V O B Q � LL � Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
¢ ¢ � � A � � — c > » > » > » > > > > > > > > >
q � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
� � � � � � ° � o � � � a a a a a a a a a a a a a a ¢ a a a
� o 0 o Z o v)
a a a � a �
it 0 �A M tq � N F,�.,
c fn t- F H F- F- F- F H H h- F- F F� F- ►- F- H F
y a O Z W O O N C7 O N O N O N (") O
W v W F- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ao � c� ch n n r� n m ro oo rn rn rn o 0 0 0
y 2 v W ,a.� � o � � � v v v o v v v v v v �n in a � a o
> W v V o'� y o 0 rn rn rn rn rn rn rn rn rn rn a, rn rn rn rn rn
C (`') N Q N N 00 OD GD dD OD aD c0 00 W aD aD a0 OD Op ap pp O O
� � � � � � .- ; .- � � � .- .- � � e- .- .- � � � � � � � N N
V Q a z O �
Q � � } � �
Z U O
� � m z C7 � � � � � t- f- f- � �- f; � r- F � �- � r o
� Z LL � � Q O � O N f7 O N O (V O N �7 O N
O O O O O O O O O O O O O O O O O O �
c� r� r n r� n ao ao ao rn rn rn o 0 0 0 �
� v � - M Q oo LL � � v v v v o v v v ^ v � u� v� �n � :
� J Q r> J o � rn rn rn rn rn w rn rn rn rn rn rn rn rn rn rn a v
a Q c7 N ` N Q N J W aD OD GO 00 CO OD [O OD GO OD aD 00 OD 00 f0 N N Fo
� (� !� N �y (� V N w (� N (� (� (� !� (� N (� (� (� f� N � N !� f� N �
� a r > } y p > � r > } r r > r r � r r r r r r r � �
c� U cn cn �U �n � � �n � � n � 3 <n � �n v� �n sn �n u� v> cn :n �n cn rn cn cn cn cn �
a> ;o F- Q �
� A U �
a � o
- a
o i
°� � � � � � � � .- r. � .- � � .- � � � � .- .- � � � � � � .- � � � � � � .- � �
wU o a
p A � a a
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
�M 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 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 I 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
y N N N N N N N N N N (C l C (7 @ N N N N N f C N N N N N f 0 N N N N N �0 N N
g aaa � � � aaQ � � � a � � � a � � � � � � � � a � � a � � � � �1
�
��
��
N
Yi O c0 O O1 O O O t0 P7 f0 O O O (h O O C7 [V W (O N �(1 O f� f0 O O O O O O
7 O O O O Y O O O O> t7 O O O W O O O f� O O) 1n M N N O N f0 O O O O � O 1.
ip O O � O M O O O f7 Of OD O O O (7 O O O N O t0 N N N h O N CO O W O O Of O 00
� (O V (O aD O aD O aD f+1 .- f� N h M O O
Y t� �f t7 aD �n �n [7 O N aD aD N O O a
p .-- h N 1� � � � N O � 1� O
� N � O�D � O � O
m .- N � P
y O t0 O T O O O f0 [7 f0 O O O [�1 O O C�1 N OD (O N N O f� f0 O O O O O O
� O O O O st O O O � fh O O O GD O O O f� O � N f7 N N O N f0 O st O O � O h
. . . . . . . . � . . . . . . . . . . . . . . . . . . . . . . .
�y O O O o7 O O O M � OD O O O c7 O O O N O t0 (V N N I� O N OD O aD O O 01 O a0
� (O �t fD aD O a0 O c0 C7 .- f� N f� M O O
f� V� lh a0 N �n f� O N aD CO N O O V
� I� � .- N O .- I� O
� � � � � � � O � O
� N Of OD O O
� � � N � P
r �
� �
� � '''' M
WN r N O tD p Q1 O O O (O f7 f0 O O O C7 O O M N 00 f0 N N O 1� f0 O O O O O O
G� ; � 7 O O O O �t O O O � � M O O O OD O O O I� O Of � M N N O N (O O V O O N O P
1p O O O M O O O M Of 00 O O O M O O O N O f0 N N N I� O N CO O OD O O Of O CO
� � C N � (O � f0 CO �- O 00 O 00 C� � 1� N f� M O O
C f� M 00 �n u7 f7 O N OD aD N O O O
6 � � M a � N vi � � � � ro � o � n � o
Q C N '- N � f�
a o � �
o � o0
}� �� y« th M f`� M f7 0� t7 c'7 f`� f`� f7 M fh (7 c7 ('7 ch ('7 (7 (7 f`� f7 C) f`� M M th f7 M f7
r 0 � {yp A 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
/� t� 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 Li �
0 � 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
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 0 0
rnu n
� 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 �
Q m � � � � � � � � � � � � � � � � � � � � � � � � � � � � r2 � � � � � O
N (� f� (� t� h y y N N N f� N f� N N l� f� f� N f� !� (� (� f� N !� f� f� t� l� l� fA N �
� 7 � � > > > > > > > > > > > > > 7 > > > 7 � 7 7 7 7 � � � � 7 7 � �
J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J ^
a aa a aa a aa a aa a aa aaa a aa a aa n. aa a aa a aa a
r � > � > r r r � r } > r r r r r > r r r } } r r > r r r � � r r r
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� 7 � 7 > > > > > > > > > > > > > > 7 � � 7 > > > > > > > � � � 7 7
NQ �Q �Q Na Na NQ �a NQ �Q �Q NQ NQ �Q NQ NQ ya Na �Q �Q �Q �¢ �a �Q NQ NQ �Q NQ �Q yQ �Q �Q �¢ �Q �Q
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 ul W W W
� � � � ��� d' a' a.' � d' � �.' � � � � � R � � � � � d' � � � � � 4.' � � �
F- F- F- F- f- F- 1- F- F- I- F- F F- F- H F- 4- F- F- I- F- F- F- F- F F- F F F- F F- F- I- F- y
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 �
7 U' U' U' U' C7 C7 U' U' U' U' U' U' U' U' U' C7 U' U' U' U' U' U' U' U' U' C7 C7 U' U' U' U' U` U' C7 �°
y H H F F- H F H H F F H H ~ FQ- FQ- F H F H F- V- I- f- 1-- F-� F- 1¢- F- H H F- F- F- F- �
- 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 a
aaa a aa a aa a aa a aa aaa a aa aaa a aa aaa a aa 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 0 0 0 0 0 0 0 �
� 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 �
t� o
� a
ik � N
C W F- F- i- I- F� h- k- F-� F- F� F- F- I- F F- F- F- H H F F- F- F- !� F� h�- F H F F� F- F- F� F-
y � O O a N t0 I� aD � O � N C7 Q N tD OD � O N O fh O N ('7 O N 00 O � N
� � ^ � O O O O O O � � � � � � � � � N N O O O � O O O O O O O O
� � � � � � � �- N N N N W oD aD c0 m W aD
yJ I� h I� f� O O O O � O1 O1 Of W � Of
V V O V' �f V �7 R < � V' � a � a C < � V � � V V a0 oD aD a0 oD oD c0
> O N N N N I� I� 1� 1� � � N � N N �
C a O O O O O O O O O O O O O O O O O O O N N N N N N N N c�1 f7 ('7 fh M M (�7
� � 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 �
U �
O �,
� � N � F � � � � � H F- H F- HN � f-- �- N � � � � F; � � F; � � � r- F- � � o
Q N c7 � � (O I� OD � O N M O � (O OD Of O N O M �7 O N lh O N OD O � N �
O O O O O O O '- � � � � � � N N O O O O O o O O O O O O
LL � � .- � � � � � � .- .- � e�- � � .- � � � � N N N N f0 OD aD 00 a0 a0 t0 �
f� h I� f� O O O O Of Of Of Of O� Q> p�
N a v v v v v v v v v v a c v v v v c v v v v v co w ao w ao ao w =
N N N N h f� f� h �n N N �n N h �
a J O O O O O O O O O O O O O o O O O O O N N N N N N N N f7 t7 P7 C7 f7 M l'7 v
J N N N N N N N N N N N N N N N N N N N N N N N CJ N N N N N N N N N CV TO
� uJ (n fn fn (n fn (n !n (n (4 fn (n fn (n (n (n (n (n (n (n fA fA (n fn fn (n fn (n fA fn (O (n (n fn (n O
> > � > > >- > > � r � > > � > � � } � r r >- > > � } rr �- > r r r � > �
c� 3 cn cn cn � �n r� �n �n �n �n �n �n �n �n �n rn v� v> �n n � sn �n v� cn :n cn :n v� cn cn �n cn cn �
�
M �� � Q �
�
� ��o V �
0- � � a
o �
$A � s
O a
�� ^I � a �
p �o a
V'� v a 'p
��
� � � �
ol o a
N �
� al
�
�Y �
M
�� O
N
� N N p�p
N Ki YI C
Y10 tD {+��
Q O O eJ
O � � �
m � � �
� N N �
7
F � � �
� fp � M
y O O V
� W � O�!
IA � � T T
�+
H �
� C �W d ,..,
� M
W � ; 0 � N N 00
� � � N � � � O�f
f0 t0 �`9
� � � � N O O V
J !Q N M a ro o°'o„ m
a � - � � � �
a ° � o
O � 00 �y
� � � to
v a �
O a
a
�� � S
� A � �
j i0 � N
Q LG N vi
� �
Z � o
� N
�
N
Z
W
�
H
� d
W � Of
7 Z � y
u�i p a Q
� W �
J �
� � N
�
a � �
o �°.
� a
� � N
C �
41 (n
�E Q O
w uJ '�
d � N
> �
C �
� � �
�
Z �
�
0 �
U �
W �
G � -
N N N
N W � �
> > � �
U d' � r't
,
� � Qo
m �
� �
U
a o �
- a
o i
«A � �
�U � ^ � O a
„,, a
G� a
V� o 0 o v
�� �
M O O O M
� O O O �
N
T9
O
O
�
9�
a��
N
7 � M � �
Ny
� � O C�D at
Y O N � {V
� N V O �
� N c7 .- �
m V N
O
N
� � � � N
7
jp Oi Oi e�
� a N ar �
Y N � ^ Y
� N � t0
� � O
N
�
r =
N
W � �
�
M
W V � d � a � �
d , p o � rn w
0 C� N N � oi ai v y
L C _ „ ` V N cD N
� � M 4' nNi_ r�i � m
C � V � N
� � d N
�i 0 � �
0 � � �
� O y d M M
Q � A A O O
/1 a L 0 N N
U 'i �
, o0
a o 0
rnu o 0
L° b o n
Q m W � ui
� O �
Z 7 U
� � N
� W N
� LL H
Q. J J
(� � Q
LL
� O Z v C
J J O C �
N
y a � �Q A
- p � tJi d �
>
� W w � c
� U O � > c
�, Q A
Z ry
� A
ik Q U
� V 9
°/ o
� � f0 C� N ~
� Z O O O
C � � �
Y
U n
W ,p
_
U m
Y o
2 �'
Q
m � c� o „
N .-
Z O O O �
a ^ lh f`� M �
V
V 7 � N y �
� d � M
v � ¢ � �
a� �
�j o a >
O � LL� c
a � a �
� o � a a ¢
v � N � � N O O M O M ro
� 7 M C9 N p
F ic o 0 0 o ri o 0 0 o X �
0
M Q U
o :?
m
c0
E � � � � � �c •- �o � y
H � � � � � �
a � o
a� a
�.c �
U—�
. �
a°� o
w a � � � � � � � � o �
w U � � � � N•�'�o
�:� � E N
°� ayiw.Y
� � o
_ a�
o ° �° m
p� N N M O OND O p � � �'
� O � fV O .- N � Z'
'�r � 0 � fL
O r ..�.C �
a � m �
rvN
8 j � N aD � O V p OD � y�/L-j�
�p e� fo N O f� Ol n t0 G) N O
m> �e� rn � r`�i o � N o � �.>_�
U N N N N � OND M O M ��Q.
Z }� I� M �p O �
� � (�l N N r tD N a T�
W C� �+ M � � � �
£ � � � o
� � 'o U c
a/ � � N « � �� m
� � �o
O C 7 � O M � o U
��/� e� � �"� � "' u�i �`c�
V/ � O �' ` M C '
W d �p pco
N � �=
� � � m m � uni ao � o v p m � } ���
UO � � 10 t0 M N 1N O � � GO � IC � � �
� � '� V A� Ia� 07 1� ('7 O t0 N O �' (� � �a
� O O � N N N N uN7 aN0 � O M LL � N �
a N � �; NN � � N ��-o
o a M � ��zL �
� '' '" � N� o
� �
oc��i � o0
C�� c .-a
�N� I
�� r m .�
`o u�i� ""'
Y
� � d C
l0 3 � �i ao v�i O V p ao p�p �1 M 00 �t.. f0��
a � f�0 f`�'1 N N O N � a^0 � C � n 0 �� N
� f� 01 f� C7 O f0 N O � �C O f0
�{ V � C N !� p. <0
fV N N N N ONO � O M W ^ � C fR
(V � (� N (V '- fD N t M N �y U�
C C
M � � � O ��
� � � aQ�
M� � �¢
d I L N N
O �i�7 ��� M
� U� U � O
'fO O `� O �-
g a�.o � �
qQ Z � v�i p a�o � �
W (� 1=i � � V "O c4 M
fn � � ~ Q ~ c C C � a � �
Z W p � N C N _ N
wugF � a � ;� �E � E o �«. H o
v � w v~i z o c'� y � � �o`� o � o �
w
� ~ � W w a c� > i° � o ° N �U �' �
w > o � c
a Z C� z z O rn� m O �' rLn t� U p �n
c�
Z p Z V w O � Uc A � � �' :: N � ` O � �
'�3 m c� z o c9 .�3 r- c co '�o '0 E o v,
� �c d p �
N li p ~ C� ? Q N U� y � } d y y._�`. N 'Ur C :
�F} � N l0 �f �
N a � (n J � J Vl 8 U U W c � �,, C � N (n �p m
0i � W Q U W J � N N�`- � � � d N ,n�-'� � � a o
> LL > Q Z W � A m� O O > > � t j � m � �
� � � U � w � � i U n.� H i F.�� Q W F- m E d � �
'' •c; N cn a � �
rn 3° N oQ � �
a � m o a >
0
i c
V h � LL O
'o �c � ro � co m <c m �o <o m a o o � �o 0 0 0 0 0 0 0 0 � a
��"� m � �c co m m co co �o co I io �i I w o I o �I m o I o 0 0 0 0 0 o a � �
N N N N N N N N N N N (7 �+f '- N N O O O O O O O O �
0 0 0 0 0 0 0 0 0 0 0 0 0 o c o o r� ai o 0 0 0 0 o a
Tv e- � e- � r r r r r � y r r r .-� r .-�
O '-I r '- I e� r I e� r I �- � I �
A
�
N N 1f0Q N f10Q t0 f0 l0
� r I a I I I I Q Q Q Q Q Q
�
t0 (D �D (O f0 f0 (O (O (O t0 '7 O (D O
C G1 �O !O �O c0 t0 cD (O (O (O (O W O (O O
«j0 N N N N N N N N N N c`7 N O
1�a' O O O O O O O O O O O O O c7
h
W N N ('� Ol � O W T O P I� f� c7 M O O c`7 O O O O f�
7 O O ('1 O �(1 01 N N h 1n Iq 00 00 � N O O O O O O O O
; f0 t0 M V (O C7 O I� W f� M C7 1'� � N N O O O O O O O O
f0 M O O N 1� N � N � i0 c7 1•f N N � N O O
Y N N OD M 01 � � f0 O � !� Of Of f� 1� fh M O O
Q O a0 1n � N O c7 � N 1� V � 1f1 N N
� (� (O 1� Of � l'7 h � 01 f0 00 f� A t0 1D N N
m (O dD '- (O �O I� t0 l�7 KI fD N N N N N V) N
� � (� � C7 rD � � e7 (O N I� h f� M N N
� N � .-- •-
y N N C7 Of � O O) � O I� I� P c'� f+f O O c7 O O O O M
� O O ('7 O �(1 � N N f� � N 0� 00 h N O O O O O O O O
q (O f0 (h � f0 l`� O f� � f� M ('� I+j � N N O C O O O O O O
� (O ('7 O N 1� N � N a 1D e7 M N N N �q O O
N N OD M OI tn p t0 O 1n P Of W I� h M M O O
N O N N In N O M � 1n � d � Y> N N'
Y M c0 t� O> W c� I� in O� c0 a0 1� f� f0 tD N N
� t0 �D � f0 OD I� (O (`7 �l1 f0 N N N N N � N
� N � �[1 7 M .- ('� (D V' � (�7 (O N � � M M N N
C) C '' N � � �
Z � d
a � N � d �, N M �, �, o �, �, o � �. � � �, o o M o 0 0 0 �,
G� ; 0 7 O � � O M O � � N N h �l1 N a0 f0 N 1A O O O O O O O O
�/ � C N N �O fD C7 �1 (O M O f� Oi r t�i C1 NI N N O G O O O O O O
y� � t0 0'1 O O N 1� N � N V t0 �7 t+7 N N � N O O
O � � w N N aD (`� Of N V fD O � P QI OI I� 1� [h 1"7 O O
�/� = 1 r �O O OD � N N O l`� � � I� O N N N N
V/ � e� f0 t� O� W C7 I� N 01 (O 00 f� h (O 10 N N
y M n' fp OD � (p OD I� (p P7 u� (p N N N N N � 1q
IA C � L tn V P7 � e7 f0 '7 � M c0 N I� I� ch 1+f N N
V� C •= � � N � � .-
W � �� �
a>
0
y � O O fN G� � M (7 M c'1
aa° � " " � ssso
L� N N N N N
� �
� („ O O O O
� a a o 0 0 0 0
m c ��`. v w m o
�' R N N N N p lL ll LL LL LL lL
j N Oi t0 f� 1'7 O � � � � � �
a m Yf t�0 tD N' N �2 � � � � �
N N N N � N � � � N
N Z P 1'1 N 7 � � � � �
J J J J J J
� a a a a a a
F F f- F- f- f- E- F- F F- � � a F K � � � � �
K d' � � � � � � K � (n � � 7 > > > �
W W W W W W W W W W w Q W (Qn (Qn (¢n (Qn (Qn (Qn
fn tn fn fn (n N (n tn tn tn W W W W W W
W W W W W W W W W W � � � W
O � O 0 0 � 0 O 0 O F'
� � � g � � � � � g � d w d -� m � y � � � � � � � �
d J J J J J J J J J J � � � � � � J � W W W W W W
7 Q Q Q Q Q Q Q Q Q Q � Z `�° � .t0. p � Q L° C9 U' C9 C9 U' (7
w aaa a aa a aa a d a, a c, d a d QQ Q QQ Q
y LL LL LL LL LL LL LL. LL lL LL � 0 � � � > >
0 0 0 0 0 0 0 0 0 o a w a a a a o a z z z z z z
�c � v � v LL v v a a a a a a
� � � � � � � � � � � o � a A Q A � A > > > > > >
O � O � � �
� c� � � c� � � c� c� � � a � � ci 9 0 � 9 � � F- ¢ a ¢ ¢ ¢ a
0 0 0
a � a a � a � a �
# H � t%1 0 y F y Vr tj �
� Z O W 1- F F !- 1- F-
d � o c� m v u� n m rn o � d W � F- o 0 0 0 0 0
E W (O (O t0 (O (O fD W GD OD 01 Q O � N N N N N C
y W o 0 0 0 0 0 0 0 0 o W n �' � d �n �n �n �n �n v�
� U r`�i rf°i r�i r`�i c�n � r`�i � r�i r�i Q' N W ao �j v �'" v p rn rn rn rn rn rn
e o N � � N � � � N � � F" o � � w o Z a a� e� m m m m
� � co W M �
Z
Z � Q �, W U �
O Q U W O �,
pp U Z p C9 r r F r F- t- o
LL o 00 0 00 0 00 0 � � W Q } cv �- u�iv�i v�i ,n ,n ,� �
— �n
l`� M (�7 M (7 c'7 C7 M f7 c7 �
a J N N N (�V N N N N C�V N � � N � Q p � � J � p�p p�p p�p p�p p�p d
V� i!� in vJ in in ci� in i� � cn W o Q u� m `- J Ta
ll � � � V N W o W tn ln cn ln � tn D
� } } y } } } } } } } } Q } O y z
V � cn cn v� cn cn v� cn v� cn cn i � cn � U �n � J �n � W � � � v}i � c}n v}i ai c}i� �
N �« � ao
rn 3� Qa �
�
A � N
a � �
O a
V� � �i
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 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 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 0 0 0 0 0 0 0 o 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 0
$� .- � � � � � .- � � � � � � .- '- � � � � .- � .- � � � .- .- � � � r- '- .- � � �
aU
G�
�
y m A m m m m m m m m m �a m m R m m m m m m m m m m m m m m �u m m m m m m
T aa � aaa aaaaaa a" aa aaaaaa � � � aaa � � � aaa a � a
�
0
0
�
d A
9�
N
m o 0 0 0 0 0 o r� o 0 o v� n o o ao n o 0 o v o 0 0 0 0 0 0 0 0 0 0 0
� o 0 0 0 0 0 0 0 0 0 o m o 0 o u� o 0 0 0 0 0 0 0 0 0 0 0 �i � o 0 0 0 0 0
� o 0 0 0 0 0 0 0 0 0 0 � o 0 o n o 0 0 0 0 0 o c o 0 0 0 0 0 0 0 0 0 0 0
Y N (�
O o
o �
m �
� o 0 0 0 0 0 0 � o 0 0 �n n o o co n o 0 o g o 0 0 0 0 0 o a � o 0 0 0 0
0 0 0 0 0 0 0 0 0 0 o c� o 0 o in o 0 0 0 0 0 0 0 0 0 o rn o 0 0 0 0 0
R o 0 0 0 0 0 0 0 0 0 0 � o 0 0 � o 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0
1 N r
YN O
L r
N �
U c �
+� �
W � E
(7 � y M
a � ; o � o000000s000 � 000 � 0000 � 0000000 � � 000000
� � = N � o 0 0 0 0 0 0 0 0 0 0 � o 0 o c^c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
O = � � ` cv .- n
' � a �
� �4 N M v
� � - � �
W �
U •� � o
N � O O N N C� C1 f7 M M M f7 (") ('7 f7 c'� f�7 ('7 M M c'� P7 fh f`i lh M lh (7 M l'� M
aa° '� `�°�0 oss sss o s o0 os s ss sos os o css o0
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
� �
� 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 r n n r n n i: r r n n � n r r n r n n n n n n r'� � n
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
d m
rnu
q (Cp LL LL Li_ tL tL 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 IL LL LL
Q m � � � � � � � � � � � � � � � � � � � � � � ^2 � � � � � � � � � � � � �
N tn fn (n fq fq N (n N tn tn (n tn fn tn fn cn tn !n fn !n fn fq fn tn fn fn !n cn fn tn ln tn (n (n tn
7 � 7 � � � � � � � � � � � 7 � � � � 7 > > > � � � 7 � > > > � � 7 > >
J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J
a a a a a a a a a a a a a a a a a a a a a d a a a a a a a a a a a a a a
r » r � > >- » r > } r � >- rr > � r >- r � � � rr � � > > > y � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
> > > � � 7 � � 7 � 7 � � > > > > � � > > > � � � � > > > � 7 � > > 7 �
fQ� (Q� NQ yQ yQ (Q� tQ� NQ (Q� Na yQ tQ� tQ� lQ� N¢ NQ yQ yQ tQ� (Q� NQ yQ (Q� (Q� yQ (Q� Na NQ NQ Na tQ� Na Na NQ cQ� yQ
W W W W W W W W W L�l 111 W W W W W W W W W W lil W W W W W W W ul W W W W tt] ti]
� � � � � � � d' � � � � � a' � � � � � � d' � � K � d' � � � � � � � � d' �
F F- F- F- H H F F- F- H F- H F F- H F- F- I- F F- F- F- F H F F- F- H I- F- F F- F- F- H 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
� C� U U U C7 C� t� U U C� C� C� C� C7 (7 U U C� C7 C� U U C� C� C� U U U C7 C� C7 C� (7 C7 C� C�
N 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
_ H H F- F- F- F- i- H F- H F- F- F- V- F- F- f- F- f- H F- F- F- L- H H F- h- I- F- F- F- F- f- V- F-
Z 2 Z 2 Z Z Z Z 2 Z Z Z Z Z 2 2 Z Z Z Z 2 2 Z Z Z Z Z Z Z Z 2 Z 2 Z Z Z
a a a a a a a a Q 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 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 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
�
�
� �
� W � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
d (V ('1 O N M O N C7 O O o] (O O N (`7 O N M O N f7 O O N c7 O N
F � 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
7 V �l V' N h h � (O (O (O (O f0 CO 00 a0 CO � W 01 W N N N N l'7 (7 M lh (h � u7 N � (O (D f0
,� �n �n u� �n �n �n �n �n �n u� v� �n �n v� �n �n u� u� �n �n o 0 0 0 0 0 0 0 o r. n n n n i. i.
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
i O rn rnrn rn rnrn rn rnrn rn rnrn rn rnrn o> rnrn rn rnrn rnrna, rn rnrn rn rno 0 00 0 00
C a W OD 00 00 OO 00 00 OD M OD OD OD CO OD OD OD OD OD 00 00 OD 00 00 00 00 OD OD OD 00 N N N N N N N
� � .- � � � � .- �- � � � � .-- f- � � � � � .- '- .- � � .- .- .- � � � �
�
U ^
O �,
(� r � � � r � �- f- E- F- �- t- �- � � t- F- F- � � �- F- F- f- F- F- F- t- � � F- �- � � t- � o
aN c� O N c`) O N t�7 a O c7 (p O N � O N M O N f") � O (V f7 O N �
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 aD
LL V ? < �n �n � � <O �O (O (O (O a0 a0 aD aD O� O) W O� N (V N N c7 c7 ch c'7 c7 � tn N tn (O (O tn
�f1 � � � � � 47 �f1 N � u7 �[7 tn iA N K1 N 4'1 N � O O O O O O O O O I� I� I� I� I� 1� r `
� 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 �
W 01 W � 01 � 01 � � � � � � Q� p� Of � W W OJ OI O1 � 01 � � � � W O O O O O O O �
a J ro m ao ao ao co w ao ro ao ao w w m ao ao co w m m ao ao ao ao ao ro ao ao ro o 0 0 0 0 0 0
J ��- N N N CJ N N CJ ia
U1 (yJ (n fn ln fn !n fn fn ln (n fn fn VJ fn (A (n (n (n fn !n fn (n fn fn fn fn fn (n (n fn fn tn !n !n (n (n !n O
7 } } r } } } } } } } } } } } } } } } } } } } } } } >- } } } } } } } } } } �
c� � cn cn cn v� v� v� cn cn cn <n cn cn cn m u> v� �n �n �n rn rn �n �n � n rn �n n v� cn �n v� v� �n cn cn �
�
M �� Na �
� �� � a �
a � � �
o a
U� O ��
M 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 � a
f 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
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 0 0 0 0 0 0 0 0 0 0 0 0 o d a
$� � � � .- .- � � � � � � '- .- .- � � � � � '- .- r- � � � � � .- � � � � � � .- '-
wU
D iO
�
� m m m m m m m �o 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
'� a � a a � � � aa � aa aaa � aa � a � � � a aa ¢ a � a aaa aaa
8
0
�
m�
��
�
N O M O O O 01 f� O O O N (7 O f� O O O � O � N O O O O �p M O O O h O
3 O � O O O .- O O O O O O O O (D O O O O W � O (O OD O O O �O O O O O O O 1�
; O O O O O N O O O O W f0 O � a0 O O O O f� � O (O O O O O O � O O O O � O O
� N N tY ONi � O � v�i �
Y <O tD �O � 1� I�
O � � �
m �- N I�
y O lh O O O T f� O O O N M O (h O O O W O N O O O O a M O O O N O
� O � O O O � O O O O O O O O f0 O O O O 01 � O � f0 O O O t0 O O O O O O I�
jp O O O O O n O O O O � � O � N O O O O M V O � OO O O O O N O O O O O O O
� V N � V O) O .- �n �
Yf0 (O �O 1� f�
� N � r
U C �
� �
W d E
Q �w, N r GI O M O O O O> f� O O O N c'� O f'� O O O Of O �} N O O O O � ('7 O O O N O
W ; Q 7 O .- O O O .- O O O O O O O O (O O O O O � � O (O a0 � O O O f0 O O O O O O I�
N O O O O O N O O O O OD f0 O V O7 O O O O f� � O c0 O O O O O �(1 O O O O Of O O
O = = N � v c�v � orn � o � u�i v
�
� � A �o co co � n
� � N M a �- c�v � n
� � - �
W � �
U •� � o
� � o �
N � O y� l�7 c7 M f7 f`� M M (`� (°7 M (7 f7 M M M fh M C7 C7 (�7
� � � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Q AO t 0 N N N N N N N N N N N N N N N N N N N N
0 'i �
� O O O O O O O O O O O O O O O O O O O O
� a a n n n n n n � � � n � � n � n n n i: n n
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
m m
rnu
� !Cp LL ll LL LL LL LL lL LL LL lL lL LJ. lL LL LL LL LL lL lL LL LL LL LL lL lJ. lL LL LL LL LL lL lL lL LL LL lL
Q m � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �L � � � �
N N N y N f� l� !� f� N f� N (� f� f� f� (� f� N (� N (� l� y N !� N N N h N y f� y t� N
J J J J J J J J J J J J J j J J J J J J J J J J J J J J J J J J J J J J
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
�- rr rrr r � �- > > r � rr rrr r rr > > � > rr r » r � r rr �
� � � � � � � � � � � � � � � � � � � � � � � � � � z � z � � � � � � �
� � � 7 � > > > > � � � 7 � > > > > � � � > > 7 7 � 7 > > > > > > > > >
(Q� ta� (Q� lQ� fQ� fQ� (Q� (Q� NQ NQ Na NQ N¢ tQ� fQ� hQ NQ �Q �Q la� �Q yQ lQ� yQ (a� Na tQ� t¢� hQ NQ NQ NQ (Q� NQ NQ (Q�
W W W W W ul ul W W W LLl LL) W W li] u] W W W W LLl W W W W W LL7 W W W W ltl W W W W
� � � � 2' K � � � � � � d' � � R � � � � K � � � � K d' d' a' K � � d' � � �
H F- H F- i- V- F- F H f- F- F- F- F- i- F- F- F- I- F-- F- F- F- F- F-- H F- F- H F- H F- !- 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
w C� C� C7 C� C� C� C7 C7 C� C� C� C7 C� C� C� G� C� C7 C7 C7 C� C� C� t7 C� C� C� C� C7 C� C7 C� C� C� C7 C�
y 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
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
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
> » > » > > > > » > > > > > > > > > > » > » > > > > » > »
0 0 0 o a o ❑ 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
� 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
�
�
� �
� W � � � � � � � ~ � � � � � ~ � � � � � � � ~ � � � � � � � � � � � � � �
� M O N f7 O N [7 O N ch O N M O N o7 O N M � O N M t0 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
f0 � Of 01 T Of lh M c7 (h c7 V � � V N h � N N t0 (O �O (O GD 00 OD aD (D N N N N N N �
I� � � h � N O O O O O O O O O O O O O O O O O O O O O O ('� (h f7 M M c'� �
y O l'7 C� fh M ch O O O O O O O O O O O O O O O O O O O O O O O � n
> O O N N N N N f`� c7 (`� C7 fh M f`� M f7 ('7 (7 f7 f`� (`� c'7 M M th C7 (7 c+f f7 ch OI � � Of � � �
C a 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
� � fV 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
0 ^
U �
O �,
t� f- t- F- F- � � f- t- F- t- F- f- � f- E- � F; �- f- f- � � F- F- � t- t- t- � F- F- � � � f- �- o
Q l'� O N c`� V' O N M y O N c7 O N C7 V O N M O N f"> V O N c7 � � O N
O O O O O O O O O O O O O O O O O O O d O O O O O O O O d O O O O O O O aD
LL (O O� O� O� 01 m t+f M th 1'7 M � O g d� h N iA N N tD <O (D cD a0 a0 aD oD c0 N N N N N N � �
f� N N � � � O O O O O O O O O O O O O O O O O O O O O O f") M c7 ('7 c7 M �
� O C7 f7 ch ('7 ('7 O O O O O O O O O O O O O O O O O O O O O O O n �
O N N N N N (7 M f`� (h fh P7 M M f7 ('7 ch C7 C7 f7 C7 C7 M M C1 C7 M l`7 C1 � Of O> � � W Of
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 0 0 0 0 0 0 0 0 �
J N N N N N N f11 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 CV N F�0
y W tn tn � � fn (n N tq cn fn !n td fn tn fn cn cA tn cn � tn (n !n fn y tA � � � fn N � N cA cq � o
� } } } } } } } } } } } } y } } } } } } } } } } } } } } } } } } } } } } } G
u � cn v� u� u� u� �n cn cn u� cn u� cn u> cn u� v� u> �n v� v� <n v� <n � n �n n n :n :n v� v� cn cn cn v� _
�
a �':+' � a o
�G Q Q "'
o� � � ry
a � �
o a
h O LLI
�� O O O O O M p a
O O O OI O � d �L
a
Mja .- .- � A
O
({{M
� �
� N N N N
y Q Q Q QI
O
�
�W'd'
��
N
7 O O O N '�Q p
; O O O N P
� � N
,� a
°o � �
m
N pp
1'7
j O O O � V O
jp O O O (V h O!
� � e a
d n ri
� � �
�' M � N �
C� C
+� �
W d E
(7 � y M
a � � p � o 0 o u`Oi � o
/�/ � � N ; O O O N Y^f N
LL � .. �O a0 d
O C � a- a N �
��/� !� N M o0
V/ � � 6' N l+�j
W ,� �
V •� � o
C) Oy 0 '''
(n L O O ar a� cn m co
aa° � ;� soa
t G N N N
0 �
� O O O
� a a o 0 0
rn c°1i v °r
� q LL LL lL LL � ^
Q m � � � � tp �
t0
(/� !/1 (n fn O�O N
> » > �i �
J J J J
a a a d
r r r �
� � � �
> > > >
� � N �
u� ug ug u�
� � � �
�- �- E- � d rn
a www w � ,o
' a a a a d >
� � � � � > a
- z z z z < �
> > > > c c
0 � � O �o �e
� Q Q Q Q � �
N � H
� a
7! � N
c H F- F- F
� � o 0 0 0
� � � �
y� �n �n u� u'1
� � n n
C a rn rn rn rn
0 0 0 0
_ � N N N N
� �
U r-
0
� H N H H m
Q � N r] V O
O O O O N
LL � � N � m
�n us �n �n
� � n n � �
a J o 0 0 o d
J SV N N N O
� W Y Y Y Y �
U � (n ln fq (n E
�
N � d �
C1 � ¢ ^
10 � N
a o a
- i
�M o M � a
o � a a
0
$� � � o
mv
A�
O�
N
a
9
O
O
�
�N
��
N
3 N C�D
; � t0
Y � �
� O N
m � �
� W �
7
q � 10
� O N
y O M
� O N
�' � `� �
V
Z = s
W � �
Q G� 1 Q 3 OD O�0
�! N W � �D
� � N „ � o in
Q = � �a o e•i
(/� � � M a o N
N � � � � �
W
C� •� � O
� � � �
Qa ao �o
� �
� a
d a+ o ao
�a c �
A
o �
>A o
am �
N
N
U �
Z
W
�
Q
�
�
N V �
N C C
C1 W � Q�
w v `° E
m �
- � �
�n >
Q � c
0
N � Q �
� `°
Z y
� A
ie Q U
0
� U
E Q F-
1 Z N
- Y "'
U "
W �
U �,
Y o
Q �
m �
Z N d
a O vWi m
U � � �
�
�
o a
= Q ^ c�
O ^ ^
� a �
O �
a � $
a �
V > o � � o � a
�W O O N O N
O O
H
�O
M
N
� r � r �
C
H �
l9
a
Y
C
f6
�
N
«� � �- � f0
N
q�3
A �
O� �
m
a
o Q
o� o o �
0
�e� � g o ai
o � �
a �
>
a�
O 7 0 n Cp N ^
O 1p
m � � � � o�D � �
� � �
� �
� �"� � �D N n N
� � t+� t0 �
a� Z+ '' � '>
� � o
Om `° � a
H � � N 1° N `�Q
p v cU
_ � (/� M o o >�
a 0 �, F"' o y m
� � � � �LL
z ° o o m = o � ° o � ' ;g
N •Q �+ V A� � `! � r� � o V
� � OO � � � N ^ LL �O
Q O a a ri �o �v,
= a � v L � M
� � � �� �
m�, o
� i
N o �
c °' ,_„�
a�
E U !i
� � �
e c m
a 3 o n � i o c � a�Oo � � �
> � � v � r�i � � � o � �
� co c a
� p7 O M W � � p
Q � N n N 01
t► M l0 C � C�
� �
� � � r N O
N E
`� 3 y
d `—° `o
o �`y �
V U C
O �O N
(0 �
N a l•f
� O
N �
N 7 � �
a� N
O d t N N
� 3 y �
O
�
U � � � a.,. T O o
C
�'� .D m o E a v o �
U �' C C1 �` ,dy V V c N N
c t7 . O
d d U N Vl � � 0 � O y � � � �
�� A b � y d C (7 c �
a a, r..n S�� t� w � � " oa L � �
d � LL � fA "'-C a�. � � d � Vl Q C. �
> Q > t6 c�'o� O O > > � L 0 cv d C
5 c� g 5 U a S ►- � I- c� ¢ w �� n. � �
� d
a � �
o> «o = ¢ � "'
� o "
a f �o � �'
� �
a�
n r
�^ o o c�Oo � `O a � a�i
� N N N a �
0 0 o I o � �
� q a
OTU �I I
1O
�
� I I
;; o �
N
�p.' O O
N
� o o n � �
�
j o o � � a
o � � oi
m v_ � �
� o o � n �
� o o ^ � �
9
� oi ai oi
� a a �
� � �
� � C
C �
� �
� � H M
� C> ; p � o o � � a�o
� � N � o o a � �
? � � e= a � ewo °'
Q t� M M a v_ �
Z � � O �
� � o v
� _ O
= a � �o
O a
a
�� o � �
�
>� � � � � �
a m o ,� � �
� Z � "
a W � 'v
z �
w cn
w >
c7 ?
Z r
� �
01 Z O> �
7 � w A d
N W > � j �
� N Q Q Q Q
Q C Q C V
Q A O A N
O
U � J � H
a a
# (q (1
c
a�
E
y CO c�
j O O
C �
N
0
n
co
0
N
m
W f7
O O �
d N O �
a „
� � LL N O
Q N N �
� � � g � �
� _
�
N
0
a ° a r
7o- �
V N L LLI
�M O O N a a
�••• O O
r o o � E
a
.�,�p •- •-
a U
N�
��
N
T
�
O
O
�
N'�'
��
y
� a�o v �
0
j � N �
Y � � �
O � � n
m � M �
N a
7 � � O
� N � CMp
N �O h N
� W M �
� N V
� _ �
� N
�
O d v � d � o �.
, o � � � o
� � N N � � � �
= C `
r�+ M a �w rO1i �
,Q^ � � G� N �
V
Z � � C
� � � �
O O O y M f`7 C�
2A a �O NN
��
� o0
�
a o 0
�� o a�o,
: � o
a'm �
�
�
�
� �
z
Y
U c~
W �
2 �
U F-
d
d > > c d
� Q Q eo
y � � � �i
N Z Z m
� � � C
� � �
> C
Q A
t
N
A
# (,�
�+
C 1�
N Q
E � � F
N
� h N
� N N
O
r
M
O
� �
Z � f0
a U � N �
7 = i� i�l5 �
c� U v}i v}i �
�
City of Palm Desert
Xradw(er tfneoitmen1 tAo/x1
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on October 30, and left short-
term interest rates unchanged. The FOMC noted that while economic activity
continued to expand at a moderate pace, the unemployment rate remained
elevated. The next and final FOMC meeting for 2013 will be on December 17-18.
No changes are expected, due to the downside risks that the ongoing fiscal
problems in Washington pose. The recent 16-day partial government shutdown
may have cost the economy as much as $24 billion.
Janet Yellen, vice chair of the Federal Reserve, has been nominated to succeed
Ben Bernanke when his term expires in January 2014. Yellen is expected
to continue the current FOMC policy of monetary expansion, if not increase it.
The U.S. economy grew at an annualized rate of 2.8% in the third quarter, as
businesses cut investments, and consumers moderated their spending. Much
of the growth came from a one-time buildup of business inventory. Without this
buildup, the growth rate would have been only 2.0%. A recent decline in the
national unemployment rate was due to a drop in labor force participation.
Morgan Stanley economists are predicting the weakest holiday -shopping
season in five years.
At the Wall Street Journal's CEO Council meeting, President Obama said that
the U.S. should "scrap" the federal debt ceiling in order to avoid political battles.
91ai S giketa, "
City Treasurer
* Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2013
Oetei4ex
Capital Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
Investment Objectives
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.
STATISTICS
OCT-13
SEP-13 AUG-13
JUL-13
JUN-13 MAY-13
Thousands of Dollars
Month -End Book Value
Month -End Market Value
Paper Gain (Loss)
Prior Year Book Variance
Interest Earnings
Yield -To -Maturity
Weighted Maturity (Days)
Effective Duration
$ 202,645 $ 204,899 $ 220,313 $ 220,370 $ 218,688 $ 209,809
$ 202,645 $ 204,899 $ 220,319 $ 220,373 $ 218,697 $ 209,821
$ - $ - $ 6 $ 3 $ 9 $ 12
$ 7,589 $ 5,909 $ 13,559 $ 14,565 $ 1,885 $ (8,277)
$ 53 $ 51 $ 59 $ 59 $ 57 $ 53
0.31 % 0.30% 0.31 % 0.32% 0.32% 0.32%
1 1 12 26 26 29
0.00 0.00 0.00 0.00 0.01 0.01
All data as of October 31, 2013
Dollars in Thousands
Maturities Market Value
< 1 M $ 175,309
< 2M
< 3M
< 6M
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 175,309
Ratings Market Value
AAA or Aaa $ 106,986
AA orAa
A
Unrated 90,978
Total: $ 197,964
Assets Market Value
County Pool 94,891
LAIF 43,314
WF/LAIF Bond Proceeds 25,009
City Loan to RDA 22,655
MTN
CAMP 5,095
WF/Bond Proceeds 7,000
Agencies
Total: $ 197,964
Month
Nov13
Dec
Jan13
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
PORTFOLIO CHARACTERISTICS
October 2013
City Yield LAIF Yield Variance
0.37 0.32 0.04
0.34 0.33 0.01
0.35 0.30 0.05
0.34 0.29 0.05
0.34 0.29 0.06
0.33 0.26 0.06
0.32 0.25 0.08
0.32 0.24 0.08
0.32 0.27 0.05
0.31 0.27 0.04
0.30 0.26 0.04
0.31 0.27 0.04
Maturities Distribution I
100
100
80 -
e
0 60
1 40
a
20
0
Credit Quality I
Asset Allocation I
0 0 0 0 0 0 0 0
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
AA or Aa
0%
Unrated
46%
County Pool
48%
MTN
0%
AAA or Aaa
51%
A
0%
LAIF
22%
WF/LAIF Bond
Agencies Proceeds
0% 13%
WF/Bond CAMP
Proceeds
3% 3%
City Loan to
RDA
11%
i
Performance N
0.40
0.30 -
0.20 - b
0.10 j
0.00 - I'
Nov13DecJan13Feb Mar Apr May Jun Jul Aug Sep Oct
OLAIF Yield OCityYield
7
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
October 2013
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 October 31, 2013, 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 objectiveE
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,
.r S. cikatz,
City Treasurer
CA Govt
Code
53601(a)
53633
53601(b)
53601(c)
53601(d)
53601(e)
53601(f)
53601(g)
53601(h)
53601(i )
53601(1)
53601(j)
53601(k)
53601(1)
53601(m)
53601(k)
53601(n)
16429.1(b)
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code
Maximum
Investment Category Maturity
Palm Desert Bonds
Demand Deposits
U.S. Treasuries
CA State Debt
CA Local Agency Debt
Federal Agencies
Bankers's Acceptances
Commercial Paper
Negotiable CDs
Repos
Reverse Repos
Medium -Term Notes
Money Market Funds
Trust Indenture Debt
Secured Bank Deposits
Local Government
Investment Pools
Mortgage -Backed
Securities
L.A.I.F.
5 Years
No Limit
5 Years
5 Years
5 Years
5 Years
180 Days
270 Days
5 Years
1 Year
92 Days
5 Years
90 Days
5 Years
90 Days
5 Years
No Limit
Maximum Minimum
Limit Quality
No Limit
No Limit
No Limit
No Limit
No Limit
No Limit
40%
25%
30%
No Limit
20%
30%
20%
No Limit
No Limit
20%
$50MM/Acct
A-1/P-1
A
AAA & Aaa
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
Maximum
Maturity
No Limit
5 Years
5 Years
180 Days
270 Days
5 Years
30 Days
City Investment Policy
Maximum Minimum % of City
Limit Quality Portfolio
No Limit
No Limit
Not Authorized
Not Authorized
No Limit
40% A-1 or P-1
25% A-1 or P-1
30% AA- or Aa3
20%
Not Authorized
5 Years
90 Days
30%
20%
A
AAA & Aaa
3.5%
Not Authorized
Not Authorized
90 Days
50% (1)
AAA & Aaa
or Advisor 50.5%
Not Authorized
No Limit I $50MM/Acct I
Footnotes:
(1) Maximum concentration limit for local agency investment pools, excluding bond proceeds.
(2) Total does not include the City Loan to RDA, and cash.
(2)1
34.5%
88.6%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3