HomeMy WebLinkAboutInvestment Reports June - August 2014TO
FROM
1�7_���
�
t
k
..,.o
CITY OF PALM DESERT
FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
RACHELLE D. KLASSEN, CITY CLERK
NIAMH ORTEGA, RECORDING SECRETARY���
SEPTEMBER 23, 2014
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
1
._..-�.�°"`�s+r
Attached are the Compliance Analysis and Investment Reports for the June, July and
August 2014 meetings which were presented and approved at the September meeting of
the Audit, Investment and Finance Committee. Please include the report on the upcoming
agenda for review and acceptance by City Council.
Also included are the approved minutes of the June 2014 meeting for acceptance by the
City Council, and the attendance report in progress for 2014.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
P�r��v� � ��_ E ___ B� S�-���
ON �������
vERIFiED �Y len k r(m _,,,_„�
Original on file �th Ci� C�erk's O�ce
CITY COUNCIL ACTION
APPROVED DENiED __.
RECEIVED OTHER_ .�_ ..
MEETING DATE _ � � " q " �
AYES: ��. ��; �.�
NOES: ����
ABSENT: �bti� - .
AI3STAIN: �� — .
VERIFIED BY:, �K� r� m .�. .
Originnl on File with City Clerk's Office
G:\FINANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOSIRKLASSEN INV RPT MAY.DOCX
2014
ECONOMfC COMMENTARY
City of Palm Desert
� " n. ,
e I'f'�C�XII'f'l' r� -_�IZI�f'��I/!f'Ill t�C�l'/
�CCII f'
The Federal Open Market Committee (FOMC) met on June 18, and left short-term
interest rates unchanged. Once again, the FOMC reduced its monthly purchases
of Treasury and Mortgage-Backed Securities by $10 billion. If this policy
continues, then the FOMC will probabiy end its asset purchase program by
October 2014. The majority of FOMC members still believe that short-term
interest rates should not be raised until 2015.
After a final revision, first quarter U.S. Gross Domestic Product (GDP) feil to
-2.9% -- the fastest rate of deciine since the recession, and the largest non-
recessionary decline since the end of World War il. The key causes of the
contraction were: 1) harsh winter weather; 2) a deciine in inventory buiiding;
3) a decline in export activity; and 4) a decline in health care spending. Based
upon a disasterous first quarter, and slow spending in the second quarter,
Wells Fargo is forecasting meager U.S. GDP growth of 1.4% for 2014.
New home sales jumped to their highest level in six years, following the release
of better-than-expected existing home sales data. Together, they should offset
the general weakness in home sales that was present during the first part of 2014.
The shape of the Treasury yield curve continued to flatten as yields for
intermediate and longer maturities fell. This reflected market expectations of
FOMC rate tightening, and a benign view of inflation.
��s ��, c.e..�.��: �
City Treasurer
* Certified California Municipal Treasurer
Thousands of Dollars
Month-End Book Value $
Month-End Market Value $
Paper Gain (Loss) $
Prior Year Book Variance $
Interest Earnings (W/O Cash; $
Yield-To-Maturity
Weighted Maturity (Days)
Effective Duration
226,492
226,492
7,804
55
0.31 %
13
0.03
Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
Investment O
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.
PORTFOLIO STATISTICS
$ 224,854 $ 218,499 $ 217,385 $ 220,165 $
$ 224,854 $ 218,499 $ 217,385 $ 220,165 $
$ - $ - $ - $ - $
$ 15,045 $ 18,738 $ 19,442 $ 18,825 $
$ 54 $ 50 $ 53 $ 46 $
0.30% 0.29% 0.31 % 0.29%
1 1 1 1
0.00 0.00 0.00 0.00
All data as of June 30, 2014
213,310
213,310
15,125
48
0.29%
1
0.00
PORTFOLIO CHARACTERISTICS
June 2014
Dollars in Thousands
Maturities Market Value �
a 1 M $ 191,641 Maturities Distribution
< 2M - 95
� 3M 100 _ _
< 6M - ; 80
< 1Y 9�974 0 60
< 2Y - �o
< 3Y - 0 40
< 4Y - °'
20
< 5Y -
Total: $ 2��,615 O �1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
�
i
Credit Quality
Ratinqs Market Value
AAA or Aaa $ 125,430
AA or Aa -
A -
Unrated 97,340
Total: $ 222,770
�
Assets Market Value
County Pool 102,571
LAI F 49,669
WF/LAIF Bond Proceeds 25,015
City Loan to RDA 22,655
Commercial Paper 9,974
CAMP 3,740
WF Treasury MMF 9,146
Total: $ 222,770
AA or Aa
0%
Unrated
44%
4AA or Aaa
51%
A
0%
i
Asset Allocation
County Pool
46%
LAIF
22%
WF/LAIF Bond
' Proceeds
F.. �'? 11 %
City Loan to
WFTreasury Commercial RDA
MMF CAMP Paper 10%
4% 2% 5%
Month Citv Yield LAIF Yield Variance
Ju113 0.32 0.27 0.05
Aug 0.31 0.27 0.04
Sep 0.30 0.26 0.04
Oct 0.31 0.27 0.04
Nov 0.30 0.26 0.04
Dec 0.28 0.26 0.02
Jan14 0.29 0.24 0.05
Feb 0.29 0.24 0.05
March 0.31 0.24 0.07
April 0.29 0.23 0.06
May 0.30 0.23 0.07
Jun 0.31 0.23 0.08
0.33
0.22
0.11
0.00
Ju113Aug Sep Oct Nov DecJanl4FebMarchApril May Jun
aLAIFVield OCityYield
� CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
June 2014
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 June 30, 2014, 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 objective�
of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the nexi
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 ��, e.e..���-
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit -
53633 Demand Deposits No Limit No Limit No Limit No Limit -
53601(b) U.S. Treasuries 5 Years No Limit 5 Years No Limit -
53601(c) CA State Debt 5 Years No Limit NotAuthorized
53601(d) CA Local Agency Debt 5 Years No Limit NotAuthorized
53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit -
53601(f) Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 -
53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1 4.5%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 -
53601(i Repos 1 Year No Limit 30 Days 20% -
53601(I) Reverse Repos 92 Days 20% NotAuthorized
53601(j) Medium-Term Notes 5 Years 30% A 5 Years 30% A -
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 4.1 %
53601(I) Trust Indenture Debt NotAufhorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA & Aaa AAA & Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 47.7%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & NotAuthorized
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 33.5%
(2) 89.8%
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 OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
June 2014
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
COMMERCIAL PAPER -- DISCOUNT
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 3,739,834.62
22,654,999.95
25,015,099.51
49,669,538.29
9,146,211.37
9,973, 750.00
102,570,811.02
� 222,770,244.76
$ 3,721,784.34
$ 226,492,029.10 (1)
°/a of
Portfolio
1.65%
10.00%
11.04%
0.00%
21.93%
4.04%
4.40%
45.29%
98.36%
1.64%
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.
1�'
�
N E �
W � � �
�
� O
� c � �'
Q � � o
M
a o ° �
O o� '
� � �
oa
U n'
U >
�P
w
M
C
1�
SA
in U
A q
� �
o °
� o
�
0
a
Y Y
m �
dm
�
R�
�
A d
a�—'�
7
c
61
N
�
>
c
I �
� U
y Y
� y C
, lC
D
�d
c �
� m OD aD O N r O r ��
d �
(�V N N O n O M O � ; C
0 0 0 0 0 0 0 0 0 0 �
I � �
�1 D
I O =
C Q
i
7
� � � � � O /�f � M ��
f� r r -
N -
19 7
m �
N
� U .Q
i �
I � a o
� �.- .- .- ao eh �- e'� c n
N � � I G7
i
� `' E �
� N
� O � O
C C
� � �' Ny
o � i LLJ 'n O.0
� � N M � a� o I � � a
� o^ N v o� o � a�ii ��
� I �' I a� �o
� I �I � �
u. � `
N•
c� �n � rn r� o cv �p v o LL� � ry
t0 Oi �n N M O O � . f`� � ��
� O� 01 W �-- O � - Qj � y
a�D O�f O � N n OD � � O I 0�
r°ii vai r' � a �� I �
i. �O o tn rn�n ^ . n pNj ��
� N (V O Qi O� NO !� f7 V a d
N tD y
N N .L-. O
U �
�
y ^ m o
a
��
� o o ��
i � � �o
y � yo0
i ��
i�0 Q1 �(I N l"1 O O � � f7 � } V� y
�, > ..
�; � N
O�D O�i O N N � m � � � N V �� O
N O d
r�'f �X �� v n� O N N y � N N
n (n o fo rn�n ^ � p� u. C�
Ci N �ii Oi Oi 01 N P (7 V �� C �T
N (V O o N N � �0 �--1
N N E L� �
` C �
� � E y .
, o x E �
� N o �
m Tc y �„�
i ° ` a �
w �
N�n � Q� t� O N tD V p � o (p �� �7
t0 O� � N t7 O O � C7 O:' � O U f9
rn rn m � o � Oj C•� N � O�
� rn o � N o co � I � ~ � � N O � � � �
� � � t�0 Q o � f0 ' N m W: N N C� 7
r� a0 o ao .- o �n p� r� - L.� �.�j �� O
t") (V N Ol Of O N ►� � C'l fp w+
N N V O I C; � N C
N t0 i O. P > O
N N � � � � � �
� N a n O
o j a� N a
M L N y
d ' r '-� .t-.
C �
' ; � O
�c
� � a`�
! � O � N
Ucy
Q Z tn F" � � y U F-
¢ 7
C7 � � Z W � .�'.
O ��- O� � I c c c c U
� N Z W U(n - O Gi N.� •�
a o� F- N� ' �� ` o � -
d �
W U fn O O� V N ' u � � N a �
� � W d�~ � R Q' � N
� a a Z O a� rnD � � n L o Ci
a��� U a= YV T C y m � d N t O
�O O J Gj C A : [ ' IC N
Z m W� U O C U E N � C N p � yl n
r- LL C7 Q � 61 �� � �: Y y 61 N N C�
N� a a ��� � t g c U w� d � u.� � c fn
Q � V �� W d - N N.. � � �«R �` 61 m y Q. �
Q� u_ � w �> c �a � o p p �> >� t,� ca m
c; c� � � 3 c� �t _ c) a� � r c) a w� o r� �
} o a
F-- Q " �
U"
� a >
� ' C
� ¢ g
O a �
a �
a
a
0
N
O
eh
t0
Q
v
0
O �
O �
� c
�� o
a �
rn �
C U
� d
O �?
y c
Q: i
m
rn
�
a
�+
� �
� �
W 4� r,,,
W d d �
� � C O
� C � N
J �0 v� o
— M
a � d C
O� o�
V a �
0
a
�C
�
��
qU
o�
i
U �
� �
��
� «
.9�
N
N 'd"
R
L �
7
a
da
Of �
q C
R
Q m
�
m
�
a
N
�
U
���� �� �� ��� ������ ������ ������
��I� �I� �I�; m�ao 000000000000000000
0 o I o o I o' o I o I o c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
A �o m�a A m m m m �o m A m A m w m m
� � ' � � �a"�a���aaaaa�a��aa
t0 tD 1 N, I (V ' . N' I
O O ' (V I N , N �
0 0 ; o 0 0 �
i
<O <O N I N N. � I O+ 01 I � t0 O O O O O � O O� O O O O � O
tp p1 1p p1 p1 I �A h N N �- 1� O O O O O O a0 O O N O O 1� N O O
(v O� Oi 01 Oi oD OD � aD C�I O O O O y h O O n O O O � O O
f7 O � � 01 I O� O! I f`] 1'f f7 01 O f'7 � m aD N
[7 N a0 Oi O! i O O � �n N i � N C'I O aD N 01
O� O 01 V V I N N O� 01 ' [7 a0 N f") O f") O� OD
eo �n rf �n IA i fo 10 : a0 10 ao 10 1�
�n � h �O 10 � O O fD t0 � � �
C7 1'� ' N N� N 1n O� Oi -
; N N� (V N V V,
�
tD � �O � Q�1 iA N N
N � y � Q! Q1 T OD
f') O f") � O! � Ql Q! CI
f") � OD Q� Of O O K)
Q> O Ol i O V N N Of
�A � h (D t�0 � O O � 1D
f'7 � Nf N N N 1(7 � 01
N N N N� R
i
� �
N
C7 O
(") 1n
� O
m �
��
N
�) �
{'1
�
I
�
O
N
�
� �
O�
J 0
� N
�
�
� w
�
w
U �
O O rn
N
a a �
a a Q
� � c
¢ ¢ m
� U U �
� O
D .
� N :
� �
�
a
H
2 p
cM N
W
(7
Q
2
Qc
f
H
W Q
N a
Q M N
N N
U v}', c}n
u'1 N
Q1 01
rn ma
� N
� �
N N
N N
� h
rn o;
O O
� N
O O
K1 b
N N
I
01 � tD O O O O 01 O O� O O O O O
� I ��� O O O O 7� O O� O O� ry O O
C'!
N. � N f7 O 00 �A O!
p! ' (7 a0 (V f7 O f7 01 a0
t0 . QO �D a0 t0 �
t0
T
a�
�
Oi 01
N N
� w
(`� f'f
� �
Of OI
t�0 t�G
O� 01
o a
�� g o 0 0 0 � o o� o 0 0 0 � o
� f� O O O O O aD O O N O O t� � O O
� ao n o 0 0 0 � o o� o 0 0 0 0
n rn o c�i �n m ro c�
� N f7 O aD N Q1
M a0 N f`� O (") 01 a0
oD tD aD 1D 1�
� � ��^^�� �� �� ��
� O O O O O O O O O O O O O
' N N N f\! N N N N N N N N N
IO O O O O O O O O O O O O
, n n n n r� 'n n n � r� n r� n
0 0 0 0 0 0 0 0 0 0 0 0 0
N I � �,
T � N N
LL LL LL LL � LL LL LL LL � LL LL LL LL� LL LL�
O�1 � � n N I � � � � � � � � � � � � � � � � � �
iy O Oi � � r2 � � � � � � � � r2 � � � � � �
t�0 ; 1- O t�0 - N N(n tn N(n (n tn Vl (n f� tn tn (n tn fn fn (�
� � � � � � � � � � � � � � � � � �
N �yJ N � a� 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
� � j � � � � � � � � � � � � � � � � � �
� W >>>>»>>>>»>»>»
� > �n �n � �n � �n �n �n �n �n �n �n �n � �n �n �n �
w ? � � � � � � � � � � � � � � � � � �
� I > � � � � � � � � � � � � � � � � � �
a� : d u
� �- � � �- � � f- r- � f- � � r � r � �
J �' Z �- y � W W W W W W W W W W W W W W W W W W
a a`, t� a`, �- y c7 t7 c7 c� c7 C� c� C7 c7 t7 c� c� (� c� c7 c� c� C7
a a a a¢ a a a a a a a a a¢ ¢ a a
LL > Q � V > ��� �- �- H r- ��- f- r- r- t- ��- �- � f-
� v Q v LL v Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q¢ Q
� c U c - c > > > > > > > > > > > > > > > > > >
m �a Q 'a ' O O � � � � O � � � O � � O � O O �
U 9 � � � � � � � ¢ Q ¢ Q Q Q ¢ ¢ Q ¢ Q ¢ Q ¢ ¢ ¢ Q ¢
O O Z O (n
a a � � �
7 7 (L 7 �
N h N
� N 2 W � f- t- � t- � � F � � � � � � �- r r r-
i � O � O � N f7 O N O N O N M O �
W ~ o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
W � � � c� c-� � n r� r� m m m rn rn rn o 0 0 0.- �
�W o o v a o a c v o o v o �n �n �n ,n �
V c� H o : � .- .� a o
, O r� � o p rn rn rn rn rn o� rn rn rn a, rn rn rn w rn rn
cv , w cv a ao ao ao ao 0o ao 00 0o ao w m m ao ao w m o 0
� � � > � � � � � � � � � � � � � � � � � � N N
a z O
� } U
Z U O
m2 C9 F- � r � � r � � �- r � �-- � � � � r r
w � O � O N f`7 O N O � N O N f") O
LL Q (� Q o 0 o O O O O O O O o o O O O O o O
O Q O LL f") C7 f� 1� I� f� OD 00 00 Q1 Of � O O O O
- � �� a a o v v v v v�� �'�' � � �
Q � J o � rn rn rn rn rn rn rn rn rn rn oi rn rn rn rn rn� �
J t�+ Q t� J �� m m m m m m m m m m m�n m ao 0 0
N LL tn V (n � j (n tn (n tn fn fn tn fn N N(n �(n (n fn UI V7 fn
r r O> y> y>}}>> r r y r r> r > r r
� 3 v � cn � v, v� u� v� v� u� cn v� u� cn v� v� cn v� v� cn cn cn
F- Q � �
U �
�
v
� a >
o � r
� ¢ g
o a a
a � �
a
�
0
c
r
0
a
�'
N L' «
d �o
or ^
a �
O �
N V
T �
A�
o�
V�
�F�
}�
b
�
E '=
..A
3�
�
N
�
c
H +r �
W d �
W d d'a
� � c o
� � � N
J ea tn O
— M
a � d c
u- '_ p �
o� o�
v a �
�
a
7
i
d
A
i
d
i
a
N�
A
L �
�
a'
dd
R C
R
Q m
`m
N
x
d
N
i
�
a
j'�
Ui
� � � � � � .- .-. .- � �.- � � � � � � � � � � �.-. .- � � � � � � � � � � � �-
0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 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 �o m m �a m m �o A m m A m m �o �o m m m m m R m m m �a m m m m
a� a a a a� 2 a a� a a<� a a a a�� a a��� a a�� a� a� a
O � Of O N O O O t0 � N O O O t7 O O � N f'� � I� .- O 1� O tD O O C7 O O O .- O A
O O� O N O O O O� � O O O O OD O O O 1� O� tD I� O N O t") I� O Q O O O � O P7
O O Q O V O O O f7 Oi N O O I� f") O O O N O tD N Q O O O N 01 O t0 O O O 1'� O
O O (O OD a0 I� O m m O I� .- N I� tD O O
O N c`7 aD f7 aD �- N h � O 00 O tD O � N
OD �(1 Of �- � O N r- {O � 1� t0
N � � N O �O � �
�' � O T
F
N
�
�
�
W
H
0
a
�
�
U
O
�
�
Q
LL
N
J
J
W
�
O � O� O N O O O�O Of N O O O t") O O � N f7 I� � O e� O f0 O O f") O O O � O h
O O N O N O O O� �- O O O O W O O O 1� O Ql t0 f� O N O(") 1� O Q O O O � O 1'f
O O O Q O O O l'7 �� O O 1� f7 O O O fV O tD N O O O O N � O t0 O O O f7 O e-
� O (O �0 W 1� O OD 00 O I� �- N I� (p O O
O N <•') a0 (`� 00 � � h � O aD O tD O � N
a0 N O1 � � O N .-- fD �(7 1� tp
10 � O O � N a
N � N O f0
� � V OI
o O� O N O o o Oi � o O O o a�0 O O o n O O� t^O 1� O N O M � O V O O O � o t^'>
O O V O O O O O� O� N O O 1� C� O O O N O tD N O O O O fV Of O t0 O O O C� O �
R O t0 W a0 I� O aD a0 O t� �- N n � O N N
�T N (7 00 M OD � KI h .- O a0 O
� �� � ^� o o� m N r� m
N �A O �O N �
-- � < o�
(") C� M f`7 f') C� f') C� f") f`� M [�f f7 f7 (7 f") (`� f") f') M C� M f') (`� (7 f7 M O M C) 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
N N N N N N N N N N N N (\l 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 N O O O
� r: r� r� r� � r� r� � �� r� r� r� r� r� � r� r� n � � r� � n t� r� � � i� r�
000a00000000000000000 000 000000 0
LL LL LL � LL LL LL LL� LL LL LL � LL LL � LL� LL LL� ��� LL LL LL LL�� � LL LL LL �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
�(n (n (n tn tn (n tn V7 (n tn tn (n N tn (n tn (n tn N tn (n tn tn (n V7 In tn tn t/I (n tJ7 (n tn tn
> > � � � � � � 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 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 d a a a a a a a
> > > > } } � } } } } y } } } } y } y } } } } > } } y } } } } } } y }
� � � z z � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
tQn tQn (Qn (Qn tQn tQn fQn (Qn (Qn NQ(Qn (Qn NQ tQn (Qn fQn VQ] fQ/7 tQn (Qn (Qn fQn fQA UQl UQl (Qn (Qn fQn tQn (Qn fQn NQ(QA !Qn tQn
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
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � K �
� r- r � � � F- � � � � � �- r- � � f- i- F- � r � � � � � � � f- � 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
c� c� c� c� c7 C7 (7 C7 C� c7 c� C� C� c� C7 C7 C7 C7 c7 c� C� C7 C7 C7 c7 c7 C� c7 C� C� c7 c7 c� C7 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 Q Q
r r � � �- F- r � � � r- � �- � f- � � � � r �- � � f- � r- r �- � � � f- r- f- �-
z z z 2 Z 2 Z z z z z z Z Z 2 2 z z z z 2 Z Z z z z z z Z Z z z z 2 2
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
> > > > > > > � J � > > > > > > > � � > > > > > > J > > > > > > > > >
O O O O O 0 � O � O O O O O � O � O � � O O O � � � 0 � O O � � O O �
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
f- f- � f- �� F F- � t- F- �- r- � F- �� r- t- �� F- � F- �- F- �� F H t- � f- r i-
N t`7 V N �D f� aD � O � N f`7 O �[I t0 a0 Oi O (V O (7 y O � fV (7 O N f') a0 O � N
O O O O O O O O.- .- N N O O O O O O O O O O O O O.--
� � � � � � � � � •�- � � � � � � � � � N N N N 00 00 00 OD dD 00 CD aD
1� n f� 1� O O O O 01 � O� O� � O1 O� Of
a v o v o o v o v o v v o v v a o 0 0 0 o v v � � � � co ao m ao w ro m m
fV N N N I� h 1� f� tn �� iA N N �fI iA
O O O O O O O O O O O O O O O O O O O N N N(V fV (V (V N ("1 � f") (7 M(") f') t7
N fV N N N N N (r (V (V N fV (V N(V (V fV N fV N N N (V (`1 (V N(V (V (V (V (V (V (4 (V (V
r � � � t- � �- � � � � � � � �- f- F- � � � �- f- � � � � H �- f- � �" h- � H �
(V C7 Q N t0 f� 0� � O N f`7 Q N tD m Ql O (V O (7 V p � (V f") O N � W O N
O O O O O O O O ^ � O O O O O O O O O O O � O.- � �
� � � � � � �•�- •�- � N N(V N a0 m aD � OD aD a0 a0
f� t� f� 1� O O O O Q1 Of O� �p O� � pi Q1
o v v v o o v o 0 0 o a a o 0 o v v o 0 o c v � � � � ao m m,� ro m ao ao
c� c� N N n r� n n �n v� �n �n �n �n �n
0 0 0 0 0 0 0 o n n n o � � n i� ci o o N cv �i �i �i �� ri �� r� c� M � r> � n �
N N N N N N [V N N N N N N N(V (V (V N N N N (V N N N N N N N N �v (V N cV (V
N(A U7 tn (n (n c� �(n (n tA cn �(� (n (n (n N tn (n N tn (n tn tn N!n tA (n N N Vl tn fn cn
r r r y r r y>> �> r r y> r>> r>> r r r > y r r r> >> r >>
v, u� u, u, w u� v, v, v� v� v� cn cn cn v� v� v� cn v� cn v� u> �n v� �n cn v� cn �n v� cn cn �n cn v�
�
�
m
h
d
rn
A
Q
�
�
0
�
�
�
�a �
Q ^
U �0
- a
O
� �
o a
a �
a
�
O
v
0
h
0
m
0
�'
M
d
Q1
A
a
�
� C
d
W d �
�
W d
� � � o
�c ,�'
J � vJ o
— M
a �d
� .o o �
o� o�
V a �
0
a
a:
�c
f
� R
Q U
�
U7�
2F �
} �
9 6
d R
��
y
�
O
h
� ;
� �
o i
NI N I � I �
N N
C'7I M O I V
O O O O
a� � Q �
O � N
N N
c� I v
0 0
O O ' N
O O O
O .-
N
n n I �
^ n I O
� OI N
� QI ' N
O
N
O
m
h
H
O
I�
�
O
t0
�
�
n
N
N
N
� O O O O r
7
ip O .- � a
� � � y
� � m a0 N
GI � 1'7 O O O
� O^i O^1. h N I�.
� Q� O! N N N
O O N
� N
�
Q� O O� N N t0
7 O O O O �.
� o o : � � v
a g ao m a
a o o � � o`�i
O O N N 1�
O O N N N
� � o o �
�
y "�'
R
L �
�
a'
dd
rnu
q C
R
> A
Q m
d
N
N
u
c
d
E
d
C
al
�
�
U
a
O
O I
O N
0 0
O
O
1(7 • W
O� O
m� n
Y M 2 0
� � �
� I LL
} F
� Z
w
Z �
W ~
� W w d
� � Z �
N Q — �
~ � Q
� � 9
W c. O c
� A Q A
U � a �
� o 0
Z a i � a
O N w N
�
U �
N �
; 4 0
0 W �
00 R� N
� N � O
W
a
a �
J O
Q U
W
� � 0 �
W C1 N v
� m � �
� �, j v�
O
U c: � c}n
O
N
O
N
�
�
A
N
CI
d
Q
a
R
�
0
►-
�a �
Q "
U N
o �
0
� �I
O a
a �
a
�
U
Q
0
�
0
N
N
�
5
v
a�
rn
ca
a
°-
N � � �"1
»U �
T ti
A q
O �
V � o 0 0
�� �
'' o 0 0 �
� o 0 0 0
a
.T
b
i
a d
L q
..R �
N
r
}^, t
�
i.�
N E U
w d �
oa�'� '
y N �
���o a
Q � � M
� O Q
O � � � d m
� a° a° r o
U ;
a
m d
rnu
q C
�0
Q m
d
�
N
�
c
d
E
N
>
C
al
N
�
U
r� v �
� o �
o � �o
� �
� �i rn
w ao ri
N � n
N <
�
f�] Q 1�
t0 O t0
O I� {O
� �
� �
00 OD f7
N � I�
�`1 V
f7
�g�
� �
O f� (O
n o �
� �,
�m�
N 1�
� �
0
oi
O
N
01
V
b
N
N
O
O!
O
N
01
V
t0
N
N
0
N
�
/D
N
��
00
(\1 N
00
��
0 0
0
0
O
w a
� �
� O
Z � U
�O N
U W
r � �
u � Q
w � LL
Q O J
f � Z C
a � � A
��� m
�w � °'
N U m
w w
U � � >
Q
0
N
17
�
�
n
N
.�
d
E
N
>
a
c
A
L
H
R
U
�
0
�
I � � �
� N
� O O O
� M �
<O ('1 O
O O O
r� n c�
� � �
:n :A :n
�a o
Q "
U �
o f
- a
0
r �I
o a
d �
a
0
0
ry
O
m
m
O
¢
� �
d
0 d � �
�
C
? _ � N
Q���
'^ O M
V O � _
� �o � �
� � 0
=a
a°
U j
� W
�
M
C
d
h'
o ^
qU
O 1O
S
O �
i .�
L
O
a
Y N
m �
dd
�°
��
�'
A d
aq
�
�
C
d
N
d
>
C
i i I
i
i i
� � � I � � I I
O N N o N
0 0 0 0 0
i i
^ � ' � � U
C
I �
I I �
Y
I C
f0
a
! a�
� � .- i i m
I Ny
I� U
i �
I� �� 0 �
c rn �
I c�N a
o Iw Q
0 o p
O o �
O 00 � � y �
� O � �
� 10 f0
u �
, LL a�
r� o0 0 �
o � � 'D n ' m
O D � OQD � �
O� �O � I -
M � f'� r f0
� � � � N
� v_ � a �
� vi >
� o
n
a
a;�rn �
� I 00 N Q
p cU
� OiO�i > �
, � � ��
c0 N y Li
�� pp p �p y� y
O � �p ^ } y g
o �, �; � � �
� � � � o�
cti � th � N C 0
� � � � , LLI �—
� (`7 V � y �
� � � � �
� � �� o
m y �y
m
y O
' C � 1�
� � Eci �
� � � �.
I ' '.a
� s� a
O � � - � � I O1 O� 00 ^ V LL "7
� � � C� Cp P r-- W
cS v � � a�
O � O � A i C � n O Q�
V � ONi � W N �D �
� � � a �, d mt
'n o v� `. c
� � � � �a o
a� E
0 N X
M ; N
C � O
7' >,"'
� = N
U C
D _o
c �
, m
N �
a �
m o
N �
— c �
`" C ! � 7
� � 61 . ' ` L f0
� Y L �
U � � � � T
C a
a'� � m O o d U
Y T C p� a 61 U V C
(� y c f0 C - � � N
y U Oi N E � � y vl C�
� � l9 f0 d
� ' U , W� � p> > o m
�� � N�� � i�' � y y mQ
Q Q � A m� O � O-> > � t O
c.; � U a c � � C) Q w r[C a
Q a � �i
S Q °' �
0
_ �
� a >
O �t
a � g
a �
s
a
�
�
0
N
O
M
ia
O
V
O
N
�
O �
O o
O a
� o
� �
Of f
C o
� y
O T
G �
m �
Q' ¢
d
rn
m
a
�
�
� � C
C �
�
� E y
O d
H � � N
� � 1
Q �4 y O
M
� � � C
Z •—
�� o�
=a°�
�
a
c�
� C
�
vY
�
� �
� R
NU
r �,
R
� A
� �
9�
N
��
L Q
�
a'
dd
O7 1:
�ec
R
'a
<
a
a
N
7
U
O O i N N
OI O' O I O
I �
N
O I N
0 0
� �
0 0
0 o c� ri
`g o
Ni ri
m �
v
I �
I
I
i
� A
O O
O O C7 f'f
t0 t0
O O
t`7 fp7p
7 O
0 0
� �
0 0 � �
0 0
(7 Mpp
< O
I ^
0
�
� O p .�i
Z �
0
O � �
� � -
a Z �
w
� g
z �
w v�
w >
C7 ?
Q T
Z
� Oi Z of
A W A
� d � GI
N a a a
Q c a c
Q A � A
U � � �
0 0
a �
� �
tA � y
m � r�
O o
O O
N
� N
(O (")
O O
a o 0
� LL N
a ; g >
U v� cn
N
0
�
M
0
vi
�
�
t'f
10
O
M
�
�
�
�
H
�
A
�
�
�
d
Of
�
>
a
�
.R.
0
�
Q d � �
2 Q "' �
o � "
o v
� a >
c
�° K g
n �
i
a
9
O
Q
O
N
O
v
0
5
N
61
O1
A
a
U�
�F �
> �
O —
.. q
1.;
A ^
� �
h
T
�
�
V 7�
d �
� �
h
L
7
R
i
Y
8
m
m
7
�0
i
d
�
A
�
�� �
� � N
0 d U � �
� � N N >
i A
Q� �o a
Q M
� � O C
Z •- •- �
� � �'
= a a �o
7
a
d m
rnu
N C
A
Q m
d
�
N
�
c
d
E
N
>
C
a
�
�
U
0 0
0 0
0 0
O O
t0 O
n �
O Q
I� OI
(O 1D
��
�
O O
tD O
�
O <
a,
N �
u'f ch
M
� o
�
o �
� �
��
�
� �
N N
O O
n �
0 0
0
0
O
�
Z
y F I
U N
W �
i �
U �
2 2 y
� H
7 � C
Q Q 'e
(7 c7 A
Z Z m
� � �
7 � �p
� � ;
Q
� �D
O O
� �
N N
V
Z N t0
U � �
W � �
U v u
N
c
�
�
A
�O
�
N
�
�
�
O
N
n
�d
$
�
m
�
tq0
Q
�
�
d
E
N
L
C
V
C
N
L
N
N
U
�
0
�
¢ a �
= Q M
n
O �
� a
�
O LLI
O. a
i
a
�
O
v
0
h
U
a
�
0
T
U
Z c
W d
C� �
a a�i��
� �
Q � � N
� � N O
� � 0 M
W
U°��
? � 7
�
�
a a° a
�
�
U >
�F ��
T �
W
�
d
�
«�. q
�U
A `
o A
�
O �
: �
O
a
Y CI
tC j
d m
�-'
R�
�
I
aD N V aD O O �y �
N O O N O O I N I
0 0 0 o c� o 0
� � .- cf �y
� � �
n �
^ I
i
� �.- N r� I
� ' I O I
� � �
�
0
O O m fh fV f� p
r� o v� v rn n p
y^j N O � � N O
O
�
� g o � o � '
O1 m t0 O M M
�
�o r� r� o, o � �
�n � ao rn o r� �
� c� rn, o v a
� v� cr � �
N 1D � O � .�- � -
t0
N N � N N N
� �
� I
�go�o�
rn ro �n o �
�o r� r� rn o �
�A ^ OD Of O C7
f0 N Q1 O Q
� N � O (V O
N rD l� O U]
in N � N �n
n �
M !
�
Oi
Of
a
�
�
N
!'�i
�
� �
d
U
>
I , O
n
I � L �
.r o
O N � �
N N p
0 0 ; I X a
I QU
� o�
I `°
�o
N
^ I � I ' N� N
I � � 'y
� a d n
� I
�
0
�
n
N
r
c�
O
n
n
N
a� rn o a�o � o� � I n
A �
� m= N rn o v � �
< t0 N a f�
� N t0 O N Q ^ N
(V tD !� O N �p (`�
N N ^ N � N (V
� M
M
c
d
�
GI
>
c
Q Z � (n
w CJ LL � �
N 7� Z O W
o v� a u' � �
w � a
w �
� � � c~i� Z O
� � w w a
a Z (� ? Z O
�� a Y w U
� W
2
m O w Z� C
LL. p� C7 Q E
— N �W Q } li
�i 7 a U w W >
� � � � w 3 �
`� C
o d
m �
� y
U�p d
U C
oi � -
Y T C
�� �
U y y
� ; �o
� �` �
U ci � F�-
i T c �
I � �
v
a _`° �
E �
" � o
O � � �
p E m N
;� U
c rn > o �
� N C d y
W �� � � m
I � C � a
10 y G1
} � � f0
� � .�. C �
N fn � 7
IL C�N
y 'y O
y d o
�.?�
' ��a
�p O
' a=�
� �
�=o
I� U c
� « � r m
� o --
c
' � (p U
� � � 7 U
~ N
� �,� g c o
}I U�o
a c� a o
, u y �d
yI
jL O y O
U o �
r-1
c �
' � a2i ~ o
� y
N ^
O y yU �
� D C
N N � .J"�
i E a�i a .a
\ � °' " �_i
� i� N �a � c�a
C DO N N U E a
C: c�D O�1 � O i0 �
W � N � C a Ny
� t� N � N U C
C C
O �f � y �
� M p� N
� nQ a
M L O Q
d '-' N
C L �y N
7 U N
'� _ 3 U =
� �Ng
U
i (0 Q y
� � O
�Or
� U � t
C � O
; a
y C G7
� � o � �
� � w
� � � � H
m `o a N �
� �' e�+ 61 U a
c � � co � o
c � p
�
� N T �
�o } m « ;=>
W : C � ' C D
� � V � Y
O > > � L � �
H U Q W h- m c I
°�
�
�y
C
c
�
�
i
U
U
O
N
a
c�
�
m
a
� a � �
Q Q " �
�
o a >
� t
� ¢ g
a a+
a° ��
a
a
0
N
O
M
t0
O
v
O
N
0
� �
O o
o e
�� o
a �
Q7 ^
c �
� v
� �
� o
� �
d
Q1
to
a
� �
U �, c
d
W � E
C� � N
Q d
� � � N
O C �
(� � .y M
W ;a d
V ,0 a� c
� � o �
o a° �
� a°
._�i q
� �
f
U '�
�r�
M
} q
O V
�
N
�
�
� d
d q
� �
N
d
�
�
8
m
A
i
CI
`m
�
d
�
�0
i
a
N A
L �
�
a'
d dl
� U',
q ql
> A
Q m I
dlN
�
d
G
'c
al
y
�
U
• � � i N d � .^ni
N Q Q � �
I O � �" ^
I d
i I o O a >
m m ao ao m ao ao co m m ao • c� er j p �; w ro! o 0 0 0 0 0 0 0 � al �
fV N fV N N fV N N N N N N N tp N N: O O O O O O O O �
(V N N N N N N N fV ' I N � I V I O I O' ^ I N O I O O O O O O O a �
0 0 0 0 0 0 0 0 0 0 0 0 0 0 o i o o r� vi o 0 0 0 0 o a
.- '- � � � � � � � i r- I �� .- � � i � � � �'- .-
� �
m I I I I I ' �a �a m m ea �o
I I Q I I � I I i Q� Q�� �
N(�V N N N N N(V N N
(V N N (V N N (V N(V N
O O O O O O O O O O
�o�o w rn rn r� m^�
o�n � o o rn v
01 O O O O Of � N OD
oD �D eD t0 aD O aD
fV 00 M I� OD O f") f7 n
� ���;om���
� � 1D � I� f0 C7 m �D
�n f0 � N�D Q �� f0
N
O
O
� � �
o�
ml �
� N
� I Q
N � tN0
N • N
A�
�O tD 00 � O� 1� W ^ 00 Q
O� t0 O O �� � Q! O
Q> O O O O O� Of N aD tD �D f")
00 t0 CO f0 00 O W t0 N (V
N a0 C'f 1� a0 O c7 ('� n �p �
� I
��f! O�i t�D �� f�p M O�D t�D f V �
� <O .- vi l0 R � vI t0 N- N
� � � A
i � �
O
i
�; o 0
� �
f l� rf
1 dD OD
N N
� � �
1 1� h
1 '
I
I I �
I I �
1 I �
N
I I tD
i ^
�o���,�,���Q �� o <i
o�� o o�� m� o 0
Of O O O O Q1 � N 00 f0 t0 t") t7
a0 (D G7 t0 eD O aD fD N, � �
N W t") I� CO O C) f`7 I� t0 � .
�n i. r� ai o 00 /. r� � I
fV �[1 � O N ��n t0 aD �� N N
tn O1 f0 h 1� t0 CI t0 t0 N t0 t0
� ip .- v1 t0 V � N tD IA N N I
� � i
� i
OD ' O
fV O
(V O
O 1") I
� �`Oo, � o 0
O� Q1 I O O
O� 01 O O .
� Q1 I O O '
(V N
O O � N N
O O i N h
� Uf (V N
O ' tD
00 <D
r�f O�
N O�i
t0 N
to 0
A N.
t0 I O
T O
O�! I O
N � �
o �
^ � N
I ; I ;
� �: � �' a
a0 00 � Qi Ql O
N N O� Ol O
fD t0 N N .
� A O O �
� � N
�n o 0 0 0 �
fV O O O O O�
� O O O O
O �
N
� �
O � (V O O O O O�i
OO � � O O O O �
O - O �
I N
a i u�i �
N I
ol �o 0 00 �
O (V O O O O 01
O � O O O O �
ol o c
N
N � �p
Y7 �fl M
N
� � , �
o I � "'��
O O O O O
N N N N N
t7 I O O O O
I � , � � � �
i o 0 0 0 0
0o g ^ � m . o
oi I rn o
��p(f 1�f In N O ll LL LL lL lL li
10 I � N 1'� O �� rl �� �
� < t0 � t0 i � � � � � �
N' t�0 r N. N fA (/i (n fn !n (n
� � N i N. �.j � 7 � 7� �
^ Z � J J J J J J
� � a a a a a a
� � r � r � � � � � � � � Q ' � � � � � � �
� � � � � � � � � � � N
w w w w w w w w w w w Q w ' NQ NQ NQ NQ�Q ya
N(!7 tn N(n (n N tn !n N W W W W W W
w w w w w w w w w w � � -- w
� � 0 0 O❑ � O � o � ' Q � ������
i i i f�� �� i i d w d � d cn ar � a ��-- ���- r-
J J J J J J J � � � O O7 07 O� ' W W W W W W
Q Q Q Q Q Q Q Q Q Q R Z R � N Q A R� Q Q Q Q Q Q
a a a a a a a a a a d d a m � d a m ������
LL LL LL li li lL ll lY 11 ll � O > > � i >
O O O O O O O O O O a w a a a a p a z? z z? z
�� r ��� r}- �� � �� � � � �� `� c } � Q Q Q Q¢ Q
� v c� � c� � c� c� c� c� ^ a° � v� ¢ q � q ¢ a ¢°a ¢ a
0 0� o Z o� g o v~j
a � a � a 4
N lL N�:.� y LL y ¢ y �
N � � � � � H (� ~ H � H � � �
2 O W
� o N� p �n n w rn o � a W '� F o 0 0 0 0 0
�D <O fD t0 t0 <O W a0 a0 � Q O i a N N N N N
W
W o 0 0 0 0 0 0 0 0 o W ^ � -� � ,� ,� ,� ,� ,n �i
n r� ��� M c� r� � n v
V ���� r� r� r� � M c� � -�- � F. o 0 0 0 0 0
� N�^'��� r' ^� ' F- o W � w o 2 Q a m a°to m a�'o m m
� � W ] `° Q � �
a Z
o � Q } W �
z
O 0 Q V w �
m U � 2 � C7 �� r- � F- �-
�y o c� r� o�n � m rn o W � � Z . Q o 0 0 0 0 0
, �D c0 <D <D 00 0� QO Q� Q O I N N N N N O
o`S o 0 0`g o 0 0 0 � W Q } c.� LL,n ,r� �n u� ,n ,n
Q � M M� r`�i r�i r�i � r`�i � � nai N m J Q C� ,.�� tn rn rn rn rn rn rn
J (V (V � (V (V � N (V (V (V �1J O . Q � a � � � � J a0 a0 W C7 OD a0
ly, (n fn (n (n fn tn (n N(n fn � (n (n V tn W O W tn fn (n tn (n (n
3 } } } } y } } y } } } Q } O } 2
� fn (ri Ui t/i Vi Vi Ui U� Ui d' tn (j (n J (n W N � N fn tn fn � N
0
v
0
0
�
O
�
N L' «
� �c
O> q
a �
U �
� �
��
o=
.. A
aU
r�
A �
��
�
s
��
�. R
� �
N
� �
U c
� d
W d �
� �
Q C�
� � � O
� � � N
V/ � � �
— M
W � � d
V '— p �
V O �
� � ,o
a a° �
� O
� a
y «
R
LC
�
a'
b 0
OI t
q C
d �
Q �
k
d
N
'c
a
N
�
U
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 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 io m m�o ia m m �o �a m m ea io m ia m m io iv ea m m m m�a �e ia �o m m
a a a a a a a� a a��� a� a a a a a a a� a� a a a��������
f'� O O O O O N �n O O O� V O � a0 O O O O O O O O � O O N 1� OD O O N
O O O O O O O t") O O aD � O O �- C'I O O O O O O O f0 � � (V O O� N Q O O aD t7
O O O O O O O 1� O O O I� O+ O O N p O O O O O O O m f`7 � O OI �p N O O N O
1� � O m � N O � fV O O O
O �D O O I� i(1 N tp I� y N
h (V N 01 fD � �D f� R
t0 f� � f") � O C7
H
N
�
�
H
W
F-
�
a
�
�
U
O
�
Q
Q
LL
�
J
J
W
�
�(") O O O O O vf N O O 01 O O O a0 O O O O O O O O � � O O� h a0 O O'- N
O O O O O O O � ty O O aD � O O � (7 O O O O O O O t0 Oi � (V O O� N p O O aD r7
O O O O O O O I� O O O 1� Of O O N R O O O O O O O �pp f0 (�I O O W tD fV O O N O
O� (�O O O n N Kf f�0 � V N
^ N (V O�pi tD .- �D h Y
1D 1� �A f7 � O (`�')
I") O O O O O� N O O 01 O O < W O O O O O O O O vI � O O� I� m O O N
O O O O O O O.- f") O O OD � O O � C7 O O O O O O O f0 Ol � N O 01 (V Y O O o0 f'�
O O O O O O O f� O O O 1� O� O O N < O O O O O O O V a0 f`� O O 01 10 N O O N O
t� .- O 00 O� N O t0 N O O O
O tD O O 1� �lI �A (p 1� p N
1� N O� (O � tD I� �
f� N
tD I� � (h � O 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
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
r� r� i: r� n r� n � r: r� � � r� r� r� r. r� i� � � r� r� � n` n i:
0 0 0 o a o 0 0 0 0 0 0 0 0 o a o 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
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
(n (n (n tn tn tn fn (n (� fn N N tn N fn tn (n fn tn fn Vl (n !n tn tn !n N tn !n tn tn tn !n tn fn 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 a
} } } } } } } } } } } } } } } } } } } y } } > } } t } �. } } } y } > y }
� � � � � � � � � � � � � � � � � � � � ¢ � � � � � � � � � � � � � � �
� � 7 � � � � � 7 � � � � � � � � � 7 � � 7 � � 7 � � 7 7 7 � � � � 7 7
UQl NQ(Qn tQn NQ tQn tQn (Qn !Qn fQn NQ fQn VQ7 tQn tQn (Qn fQn !Qn fQn fQn tQn fQn (Qn fQn fQn tQn !Qn lQn tQn tQn tQn (Qn (Qn (Qn fQn (Qn
ul W W W W W W W uJ W W W W W uJ W W W W W W W W W W W W W W W W W W W W W
� � K � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� r- r- F- � � � �- �- �-- � � � � �- �- �- � r r- f- � � � r � � � � f- t- 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� c7 C7 C� C7 C� C7 C� (7 C� C� C7 c7 C7 C7 C� c� C� C7 C� C7 C7 C� C� C� C� c7 C7 c7 C7
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
�- f- H �� r- H f- H H � F- ���� �- H F- H r �- F- r- f- f- � f- �� �- � f- H r�
2 Z Z Z Z 2 2 Z Z Z Z Z Z Z Z Z Z 2 2 Z Z 2 Z Z Z Z Z Z Z Z Z Z 2 Z Z 2
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
> � J > > > > > � > > > > > > > > > > > > > J J � > > J � > > > J � > >
� O O O O O � � O 0 � � � � � � O � � O O � � O O � 0 O O � O O O O O �
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
� � r- � �- r � r- � � f- �- f- � r- � � �- r � f- f- F- � � � F- � � � �- F- � � f- r
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� o 0 0 0 0 0
V V V �A �n N ��O �D �D 1D tD aD a0 a0 a0 O� Oi W Of N N N N N !7 f') M c7 t`7 �A N vI �n
v� n,n �n ,n v� �n ,n �n �n v� ,n ��n �n �n ,n ,n ,q �n o 0 0 0 0 0 0 0 0 o i. � r. �`i.° `r�°
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
rn rn rn rn rn rn rn rn rn rn rn rn a rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn o 0 0 0 0 0
m m ro m co ao ao ao ao ao m m m ao 0o ro m m m ao ao m ao ao ao ao ao eo op co 0 0 0 0 0 0
� � � � .- .- � � � � �.- � � � � � � r- � � .- �.- � � � � .- � N N(V (V N(V
r � r r- f- �� r- r- t- H��� H h H�- � H F- H F- F- E- � r- ��� r- F H F- H
� cv � o � cv c� o � cv � o o��'8 0 0 0 0 0 0 0 0 0 0 0 0 0� o 0 0 0 0 0
O O O O O O O O O O O O O O O
� � O �(1 �� N 10 �D 1D 1D iD a0 N a0 07 Oi Oi 01 O1 N N fV N [V ('� f'I �(") f") �(1 �A �!7 �n 1D �O
�n �n �n �n �n �n �n �n �n �n �n �n �n �n �n �n �n �n o 0 0 0 0 0 0 0 0 o r � r. n r� r�
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
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 rn o 0 0 0 0 0
m ro m m ao m m m m m m m m�n m m ao m ao ao w m eo ao m op o0 0o m co 0 0 0 0 0 0
N N N N N(V
(� cn (n tn (n N fn fn (n tn (n (� tn tn fA tA (n tn fn tn tn N N(n (n tn !n N fn tn tn fn !n U7 tn fn
> y y > > > y > r > r r > >- } r > y y r > > > y y r > > } >- > > r y y r
U� U� U� U� U1 U) tn N UJ fn In (n tn In tn (n (n (A tn !n h fn tn !n N fn N (n !n �(n (n (n tn N fn
cna�
Q Q M
� N
O a
O LL�
� �
a
a a
O
h
0
0
a
N
0
v
`m
0
�
� ��
d �o
rn �
a �
U�
�r �
> �
O =
«. q
aU
A q
� �
9
8
�
�m
d�
3�
�
� �
U � c
Z = d
W �
� E N
ad
� � �N
O C �
�/i � t/� O
— M
W � d
U �O Q 7
�� o�
o a° �
� a°
7
i
61
�`a
�
a
7
N
i
a
N A
L O
�
a'
d d
rn�
A c
d A
Q m
d
N
u
c
d
N
C
a
h
�
U
0 0 0 0 0 0 0 0 0 $ S g g g g g g o o S 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 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
f0 N �0 �0 �0 10 �0 N �0 l0 N N 10 �0 10 l0 �0 �0 <0 l0 l0 �0 f0 �0 f0 N /0 �0 �O �0 N f0 N 10 l0 �0
a a a� 2 a a a a a a a a a�� a� a a� a� a� a a� a a� a a a� a
O O� <O N O 1� O� aD O O O � C'I � O O O a N O p fV I� M O O O I� 01 tD O h O
O O � t") O O f0 O h O O� O1 O O t0 � O O O aD a0 O tD aD � O O O N t0 N O O N O
O O N N� O N� O O O N � O Y a0 h O O O O c7 O�D O � O O O f� h N O O I� O
O Y aD O O Of r7 N(h t� aD O O� � N O�
N CI I� � V Of O� O O .� aD �fl 01 O
� t� I� Q tD tD t0 t0 I� N h
M �n N <D �D I� Q � p�
�D � N � N O � f�
F
N
7
�
r
W
F
Q
a
�
0
U
�
i�
Q'
Q
LL
N
J
J
W
�
O O� �O N O 1� � a0 O O O � �(") � O O O p (V O p N 1� f`7 O O V h � 10 O I� O
O O � th O O (D O I� O O O O1 O O tD � O O O OD OD O(O c0 O1 O O O N f0 N O O N O
O O N N�D O ��l1 O O O N Ql O O a0 t� O O O O f") O 10 O O� O O O h I� N O O 1� O
o v rn m o o rn rn N f") I� OD O� � N Q1
N f`7 f� � O Of O� Y O � c0 N O� �
� t� f� fD tD f0 t0 1� N I�
M �n �n � � r. ^ v rn
tD N N �- N � C7 1�
O O V� �O N O � T 0� O O O O� (") �- O O O 7 N O N 1� M O O< h � tD O 1� O
O O � CI O O tD < f� O O V Q1 O O f0 �A O O O OD OD O� a0 O1 O O O N fD N O O N O
O O CV N(O O N N O O O N � O< OD 1� O O O O C'I O�D O � O O O� 1� CV O O 1� O
O O Ol OD O O � M N t7 f� 00 O Q1 .- N 01 �
� N t`] I� 01 Y Q� 01 O O � OD �A Q� V
1� h O t0 tD f0 t0 1� N 1�
(") N N t0 �D I� ^ V Of
�O � (V � N � f') 1�
M t7 C) M C7 f') C7 f'� C7 M f') f7 C1 C7 (") C� f7 M(") C7 f7
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 (\I N N N N N N N N N (\b
O O O O O O O O O O O O O O O O O O O O O
�� i. r� t� r� � � i� t� � � n n r� r: i� � r� � r�
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
LL LL LL W LL LL � LL� LL LLc�c ��� �� LL ��C LL ��� � LLc LL LL LL LL LL LLc LL LL W�
� �c �c �c �c �c �c �c �c � C C � � � �c �c � � C �c � �c � �c < � � � �c c� < � � � �c
� < < G G C i i i � � � � � � < C � � � < � i � i � � � � G < � � � � i
tn fn Vl (n t!7 (n tn tn tn tn (n N tn (n fn tn (n tn fn N tn tn !n tn tn Ul tn tn fn tn In !n tn In fn tn
� � � 7 � 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 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
} > } } y } } } } } } } } } } } } } r } > } } } } } > } y } } } } } } }
� � � � � � � � � � � � � � � � � ¢ � � � ¢ � ¢ � � � � � � � � � � � �
� � � 7 � � 7 7 � � � � � 7 � 7 � 7 � 7 � � 7 � � � � � � 7 � 7 7 � � 7
NQ(Qn (Qn (QA tQn tQn NQ tQn fQn (Qn (Qn NQ hQ NQ(Qn tQn tQn fQn (Qn tQn tQn tQn fQn tQn tQA !Qn (Qn tQn fQn IQn fQn UQl (Qn fQn tQn (Qn
uJ W W W W W W W W ul W W u] W W W ul W W W W W W u] W W W W W W W W W W ul W
� � � � � � � � � � � � � � � � � � � � K � � � � � � � � � � � � � � �
� �- � � � r � r- r- �-- � � � � � � r- r- � r r � r- �- � r � � r r- f- � � r r t-
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 C7 C7 C� t� C7 C� C7 C� C7 C7 C� C7 C� C7 C� C� C7 C� C� l� C7 C7 C� C7 C7 C� C� C7 C� C� C7 C7 C7
Q r � � ra- � � a a � � � � � � � a a � � a � a � � � Q ~ a � rQ- � Q Q ¢ �
z z z 2 Z 2 2 z z 2 z z z Z Z z z z z Z z z z z Z z z z z z Z 2 Z Z Z 2
> > > > > > > > � > > > > > > > > > > > > > > > > > > > > > > > � > > >
� O O O O � � O � O O O O❑ O O � O � � � � O � O O O O 0 � 0 � p p O O
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
� � �- � � � f- � � �- F- � � � � r � �- � � t- f- F- r- � � � f- t- �p � � F- F- f- �
N f") O N Cf V O � N � g O O O O O O O O O O O O O O O O O O O O O O O O
O O O O O O O O O O O
tD �O Q� Ql O� � O� f'� f`7 f") M C'f � a< Q N� �n in N �O �O �O t0 W aD a0 aD a0 N N N N(V N
� I� �n u� �A N N O O O O O O O O O O O O O O O O O O O O O O M f�J t7 fh f`� t7
O O t") C7 C� C1 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 N N N N N M t") ("1 f') t•I lh (7 l") t7 t") C7 M r') f") (h (7 (7 f") C') t") C] ('� th Ol Q1 01 O! � 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 fV N N(V N N N (V (V N (V N N N N CV N (V (V (V N(V
r- �- � �- �- r r- � � � � � � r r � � r- � � r- � �- f- t- �- �- r �- � �- � �- �- � �
N t7 O � N('� Q O (V c�l O O � N f'� O � (V (") Q O � N f`7 O N f7 Q O.- (V ['1 Q �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 <O Of O> Oi Oi � t7 M c7 f") (") Q Y Q V �(1 N �� J'/ <O (O tD 1D c0 CO W a0 a0 N(V 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 f') C� f7 (") f•7 t7
O O C7 C� f7 C7 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 N N N N N t'� f'I f") C7 C7 M 1�7 t'� ('7 M Cl th f7 t7 fh t`� t`� fh ('7 M C') f") (") Of 01 O� 01 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
V7 (� tn cn tn (� tA tn tA tn (� N N(� cn tn N(� cn N cA tn N N N(� N cA tn tn tq tn (� v� t� tn
y >- > r r > > > y > > r > > > y r > > > > >- r > > � r � > > � >- > } } >
Vi Vi l!i V! f/J U1 U) fn N tn tn !n (n fn (n (n (n fn N fn (n (n (n (n VI tn fn fn (n tn (n (n (n (n (n tn
cna�
QQ�,
� �
o a
o �
� a
a �
a
O
N
0
0
0
O
�
0
�
a
�
rn
R
a
��
�A
�o
A
�
U `�
� M
� q
A :�
� q
�
�
�
� q
� �
N
d
�
R
i
Y
8
m
7
A
�
d
�
} � �
U c
Z � d
W � �
Q d d � �I
� � C O j
� _ ' N a
� � N O
(n — M
L1J ;a a�
V ,� a� c
U p �'
�� o
a a° � _ �
Q U
� a°
a'
dd
q C
m
am
ulN
�
C
N
E
N
d
�
c
al
N
�
U
O O O O O O
O O O O O I O
� � � � I
f0 t0 N 10 f0
¢¢��a�
<o rn o o n �rf
N < O O Of N7
�/7 aD O O C7 t0
� � �
�n o
O 01
� � �� �
f0 � IA
� M
<D O� O O ('�
(V < O O O�
N 00 O O (7
� n
� O
0 oi
m �
rn rn
fD ^
h
{D
17
a
v
N
Mf
N Q O O � 1")
�n ao 0 o r� to
� o a
m °�' a
rn rn
�O iA Yf
� �
���
ss o
(\l N N
O O O
�� ^
000
�
19
LL LL LL LL LL �
i i i � i �
i i � � �
N VI fn fn fn �
7 7 � � � �
J J J J �
a a a a a
� r > > }
� � � � �
> > > � �
� � � � �
� � � � �
� � � � �
� � � � � d
w w w w w w
C7 C� c7 C� C�
Q � Q Q Q �
Z Z Z Z Z a
> > > > > �
� � � � � A
Q Q Q Q Q �
O
�
7
�
H H H H H
O N P1 V
O O O o O
� � � � �
N N N N �
r� n n n r�
rn a� rn rn rn
0 0 0 0 0
N N CV N N
H F- H F- H
O O O O O
N N �A �/'! N
h � � � N
r� r- n r� n
rn rn a rn rn
0 0 0 0 0
N N N N N
� � � � �
y } } y y
v v, v, v, <n
N
0
0
�
01
a
�
N
Hf
�
T
O!
a
�
N
�
�
ai
a
�
N
�
N
a
�
v
�
d
rn
m
Q
a
N
�
O
H
cna�
a a ^
0
� �
O a
O ��
� �
a
a a
U
N
O
�
O
w
�C
O
�
�
a�
rn
�
a
�
U
�
Z c t
W d �
Q � U �
� � y N
O � ,�
W � � G�
Q M
V � O C
�� ��
Qaa
�
�
V7 h
r2 �
Y �
O =
mU
q �+
� A
�
N
.'
O
�
� q
.R. �
N
d
7
A
i
Y
O
O
m
O
0
�
O
�
n
N
�
N
N
0
n
0
N
rf
0
N
h
O�
N
N
Mf
� � N
7
jp f � e'7
� O O
� N
CI � N
�L N OI
� (� N
� N t")
n
� � �
j o 0
I� N
a M N
N t�l
M
��
u �
�
a
dd
rnu
: �,
Qml
dlN
k
c
E
N
d
C
al
y
�
U
0
c
>
U
Z
W
�
Q
�
�
(n d
y u
w �
U q
U �0
7 m
� d
Q A
� d
(n � >
� a
Z
�
�
U
U
Q
�
Z m
Y 'r'
U
W
_
U
Y
Z
Q
m
Z N
O �
Z �
� �
N
m
a
�
�
�
c
d
E
N
d
>
C
9
A
L
N
R
U
9
0
�
cna�
o Q �
� �
O a
O
� a
a �
a
0
N
O
v
0
N
O
N
�
0
¢
Zo14
City of Palm Desert
, -,
�`J I'PCl<Xl/'F'I' �� �_�11C��%�l/«>ll � � �G�/'f
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) met on July 29-30, and left short-
term interest rates unchanged. The FOMC stated that while U.S. economic
activity had rebounded in the second quarter, and the labor market had improved,
labor resources were still being underutilized. The FOMC added that the
likelihood of inflation remaining persistently below 2% had diminished. As
expected, the FOMC cut its bond purchases by an additionai $10 billion to
$25 billion per month.
U.S. economic data was more positive during July. Second-quarter GDP was
reported at 4%, while first-quarter GDP was revised upward to -2.1 %. July
was the sixth consecutive month that job gains exceeded 200,000, and weekly
jobless claims continued to fail. Consumer confidence improved, and durable
goods sales and auto sales were better than expected. Housing results were
mixed, with new-home sales falling 8.1% and existing-home sales rising 2.6%.
The SEC approved new rules for institutional money market funds. Prime money
market funds will have floating share prices, while money market funds invested
in short-term U.S. Treasuries or Government Agencies will continue to have
a fixed share price of $1. Money market funds will also be authorized to block
investors from withdrawing cash in times of stress, and to impose fees for
share redemptions. The new rules are intended to discourage institutional
investors from engaging in a mass run on money market funds during a severe
financial crisis.
���s ��, c.c..���: -�
City Treasurer
' Certified California Municipa/ Treasurer
Thousands of Dollars
Month-End Book Value $
Month-End Market Value $
Paper Gain (Loss) $
Prior Year Book Variance $
Interest Earnings (W/O Cash; $
Yield-To-Maturity
Weighted Maturity (Days)
Effective Duration
223,757 $
223,761 $
4 $
3,387 $
59 $
0.31 %
13
0.03
PORTFOLIO STATISTICS
226,492
226,492
7,804
55
0.31 %
13
0.03
��y,
I Markets Team
City Treasurer
Paul S. Gibson, C.C.M.T.
Deputy City Treasurer
Thomas W. Jeffrey, J.D., M.B.A.
Investment Obiectives
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.
$ 224,854 $ 218,499 $ 217,385 $
$ 224,854 $ 218,499 $ 217,385 $
$ - $ - $ - $
$ 15,045 $ 18,738 $ 19,442 $
$ 54 $ 50 $ 53 $
0.30% 0.29% 0.31 %
1 1 1
0.00 0.00 0.00
All data as of July 31, 2014
220,165
220,165
18,825
46
0.29%
1
0.00
PORTFOLIO CHARACTERISTICS
July 2014
Dollars in Thousands
Maturities Market Value
< 1M $ 183,197 Maturities Distribution
< 2M - 95
< 3M _ 100
< 6M - e 80
< 1Y 9,974 0 60
< 2Y - 'o
< 3Y - 0 40
< 4Y - a
20
< 5Y -
Total: $ 193,171 O <1M <2M �3M <6M <1Y <2Y <3Y <4Y <5Y
Credit Quality
Ratinqs Market Value
AAA or Aaa $ 117,472
AA or Aa -
A 9,978
Unrated 93,381
Totai: $ 220,831
Assets Market Value
County Poo� 102,608
LAI F 44,697
WF/LAIF Bond Proceeds 25,029
City Loan to RDA 22,655
Commercial Paper 9,978
CAMP 6,740
W F Treasury MMF 9,124
Total: $ 220,831
Month Citv Yield LAIF Yield Variance
Aug13 0.31 0.27 0.04
Sep 0.30 0.26 0.04
Oct 0.31 027 0.04
Nov 0.30 0.26 0.04
Dec 0.28 0.26 0.02
Jan14 0.29 0.24 0.05
Feb 0.29 0.24 0.05
March 0.31 0.24 0.07
April 0.29 0.23 0.06
May 0.30 0.23 0.07
Jun 0.31 0.23 0.08
Jul 0.31 0.24 0.07
AA or Aa
0%
Unrated
42%
� Asset Allocation �
County Pool
47%
AAA or Aaa
51%
A
5%
WF/LAIF Bond
Proceeds
11%
��'' City Loan to
RDA
WFTreasuryCAMPCommercial �p%
MMF ,�o� Paper
i_
Performance
0.33
0 0.22
�
d
} 0.11
0.00
Augl3Sep Oct Nov DecJanl4FebMarchApril May Jun Jul
■LAIFYield OCityYield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3
STATEMENT OF COMPLIANCE
July 2014
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 July 31, 2014, 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 objective�
of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the ne�
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�es ���, e.e..���:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit -
53633 Demand Deposits No Limit No Limit No Limit No Limit -
53601(b) U.S. Treasuries 5 Years No Limit 5 Years No Limit -
53601(c) CA State Debt 5 Years No Limit Not Authorized
53601(d) CA Local Agency Debt 5 Years No Limit NotAuthorized
53601(e Federal Agencies 5 Years No Limit 5 Years No Limit -
53601(� Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 -
53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1 4.5%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 -
53601(i) Repos 1 Year No Limit 30 Days 20% -
53601(1) Reverse Repos 92 Days 20% NotAuthorized
53601(j) Medium-Term Notes 5 Years 30% A 5 Years 30% A -
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 4.1 %
53601(I) Trust Indenture Debt NotAuthorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA & Aaa AAA & Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 49.5%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & Not Authorized
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 31.6%
(2) 89.7%
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.
I CITY OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
July 2014
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
COMMERCIAL PAPER -- DISCOUNT
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS:
CASH
GRAND TOTAL
Book Value
$ 6,740,001.97
22,654,999.95
25,028,904.62
44,696,933.33
9,123, 510.40
9,978,300.00
102,608,404.70
a 220,831,054.97
$ 2,930,296.69
a 223,761,351.66 (1)
% of
Portfolio
3.01 %
10.12%
11.19%
0.00%
19.98%
4.08%
4.46%
45.86%
98.69%
1.31 %
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.
�
1�"�
W d
N � ev�
w c,Ea
� c � N
' J �9 fn �
a� °o'
0 •O �
0���
0
�aa
U
V> N < Q < O t0 O �
�'j O N N N O M Q M
F`C O o O o O O o 0
}
N
N�7
E�.- � � o � I M
F N �
OA �
— � �.- � � � I
�n U N �
O y
�
\
0 �n � t� v c� cV r� p
O•- O lV C'I N .- N Q �
e O f7 O � N � `r O O
t
O
a
Y G � Of fD ('� Y O � 1�
o � �,
m�0 o rn� rMi � v�i a
� o rn rn rn�n i. � 10
O O OD t0 f") f") OD O
� t0 O <O � Of {�O �
<D N h Y Oi Oi N 00
N N O O O
N
� � � N f'� O O o
y� Ql O� <D (") < O I�
��O O O� � f') � O O
�> o rn rn rn�n c� v
o � eo �p vi ao ao
��o����
�O N �n p Oi pi N
N N V O
N � � N C� O O O
'7 7 Q1 Ot tD M O O I�
a�0 o rn o�� o
� o rn rn �rnp�n o g
� tD O 10 N O fD
fD (V N Q OI O (V
fV N C � p
�
�e� ,
N I
M
� I
0
N
N I
�
i
I
^
Of �
�
�
N
N
�
O
N
N
� �
� Z � � �
O LL f � �
d O Z} O N
w � Q
Z W � � Q LLJ
„i v N . �
Q � h-
w � > � w �
� o a z � a
Z� Z r u' a�
C � O m �Z H g O .N..
E w Q� Q Q� o m
cn O Q J> W u� �
N(n J Q Q�� N
� Q � � n � p > >
- u v's � 3 c� � �
T
I U
I y Y
Y c
� �
n
N �
C
N �
� O i � N
o M � C �
O d
y �0
N
d �
O—
G Q
i �
N
`"' M Ol y
r , C
I � j
� m N
I • N
T O
U
�
� a�
^ � ! c a
�
Qf
fh
N
<O
rn
�
N
�D
rn
M
N
i �
� �
I I N
I > O
� C y
I 0 �
� � d C1
i I N (0
m �
I � ��
�p C �
`° I y E
I �
C�D I � N
f0 I � �
� � a o
N � I � a
N y C
I .O
, ��
id�� � ; � n
� � o
�, o 0
o�o � � ,� �
� F-
��� o � �
10 . H O �
� I } I V U d y
� � N (% U O
I tt
D a
� d
� � LLI U ��
� C
I C
m
N � ��E
I I C � � �
I o' X " �
I � y O N
! � � d rn
I cc�rn �
� o � Q rn
�o I o �v � 2�
f0 �� � ^ � V (O
o c � n � � �, E
M W I O O� C y�
� t � O O � p
M h �
N � � p C O
N � N a n O
M L � a
... N d
� L - �
7
� ; � O
c
c�' c o
c � _.
� O j
n � U
� L
O N �
U �
� c �
w
O CG> N N �
(0 « � O U
� N V 7 �
v � C O 7
� � � � r N
c o
cv 0�0 o at �
� N
� � � p� T 6i ~ �
U y y .'` � y � d' y N .
� D �0 fp } y � � N (
L a c U : w y � ��
y N �O f� � V � C `
N
a �
U a� F � U Q W H o� c
�
�
�0
N
H
U
H
�
U
U
r a � �
F'Q^
U
� a >
o �r
r � a
�O a �
�
a
a
0
N
M
�
O
V
O
N
O �
^ 1)
O a
v
O v
`
C7 N
a �,
rn �
C U
C v
� �
a �
N �
� �
�
d
Ui
A
a
�
� c
� c �w a� „
Vi � N
w d ��
� � C O
C�� C � N
J c4 y �
Q � • M
� O � �
� � Q �
O� o�
va�
0
a
��
a�
- n
7 C
�
O �
�U
A �
o�
V �
�r �
> �
i
m�
� �
�
m
i
m
Y
�
�
>
a
y �
N
L �
7
a
d d
Of G
�0 C
A
Q m
dlN
u
c
u
N
a'
'c
al
N
�
U
�- � �� � � � � � � � � � � �.- �.- .- � �.- � �
o a I I I I I
'n 'n '� � v �. a � v �: o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 o I o� o I c� o I o� o I o� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
I I I � �a �a io m m �o �a ia m ia iv �a �a �o m m m�o
I
I I < Q Q � Q Q ¢ Q� ¢ Q Q Q¢¢ Q< Q
� � � a d
O O N � ry N
O O O O � O
I �
� N h I � h- N N i f'I 1") � �p �n O O O O�- O� O O iA O O O � � O
�� �- � O� , �O t0 f") P7 �- f� �- O O O O O 00 O O N O O I� MI O O
O> O O, O�f �� O �,.� h � ^ m� O O O O < 1� O O f� O O O �- O O
^ Of O f") N a0 W N
O �A oO i Of Qy! � T Q1p1 QI N f") O OD tn Ot
00 N V� � M� N fV I Ot Ql ��(V C'I O M � aD
iA � I� �O t0 O O 1D t0 � 1D a0 <O �
�D t0 CV N I � N- Q y I
i N N. N N i y d
I
i I
I : I
�n N 1� I � N N N I C7 e'7 � 1p � O O O O Of p p� O O O �- � O
'� � � I � �! I �D �O fh P7 ' � I� � O O O O O m O O N O O r� �n O O
� O O O� pl I � O �y � I �� O O O O O�� O O� O O m N O O
a�n op � rn m rn a I rn_ a- .- tv c� o m �n � rn
'!1 � 1� I fD � I O O i � t�y0 I �� N M fD 0�0 f�p �
� � � I N N ' N N I � �j � �
I j ri
I I
�� �� � �I � �� � �' ���0000��,00�000� o
O O O O O a0 O O(V O O^ N O O
�� � � "? C9 M I .- OD M O O O O Q 1� O O 1� O O O � O O
rn o o� rn ai I � o � n I n rn o <•�� �n N a0 N
V �A pO- � Of O� Of O� 01 � ry('� O 07 �n � 01
N� /� I <D �� O O fD tD I f") � N ��D a0 � �
(O ^ t0 � N N � � �ff y � �
N N N N I Q a
I
I I I
I' � � � ������ ��, �,� ��,
I - I O O O O O O O O O O O O o
I �" N � N � N � .�-. � � `` N �
� O O O O O O O O O O O O O
I n A n n n n n � n � � n n
i o 0 0 0 0 o a o 0 0 0 0 0
� I �
N I N N� h
CO Of O ^
INO O�1 � � � I lL lL lL 1L lL ll LL LL LL lL lL ll lL ll lL LL ll li
� t0 I O! ' � � � � � � � � r2 � � � � � � � � �
M I � I l=y, N � � � � � � � � � � � � � r2 � � � �
o� n�i'I z u�ij Q",-� �>j > j> >>> j>j >>> >>>
> J J J J J J J J J J J J J J J J
> I � � N' a a a a a a a a a a a a a d Q, a a a a
� r � r y > > � y r > r r r > � > y > > >
� � �n � � ¢ � � � � � � � � � � � � � � �
� � � w � w 7 � � � � 7 � � � 7 � 7 � � � � � �
> fQn fn NQ c¢n tGn (Qn fQn tQn (Qn fQn NQ(2n (Qn (n NQ tQn (n tQn
U O � } W w W uJ W W W W W W W W W w W W w W
� � � � � � � � � � � � � � � � � �
OO rn � rn z rn � � r- r � � r- � �- � r- � �- � r- �- � r- �
O O A Q A w A F ` w w w w w w w w w w w w w w w w w w
a a u a d c7 a, y c� c� c� c� C� c7 c7 c� c� c7 t7 c7 c7 c7 c� c7 c� c�
¢ Q¢ ¢ Q Q Q Q Q ¢¢ Q ¢¢ Q Q Q Q
a a Q LL Q Q Q U Q �- ~ r- ~ F- r r- � h- � �-- r`-- � r� r- �
�� � O a ¢ � �� z z z z z z z z z z z z z z z z z z
� � � U � _ � Q¢¢ ¢¢ Q Q¢ Q Q Q Q Q¢¢ ¢ Q¢
> > > > > > > > > > > > > > > > > >
Q a � q O q. Q '0 O � � p O O O � O � O O O O O O O �
� � � � �� � � o�� a a a a a a a¢ a a a a a¢ a a a¢
0 0 o Z o
a a a;� a LL
U > > � LL � �
N y y F � �
� tA �- � f- � F- � f- � F- � �- � r- r r- � r- �
a . w � W � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
H v • W o � o � r� r� r� r� r� r� co m m rn rn rn o 0 0 0 � �
~ o � v o v v v � v � �° � ^ � ,n
W � N V � y o N o, rn rn rn rn rn rn rn rn m rn rn rn rn rn rn a �
.� � � .- � �' W �v �Q ro m oo m ao eo co w ao ao m w m w co m o 0
� Q a �- , � � .- �.- � .- � .- � � � � � � � � ��v cv
O �
Z � Z } W
U C7
� � m W � �- �- � � � r- � �- � � � � � �- � � � �
O O (V f%7 O N O N O �- N t7 O �
F- Z LL c (� Z o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
'L o a - o Q o a �`' v v v a c o 0 0 o v��� v�i
n v �J a r�i -� o p rn rn a+ rn rn rn rn rn rn rn rn rn rn m rn rn o 0
Q ��' J ^i Q �i a ro m ao ao ro ao m oo w w w w w � ao 00 0 0
Q Vl c� N li � V N LL N N N N N N N� N N N� N c� N� N N
� v� � � 3� °� 3���������N��������
o a
H Q ^ n
U ry �
O � �
- a >
o r
C ¢ o
o a �
a �
a
v
h
0
�
�
0
T
N �' �
d 7 O
Of
a �
� y _
�n U
R q
� �
U �
� �
��
�
�
v ar
d A
N�I
` �
f�" _
� �
W � �
� � N
W Q� � �
� � = o
� � � , N
J c4 tA �
Q � • M
a o w ,,
� •- o �
o� o�
V a �
0
a
�0
i
GI
�
a,
i
a
dd
N �
L O
U
a'
OIUI
A C
R
Q m
d
�
�I
*
d
E
>
C
a
tN
�
U
�.- � � � � � �.- .- � �.- �.- � � � � �.- � � �.- �.- � � � � �.- �.- � �
0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0l 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 c
'o �a �o m m io �a fo io m�o A �a �v fo m m m �a io m m m A m A m �o �o 'o m�v m m �a
�aa aaa aaa aaa aa<aaa aaa a�a Qa"a a�a aaa aa
O � Ot p Ip O O O t0 Qf N O O CI t7 O O � N C� fh !7 p 1� O� (r O f') N O O C7 O O
O O�A O N O O O Of � O O O O W O O O f� O OI f� 1� O N O f7 I� O N O O O 1� O a
O O Q O Op O O O f7 Of N O O I� f") O O O fV O t0 N O O O O N O O m O O O aD O O
V f`1 � 00 C'7 p^p � OD 00 O 1� � N C'I O
i!I 1� .- O 00 .-- O N Yf
� � � � � � N p ^ ^ � � �
t0
� � < QI
O � O� O �D O O O f0 �(V O O M fh O O N t� � �� p n O O� fV O t7 N O O (h O O
O O� O N O O O Oi .- O O O O a0 O O O 1� O O� f� h O fV O f'� f� O �n O O O I� O a
O O V O Q O O O f') Of � O O h(") O O O N O �D N O O O O N O O 00 O O O W O O
� N � � � n O OD R7 O� � N M O �
a0 � 1� � O OD .- O N In
� �� � � O N � � I� �n V Mf
N � � O � �
t�
�- � < Ol
0 � O tD O O O�O Qi N O O� I") O O � � (h � M f") O 1� O Oi N O C7 N O O f") O
O O�(I O�A O O O� .-- O O O O 00 O O O I� O O� I� I� O N O(7 I� O�n O O O 1� O
O O Y O C O O O l`� � �A O O f� f') O O O N O(O N O O O O N O O o7 O O O oD p
O N f�'1 O�D M f� O 00 00 O O .-- N� C7 O
� � �. � � O N
� � M � '- V N � ^ y'
N Q�1 � p �
�
-- � 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 (`1 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
n n n � n� � � r � � n n n� � n^ n n n
000000000000000000000
�'�� ������ �
O O O O O O O O O O
N N(`! N N N N (\V N N
n
O O O O O O N O O O
f� h i� i. 1� 1� t0 i� i� i�
000 000000 0
LL �� � LL� LL LL LL LL LL� LL� LL LL LL� LL LL LL � LL LL �� LL LL �� LL LL� LL �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
�� N N N N(n N t/J (n Vl tn (n tn fn tn tn tn N(n tn N fn (n fn !n N In tn (n (n (n fn (/� f/�
7 � 7 � 7 � 7 � � � � 7 7 � 7 � � � � 7 � � 7 � � � 7 � 7 7 7 7 � � 7
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 >- > } y > > > > > > > > r r r > > > > � > > r
� � � � � � � � � � � � � � � � � � � � � � ¢ � � � � � � � � � � � �
tQ7 �Q tQ� u fQ� tQ= NQ vQ7i u tQry tQ7 cQ7 NQ(Q� (Q� vQ7j NQ tQ7 cQq NQ tQn NQ NQ tQ= VQ=) (Q_ (Q� NQ tQ= vQ=i tQ= tQ= tQ� (Q_ (n
u] W W w W uJ W W W W W W W W W u] W uJ W W W W W W W W W W W W W W W W W
� � � � � � � � � � � � � � � � � � ¢ � � � � � � � � � � � � � � � �
i- � r- F- � f- � � F- � � � � r � f- � � � r- � � � F � �- � f- r � 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
C� C� (� C7 C� C7 C7 C� C7 C7 C7 C7 C� C7 C7 C� C7 C� C� C� C� C7 C7 C� C7 C� C� C7 C� C7 C7 C7 C� C� C�
a F 1-a- a H H H H a ¢~ a H 1-- H H H Fa- a F a a~ 1- FQ.- Q F Q Q Q Q Q Q Q Q
Z Z Z Z Z Z Z Z 2 Z 2 Z Z Z Z Z Z Z Z 2 Z Z Z 2 Z Z Z Z Z Z Z Z Z Z Z
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
O 0 O O � O � O O O 0 O � O � O � � � O � O � � � p p p O O O O O O O
a a a a a a a a a Q a Q a a a a a a a¢ a a a a a a a a a Q a a a a a
r �- � r � � � � � r � r � � � � �- r � F- � �- � �- � �- � � � r- f- r- F r, r
N f") Q �ll tD 1� 00 � O N � Q ' �D 00 0] O N O .- f") < O .- N t`7 O � N f') 00 O � �
O O O O O O O O N (V O O O O O O O O O O O O O .-
� •- � •- � � � •- ^ •- � •- � •-- ' f� 1� f� I� (V (V N N c0 a0 00 a0 a0 W a0 aD
o v o v v o o v v v o 0 0 o a a a a v o a v v o 0 0 o rn rn rn rn rn rn rn rn
� � m ao ao 0o m ao ao 00
O O O O O O O O O O O O O p O O O O O fV (V N N N (V N N f") C7 M (`�') M� � �+�j
N N N N N N N fV N N N fV N (V N (V N N (V N(V (V fV N N (V N N N N (V N N N N
� r� t- � r- r- � �- � �� r- h- H�� f- �� H� r �- ��� �- r��' r- � h- r
N M V N t0 n aD O� O (V C') Q �!O (D � O (V O f") Q O N f") O � N � .
O O O O O O O O ^ ' O O O O O O O O O O O � p� � �
'- •- ^ �•-- ��� �•- � •- � h I� f� I� N N N N OD 00 aD � 00 c0 OD W
O O O O Of O� Ot p� p� p� p�
c o o v v a v v a o o c o v o o v o v a v o v oo ao m� m m m m
O O O O O O O O O O O C1 C� n� rj O O O ri C C C C C J J i� t� �i N rj � � �
(V lV /V N N N N N(V N (V N N N N N N N (V N N N N N N N(V (V N N N fV N N
U7 V7 (n tn (n (n (n (n tn y tn (n fn N tn N N tn UJ tn fn fn N N N tn N (n tn c/7 fn tn (n fn (n
�� ci v v v � v u v v u}i uTi u}i vri vYi v}i v}i v}i v}i c}n v}i c'n v}i v}i v}i v}i c}i� v}i v}i v}i � c�i� v� c�i>
�
N
Y)
o�
O
N
N
oi
rn
m
Q
�
m
0
D
7
N
F Q o
U ry
o F
- a
O
r �
a a
i
a
n
J�
n
U
�
�
O
0
v
ti
0
5
�
� ��
°' � c
OI
a �
o R
N (r
m �
O R
U '�
i `°
� M
N
r/y �
LL �
W G� �
N � N
W � d �
� � C 0
� c , c�
tes'. J � ..
Q� •yc'�
ao�,,
u. '- o �
O� o�
V a �
�
a
� "
�. R
A �
H
��
>
a
m�
H �
L �
�
a'
dd
Of U
I`0 C
R
> m
Q
Q+ IN
k
c
d
E
N
N
C
al
�
�
U
�
0
N
� I
0
NI N I � I �
rn rn
r�i n v �
QI o � � I o
I � � I
O �
� a
O O
O O � �
O O I y
� n g a
vi ri . ao op
� n o 0
rn_ o� I � io
� Q� N N
O O
I �
O O O O
MO C � p �
t'�) R
m A O O
Qf O! I <O t0
O� O� N N
o �
I �
0 0 � o 0
O O n 1�
0 o I o �
0 0 0
0 0 ' eo ao
O O f�0 t�0
O C N N
� � o 0
i
Q �
O
N
� I
0
i
o'
0
O � 17
� I ^
M pp
o^i , N
Y Oi � 1�i
� Z O
� _
T �
� Z
W w
Z �
W ~
� d W m
� q Z A
(� Q Q Q
~ W
O �
w c O c
� A p �o
F U o a o
Z n ' � a
� y W y
� �
U �
� y
Q o
0 LLJ a
� � N
� N ~ �
W � O
a
a 2
a �
J O
Q U
W
� � O �
W d V7 a
� m � �
f L w N
O
:� c'. � u}i
��
0
0
�
O
�
fo
�
O
N
N
O
Hf
�
O
N
A
I�
^
N
N
�
N
�
OI
�
M
N
N
Ql
A
Q
A
9
0
� Q �
�
U �-
o �
- a
0
� �
o a
d �
a
�
v
0
�
s
0
a
a
7
�
a
m
rn
�v
a
o-
n
�. �'
A �
o�
Cl v
i"
r r
r
Y
�
L
C
C
�
� C
d �
R n'
�
C
�
i
y
C
C
S
7
�0
i
d
Y
N
�
1"'
� C L
W G� �
W � V a �
� � N p >
�� C '� N �e
J c4 +r � a
Q� pc'�
� O O �
�O � � � 61 C1
0 Q A A
U a a u �
�
a
d d
rnu
10 C
d q
�m
¢
� ��
dlN
�
c
d
E
N
>
C
al
�
�
U
0 0 0
0 0 0
0 0 0
0 0 0
O O �(]
CO tD N
� � f�0
O� Q1 O
•- Of
r� .-
N
O Q �A
GD t0 N
O) � N
C) O! fD
� � �
oi oi o
� � �
N
o.��
a0 f0 N
rn �
� � �
o� oi o
� .- °'
N
� �
N N
0 0
� n
0 0
0
0
O
w a
� �
0
2 � �
�� W
U
F LL �
a. OJ J
� � Q
w ? LL
>
O � J
� � Z u
Q O A
a � r �
LL f' 4 m
Q Q' W 61
�W �' p1
(n U �o
w w y
n U O � �
_ Q
t0 f7 O
� N
O O O
C7 C') (7
�D f") O
�" N
O O O
� � �
v> in in
> � >
v; v: v,
0
�
0
t0
t0
O
�
t0
r
�
N
N
t�0
b
�
iD
A
�
N
N
�
h
0
M
�
�
N
�
n
t0
n
�
�
N
�
c
d
E
d
C
v
m
L
N
R
U
3
0
� a �
¢ �
U �,
o �
- a
0
O a
a �
a
v
0
N
01
0
O+
O
m
�o
�
�
1 7
�
� C� �
�
� G �
O d � �
� c� E o
,,�` . / = c�a N N
C� � � M
z ° 0 3
��o�
O o o-
=a
��
� > � ' �
' o ry N
r Q O O 0
} W �
N
�O
t�l
E � �
d i
�
o � � � i
A :+
O A I
�
I
\ I
OO � � �
•- o O p I
� O o 0
� � O �
a° � '
�
Y y � 0 I
S 7 O �n ry
m � � � �c
' "'- °? I
�,
< �
� i
� i
I
�
d �
;, , o �,
�q � �
� � n
ai
v
�7 j O �
a � o �
� M
oi
m
0
� �
E E
� 2 H
> � �`' >
�,� g =
� '
� i�
�
Oi I�
�
� �
I
I
I
I
O
t0 I
t0
Of
� I
Ol
�
a
I
�
o I�
0
o N
O �
� �� � i c
i �
io
, ' �
Y
C
I I N
i a
a,
� � � I c�
C
� �
I �
.L]
� I _
Q
I
I � N
I �
� 7
m
I �
o M I N
� I �
N � I I E
� � _
°' I `°
^
�
� v � ! �
N �
� I >
O
� Q
� a
Id.� �
Ipl� N Q
, o � ��
o r°Di ; �
� �IN � ,�
C
n � � �
� � � }� ; g
N ^
^ � � N I O �
rn � LLI �
� a i � ��
� i i �F
m„ �
� � o
� � � a N
i y �
� EU �
I � o p�
> �
� c m
o � � Of � T Op '� V lL'
N ^ I C I M M � � N
� � � ^ 0 7 >�
� T C,� O a>
rn � W N t0 �
n a L ' � � L
N C �
� O � c C
_. � N O
� �
� � x
e+� vi -
� ; N
� � O
7 �+ `
.. y
U C
� o
c �
�0 ..
N �
.-. Q
IC O
N �
�/7 - C �
C C �
o C� r �
N
� � 3 `0
� � V � y �
G7 C y y ,:�Q
� � � � � �
o,a c �o a c
c y � m O �� U
T c p� �, y � u �
�`- `0 c m'�p m o`� u�i
� �L C N � � � D
U W � Cr > �o�. �
N y c � y �0 �' a �.�
�n -- � d N N Q �
v�� � r° c� a' w�� a
Q a � �
S Q `� n
O
O a j
� ' t
a � g
a d
i �
a
a
0
N
�
M
p�
T
a
0
N
�
O
n �
O o
� G
Q1 h
d $
m o
�� y
O 2
a �
d =
� �
�
d
rn
�
a
a:
�i
�
U�
�u
r
� ^
i. �
O^
3
u
.�
Z
C
C
�
�i�
�. li
� �
N
6
R
i
y
C
c
m
d
�0
i
`
� �
� � C
C �
d �
� � N
0 � j �' �
� � C O >
� C i N A
� � N � a
a � • M
� O � �
Z •— �
� � �' dd
O O o q A
= a L �o
O a
a
dd
O7 U
R C
d �
Q m
d IN
�
c
d
E
N
d
>
C
a ;
� �
U 1
�
OI O N N
0 0, ol o
I I I
� o
O (V
� � O
O O I � h
O O i <p ip
o> a
r� n
Of Oi
I � �
v.
� '
�
�
O O I � N
O O - tp ip
I C'� Of
Qf O!
I � �
� �
�
0 o I u�i u�i
0 o I (o fp
n n
rn o�
I o. �
I
I
�
I
I
i
o! �
� p I � �
� Z N
O I lL 10
� H �
a ! Z ,_,
w
� �
z i �.
w �
i w
w ' >
C� Z
¢ y
z
� q 2 Oi
W A
W > � d
N a a a
a � ¢ �
a A p A
U O J O
� �
7 �
tA y
O p
O O
N
^ N
O p
L N �
Ly QLL N
) :n J u}�,
�
N
C
t�0
�
M
�
t0
Ol
Q1
�
�o
i ,n
�e
a
�
�
(tp0
O
�
d
Of
A
Q
A
3
O
�
= Q � �
O ry �
v
� a >
o �
a � �
a w
� �
a
O
a
U
M1Q
O
O�
��
�
0
r
�
T
�
�
d
rn
�a
a
U �
� �
��
o-
.. A
m«
C 10
S
M
.'
�
�
� A
.�- d'
h
m
A
>
d
`m
�
� = L
� � N
O a�i v v �
2 � y '- >
� I..,, o
� � �,�,, N a
:Q �...
C� � � �.
Z — — �
� � � � dd
= a a° � o
7
a
d d
rnu
A c
d q
Q m
1 .�
d IN
�
c
d
E
N
>
C
a
tN
U
0 0
0 0
(� O
O O
� �
�Q 01
00 O�1
� �
M
f� O
0 0
m r^i
� rn
�a
rn
� M
�
�o
00
�^
�
� �
0
N �
�
� �
0 0
N (`V
O O
n r
0 0
0
0
0
�
Z
Y F-
V tn
W �
_ �
U �-
_ _
�- � �
Q Q �
� (� q
2 2 m
N � �
� 7 q
O O y
_ _ >
Q
� tD
O O
� N
N N
�
Z �n �n
U � �
w N (n
U n n
�
c
t'f
1D
A
01
O
N
eh
�o
r
m
�
N
�
�
�
�
�
�
.�
�
N
t�0p
O
1(f
�
c
d
E
Q�
C
C
c
m
t
N
N
U
A
O
�
0
= Q �
0
N
o �
� a
o ��
d a
i
a
�
�
a
0
�
�
m
n
0
�
l ' 1
}
U �
Z �
(Wn �
v � �
����
O c ���1 N
?' in � v♦ "
� � 0 M
W •�
U � o �
V O � �
a a° a
�
�
U j
� Q
W
�
�
r
��.. A
q w1.
� A
�
0 0
;e �
0
a
O 7
m10
>
d d
A �
�
A d
a�
�
c
01
�
d
>
C
�
Io o�i a rn o I a
(V � O N � O N
O O O O N O Q
I
�
� � � rn �
rn ^
� �
� I
I
� .-� � � �
�
o I
R O �A Q N Ql � �
� i `� o� � c`°.i o I
0
� I
o m n� o o � I
�o
�n � m � o � � ,
� o r� � o �_ �
vi ui m ^ �i o
� � �° o a � v
.-
^ N � � � �
O ,
� I
O O fV (7 O f0
O c0 I� (O O Q
�Qm.-a�
�� �od
l") o C7 � O tD
h �l] t0 N � O
01 N tD tD �
O� tD I� O O
O N ^ CV N
I� M
O O N f") O t0
O 00 f� tp O �
m v m o ao
�n eo o �.
f7 O (7 � O
� �A t0 N � O
O� <D � O O �
^ N � N � i
� I
t0
�
r
� �
� I
�
O
rf
�
�
i �
v
a�
i �
I I o
� i n
i
� d C
� O
o a -
O N I I � �
N i N O
0 o X a
m �
I
U
� o �o
iv
c�
� � i I � y
� i � N� N
j U y
a '� o
I , a� a
� I ��j C U
O
�
a fp C
C �
� � I C O �
�
01
rf
�
�
01
r)
�
N
U]
Q1
�
I� � �
I EU�
I �
I I C � �
� r �
� �
� I y d a
� E = m
� tn f° �
N
p I N 'y O
� I 07 d O
0 0 ��
a E�a°
� o
N � a TL
{'7 d C �
� I � p O
� U c
� �L.o
_�
� O � C U
� I n � 7 U
v
� N p C O
� � U V O
� I l9l N � O
y � N y d
� jy O y O
� U o
N C
1`i Q) '� d
� � Zr
I C y ~ �
I ; � uj �
�
C7 D C N
� m m I
c C a �7
I o � � Y O�
� c
O �'.- N N N�n
� I c I v o� c� V E
O N p �
V I C�f` O C a ��[,]
W
1'� L' N �+�j y) U C
N i C I ) C
� � t'7 � p� f0
� aQ �
M L O Q
T � y
L ��7 N
� U N
� 3 � �
� � U
f0 QQ y
i i N
� � O
O
I U L �
� I �
�
Oi �
N
� �.
� I �
�
� ' f0
�O �
O
�
� � I
2
� � � �
� � � � �
o � a w �
w
w Z � �
v � w cn �
a Z � Z � �
2 � Z } � w
O�� V � Q in
m w w a Z �
� t� N a Q> E
a W Q Q o a �
� > Q p a ? C
� 'Y :J � :a1
� c � � n
O G� y C N 1
m ' � � C y `��\
t�3p � � � o'� o \
�U C � � O O � V
nL
c y � m O N
�r �. c p� >, d � c� a 1
�' s A c : " a� �1
Lp L • ce co � E o� 1^.
U Gi N � � � � v1 ��o \ �\
Q �v } d d �_>
2 S `� U W � � � ���
y'� C .,R, ' � • `� y y td � '� '
m
V �� ~ F�- U Q W FL- c�v c
U
�
�y
C
m
�
H
�
U
U
O
N
�
c7
�
�
cc
a
� a � M
Q Q "' �
O
o a >
O � �
O a �
a �
a
�
O
N
M
�
4
a
�
O
0
� a
o �
O v
G� N
a �
Q1 �
'� a
O '�
a �
d �
� �i
d
�
�a
a
} N
U � c
Z � d
w
� � N
Q d � �
� � = O
� � � N
�� �ii R f/f �.:
' W � •� eh
U � � �
U O � �
� � ,o
o a° �
� a°
.��
�
U�
r�"
} �
«�
A `
� �
�
J
z
3
..� �
N
�
C
C
m
�
>
�
�
d
>
a
w �%
A
t O
�
a'
dd
rnu
m c
> A
Q m
dlN
�
d
d
'c
al
N
�
U
�
N N N N N N N N fV N N �
O O O O O O O O O O I O-
� �.- � � �.- �.- �
I I
I
y I �
N N N N N N N N N N I
0 0 0 0 0 0 0 0 0 0
i
r� o r� �n v� rn rn� w o �
O� O 1� a0 tD Of 1� O a0 O
� O O tO 1� n OD O O �D
�D a N W� l�p O� O^i M I
� �(I C'1 O O O N N f0 N�
� � !O f� � N� OD {O 0�1 I
vI 1D .�- �A <D Q �- N t0 O'
^ ^ I
�
C'I O t7 � C'1 O� Oi tD a0 O I
O> O I� OD � 01 1� O a0 O I
� o o ro r� � m.- o o�o
[o v N a0 � fD O� O^i M�f
� <D OMi �� a�D N n O�i O�i I
l") O� tD I� I� �/] f7 aD 1D Of
^ t0 � �A tD Q �� fD V i
.-� ^
i
�
m o � m� rn °r�' o`° m°° o i
� o o (n i. i. � o 0
OD � N 00 O fD N � 1�
t0 O O� t+7 I
ri ui r> v o o eo c�i �o iri
v1 fD O�
f�7 � ID A � Y% C7 W fD OI
� (O � N t0 Q.-� � <O O �
� AI
� �I
O O
v a
0 oj
N'
�I i
I
01
O i
o I
�y �y�
O O I
N N I<O ID
N N
I I
� �
0 0l
N N I
N N
f0 10
N N I
�
m rol
0 o`g i
� N
(O 1D
N N I
I
�
� �
ol o i
0 0
I I
yI �
u7 I
o i
N fV I
n A
� �
(h 07 I
� ^ I
�
i
� � I
� �I
�"� MI .
t0 t0 I
1^D ^
I
i I
^ ^ .
� ro I
M M I� t�D
n A I
I
I
I
I
O
N N
0 0 '
� I
�I �
II
O I
a
� I
� �I
t0 10
I
N N I
O O
�(I N
�
�
tD t0 I
I
N N I
O O
N N I
I
n e� I
� �o
N N I
o O I
� � I
� � �
� � I �
I I �
� o I
� �, �
�, �
a I � � I � �
� � N p�j
� I N I � I A I
i0 I ^ �
n I Z N O
I N
� � �
� �- � � r � �- � � � ! � i Q i
a' Q: a' � a' � a' a' d' a' Z (�
w w w w w w w w w w W Q
w w w w w w w w w w � �
O O 0 � � O � O O � �- � ^ .
iii �i�ii�� d w ar -+ y Q
J J J J J J J J � � C1 O Ql � �,
Q Q Q Q Q Q Q Q Q Q '� 2 A O � Q `
a a a a a a a a a a a, d a d, o m
LL lL LL lL LL l� lL ll l� LL Q � Q a Q � Q.
0 � � � � � 0 � � �
� � � � � � � � � � �o , p A Q m Q A I
c� � c� c� c� c� c� � c� c� o' a o'� c� o: p � 3
� z o
a � a �
� '� a
N ��� N� Q y_ F„ tn
� �
W � in ��p� y�p � m a°Do m rn � N o a � W
�(J O O O O O O O O O O � n Z '�
U f') C'f t`7 f7 (`') f'f f7 t7 C7 C� p .
M(h (h r') f") f") �(h ("l f� � cr �{L � N O
� � � � � � � � � � � �
� � � w � j �
� 2 U' 2 ,
Z � a
n � a 2
� W
1 � iD ���� a�o a�o m°f rn p o
- o 0 0 0 0 0 0 0 0 0 �. , W Q
Q (`� C�') (") f7 (`� f7 /�1 C7 t'�I � � .
J � CV N ^ N fV N N N PI i�. � UI W . Q V
L i>i } y> i y i i >> Q� V N
� U. (� U� U� Ui c/� v� c� t� N Q' N U N -� �
�,
N
a �
�
o I
rn oi �
� I �
v1 N
N I h '
I I
�
O I
0
0
� i
0 0�
O O
vi �q �
(O �O
O O I
(V N
I
O O I
0 0�
0 0l
N N I
O O
(V N I
�
0
0
0
�
N
O O O O O O
O O O O O O
0 0 0 0 0 0
0 0 0 0 0 0
� < a � a �
� O O O O O
O O O O a0
O O O O O t0
�n r�
O Q
N QQQ
N �
�o 0 0 0 0
0 0 0 o ao
� o 0 0 0 �o
O p
� �
M
� I � o 0 0 o m
� � � o 0 0 0 �
� I � Q.
' N a
�O
JI
i
I
rn I � c� ^ r�
0
0 0 0 0 0
N N (`1 N N
� I O O O O
� � � � �
o I o000
o,
0
0 LL LL � LL� LL
� I � � � � � �
p i (n V7 (n fn (n (n
iy 7 7 � � � �
J J J J J J
a a a a a a
� ' � � � � � �
� > > > » >
N , fQn (Qn NQ (Qn �Q (Qn
� W W W W W W
� d �� ��� �
J � W W W W W W
a � c� c7 c7 c� c7 c�
¢ ¢ ¢ ¢ a ¢
LL Q � 1-- H H H H
� �, ¢ ¢ ¢ a ¢ ¢
10 O � O � O O
� 9, ¢¢ a¢ a a
0
? LL
N f
�- � r t- r r-
' � N � (V N N �
� � � � h N N
y o 0 0 0 0 0
� W ro ro ro m�°im
n �
H
W
� � � � � F �
Z o 0 0 0 0 0
N N N N N
�� N N N N N
� O O O O O O
O rn rn rn T rn rn
Q ro w m m co m
j ' lL N V7 (n V7 (n (A
� 3 ������
0
Q Q n
� �
o a
O �.�
r a
a a
v
�
C
�
Oi
m
0
�
�
�
>
g
5
N �' «
d �o
rn �
a �
U n
� �
} �
o c
r q
H U
T l
q �+
� q
�
O
�
��
..A
9�
y
� H
++ �
W d E
C� � N
Q d � a
� � C �
O
!� Q � � N
t.l� � � ,y M
W � ;s �,,
U •— d
U p � �
� � ,a
a a° �
�
� a°
7
i
YW
`
A
i
d
R
i
a
N "d'
R
t 0
�
a'
d d
rnu
A c
A
> m
Q
d
�
HI
x
d
E
d
C
a
tN
7
U
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 0 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 O O O O
0 0 o a o 0 0 0 0 0 0 0 0 o a o 0 o a o 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0
� � �.- .- .- � � � �.- � � � �.- .- � � � �.- � � �.- � � � � � � � � �.-
10 �0 �0 N N N N �9 N 10 10 N N N �0 f0 10 10 l0 �0 N �0 f0 i0 �0 �O 10 N �O l0 l0 �0 10 �0 f0 N
a a��� a�� a a� a a a a� a a a� a a�� a a a a Q a a a� a� a
r> o 0 0 0 0 � v� o o�n � � o ��o 0 0 o m o 0 0 o m � o o�n m� o o v� �
O O O O O O O O C7 O O(7 t0 O O � 1� O O O W O O O �D O � N O O1 tD n O O ID �
O O O O O O O O O O O M (7 O O N fD O O O N O O O N f7 � O O� T a0 O O vI C�
O � c'I O1 pf O .- � t•I O V O O � O
N O O r� N N tD 1� V O iA
� r� N Of (O .- tD 1� O O
n ^ N a0 N n aD
t0 I� � f") N OD C'I
� f") O O O O O 1� � O O � t0 �- O tD tD O O O dD O O O O OD � O O�() CO N O O � f7
O O O O O O O �(7 O O['f 10 O O � h O O O a0 O O O fD p � N O 01 10 h O O t0 �
O O O O O O O V O O O C') t7 O O N fD O O O fV O O O N t") O O� 7 a0 O O � C7
o.- c� rn rn o � � r� o v o o � o
N O O f� � N <O I� Q O N
�� � I� N Oi fD � t0 1� O at
� N y �D N I� eo
�O 1� iA (") N a0 f'�
('I O O O O O 1� .n O O� tD � O t0 tD O O O a0 O O O O m � O O�n a0 � O O � M
O O O O O O O V f`7 O O("1 t0 O O � f� O O O a0 O O O f0 Q.- N O Of tp h O O tD .-
O O O O O O O? O O O� � O O � P O O O N O O O O �� d � O p O O �� O
o � �
, N_ o o i. u� �n° �n r. v_ o �n
� h N Oi f0 ��O h O
� N V OD N I�
tD 1� �(I f`7 N ap �
C') !7 M f7 (") f') C') f`7 C7 f') f`7 f') C'1 C7 C'f f') fh t`� O f') M C') (h t�7 M C7
O O 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 f\1 N N N f`! N N N N (\1 N N N N N N N N N N N
O1
O 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: r� r� n n r� r� n r� � � i: r� n � r� � r`� i: 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
� W LL � LL� � LL LL LL LL LL LL LL� LL� LL LL�� LL� LL LL�� LL� LL LL LL LL LL��
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
N fn N (n N(n V7 fn tA N N N tn tn N Vl fn tn (n fn t/) Vl fn fn (n fn fn tn N(A fn (n fn fn fn 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 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
} } } } } } } } } > } } } } } } } } } } } } } } } } > } } } } } y } } }
� � � � � � � � � � � � � � � � z � � � � � � � � � � � � � � � � � � �
� � � � > > � � � � � � � � 7 � � � � .7 � � � � � � � 7 � � 7 � � � 7 �
fQn (Qn tQ!I VQ7 (QA (Qn NQ fQn fQn VQl (Qn tQn fQn (Qn fQn fQn fQn tQn fQn (Qn tQn fQn lQn (Qn tQn fQn (Qn tQn f¢n fQn tQn (Qn tQn (Qn (Qn (Qn
W uJ 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 uJ W W W W W W
� � � � � � ¢ � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � r- � r � r- r- � � � �- � � �- H � F- F- � r � � � r- �- � F- � � �- � f- � 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
C7 C� C7 C7 C� C� C7 C7 C7 C7 c7 C� C7 C� C� C7 C7 C� C� C� c7 C7 C7 C� C7 C� C� c� C7 C7 C� C� c7 G7 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 Q Q Q
� r r- � � � �- � � r- � � � � � � � � � � �- � � r- �- � � r � � r- � r r � �
z 2 z z Z 2 z z z Z z z z z z z z z z z z z z z z z z z z 2 z z z z Z 2
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
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
� � � � O O � � O � � O O � � � O � � O � � � O O O O O O O 0 O � � � O
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
r- � �- � r- f- � F- �- f- � F- � � � � � �- F- � � � � t- f- � � � � � r � r r- � �
N M O � N t'7 O (V f7 Q O M t0 O N 1") O � fV f7 � O N(h O N f") O
O Op Op O O O O O O O O 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�A �A N�� � N� � N� N� N ��� � � O O O O O O O O O O ^ 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
Oi Of O� Oi O� O� O� O� O� O1 Oi O� Of O� O� O� T O� O� O� Oi �� O� Oi Q� O� � Q� � O O O O O O
a0 a0 a0 a0 aD oD OD c0 aD oD a0 a0 oD e0 00 cD 07 m c0 ao a0 W 00 aO W W aD aD W aD O O O O O O
� �'- .- � � .- � � � .- � � � r- � � � � � .- � � � � .- � � .- � (V N (V N (V (V
� r- � � r � � � � � r- � � F- r- r- � � � �- t- � � � r r- �- r r- � f- � � �- �
N Ct O � C'v 1`� O � (V C) Q O C') Ip O � ry (7 O � N f7 N O N f7 Q 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 O
V Q O N�n N ��D (D fD t0 tD OD 00 (O m Ql OI Of QI N N N(V N f") f'1 fh I") r') N �(I �A �!1 �D (O
A N N � �� N N N'n �A N N �(1 � N N� N �1'! O O O O O O O O O O f� I� 1� f� 1� 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
01 Of O� QI Of Of Q1 T O� �� Of 01 Q� O� O+ OI 01 Of Of Oi Of Oi O� T Of 01 O� Q� O� O O O O O O
0o m ao m co 0o w ao ao m eo ro w m m ao m m m m m ao m� m ao 0o w m co 0 0 0 0 0 0
N (V N N (V (V
Ul tn tq N t� tn tn t� N tn � tn t� N tn tA fq tn <A cn N tn tn tn N � tn �n � �n tn tn tn cn tn tn
} y } > y } } } } } } } } } } y } y } } } } } > } } } } } } } y } } } }
U u: u: u: v cr, v, v, <n v, v, v, v, v, cn v> v� cn v� w cn v� v� cn v� � v� u> u� cn v� cn �n v� v� v�
cna�
o Q �
� �
o a
O
C a
a° �
a
n
0
�
c�
8
O
L
O
�
� a:
m ��
a �
/�!IA V v
l � ��
o=
�' R
> `
N �•
� A
�
�
�
a a
d R
� �
N
} t/�
W C �
C� � N
Q d � �
� � C p
�.�Q = � N
� � H �
W � ;4 M
V .p � �,
� � o'
o a° �
� a°
�
A
i
Y
�
�
m
7
a.
y «
A
L �
U
a'
m dl
��
�_
R
> m
Q
dl
N
k
d
�
c
a
N
�
U
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 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- � � �.- � �.- �.- �.- �.- �'- � � � � � � � �.- � � � �.- �
l0 f0 l0 l0 10 �O �0 <0 f0 c0 N f0 19 fC 10 t0 �O c0 10 l0 N F �O f0 N IO 10 N �0 i0 f0 f0 l0 N �0 �O
aa� a�� a��a�a��a �aa"a�a �aa a�a ���aa���a
O O N M O O t^O O N O O ��7 � O m (p M O O O fD � p�p pNp � O O O N � N O O N O
O O OD N �p O O 1� {p O O N W O OO Cp Op O O O tQ0 C7 O fD O N O O O h fV O O h O
Y O Of � 10 � p � N O N O�i O�i <O ^ �
.- a0 O 7 .- N
� O � N O Q.
� a � N �� � � t0 {O t0 f� (7 ^
l") � y .�-,
� � � � N � (V O � �
O O N t�•I O O (O p N O O N � O� 1D c�7 O O O t�D � O� O�D � O O O N t0 N O O(�V O
O O� a � O N�� p� p 0 N O N �� O O O tD t7 O O 00 � O O O� o N O O t� O
� � r' � v
t7 h O 1� �� � tD t0 1D ID 1� f7 r�
� � � � � � � ^ � � � �
� � N � � �
O O O fD (`� O f� h h O O O O O a0 a0 p O O �p C7 O a► N Of f`� p p a p pi �p O � O
O O N f7 O O t0 � N O O� n O f� fp �+I O O O fD 00 O f� W � O O O N ID N O O N O
O O a0 N fD O O I� �O O O N a0 O a0 oD ayp O O O�O f`� O tD O NQ O O O I� � N O O I� O
V Y Of N fD CO,� 0 O N O N ONi Oi � O � O� � N O ^
v.
('I h O � V � � N tp f^D <O n l`� I�
� � � � N O � � �
� r, � r
� M � �� � (") � � f'� (h f7 ^ (7 � f") � M M � �
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
O O O O O O O O O O O O O O O O O O O O O
�� ��� ��^ ^� ��� � ��� ��^ �
00 000 000 00 000 0 000 000 0
LL LL� LL LL LL � LL� � LL LL � W LL � LL LL LL� LL LL� LL LL LL� LL LL� LL�� LL � LL
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
N N h N N N � N N h� N N N h � N� N�� N� N N�� ��� ��� �� 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
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 > > > > > > > > > > > > > >
� � � � � � � � � � � � � � � � � � � � ¢ � z � � � � � � � � � � � � �
VQ�7 cQ= tQ= (= fQ= NQ (Q= tQ= tQ= fQ7 �Q cQ=!J �Q tQ= (Qry tQ= tQ= tQ= (Q= UQ tQ=A tQ= tQ= cQ7 yQ NQ UQ NQ cQ7 tQ= tQ= cQ= �Q �Q NQ (Qry
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 LLJ W W W W LLJ W W W W
� � � � � � C � � � � � � � � � � � K � � � � K � � � � � � � � � � � �
f- � i- �- r � � r r- � � r- r � � r- r- � F- � � r F- F- � �- � � � r- r- � � �- � �-
CW7 (w7 Cw7 Cw� Cw7 Cw7 Cw7 � Cw7 CW7 C� C7 Cw7 CW7 C7 C� Cw7 CW7 C� Cw� � Cw7 U(W7 Cw7 C� (w7 CW7 C� � Cw7 cw7 (w7 CW7 C� CW7
Z¢ Q �-¢- F � � a � � ra- ¢ � � � a � � � ra- ~ Q � a � � � a � � a �-Q- ~ a � � �
Z Z Z Z Z Z Z Z 2 Z Z Z Z 2 Z Z 2 Z 2 2 Z Z Z Z Z 2 Z Z 2 2 Z Z Z Z 2
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
0 � � O O O 0 � O O 0 � O O O � O O � O O O � O 0 O � O � 0 O � p O Q p
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
� �- F- r- �- � �- f- � f- � �- r F- � � � r- r- � � f- � f- H � r- � f- r � t- � � �- f-
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� o 0 0 0 0 0
������� o 0 0 0 0��� cvi o 0 0 0 0 0 0 0� o 0 0 0 0� rNi rNi c�-� � c-�i
0 o n � c� c� c� o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
O O N CV (V N (V f") c7 ['I ('7 (�'I f7 f'7 t7 f`� f') C� f7 C') t`� C� t`� f7 M C� M C� C� (7 O) QI � Of Ql �
N N C�V N(�4 (�V �(�y N (�y ry N (�V N N N N N N N N N N N N N� N N N N ry N� � N N
� � r- � r- H r- � � r- r r r r- � � � f- � � r- �- �- � � � � � � � � � F - � � �
N � � N l") eT O N f�1 a O N f") O �- N f7 Q O �- (V f%) O N 1'7 p O N t`� Q tp
O O O O O O O O O O O O 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 �D QI Of � Of � C� f7 f") C] C7 Q O Q U'! N h �A N t0 �D t0 10 00 00 OD 00 00 N N (V 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 r7 M t�l � �+7 �
� � t� f") f'I C') C'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 fV N N N CV t'I C7 f7 C7 C7 C'7 CI (") C7 t7 CI f'7 M C7 f7 f') t7 f") C') (") f") ('� t7 �If Of 'A '7� 01 Q1
0 0 0 o c� n o 0 0 0 0 0 0 0 0 0 0 0 o c� c� c� o 0 0 0 0 0 0 0 0 0 0 0 0 0
(n (n tn tn (� tn (n (� fn tn tn N (n (n (n (n (n (n N (n fn N tn (n V7 (n tn (n fn (!1 (n tn N (A (n fn
w v v v v}i v}i v}i v}i v}i v}i v}i w v}i v}i v}i v}i v}i v�i c}i� v}i c}n cYn v�i v� v}i v}i in in v� v� crn c'n v'i v'� vri c}i�
� a �
o Q �
� �
o a
�
� �
a
a a
�
0
�
�
O
�
�
v
m
�
�o
a
a�
C R
7C
A
f
U '�
�r�
t'7
Y �
qU
0 q
�
�
8
�
�d
L A
� �
N
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 �
�I
a � � ¢ ¢�
v
N
N
0
�
ai � rn o o � �
� v o o a ;a
j � m o 0 0 � a
Y �
CO � � � Y
m � � �
1D u7 � �
i
L
�
� � �
U }, c
d
W d E
C� � N
a a� � v �
� � � �
� Q i
"� � C � N A
C� Vi �C y � a,
�/i � M
U � � �
U �O � �
� � ,o
N d�
� A A
Q a Lo
� U
� a°
a'
dd
q C
A
Q m
dlN
:
C
E
N
d
C
al
�
�
U
< Oi O O .- 1p
�"1 O O O p a
1� a0 O O Q Op
� o o�
� � N
rn rn
�D in N
P7
Q�,00� �
� � o o Q
��oo�
N r�
�n o. �o
m � �
�, �,
10 �n N
� n
�� �
0 0 0
N N N
O O O
^��
000
�
� � LL LL LL �
� � � � �
� � � � � O
fn (n N tn (n �
� 7 � � � �
J J J J J �
a a a a a
> y � > y
� � � � �
> > > > >
� � � N �
� � � � �
� � � � �
r- � F- � � d
w w w w w �
� � � � i�
H H H a Fa- >
z Z z Z z a
> > > > > �
0 0 0 0 0 �
a a a a a �
0
LL
� a
�
� y
F- H 1- H Ha
� N N N � �
� � � � � �
(A n 1� h f� f�
� OI Ol 01 Ol W
O O O O O
N N N N N
�
�"'
W
�
� H h- H 1- H
Z O O O O O
Q Vl � �l'1 � �
� N N h N
� n � n ^ n
� O O O O O
a <V N N N N
� � � � � �
} T Y } }
� vi U ai vl ci/
10
T
N
v
�
O
�
�
�
�
v
�
n
�
O�p
N
h
N
M
rn
A
Q
v
A
3
0
�
� a �
Q Q �
O
� �
o a
- i
� �
a
a a
r�
0
�
v
O
Np
CJ
O
W
N
0
�
z
�
m
�
�
a
U3 '�
2 h
�
o=
TU
A �
� �
�
9T
O
�
� d
N A
� �
h
m
�
R
�
Y
g
m
W
7
�
Yd
`
� �
Z c r
W � �
Q d U Q �
� � N p >
�� N A
� O C a
( ', f� � � r�
�
W � 0 �,
? '� �p -'��
� � d�
Q a° o ; �
a to
� �
�
� a
d d
qC
N
> m
Q
.�/
G
7
N
�
c
E
H
W
C
al
N
�
U
0
O
rn
�
N
Of
�
�
(")
�
O�i
�D
°'
�
N
O�i
�.
olO
}
U
2
W
i�
¢
�
0
� m
(n U
W �
U 10
U `0
� m
� �
Q N
O y
y � >
� a
Z
�
�
U
U
Q
�
Z �
Y "'
U
W
2
U
Y
Z
Q
m
Z N
O �
2 �
� n
N
N
O
�
ro
0
0�p
V
O
v
n
M
I O
�Op
O
O
O
M
h
0
�
�
M
�
N
O�p
N
M
N
n
�
d
E
d
C
�
A
L
N
R
U
3
0
�
�na�
Q Q ^
0
� �
o a
0
� �
O a
a a
c
0
U
NQ
OQ�
O
v
0
c
�
2014
City of Palm Desert
/ '
� yPllvll>��1� �� ��2C�P�I'�1E->rl � �bC�rl
ECONOMIC COMMENTARY
The Federal Open Market Committee (FOMC) did not meet in August. The
FOMC's next meeting will be on September 16-17. According to the California
Asset Management Program (CAMP), that meeting may be very significant.
The FOMC will release updated economic forecasts through 2017, and may
provide clues on when interest rates will be tightened once the Fed stops
buying bonds. A disappointing jobs report in August, however, has softened
the pressure on the FOMC to raise interest rates.
Second-quarter U.S. Gross Domestic Product (GDP) was revised upward to
4.2%, driven by increased capital spending on new equipment and buiidings, and
and by increased consumer spending. The Conference Board's Consumer
Confidence Index rose to a seven-year high, while durable goods orders
experienced the largest monthly increase ever, due primarily to aircraft orders.
These positive trends were partially offset, however, by a Labor Department
report which stated that the U.S. economy had gained only a meager 142,000
jobs in August (economists had been expecting a gain of about 230,000 jobs).
This broke a six-month streak of monthly job gains above 200,000. It also
undercut any notion that the economy is posed for an economic "breakout"
in 2014 after a very slow first quarter.
The RDA Successor Agency investment portfolio declined by $4.7 million in
August due to the payment of debt service.
.r��s ��, e.e..�t.��: .�
City Treasurer
"` Certified California Municipal Treasurer
Thousands of Dol/ars
Month-End Book Value $
Month-End Market Value $
Paper Gain (Loss) $
Prior Year Book Variance $
Interest Earnings (W/O Cash; $
Yield-To-Maturity
Weighted Maturity (Days)
Effective Duration
PORTFOLIO STATISTICS
224,372 $ 223,757 $ 226,492 $ 224,854
224,380 $ 223,761 $ 226,492 $ 224,854
8 $ 4 $ - $ '
4,059 $ 3,387 $ 7,804 $ 15,045
60 $ 59 $ 55 $ 54
0.32% 0.31% 0.31% 0.30%
13 13 �3 �
0.02 0.03 0.03 0.00
All data as of August 31, 2014
�
�CCjCG�
I
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.
$ 218,499 $ 217,385
$ 218,499 $ 217,385
$ - $ '
$ 18,738 $ 19,442
$ 50 $ 53
0.29% 0.31 %
1 �
0.00 0.00
PORTFOLIO CHARACTERISTICS
August 2014
Dollars in Thousands
Maturities Market Value �
< 1 M $ � 87,g� g Maturities Distribution
< 2 M 100 95 _ _ _ _ _
< 3M �
< 6M - 80
< 1Y 9,978 0 60
� 2Y � 40
< 3Y ' o
a
< 4Y - 20
< 5Y '
Total: $ 197�897 O <1M <2M <3M <6M <1Y <2Y <3Y <4Y <5Y
�
Credit Quality
Ratin s Market Value
AAA or Aaa $ 121,193
AA or Aa -
q 9,982
Unrated 89,381
Total: $ 220,556
Assets Market Value
County Pool 102,608
LAIF 41,697
WF/LAIF Bond Proceeds 25,029
City Loan to RDA 22,655
Commercial Paper 9,982
CAMP 5,240
WF Treasury MMF 13,345
Total: $ 220,556
Month Citv Yield LAIF Yield Variance
Sep13 0.30 0.26 0.04
Oct 0.31 0.27 0.04
Nov 0.30 0.26 0.04
Dec 0.28 0.26 0.02
Jan14 0.29 0.24 0.05
Feb 0.29 0.24 0.05
March 0.31 0.24 0.07
April 0.29 0.23 0.06
May 0.30 0.23 0.07
Jun 0.31 0.23 0.08
Jul 0.31 0.24 0.07
Aug 0.32 026 0.06
AA or Aa
�%
Unrated
40%
AAA or Aaa
51%
A
5%
Asset Allocation
County Pool
47%
LAIF
19%
WF/LAIF Bond
Proceeds
11%
City Loan to
RDA
WF Treasury Commercial 10%
MMF CAMP Paper
6% 2% 5%
0.33 _ ._.._...__.._. __ __ _._.:
0.22
0.11
O.oO
Sep130ct Nov DecJanl4FebMarchApril May Jun Jul Aug
I OLAIF Yield GCity Yield
CITY OF PALM DESERT TREASURER'S OFFICE PAGE 2 OF 3 I
STATEMENT OF COMPLIANCE
August 2014
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 annuaily.
For the month ended August 31, 2014, 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 objective�
of safety, liquidity, and yield. Barring unforeseen events, the City Treasury should have sufficient cash to finance City expenditures for the nexl
six months. In addition, portions of the City investment portfolio could be liquidated in order to maet any significant, unexpected cash
requirements.
Interactive Data Services provided the market value prices for securities in the City investment portfolio. Ali balances are bank balances.
Respectfully submitted,
��s �-��, e.e..���:
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Minimum Maximum Maximum Minimum % of City
Code Investment Category Maturity Limit Quality Maturity Limit Quality Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit '
53633 Demand Deposits No Limit No Limit No Limit No Limit -
53601(b) U.S. Treasuries 5 Years No Limit 5 Years No Limit -
53601(c) CA State Debt 5 Years No Limit Not Aufhorized
53601(d) CA Local Agency Debt 5 Years No Limit Not Aufhorized
53601(e) Federal Agencies 5 Years No Limit 5 Years No Limit -
53601(� Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 or P-1 -
53601(g) Commercial Paper 270 Days 25% A-1/P-1 270 Days 25% A-1 or P-1 4.5%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA- or Aa3 -
53601(i) Repos 1 Year No Limit 30 Da s 20% -
53601(I) Reverse Repos 92 Days 20% NotAuthorized
53601(j) Medium-Term Notes 5 Years 30% A 5 Years 30% A -
53601(k) Money Market Funds 90 Days 20% AAA & Aaa 90 Days 20% AAA & Aaa 6.1%
53601(I) Trust Indenture Debt NotAuihorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA & Aaa AAA & Aaa
Investment Pools 90 Days No Limit or Advisor 90 Days 50% (1) or Advisor 48.9%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer) & Not Authorized
Securities AA (Security)
16429.1(b) L.A.I.F. No Limit $50MM/Acct No Limit $50MM/Acct 30.3%
(2) 89.7%
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 OF PALM DESERT TREASURER'S OFFICE PAGE 3 OF 3
CITY PORTFOLIO CONCENTRATION LIMITS
August 2014
Investments
CALIFORNIA ASSET MANAGEMENT PROGRAM
CITY LOAN TO RDA
WF/L.A.I.F. BOND PROCEEDS
FEDERAL AGENCY -- COUPON
LOCAL AGENCY INVESTMENT FUND
WELLS FARGO CORPORATE TRUST
COMMERCIAL PAPER -- DISCOUNT
RIVERSIDE COUNTY TREASURER
TOTAL BEFORE CASH
PLUS
CASH
GRAND TOTAL
Book Value
$ 5, 240, 304.49
22,654,999.95
25,028,904.62
41,696,933.33
13, 344,451.40
9,973,750.00
102,608,404.70
$ 220,547,748.49
$ 3,824,054.81
a 224,371,803.30 (1)
% of
Portfolio
2.34%
10.10%
11.16%
0.00%
18.58%
5.95%
4.45%
45.73%
98.30%
1.70%
100.00%
FOOTNOTE:
(1) In the Citv of Palm Desert Comprehensive Annual Financial Reqort ("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.
�
r
i+
N � �
W d � �
�� C 3 N
J �9 Vi �
Q �L p M
a o-,,
� O
� � o �
�aa
U
�
U >
� 7
� W
N
�
E
d
�
o-
.. A
NU
A�
oA
�
O �
e �
O
a
Y CI
o �
m`O
>
d d
A;
i
R �
a ,-'e
>
.y.
c
d
�
N
d
>
c
� v o 0 0 � rn p
O (�V N N O � 7 I M
O o 0 o O o o �
I.- � � � .- N I M
�
^
�
�
f�
�
O
N
N
O
� , a°�
.- � � � � .- .-
c� � � I I c n
N y
I
\ I
KI t0 (") O � N 1� �
O N (") N U'1 p � '
O
C7 O o v p t0 p I
� N p O
�
I� �!1 N c7 O O O I
Ot 01 f0 c") V O 1� � f0
o�a���a< �
o�,�,�,�,�< o �,
N
� � N O�f � � O � O
n �O O t0 �<D N i p�j
� N N 7 � � O � I N
0
N
N
I
f� N N f7 O O O
a� rn�� v o n
o�, �ooQ
�,�� o0
O O1 O� O� �l1 t`7 'P
o � � � � � m
^�o����.
t0 N �A O 01 O� N
N N < O
rn rn� r`�i v o�
o rn o r`�i � o
o rn rn rn�n o o�
O aD fp t`� O aD
n t0 O �D N O t0
�D N � Q � O (V
N N V � O
� T
U
y Y
� i i �'C.. �9
a
ui �
c
a� �
0 o y �
O
� /") � C
C
O � � �
N (p
�a
o =
, c Q
�
� � � � a`�i
� , -
`m �
I m �
y
� � U �
�
N
0
N
�
n �
OI �
� �
rn
� N
N �
� �
� N
O
N
N
EL
I N_
; c o
_ NQ�
O .�+
� � � a
� N
I � 7
i � �
m
��
�o I r �
� � E
�
N i i E �
^ � O
a
N ' � Y c
N I I p
V
�o
, « CO M M � Q
� � � o
i � o
olo � � ,M �
�
` `n °' 0 0
�� �
'� � �� v ">�
� �
� � Ip N � U O
e� y� ��a
� I �I o ��
M C - �
N �
.t-.
N
N I I C o� �Y
.--�
' > E N �
� � x � N
I � �+o I
� ��d rn
��,o�
o�a o�
.� y
� ar � ao m' `° � m
c�co ti ,y U
o c� r". o° y E
� W O O� c y 7
� t i�Cl O � � �
P ' w+ y = O
G M �
N Z' � p C O
N d �
N n a O
�, �, a
f") L N y
�` ` �
L -
� ; U p
C
c
� �c o y
`_° o `-° �
7 N
� � EuLim �
Z LL � � p r
= Z U � ....
� ��� �� c � C c U
n. o w� U cn o a� �� w
z u' � v�i o'� ; a� d�°� r �'
�,u U � . � v N t� p 7 �
� � j� w� c� C �� o vi U
;� o a z� a Z o, n m o a r o U
z� z}"' a � Y i. c y �, d c
� O Q U Q J � « � C i0 � - � C% O
11 Q m � Q d' � � � D !0 �0 } O d N� N U�
n O- a E � U W ar .>_ >
a J n�� N S u C � r. � .
Q } � V Q � W N - y 1N � � f0 � � � y�� J
Q � � � � p > > � m o 0 0 > > � r �
� �> � s �� � c� a� � r U a w� o a I a
Fa � �
Q � r�
U
o � m
p ai =
� � n
O a �
a �
a
V
0
N
�
M
�
O
a
0
N
o �
r �
o v
�
o Q
� N
a $
o�
c o
C v
O '�
a �
m
� �
�
rn
ca
a
N
r �
� �
N � �
W d �
� � = O
C �
N
's J cs tA �
Q � � M
a �:°,,
LL O � '
o� o
� O �U a
Q
a
.�
��
�o
�
O q
�U
N �
U �
� �
r n
N
v
�
� m
6f �
� �
�
61
A
�
m
7
i
Y
A
�
A
i
a
N q
L �
7
a
dd
R G
A
> �
am�
ar IN
c
E
N
i
C
al
N
�
U
� � I � �
o v I �Np v I I o I
O O O I N � I N � I
O O O I O C' O I O
I
i I I
i �� � � � � � � � � � � � � � � � � � �
� � � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
� I O O O O O O O O O O O O O O O O O O
N I N I 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
I m m m �o m m m �o m m�o A m m m�o �a m
Q Q Q � Q Q Q Q¢ Q¢� Q Q� Q C¢
u4i v�i ' a v v
O O I N N N
O O O O O
� I
i
� N h N N I N N' f') Nf .- t0 �n O O O O � 01 O O� O O O � O
� � 0? � � �� � � � �'f •- � � O O O O O eD O O N O O 1� N O O
�� I � �� y d � M� ��� o 0 0 o v r� o o � o 0 0 � o 0
Q� O O � OI O! O O. C� 1") C� O1 O C7 N W OD N
d N O � 01 O! O� O1 O� Q1 .- N f') O RI �A � �
Ql O O: � ♦� 00 CO I <D t0 c`� OD (V M O f7 Ol OD
00 N V U� N N I � 01 : W �p pp �p
U] 1� tp �p I O O <D 10 � � .-
f0 � t0 (V N� �A 1q � � y.
N N I (V N' Q a
I � � I
� N 1� �A N I (V N t�I 17 I tp VI O O O O � Ql O O N O O O � O
� �0 C? O� Q! tD t0 t�I t") .- 1� O O O O O W O O N O O 1� �A O O
M 00 O� O! y f") P') ' � OD f') O O O O a I� O O I� O O O � O O
OI O O � Of � O C7 M� C7 � O f") �fl Op OD N
v�n o rn m rn o+ rn o� - � c� n o m �n � rn
O� O O. O O eD 00 . t0 10 I C7 a0 N f') O f'f Of aD
(D � V A a N N Of O! 00 fD 00 tD h
�.- 1� �O t0 O O t0 10 I � �
<O t0 I fV N i[7 N' O V:
I(V N i N N Q a
I I
�
N N h N N N N� C� e7 .- tp � O O O O 01 O O� O O O �- � O
� m O! Q1 Q1 t0 f0 , C1 M- � f� .- O O O O O m O O N O O f� �A O O
r� ao a+ oi y a c� ri � ao M o 0 0 o a r� o o � o 0 0 0 0
OI O O Q� Ql � O O� f`7 M fh O� O M� OD a0 N
Q N O Of Q! O� Ol Of OI � N f") O OD N �
O� O O O O- CO OD f0 t0 I M OD N (� ID f0 t�0 �
ao �n a �n in N N OI O1 oD
�n n � �c o o � � �o i � .-
� ^ �c ' cv ri - ui a v �
cv N I N N v
�
� i � �
f") M t'f ('� C7 f") f") f") f') f") C'I f7 C7
I I 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
i. O O O O O O O O O O O O O
� I � r n n n� � n n n n � ^ n
0 000000 00 00 00
N -
tD
� Oq I
� n
J W
J �
3 I
�
�w
N
w
U O
O O o�
� 0 A
a a a
>
a a Q
i � �
Q Q A
� U U �
¢ o
a
(� N
O �
�
a
F-
Z V
� � �
w
C7
Q
2
Qc
i
�
W Q
� Q
Q � �
U v v
�� o �
� LL� �c�c LL LL LL LLc LL �� LL LLc LLc � LL LLc
O� � ? ID Ol �c � �c <c Cc �c �c �c <c �c �c � �c cC Cc � �c ic
�. LL N I I C�< < G C C C< G G� C C C � C i
�o � r o � cn cn v7 �n v� v� v� v� vl �n v� v� �n v> vl v> vl v�
� � � � � � � � � � � � � � � � � �
N I W N � 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 >
� � ¢ � � � � � � � � � � � � � � � � �
w W . � � � � � � � � 7 � � � � � � � 7 �
N Z �Q(Qn tQA (QA (Qn (Qn tan tQn NQ UQJ tQn tQn �Q fQn fQA (Qn (QD NQ
W W W W W W W W W W uJ W W W W W W W
� > � � � � � � � � � � � � � � � � � �
� a U d d � � �- �- � � �- r r � r- � � F- � �- � �-
W w w W W W w W W w W w W w w W w W
a d � d � d c� c� c� c� c� c� c� c� c� c� c� c� c� c� c� c� c� c�
a a¢ a a a ¢¢ a a a¢ a a¢ a a a
O� Q > U > �- ~� r- F- � � r r- F H� f- � H r- h- H
9 ¢� � D 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
C U C C � i i � i i J J J � i 7 i i� J 1 i
A �' a A � O O � O O O � � O � 0 O O � � � O
U i0 � t� 0 � � Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
O O Z O
a �;� a LL
v'� r'n � LL y �
� � � �- � � � �- � � � � �- � f- � r � �- �- �
Q Z } O � O N(') O � N O fV O �(V t'I O �
W v� W •� o� o 0 0 o m o� oro ��� o 0 0 0 0 0
U � � oo ��7 -- ^ o v c v o v v o o a�n �n �n �n � �
O ri y o rn rn rn rn rn rn rn rn rn rn rn m rn rn rn o,
v o
(�1 W N Q OD OD 00 00 aD 00 CD OD aD 00 00 c0 m OD a0 m O O
� � � > � w � � � � � � � � � � � � � � � � N N
a Z �
❑ U (�
2
� �Z F r�- r H �- � r r H �- F� f- �� f- ��
m O.- O � N M O � N O � N O �(V M O �
� Q (!� Z O O O O O O O O O O O O O O O O O O
[O Q f") t'1 � f� Ir n aD OD 00 Q1 Of Q1 O O O O
f`�') Q O i ' � 7 < O V ^ O^ ^ 7 O � � U"i ^ � �
O O
Q �� Q1 � Of O� Q1 Of 01 Qf � Ol O� Q� � 01
J� Q � Q m m m x� oo co m oo m m m m ao ao m m o 0
V� lL c� V (� LL t� (� U7 (n (� c� t� (� N N(� t� t� (� � N U7 �
f 3 � o � >>>>>>}�->�->>>>}>>r
3 �����������������N
�a� `�
Q ^ �
o � a
- a >
�ot- c
C 5 c
o a �
a C
�
a
�
0
U
m
n
O
m
o'
5
N L' ..°i.
d 50
Q1 q
a �
� � A
mU
� A A
o�
V '�
� n
�
�
s
E ==
... R
9�
N
d
7
A
7
O
O
m
�
�+
� �
d
�
�
Wa� .,,,
� � H
W � d �
� � C �
�� � = N
J c4 v� �
Q � • M
� 0 � �+
_ d
O� o�
V a �
�
a
1�
7
�
Y
R
�
d
7
a
N A
L �
�
a'
dd
��
A
> m
Q
d
N
u
c
E
N
d
C
a
tN
�
U
LL
�
f
i
�
�
N
Q
w
�
�"'
wI^
V
Q
F
Z
Q
>
0
Q
LL
3
0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ca m m �a A m �o m �o �a m �o m�a m m A A A m m m m m m m m�a m A ca �o �a m m
� 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
O � Q� O �O O O O<O Of N O O f") e� O O vl t7 � (h fh O h O Of N O r') (V O O I'� O
O O� O N O O O O! � O O O O 00 O O O 1� O 01 1� l� O N O f") t� O N O O O 1� O
O O O O V O O O M � �n O O 1� f") O O O N O i0 N Q O O O(V O O W O O O N O
O O � ao ao � o 0o m o n � c� n o rn
O N t") OD f") eD � � I� O W O N
OD N O1 � � < N � I� N 7
<D c'1 Q o O �n
N � T�n O �D
� � �
g
O
h
N
Ol
O O1 O tD O O O t0 Of N O O th (") O O � � C�I t") C'I O I� O� N O f") N O O t7 O O
O O� O V1 O O O Of O O O O CO O O O 1� O Of 1� 1� O N O f') I� O N O O O 1� O O
O O O O Y O O O(") O� N O O I� C7 O O O N O fD N � O O O N O O a0 O O O aD O O
< O t0 aD aD 1� O C7 a0 O I� � (V (7 O 01
< N ('7 OD C'7 [O � N 1� � O OO O N Y1
W N Oi � � Y N � n N V 1�)
� � V O O �A N
(V � � �[1 O tD e-
� � Y Q1
O O� O �D O O O t0 O� N O O� C'1 O O � M'- (") f') O 1� O Of N O f") N O O r'I O O
O O�A O � O O O Qi � O O O O 00 O O O h O T h I� O N O f`� 1� O N O O O � O d
O O Q O O O O O f7 O� �9 O O 1� M O O O N O �D (V V O O O N O O GD O O O 00 O O
V O tD 00 00 I� O W 00 O � � N M O �
V N l7 OD t") OD � �l1 1� O OD O N N
00 N � � �- Q N �- 1� �
N � Q�i u�'] O t�D � �
� � Q �
t") M M (7 M t7 ('I (") C7 f') C') l') f") M (7 f") ('7 f') f') f'� C� C7 M f') C� f") M O C7 ('� C')
O O O O O O O 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
0 0 0 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
n n � n r� n n r. � i: r. r� ': i� i� n � � r� r� � n n r� � r� � � n � �
000000000000000000000 000 000000 0
LL LL LL LL� LL LL � LL � �� � LL� � LL LL LL LL� LL �� LL LL� � LL� LL LL� LL �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Uf (n tn (n tn (n UI (n U7 tn (n tn tn fn N N fn tn cn tn N VI N tn V7 fn N tn VI vl N tn VJ (n (n
� � � 7 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
a. a a a a a a a n. 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 } } } } } } } } } } } } } } }
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � 7 � � � � � � � � � � � � � � > > � 7 � � > > 7 7 7 � � 7 � 7
fQA (Qn (Qn (Qn fQn (Qn (Qn VQ7 NQ (Qn fQn (Qn (Qn fQn tQn tQn tQn (an fQn (Qn (Qn U7 (Qn (Qn tQn (Qn (Qn UQ7 tQn tQn fQn (Qn (Qn (Qn tQn
W uJ W W W W W W W W W W W W W W W W W ul LLJ W W W W uJ W W W W W W W uJ uJ
� � � � � � � � � � � � � � � � � � � � � K � � � � � � � � � � � � �
H r- H F- 1- H H H H r f- r- F- � H H r r r F- H H H H F- H H F- H H r- H 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 W W
c� i.� c� c� c� c� c� c� c� c� i� c� c� c� i� c� i� :� ia c� c� c� c� c� c� Ca c� c� :� c� :� c� c� c� i�
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
� r � r- F- � � � � � � r r- r- � � � � r r- �- � � r r r t- � � � � 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
¢ ¢ ¢ ¢ Q Q Q ¢ ¢ Q Q Q Q ¢ Q ¢ < Q Q ¢ C < Q ¢ ¢ ¢ ¢ Q Q ¢ Q ¢ < ¢ ¢
> > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
0 0 0 0 0 0 0 0 0 0 0 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 Q
� � r f- r- � � � � � � � f- �- r- r � r �- r- � r F- r- � � � � r- r- � � �- f- F-
CV C7 � N �D I� OD Q1 O (V (") Q if7 t0 00 � O N O f"I a O � N C� O �'- N f') 00 O N
O O O O O O O O N N O O O O O O O O O O O O O
N N N(V OD CO OD 00 Op �p pp pp
' � ^ ^ � � � � � � ^ •- ^ ' ^ � •- •- •- n r� n i: o 0 0 o rn rn rn rn rn rn rn rn
o c v v a v o o v v v v v v o v v c v v o v v.- � � � m m eo m m eo co ao
(V N N(V f� I� I� I� N�/1 �A iA ��A �A N
O O O O O O O O O O O O O O O O O O O N N N N fV N N N f") !�7 f") C7 f7 M M M
(V N N CV N (V (V N N N (V (V (V (V N (V (V N N N N N N (V N (V (V N (V N N N N N N
��� r�� r� r �- �- r- �� r r r- r- �� r� f- r- t- r r r r f- ~ r r- r r
N (") O � t0 ^ [9 01 O N f`7 Q i!1 tD 00 Ot O N O f`� O O N th O N � aD O N
O O O O O O O O N N O O O O O O O O O O O � O � � �
N N N N 00 CO OD � pp pp pp (D
� � � � � •- � •- ^ � � ^ � •- ^ ^ � � � r� I� 1� 1� O O O O Of O� 01 � Ot 01 O� O>
o a a o 0 o v o o a o v a a o 0 o v v v v v v � � �.- m m m ,`�°� m co ao ao
(V N N N r� f� 1� f. �A �A �f1 � �A �A �A �[1
O O O O O O O O O O O O O O O O O O O N(V (y N ry ry ry(y f") (`7 (") �.� {7 (h (h (+1
(v (J (V (v <v (V f� t� t� tV lV (� tV (V N CV N N (V N N N N N N N N (V (V N (V ry(V N
N tn N (n fn (n (n fn N U7 fn (n fn (n fn (n (/7 V7 (n (n (n t/7 (n Vl (n (n (n tn (n (n (n tn (n (n V7
} } } } } y } } } } } } } } } } } } } } y } > } } } } } } } y } } } }
✓: u: v: u: v: v: v: v: v� v, c�: v; v: cn v, v, v, U �, � v�, v, v, v, U, v, v, v� cn v, u, v, v, u, u,
�
0
t'�
N
Oi
G
R
W
¢
v
9
0
a
�
h
>- a �
� Q ^
U �
O �
- a
0
C �
O a
a �
a
V
R
n
Oi
O
O
W
�
�
�
M
ar
rn
�o
a
�
L �
1��/ �
LL C
W C� �
i/i � N
W d d �
� � � o
�� � � N
J cd tn �
Q � • M
ao�,,
� •Q � �
� O •O
U a �
0
a
��
7�
�
o-
A
�U
A �
o�
U '�
� �
��
T
�
� d
61 �
� �
h
L
7
�
Y
O
O
m
W
7
�
d
Y
N
�
�
i
N
�
n
0
! � � I �
N fV '
N N
�
rn m
r�i � v �
oQl o I o I o
�
Q I
O O�
N O
c`7 Q
O O
O O O O
O O � 1.
O O �
� h
f� A Q
M 17 c0 Op
I� 1. o O
O�. m , to 1D
� QI N N
O O
I � �
i
O O O O
O O r� ha
O O O O
fh t'7 R �
�D m i m 00
� 1� O O
O1 Ol �D t0
Of Of N N
O O
0
M
0
Q1
v
�
1D
N
�
O
N
N
A
Oyf
N
O
t'7
O
N
N
d o o� o o i.
� o o � � �
� o o Q
> o 0 0
0 o Q. �
R O O �O 00 N
a o o � e ro
O O Q O N
� � i � � N
N "d'
R
L �
�
a
dd
�0 C
> i7lQ m
d IN
�
C
d
E
N
>
C
al
N
�
U
Q I
O
N i
�
� ,
0
o,
0
C r7
n A
M a0
v�i v�i
Y a i � ev
� , 2 O
O LL
Y r
� Z
Z �2
W ~
� d W d
7 � Z A
� W CI
> p >
�'" < w <
O � J
w c O c
� A � A
c� � a �
F o 0
Z a � a
� N W N
� �
U �
N Q o
O W �
� � N
� N ~ O
W �
Q Z
a �
J �
Q U
W
� (�'� � �
W d (n a
� p7 Q' tv
w W v��i
O � >
U i v � t�r,
�
�D
�
n
N
N
�
�
Q
�
A
�
0
�
� Q o
U �
o �
- a
0
� �I
o a
a F
a
�
v
v
0
ry
m
0
0
m
O
5
�
v
61
Q1
�o
a
o �
�+ U
q �+
oA
i
U �
F��
Y �
h
�?
B
0
�
a d
d �
3�
h
a
�
A
i
Y
8
m
d
7
7
d
�
�0
�
1�"
� L
C
N
N � U
W G� � � �
� � !� �0
1p N O >
���2 C '� N �
J �4 � a
Q � � M
� O O �
O � ` � d d
� � q A ,
U a a L�I
7
a
d d
OI V
R C
d q
am
� �
NIN
�
c
u
E
N
>
C
al
y
�
U
0 0 0
0 0 0
0 0 0
0 0 0
o v �n
OD f0 N
01 � N
� � �
� Oi O
^.-°'
N
O Q �n
OD i0 N
m � �
� m �
O1 � O
� �
n �
N
OD i0 N
� a�0 f�0
ai ai o
� �
N �
(h th
O O
N N
O O
n n
0 0
0
O
O
a
w �
� Q
�
Z � U
�� �
U W
r 'i �-
� J J
�
� � Q
W LL
� � J
� Q 61
� J Z V
J J O C
a � � A
LL � 4 m
p � �L y
�w � p�
tn V �a
w w y
n U O � �
� Q
� �D f"1 O
� N
O O O
� M �
tD r) O
•- ry
O O O
^ n c-�
N N N
} y }
v; a: v�
0
e�
0
�
t0
O
�
t0
�
1�7
N
N
1D
10
h
M
t0
A
M
N
N
1D
N
0
M
�
�
N
io
A
t0
�
�
0
n
N
N
�
C
CI
N
i
c
v
A
L
N
N
U
�
0
�
�d o
Q `�
U ,�,
o s
- a
0
r ¢I
O a
a �
a
�
v
0
n
N
J+
O
J+
C)
v
2
C
cr'
� _ �
dC
� G �
0 d E �
�� _ � N N
Q � O M
� '�
z ° o �
� � o �'
p oa
=a
U >
� �
� W
N
�O
1+7
E
d
�
.�. q
�n U
A p
� �
O �
: �
0
a
Y GI
O 7
m q
�
I
I
�i o � � o a i
O N N � � N
0 0 � o � �
I �
I �yj
� I ^ �- i U
� � c
m
�
�
I Y
I � a
I I '- .- m`
\
O O �
O O � I
� � O
0 0
�
o�
o �n � o
tC
O � � �
M
m p1 � �
< ap I �
a vi
� �
I � Ny
I U
� ID
I �
�
I � Q
I i y
N
�
N
>
� I �
�D � � c0
� �
O1 �
� .0
t0 �
�f �
b �
� O
I a
a
I �' M t/J �
0 O C U
O M > �
� F N � �
� � �
� I> ;g
Q! N c p
� LL i 7 _
a �' u,
N C �
�- � ~ �7
m y .--�
fE Q
� ' � a N
I � � I
EU j
� � v�
I e c ca
� 01 Qf 00 y
t0 � C f`') M 0�0 U
� V O �` � 7 d
°' W °r,.�° o a 3
a' L�N � a,n'
� C d � L
� � � f9 O
d �
M � X
T ; N
j � O
� � N
U C
� O
C �
f0 �
N �
.-. Q
f0 O
N �
;, ; s � � i o
i � o `�' r��'i , '�
ai o;
m pj r�
V � 01
^ v_ c�
�
�
a � o � � I o
A o � �
� � Q� I v�i
M
� � Oi
v ap rn
� � � �
� '
.�
C
d
E
N
Oi
>
c
— C �
'� C � 7
O GC> L V1
i0 c y � ; y
Ufp y V f' y H
U � � � � � .-T•
p C �0 E C
� y � m � G) U
Y T C � � y � U C
� � � C � '� Ip O � l� y
C a> O \ `
d U 8i N � � � n
E " � '° '° �' °' > � y�q � c�
" g � U LLJ � Ol «' n r\ (n
a � L N c � N � u
� LL N ,� y N VI Q j
Q C � c�a � O O � > � L � ca
c: g U�" F r U Q w 1-- rL , a
Q d � r�i
2 Q " n
O
� a >
� �c
a � g
a y
i
a
V
�
O
N
�
M
�
O
�
O
N
O �
A Q
O �n
O c
� o
� g
r d
O `0
a O
d �
� �
d
rn
�a
a
�s
�a
�
U �
r� �
�'1
} q
a U
A 1
O '0
�
N
�
� W
d q
� �
�
61
7
A
i
Y
8
m
d
�
>
d
�
A
N i
� � C
C �
� � �
� d � � �
2 � � � A
� � o >
� C � N a
� � N �
�� ��eh
o � �
z •- �
�� o�
� �-
d�
O a° � L o
_ �
O a '
a
dd
A�
> �0
Q m
dlN
x
c
d
�
N
d
>
C
al
N
�
U
v ay
O O � N N
OI O � I C
I I I
I I I
� � O
O N
O O
I
'- I O1 01
O O � 1p
O O ' t0 t0
I o� o�
l") M
O� O!
� �� Q
�� � �
s o, � �
a a � �
� °�
� �
� �
d
I `- �
0 o I � n
0 0 � �
� °�
ai o;
I m �
v_ �
ol �
� � � �
Z N
O �y fp0p
a, H O
a Z �
�
w
Z I �
w cn
w >
� , z
¢ y
z
� ai z rn
A W A
W > � >
N a J a
Q � a �
Q A Q A
c� � � 9
o: o
a� a
� �
N N
� ' �
O O
O O
N
� N
� �
0 0
a N �
� N , LL N
Q Q
U u}i J v
�
N
O
t0
t0
9�
01
�
0
�
�
�
�;
�
�o
� �o
��
�
M
�
�
0
O
�i
d
rn
A
Q
�
A
�
0
�
Q a � o
= Q �
o ry ,,
v
•� a >
r
a � n
a s
�
a
�D
a
��
c
0
ry
g
�
0
v
�
�
�
N
a�
rn
f0
a
N �
�. .� M O O
. � � � � N
O O
O O �
$ q .- �
mU
r�
m �
0 q
�
N
ry
O
O
�
« A
.�- d'
N
�7
� � �
r � y
� � U
� � � � �
_ � y � A
F, ep O >
� _ � N a
� � r
Q g � �„�
Z � o �'
� � � �
= a d to
u
�
a
d m
rnu
�0 C
d q
> A
Q m
' J �
a IN
k
c
d
E
N
>
C
al
N
�
U
� o
0 0
� �
� rn
� �,
� �
M
C'I O
OQ O
aD (`7
N 0p1
OaD Ql
� M
NI
� o
0 0
��
M
� o�
c �m
��
��
0 0
N N
0 0
n i�
0 0
0
0
O
�
Z
Y H
U N
w �
2 �
U f-
2 = y
r r- �
Q Q A
�0
Z Z m
� y �
7 7 A
O O y
= x >
Q
iA t0
O O
N N
N N
V
Z � �
U � �
w � �
J U a>
n
�o
�
m
`$
N
1•1
t0
n
Of
O
h
�
�
o�
�
�
�
�
n
N
O
��pO
V
h
.n
c
�
d
C
�
c
A
r
H
A
U
3
0
Q a �
_ ¢ "'
O N
o �
� a
O LLI
n. a
�
a
�O
u
Z
n
N
8
m
0
A
0
�'
�
�
U �
Z �
W �, Z+
� E �a
� °� � �
�O c � �+
� � � �
W � p M
U � O �
� � � �
�
a a° a
�N
�.i
�
U >
� 7
��
W
M
€
«�. q
R�
O '0
i
O �
T' �
O
a
Y m
m �
i
a o u`j o rn o I a I
N Y O (V Of O N �
N
O O O O N O �
I � � � �� � I�
�
� �
� I
�
N � 01 � 00 � �
O O � R � O� � I
o i
I� N O � � �D O
N � N O
�
O O N ('� O tD �
O W I� t0 o V �
tD O OD � O 00 �
A ao � O V �
(7 O t`7 � O f0 �
ui ui � ^ �ci o
rn cv �c � � a
rn� r. o o �
? N ^ CV � iD �
n � O
�
�
' i
� v
, I y
v
>
I °
a
i � �
� � o
o N I N O
� o a
m �
i QU
o �
m
� I
� I
�
�
�
m CI O � � f�0 O 7 � f`�')
� �O � � � � O �a � N
A� f`7 O C7 � O t0 r �A
� N � �D � �A O � 01
Of N t0 �O � {{ O�
���ao � �
� N ^ N � fD .-
O
T
O O N t7 O f0 � O!
aj O a0 I� �D O Y �p M
A� v w o eo �p
> �n w o � N
� o. � � o �. � � �n
�n �n �D N � O � I O�
� N tD � ID �
rn� r� o o � �
O N � (V N ID .-
^ � O
M
�
�
C
d
�
N
m
>
c
� a
Z
� � �
� C� � i ,
O r �
o � a w �
W � � �
U � 2 � tq
� � w
W
a Z � Z � �
O� Z U � Q rn
m w� W a Z �
� � W Q 2 Q �
i
� m N S� Q y ,
�> Q p a LL i
� � L W � �
� C
o d
f0 �
� N
U�p �
U �
a�
c
T C
�j C f0
U 0� N
Y j IO
t g c U
V 4 0 0
� c O
ao � a�
� ' N '� r
j U N
f0
I adn
T C �
U — �
O �
a " o
� � E
0o c o
� � �
� �0 y
i N U
' � � o
; _�,�
o � o,
N <°
c a
ar
I � y �
� �
� f9 �
N � �
I r��
d N .�
� = �
. � ��ao
i � Q
• � TL
� � --
�=o
� U c
�d°
y� ��
� o o�,
O ^ �p p c�
�n � � c� i
v
� N p C O
01 U � O
}
� d �
y ; °' � a
� LL
O � O
U•`n\
N U d
E zL
C y ~ �
> � y •--1
�
I (? U C CV
� y c0 �
C � � �
�O tn Y Q�
c
� � m �e
c v rn N U� a
C O � � � � �0
W�1� O Ca N
LIC tD
� �+I N M N U�
C� C
� M � p� �0
� aQ a
M L O Q
r� y N
L yy y
� ; U �
' U �
c� c'n = °�
U
I Q� � �
��s �
0
U � � C
m
� � � a c
, y C N �
y � ° � r. � F-
V � O '� o �
' A � o � m � \ U
m o n Hcp� � U
� T..d. Gl U a � p
�' m '�o � E o � �
C � � N � \
� : } d > > — � \ �
W � � V C� Y ,. N
y N � �
°:u a' w� o c a
cna��
Q Q "' �
O
�
o a >
0
� a �
a ��
a
a
0
N
M
�
O
V
O
N
�
O
n
� d
o Q
� C
�•
rn g
C o
� d
O T
a �
a> �
� �
d
o�
�
a
U c
+r y
W � E
U' � N
Q G> ; �
� � C p
l'+� Q C � N
�y � � .y M
U .� � �
�.i Q � 7
� � .o
o a° �
� a°
_�
� d
7�
�
U �
�r �
M
i' q
T v
N �
� �
O
�
dA
9�
h
7
�
8
m
7
i
Y
�
A
>
a
md
N A
t0
7
a
d d
p� u
A c
F
> A
Q m
dlN
k
C
d
N
d
>
c
al
N
�
U
� I
I �
� o a c v v v� v v �� o °pf
N N(V N(V N N(V N � I N ^ I O
O O O O O O O O O O C O O
� � � � � � � � � i I
I � � I �
I Q I �
�
o � :
�
O O
0 0
^ I
I I
I I
� N �
O
a
0
�
o �
v � rn vi
� I � I �
N N � OI
O O f V N'.
I
�I N h
I I � I � .
� � a � Q: d � � � � o � � "
N N(V N N(V fV fV N (V I O O (�V
O O O O O O O O O O � O ' O O
, i
t") O t7 U] ('I O� Of 10 a0 O ' O O N N � f')
T O f� a0 � 01 1� O.- a0 O- aD W f� 1� � 1D
O O t0 f� f� aD O O �O ' Y V W cp �
� V O� O t0 N O� 1� N a0 a0
a0 V N 00 t0 O O� e�f O O (� Hl
f") �A (") Y O O 67 fV fD 1A � h fD t0 CV
�A <D O1 � 1D 00 � 1� � Q1 N N �O t0 �
f") Of {O f� I� �(7 CI OD t0 T. t0 t0 � 1� 1� O
� <O ��A tD O ��1 1D V: (V N� N
r- � 1� � �
� I I
M O f'� � �p ('� Ol ��D aD O O O' N N C'f
Of O I� a0 tD O� 1� O�- a0 O 00 a0 I� A t0
� O O f0 f� f� a�p0 O O �D V V W 00
a0 V (�V a0 � 1D O� � 1�7 O O (") eh
t") �A C7 � O O(O N f0 1f1 � Ip t0 f0 N
uY 10 Qi � 10 a0 N f� Q� 01 N N. t0 t0
(") O1 tD h 1� �'1 (7 m tD 01 ID t0 � f� h O
^ f0 �� 10 Y .- �A tD O N N i � ^
�: �
�
('� O C7 �(7 V M �� tD m O� O O � N N I
m o r� ao au rn r� o � m o� ma m i. n-
^ O< �.^- O 10 N O�i � N aD Oa0 a0 a0
OD O N OD .- ID O � � Vf O O ('� M
t7 i(1 C7 � O O CD N f0 1ff � 1A f0 f0
N fD Ql fD dO N 1� Ol OI N N f0 10
f7 Q1 tD h 1� �!1 M OD f0 O! fD t0 f� Ir
� f0 � N<O Y .- � tD Y N N
^I � ;
i I i
0
, o
�
1"f O
t0 O
O
O
N N�p
O ' O
VI N
fMC I O
O
O
N r �
O O
N N
�
r� � I o
� �o 0
� � o
� � o
� O
N N ��[pI
O O O
� � N
�,
O
0
�
0
�o 0 0 0 0
0 0 0 o ao
� o 0 0 0 �
O Q
N y
<D t0
�n t�J
����
O O O O
N N N N
O O O O
����
0 0 0 0
ml o �� in ol
m � m �n o ;
app � LL LL � LL LL
A . a0 N I 01 O � � � � �2 � �
� � N i � : � � � � � � � � �
o. fo �. O. o N�/7 cn N N cn
� � � � � 7
^ Z N � • N' N J J J J J J
� � a a a a a a
�- �- � � � � �- �- � �- � a i j � � � � � � �
� � � � � � � � � � Z � � � � � > > > > > >
w ww w ww w ww w W Q i w � vQ�uQ� NQ NQ�Q �Q
c� t� N N c� t� N N c� N - W W W W W W
w w w w w w w w w w � � -� �
o O o 0 � � � O o O � � W
Q O � � � � � �
i i i � i� �� i i d w d � d cn d. � m �� r- �� �
J J J J J J J J J J �- � �. Q � �' J 0) , W W W W W W
G Q Q Q Q Q Q Q Q Q � Z A p` Q A, n Q Q Q Q Q Q
a d a a a a a a a a m d a d' o o, a d �� ��� �
LL LL LL LL LL LL � LL LL LL � � � �� � � �
0 0 0 0 0 0 0 0 0 o a w a a a� a o a Z Z Z Z Z Z
}} } } }} v � � � v � v } v > > > > > >
F�� F~ F- �~� F- i0 � � i0 Q R i Q i0 � F- N� O � O O O �
� �� c� c�� � �� � 3 a 9;� � 3io J� �� ¢¢ Q¢a a
0 0 0; Z o 0
N W t% � h LL tq � ( j ��
�' .� � � !- N F- F- F- H
Vi � ; Q' ,
� o N� Q �n r� ao rn o ' N ' a � W i} o 0 0 0 0 0
u% t0 fD t0 f0 00 OJ OD Q1 � Q O �� N(V N N N Q
liJ `8 `S o 0 0 0 0 0 0 o W n �-' '� . 7 ,� ,� ,n ,� ,n ,�
r� � r� c� c� c� c� c� r� r� o
V r� � r� r,� c� � c� �� r� � t� w co y y o 0 0 0 0 0
� � � �.�-' � � N � � � H �n i. � � ' Q m a�o a�o m m m
� � o � v� W � r� w
a w > � z
o Z t� ? � �
�p Q Z U �p (7
m U a W � a r r- �- �- � f-
,i o N M p ,� ��� o w � � i a z S o 0 0 o S
, (O (O t0 (O �O (O m OD a0 � - � O = � Q N N N N N
— o 0 0 0 0 0 0 0 0 o i. w �,
c� c-� c� r� �� r� r> c� r> -(n a � a Q � > o 0 0 0 0 0
Q c� r� r� r� r� r� r� � c� c� � N (/� m J p p rn rn rn rn rn rn
J (V N N CV N (V N N N N . W O Q N a � ' J � . Q 00 [O 00 CO 00 00
LL i� in in in in in in in cn in � cn �n V cn � a o u. in in in in in in
3 } } T } } } } } } } } Q y Q Y
tA U� c!i t!� U� U� U� Vl tn tn Q' � U tn J V7 � W n�i � N N� N N N
� d � n
� a � ^
� d
o � >
0 0
0 0 0 0 0 0 � a �
O O O O O O 0
0 0 0 0 0 o a a
O O O O O O
l0 N N N 10 f0
�¢ �¢¢ ¢
O I � O O O O O
O O O O O a0
OO I �f O O O O tD
A
O O V
N ' N O
1D t0 tD
O �n r�
N !
i I � O O O O o�D
� � R O O O O fD
on r�
v
� I tNp �
il � �
I
�
v
c
8
m
0
v
0
s
N L' «
d �� c
ar �
a �
U �
i `°
r n
N
o-
.. A
er U
A �
� �
O
�
��
��
N
i' y
U � c
Z = d
W
d
C� � N
Q a� � �t
� � C p
� Q C � N
V) � N M
U � � �'
U p � �
� � ,o
a a° �
�
� a°
A
i
a
y "d'
l0
L 0
�
a'
d d
rnu
�0 C
N
Q m
d
N
k
d
�
>
C
a�
N
7
U
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
� � �.- .- � � � � �.- � � �.- � � �.- .- � � �'- .- � � � � � � � � � � �
N l0 �O �0 N 10 10 N 10 N N N �0 �0 10 �0 N N N N 19 �0 N c0 l0 �O W N 16 f0 N �O l0 �0 l0 �0
aaa ��� a�a a�a Qa� 2�a ��a �2� a8a a�� aa� 8�a
� c� o 0 0 0 o i. �n o o�n ro � o fo �o 0 0 o ao 0 0 0 o ao � o o�n m v� o o v� �
O O O O O O O � t7 O O C� tD O O � 1� O O O aD O O O t0 Y � N O Of f0 h O O t0 �
O O O O O O O O O O O C7 C7 O O N ID O O O N O O O N c7 < O 01 O W O O�n fh
O � f') 01 01 O .- � ('7 O �
N O O I� N �n ro �. `t v. o u�i
I� N O� �O .- �O 1� O O
n � N y a0 N h aD
f0 1� N C7 N 00 (")
r') O O O O O f� N O O�n f0 � O <O 10 O O O m O O O O a0 � O O N aD h O O N e�
O O O O O O O < f") O O M �p O O � I� O O O c0 O O O (O � � N O O� tp t� O O t0 �
O O O O O O O C O O O� � O O � Q O O O N O O O Y�� Q � O Y O O �� O
O � � fD
N O O h �[f ��O 1� � O � N
^ � N N Oi tD •- m N p
fD 1� � f`7 (V �p �
C7 O O O O O 1� iA O O�A fD O tD t0 O O O OD O O O O 00 � O O� W N O O� f')
O O O O O O O� f'� O O M tp O O � I� O O O OD O O O f0 V.- N O W fD 1� O O t0 �
O O O O O O O Y O O O M f") O O N tD O O O N O O O N f'� R O Ql V 00 O O N 1")
�^ N O O n � � M O p O O � O
". �n � v_ o v�
1� N� t0 � (O I� O Q
^ � N (O N 1� OD
{O I� � C� N 00 t")
C7 C7 f'I f7 (") ('7 f") f7 (") f") C7 C7 ('� C7 M f") C� f") O f") f7 (") ('7 f") C7 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
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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
i. r� r: � � i� r� r� � r: r� r� r� r� r� r� � r� n r� r� � n t� � �
0 0 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
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� N tn !n N(n tn fn tn N tn tn !n Vl (n (n tn fn (n fn tn fA fn ln VJ !n tn N fn tn N tn N fn (n ln
� � � 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>>� � y� r r r> r r> r>>>>> r r
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � z � � � �
� 7 � � � 7 � � 7 � � � � 7 � � 7 � � � 7 � 7 � � � � 7 � 7 � � � � � �
tQ� (Q� NQ VQ7 !Q� NQ NQ NQ NQ tQ� NQ NQ NQ fQ� NQ NQ NQ NQ(Q� NQ NQ fQ� (Q� NQ fQ� �Q�Q fQ� tQ� hQ hQ NQ NQ NQ fQ� (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 W W W W W W
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � K � � K �
� � � � � � � � � r- H � � r- r � � f- f- r r �- r � r- � � �- f- � 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� C7 C� C7 c� C7 C7 c� c� C7 C7 C� C� c7 C7 c� c7 C7 C7 C7 c7 C� C7 C7 C� C� C� C� C7 C� C� C� C� 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 Q Q Q
� r- � F- �- �- � �- t- � f- r � � � � � � r � �- F- � r � F- � r- � � r r r- � � r-
z z 2 z z z 2 z z 2 2 z z z z z z z z z z 2 z z z Z z z Z z z z z Z z z
> > > > � � > > J � > j > � > > > > > > > > > > � > > > > > > > > j > >
O 0 O O 0 0 O O 0 0 O O O � � 0 � O � � O O � O � � � p p p O � O O � O
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 F- � F- H r- ��� H F- � H �- �- r F- � f- f- F- ��- F- � F- r- H H H ��- �- �- � H
N('� O /V f') O�- (V N7 < O ��"� � O O O O O O O O O O O O O� O O O O O O
O O Op O O O O O O O O O O O O
< V 1(1 �n N N � t0 t0 (O f0 t0 m OD a0 m T 01 Of O� N N N N N(7 f'� f") (h Ih �n �A �A KI t0 tD
A N iA �A � � N N � N� ��� N�� �� O O O O O O O O O O I� 1� 1� I� 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� � Qi O� � Qi O� �� Q1 Q1 Q1 Ol � Qi 01 Q1 O1 OI QI O1 Of � Of Of T O� Of � Oi O O O O O O
c0 aD W m aD W m a0 W 00 m a0 a0 OD a0 a0 OD G� 00 c0 m 00 aD aD OD 00 aD OD a0 a0 O O O O O O
�.- � � �.- � � � .- � � .- � � � � � .- � � �.- � � .- � � � � N N CV (V N N
���- ��� � r� �- r- � r t- r� r r- r r r- r� r r F- � r r r- r r- ��- �-
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� o 0 0 0 0 0
7 7 O � N� �A <O <O tD tD �O 00 a0 fD aD Of W Of � N N N N (V M!7 M C7 f`� �n �A N �A t0 t0
�l'1 A A �n � �A N N N � � in �L7 N� ,n � N N� O O O O O O O O O O h I� 1� n 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
rn rn rn rn rn rn m rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn o+ o 0 0 0 0 0
ao ao ao eo ao ro ao m m m m ao m m m m �» ao ao m m m w m m co ao ao ao o� o 0 0 0 0 0
N (V (V N N N
(� f� N t� N c� VI tA t� N t� N tA t� (� t� t� t� tq V7 N N t� t� cA N t� N t� tp v� f� fn t� V7 c�
} } } } } } } } } } } } } } } } > } } � } y } } } } > y } } } } } } } }
(h tn VS cn c!i Vi Vi U� U� U1 (n VJ (n fn tn tn (n �(n (n tn N tn (n tn (/7 fn (n tn (n N(n (n VJ (n fn
cna�
Q Q �
� �
O a
_ i
� LL
� �
a
a a
�
v
�
v
0
�
8
rn
a
�
0
�
� ��
d �� o
rn �
a �
U '�
� �
�
O =
.. A
aU
r�
A A
� �
�
8
�
� A
.� �
N
d
7
N
�
Y
O
O
m
� �
U }, c
W � E
C� � N
Q d � �
� � � O
��0 � � N
:/i ta fA �.:
:�i � • M
U . � � �+
U p � �
� � ,a
o a° �
� a°
�
m
7
R
i
d
�
�
�
i
a
N "d"
IO
L 0
�V..
a'
d dl
m c
A
> m
Q
d
N
k
a
E
d
C
a
h
�
U
LL
�
�
}
�
�
Q
W
�
F
W
�
Q
1--
Z
i
�
Q
LL
3
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
�.- � � � � � � � � � �.- '- � � � � � � � � �.- � � � � � � �.- f- � � �
N �0 l0 l0 N f0 N N N l0 10 �0 �0 �0 N N N 1O N �0 N �0 l0 �O N N 10 N 10 �0 �0 �0 N 10 N i0
a��a��aa�aaa2�a�aa"����a�aaa��aaa�aa�
O O N M O O InD O N O O N � O� tD � O O O t�0 o�D O� aND � O O O(�V tD N O O N O
O O aD fV t0 O O I� f0 O O N W O W OD OD O O O t0 ('I O tD O N O O O h � N O O 1� O
V Q Of O f0 O O O � O V N Q p 00 O Q N �
N M O I� N O N Of � �D O � O1 � O �
� (7 n O � O � � � t0 l^O tyD � �'I �
� 1� �A N .- N O � 1�
O O O tD fh O 1� t� 1� O O o o O a0 a0 O O o t0 f'� O N O� [7 O O Y Q O� fD O� o
O O N CI O O fD < N O O� 1� O h f0 th O O O 10 a0 O� oD � O O O N 1D N O O N O
. . . . . . . . . . . . . . .
O O a0 N 10 O O f� fD O O N aD O a0 a0 aD O O O 1D f7 O<D O N O O O f� � N O O I� O
< O � V i0 O O O O O V (V ? Q a0 O ?.- N .-
(V f'� O n fV O(V Q1 Qi f0 O.- O� �A O �
� 07 1� O f� O � � �O t0 t0 10 1� (h r�
� 7 N 10 (O ' r�
O) h � N fV O � � n
O O N M O O fD Q N O O� � O f� fD � O O O t�0 OMD O� W N O O O N fD N O O N O
O O W N f0 O O 1� �O O O N a0 O a0 07 OD O O O f0 C� O f0 O N O O O� � N O O � O
v c rn a� o O O O O O N O y aD O O � N
N l'f O h N O N Of T f0 O � Of �A O �
� � � � '� Q � � 1�0 � � �p � My �
^ � � N N O C� 1�
�� ��� ��� �� ��� � ��� ��� �
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
O O O O O O O O O O O O O O O O O O O O O
i� n n i. r� n � � � � r� � i� i: i: � n n r� i: r�
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 W LL LL LL LL LL LL LL LL LL� LL LL LL
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
tn Vl N N tn fn N tn tn tn tn (n N fn tn (n N tn Vl In Ul (n (n tn (n tn N tn tn tn N tn tn (n (n (n
7 7 � � � � 7 � � � � 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 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 y> � rr r y> � r> >>� �>> � y>- >>>- >>> r yr y r>
� � � � � � � � � � � � � � � � � � � ¢ � � � � � � � � � � � � � � � �
> > � > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
tQn (Qn (Qn (Qn NQ lQn tQn tQn fQn fQn (Qn (Qn tQn fQn fQn tQn tQn fQn (Qn fQn fQn fQn (Qn fQn fQn (Qn fQn (Qn tQn VQI (Qn fQn !Qn (Qn NQ NQ
W W W W W W W W W W W W W W W W �il W W W u] W W W W W W uJ W W W W W W W uJ
� � d' � � � � � � � K � � � � � � � � � � � � K � � � � � � K � � � � �
� r- � � � � F- � � r � � �- � r- r � r- � f- � f- � �- r �- � � � r- � � F- f- 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� C� C7 C� C� C� c� C7 C� C7 C� C� c7 C� C� C7 c� C7 C7 C7 C� C7 C7 C7 C� C7 C� C7 C7 C� C7 C� C� C� C7
a � r � � a a IQ- � � a ~ � r � � a � � � r � � � � � � a ra- � ra- a � � ¢ ~
Z Z Z 2 2 Z Z Z Z Z Z Z Z Z 2 Z Z Z 2 2 Z Z Z 2 Z Z Z Z 2 Z 2 Z Z 2 Z Z
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
>>> >>> >>> i>> >>> >>> >>> >>> >>> >>> >» >>>
O � O � � � 0 O O � 0 O � 0 � �❑ O � � � O � � � � O � O O � � O O � O
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
r- f- � r � f- F- ��� r� F- � f- f- F- �� F- � r- t- f- t- �� r- �� f- �� f- F- f-
0 0 0 0 0 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
�`�° ��� v�i v�'i o 0 0 0 0 ��� o 0 0 0 0 0 0 0`8 0 0 0 0 0 0 �� r�'i rNi c�Ni �
0 o r� c� � ch � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .- � � �
O O N N N N N(") f") C7 C� c`� t`� (") C'1 (h f7 Nf f') f') f"I c`� C7 C'1 t7 (") ('1 t7 (`7 (h Ql O� O� O� Q1 O�
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
(V N(V (V N(V N N N N fV N N N(V N N N N N N N N N N N N N N N N N(V N N N
� r- r �� r- r- r� r r- �- � r r � r r- �� r- � r� r- r r � �- r- � F F- �- ��
0 0 0 0 0 0 � o 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
�(7 �D � Ol �� Ol C� t7 t"I (") C) O � �A N �A N t0 f0 (O tD OD OD 00 a0 aD N CV N N N fV
� ������ o 0 0 0 0 0� g g o a o 0 0 0 0 0 0 0 0 0 0 o M�����
a o����� o 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � � � �
O O(V (V N N N(`� C� f") ('7 f") C') C7 f`7 f") f7 f') ('7 f7 f') l`� t7 t�f f") f') C'1 ('7 f`� f`� Of O� O� O� 01 O>
0 0 0 0 0 o O O o o O O o 0 o n n o O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0
N N(V (V (V N (V N N N (V CV N N N N (V N N (V N N N N N (V N N N N N N N N N N
(� � N� t� (� (n t� N t� (n t� � t� (� (n t� t� t� t� t� (� (� t� t� c� N t� N(� t� t� t� Vl t� c�
>- >- >- > > r >- > r r y > > > y > > y > > > > y y > y > r r y > > y > y >-
V V U'. Vi U U V Vi Vi Vi Ui U� U� V� tn tn (n fn (n tn tn (n N fn (n tn (n (n � N tn U) fn (n fn tn
� a �
o Q �
� �
O a
OLLI
� �
a
a a
m
v
0
�
0
0
�
v
m
o�
f0
a
��
c �e
��
R
�
U �
��
� q
O ~
�
a
�
� q
� �
h
d
7
R
i
Y
$
m
�
>
d
�
} N i
U � c
Z = m
W d
C� � N
aN d �v �
I.L � � �
C Q �
�O � , N a
� � N �
W � � �
U � d �
U O � �
N� � dd
a a° � ° "
L �
� �
a'
� a
dd
q G
F
> A
Q m
�
d
�
N
�
c
d
E
N
d
C
al
�
7
U
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
�I
ia m m �a �o
� Q � Q Q�
� Q O O T V
I� a0 O O O ap
fN0 O t0
O O� O
rn rn �
� � �
e�
i v o o v �
� ao 0 o a �
N f�
10 O 10
O Oi p
� � ��
rn rn
� vi vi
M
��,00
d o o <
1� OD O O <
N 1�
� o
0 oi
m �
rn rn
� �
�
N
M
���
so 0
(\1 N N
O O O
r� n n
000
�
� LL LL � LL �
� � � � �
� r2 � � � O
� N N N N �
� � � � � �
J J J J J M
a a a a a
r y > > r
� � � � �
> > > > >
� � � � �
� � � � �
� � � � �
r- r- � f- �- d
W W W W W q
c� c� :� (:i c�
a � � � � >
Z Z 2 2 Z a
> > > > > �
O O O 0 O 10
Q Q Q Q Q �
O
LL a
f �
� � � � � � y
� o � cv c%> v
� o 0 0 0 0
N �A N v] �
� N N N � N
N r. I� h I� n
� QI O! � O1 Of
O O O O O
N N N N N
�
r
ar r H r�
2 0 0 0 0 0
Q � �n �n �n �n
> � � � � �
p rn rn rn rn rn
Q o 0 0 0 0
(v (v lV fV fV
LL � h N � �
r r r > r
3 :�: �:� � �
a
N
N
0
�
10
h
v
m
0
io
oi
N
v
�o
0
�
�
01
N
a
�o
n
�
O
�D
M
N
�
d
rn
�
a'
v
R
�
O
H
cna�
oa^
Q� �
o a
Q 4'
� a
a a
�
Q
e
0
�
0
v
A
O
�
�
�
rn
R
a
�� � � N
� F O
� o 0
$ q � ao
a U °D
A �
� �
N
T
�
�
� A
«R �
N
� �
U
Z c r
w �, �
Qa�i V v �
� � N o >
.
�� Vi � +� r: a
W � � M
V � o >'
_ � �' dd
Q a d to
� `
�
� a
a m
�0 C
�
A
�m
<
�
d
N
�
c
d
E
N
d
>
C
al
rN
�
U
rn
�
�
o;
m
�
rn
M
N
N
Q�i
tD
M
�
�
�
olC
Y
U
Z
w
�
Q
�
O
N d
(/J V
w �
U 10
U �0
� m
� d
Q R
� y
y � >
� Q
N
�
N
�
vi
�
0
0
`�
0
a
�
N
n
0
0
�
O
<
!+7
Mf
0
�
�
�
N
a
`�
n
N
e�
�
d
E
N
d
>
C
V
A
L
N
A
U
9
0
�
cna�
a¢"'
0
� �
o a
0
� 0.
a° �
a
n
v
v
0
N
8
�
N
A
0
¢'