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
HEALTH CARE BENEFITS TRUST
213 Market Street
Harrisburg, PA 17101-2141
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 HEALTH CARE BENEFITS TRUST
Portfolio Values
December 31, 2021
$14,426,329
$14,442,916
$14,426,329
PFM Managed Account  
Amortized Cost
Market Value
Accrued Interest
$34,982
Analytics¹
December 31, 2021
0.61%
0.88%
1.40
Yield at Market
Yield on Cost
Portfolio Duration
10

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City of Chandler
For the Period Ended December 31, 2021
Sector Allocation Analytics
Account Summary
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.
<0.1%
13.7%
8.4%
0.6%
27.6%
49.7%
0%
20%
40%
60%
80%
100%
Money Market Funds $10.23
Corporate - $1,972,866
Negotiable CD - $1,205,533
Municipal - $88,323
Federal Agency -  $3,993,237
U.S. Treasury - $7,166,369
Portfolio Allocation
Sector Limit for Analysis*
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
49.7%
UNITED STATES TREASURY
49.7%
AA / Aaa / AAA
Federal Agency
27.7%
FANNIE MAE
13.3%
AA / Aaa / AAA
FREDDIE MAC
14.3%
AA / Aaa / AAA
Municipal
0.6%
CITY OF SCOTTSDALE
0.6%
AAA / Aaa / AAA
Negotiable CD
8.4%
CREDIT SUISSE GROUP RK
1.0%
A / A / A
DNB ASA
0.9%
AA / Aa / NR
HSBC HOLDINGS PLC
1.3%
A / Aa / AA
NORDEA BANK ABP
1.3%
AA / Aa / AA
SKANDINAVISKA ENSKILDA BANKEN AB
1.3%
A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC
0.9%
A / Aa / A
UBS AG
1.6%
A / Aa / AA
Corporate
13.7%
ADOBE INC
0.7%
A / A / NR
AMAZON.COM INC
1.9%
AA / A / AA
AMERICAN HONDA FINANCE
0.9%
A / A / A
APPLE INC
1.4%
AA / Aaa / NR
BANK OF AMERICA CO
0.9%
A / A / AA
CATERPILLAR INC
0.9%
A / A / A
HERSHEY COMPANY
1.2%
A / A / NR
JP MORGAN CHASE & CO
1.5%
A / A / AA
THE WALT DISNEY CORPORATION
1.2%
BBB / A / A
TOYOTA MOTOR CORP
0.9%
A / A / A
Market Value (%) S&P / Moody's / Fitch
Security Type / Issuer
Corporate
13.7%
WAL-MART STORES INC
2.2%
AA / Aa / AA
100.0%
Total
12

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Portfolio Review:
CHANDLER HEALTH CARE BENEFITS 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. Prior to 9/30/12 it was the ICE 
BofAML 0-6 Month 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
$16,988,547
Portfolio Effective Duration
1.40 years
Benchmark Effective Duration
1.82 years
Yield At Cost
0.88%
Yield At Market
0.61%
Portfolio Credit Quality
AA
Portfolio Snapshot¹
Credit Quality - S&P2
42%
35%
17%
6%
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 | 50%
Federal Agency | 28%
Corporate | 14%
Negotiable CD | 8%
Municipal | 1%
Sector Allocation
AAA | 1%
AA+ | 79%
AA | 4%
A-1+ | 2%
A+ | 3%
A | 2%
A- | 3%
A-1 | 5%
BBB+ | 1%
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
$4
$8
$12
$16
$20
December 2021
$0
$4
$8
$12
$16
$20
September 2021
$0
$4
$8
$12
$16
$20
June 2021
$0
$4
$8
$12
$16
$20
Millions
March 2021
Sector Allocation Review
U.S. Treasury
Federal Agency
Supranational
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
$6.4
33.8%
$7.2
44.1%
$7.2
48.4%
$7.2
49.6%
Federal Agency
$7.8
41.2%
$4.7
28.9%
$4.0
27.0%
$4.0
27.7%
Supranational
$0.3
1.7%
$0.0
0.0%
$0.0
0.0%
$0.0
0.0%
Municipal
$0.1
0.5%
$0.1
0.5%
$0.1
0.6%
$0.1
0.6%
Negotiable CD
$1.8
9.2%
$1.8
10.7%
$1.6
10.6%
$1.2
8.4%
Corporate
$2.0
10.4%
$2.0
12.1%
$2.0
13.4%
$2.0
13.7%
Local Government Investment Pool
$0.6
3.2%
$0.6
3.7%
$0.0
0.0%
$0.0
0.0%
Total
$19.0
100.0%
$16.4
100.0%
$14.9
100.0%
$14.4
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 December 31, 2010.
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. Prior to 9/30/12 it was the ICE BofAML 0-6 Month
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
10 Years1
Interest Earned²
$39,292
$177,182
$806,641
$1,129,353
$1,507,798
Change in Market Value
($102,084)
($229,421)
($526,208)
($577,651)
($808,559)
($62,792)
Total Dollar Return
($52,239)
$280,433
$551,702
$699,239
Total Return³
Portfolio
-0.37%
-0.31%
2.14%
1.79%
1.20%
Benchmark⁴
-0.53%
-0.55%
2.02%
1.60%
1.02%
3 Months
1 Year
3 Years
5 Years
10 Years
Difference
0.16%
0.24%
0.12%
0.19%
0.18%
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 December 31, 2010.
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 Earned
Realized Gains / (Losses)
Change in Amortized Cost
Total Earnings
3 Months
$39,292
$174
($7,555)
$31,910
1 Year
$177,182
$63,740
($26,137)
$214,786
3 Years
$806,641
$185,476
($8,187)
$983,930
5 Year
$1,129,353
$115,339
$43,867
$1,288,560
10 Year
$1,507,798
$132,074
($189,539)
$1,450,333
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
7,166,369
49.69%
FREDDIE MAC
2,069,997
14.35%
FANNIE MAE
1,923,240
13.33%
WAL-MART STORES INC
310,571
2.15%
AMAZON.COM INC
269,358
1.87%
UBS AG
234,904
1.63%
JP MORGAN CHASE & CO
218,087
1.51%
APPLE INC
201,038
1.39%
SKANDINAVISKA ENSKILDA BANKEN AB
191,835
1.33%
HSBC HOLDINGS PLC
190,020
1.32%
NORDEA BANK ABP
186,775
1.29%
THE WALT DISNEY CORPORATION
171,165
1.19%
HERSHEY COMPANY
170,695
1.18%
CREDIT SUISSE GROUP RK
139,969
0.97%
TOYOTA MOTOR CORP
136,140
0.94%
SUMITOMO MITSUI FINANCIAL GROUP INC
135,253
0.94%
CATERPILLAR INC
134,597
0.93%
BANK OF AMERICA CO
134,111
0.93%
DNB ASA
126,777
0.88%
AMERICAN HONDA FINANCE
126,001
0.87%
ADOBE INC
101,102
0.70%
CITY OF SCOTTSDALE
88,323
0.61%
PFM FUNDS - GOVT SELECT, INSTL CL
0.00%
14,426,329
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 05/31/2017 1.750% 05/31/2022
912828XR6
605,000.00
AA+
Aaa
6/3/2019
6/5/2019
603,298.44
1.85
930.77
608,875.75
US TREASURY NOTES
DTD 06/30/2015 2.125% 06/30/2022
912828XG0
165,000.00
AA+
Aaa
7/1/2019
7/3/2019
166,869.14
1.73
9.69
166,521.10
US TREASURY NOTES
DTD 08/31/2017 1.625% 08/31/2022
9128282S8
750,000.00
AA+
Aaa
9/3/2019
9/5/2019
755,917.97
1.35
4,141.05
756,679.65
US TREASURY NOTES
DTD 08/31/2017 1.625% 08/31/2022
9128282S8
119,000.00
AA+
Aaa
10/1/2019
10/3/2019
119,385.82
1.51
657.05
120,059.84
US TREASURY NOTES
DTD 11/15/2012 1.625% 11/15/2022
912828TY6
650,000.00
AA+
Aaa
12/2/2019
12/4/2019
649,619.14
1.65
1,371.37
656,906.25
US TREASURY NOTES
DTD 11/30/2015 2.000% 11/30/2022
912828M80
100,000.00
AA+
Aaa
8/1/2019
8/6/2019
100,722.66
1.77
175.82
101,453.12
US TREASURY NOTES
DTD 12/15/2019 1.625% 12/15/2022
912828YW4
520,000.00
AA+
Aaa
1/3/2020
1/7/2020
520,934.38
1.56
394.64
526,093.78
US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
912828N30
335,000.00
AA+
Aaa
11/1/2019
11/5/2019
340,927.93
1.55
19.67
340,600.80
US TREASURY NOTES
DTD 01/15/2020 1.500% 01/15/2023
912828Z29
320,000.00
AA+
Aaa
2/3/2020
2/5/2020
321,562.50
1.33
2,217.39
323,500.00
US TREASURY NOTES
DTD 02/15/2020 1.375% 02/15/2023
912828Z86
575,000.00
AA+
Aaa
3/2/2020
3/4/2020
584,703.13
0.80
2,986.33
581,019.56
US TREASURY NOTES
DTD 01/15/2021 0.125% 01/15/2024
91282CBE0
770,000.00
AA+
Aaa
2/2/2021
2/4/2021
768,766.80
0.18
444.63
760,254.73
US TREASURY NOTES
DTD 02/15/2021 0.125% 02/15/2024
91282CBM2
130,000.00
AA+
Aaa
3/3/2021
3/4/2021
129,365.23
0.29
61.38
128,314.06
US TREASURY NOTES
DTD 02/15/2021 0.125% 02/15/2024
91282CBM2
185,000.00
AA+
Aaa
3/1/2021
3/1/2021
184,212.30
0.27
87.35
182,600.77
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
100,000.00
AA+
Aaa
3/22/2021
3/23/2021
99,792.97
0.32
74.59
98,812.50
US TREASURY NOTES
DTD 03/31/2017 2.125% 03/31/2024
912828W71
140,000.00
AA+
Aaa
4/16/2021
4/19/2021
147,360.94
0.33
760.10
144,068.75
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 04/15/2021 0.375% 04/15/2024
91282CBV2
100,000.00
AA+
Aaa
4/22/2021
4/26/2021
100,167.97
0.32
80.36
98,984.38
US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6
935,000.00
AA+
Aaa
6/2/2021
6/4/2021
969,660.74
0.43
1,232.97
949,609.38
US TREASURY NOTES
DTD 01/31/2020 1.375% 01/31/2025
912828Z52
615,000.00
AA+
Aaa
5/5/2021
5/7/2021
634,867.38
0.50
3,538.76
622,014.81
7,114,000.00
7,198,135.44
19,183.92
7,166,369.23
Security Type Sub-Total
1.00
Negotiable CD
HSBC BANK USA NA
DTD 02/26/2021 0.250% 02/25/2022
40435RKU4
190,000.00
A-1
P-1
2/26/2021
2/26/2021
190,000.00
0.25
407.71
190,020.33
SUMITOMO MITSUI BANK NY CERT
DEPOS
DTD 07/14/2020 0.700% 07/08/2022
86565CKU2
135,000.00
A-1
P-1
7/10/2020
7/14/2020
135,000.00
0.70
464.63
135,252.72
UBS AG STAMFORD CT CERT DEPOS
DTD 02/18/2021 0.250% 08/16/2022
90275DNC0
235,000.00
A-1
P-1
2/16/2021
2/18/2021
235,000.00
0.25
225.21
234,903.65
SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
83050PDR7
190,000.00
A-1
P-1
8/29/2019
9/3/2019
190,000.00
1.85
1,256.53
191,835.21
NORDEA BANK ABP NEW YORK CERT
DEPOS
DTD 08/29/2019 1.850% 08/26/2022
65558TLL7
185,000.00
A-1+
P-1
8/27/2019
8/29/2019
185,000.00
1.84
1,216.89
186,775.08
DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
23341VZT1
125,000.00
A-1+
P-1
12/5/2019
12/6/2019
125,000.00
2.03
212.50
126,777.38
CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2
140,000.00
A+
A1
3/19/2021
3/23/2021
140,000.00
0.59
651.62
139,968.92
1,200,000.00
1,200,000.00
4,435.09
1,205,533.29
Security Type Sub-Total
1.03
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
Municipal
SCOTTSDALE, AZ TXBL GO BONDS
DTD 12/30/2020 0.608% 07/01/2025
810454BL1
90,000.00
AAA
Aaa
12/10/2020
12/30/2020
90,000.00
0.61
273.60
88,323.30
90,000.00
90,000.00
273.60
88,323.30
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 07/23/2020 0.125% 07/25/2022
3137EAET2
165,000.00
AA+
Aaa
7/21/2020
7/23/2020
164,627.10
0.24
89.38
164,922.62
FANNIE MAE NOTES
DTD 09/06/2019 1.375% 09/06/2022
3135G0W33
490,000.00
AA+
Aaa
9/5/2019
9/6/2019
488,294.80
1.49
2,152.26
493,671.57
FREDDIE MAC NOTES
DTD 04/20/2020 0.375% 04/20/2023
3137EAEQ8
265,000.00
AA+
Aaa
4/17/2020
4/20/2020
264,337.50
0.46
195.99
264,523.80
FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3
250,000.00
AA+
Aaa
5/20/2020
5/22/2020
249,247.50
0.35
67.71
248,951.50
FANNIE MAE NOTES (CALLABLE)
DTD 08/10/2020 0.300% 08/10/2023
3135G05R0
370,000.00
AA+
Aaa
8/11/2020
8/12/2020
369,334.00
0.36
434.75
367,737.08
FANNIE MAE NOTES (CALLABLE)
DTD 08/18/2020 0.360% 08/18/2023
3135G05V1
130,000.00
AA+
Aaa
8/20/2020
8/21/2020
130,000.00
0.36
172.90
129,301.25
FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7
165,000.00
AA+
Aaa
8/19/2020
8/21/2020
164,831.70
0.28
145.52
163,939.55
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
105,000.00
AA+
Aaa
9/2/2020
9/4/2020
104,965.35
0.26
82.39
104,239.49
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
80,000.00
AA+
Aaa
9/2/2020
9/4/2020
80,014.61
0.24
62.78
79,420.56
FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
3137EAEY1
250,000.00
AA+
Aaa
10/14/2020
10/16/2020
249,067.50
0.25
65.10
247,390.50
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8
600,000.00
AA+
Aaa
11/3/2020
11/5/2020
599,460.00
0.28
229.17
594,695.40
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
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8
185,000.00
AA+
Aaa
11/19/2020
11/24/2020
184,863.10
0.28
70.66
183,364.42
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8
120,000.00
AA+
Aaa
1/19/2021
1/20/2021
120,139.20
0.21
45.83
118,939.08
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
235,000.00
AA+
Aaa
11/23/2020
11/25/2020
234,732.10
0.29
55.49
232,813.09
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
455,000.00
AA+
Aaa
1/7/2021
1/8/2021
455,122.85
0.24
107.43
450,765.77
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
150,000.00
AA+
Aaa
12/2/2020
12/4/2020
149,851.50
0.28
28.13
148,561.50
4,015,000.00
4,008,888.81
4,005.49
3,993,237.18
Security Type Sub-Total
0.45
Corporate
APPLE INC CORP NOTES (CALLED,
OMD 1/9/22
DTD 02/09/2017 2.500% 01/09/2022
037833CM0
100,000.00
AA+
AAA
1/7/2019
1/9/2019
98,516.00
3.02
986.11
100,029.60
AMERICAN HONDA FINANCE
DTD 06/27/2019 2.200% 06/27/2022
02665WCY5
125,000.00
A-
A3
7/8/2019
7/10/2019
124,458.75
2.35
30.56
126,001.25
WALT DISNEY COMPANY/THE
DTD 09/06/2019 1.650% 09/01/2022
254687FJ0
170,000.00
BBB+
A2
9/4/2019
9/6/2019
169,921.80
1.67
935.00
171,165.18
APPLE INC CORPORATE NOTES
DTD 09/11/2019 1.700% 09/11/2022
037833DL1
100,000.00
AA+
Aaa
9/4/2019
9/11/2019
99,983.00
1.71
519.44
101,008.50
AMAZON.COM INC CORP NOTES
DTD 11/29/2012 2.500% 11/29/2022
023135AJ5
60,000.00
AA
A1
6/9/2020
6/11/2020
62,727.60
0.64
133.33
60,829.26
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
135,000.00
A
A2
2/22/2021
3/1/2021
134,883.90
0.29
112.50
134,597.03
WAL MART STORES INC GLOBAL NT
(CALLABLE)
DTD 04/11/2013 2.550% 04/11/2023
931142DH3
305,000.00
AA
Aa2
5/21/2020
5/26/2020
321,024.70
0.70
1,728.33
310,571.13
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
165,000.00
A
A1
3/11/2020
3/13/2020
171,405.30
2.10
711.56
170,694.81
AMAZON.COM INC CORPORATE
NOTES
DTD 06/03/2020 0.400% 06/03/2023
023135BP0
100,000.00
AA
A1
6/1/2020
6/3/2020
99,860.00
0.45
31.11
99,673.50
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 05/26/2020 1.350% 08/25/2023
89236THA6
135,000.00
A+
A1
5/20/2020
5/26/2020
134,950.05
1.36
637.88
136,140.48
AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5
110,000.00
AA
A1
5/10/2021
5/12/2021
109,839.40
0.50
67.38
108,854.79
JPMORGAN CHASE & CO
CORPORATE NOTES (CAL
DTD 09/16/2020 0.653% 09/16/2024
46647PBS4
105,000.00
A-
A2
9/9/2020
9/16/2020
105,000.00
0.65
199.98
104,460.30
BANK OF AMERICA CORP
(CALLABLE) CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3
135,000.00
A-
A2
10/16/2020
10/21/2020
135,000.00
0.81
203.51
134,111.03
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
1,960,000.00
1,982,433.50
7,083.99
1,972,865.58
Security Type Sub-Total
1.24
14,379,000.00
14,479,457.75
34,982.09
14,426,328.58
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$14,379,000.00
$14,479,457.75
$34,982.09
$14,426,328.58
$34,982.09
Total Investments
$14,461,310.67
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
INTEREST
8/16/2021
10/1/2021
235,000.00
90275DNC0
UBS AG STAMFORD CT CERT DEPOS
0.25%
8/16/2022
292.12
10/1/2021
10/1/2021
MONEY0002
MONEY MARKET FUND
17.37
10/11/2021
10/11/2021
305,000.00
931142DH3
WAL MART STORES INC GLOBAL NT (CALLABLE)
2.55%
4/11/2023
3,888.75
10/15/2021
10/15/2021
100,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
187.50
10/16/2021
10/16/2021
250,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
156.25
10/20/2021
10/20/2021
265,000.00
3137EAEQ8
FREDDIE MAC NOTES
0.37%
4/20/2023
496.88
10/24/2021
10/24/2021
135,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE) CORPORAT
0.81%
10/24/2024
546.75
11/1/2021
11/1/2021
MONEY0002
MONEY MARKET FUND
20.64
11/6/2021
11/6/2021
905,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
1,131.25
11/12/2021
11/12/2021
110,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
247.50
11/15/2021
11/15/2021
650,000.00
912828TY6
US TREASURY NOTES
1.62%
11/15/2022
5,281.25
11/15/2021
11/15/2021
165,000.00
427866AZ1
HERSHEY COMPANY
3.37%
5/15/2023
2,784.38
11/22/2021
11/22/2021
250,000.00
3135G04Q3
FANNIE MAE NOTES
0.25%
5/22/2023
312.50
11/27/2021
11/27/2021
690,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
862.50
11/29/2021
11/29/2021
60,000.00
023135AJ5
AMAZON.COM INC CORP NOTES
2.50%
11/29/2022
750.00
11/30/2021
11/30/2021
605,000.00
912828XR6
US TREASURY NOTES
1.75%
5/31/2022
5,293.75
11/30/2021
11/30/2021
100,000.00
912828M80
US TREASURY NOTES
2.00%
11/30/2022
1,000.00
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
11/30/2021
11/30/2021
935,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
7,012.50
12/1/2021
12/1/2021
115,000.00
46647PCH7
JPMORGAN CHASE & CO CORPORATE NOTES
0.82%
6/1/2025
473.80
12/1/2021
12/1/2021
MONEY0002
MONEY MARKET FUND
20.54
12/2/2021
12/2/2021
125,000.00
23341VZT1
DNB BANK ASA/NY LT CD
2.04%
12/2/2022
1,296.25
12/3/2021
12/3/2021
100,000.00
023135BP0
AMAZON.COM INC CORPORATE NOTES
0.40%
6/3/2023
200.00
12/4/2021
12/4/2021
150,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
187.50
12/15/2021
12/15/2021
520,000.00
912828YW4
US TREASURY NOTES
1.62%
12/15/2022
4,225.00
12/27/2021
12/29/2021
125,000.00
02665WCY5
AMERICAN HONDA FINANCE
2.20%
6/27/2022
1,375.00
12/31/2021
12/31/2021
165,000.00
912828XG0
US TREASURY NOTES
2.12%
6/30/2022
1,753.13
12/31/2021
12/31/2021
335,000.00
912828N30
US TREASURY NOTES
2.12%
12/31/2022
3,559.38
Total  INTEREST
7,395,000.00
43,372.49
0.00
SELL
10/4/2021
10/6/2021
370,000.00
06742TWL6
BARCLAYS BANK PLC NY CERT DEPOS
0.29%
2/4/2022
370,876.94
173.53
Total  SELL
370,000.00
370,876.94
173.53
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
Tran.
Type
8/16/2021
10/1/2021
235,000.00
90275DNC0
UBS AG STAMFORD CT CERT DEPOS
0.25%
8/16/2022
292.12
INTEREST
10/1/2021
10/1/2021
MONEY0002
MONEY MARKET FUND
17.37
INTEREST
10/11/2021
10/11/2021
305,000.00
931142DH3
WAL MART STORES INC GLOBAL NT
2.55%
4/11/2023
3,888.75
INTEREST
10/15/2021
10/15/2021
100,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
187.50
INTEREST
10/16/2021
10/16/2021
250,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
156.25
INTEREST
10/20/2021
10/20/2021
265,000.00
3137EAEQ8
FREDDIE MAC NOTES
0.37%
4/20/2023
496.88
INTEREST
10/24/2021
10/24/2021
135,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE)
0.81%
10/24/2024
546.75
INTEREST
11/1/2021
11/1/2021
MONEY0002
MONEY MARKET FUND
20.64
INTEREST
11/6/2021
11/6/2021
905,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
1,131.25
INTEREST
11/12/2021
11/12/2021
110,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
247.50
INTEREST
11/15/2021
11/15/2021
650,000.00
912828TY6
US TREASURY NOTES
1.62%
11/15/2022
5,281.25
INTEREST
11/15/2021
11/15/2021
165,000.00
427866AZ1
HERSHEY COMPANY
3.37%
5/15/2023
2,784.38
INTEREST
11/22/2021
11/22/2021
250,000.00
3135G04Q3
FANNIE MAE NOTES
0.25%
5/22/2023
312.50
INTEREST
11/27/2021
11/27/2021
690,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
862.50
INTEREST
11/29/2021
11/29/2021
60,000.00
023135AJ5
AMAZON.COM INC CORP NOTES
2.50%
11/29/2022
750.00
INTEREST
11/30/2021
11/30/2021
605,000.00
912828XR6
US TREASURY NOTES
1.75%
5/31/2022
5,293.75
INTEREST
11/30/2021
11/30/2021
100,000.00
912828M80
US TREASURY NOTES
2.00%
11/30/2022
1,000.00
INTEREST
11/30/2021
11/30/2021
935,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
7,012.50
INTEREST
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
12/1/2021
12/1/2021
115,000.00
46647PCH7
JPMORGAN CHASE & CO CORPORATE
0.82%
6/1/2025
473.80
INTEREST
12/1/2021
12/1/2021
MONEY0002
MONEY MARKET FUND
20.54
INTEREST
12/2/2021
12/2/2021
125,000.00
23341VZT1
DNB BANK ASA/NY LT CD
2.04%
12/2/2022
1,296.25
INTEREST
12/3/2021
12/3/2021
100,000.00
023135BP0
AMAZON.COM INC CORPORATE NOTES
0.40%
6/3/2023
200.00
INTEREST
12/4/2021
12/4/2021
150,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
187.50
INTEREST
12/15/2021
12/15/2021
520,000.00
912828YW4
US TREASURY NOTES
1.62%
12/15/2022
4,225.00
INTEREST
12/27/2021
12/29/2021
125,000.00
02665WCY5
AMERICAN HONDA FINANCE
2.20%
6/27/2022
1,375.00
INTEREST
12/31/2021
12/31/2021
165,000.00
912828XG0
US TREASURY NOTES
2.12%
6/30/2022
1,753.13
INTEREST
12/31/2021
12/31/2021
335,000.00
912828N30
US TREASURY NOTES
2.12%
12/31/2022
3,559.38
INTEREST
10/4/2021
10/6/2021
370,000.00
06742TWL6
BARCLAYS BANK PLC NY CERT DEPOS
0.29%
2/4/2022
370,876.94
173.53
SELL
TOTALS
414,249.43
173.53
7,765,000.00
28

© 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.
29

© 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.
30

© 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.
31

© 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.
32