HomeMy WebLinkAboutSR - Invstmnt Rprts - Mar and Apr 2013CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY���
DATE: MAY 26, 2013
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Please find attached the Compliance Analysis and Investment Reports which were
presented and approved at the recent meeting of the Audit, Investment and Finance
Committee for the months of March and April 2013. Please include the report on the
upcoming agenda for review and acceptance by City Council.
Also included are the approved Minutes of the March and April 2013 meeting for
acceptance by the City Council. I have attached 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)
(5"°)
U BY SA -RDA
ON-i3-aCI3
VERIFIED BY k 19
Original on file with CiCityClerk's Office
CITY COUNCIL ACTION
APPROVED ✓ DENIED
RECEIVED OTHER
MEETING DATE /11- 13'
AYES: £ &sr it &l "i'` 1 Innner1 iivber, I Inrni K.
NOES:e
ABSENT: 4121t°
ABSTAIN:4We
VERIFIED BY: i1K Irq
Original on File with City Clerk's Office
G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD
�
0
r
N � �
M
W 41 � r
� _ � N
J Ri N �
Q � O r
a � .p �
O�o�
�aa
V
V> � a�o m a�o o c�o � N
�'� N N N O aD f7 M
F Q O O O O O O O �
} W
N
M
� � � � � � N � I Of
� N
Y�
p� � � �.- .- rn� '- I�p
Oa
�
\
0
`03 o rn � °f v �n p
e� N�o � N N� v O
a° �
8� anD rn fO a f� �n N p�p
m q t+1 Oi O � O O � C�!
) V� � 00 � O� N � OI
O � c0 N M
O� N N l+�i � N �
O � � f� N t0 N {(�
`7 � N � �p OD � OD
M
o>
e-
� n �n � m o �n �n �
d� ao rn q n N N ip
�> o� °���� �
� O� V�' n N n N �
�.�- N V V W � 00
M
01
�
�0 � arO � � � � O N �
a � r�
� oi ai o v o o� �
� � O�i � � t�0, o � �Q
r
O � � N N c�0 N N
� ^ N � �C oD � 00
�"f
T
r
�
C� � � O W
2 N ~ ~ Z �
a W w H� v>
w � u�
U �
�' W
O
H H
� o a Z p o�
r/1 Z� Z r c� w�
C � O m W d' W O C
N W Q� Q'Q � � �
� a� a Q � a� �
> Q � �2 � w p > >
C U U� �� U� C
� I N
� M
� O
� IOI
N
� I�
� M
W
N
� M
O> {'7
O �
V
�
rn
�-
rn �
�
N �
� M
�
o�
a �
n
Q�
�
� N
M
N
� O
O ^
� 01
n
O>
r
N C
`o a�
m �
U y
`� �
c
m�
Y 1. C
y ,c 10
L � L
� � U
��
�
� �g
� y .-. a3
U a � f�-
T
U
N Y
L C
« N
�
� N
N �
� Ny
C C
N �
d �
i C Q
7
� N
, C d
m U
>. N
Cj',O
a�
� , o
c n
N
� E�
N
> w
C y
� O ,�
� a
I N d
i i � �
I '�-' >
I � m
� �
� �
N �
i � �
I � >
� O
aa
� c
� o
� �m
:3 � f0 n.
� o 0
o M �U
� �a
` N o0
��
r a��i i .�
�(n ' V tN
y � m a
LL � "�' � fyl
��� �
C
� � � �
C C � w
> � N �
O x ��
i C�NO ra
•� � � H
o�a p�.i
w
o �t � �
of g r� e.� V �p
C �D C7 .- � �
W M a- O C y 7
L � � � � Q
C �� N "O -
.o C o
� � �.�0
� N N a
� �L.+ N �
L � w
t '-
m �3�0
� � tp C
CtCO y
:7
� O 3 y
EL � �
omc� f-
c w o �'
.- � �- ci
v, a�
� �. O t� f"
C � p �7 d
A � o N o �
m O°' s o U
� —'` :: u� � � o
� � � � N �
ip �' m � � vi C�
W � � � c � .
� > > � ta `-° ��
F�- U Q W �-- o a � a
r o a
r Q ^ c��i
U —^
� a >
O Ir
LL
o a �
a �
a
M
O
N
�
�
M
0
M
O
N
�
1�'f �
o �
O �
.`
� �
� �
o �
a �
d �
� �
m
r
m
�
A
a
�
++ _
d
W C% �
W d d �
� � =N
� � 1 �
Q � N M
a ��
O ° ��
0
� a° �
�
a
L� :: �
�o
�
�A
Ga
A
i
U�
��
��
�.
�
$ '=
� �
y
d
�
O
m
.-.- .- ��� ��� r�� ��.-.-�� ��� ���.-��.-'-�
� � �
O O O
� �
O O
r00i v a�t�o
N n O
O n O I
v al
°1 m c w
�
N �
« N � �
� O r O
� C <
f
� M o m
> � � �
` N h
a o r o
0 0
v v
N �d''
A
L 0
�
7
a
Of V O
m c a
H
¢'m" � �
O
J A
J �
�
�
�
�w
�
U O
O O o�
A
ai a a u`i
=' a a Q
� � 9
a a �
� U U �
� O
a
�
# 0 V7
d �
a
� Z �
� W ^ �
�
W
C�
Q
Z
Q
f
F-
N �
a Q co c�
U U v}i v}i
N � 1q
N N I
O I O 'I
�
N
O
� �
01 Of
O�i p�i
a
� � i
vi �i �
� �
rn o�i
W �
� �
� �
rn �
� ��}
� N
�n N
r M
.-
N i N
N I N
O O
( I
W
N
O
� �
O O
W � ,
O O '
v a
N N
� � I
� �
< V
N N ''
m �
� �,
N N
� V
N N
N I h li O O O O O O O O O O O O O O O O O O
CD OD � O O O O O O O O O O O O O O O O O O
N I N'� 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 C O O O G O O O O O O
� ���a"¢¢�¢�`a°1¢°���¢�¢�
�
N
O
c �
� a
O O
r � i
o a',
� �
V
� �
O O
� �
v a
v v
� �
O O
� n
V V
o v o 0 0 0 0 0 0 o ao 0 0.- �n o
O O h O O O O O N O O M O O.- �n O O
0 o r o 0 0 0 0 0 0 0� o 0 oi o 0
� a�D O�D N � Ol
O�i � � t�0 C�O � n
o c o 0 0 0 0 0 0 o ao 0 0.- u> o
O O f� O O O O O N O O lh O O.- � O O
O O I� O O O O O O O O(O O O O) O O
� a�0 � N � T
O�i � t�0 a�D � �
o v o 0 0 0 0 0 0 o co 0 0.- �n o
0 o n o 0 0 0 o ry o o� o o.- �n o 0
0 0 � o 0 0 0 0 0 o a� o o �� o 0
�� � � � �
� � � � � 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
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
r� n n � � � n r� � n n n n
0 000000 00 00 00
�q N M
OI M V
� 0 �� � LL tL LL LL LL LL lL LL. LL lL LL LL LL LL lL LL LL LL.
o°t � o� � ������ii��������ii
� LL o ������������g�����
� F � � tn fn ln !n fn V� fn !n fn f/f (q fn tn N fn fn fn !n
i,.� W N � 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
� a a a a a a a a a d a a a a a a a a
>r� >�r ��r >�r r>-r rrr
� N � � � � � � � � � � z � � � � � � �
W w > > > > > > > > > > > > > > > > > >
� Z �n cn �n �n cn cn c� v� v� h h v� v� h cn v� �n �n
ug u� ug ug ug u� u� u� u� u� ug u� u� u� u� ug ug u�
� } d' d' � � Q.' � C' K � � 6.' 0.' � � � 2 � �
�m U d ar F- F F F� F F H F I- F F H F F F F F- F-
� Z � } � w w w w w w w w w w w w w w w w W W
a N C� d F- � C� t� C� C� C� C7 C7 C7 C7 C� C� C9 C7 C� C� C7 C� C�
Q Q Q Q Q Q Q¢ Q Q Q Q Q Q Q Q Q Q
{i � Q > V > H F- F- F- F H F H H H F F- F- F- H H F- F
O a J a a Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z
� v a v � v a a a a a a a a a a a a a a a a a a
� � A = > > > > > > > > > > > > > > > > > >
� S ° 3 o a 3� aaa aaa aa°a° a°a°a °aa°a °aaa
O O Z O (/�
a a � a �
tA p1 LL' N �'
N Z W F- F� F� V- F- F- !- F F H F F- F F H F F F
� O O N C�1 O N O N O N C� O
W W F- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
W cn cn n n � n ao ao m rn rn rn o 0 0 0
io� � oo � �- � v v� v v v v v v v u� u� �� v v
O r� y o p rn rnrn rn rnrn rn rnrn rn rnrn rn rnrn rn
c� W c� a ro m ao ao ao eo ao ao ao m m ao 0o m ro m o 0
� � � N N
Q � a � Z .- .- � � � � �.- �.- �.- .- �.- .-
� 0 � U
Z U O
� op w � r- r- F� r- r- �� r- r- �� � r- � r- r r;
ZQ �y v (� Q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ao r� � n � � n eo ro ao rn rn rn o 0 0 0 .- .-
0 - �o,� Q oo LL � � v v v v v v v v v v�n �n �n �n o v
,J Q c� J o N rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn
�J c� Q c� J ro ao ao ao ao co m w ro ao ao ao co ro ao ao 0 0
VJ LL N V N W (� N i� N N f� t� N N h(� N N t� N t� � N
� � 3 � ° � 3 ������������������
� Q � �
� �
m
o � �
�o i r
� � a
a a ¢
i
a
�
�
�
�
m
0
�
N
m
�
10
a
�
C
� �
W d �
� E �M
w d ��
� � C N
1
� = w
Q � H M
t
� �O � �
O� o�
V a �
�
a
��J
30
�
q �,
ur U
A �
G�
v�
�F M
}
�
�
�
��
�
�
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �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� 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
f0 f0 N f0 /0 �0 fC N f0 f0 (0 N c0 f0 N N N N N �0 f0 N /0 N /0 l6 f0 f0 10 l0 f0 l0 N
�a� aaa a"aa ��a �aa �aa a�� a�a �aa ��a aaa
� O V�' � O(`M7 O O O� � M O O O� O O O O O � � O� O< O O O O O N O r
; O N CO O Ol O O O M Of h O O O fh O O O O O� f� f0 O O�O O O O O O N O O
00 O f0 GO O O a0 fh N N W
Y W � (") GD � M �� I� (O t0
0 O Ki �ff V � O � � M
m� M � O � N
� � v
y o r� o� o 0 0� r� o 0 o c� o 0 0 0.- ao n m o 0 0 0 0 0 0 0
� O��n O th O O O 01 O o O a0 O O O O O � � O�- O V O O O O O N O h
. . . . . . . . . '"" . . . . . . . . . . . . . . . . . . . . . . . .
jp O N a0 O Of O O O(h 01 t� O O O M O O O O O 01 I� 10 O O fD O O O O O N O O
� a0 O f0 GO O O OD M N N Of
� � ("1 OD V c'7 Of �t 1� fD t0
YO � �[1 �[7 � O � � V�/
� � M O N
� ` � �
4/ O('7 O [�1 O O O f0 M O O O M O O O O � 00 f� GD O O O O O O O O
7 O V� O M O O O O� �-- O O O �D O O O O O.- .- O � O C O O O O O N O h
; O N CO O Of O O O M O) f� O O O('1 O O O O O� I� t0 O O(O O O O O O N O O
OD O (O OD O O 00 f'� N N Ol
` W T ch OD � M �� 1� t0 10
N O � N N V N T 00
a 0�1 c�7 � O � N
� � v
N�
A
L �
7
a
�d
pl U
N C
> A
am
N
N
�
c
GFI
N
>
�
a
N
�
U
�
�
�
�
H
W
�
a
�
0
U
O
�
�
a
LL
�
J
J
W
3
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 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
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 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
n � n i: r� n n n n n � � n � n � n rn � n r� n n n`n n � n �
00000000000000000000 000 00000 0
LL lL LL LL LI. lL lL LL LL. IL LL LL lL LL LL lL LL. LL lL tL LL. lL lL lL lL 11. lL. lL lL lL lL lL lL
� i � � � � � � � � � � � � i i � � i � � i � g � � � � � � � � i
� � � � � � � � � � � i � � � � � � � � � i � � � � � � � � � � �
fn N fn fn lq ln (n fn tn !n !n ln N fn fn fn ln ln !n cn tn fn !A tn (n (n fn fn fn tn tn tn tn
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
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' z � � � s �
> > > > > � > > > > > > > > > > > > > � 7 � > > > 7 > > � � � � 7
yQ(a� (Q� (Q� NQ(Q� fQ� !a� la� t¢� (a� yQ(Q� (Q� Na la� (Q� ta� (Q� NQ(Q� tQ� NQ(Q� NQ(Q� Na(Q� NQ(Q� (Q� NQ N¢
W W W W W W W W W W W W W W W W W W W LL] W W W ll1 W W W W W W W W W
� � a' d' � � � d' � � � � a' � � � d' � d' � d' � d' a' � � � 4.' � � � � �
F- F- I- F� F- F- F- F- F- F- {- F V- F- F- F- F- F- F- F H F- F- F F F F H H F H 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
C7 C� C� C7 C7 C7 C� C� C� C� C7 C� C� (� U C� C� C� C� U C) C� C� (J (7 (7 (.7 U(.7 (.� C7 C� C�
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
i--�--�r-F-E-���r���-��r�r ��������f-�E--r-��r
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 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
¢ 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¢
F� F F- F� F h- F- F V- t- 1- F- f- F- F- F- F- I- F- 1- F- 1- F- 1- F- F- H F H F F F- F
N C7 �(O I� GD W O N M � N� OD � O O M V' O N P'1 O N W O � N
O O� O O O O O e- .- N O O O O O O O O O O O O
.- '- � .- '- � e- e- � � � � .^- �.�- .- � � N N N N aD aD aO a0 00 GO W
V V R � V� V O V `P V f O O�t V' V�t V V�f < O O O O a�0 � a�0 O�D W 00 OD
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 M t`7 c'7 l`� f7 C� f�
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
��r �������r-��r-��r-� �r-�r-����� ��r-���
N c7 � � f0 h aD O� O N('1 V u'1 �O OD Of O O c7 O N M O N oD O � N
O O O O O O O O � � N O O O � O O O O O O O O
N N N N�O o0 c0 a0 co aD oD
� � � � � e- � r- � .- �.- .- �.- � �.- f� f� f� P. O O O O� Of �� � W�
v a v v v a v v v v c c o v o o v v c c v v ao ro ao ro ro m ao
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 M M M M c�'7 P�7 M
N N N N N N N N N N N N(V 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 � � � �
v}i u}i vri v}i � u}i � v}i v}i c}n v}i u}i u}i �� v}i v}i v}i c}n v}i u}i � u}i v}i v}i ai v}i n v}i y v}i s}n v}i
0
n
O
01
�
�
�
�
�
>
a
�
�
A
�
0
a
�
H
� ¢ �
�
O �
- a
o i
� �
O a
� �
a
N
�
N
a
O
m
O
�
.
M .d+ � r� c�
y �A o 0
� 7 G N N
� A � a
a � rn ao
0 0
�A a
U � � � ( � � � I � w
� �
� O O O i '7 d
3F. M
T p � I � � � I � �
.- O O� O G �
�, ¢ � �
� I ; I
e� � n � n
ao r� co
�� � � o
N
N N Of N 1q
7 O� N, N N p^p
j O�i � N��, � a W
Y C7 OD N i '- � 1y
O
m O f�0 � N N �
V V CO � W O�f
� O N N I N N a0
� � Of V � � O�!
N o� �O .- 1:
GI N f� N I � V 01
� O fn0 n N N 0�0�
� � sf < 00 i� O�D O�D �
_
W d �
� � NM
W Q� ; r � O O O N N ��'1
� � C� � o O O .�- a �
N � O O O �
� C 1 .. N O c0 OD < V �
� a O� tNO N N ONO
a � �' `"
�� � � � �
a �r �
O .° � �
� � O y y N •-
O •O � A O O
^ � � 0 N N
/ 1 �� O f�
� O 7 � �
a °' o �-
A C � N �
a � a �
i A � � � �
am � a � N �
J � � N
� � OD Z CO �
Q F � �
U W Z
v � w
� U
� � �
U y
� W Of
� W � � 2 � d
N J � m d �
Y1 F> p > a
a W a 9
Z O '° O A c
� � �- 9 a '� 3
0
FW- a � a ~
� y W N
c Z �
� �
W � �
� � �n � N
� � � ao ►" o
� �
� Z
W �
� �
W U
�� f� 0 O
a d C� a � N
N m W o
Ui� r�i aO10 � vri
�a�
m
U �0
.o a�
� �
a a
�a
�
�
m
0
N
8
m
0
�
V
Ol
10
a
r
� �
C
N
d
ea
p p� � o
�
N N
� � d M
a� O�
a o o �
LL • '� L
O� ��
� a° a°
U
° A � r- .- � �
tp J
O �
�
<? � o 0 o N
� M O O O �
� O O O 0
M
�y
O
�
� �
��
N
CI a0 c+f � M
7 �V N pp
� O 1�' � M
Y M
O in ro °o
m � aD N �
N ^
01
� N N .�- N
7
jp � O P7 1•f
� O M � n
.L tn f�0 a�0 t0
� O1 a0 N O�
� N �
N W ('� � N
7 N � �'1
; Oi O la7 t0
O M �A O
a � � o �
rn aD N 01
N �
ry y (V N
typ A O O
L O N N
� O O
a o 0
d d o n
� c o �o
� � o vi
am W � �
Z�O �
�o� '
V W
H ~
J J
�
(n �% Q
W3LL
� � a � �
J C
J J O C �
y d � N R
o�� � �
�, >
> � v � c
� U 0 � > c
� Q N
Z y
� N
� Q V
m U �
�o
a � co r� N �-
� Z o 0 0
c � � �
Y
U
W
2
U
Y
Z
Q
m � M N
Z O O O
a O (7 M C7
y � N y
U � cn v}i V}i
� Q o
n
O �
- a
o i
� �
aa
f
a
�
�
M
0
�
�
N
0
�
U
Z =
W d Z+
Q m � �
O c � N
� � N M
O
V � •p i
N � O �
a a° a
�N
I.I�
U > � � � � o o p
�� N M N O O M
F O' O O O O fh O �
rW
�
�
€ �.- � .- rn � I o�
� o
H � �
� �
M q �.- .- �� ao
,o a u'
o�
�
0
o r> �n co n <o cn p
o._ n r o v oo p
�� m � o' �•- ro �
O
a° �
,Y y�n �c o 0 o r op
g� o o � ch o n ap
�p fV 1� h !O O O)
m� N c��p'1 a�D N O � �
N f") t0 O N � (�
�n cv_ n o co ap
eN- N � N N t0 N
r. N
�
�
d d o o� M o � �
7
� N ON1 O anD N O T �
�� N M OD � O ^
N � � O � O 1�
N N 1� O c0 ap
fV N N N tV (O N
� N
�
�
N� O O n � O � p�p
a� N f�7 a�O N O � �
n
�`�N' m o c°i�no o r�
�
� N � N N (O N
� N
�
�
Z � �
w U � � �
� O f.. C9 f-
o � a w � �
�� W tn Z O
a � � Z z o
p � Q } W U
C m w � W Z � �
y�j LL � W Q } LL a�
J � � a � �
i u. > Q 0 Z w >
C �� U � W� C
o �
o �
M
O �
� Irn
0
.-
�
�
�
0
0
(V
O
�
N
0
rn
O
(V
N
N
N
N
�
�
�
A
�
oi
�
�
�
�
�
�
�
�
�
oi
�
�
�
�-
W
�
�
�
�
ai
a
�
�
N C
o E
N �
� y
U d
`� �
�, �
c
Y a C
y C IO
La L
�8 � U
L n c
Vl y«. a�
U a � 1�-
v
a�
v_
.o
�.
� C
« Q
co �
N p
X�
m�
QU
o ;3
m
c�
m y
� � ,w
� �p N
a�a
a�
U C �
. �
a��
�o�
E m
NU�
� ° o
_ d
of0m
� `°
c �-
�
Ew m
� � �
(�f0�
�v�
y � o
�.� �
� O
Eoa
(0
a. T �
« p O
�V o
�,� 10�m
��
��_
o v ° a�
��
� � g c o
°' � � v o
} � � �
�n a o
y � �, a
LL. �y� M
U • o ,.�
� Z t O
C N H
N �
`N .. N
O N �
V
C
� N � H
E a�i a P4
O � y �
c � � o m0 �
� V � �
'C � � O O N �
W � �- � a N
w � a y U �
C C
O p N @
� � a Q .n
i t `oQ
L L y y
i`v �3 `� ;°:
� �� � �
a> �
N Q N O
E�.� �
O C
U ,t�, �
o c
c a
;y � � ii
E O C +L-' F-
Va.�+ O �"' � �
C y � p
_o � o " w 'U
m O �' `��p � U
� T a.d+ N U a O
C N � � � � �
l�C } N d � � > �
� > «
W � ,�,� �j � � N ,Ui
� > > � t>'�° 'm
I-� U Q W��v E a
� a � M
0 a ^ �
��
�
O a� >
�o �
p a �
a. a
c�
�
0
N
�
M
�+f
Q
M
0
N
O
M
O
�o
0
.�
c
�
°a
d
�
�
�
M
0
�
�
m
m
0
�
m
A
a
N
� � �
i
w �, E
Q d � a�M-
� � = N
O C 1 w
� � N M
W�'�t
V .� � i
V O � �
� � O
a a° �
o�C a°
.0 � J
�o
i
U '�
�F�
�
} �
� ~
�
�
�
N �
��
N
m
7
i
m
in u� �n �n v� in u� �n �n v� vf
co ao m m ro ao co ao ao ao I ao
N N N N N N N N N N N
0 0 0 0 0 0 0 0 0 0 0
����������
00 aD 00 00 CO OD OD m OD �D
N N N N N N N N N N
O O O O O O O O O O
c7 t0 10 N h O g 1� !O O �ff
7 �� c7 00 N GO e- O
pNp r� W O�p O�i tW0 O N O N
W W 01 00 � f� (� M< �[1 h
� CD en- (�O 0�0 t0 O M� �O h
N� c7 � M f0 LLY � f'� f0 N
� N '- � � '-
a
0
a
O
O
v a
�n N O O
o c �ol o ol o c��il �
rl � �
( � '- I � � ( � � I N
�I I I I
�
O
O O
C�7 M
N N
(o e'f
N N
y c7 f0 <O N I� � �7 1� c0 O Uf
� � Q tn M CD O N aD � O
�p O cM I� N V� f� I� f7 N
! pNp �� W �O�D � f�0_ O N O N
N O1 CD W OD 1� I� M c7 < N A
W�n � O) <D O> f0 h h M N
� � CD �D f0 (O O 01 � t0 N
� � � N .- � c0 � � ` (C N
� ��� M OrD � O N W � O
jp O('7 1� N V O I� h P7 � fV
� cv u� � rn�o 0o w r� ao o�
ap �� p1 Op �(O O 1n O N
a W 00 01 OD N h M ('� �f � A
t� O�D � 10 0�0 (�O O M N t0 1N
� 'R N � � (O �n � ^ (C �
�R
L �
�
a'
rnu
�C C
N �
Q f0
N
N
O O
O O
M Ma
M �f
N N
N N
�
O
O ^
G�O W
n n
N Yf
� A
� �
� �
(�O t�0
� A
N b
�
N
O
M ��'f
N �
O O
N N
N N
C�') 1�+1
N N
O O
O O
N N
Q Q � �
M
p ^ �
� N �
� ,
o a� �
�o
0 0 0 0 0 0 � a g
0 0 0 0 0 0 0 �
0 0 0 0 0 o a �
0 0 0 0 0 o a
� � � � � ¢
0
0
P�
O O o O o O O M
O O h O O O O
O O � <
f0 �O , N �?
fV N ' �
O O
O O
O O
W 01
�n N
t0 10
N N
O O 1� h M M O O
f•�j M W p�p N eN- O O
� �p M M � � � �
N N � 1� O O �O �D
� �y � Uf N N N N
N N N N
O)
0
0
N
M
0
N O O O O �
O O O O O c?
� O O O O
V �
N �
N �?
N O O O O N
O O O O O (`'1
� O O O O
V �
N u?
N N N N N N
sa sss s
N N N N N N
O O O O O O
000000
M O N 1'�> Q
� n � � � LL� LL LL LL LL
M N � O � � � � � �
� V NI � Q) � � � � � �
N n O t�D (n (n !n fn fn fn
' Z N � N N � 7 ��� 7
J J J J J J
r, � aa aaa a
� �� � �� ��� � `� a rr > rr r
� � � � � � � � � � Z N w v�i � ai y v�i v�i
w w w w w w w w w w W Q
�n cn cn cn cn v� cn v> cn <n � o ,-, w u� ug ug u� u� ug
w w w w w w w w w w �
0 � � 0 O 0 � O � O � W � J � (Q � O � ������
���������� O� O� O 01 OI � OI W W W W W W
J J J J J J J J J J � � ` O � Q � Q �p �� ��� �
Q Q Q Q Q Q Q Q Q Q � 2
a a a a a a a a d d � Q � a a � Q LL Q F F F F r �
LL LL LL � LL LL LL LL LL LL
�y � �} �} �j. 0} �} � �} �} 9 J D � 'O LL � �} L7 Q Q Q Q Q Q
F� F' F F F- F� F- F- l�0 0 N Q N Q N F' N p p p p p p
� � � c� c� � � c� c� �� a 9� �� o J 9 �� F- ¢¢ a a a a
0 0� o Z o � � V)
� W � (� � LL � � � �
� �� N p y� N� � F-
H � � � � �
a�i � t= a w � IW- o 0 0 0 0 0
o c� r� v�n r w rn o
E W (O f0 <D t0 f0 (O OD aD OD 01 O a N N N N N �
O O O O O O O O O O � � ~ � � �� ���
�M r� r� M M r� M M M r� a Z F- o 0 0 0 0 0
� U co r� r� r� r� M r� c� r> r� a' cv W m N v Z � O a°'o a°'o ro a°io o°'o a°fo
� � cv N � � N � � � � � ~ O � �i W � W c� � .- � �.- � �
a � � z Z O
p Z Q W U
O � Q V W �
m V � Z p C9 �- � r f- t- r
W � o N c%� ro o
LL' f�p �O c�0 t�0 (�O t�0 ar0 0�0 a�0 O�i O O I" C�i Z a N N N N N O
0 0 0 0 0 0 0 0 0 o r W a } N LL �n u� �n �n u� �n
r> r> M c� M r� cn c� c� <n fq v U� ,J C7 � N rn rn rn rn rn rn
Q ch M M l+1 M f7 Cf M M ch N 00
a J N N N N N N N N N N W q Q � Q � � J �� ��� �
zn LL in in tn in in in in in in in > cn �n V cn W o W tn tn v� �n N v�
> > � > � � � � r � � �- a � O r Z o r � � r r r
c� 3 v> cn cn v� cn cn cn cn <n cn � v� v�n ��n w�., � cn cn cn cn cn cn
�
�
�
0
N
b
W
0
�
N
�
a
U c
+� d
c
w d E
Q d ��
� � C N
O = 1 w
N � y M
W � � �
V '� p� c`a
� O �
aa o
� Q
� a
�' .m+ �
70
�
U�
� M
�
� �
aU
C�
N
�
�
�
8
�
0 0 0 0 0 0 0 0 0 0 0 0 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 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
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 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��aaa����aa���a�a��a�a�aa��a�a�����
�Y
��
�
d o 0 0 0 0 0 0 � o 0 0�n a�n o� rn o o cv o 0 o c� o 0 o a o 0 0 0 0
7 O O O O O O O N O O O M �f O O N c7 O O O O O O O � O O O O) O O O O O O O
q O O O O O O O O O O tM (V O O (O � O O O O O O O N O O O O) O O O O O O O
.J N (7 c7 � � � � I�
OD N ("� O
mY O �^ff � N 1� O
(� N � N V N
y O O O O O O O 1� O O O� W � O f0 O) O O N O O O (�7 O O O a O O O O O
� O O O O O O O N O O O('7 � O O N c7 O O O O O O O N O O O O) O O O O O O O
jp O O O O O O O N O O O� M O O � N O O O OO O O O CN,� O O O O O O O O O O O
% a0 N M � � n
N
� M � O N � N
A
� �
y O O O O O O O 1� O O O N O� N O <O 01 O O N O O O M O O O� O O O O O
7 O O O O O O O N O O O ch V O O N C7 O O O O O O O � O O O W O O O O O O O
;O O O O O O O N O O O M cN,� O O fn0 N O O O OO O O O � O O O 0 O O O O O O O
` GD N ('1 � � O � 1�
10 0 � n�O n o
a c•� �n v c� v N
y� N N cV 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
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
= Q 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 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
p, n n n � n n � r- � � n n r� n r� � n r r� n � � n � n n � n n n 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 0 0 0 0 0
md
��
e=
N
Q m
at
a
a
c
d
�i
c
a
h
�
U
tL lL lL LL LL LL LL lL LL LL lL lL LL lL L1.. LL lL LL LL LL Il LL lL LL LL lL lL tL LL LL lL LL LL lL LL LL
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
(n tn !n /n tn tn (n fn tn tn (n fq fn (n fn (n tn (Q fn N ln (n tn tn N fn fn tn tn fn !A fn tn fn (n fn
� > > > > > > > > > > � � 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 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
r r r r r r r r r> r r y y r r r> }�>� r>} r> r r r�� r> r r
� � � � � � � � � � � � � � � � � � � � � � � z � � z � � z � � � � � �
> > � > > > > > 7 > > > > > � 7 � � 7 > > > � > > 7 > > > > > > > > > >
(Q� �Q(Q� yQ fQ� NQ NQ tQ� (Q� NQ yQ hQ tQ� NQ NQ lQ� NQ NQ lQ� NQ NQ NQ fQ� fQ� NQ!a� (Q� NQ!Q� (Q� NQ(Q� yQ(Q� fQ� fQ�
L11 W W li1 W W til W W W W W W W W W W W W W W W W W W W W ll.l W W W W W W W ll]
d' 4.' � d' � � � � � d' � 6.' d' � � a' � � ¢.' �' d' d' a' d' � � � 2 � 4.' � d' K � � K
H F t- h- H F F- F� F- F- F- H F- 1- H F- I- F- F F F-- F- F F- F- F H F- H F- F- F- 1- H 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
C� G7 U C7 C� (� U C� (7 (7 C� (7 U C� C7 (� U C� (7 C7 C� C7 (7 (7 C7 C7 U C� C� (.� U C� C� U U C�
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
��� �r-r-��r-�r-r- ��� ��� r-�� ��� ��� ��r-��� r-��
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
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 0 0 0 0 0 0 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
�
�
�
�
H
W
�
O
a
�
�
U
0
�
LL
J
J
W
�
1- F- f- I-- F- F F- F- F !- F- F- F H F- F F- F� F� H F F- F- F F- F- F F; F- F- F F V- F- F f;
N f") O N [') O N M e� O C� <O O N o� O N(`� O N 07 <t O N C9 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
a V� N ���f1 (O (O (O f0 f0 CO 00 a0 CD O1 Of QI � N N N N ch M l'7 C� M N ���(O (O f0
u� �� ,n ,n ,n �n u� �n �n �n �n �n �n �n �n � u� �n �n o 0 0 0 0 0 0 0 o n n � n n n 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 0
rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn a, rn rn rn o 0 0 0 0 0 0
ro ao m m ao m eo ao ao ao ao ao co ao ro m ao ao m ro ao 0o ao ao m m oo m m o 0 0 0 0 0 0
.- � � .- .- � .- � � .- �-- .- .- r- .- � � e- .- � � �'- .- � � � � � N N N N N N N
F� F� H F N F- F F- F� H F F- F- f- H F- t- F H H!- H f- F F- 1- F� F- F- F- h� F� F- i- H H
N('I O N M O N M O M fO O N c'� O N M O N C7 � O N c�7 O N
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
�� O ��A �n N(O <O (O (O f0 00 aD aD OD O) 07 01 Of N N N N c'� [7 t7 C7 c+l � �n �l7 N t0 �O tn
�n �n �n u� �n �n �n �n �n �n in �n u� �n u� in �n �n �n u� o 0 0 0 0 0 0 0 o i. �� n n � 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 0
rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn o> rn w rn o 0 0 0 0 0 0
ao eo ao m ao ao ao co ao ao ao ao m ao w ao ao 0o ao ao ao ao ao ao ao ao ao ao ao 0 0 o O o 0 0
N N N N N N N
iq !A !A (A !q iA cA i0 !q tn in tA tn !n !A tq iq !q !A iq !O !q !q in tA fn tA N tq tn tq cq N N VJ tA
r}��>>-��r>�� r�> r}�>}�rr�>rr>r>rrr>rr
� � � � � � � � � � � � � � � � � � � � � � � � � � ti � � � � � � � � �
0
� a n
� �
O a�
�p ti
� a
a a
�
�
r�
0
S
m
O
�
M
d
A
a
U c
+� �
w � E
� a> � o
� N
O C � �
N � y M
Vi � • �
W �
V .� a� �
V O � �
N � � �
oa �
� a°
��'
70
N
�
U '�
F��
T
y �
w U
O 1O
�
�
8
�
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o c o 0 0 0 0 0 0 0 o c o 0
� � � �'- �.- � � � �.- � � � � �.- �'- '- �.- � �.- � � � � .- � � � � �
m m m m m�o m m�o N�o m m�a m m m�a m m�o m m m m m�o m m�o �a m�o m�a m
��Q �Q`°� ��Q Q�Q �Q� �¢� ¢�� Q�Q ��� �Q� ��� �Q`°�
��
��
N
� O r O O O� � O O O O�D M O O t�0 � O O O f`�') O O� OND, N O O O� N O O O O� O G�D
; O� O O O N O O O O � a O c0 1� O O O f� � O(O O f0 O O O N O O O O GO O OO
n �(O N c7 00 OD O t0 N O O f0
Y �p � O O� Q Ol O O.- V �1 O � V
O � N � f�p � O � N � O
m0 p�p �7 � N 1'7 � f� f0
C7
� O n O O O�� O O O G�0 M O O t�0 � O O O C�'7 � O f0 aND, N O O O t0 N O O O W O C�D
j0 O O O O O N O C O O � O O OD h O O O f� < O(O O fD O O C �Ci O O C O W O CD
� (p � � O � � � O O � V N O � ��p
� � � � � (O r � O � N � O
� O�D Q � N M �t 1� (O
� � � �
d o in o 0 o rn � o 0 o r� rn o 0 o r� o 0 o rn n o� c� n o 0 0� co 0 0 0 0�n
7 O I� O O O�-- O O O GO N1 O O t0 � O O O M } O OD N O O O N O O O � O DO
� o� o 0 o n o 0 0 0 �i o o ao n o 0 0 � v o�o o co 0 0 0�n o 0 0 o ao o co
�(O N M CD O OD O (O N O O �D
` � a o m v rn o o � v �n o v v_
A � i�Cl � f�0 � O � N � O
a � � .- N th V 1� �D
� � �
N w
R
L �
�
�
a
v a+
rnu
�o c
a. �p
Q m
�
N
�
�
G1
�
C
a
N
�
U
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
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 0 0 o s o 0 0 0 0 0 0 o s o 0 0 0 0 o c c o 0 o c
n � � n � n r� � n � r� � � �: n i. � � � �• r� n r� � n 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
LL IL lL LL LL LL LL LL LL IL LL lL LL. LL LL LL LL tL lL LL lL LL. LL tL lJ. LL LL lL LL LL LL LL LL lL lL lL
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
(n tq fn tn fn fn tn tn tn fn fn fn tn (n tn tn N fn tn (n tn fn (n fn N!A tn fn tn fn fn fn (n tn N fn
> > > � � 7 > > > > > > � � 7 � > > � > > > 7 > > 7 > > 7 > > > 7 > > 7
J J�l J J J J J J J J J J J J J J J J J J �l 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 rrrrrrrrrrrr�>-}�}r�-rr>rr>�rrr>-rr�
� � z � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
7 � � � � > > � > > � 7 � � > > 7 7 � � 7 7 � 7 > > 7 > > 7 � > > > > >
fQn (Qn !Qn fQn (Qn fQn tQn (Qn fQn (Qn fQn fQn lQn IQn (Qn (Qn (Qn tQn fQn (Qn (Qn lQn tQn (Qn fQn fQn !QA (Qn fQn fa� fQn (Qn NQ NQ tQn lQn
W W W W W W W W �.1 W W W W W W W W W LLl W W W W W ll1 W W W W W W W LL] W W W
d' � d' � d' d' � a' � � � � � � d' � 4.' � O.' a' � � a' � � � � d' � K a' � d.' � � d'
���������������F�����f-��f-�������r �r-r-
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� c� C� c� c� c� c� c� c� c� c� c7 c� c� c� c� c� c� c� c� c� c7 c� c� c� c� c� c� c� c� c�
a a¢ a aa a aa a aa a aa a a¢ a aa a aa ¢ aa a aa ¢ aa a aa
F- F- H F- H F F- H F 1- F- F V-� F- F F� F" F H F-� F F F-� H F 1�- F- F F H F- H F F- F F
Z 2 Z Z Z Z 2 Z Z Z Z Z 2 Z Z Z 2 Z Z 2 Z Z Z Z Z Z Z Z Z Z 2 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 Q a a a a a a a a
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
a o 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
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
�
0
a
�
0
U
O
(9
a
LL
�
J
J
W
�
� �� � �� � ~� � �� � �� � �� � �� � �� � �� � �� � �� � ��
c'1 O N M� O N M� O N f�1 O N f") � O N('7 O N (h V O N M V� f0 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
f0 O) � O) O) O� c'� lh C7 C� f7 V �n N N ��ff t0 �O c0 c0 aD aD aD N N N N N N u7
n�n v� �n �n �n o 0 0 0 o g �� o 0 0 0 0 0� o � o 0 0 0 0 o cn c� r� c� r� �n v�
o r� r� m co r� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o r�
O N N (V fV N M M 01 M C') P7 C'> M C7 c7 M f� c'7 c`9 C�I ch C7 M M M(� (") M� W Ol O> W 01 01
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
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
��� ��� ��� ��� ��� ��� ��� ��� r-r-r ��r-��� ���
c'� O N(`� O CV c7 O N c�1 O N M O N c7 O N N O N l`7 O
0 0 0 0 0� o 0 0 0� o 0 0 0 0 0 0 0� o 0 0 0 0 0 0 0� o 0 0 0 �� o
f0 O> O� O� O� 01 M ('� f7 M M� V �� N �1 ��� t0 �O �O t0 c0 aD f0 E� m N N N(V N N�[I
n v� �n v� u� �n o 0 0 0 0 0 o O O O O O O O O O O O O O O O(�I M o7 M M P') �
o r� r> r� r� c� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o n
O N N N N N C7 0] 07 M M f7 (h M(�1 M M C7 (7 Ih f`') M c'7 (h [7 ch M M fh � � Of � O> 07 07
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
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
(� N f� (� N!� N N f� l� f� l� N N l� N f� (� l� (� (� (� N(� N N N N N N t� f� !� h f� N
y}y }}} }}>-r}}}}>}}}>}}}}>-}}}>y}}}}}}}
N t� N cA tn t� c� t� � t� c4 t� f� t� t� N c� f� t� t� !A f� (� !� f� (A f� fA (� (D (� !A f� (A f� f�
�a�
Q ¢ �
�
� N
o ai
p LL
� a
d a
�
N
�
0
a
O
m
m
0
r�
0
� � �,
� �o
a �
U � ip
0 0 0 0 0 0
��"� o 0 0 o I o �
� o 0 0 0 0 0
0 0 0 0 0
s� � �� �
wU
m �
O�
� ¢ ¢ ¢ Q
8 (
�
�Y
�
�
� 000� � �
� o 0 0 � � �
Y T 1�
O � �
m N
� N
� �
°1 0 0 0 � � a�o
�
A o 0 0 � A �
> rn .- �
�
� N
� � �
Z �' � �
� � y M
Q� � � � o 0 o uNi n a°Do
��� N j o 0 o rn � �
�
� C � � a � N
i/i � N �y r allo
W 0 � �
V ,_ m �
V O{� � �
NL O d y N N N
aao AR ssa
� � O N N N
Q � O O O
� a a n � �
0 0 0
m w A r�o,
�o c
m � � � � � � �
Q m � � � � �i y
� � � N � a
JJ J J !�„ �
a a a a
� r r >
� � � �
> > > >
� � � �
u� u� u� u�
� � � � �
1- t- �- � m rn
rn
� a a a a m >
" z z z z < a
> > > > � m
�, ¢ ¢ ¢ ¢ � o
� a �
� �
« ~ F F F- F �
� W �
�d � o 0 0
� � � �
y N N � �
i. � r� n
� a o 0 0 0
C N N N N
�
�
U
O
� H f- F- F
Q N �
N � 40'1 �
LL � � � �
� rn rn rn rn
tq J � N (N �
W
V � N � � �
cna�
¢ ¢ n
0
�
o �
.O LL�
� a
o �
�. a
�
�
�
0
N
S
m
�
�
� �
� Q �
a v� o 0
�� � � `Am
�
y N
ti
c� g
m
�
S
�i ''
♦ a
N
0
o.
N
O,
N
N
� �C �il►
wd �6c�
c� t.
.
'd� � � N
� G � M
N� °�t
O
N �
v�►o°�a
V p % �'d
N o °
Q � t�.
�
m
�
�
6�
Qd„
`
O
N
O,
N
N
�D,
�
�
\�
!
�
�
o �
o.
� �
o. �
� a
r, �j
N r
� �O
��
�
a
m U
NA
�b
Q �
N
N
0
0
o iD
o Q`
�`
A
t
YV
�
(��
N G �d
N
d U � �
� N A �
4
C� Q A
r �
2 '�
O o
m Q,
�� 2 s
�' U
W
v
�
Q
m N
� �
y Q N
7N
U �
Q �M
� ��
O �.
� a
4, a
�
�
c�
N
�
$
�
0
�.
.
O �
� Q ^ fh
� � n
� °.� >
O LL
d a �
i
a
� _
� �
�
M
_ _ � N
�
Q�o�
Z � •Q L
�0 �
��ao�
= a°
� � � W �n
' N �
�W o 0 0
n
�
n
E � � I �
�
M� r � I r
0 c�
i
�
� � 0 � Q
e � � p O
O
a° �
Y � N V n
m � � a�D �
fC
� �
� r
�
y � N V A
� j � � �
� �
� T
r
N � � V
N � N � A
Oi
� � � �
�O
v �
_ �
� �
�
.y-.
� �
H a u+
> � " >
c � g c
0o I�
� N
0 0
��
��
rn �
�
� �
�
O �
� n
N
N �
�
�
� �
n
� �
� N
O
� n
N
N r
�
r
� r
ti
� �
N
O �
� N
N �
R
�
y C
O N
m �
� y
U �
� C
m� —
Y T L'
y ,c �9
,� a typ
� U
t ��
N N .: .�Y
U a5 F�-
Ny
U
c
m
�
a
Y
C
f�
a
a�
m
V
C
�
�
�
Q
N
N
7
f0
>
d
�
f0
�
f0
N
�
O
a
" � Q
�
p iti c U
O � > �
� r ��
�
} N N LL
�g
0
� U
tl1 C �
LL � M
� y �-1
.� � O
m �
� N
N O �
C d
�� a
H
� � �
o 'C 11
C! I� � 1+! U y
C t� I� N '
C r � � �.�
W n � p
L N N '� Vl
�' � L
C � C C
� � (0 O
N E
.- x
M � 'y
N
� T w
� +-' (A
U C
c .O
W �
�a
t6 O
N
(0 �
t O V�!
� � N y N
N � ��
A a' p� C �'
m O o .d U
�, V U C
C ' 1�0 O � N
C N C� O N �
W} � ; o N -
� � � a
�, ¢
F°- v a w�� a
M
O
N
T
M
M
Q
M
O
N
�
O �
O �
O r�
.`
�1 g
�' m
0 0
a �
� �
N
m
�
N
a
V� h
m �
� � O O N
O O �
M� � r r r
aU
N �
O�
w
�
d
�.
�Y
.�$ �
N
d n o �
� rn o i.
> �°n 'i h
Y � O
� N V e�-
m N V
r
� � O h
7 �p
� N � N
O� O
Uf f0 t7 h
� N V �
� N '
�_
y N
Q Q� U r � rn o n
_ � p � oi � �c
�� N N � rn � o
� � (� � a ^ o '
Qi� N `C
� � M N �
0 L
Z •O •O �
� � � � y y N N
O O O � �
T a a t O N N
i. �
� O o
a o 0
m ar o
rnu o n
�o c a N
�
> A o
Q m n'
� �
z
Y
U �
W >
_ �
U F
N
F-� H v i3
> > c y
w C� (� A �
y z = m N
� � � C
� 7
O O N C
Q �
L
N
N
ik U
c �
d
« ~
y N cD
� N N
C N N
V
z ,� �
a v � �
W N N
U_
U v}i cYi�
�
�
I
I
1
I
� Q O
n
O N
O �
� LLI
O �
a n,
f
a
O
N
th
O
h
a
g
d
0
�
City of Palm Desert
Xra.76Wiee, d fnuedtinent x1
ECONOMIC COMMENTARY
According to the minutes of the Federal Reserve's March economic policy review,
Fed officials are actively debating whether to wind down their $85 billion -a -
month bond buying program after midyear. They have become increasingly
concerned about the potential for instability to the financial system, a sudden
rise in interest rates, and inflation. Repeated rounds of Quantitative Easing
("QE") have produced short-lived bounces that have pushed a weak U.S.
economy from the verge of recession. QEs have also created a stock market
"bubble", however, as elevated profit margins have created the illusion that
stocks are reasonably priced.
Obamacare may have a significant impact on consumer spending, which drives
U.S. economic growth. Rising insurance premiums prompted by expanded
health benefits; spiraling claim costs; the overseas outsourcing of R&D jobs
to avoid the Medical Device Tax; the conversion of full-time jobs to part-time
jobs to avoid the Obamacare mandate; reduced work hours for part-time
jobs; higher payroll taxes; a reduction in flexible spending account caps; an
increase in the threshold for the medical itemized deduction, will reduce
the amount of disposable income that consumers have to spend.
A federal bankruptcy judge has ruled that the City of Stockton, California can
file for bankruptcy under Chapter 9. Seven other Califomia cities may also
be headed in that direction.
yau1 S. gamin, L'.e 1t.✓� : �`
City Treasurer
* Certified California Municipal Treasurer
PORTFOLIO STATISTICS
2013
,Wiee4
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 MAR-13 FEB-13 JAN-13
DEC-12
NOV-12 OCT-12
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
$ 197,943 $ 201,340 $ 198,185 $ 192,086 $ 194,781 $ 195,056
$ 197,962 $ 201,384 $ 198,223 $ 192,120 $ 194,809 $ 195,071
$ 19 $ 44 $ 38 $ 34 $ 28 $ 15
$ (12,660) $ (11,127) $ (32,215) $ (14,228) $ 1,165 $ (828)
$ 56 $ 52 $ 55 $ 54 $ 58 $ 64
0.34% 0.34% 0.35% 0.34% 0.37% 0.39%
29 28 29 31 29 30
0.02 0.02 0.03 0.03 0.03 0.04
All data as of March 31, 2013
PORTFOLIO CHARACTERISTICS
March 2013
Dollars in Thousands
Maturities Market Value
<1M $ 171,612
< 2M
< 3M
< 6M 8,703
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 180,315
Ratings Market Value
AAA or Aaa $ 96,473
AA or Aa 4,677
A 4,025
Unrated 88,695
Total: $ 193,870
Assets Market Value
County Pool 88,224
LAIF 49,720
WF/LAIF Bond Proceeds 25,420
City Loan to RDA 13,555
MTN 8,703
CAMP 4,009
WF/Bond Proceeds 4,239
Agencies
Total: $ 193,870
Month Citv Yield LAIF Yield Variance
Apr12 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
Sep 0.39 0.35 0.04
Oct 0.39 0.34 0.05
Nov 0.37 0.32 0.04
Dec 0.34 0.33 0.01
Jan13 0.35 0.30 0.05
Feb 0.34 0.29 0.05
Mar 0.34 0.29 0.06
/
Maturities Distribution
100 95
80 -
e
0 60 -
1: 40-
0
a
20
0
0 0 5 0 0 0 0 0
r-t
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality N
Asset Allocation M
County Pool
46%
Agencies
0%
LAIF
26%
WF/LAIF Bond
Proceeds
13%
WF/Bond City Loan to
ProceedsCAMP MTN RDA
2% 2% 4% 7%
Performance M
0.50
0.40
0.30
0.20 -
0.10
0.00
Apr12May Jun Jul Aug Sep Oct Nov DecJan13Feb Mar
®LAIF Yield OCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
March 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 March 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 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,
Yazds Oka, ee.JL
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 Maximum
Investment Category Maturity Limit
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
5 Years
No Limit
5 Years
Mortgage -Backed
Securities
L.A.I.F.
5 Years
5 Years
5 Years
180 Days
270 Days
5 Years
1 Year
92 Days
5 Years
90 Days
No Limit
No Limit
No Limit
5 Years
90 Days
5 Years
No Limit
No Limit
No Limit
No Limit
40%
25%
30%
No Limit
20%
30%
20%
No Limit
No Limit
20%
$50MM/Acct
Minimum Maximum
Quality Maturity
A-1/P-1
A
AAA & Aaa
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
No Limit
5 Years
City Investment Policy
Maximum Minimum % of City
Limit Quality Portfolio
No Limit
No Limit
Not Authorized
Not Authorized
5 Years
180 Days
270 Days
5 Years
30 Days
No Limit
40%
25%
30%
20%
A-1 or P-1
A-1 or P-1
AA- or Aaa
5 Years
90 Days
90 Days
No Limit
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.
Not Authorized
30% A
20% AAA &Aaa
Not Authorized
Not Authorized
AAA & Aaa
50% (1) I or Advisor
Not Authorized
$50MM/Acct
(2)I
4.5%
2.2%
47.6%
38.8%
93.0%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
March 2013
% of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 4,009,043.87 2.03%
CITY LOAN TO RDA 13,554,999.95 6.85%
WF/L.A.I.F. BOND PROCEEDS 25,420,180.16 12.84%
FEDERAL AGENCY -- COUPON 0.00%
LOCAL AGENCY INVESTMENT FUND 49,720,114.43 25.12%
WELLS FARGO CORPORATE TRUST 4,238,690.70 2.14%
CORPORATE MEDIUM -TERM NOTES 8,684,250.51 4.39%
RIVERSIDE COUNTY TREASURER 88,224,114.25 44.57%
TOTAL BEFORE CASH $ 193,851,393.87 97.93%
PLUS:
CASH $ 4,091,942.96 2.07%
GRAND TOTAL $ 197,943,336.83 (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.
�
�
W � �`
W d � ch
�
Cf o
� � N
Q � O o
M
d � •O .L
O�oa
�aa
V
V> r�i ��� o c�o m N
�� fV N N O OD C7 �y
v o c o 0 0 0 0 0
W
h
�o
e�
E.- �.- � � N � I o�
� � N
H
o- �.- � �.- rn � I�o
M {a
Q Mc �
i
\
w N � N 1� '7 CD �
p � c0 O> O a '- •p �
O
� .p N <U � N (V V � O
O O
a �
8 7 � O�i N N a M on0 {�
�p f� oi h Oi aD Ki �
N Of OD � N �
m� N � CD N W V �
a
11� � `�7 1� � (n0 N T
�
� .�- N V � oD � M
�i
o�
�
� N � O�i N N � � � Ip
7
�; In Of 00 � N f0 �A n
A �n rn m u� a n
� N � V f� � (O N �
N
v) �u) rn� a0 a0 M
N � � �
OI
r
a 7 `C rn N N � O a~O �
% 1�A O�i � � tN O � �
�
� � � 1� � (O N �
OI
� � N Vrn' � ao � N
�
OI
�
� 0 F N
�
o LL � z �
a o W F� N
W Q �
Z w � �- N �'
� � w a i �
w o a z O p�
Q � O �, U W �
C ` O m W d' W O C
y w Q��� q� o m
�cn o Q � cn o'� E
Q� LL � w p> >
C U U� �� U� C
0o I�
O N
�n
0 0
� IN
� � �o
�
�
v
�
�
O
4i
M
v
r
a
vi
V
v
�
n
b
M
Of
W
t0
A
o�
a�
r-
o�
�
N
W
�
�
T
01
T
OI
<O
O
'a
�
OI
OI
�
N C
o �
�
U y
`� �
>
m�
c
�G T �
y c N
�a �
� U
� $c �
U a� H
T
U
� Y
� C
f0
�
� �
a�i �
� N
c �
a� �
N f6
N�
O —
C Q
7
� �
� �-
m U
N
. N
�j' .O
O
a�
.. o
c a
�
� �
�
i w
C N
O v
C �-
N y
� ;
l0
��
r �
N �
� �
N
� �
� O
aa
a� �
« o
� ��
� � `° a
p � � `o
O N � �p
F ^
� O 0
a�0i `�
� � > N
V N @ a
tL � � �
c c @ M
N
C � � �
; � �
� x w
(7 'y �p O
� � a�
o� o. �
rn o v N�j � m
C � � � O �
� � � � � � �
W � M C � �
O 7 �
Y � p �V7 = .O
C �O C O
� � n. X O
o a� d a
M �L, N y
.. L
.` L •- +.,
Q 3 C O
y �q C
<J C ,O �
� O � y
2 "' V l0
� t — y
��� �
C .-� ,0 T
' �- U
,�y o
61 � O � � ~
C � O y �
� � o y �
m O °' t ' U
� T a�+ N O
c af6i p R�' E H �'
� } d � aNi vi
> >
W � � � � � C .
a_
f°-� c� a' w� o� a
o a
� Q � �
V � r
� a >
O Ir
�
o a �
a �
a
M
O
N
O
M
4
M
0
N
O
O
�
0
.�
0
a
�
�
0
�
N
0
�
0
m
0
�'
m
ar
�
R
a
�
�.
�
� �
� � �
W d c'�
� � � o
� C � N
J ev tn o
� M
�' O � 'i
O� oa
� a° �
O
a
��,
«�
�
�
�� � � � � � � � � � � � � � � � � � �
TV � � �i � �� � �� �
G `O
�
V'� M r�i � �� m �� � �� �
� M I N I N N I N N I N
� o 0 0 0 0 0 0 0 0
N I
�
O
�
� m M M
�
� O O
H
� � 1+N1 V
� � � N
Y n r �
8 h 01
m � �
�n ui
y O � a
7
� � � N
Y O n O
� in n
� � N
� � � a
� � � �
� �. n
"° o n o
a � N
� N
d�
��
ro
�
'
a
Of V �
� C O
l0 �p
Q m O O
n
� �
J �
�
�
�w
�
U �
� O O rn
� o o �
y a 2 N
�' a a ¢'
� � 9
Q Q lC0
� U U �
� O
a
�
� � y
N �
a
� z �
� W � T
�
W
Q
2
Q
�
H
� �
a Q M �
t�i U vri vri
�
N
O
0�1 �
O�a}i O�yl
� N
� �
W Oy1
rn �a
� N
ri vi
� b
� o�
� �
v
� �
� �
�
O
N N
� �
n A
� �
N N
N N
o°Do w
� M
v v
� N
N N
N N
� �
M �
�
�n N
N N
V
N
O
N N
� �
� N
� �
v a
N N
� �
N h
n i.
oi oi
c a
N N
� �
oi ri
� h
� �
� 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
0 0 0 0 0 0 0 0 0 0 0 0 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 m m m m m m m m m m m m m m m m m
Qa��Q�Q Q�� Q�Q� a"Q"Q ��Q`°
O<t O O O O O O O OD O O � f0 O
O O 1� O O O O O N O O f") O O � �f1 O O
O�I� O O O O O O O C f0 O O Of C O
� � N � �
O�i � (O � (D �
o a o 0 0 0 0 0 o ao 0 0.- � o 0
O O 1� O O O O O N O O f� O O�--
0 0� o 0 o c c� o c o 0 0� oi o 0
y�j pp pp � e- 01
p�j � (p a0 fD �
O Q O O O O O O O GD O O � �O O
O O f� O O O O O N O O 1`') O O � �C) O O
0 0 � o a o 0 0 0 0 0� o o �� o 0
�� � � � �
rn tO � a�'o � °n�°
N N N N N N N N N N N N N
0 000000 00 00 00
` 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
� n � n � � � n � i. r� n'n
0 0 0 0 0 0 0 0 0 0 0 0 0
p�i p�i M
� O M � LL lL LL. LL LL lL lL lL LL LL lL LL LL LL IJ. LL lL U.
T � 1�0 � � � � � � � �2 � � � � � � � � � � c1
LL Of P � � � � � � � �2 � � �L � � � � � � �
n � a n cn �n tn v� <n tn v� tn rn cn v� tn <n tn v� v� tn v�
� W N V � 7 � 7 > > > > > > 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�
t- �n ��� ��� ��z������ �z�
� W » > > » > » > » » > > »
�w Z �n v� h cn N v� v� �n �n cn tn v� �n �n cn cn �n cn
u� u� u� u� u� t�i u� u� u� u� u� ug u� u� u� u� u� u�
O � � � � a' d' K � � � � � � � a' � � � K
y U ar y t- F F F- F- F H H F- H F H I- I- I- F F- H
� Cf 2 Of O) W W W W W W W W W W W W W W W W W W
a� w � � L c� c� c� c� c� c� c� c� c� c� c� c� c� c� c� c� c� c�
a > ¢ > C? > H F F la- H H F Fa�- F¢- H F F 1-a- Fa- Fa- H FQ- Fa-
LL Q J Q Q Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z
O 9 Q 7 �'=' � Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
F � (J N Q q �� i i� i � i� % J i J i� i 1%
O O 0 � � � 0 � O 0 � 0 0 O O O � O
�� °� o ��� a a a a a a a a a a a a a a a a¢ a
0 o Z o y
a a � a �
> > LL � �
M N � N �
y Z W ~ F� F- F- H H F� 1- 1- F� F F F F� F� H F F-
� O O N ch O N O N O N�"� O
a W I- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
W co � Q r� M � i. n n eo co ao rn rn rn o 0 0 0 .- �
W r�i F- 0 2' •- � � v v v v v� v v v �n �n �n �n
U r� y o p rn rnrn rn rnrn rn rnrn rn rnrn rn rnrn rn vv
Q N W N a c0 a0 c0 oD aD c0 OD aD OD aD aD c0 00 a0 a0 a0 N N
Q � a � Z � O � � � � � � � � � � � � � � � �
� Z �' V
O m O
Z C� F- H- F- V� 1- F- H 1- H H 1- F� F- 1- F- F 1- t-
W � O O N('7 O N O N O (V C7 O
2 LL� � Q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
cn c� n. n r r ao ao ao rn w w o 0 0 0
a ' o Q o LL �.- v v c v v v v � v v �n �n �n �n �•-
� Q rMi J o � rn rn rn rn o, rn rn rn rn rn rn rn o, rn rn rn a v
J c� Q N J ao ao m m eo ao m ao ao 0o ao eo co ao co ao 0 0
�J N N
tn LL (n V ln �yJ fn !n N fn fn (n fn fA !n (n (n fn !n (n fn (n N fn
V N > O r r r�}> r r r r� r r r r r �} r
3 !A J tA � (� (A N � fq N fn N(n !q cn fq fn !A N N y f�
�Q"' �
�
U n '�
o �
ryz �
o °'i r
� � �
a a ¢
a
�
�'
r�
0
�
0
m
�
0
r�
N
d
OI
N
a
�
�
�
c
E
m
�
W d � �"�
� � = O
� _ � N
J � N O
� M
4' O � '�
O� oa
V �- �
0
a
m
7�
N
�
� �
wU
A�
o�
U �
�r�
Y�
a
a
�
8
�
��
��
�
�.- .- � r- � �.- � � � � � �.- � � � .- � � '- � � .- � � r- � �'- � � � �
0 0 0 0 0 0 0 0 0 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
0 0 0 0 0 0 0 0 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 I 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 o c o 0 0 0
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 m m m m m m �o m
a a� � a� � Qa � �� a �a � �� a a� a �a a �a � �a a ��
N O 0') /0 O M O O O t0 f7 � O O O f� O O O O I� Of O O V f� O N O O� O O�
� O tt �[I O M O O O� O O O a0 O O O O O � O � O M[� O O O O(O O �
jp O N aD O O) O O O C7 01 1� O O O M O O O O O Of I� O I� O� OD O O O O O O �
) 00 O f0 OD O O 00 f7 � Of N O � N
Y � Of f�1 a0 � M �Q l0 l+1 f� CO N
8 O �17 �(1 � (h 1� � � f�0 N
m � M O �
V
y O fh t0 O(�7 O O O(O (� p O O O f7 O O O O I� Of O O � f� O� O O In O 01
� O V� O(") O O O�'- C� O O O OD O O O O O � � O � O M O O O O(O O V
j0 O N dD O� O O O[7 W 1� O O O C7 O O O O O Oi h O I� O 01 0� O O O O O O
� � � M O�D O � C��1 O� � (�O M � 00 IN(1
Yy O u1 ui � O (V � �O N a0
L W M O � �
� � � Y
m o �n ro o c� o 0 o co r� v o 0 o r� o 0 0 o r rn o o v � o v� o o�n o w
� o v w o c� o 0 o rn � r> o 0 o co 0 0 0 0 0.- � o.- o M r� o 0 0 0<o o v,
� o �i ao 0 oi o 0 o ri oi i: o 0 o ri o 0 0 0 0 oi i: o � o oi ac o 0 0 0 0 0
00 O t0 OD O O OD M � 01 N O �A N
` � � p1 OD � fh O� (O M 1� CO �fi
10 O �� � c�+f uN7 ^ � f0 N
a rn r� o �
.- .- a
N �
L �
�
�
a
md
��
LO C
A
Q m
`m
a
�
e
�3
d
C
a
�
�
U
F-
N
�
�
H
W
�
�
a
�
�
U
O
�
�
LL
J
J
w
3
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 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
N N N N N N N N N N N N N N N N N N N N �V 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 O O O
� n n � n n � n r� n n � 'n n n n r� rn n n � � n � n � n 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 0 0 0
lL LL 11. LL LL LL lL LL LL LL lL lL LL lJ.. LL lL lL U. IL LL LL LL IL LL LL LL LL lL lL LL lL lL LL
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � N � � N � � h � � N � � � � � � � � � � h � � �
> > > 7 > > 7 > > > 7 � � > > > 7 � 7 7 > > > 7 7 � � � 7 > > > 7
J J J J J J J J J .J J J J_l _l 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
� �- Y � � � �- ?� } � �- Y Y � )- Y ?� Y � r Y Y Y } Y �- � > � T �- Y �
� � � � � � 6_' d' � � � � d' � � � � d' � K R 0.' � d' � � � �.' d' a' d' � �
7 > > 7 � 7 � > > � � > > > > 7 7 > > 7 � > > > > � � > > > > > 7
NQ(Q� Na ta� hQ NQ yQ tQ� NQ Na tQ� NQ tQ� tQ� fQ� NQ NQ yQ NQ NQ yQ(Q� (Q� !Q� NQ lQ� yQ NQ(Q� NQ NQ(Q� lQ�
u] W L�7 W ti] 111 li] W W W ul W W W W W L�l u7 W W W lil W W W lil W li] liJ W W W W
� � � � F � � � F � F � � F F � � � � � � � � H H 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
c7 C� C� C� c� c7 C7 (7 C7 C7 c� c� C� C� C7 C7 c7 c� C� C7 c� c7 c� C� C7 C7 C7 c� c� c� C� C7 C�
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
1- f- F �- i-- f- F- H H h t- F F F- f- f- f- F F F�- F- f- F F f- F- f- F H H F- F-
Z Z Z Z 2 Z Z Z Z 2 Z Z Z Z Z 2 2 Z Z Z 2 2 Z Z Z Z Z Z 2 Z Z Z Z
a aa a aa a aa a aa a aa a a¢ a aa a aa a aa a aa a aa
> » > » > » > » > » > » > » > » > » > » > »
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
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
F� H F H F- f- H F F- 1- F� H H H H !- F- I- F F F F- F- F H F F F� F� F- F H F
N(h iA f0 f� aD O> O N I'� a� f0 OD O) O O ch � O N[7 O N GO O � N
O O� O O O O O r- � �'- � � � � � N O O O O O O O O O O O O
.- .- � � �.- �.-- � �.- .- � � � � e- N N N N a0 00 a0 a0 aD a0 oD
� f� h I� f� O O O O� W �� Of ��
v v v a v v v a o v v v v v o v v v v v v v ao 0o co ao ao ao ao
N N N N 1� h h h� ���f1 IA N�(1
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 C7 f�1 l`9 l`'1 C7 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
F F F F F- F- h- H F- F F� F- F- H H H F F- F- F- F- F H F H F- F- F� F H F H H
N c7 � N f0 h �� O N M � N(O OD O� O O l�1 O N('7 O N aD O � N
O O O O O O O O.- .- N O O O � O O O O O O O O
N N N N c0 c0 aD c0 cD aD a0
� � ^•- •- •- =^� �: =�•- � i: n r� n o 0 0 o rn rn rn rn rn rn rn
a v a a a v v v a a e v o v v o v a v v a c ao ao ao ao ao co m
N N N N 1� 1� f� t� N N u7 1n 1t� h 1n
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 M P7 f7 fh lh ('� lh
N N N N N N (V 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
} y } } } } } } } } } } } } } y } } } } } } } } } } } } } } } } }
���������������������������������
�
�
N
N
N
V
�
rn
�
v
A
9
0
a
�
H
� Q o
�
O �
•a a�
� �
o a
a �
a
f+1
�
M
0
�
d
0
�
0
0
M
a�
rn
a
N
a+
C
W d �
� �
W d
0 � � o
� c , c�
J c0 vi O
Q � � M
a o � •L
d
o� oa
� a° �
O
a
y c+� r�
�O N N
;, � a
� o 0
� A � �
T1U M O I � �) OD
o� '
� � o � � rtDi n �
� � ol o ol o 0
a Q � m
� I �)
�r � a�o M r`Oi
� � � .- o
N
� N� M, Or0 C�0 1p
� � (��1 � � � p�j
Y f� 01 V: V �
p � r � � � �
mO t�0, i^O �, N N M
V' �f OD '�, 0�0 O�0 W
� O�t V II GnD 00 Yf
7
W � N ' � �N V
� � a V n
� O (n0 t�0 N � �'N'f
� � < CD O�D C�D O�f
� o 0 0 � � �
� o 0 0 � � ,
� o 0 0 � �
0 o a a � �
" o � � a � �
a o� �o N N w
v o ao � � �
y N .-
A A O O
L G N N
� o �
�
a o .-
01 t��i � � e�-
� a �ri �ri
� � � M
Q m � a pp 1�
U a V
J d' � �`! O
�"' � � Z CD O!
Q = LL �
� W Z
V � W
� U �
�
U � W p�
� W O A Z A �
w � � m m d
>
a �> ❑ > a
a w a
v
w � � ° � �
N � � � a � 9
0
H a � a ~
# y W y
2 0.'
d � NQ
� W �J �
> � N °� � o
c
� �
� Z
W �
� O
W U
�
� _ � �
fD
a C� a � ,a
N
a N � W O
c.'i U rfOi m � t}i�
� Q o
vi
U �0
o ai
� �
O d
a �
a
�
�
r�
0
N
�
m
�
�'
u
a
N
o�
io
a
r
� �
C
N
W d V �"�
� � N N
�
Q � °' c�
� �_�
a o o •L
O� �a
� a° a°
U
$A m
�V � � � �
G �
�
� � O O O N
M O O O �"�
� O O O 0
N
a
V
8
�
m�
��
y
7 c�0 � a�D N
N C7 Oi O y
� N (O c�7 l'�
Y �
8 f0 f0 � OD
m ��� �
� �,
�
d (�O � � N
7
� � � � �
� uY (O M
N t0 (O V
� M aM0 C� �
� M W
d ��� �
� ���
A M�� �
� o
�n <o r� o
1O o M �
a � oo r� �
� �
.-
y � N N
w �
t O N N
� O O
a o 0
d d o �
A c �
d� o '
_ e�
Q m W � �:
Z 7 O o
� � W �
~ ~
Q. J J
0
N � �
W �
� � a d :.
� J Z C C
O � m
y a � FQ" � E
p~a' �+1 d a�i
W � rn c
N U �� Q A
H =
Z w
� R
ik Q U
� V o
y � 10 M N 1-
C Z M � �
Y
U
W
S
U
Y
Z
Q
m � � N
Z o 0 0
n, � c� M M
� � � �
U � N N �
� Q o
n
U �0
.o a�
� �
�p a
i
a
�
�
�
0
N
0
�
0
m
0
¢
c
U
Z =
W � 2+
a d � M
� r
� � � N
v�i � o M
W � �
U �� �
U •�
Q
a a° �'
I.f.
V� � r� o� o o �
t0 ! O O N
�'� N C� N O O �
F�c o 0 0 o ri o 0
�
N
n
€ � � � � rn �.
rn
f ri � e�-
w� ������I�
�� � �
�
o� �
�
�
a 0
O� � O N O OD O�1 �
e o n� c�i o � �
0
a° o
Y W � N W N O GO Q)
8 7 � c0 N N O c� �y
mA��"'noo �
> ro r� �n�} o o co �
O � t0 � N N n
<t
<O N N t0 00 p
� N f7 N N ID
� �
�
«� i[1 N Of � O GD p�
y� V (O N Ln O M N
���oo
A> � r� c� o o� ^
� O � t�0 � � N �
f0 N N (D GO n
� N (�'1 N N 10
� �
a� v� N� o r°pi N
q ui oi �ci o o �
� (�O I� C� O O a�0 �
(�O N N � (�O aND �
� N (h N N 10
� �
� Z �
W � u�. � �
�
rn 7� Z O w
o � a W � �
O � � W W a
a � � z z O
O � Q } W U
c 00 � � w � � c
� LL � W Q } l¢i �
N 4 a' �"i U' VJ! f�EN
> li � Q U Z W >
� � � c� � w � 5
� I M
O N
M
c o
-- I n
M
�
� I�
�
M
�
O
N
N
�
M
�
M
N
M
�
l`7
N
�
oi
M
OI
�
M
t0
�
�o
�
01
M
�
�
M
1D
�
t0
a'�
�
Oi
Nf
O1
�
/'7
t0
�
m
�
y C
o a�
m �
� �
U �
`� �
c
�, �
y T C
� � �o
L � t
� � N
V! � .-. a�i
U a� H
v
ar
v_
� o
a
d c
I� � o
� m
N p
I X �
m �
QU
o ;o
m
c0
m �
I 7 �
h
=�w.
�p N
a�a
i >. � �
U _-p
� �
O
, a .� �
' °�v
I E m N
a`�iwY
� � o
' °� d
� o :° �a
��a
N
i � � �
, ln10�
� C v �
N '- O
� � �o
�.?�
Q.' O
� �... a
c�o�
d �L
���
' ��0
�
� � ��
w� w�
�
O � M � c�i
�
� � o c O
G1 �
R' ��o
a
N � � a
o� o
LL
U `� �
o �
C �
� Z L �
� y F- N
V1 w
� � � O
�y N �
�� � a �
\ w yx �
c� rn o� c0 ❑ m
c ao v, N U��
C� Q O O f0 �
�1.� , � � C a N
�'' � p�j ��l U �
c
� ao � p� co
� aQ a
a�i t `o Q
w y
� L y N
Q '3�'N
� �n � °�
'a � � �
E�= °�
� � c
U w �
O C
c a
'y °��' � iL
y � o c � F-
c d ° Y � �
R � a rn U
m o a� c� U
y T a�+ N V` O
�
c � •� � E � ,�
' a
� } N > j - � �
W�p N � V.0 � N fn
i3 N CI Vl •� � j
� U a w� m E a
� � � �
Q Q " �
p '� r�
�
o ai >
c
� a g'
a ��
a
M
O
N
M
�
�
0
N
0
0
v
0
a
�
C
�'
O
a
�
�
�
0
m
m
❑
�
� •� � . '' . N ' cn a � �
� �c i N oa� �
� 1O i o Q: N
a � O O a� >
C
� M � f0 f�0 t�0 (�O f0 (�O �� (O � fn0 � I � t�9 � f0 � I O O O O O O O O � a d
N N(V N(V N N N N N N M Nf 'i e� � N N O O O O O O O O � �
� o 0 0 0 0 0 o c o c o o I o, o I o, o I o' ri ( ri o c c c o o a a
y� r � � � � � � � � r � � ��- � � � �
�, V li � i� °� °i II
o a I m I I I � I � m m �o m m m
� I I aI I I I I �� I �� ��Q �
0
�m � � � � � � � � � � � � � ��pT o
jp N N N N N N N N N N c7 � N O '�
y� o o c o o c o 0 0 o I c o i o r� I
N M CO PI t0 � f0 t0 N N N N I� � O! ! tn 1q I' O O' l`9 O O O O N
7 �7 O� O� V � O� V e') � t0 �O � N N i tn �q , O O� O O O O O
j m r�Oi N n N� " u�'i rn m oo �I vi vi : ri ai i vi wi o o c o 0 0 0 0
Y <o .- n � u� m cv rn rn rc eo i: n', oi e%� , o 0 0 o I
g o c�i vi o ui rn r ri ri �c �ri , o
��o�o���a o� a g ��' � �'� ��
m �D a0 � I� aD I� O ch � tD t0 N N I N N (O t0 i
�� N � M(O 1n � f7 (O N N N lh M ii N N I
� � � � � � �
II I � i I
ry M CO C� f0 W t0 (O N Mf N N T 01 N Iq I� O O C� O O O O �
7 U> O� � <<n O? �� M � f0 10 � N N uY U7 � O O O O O O O
�p c� f0 cM � O.- eM O� u'i �[i Hj ' M e'1 ui N O O O O O O O C
> ao � N � N �n O� a0 a0 � f0 e0 O O �
t0 f� � f0 N O� Of (O i0 (� h M p'f � O O O O
� O N N O N 01 1� M('7 (O 1f1 O V I st � � T
�o rn o r o �o u� ao v o � � � m .- I �n �
� c0 OD f� c0 I� O C7 � t0 t0 N N N N t0 tp
� � ��('7 � l'7 (O �[1 � M tD N M Hf � ('� �'f N N
N � � '- '- N N
V � � ^ ' �
W d �
Q � y N M OD M (p W f0 fp N N N Of OI I tn 1q O O fh O O O O N
Gi ; M 7 N�� V�� ��7 M � � (O tD N N i � N O O O O O O O
�/ � � i0 [M t0 M N O�- c'� 01 � � � �ff f7 �+j 1[7 If! �� O C O O O C O O
li � O � oD � N � N N W cD EO e- f0 f0 O O
O� N � �O I� �n f0 N O� � t0 i0 1� 1: f� M O O O O
= 1 �0 O N N O N Oi I� (+7 C7 f0 N O p �{
iIl O a (O � O h O c0 �f1 GD < O V V t0 1�0 ' .�- � N N
(/) �( �c ao � ro n o r� u� �o t0 N N N N I t0 t0
IA � M N V N � f7 (O In '- (h f0 � N N (h �+f N N
V/ � '- �- � �
V •O � •p,� '
�/� � O a ar °' I °' � � � � � �
VI O � y � p
N O O O O O O O
Q a L � ,, N N N N N N �V
O �
O � M O O O O O O
� d n' o 0 0 0 0 0 0
O> O n eN0 N I N O
d� O�! � t�0 I t�0 O lL lL LL LL LL LL
> 10 O 1� b � M O � � � � � �
Q m Of O Oi �� ��� �
H N T I A 10 (n (/� tn (n (n (n
M Z N p.� ' N � � � � � �
J J J J J J
� �
a a a a a a
F- F- 4- {- F- F F F- F- I-- �' ¢ F� Q' ���� a'
K K K� d' d' �� d' � Z tA d' 7>>� 7 7
W W W W W W W W W W W Q � �Q yQ yQ yQ yQ yQ
� � � � � � � N � � W W W W W W
W W W W W w W W W W � � W �
0 0 0 0 0 0 O O � 0 �
� � � � � � � � � � � d W d � m � y � y � � � � � �
d J J J J J J J J J J � � � O � OI J � W W W W W W
7 Q Q Q Q Q Q Q Q Q Q � Z :° O ` Q � Q Q Q Q Q Q
a a a a a a a a a a a d m a d � d a d ������
� LL lL LL LL LL lL 11 lL lL lL � O > > � > >
O Oy O} O> O O O O O} O} c O C � C LL C � C Q Q Q Q Q Q
� F F- F- �� �� F F- a p A a A Q A � �0 0 0 O O o 0
�v� cic�� ��� �� a 9 g �� o-' � ���¢a a¢a a
0 0 0
a � a a j a � a �
# y � (% � � j � �ry � y �
� Z O W F- H F F- F- H
E W f�0 tD (NO (�O �(�O On0 0�0 G�D O�i Q p a W � Q N N N N N a
y w o 0 0 0 0 0 0 0 0 o W�• ~ g a �,n �n ,n ,� ,n in
m V o'� r� M M M r� �"� M r� M v Z F- �.. a o 0 0 0 0 0
� ch �n r> ch r� r� � co M r> d' cv W ao y v v p rn rn rn rn rn rn
c O � � � � � � ^^� � F}- o � i W � Z a co ao ro oo m w
F- �2 > �o W M 0"'
Z N
Z j Q �. W C1
O � Q V W � �
m U � �Z p U' 1- F 1- F- H H- o
�y o N r� v�n n ao rn o W � � z Q o 0 0 0 0 0 �
� m<o �n <o cc ao m ao rn
— o 0 0 0 0 0 0 0 0 0 � � W Q } N LL. ,N ,N ,N ,N ,N
r� cn o'� e'� o'> c'� r� o'� i"� c+� (�qy a ry� c� o 0 0 0 0 0 0
a J N N N N N N N N N N !Tf O Q � Q � � � J �� ��� p�p W
N iy, in iq in in in in in tn in in j v� tn V cn W o W in in in v� N tq o
� r}> >>>- >>-� � > Q y O� Z
U � fA (q t!i (n N N(n tn tq tn � � U � J tn W N � � j N�q �ry y� �
�
N
N
m
a
U c
+� �
c
wd�
Q d � ch
� � � O
0 C � N
Vi Ri N O
�i — M
V •� � •�
�� oa
a a° �
� a°
Z' «
70
�
U �
'�F M
>
sA
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 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 c o 0 0 0 0 0 0 o c o 0 0 0 0 0 0 0 0 o c c o 0 0
������������������������������������
�����������������������R������������
c�a���a������a��a����aa�a����aa�a���
��
��
�
d o 0 0 0 0 0 o r� o 0 0 �n ro o o M o 0 0 �n o 0 0 � o 0 o a o 0 0 0 0
� o 0 0 0 0 0 0 0 0 0 o r� o 0 0 oi o 0 0 0 0 0 0 0 0 0 0 o rn o 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0
N n
Y O
O �
m r�,-
d O O O O O O O M O O O N f0 O O M O O O lh O O O d1 O O O f O O O O O
� O O O O O O O O O O O C� O O O C� O O O O O O O O O O O O O� O O O O O O O
jp O O O O O O O O O O O� O O O f^O O O O O O O O O O O O O � O O O O O O O
% N 1�
Yp�'j O
L d'
� �
N O O O O O O O C7 O O O N f0 O O e7 O O O M O O O (� O O O� O O O O O
7 O O O O O O O O O O O c7 O O O l'7 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 M O O O (r0 O O O O O O O O O O O O O O O O O O O O
N •- h
� o
a �
y �d"
A
LO
�
�
a
a� �
rn c�
�ac
10
Q c1°o
d
N
�
�
N
�
c
a
N
�
U
F-
�
�
�
�
w
�
O
a
�
0
U
O
�
�
LL
J
J
W
3
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 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
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 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
r n � r� r� � � n n r� � � n n n � � � n n � r� n n n r� r� � r� n 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 0 0 0 0 0
LL. LL LL lL lL U. LL LL LL LL LL LL LL Il ll LL LL LL lL lL 11. IL LL IL LL LL LL LL lL lL lL lL lL lL LL LL
� g� i i� � �� � �i � �i � �� i �� � �i � �g � �� � �� � ��
� �� � �� � �� � �� � �� � �i � �� � �� � �� � �� i �� � ��
��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ��� ���
> » > » > » > » > » > » > » > » > » > » > » > »
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
��� � �� ��� � �� ��� � �� � �� � �� � �� � �� � �� �a' ��
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
(Qn (Qn tQn fQn (an f¢n tQn tQn (Qn (Qn (Qn fQn (Qn NQ(Qn !an tQn (Qn IQn (Qn (Qn tQn f¢n (Qn fQn fQn tQn (Qn (an (¢n tQn tQn tQn (Qn (Qn tQn
W W W Il1 W W W W W W Ll] 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
� � � � � � � � 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
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
F F F- F- F- f-- 1- F- F F H H F- F�- F�- F-- I-- F- F- !- F H H F H H F- F- F- F- H F- 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 2 Z Z 2 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
> i> >» i» > i> >» >» >>i >>> i» >» >» >»
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
� � � � � � � � � � � � � � � � � ~ � � � � � � � � � � � � � � � � � �
N c7 O N l'7 O N M a O C7 f0 O N M O N M O N lh O N M 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
N ����O �O (O (O f0 CO 00 00 00 ���� N N N N (�7 lh f7 C� lh N N � N f0 f0 t0
�n u� u� �n �n �n �n �n �n �n �n �n �n �n v� u� �n o 0 0 0 0 0 0 0 o n n r�. � r� n 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 0
rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn o 0 0 0 0 0 0
co ao ao m m m ao ao ao eo ao ao ro ao ro ao ao ao co ao m ao ao ao ao co m co ao 0 0 0 0 0 0 0
� � �.- .-- .- � �.-- � � � � � � � � �.- �.- r- .- r- �.- .- .- .- N[V (V (V N N N
H H F F- F� F� F- F- i- F� F- F- F- F� F- !- 1- F- F� F- H F F H F H H F- F� H H F- F- H F!-
N c� O N M O N f%) O M(D O N M O N M O N M O N M O N
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� o 0 0 0 0 0 0
V ��� N�O (O c0 (O fD OD c0 OD CO � W W W(V N N N M C7 M M C7 N N N N t0 f0 1n
��� 1n � h tn �� tn tn N � h� � i(1 � i(1 � O O O O O O O O O f� 1� 1� I� 1� 1� 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
Of �� ��� � W Of � W� � W W W W W W W W � W W W � W W O> O O O O O O O
ao ao ao ao ao w ao ao ao w m m m eo m m m ro m m o0 0o ao eo m ao m m o0 0 0 0 0 0 0 0
!n !n tn !n !n fn tn tn N tn !n tn tn !n fn fn (n fn (n (n N N tn fn tn tn fn fn tn tN y f� tN �� f�
y}>-}}}}}}}}} }}r}}}}}}}}}}}}}}}}}y }r}
fA fn !l7 Vi VS � V fA (n (n �(A N VJ tn tp !A tA !n t/J fn !n N(n (� N(n (n (n fn (Q In (n fA tn (n
0
a Q r
�
�
� �i
� �
a a
N
�,
0
�
O
m
m
❑
�
M
m
Gf
10
a
� �
Z � �
W � E
C7 � N
Q m � r�
� � N
0 � �
�%% � N O
(q g M
v .� d �Q
�� oa
a a° �
� a°
�m,
70
N
�
U�
� M
�
o-
.. A
O�
i
�
�
�
$ 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
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 c 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
.- .- � � � � � � �'- .- �.- � � � � � � �'- .- .- � � � � �'- '- r- � � .- .- �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
aa� aa� ��� aa� a�� �a"� ��� a�� �a� ��� ��� ���
W O h O O O� � O O O C� � O O O C�? O O O� GO O N C� O O O O �{ O O O C� O N
7 O M O O O � O O O O CO M O O t0 O O O O c'7 V O� aD O O O O f0 l'7 O O O Of O �
; O O O O O n O O O O�� O O N O O O O�� O� OO O O O O N O O O O O O O
Y � '- O O> Of O .- � �
o � � �+ � r n
O N � n
m �
� O M O O O� � O O O GMO M O O i�0 O O O O M'�V O� OND O O O O�� O O O T O �
j0 O O O O O� C O O O M� O O N O O O O�'Q O� O O O C O N O O C O O C O
� V' � O O1 W O.- N �
'� � � n � T
� N ^
�
d
i
A
a
m �
W �
L �
�
�
a
d d
rnu
� �
Q m
d
�
w
�
d
�
>
C
a
N
�
U
�
�
�
�
�
�
�
a
�
�
V
0'^
V
�
LL
�
J
J
W
3
O M O O O� � O O O aM0 M O O(�O O O O O[7 � O� OND O O O O(O � O O O O) O.�-
0 0 0 o c^ o 0 0 0�� o o N o c o o W v o� o 0 0 0 o N o 0 0 0 0 0 0
v � o rn rn o.- �n a
c� �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 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
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
n r� r� i: t� n n n � n � r� n � n r� n r� n r r� � i: n 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
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 l.L LL LL LL LL LL LL
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � i � � � � � � � � � � � � � g � � � � � i � � � � � � � � � �
� � � h h N � � � � N N � � � � N N y y � y y � � � N y � � N � � � y �
� > > > > 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 a a a a a a a a a a a a a a a
� yr ��r �->� r�� �-r� r>r > r> > r� r>� � rr � r> ��r
� � � � � � � � z � � � � � � � � � � � � � � � � � � � � � � z � � � �
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
� � � � � ti � � ti � � � � � � � � � � h � � � � � � � � � � h � � � � �
u� ug ug u� u� ug ug u� ug u� ug u� ug u� ug u� u� ug ug u� u� u� ug u� u� ug ug ug u� u� u� u� u� u� ug ug
� � � z � � � � � � � � � � � � � z z � � � � � � � � � � � � � � � � �
t- � � f- t- � � � r- t- � � � �- f- � � � f- � � � f- �- E- � f- f- � � F- r � � � 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� C� C� C7 C7 C� C� C� C� c� c� c7 C7 C7 C7 c� C� C7 C� c� c� C7 C� C� C7 c7 c7 c7 C7 C� C� c� c� C� C� c�
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
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 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
a a a¢¢ a a a¢¢ a a¢¢¢ a a a a a a Q¢ a a a¢ a¢ a a a a a a a
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
('1 O N fh a� O N C7 O N N7 O N l'7 O N M O N (7 e► O N� � f0 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
t0 W O� O� � 01 M M ch [h (7 � �'Q � N N N u7 t0 f0 f0 t0 a0 aD a0 a0 aD N N N N N N N
r�n u� �n �n �n o 0 0 0 0 0 � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o r> r� ch r� r� r� �n
o M r� r� r� c� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o i.
O N N N N N /h M M ('7 C� M ch [h M C7 � M fh M M fh C7 ch lh (h (h ch ch p) p� � p> p� p� p�
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
N N N cV N N fV CV N N N N N N N N(V N N N N N N N N N N N N N N N N N N N
{'_ F- �. F; �". {-- � r t- �- r- �- � i-, r- � F; E- � r- F" � � r- � � � � � F" r- � � r;` ~ �
C7 O N M O N l") e} O N f7 O s� a
O O O O O� O O O O� Oe} Oe� 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 OI ��� f�1 f� C� M (h O O ���� tn � N t0 �p (O t0 00 OD OD OD CO N N N N N N h
I� �7 N u7 �� O O O O O O O O O O O O O O O O O O O M c7 e7 C� !'7 M Y�
O C7 (h fh c7 c7 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 !`9 lh c7 ch M M M M M ch M[7 M 1h M (7 0'7 C7 M 1+1 M I'� 1+7 Of Of O1 Of T Of O1
N N N N N N N N N N N N N N N N N N N(�V N N N N N N N N N N N N N N N N
fn N fn !n VJ tn In N t7 !n fn fn tn t7 (n fn fn tn N fn tn tn tn fn N tn fn (n tn f7 fn In fn tn !n fn
t�/i ����!}fi !p N N�(}/1 N u N N� N N tr �� t} !} N� fq N N� N N N y N� N
cna�
Q Q �
r
� �
o a
� �
d a
N
�
�
O
v
0
�
� ,c m J -
m 70
� �
a �
N
U� O O O O O �
?� O O O O O M
r- o 0 0 0 0 0
r o 0 0 0 0
.0, A � � � �
m+t �I �
O A
�
w m m m m
a � � � QI
�
�«
�
N
� o 0 o u�i n °'
N
; O O O 1� O
O�f O�p �
y N
M
m � t0
N �
� O O O � M N
�
ry O O O t� O i0
« O� OD Y1
N M h
� � �
V C � N �
� y
W � �
C7 � N
Q/y G% ;� 7 O O O N M N
IL � O i O O O f^O O A
CO C N rn oo v>
O � � a N o
W� N O � �
U o � Q N
� L O� y y N N N
Q f� � t � N N N
�i `
Q � O O O
� a a o 0 0
A c `� �
d 10 LL. U. lL LL p O
Q m � L�'2 N O�f
f/� !n (n Vi a0 T
� > > >
J J J J N �
a d a a
} r � �
� � s �
> » >
� � � �
u� ug ug u�
� � � �
� � f- F- �, rn
w w w w �
R �
y F la- 1-¢- F¢- > >
Z 2 2 Z Q Q
� J > > C C
� � O O � 1O
� Q Q Q Q � �«4
tA O �
� a
� � �
c
W F F F� F-
� F;- o 0 0 0
� � 1A N �
y u] in �n u�
rn rn rn rn
� a o 0 0 0
� N N N N
0
U
O
� F; � � �
Q o 0 0 �
N � � tn
LL �n �n u� �n
� � nr� n
d J O o � o
H J � N � �
W
c'� 3 u}i ��is v}i v�i
0
Q Q A
� �
o a
- i
� �
d a
N
�
�
0
Ei
m
0
�
�
•
�
m
C' g�
�
�
P. R
��
A
0 �
M
t�n,
o �
0
�
�
< <
��
a
N � �
� 4'
y M �
�N Me
� � �
O, �
m N �
2 ''''G ttl�
����
Q °? � o
� � i N
� t�0 d M
�� a �
v%� Q
0
0 �
N o a„
�L 4,
�G
s
�,
�
�_
�
O,
N
�
�+
�
�
i�D
t�0
r
� �
� °�
�, �
� �
o. �
N �
�
RO
t�
�
a
�'
m
a
N
N
0
0
$ �
o �,
�
�
�
U`
W
cD6
N L �
A {�
r �j 'N� y�
N N � %
b
� Q A
��.+ A
Z Vp
� y
v` � �'
� a
� �
� Z �
' U
Z
U
Z
4
m N
Z �
p. � N
U ? V�
Q4�
� ��
O �y
� a
4� d
N
�
�
�
�
O
A
O
d
a
� _ �ii �
O a�i � cy
T
� O
N
Q � � O
t^ O M
V �
z ° o 'Q
.O
� oa a
=a
V > r�i c� �
N
� W O O N
O
H �
f��f
C � r I
F-
r A � �
wU
� � i
O ,�
0
O � O b p
e O O O I
�' � O
O �
a
�d rn � � I
O 7 N N pp
O �p o
m> � � �
Q � i
u� �}
`r �A i
^ T
�
d � N u~'7 p�p
S� � � � OI
� �
� �
r
�
a � N � �
� � � T
v °�}f
� N
� r
�
� �
h a v+
> � `� >
C V g C
o � ,
O N
O �
I
N
� r- U
� f�
I c0
�
Y
I C
tC
�
I �
� � <6
�
, c
�a
�a
i �
, , Q
N
N
�
i t0
� >
� y
� � ' �
� N �p
� � i E
�
n O0 v
(V N �
� I �
r 0
� a
a
R � y a
, p ri c U
o m� > �
�' a� � m
N C
� N r Ng
� tV jQ �
rn a+ v ,o CU
n � ' w 3�
N lL
fV N C y
a � � M
� �� O
I m y N
N
� O .�
C a 0
� E �j c�
� � �o c cv
M N ��[7 1n ��V LL
p G I� M �y •- N
� � v a N o� a� .
ao c °D � a �
n � w N � �
N
c�i N C fy � L
� o v .: c
� � .- m o
� E
0 3 v�i
M
�� �0 `o
�' T �
Q '- N
�U C
C O
f� �
N �
l0 O
�+ v
— c �
�
y c `° '� �
p G1 t O N
� E '�' ' �' y F=
`� � � � � T
c a
m� � m � � � U
T C p� T G1 � U C
4�i � � C A O �
U a�i y �� 0 a' ' �
� v N N } N m 'o) C7
� V W �� Y pL
U � a
N �-'
A m o O O> >� L � c0
U a S F- I- U Q W F- � a
¢ a � �
x a � �
o-- ^
. �
o a� �
a d�
a
M
�
O
N
O
�
a
4
M
N
�
0
o�
�
O co
�� o
a �
C o
� m
� �
a �
�
� �
d
R
a
�NJ
«W
O
�
U �
��
M {d
u, v
� �
O�
w
�
m�
�
�
N
7
�
Q
m
d�+
C
� � �
C� �,,
�
_ � G O
�.- C � N
Q � N M
Z � � 'fl.
.o � a
� o 0
=a�
O
a
M M
O� O
�
I
0
�
O
N N
r �"'
41 N N
7
i � �
W
�
N
�
� N N
10 �
i � �
N
a
� Y
A �
=n
�
a
d 61
�u
c
> A
Q m
�
�
#
V
C
d
�y
d
C
� � `°
N
� � C
� I
� �
1
a
�
N
O
� � �
�
� � Y
r. r QI
� � �
r �
.-. � v
10
� � �
� p �
� � �
� n a+
u' � �
a r �
'- r �
ti �
� �
a�D �
� ti �
� a �
� �
� � �
N
N
0
�
0
. �
N
� �
� �
�
�
a
F-
z
w
�
w
�
a
z �,
� �
vWi a
N
Q c
Q A
U i�
M
a
7
N
N N
►� M
Z o �
� - ,ri
LL i(1 N
� �p N
W r �
�
�
�
w
>
z
rn
z � �
¢ > a
a
U � �
O o 0
Y ~
�
3
N
O
O
�
ro
O
a a �
a a }
v U �
O
O
N
M
O
O
LL N
gN
Q a o M
S Q � M
h �.,
� N$
�a 7
O "'I °a
d n �
�
a
N
co
0
�
�
0
m
m
Q
C
�
N
m
�
10
a
U�
��
��
o—
« m
aU
A �
O�
w
r
a
g
�
�«
��
N
N
7
A
�
Y
O
m
N
7
N
�
N
�
N
�
�_ �
� N
O di U M � r�i o N
�� N N ` w � m
_ � � � O N
Q� O M a N� �
Z O � •Q
� L � � y N N
O O Q� L G N N
=a �
, as
a o 0
d d
rnu
N C
W
Q m
d
N
�
V
dE
M
�
i
c
0 0 �
0 0 �
N O
M � N
N
m � �
ch O
�
M � N
N y"
N O
M O N
CO N N
N �[f W
� � �
� O N
M V N
N V
o n
O M
O N
�
N
N
N
� r
Z
Y
F
S �
U F-
m
� j c C
Q Q m mF
Z Z m y
� N � C
� = d C
Q �
r
N
A
U
�
�
�"'
N �
� �
� �
N N
�
Z � t0
a U N N
� W � �
t�.� U v}i v}i
Q Q o
� ^
O �
O
O LLI
d a
�
a
�
ry
�
O
�
N
O
W
0
�
�
City of Palm Desert
f
XPee6t/fet d cfedtin nt rif;
ECONOMIC COMMENTARY
The Federal Reserve is mapping an exit from the stimulus. The timing of winding
down the Fed's $85 billion -a -month bond -buying program remains uncertain,
however. Fifty-five percent of private economists believe that the Fed will begin
shrinking its bond purchases in the second half of 2013, while another 45
percent believe that this will happen in 2014 or later. Fed officials want to see
a substantial improvement in the job market before they start the wind -down.
Even then, the Fed may not boost short-term interest rates for months or even
years later.
Wells Fargo Bank is forecasting U.S. economic growth of 1.2 percent in the
second quarter of 2013, with a pick-up to 2 percent in the second half as
business investment and housing add to growth. Government will continue
to be a drag on growth, however, as spending at federal and state levels
continues to be cut back. Rising government revenue from tax collections and
bailout paybacks are shrinking the federal deficit faster that expected. This
may lead to a more intransigent Congress since neither side will believe that
it has to make concessions in order to reduce the deficit. The Dow Jones
Industrial Average closed above 15,000 for the first time as investors poured
into the stock market, seeing few alternatives to stocks.
The RDA Successor Agency investment portfolio fell by $15.8 million in April,
due to the payment of debt service.
9'au/S. C arc, ee...41.✓9
City Treasurer
Certified California Municipal Treasurer
PORTFOLIO STATISTICS
STATISTICS APR-13 MAR-13 FEB-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
JAN-13
2013
t
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.
DEC-12 NOV-12
$ 199,761 $ 197,943 $ 201,340 $ 198,185 $ 192,086 $ 194,781
$ 199,776 $ 197,962 $ 201,384 $ 198,223 $ 192,120 $ 194,809
$ 15 $ 19 $ 44 $ 38 $ 34 $ 28
$ (10,437) $ (12,660) $ (11,127) $ (32,215) $ (14,228) $ 1,165
$ 53 $ 56 $ 52 $ 55 $ 54 $ 58
0.33% 0.34% 0.34% 0.35% 0.34% 0.37%
29 29 28 29 31 29
0.01 0.02 0.02 0.03 0.03 0.03
All data as of April 30, 2013
Dollars in Thousands
Maturities Market Value
< 1 M $ 173,069
< 2M
< 3M
< 6M 8,703
< 1Y
< 2Y
< 3Y
< 4Y
< 5Y
Total: $ 181,772
Ratings Market Value
AAA or Aaa $ 97,879
AA or Aa 4,671
A 4,023
Unrated 88,746
Total: $ 195,319
Assets Market Value
County Pool 88,249
LAIF 49,753
WF/LAIF Bond Proceeds 25,438
City Loan to RDA 13,555
MTN 8,694
CAMP 5,510
WF/Bond Proceeds 4,120
Agencies -
Total: $ 195,319
Month
May12
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan13
Feb
Mar
Apr
PORTFOLIO CHARACTERISTICS
April 2013
Citv Yield LAIF Yield Variance
0.43 0.36 0.07
0.43 0.36 0.08
0.42 0.36 0.05
0.40 0.38 0.02
0.39 0.35 0.04
0.39 0.34 0.05
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
Maturities Distribution 1
0
a
Credit Quality N
i
1
100 95
80 -
60 -
40 -
20 0 0 5 0 0 0 0 0
0 r-I
<1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
Asset Allocation N
AAA or Aaa
51%
Unrated
46%
County Pool
45%
Agencies
0%
AA orAa
A 2%
2%
LAI F
26%
WF/LAIF Bond
Proceeds
13%
WF/Bond T City Loan to
Proceeds CAMP MTN
RDA
2% 3% 4% 7%
i
1
Performance l
az
m
0.50
0.40
0.30 -
0.20 -
0.10 -
0.00 -
May12Jun Jul Aug Sep Oct Nov DecJan13Feb Mar Apr
LAIF Yield City Yield
CITY OF PALM DESERT TREASURER'S OFFICE
PAGE 2 OF 3
STATEMENT OF COMPLIANCE
April 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. 1
For the month ended April 30, 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 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 portfdio. All balances are bank balances.
Respectfully submitted,
.rauls Oka",
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
Investment Category
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.
Maximum
Maturity
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
Maximum
Limit
No Limit
No Limit
No Limit
No Limit
No Limit
No Limit
40%
25%
30%
No Limit
20%
30%
20%
No Limit
Minimum
Quality
No Limit
20%
No Limit I $50MM/Acct
A-1/P-1
A
AAA & Aaa
Maximum
Maturity
No Limit
AAA & Aaa
or Advisor
A (Issuer) &
AA (Security)
5 Years
5 Years
180 Days
270 Days
5 Years
30 Days
5 Years
90 Days
90 Days
No Limit
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.
City Investment Policy
Maximum Minimum %of City
Limit Quality Portfolio
No Limit
No Limit
Not Authorized
Not Authorized
No Limit
40%
25%
30%
20%
Not Authorized
30% A
20% AAA &Aaa
Not Authorized
Not Authorized
I AAA & Aaa
50% (1) or Advisor
Not Authorized
A-1 or P-1
A-1 or P-1
AA- or Aa3
I $50MM/Acct I
(2)
4.4%
2.1%
48.0%
38.5%
93.1%
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMI
April 2013
% of
Investments Book Value Portfolio
CALIFORNIA ASSET MANAGEMENT PROGRAM $ 5,509,557.4 2.76%
CITY LOAN TO RDA 13,554,999.9 6.79%
WF/L.A.I.F. BOND PROCEEDS 25,437,887.2 12.73%
FEDERAL AGENCY -- COUPON - 0.00%
LOCAL AGENCY INVESTMENT FUND 49,753,159.20 24.91
WELLS FARGO CORPORATE TRUST 4,120,493.0 2.06%
CORPORATE MEDIUM -TERM NOTES 8,678,918.3 4.34%
RIVERSIDE COUNTY TREASURER 88,248,455.8 44.18%
TOTAL BEFORE CASH $ 195,303,471.12 97.77%
PLUS:
CASH
GRAND TOTAL $ 199,760,906.15 (1) 100.00%
FOOTNOTE:
$ 4,457,435.Q3 2.23%
(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.