Investment Report for the Quarter Ending December 31, 2021

Investment Performance Review
For the Quarter Ended December 31, 2021
Client Management Team
PFM Asset Management LLC
Paulina Woo, Managing Director
Luke Schneider, CFA, Managing Director 
Annette Gaston, Senior Managing Consultant
CITY OF CHANDLER
WORKERS COMP & EMPLOYER TRUST
213 Market Street
Harrisburg, PA 17101
717-232-2723
1200 South Alma School Rd. 
Suite 3000 
Mesa, AZ 85210
415-470-7815
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use
Only - This material is not for inspection by, distribution
to, or quotation to the general public

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•
Market Summary
•
Account Summary
•
Portfolio Review
1

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Market Summary
2

For the Quarter Ended December 31, 2021
Fixed Income Management
QUARTERLY MARKET SUMMARY
Summary
►In Q4, U.S. economic conditions were characterized by: (1) a surge in COVID cases
as the Omicron variant spread widely; (2) a sharply falling unemployment rate, rising
wages, and near-record number of job openings; (3) stickier-than-expected inflation as
pent-up consumer demand clashed with continued global supply chain disruptions amid
a tight labor market and; (4) a pivot by the Fed to remove monetary accommodation
more quickly, setting the stage for rate hikes to begin sooner than previously expected.
►The public health situation remained precarious with the emergence of the Omicron
variant to COVID-19. The surge in new cases affected small businesses already
challenged by labor shortages and rising prices due to supply chain challenges.
The labor market continued to recover, with the unemployment rate falling to a cycle
low, plentiful job opportunities and rising wages. Although the economy has largely
rebounded from the pandemic-induced recession, the massive monetary and fiscal
support from the Fed and Congress has triggered a multi-decade surge in inflation.
►While growth is forecast to remain above trend, the real challenge for 2022 is getting
inflation down. Mounting inflationary pressures prompted accelerated tapering of bond
purchases by the Fed and pulled forward expected rate hikes. Tapering is expected to be
complete by mid-March followed by three rate hikes in 2022. The Fed may also let some
of its $8.7 trillion balance sheet roll off sometime later in the year.
Economic Snapshot
►U.S. real GDP growth slowed sharply in Q3 to a modest 2.3%, well below the 6.5%
growth rate in the first half of 2021. The lackluster growth reflected a slowdown in
consumer spending as the Delta variant dampened confidence and behavior. Personal
consumption grew at just 2% compared to the previous quarter’s 12%. Nevertheless,
economists predict a solid rebound for Q4, with the Atlanta Fed forecasting growth of
over 6%.
►The unemployment rate dropped to 3.9% in December, compared to the record low
pre-pandemic level of 3.5%. In the past 50 years, unemployment has only been lower
during the 22 months prior to the pandemic and for one month in 2000. Although the
U.S. economy added a record 6.4 million jobs in 2021, overall employment remains
below its pre-pandemic figure largely due to people dropping out of the labor force This
imbalance created a shortage of workers and kept pressure on wages as employers
battle to attract and retain workers.
►Inflation was shockingly high, with the CPI reaching 7% year-over-year. Sharply
higher prices for gasoline, heating oil and other energy products were most pronounced.
New and used cars continued to show large price increases, but inflation became more
widespread and persistent.
►Manufacturing and services activity chilled a bit with both the ISM Manufacturing and
Non-Manufacturing PMI surveys pulling back at quarter end. Nonetheless, both indices
remain well above the 50-point threshold indicating growth.
►Demand for homes remained exceptionally strong, but inventories are lean, leading  to
even higher prices. Higher prices amid higher mortgage rates will negatively affect
affordability and present a headwind to further price increases. Existing home sales rose
by 1.9% to a 6.46 million-unit annual rate in November, marking the third consecutive 
month of increases, while unseasonably mild weather helped boost housing starts
by 12%. Bolstered by near-record-low inventories and high backlogs, home builder
confidence is near an all-time high.
Interest Rates
►U.S. Treasury yields generally rose in the quarter and the yield curve flattened, as
short- to intermediate-term maturities increased between 30 and 40 bps, led higher by
expectations for faster Fed rate hikes. Meanwhile, rate changes were more muted to
modestly lower on the longer end of the curve, which reflected expectations for longer-
term normalization of inflation and GDP growth. At quarter-end, the yield on a3-month
U.S. Treasury Bill stood at 0.03%, the 2-year note rose to 0.73%, the 5-year note
climbed to 1.26%, the 10-year note increased to 1.51%, while the 30-year ended the
quarter at 1.90%.
►As a result of yield changes over the quarter, U.S. Treasury returns were largely
negative, except for the shortest and longest tenors. For example, the 3-month U.S.
Treasury index returned 0.01% for the quarter and the 10-year U.S. Treasury index
returned 0.75%. Meanwhile, those indexes representing the “belly” of the curve posted
negative returns, with the 2-, 3-, and 5-year Treasury indices returning -0.51%, -0.85%,
and -0.90%, respectively.
Sector Performance
►Investment in non-government sectors was a modest detractor to portfolio
performance in Q4 as yield spreads on most investment-grade (IG) fixed-income sectors
widened off recent rock bottom levels. As a result, most IG spread sectors produced
negative excess returns for Q4, underperforming similar-maturity Treasuries.
►Federal agencies were not immune to the broad spread widening experienced in Q4,
generating slightly negative excess returns. Although callable yield spreads widened
modestly over the quarter due to an uptick in volatility, spreads generally remained low.
Non-callable agencies markedly outperformed their optionable counterparts.
►The taxable municipal sector was one of the best performing IG sectors during Q4,
generating positive excess returns. Municipals performed well as lean supply was met
with robust demand for new issues, ultimately keeping spreads in check.
►IG corporates slightly underperformed in Q4 after consistently being one of the top-
performing sectors in prior quarters, as incremental spreads widened due to rising rates
and the prospects for reduced monetary support from the Fed. As a result, IGcorporates
posted negative excess returns, with longer duration issues underperforming shorter
ones. Underperformance was generally consistent across the quality ratings spectrum.
►Federal agency-backed mortgage-backed security (MBS) excess returns were
generally negative across most collateral and coupon types except 15-year MBS pass-
throughs. Conventional 15-year collateral generated modest outperformance, while
30-year collateral MBS and Agency CMBS underperformed. The Fed’s announcement
of accelerated asset purchase tapering and the looming balance sheet reduction in
combination with slowing refinancing activity has weighed on the sector. It is likely to
persist for at least the near term.
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only
This material is not for inspection by distribution to or quotation to the general public
For the Quarter Ended December 31, 2021
Market Summary
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CITY OF CHANDLER
3

For the Quarter Ended December 31, 2021
Fixed Income Management
QUARTERLY MARKET SUMMARY
Economic Snapshot
Labor Market
Latest
Sep '21
Dec '20
Unemployment Rate
Dec'21
3.9%
4.7%
6.7%
Unemployment Rate (left) vs. Change in Non-farm Payrolls (right)
Change In Non-Farm Payrolls
Unemployment Rate  
16.0%
10,000K
14.0%
5,000K
12.0%
0
10.0%
5-000K
8.0%
6.0%
10-000K
4.0%
15-000K
2.0%
20-000K
0.0%
25-000K
Dec '18 Jun '19 Dec '19  Jun '20 Dec '20  Jun '21 Dec '21
Change In Non-Farm Payrolls
Dec'21
199,000
379,000
-306,000
Average Hourly Earnings (YoY)
Dec'21
4.7%
4.5%
5.5%
Personal Income (YoY)
Nov'21
7.4%
5.1%
4.8%
Initial Jobless Claims (week)
1/1/22
207,000
364,000
763,000
Growth
Real GDP (QoQ SAAR)
2021Q3
2.3%
1
6.7%
33.8%
2
Real GDP (QoQ)
40%
GDP Personal Consumption (QoQ SAAR)
2021Q3
2.0%
1
12.0%
41.4%
2
30%
20%
10%
Retail Sales (YoY)
Nov '21
18.2%
14.2%
2.3%
0%
-10%
ISM Manufacturing Survey (month)
Dec '21
58.7
61.1
60.5
-20%
-30%
-40%
Existing Home Sales SAAR (month)
Nov '21
6.46 mil.
6.29 mil.
6.65 mil.
Sep '18  
Mar '19
Sep '19  
Mar '20
Sep '20  
Mar '21
Sep '21
Inflation/Prices
Personal Consumption Expenditures (YoY)
Nov '21
5.7%
4.4%
1.3%
Consumer PriceIndex
CPI (YoY)
Core CPI (YoY)
8%
Consumer Price Index (YoY)
Nov '21
6.8%
5.4%
1.4%
7%
6%
Consumer Price Index Core(YoY)
Nov '21
4.9%
4.0%
1.6%
5%
4%
3%
Crude Oil Futures (WTI, per barrel)
Dec 31
$75.21
$75.03
$48.52
2%
1%
0%
Gold Futures (oz.)
Dec 31
$1,829
$1,755
$1,895
Dec '18
Jun '19
Dec '19
Jun '20
Dec '20
Jun '21
1. Data as of Second Quarter 2021.
2. Data as of Third Quarter 2020.
Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil.
Source: Bloomberg.
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only
This material is not for inspection by distribution to or quotation to the general public
For the Quarter Ended December 31, 2021
Market Summary
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CITY OF CHANDLER
4

For the Quarter Ended December 31, 2021
Fixed Income Management
QUARTERLY MARKET SUMMARY
Source: Bloomberg.
Interest Rate Overview
U.S. Treasury Note Yields
U.S. Treasury Yield Curve
U.S. Treasury Yields
Yield Curves as of 12/31/2021
0%
1%
2%
3%
3-yr
2-yr
1-yr
3-
mo
5-yr
7-yr
10-yr
20-yr
30-yr
Yield
Maturity
December 31, 2021
September 30, 2021
December 31, 2020
0%
1%
2%
3%
3-yr
2-yr
1-yr
3-
mo
7-yr
0
5-yr
10-yr
25-yr
30-yr
Yield
U.S. Treasury
Maturity
Federal Agency
Corporates, A Rated
0.0%
0.5%
1.0%
1.5%
2.0%
12/31/20
3/31/21
6/30/21
9/30/21
12/31/21
Yield
2-Year
5-Year
10-Year
Maturity
Dec '21
Sep '21
Change over
Quarter
Dec '20
Change over
Year
3-Month
0.04%
0.04%
0.00%
0.07%
(0.03%)
1-Year
0.38%
0.07%
0.31%
0.11%
0.27%
2-Year
0.73%
0.28%
0.45%
0.12%
0.61%
5-Year
1.26%
0.97%
0.29%
0.36%
0.90%
10-Year
1.51%
1.49%
0.02%
0.92%
0.59%
30-Year
1.90%
2.05%
(0.15%)
1.65%
0.25%
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only
This material is not for inspection by distribution to or quotation to the general public
For the Quarter Ended December 31, 2021
Market Summary
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CITY OF CHANDLER
5

For the Quarter Ended December 31, 2021
Fixed Income Management
QUARTERLY MARKET SUMMARY
December 31, 2021
Duration
Yield
3 Month
1 Year
3 Years
1-3 Year Indices
U.S. Treasury
1.88
0.70%
(0.53%)
(0.55%)
2.01%
Federal Agency
1.78
0.68%
(0.49%)
(0.43%)
1.89%
U.S. Corporates, A-AAA rated
1.83
1.04%
(0.57%)
(0.24%)
2.88%
Agency MBS (0 to 3 years)
1.87
0.78%
(0.63%)
(2.66%)
2.49%
Taxable Municipals
1.51
0.94%
(0.47%)
2.02%
3.58%
1-5 Year Indices
U.S. Treasury
2.64
0.87%
(0.68%)
(1.10%)
2.42%
Federal Agency
2.39
0.84%
(0.70%)
(0.86%)
2.07%
U.S. Corporates, A-AAA rated
2.75
1.30%
(0.69%)
(0.64%)
3.65%
Agency MBS (0 to 5 years)
2.87
1.64%
(0.75%)
(1.56%)
2.59%
Taxable Municipals
2.52
1.17%
(0.67%)
0.46%
3.34%
Master Indices (Maturities 1 Year or Greater)
U.S. Treasury
7.37
1.24%
0.35%
(2.38%)
4.16%
Federal Agency
3.99
1.08%
(0.37%)
(1.15%)
3.43%
U.S. Corporates, A-AAA rated
8.47
2.09%
0.20%
(1.73%)
6.71%
Agency MBS (0 to 30 years)
3.82
1.85%
(0.42%)
(1.21%)
3.08%
Taxable Municipals
11.18
2.55%
0.64%
1.41%
8.83%
As of 12/31/2021
Returns for Periods ended12/31/2021
Returns for periods greater than one year are annualized. 
Source: ICE BofAML Indices.
ICE BofAML Index Returns
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only
This material is not for inspection by distribution to or quotation to the general public
For the Quarter Ended December 31, 2021
Market Summary
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CITY OF CHANDLER
6

For the Quarter Ended December 31, 2021
Fixed Income Management
QUARTERLY MARKET SUMMARY
Disclosures
PFM Asset Management LLC (“PFMAM”) is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset  
Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. 
Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.
The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change.  
Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, 
completeness, or suitability. The information contained in this report is not an offer to purchase or sell any securities.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
Further distribution is not permitted without prior written consent.
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only
This material is not for inspection by distribution to or quotation to the general public
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Market Summary
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7

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Account Summary
8

PFM Asset Management LLC
For the Quarter Ended December 31, 2021
CLIENT NAME
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2021
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary – 4Q 2021

 U.S. Treasury securities generated negative 
performance as yields rose across maturities.  The 
higher absolute level of yields support duration 
extensions and roll-down where the curve is steep.

 Federal agency spreads widened modestly, 
generating slightly negative excess returns. Spreads 
remain tight by historical standards and opportunities 
to add will be limited.

 Supranational securities performed in line with their 
federal agency counterparts – supply from seasonal 
issuance should provide opportunities to add sector 
exposure.

 Corporates underperformed after consistently being 
one of the top performing sectors in prior quarters. 
Modestly wider spreads are likely to provide 
opportunities to increase exposure on an issuer-
specific basis.

 Asset-Backed Securities issuance remains robust 
and wider spreads enhance the sector’s relative value 
as collateral performance remains strong.

 Mortgage-Backed Securities performance was 
generally negative across collateral and coupon types 
with 15-yr MBS pools being the exception. FOMC 
asset purchase tapering and potential balance sheet 
reduction will continue to weigh negatively on the 
sector.

 Taxable Municipal securities were one of the best 
performing sectors in Q4. Limited supply is likely to 
keep downward pressure on spreads and limit 
opportunities to increase allocations.

 Commercial Paper and CD rates gravitated higher 
throughout the quarter as market expectations for rate 
hikes sent short maturities higher, creating 
opportunities to add.
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Market Update
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9

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CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Account Summary
|
Account Summary
Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s).
1.
CHANDLER WORKERS COMP & EMPLOYER TRUST
Portfolio Values
December 31, 2021
$13,510,358
$13,581,121
$13,510,358
PFM Managed Account
Amortized Cost
Market Value
Accrued Interest
$18,865
Analytics¹
December 31, 2021
0.69%
0.48%
1.77
Yield at Market
Yield on Cost
Portfolio Duration
10

Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. 
*Sector Limit for Analysis is subject to interpretation as derived from our interpretation of your Investment Policy as provided.
Detail may not add to total due to rounding.
8.1%
5.5%
5.2%
0.4%
33.2%
47.6%
0%
20%
40%
60%
80%
100%
First American Funds - 
$1,185,140
Corporate - $802,073
Negotiable CD - $768,372
Municipal - $53,975
Federal Agency- $4,886,809
U.S. Treasury - $6,999,130
Portfolio Allocation
Sector Limit for Analysis*
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Account Summary
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11

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CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,
excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Excludes balances invested in money market
funds.
Issuer Diversification
Market Value (%) S&P / Moody's / Fitch
Security Type / Issuer
U.S. Treasury
51.8%
UNITED STATES TREASURY
51.8%
AA / Aaa / AAA
Federal Agency
36.2%
FANNIE MAE
8.0%
AA / Aaa / AAA
FREDDIE MAC
28.2%
AA / Aaa / AAA
Municipal
0.4%
CITY OF SCOTTSDALE
0.4%
AAA / Aaa / AAA
Negotiable CD
5.7%
CREDIT SUISSE GROUP RK
0.7%
A / A / A
DNB ASA
0.5%
AA / Aa / NR
HSBC HOLDINGS PLC
0.9%
A / Aa / AA
NORDEA BANK ABP
0.9%
AA / Aa / AA
SKANDINAVISKA ENSKILDA BANKEN AB
1.0%
A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC
0.6%
A / Aa / A
UBS AG
1.1%
A / Aa / AA
Corporate
5.9%
ADOBE INC
0.7%
A / A / NR
AMAZON.COM INC
1.3%
AA / A / AA
BANK OF AMERICA CO
0.7%
A / A / AA
CATERPILLAR INC
0.7%
A / A / A
HERSHEY COMPANY
0.7%
A / A / NR
JP MORGAN CHASE & CO
1.3%
A / A / AA
TOYOTA MOTOR CORP
0.6%
A / A / A
100.0%
Total
12

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Portfolio Review:
CHANDLER WORKERS COMP & EMPLOYER TRUST
13

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CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Snapshot
|
1. Total market value includes accrued interest and balances invested in PFM Funds, as of December 31, 2021.
Calculations exclude balances invested in PFM Funds.
2. The portfolio’s benchmark is the currently the ICE BofAML 1-3 Year U.S Treasury Index. Prior to 3/31/17 it was the ICE BofAML 0-3 Year U.S Treasury Index. Source:
Bloomberg. An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.
Portfolio Statistics
Total Market Value
$13,539,391
Portfolio Effective Duration
1.77 years
Benchmark Effective Duration
1.82 years
Yield At Cost
0.48%
Yield At Market
0.69%
Portfolio Credit Quality
AA
Portfolio Snapshot¹
Credit Quality - S&P2
11%
53%
33%
4%
6%
55%
39%
0%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
3-4 Yrs
Portfolio
Benchmark
Duration Distribution
U.S. Treasury | 52%
Federal Agency | 36%
Corporate | 6%
Negotiable CD | 6%
Municipal | <1%
Sector Allocation
AAA | <1%
AAAm | <1%
AA+ | 88%
AA | 1%
A-1+ | 1%
A+ | 2%
A | 1%
A- | 2%
A-1 | 4%
14

Liquidity Vehicle
Quarter-End Yield
Wells Fargo Public Institutional 
Bank Deposit Account1
0.01%
First American Funds2
0.01%
1.
Wells Fargo Public Institutional Bank Deposit Account yield from the Trust custody statement as of 12/31/21.
2.
First American Funds Account yield from statement as of 12/31/21.
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Snapshot
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15

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CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Characteristics
|
$0
$3
$6
$9
$12
$15
December 2021
$0
$3
$6
$9
$12
$15
September 2021
$0
$3
$6
$9
$12
$15
June 2021
$0
$3
$6
$9
$12
$15
Millions
March 2021
Sector Allocation Review 
U.S. Treasury
Federal Agency
Municipal
Negotiable CD
Corporate
Local Government Investment Pool
Market values, excluding accrued interest. Only includes investments held within the separately managed account(s). Detail may not add to total due to rounding.
Mar-21
% of Total
Security Type
Jun-21
% of Total
Sep-21
% of Total
% of Total
Dec-21
U.S. Treasury
$2.8
23.1%
$4.1
30.1%
$6.4
44.0%
$7.0
51.8%
Federal Agency
$7.0
57.4%
$6.2
45.2%
$5.0
34.4%
$4.9
36.2%
Municipal
$0.1
0.4%
$0.1
0.4%
$0.1
0.4%
$0.1
0.4%
Negotiable CD
$1.1
9.0%
$1.1
8.1%
$1.0
6.9%
$0.8
5.7%
Corporate
$0.9
7.5%
$1.0
7.5%
$0.9
6.2%
$0.8
5.9%
Local Government Investment Pool
$0.3
2.6%
$1.2
8.7%
$1.2
8.1%
$0.0
0.0%
Total
$12.3
100.0%
$13.7
100.0%
$14.6
100.0%
$13.5
100.0%
16

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CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is March 31, 2013.
1.
Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.
2.
The portfolio’s benchmark is currently the ICE BofAML 1-3 Year U.S Treasury Index. Prior to 3/31/17 it was the ICE BofAML 0-3 Year U.S Treasury Index. Source: Bloomberg.
3.
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
Since Inception¹
$20,338
$81,243
$420,930
$604,873
$1,009,643
Interest Earned
Change in Market Value
($92,789)
($148,144)
($118,170)
($139,315)
($380,640)
($72,451)
Total Dollar Return
($66,901)
$302,760
$465,558
$629,003
Total Return2
Portfolio
-0.50%
-0.46%
1.98%
1.70%
1.25%
Benchmark3
-0.53%
-0.55%
2.02%
1.60%
0.88%
3 Months
1 Year
3 Years
5 Years
Since Inception
Difference
0.03%
0.09%
-0.04%
0.10%
0.37%
17

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is March 31, 2013.
1.
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.
2.
Realized gains / (losses) are shown on an amortized cost basis.
3.
Accrual Basis Earnings
Accrual Basis Earnings
Interest Earned2
Realized Gains / (Losses)3 
Change in Amortized Cost
Total Earnings
3 Months
$20,338
$5,523
($3,527)
$22,335
1 Year
$81,243
$51,951
($8,911)
$124,282
3 Years
$420,930
$162,762
$33,502
$617,195
5 Year
$604,873
$133,921
$49,892
$788,686
Since Inception1
$1,009,643
$144,537
($194,747)
$959,433
18

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Composition
|
Issuer Distribution
As of December 31, 2021
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
6,999,130
51.80%
FREDDIE MAC
3,809,081
28.19%
FANNIE MAE
1,077,728
7.98%
JP MORGAN CHASE & CO
172,692
1.28%
AMAZON.COM INC
170,653
1.26%
UBS AG
149,939
1.11%
SKANDINAVISKA ENSKILDA BANKEN AB
131,256
0.97%
HSBC HOLDINGS PLC
120,013
0.89%
NORDEA BANK ABP
116,103
0.86%
ADOBE INC
101,102
0.75%
CREDIT SUISSE GROUP RK
99,978
0.74%
BANK OF AMERICA CO
99,342
0.74%
CATERPILLAR INC
94,716
0.70%
HERSHEY COMPANY
87,934
0.65%
SUMITOMO MITSUI FINANCIAL GROUP INC
85,159
0.63%
TOYOTA MOTOR CORP
75,634
0.56%
DNB ASA
65,924
0.49%
CITY OF SCOTTSDALE
53,975
0.40%
PFM FUNDS - GOVT SELECT, INSTL CL
0.00%
13,510,358
Grand Total
100.00%
19

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
Dated Date/Coupon/Maturity
CUSIP
Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
U.S. Treasury
US TREASURY NOTES
DTD 11/30/2015 2.000% 11/30/2022
912828M80
20,000.00
AA+
Aaa
8/1/2019
8/2/2019
20,119.53
1.81
35.16
20,290.62
US TREASURY NOTES
DTD 12/15/2019 1.625% 12/15/2022
912828YW4
259,000.00
AA+
Aaa
1/3/2020
1/7/2020
259,465.39
1.56
196.56
262,035.17
US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
912828N30
30,000.00
AA+
Aaa
11/1/2019
11/5/2019
30,530.86
1.55
1.76
30,501.56
US TREASURY NOTES
DTD 01/15/2020 1.500% 01/15/2023
912828Z29
120,000.00
AA+
Aaa
2/3/2020
2/5/2020
120,585.94
1.33
831.52
121,312.50
US TREASURY NOTES
DTD 02/15/2020 1.375% 02/15/2023
912828Z86
530,000.00
AA+
Aaa
3/2/2020
3/4/2020
538,943.75
0.80
2,752.62
535,548.46
US TREASURY N/B NOTES
DTD 05/31/2021 0.125% 05/31/2023
91282CCD1
885,000.00
AA+
Aaa
8/2/2021
8/6/2021
884,516.02
0.16
97.25
879,468.75
US TREASURY NOTES
DTD 06/15/2020 0.250% 06/15/2023
912828ZU7
230,000.00
AA+
Aaa
8/23/2021
8/24/2021
230,152.73
0.21
26.85
228,921.88
US TREASURY NOTES
DTD 10/01/2018 2.875% 09/30/2023
9128285D8
285,000.00
AA+
Aaa
9/27/2021
9/28/2021
299,639.65
0.30
2,093.46
295,865.63
US TREASURY NOTES
DTD 01/15/2021 0.125% 01/15/2024
91282CBE0
588,000.00
AA+
Aaa
2/2/2021
2/4/2021
587,058.28
0.18
339.54
580,558.15
US TREASURY NOTES
DTD 02/15/2021 0.125% 02/15/2024
91282CBM2
50,000.00
AA+
Aaa
3/1/2021
3/1/2021
49,787.11
0.27
23.61
49,351.56
US TREASURY NOTES
DTD 02/15/2021 0.125% 02/15/2024
91282CBM2
375,000.00
AA+
Aaa
3/4/2021
3/9/2021
372,993.16
0.31
177.06
370,136.70
US TREASURY NOTES
DTD 02/15/2021 0.125% 02/15/2024
91282CBM2
100,000.00
AA+
Aaa
3/3/2021
3/4/2021
99,511.72
0.29
47.22
98,703.12
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
305,000.00
AA+
Aaa
9/27/2021
9/28/2021
303,701.37
0.42
227.49
301,378.12
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
625,000.00
AA+
Aaa
4/5/2021
4/7/2021
622,973.63
0.36
466.16
617,578.13
US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2
595,000.00
AA+
Aaa
5/3/2021
5/4/2021
595,952.93
0.32
478.13
588,957.06
20

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity
CUSIP
Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
U.S. Treasury
US TREASURY N/B NOTES
DTD 05/15/2021 0.250% 05/15/2024
91282CCC3
200,000.00
AA+
Aaa
6/1/2021
6/2/2021
199,679.69
0.30
64.92
197,281.24
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7
235,000.00
AA+
Aaa
10/4/2021
10/6/2021
234,127.93
0.50
262.91
231,658.58
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7
305,000.00
AA+
Aaa
9/27/2021
9/28/2021
303,391.60
0.55
341.23
300,663.27
US TREASURY N/B NOTES
DTD 10/15/2021 0.625% 10/15/2024
91282CDB4
105,000.00
AA+
Aaa
11/2/2021
11/3/2021
104,700.59
0.72
140.63
104,146.88
US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1
465,000.00
AA+
Aaa
12/3/2021
12/7/2021
462,983.79
0.90
452.80
462,457.01
US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6
260,000.00
AA+
Aaa
6/2/2021
6/4/2021
269,638.28
0.43
342.86
264,062.50
US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8
185,000.00
AA+
Aaa
12/9/2021
12/15/2021
185,028.91
0.99
86.40
185,173.44
US TREASURY NOTES
DTD 01/31/2020 1.375% 01/31/2025
912828Z52
270,000.00
AA+
Aaa
7/2/2021
7/7/2021
277,519.92
0.58
1,553.60
273,079.67
7,022,000.00
7,053,002.78
11,039.74
6,999,130.00
Security Type Sub-Total
0.49
Negotiable CD
HSBC BANK USA NA
DTD 02/26/2021 0.250% 02/25/2022
40435RKU4
120,000.00
A-1
P-1
2/26/2021
2/26/2021
120,000.00
0.25
257.50
120,012.84
SUMITOMO MITSUI BANK NY CERT
DEPOS
DTD 07/14/2020 0.700% 07/08/2022
86565CKU2
85,000.00
A-1
P-1
7/10/2020
7/14/2020
85,000.00
0.70
292.54
85,159.12
UBS AG STAMFORD CT CERT DEPOS
DTD 02/18/2021 0.250% 08/16/2022
90275DNC0
150,000.00
A-1
P-1
2/16/2021
2/18/2021
150,000.00
0.25
143.75
149,938.50
NORDEA BANK ABP NEW YORK CERT
DEPOS
DTD 08/29/2019 1.850% 08/26/2022
65558TLL7
115,000.00
A-1+
P-1
8/27/2019
8/29/2019
115,000.00
1.84
756.44
116,103.43
SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
83050PDR7
130,000.00
A-1
P-1
8/29/2019
9/3/2019
130,000.00
1.85
859.73
131,255.67
DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
23341VZT1
65,000.00
A-1+
P-1
12/5/2019
12/6/2019
65,000.00
2.03
110.50
65,924.24
21

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity
CUSIP
Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Negotiable CD
CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2
100,000.00
A+
A1
3/19/2021
3/23/2021
100,000.00
0.59
465.44
99,977.80
765,000.00
765,000.00
2,885.90
768,371.60
Security Type Sub-Total
1.01
Municipal
SCOTTSDALE, AZ TXBL GO BONDS
DTD 12/30/2020 0.608% 07/01/2025
810454BL1
55,000.00
AAA
Aaa
12/10/2020
12/30/2020
55,000.00
0.61
167.20
53,975.35
55,000.00
55,000.00
167.20
53,975.35
Security Type Sub-Total
0.61
Local Government Investment Pool
PFM Funds - Govt Select, Instl Cl
0.00
AAAm
NR
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Security Type Sub-Total
0.00
Federal Agency
FREDDIE MAC NOTES
DTD 04/20/2020 0.375% 04/20/2023
3137EAEQ8
150,000.00
AA+
Aaa
4/17/2020
4/20/2020
149,625.00
0.46
110.94
149,730.45
FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6
100,000.00
AA+
Aaa
8/3/2020
8/4/2020
100,490.00
0.20
58.33
99,774.60
FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6
375,000.00
AA+
Aaa
5/7/2020
5/8/2020
375,558.75
0.32
218.75
374,154.75
FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6
1,295,000.00
AA+
Aaa
6/2/2020
6/5/2020
1,297,408.70
0.31
755.42
1,292,081.07
FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3
135,000.00
AA+
Aaa
5/20/2020
5/22/2020
134,593.65
0.35
36.56
134,433.81
FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4
160,000.00
AA+
Aaa
6/24/2020
6/26/2020
159,532.80
0.35
5.56
159,212.96
FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4
210,000.00
AA+
Aaa
7/8/2020
7/10/2020
209,548.50
0.32
249.38
208,845.21
22

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity
CUSIP
Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Federal Agency
FANNIE MAE NOTES (CALLABLE)
DTD 08/10/2020 0.300% 08/10/2023
3135G05R0
240,000.00
AA+
Aaa
8/11/2020
8/12/2020
239,568.00
0.36
282.00
238,532.16
FANNIE MAE NOTES (CALLABLE)
DTD 08/18/2020 0.360% 08/18/2023
3135G05V1
145,000.00
AA+
Aaa
8/20/2020
8/21/2020
145,000.00
0.36
192.85
144,220.63
FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7
105,000.00
AA+
Aaa
8/19/2020
8/21/2020
104,892.90
0.28
92.60
104,325.17
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
50,000.00
AA+
Aaa
9/2/2020
9/4/2020
50,009.13
0.24
39.24
49,637.85
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
70,000.00
AA+
Aaa
9/2/2020
9/4/2020
69,976.90
0.26
54.93
69,492.99
FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
3137EAEY1
155,000.00
AA+
Aaa
10/14/2020
10/16/2020
154,421.85
0.25
40.36
153,382.11
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8
570,000.00
AA+
Aaa
11/3/2020
11/5/2020
569,487.00
0.28
217.71
564,960.63
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
150,000.00
AA+
Aaa
11/23/2020
11/25/2020
149,829.00
0.29
35.42
148,604.10
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
205,000.00
AA+
Aaa
1/7/2021
1/8/2021
205,055.35
0.24
48.40
203,092.27
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
95,000.00
AA+
Aaa
12/2/2020
12/4/2020
94,905.95
0.28
17.81
94,088.95
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
705,000.00
AA+
Aaa
12/4/2020
12/7/2020
704,739.15
0.26
132.19
698,239.05
4,915,000.00
4,914,642.63
2,588.45
4,886,808.76
Security Type Sub-Total
0.30
Corporate
AMAZON.COM INC CORP NOTES
DTD 11/29/2012 2.500% 11/29/2022
023135AJ5
100,000.00
AA
A1
6/9/2020
6/11/2020
104,546.00
0.64
222.22
101,382.10
ADOBE INC CORP NOTE
DTD 02/03/2020 1.700% 02/01/2023
00724PAA7
100,000.00
A+
A2
1/22/2020
2/3/2020
99,863.00
1.75
708.33
101,101.70
CATERPILLAR FINL SERVICE
CORPORATE NOTES
DTD 03/01/2021 0.250% 03/01/2023
14913R2J5
95,000.00
A
A2
2/22/2021
3/1/2021
94,918.30
0.29
79.17
94,716.43
23

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity
CUSIP
Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Corporate
HERSHEY COMPANY
DTD 05/10/2018 3.375% 05/15/2023
427866AZ1
85,000.00
A
A1
3/11/2020
3/13/2020
88,299.70
2.10
366.56
87,933.69
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 05/26/2020 1.350% 08/25/2023
89236THA6
75,000.00
A+
A1
5/20/2020
5/26/2020
74,972.25
1.36
354.38
75,633.60
AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5
70,000.00
AA
A1
5/10/2021
5/12/2021
69,897.80
0.50
42.88
69,271.23
BANK OF AMERICA CORP
(CALLABLE) CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3
100,000.00
A-
A2
10/16/2020
10/21/2020
100,000.00
0.81
150.75
99,341.50
JPMORGAN CHASE & CO
CORPORATE NOTES
DTD 06/01/2021 0.824% 06/01/2025
46647PCH7
115,000.00
A-
A2
5/24/2021
6/1/2021
115,000.00
0.82
78.97
113,627.02
JPMORGAN CHASE & CO
CORPORATE NOTES
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6
60,000.00
A-
A2
8/3/2021
8/10/2021
60,000.00
0.77
180.48
59,065.44
800,000.00
807,497.05
2,183.74
802,072.71
Security Type Sub-Total
1.01
13,557,000.00
13,595,142.46
18,865.03
13,510,358.42
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$13,557,000.00
$13,595,142.46
$18,865.03
$13,510,358.42
$18,865.03
Total Investments
$13,529,223.45
24

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
BUY
10/4/2021
10/6/2021
235,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
234,179.05
0.50%
11/2/2021
11/3/2021
105,000.00
91282CDB4
US TREASURY N/B NOTES
0.62%
10/15/2024
104,734.84
0.72%
12/3/2021
12/7/2021
465,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
463,195.74
0.90%
12/9/2021
12/15/2021
185,000.00
91282CDN8
US TREASURY N/B NOTES
1.00%
12/15/2024
185,028.91
0.99%
Total  BUY
990,000.00
987,138.54
0.00
INTEREST
8/16/2021
10/1/2021
150,000.00
90275DNC0
UBS AG STAMFORD CT CERT DEPOS
0.25%
8/16/2022
186.46
10/1/2021
10/1/2021
MONEY0002
MONEY MARKET FUND
2.78
10/15/2021
10/15/2021
595,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
1,115.63
10/16/2021
10/16/2021
155,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
96.88
10/20/2021
10/20/2021
150,000.00
3137EAEQ8
FREDDIE MAC NOTES
0.37%
4/20/2023
281.25
10/24/2021
10/24/2021
100,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE) CORPORAT
0.81%
10/24/2024
405.00
11/1/2021
11/1/2021
MONEY0002
MONEY MARKET FUND
0.09
11/5/2021
11/5/2021
1,770,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
3,318.75
11/6/2021
11/6/2021
570,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
712.50
11/12/2021
11/12/2021
70,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
157.50
11/15/2021
11/15/2021
200,000.00
91282CCC3
US TREASURY N/B NOTES
0.25%
5/15/2024
250.00
25

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
INTEREST
11/15/2021
11/15/2021
85,000.00
427866AZ1
HERSHEY COMPANY
3.37%
5/15/2023
1,434.38
11/15/2021
11/15/2021
340,000.00
912828TY6
US TREASURY NOTES
1.62%
11/15/2022
2,762.50
11/22/2021
11/22/2021
135,000.00
3135G04Q3
FANNIE MAE NOTES
0.25%
5/22/2023
168.75
11/27/2021
11/27/2021
355,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
443.75
11/29/2021
11/29/2021
100,000.00
023135AJ5
AMAZON.COM INC CORP NOTES
2.50%
11/29/2022
1,250.00
11/30/2021
11/30/2021
20,000.00
912828M80
US TREASURY NOTES
2.00%
11/30/2022
200.00
11/30/2021
11/30/2021
260,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
1,950.00
11/30/2021
11/30/2021
885,000.00
91282CCD1
US TREASURY N/B NOTES
0.12%
5/31/2023
553.13
12/1/2021
12/1/2021
MONEY0002
MONEY MARKET FUND
0.15
12/1/2021
12/1/2021
115,000.00
46647PCH7
JPMORGAN CHASE & CO CORPORATE NOTES
0.82%
6/1/2025
473.80
12/2/2021
12/2/2021
65,000.00
23341VZT1
DNB BANK ASA/NY LT CD
2.04%
12/2/2022
674.05
12/4/2021
12/4/2021
800,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
1,000.00
12/15/2021
12/15/2021
230,000.00
912828ZU7
US TREASURY NOTES
0.25%
6/15/2023
287.50
12/15/2021
12/15/2021
259,000.00
912828YW4
US TREASURY NOTES
1.62%
12/15/2022
2,104.38
12/26/2021
12/26/2021
160,000.00
3137EAES4
FREDDIE MAC NOTES
0.25%
6/26/2023
200.00
12/31/2021
12/31/2021
30,000.00
912828N30
US TREASURY NOTES
2.12%
12/31/2022
318.75
Total  INTEREST
7,599,000.00
20,347.98
0.00
26

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
SELL
10/4/2021
10/6/2021
235,000.00
06742TWL6
BARCLAYS BANK PLC NY CERT DEPOS
0.29%
2/4/2022
235,556.98
110.22
11/2/2021
11/3/2021
105,000.00
3137EAET2
FREDDIE MAC NOTES
0.12%
7/25/2022
105,036.78
86.63
12/3/2021
12/7/2021
100,000.00
02665WCY5
AMERICAN HONDA FINANCE
2.20%
6/27/2022
101,896.78
999.76
12/3/2021
12/7/2021
340,000.00
912828TY6
US TREASURY NOTES
1.62%
11/15/2022
344,599.05
4,326.73
Total  SELL
780,000.00
787,089.59
5,523.34
27

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
10/4/2021
10/6/2021
235,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
234,179.05
0.50%
BUY
11/2/2021
11/3/2021
105,000.00
91282CDB4
US TREASURY N/B NOTES
0.62%
10/15/2024
104,734.84
0.72%
BUY
12/3/2021
12/7/2021
465,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
463,195.74
0.90%
BUY
12/9/2021
12/15/2021
185,000.00
91282CDN8
US TREASURY N/B NOTES
1.00%
12/15/2024
185,028.91
0.99%
BUY
8/16/2021
10/1/2021
150,000.00
90275DNC0
UBS AG STAMFORD CT CERT DEPOS
0.25%
8/16/2022
186.46
INTEREST
10/1/2021
10/1/2021
MONEY0002
MONEY MARKET FUND
2.78
INTEREST
10/15/2021
10/15/2021
595,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
1,115.63
INTEREST
10/16/2021
10/16/2021
155,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
96.88
INTEREST
10/20/2021
10/20/2021
150,000.00
3137EAEQ8
FREDDIE MAC NOTES
0.37%
4/20/2023
281.25
INTEREST
10/24/2021
10/24/2021
100,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE)
0.81%
10/24/2024
405.00
INTEREST
11/1/2021
11/1/2021
MONEY0002
MONEY MARKET FUND
0.09
INTEREST
11/5/2021
11/5/2021
1,770,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
3,318.75
INTEREST
11/6/2021
11/6/2021
570,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
712.50
INTEREST
11/12/2021
11/12/2021
70,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
157.50
INTEREST
11/15/2021
11/15/2021
200,000.00
91282CCC3
US TREASURY N/B NOTES
0.25%
5/15/2024
250.00
INTEREST
11/15/2021
11/15/2021
85,000.00
427866AZ1
HERSHEY COMPANY
3.37%
5/15/2023
1,434.38
INTEREST
11/15/2021
11/15/2021
340,000.00
912828TY6
US TREASURY NOTES
1.62%
11/15/2022
2,762.50
INTEREST
11/22/2021
11/22/2021
135,000.00
3135G04Q3
FANNIE MAE NOTES
0.25%
5/22/2023
168.75
INTEREST
28

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
11/27/2021
11/27/2021
355,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
443.75
INTEREST
11/29/2021
11/29/2021
100,000.00
023135AJ5
AMAZON.COM INC CORP NOTES
2.50%
11/29/2022
1,250.00
INTEREST
11/30/2021
11/30/2021
20,000.00
912828M80
US TREASURY NOTES
2.00%
11/30/2022
200.00
INTEREST
11/30/2021
11/30/2021
260,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
1,950.00
INTEREST
11/30/2021
11/30/2021
885,000.00
91282CCD1
US TREASURY N/B NOTES
0.12%
5/31/2023
553.13
INTEREST
12/1/2021
12/1/2021
MONEY0002
MONEY MARKET FUND
0.15
INTEREST
12/1/2021
12/1/2021
115,000.00
46647PCH7
JPMORGAN CHASE & CO CORPORATE
0.82%
6/1/2025
473.80
INTEREST
12/2/2021
12/2/2021
65,000.00
23341VZT1
DNB BANK ASA/NY LT CD
2.04%
12/2/2022
674.05
INTEREST
12/4/2021
12/4/2021
800,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
1,000.00
INTEREST
12/15/2021
12/15/2021
230,000.00
912828ZU7
US TREASURY NOTES
0.25%
6/15/2023
287.50
INTEREST
12/15/2021
12/15/2021
259,000.00
912828YW4
US TREASURY NOTES
1.62%
12/15/2022
2,104.38
INTEREST
12/26/2021
12/26/2021
160,000.00
3137EAES4
FREDDIE MAC NOTES
0.25%
6/26/2023
200.00
INTEREST
12/31/2021
12/31/2021
30,000.00
912828N30
US TREASURY NOTES
2.12%
12/31/2022
318.75
INTEREST
10/4/2021
10/6/2021
235,000.00
06742TWL6
BARCLAYS BANK PLC NY CERT DEPOS
0.29%
2/4/2022
235,556.98
110.22
SELL
11/2/2021
11/3/2021
105,000.00
3137EAET2
FREDDIE MAC NOTES
0.12%
7/25/2022
105,036.78
86.63
SELL
12/3/2021
12/7/2021
100,000.00
02665WCY5
AMERICAN HONDA FINANCE
2.20%
6/27/2022
101,896.78
999.76
SELL
12/3/2021
12/7/2021
340,000.00
912828TY6
US TREASURY NOTES
1.62%
11/15/2022
344,599.05
4,326.73
SELL
TOTALS
1,794,576.11
5,523.34
9,369,000.00
29

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to
any specific objectives or financial circumstances.
Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange
Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank").  U.S. Bank
is a separate entity and subsidiary of U.S. Bancorp.  U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.  The
information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.
PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources
external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely
on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts
are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are
for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are
gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of
the strategy rated by a NRSRO.
It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.
Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales
charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be
lower than the performance shown.
The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,
projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as
of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual
events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data
presented are not necessarily indicative of future events or expected performance.
For more information regarding PFMAM's services or entities, please visit www.pfmam.com.
© 2022 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.
30

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Appendix
|
Important Disclosures
Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or
Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimated
market value.
In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly
balances, and forward settling sales are excluded.
Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown
gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past
performance is not indicative of future returns.
Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.
Money market fund/cash balances are included in performance and duration computations.
Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.
Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.
MBS maturities are represented by expected average life.
31

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Appendix
|
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.
Agencies: Federal agency securities and/or Government-sponsored enterprises.
Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase
date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized
on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.
Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans,
leases, credit card balances, and receivables.
Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.
Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added
or subtracted from the overall portfolio performance.
Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.
Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding
on investment returns, while nominal yield does not.
FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.
Interest Rate: Interest per year divided by principal amount and expressed as a percentage.
Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.
Maturity: The date upon which the principal or stated value of an investment becomes due and payable.
Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.
Par Value: The nominal dollar face amount of a security.
Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the
mortgage-backed security.
32

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2021
Appendix
|
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.
Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and
maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.
Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose
decisions are binding on its members.
Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.
Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.
U.S. Treasury: The department of the U.S. government that issues Treasury securities.
Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a
percentage on an annualized basis.
YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period
from purchase date to maturity, stated as a percentage on an annualized basis.
YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time
period remaining until maturity, stated as a percentage on an annualized basis.
33