Investment Report for the Quarter Ending March 31, 2022

Investment Performance Review
For the Quarter Ended March 31, 2022
Client Management Team
PFM Asset Management LLC
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
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
CITY OF CHANDLER
WORKERS COMP & EMPLOYER TRUST
1201 South Alma School Rd. 
Suite 3000 
Mesa, AZ 85210
415-470-7815
Paulina Woo, Managing Director
Luke Schneider, CFA, Managing Director 
Annette Gaston, Senior Managing Consultant

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•
Market Summary
•
Account Summary
•
Portfolio Review
1

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Market Summary
2

For the Quarter Ended March 31, 2022
Fixed Income Management
QUARTERLY MARKET SUMMARY
Summary
►In Q1, U.S. economic conditions were characterized by: (1) persistent high
inflation; (2) the Federal Reserve (Fed) kicking off a shift to tighter monetary policy;
(3) rapidly rising interest rates; (4) elevated energy and commodity prices; (5)
increased volatility and risk-off sentiment in credit and equity markets; (6) stronger
than ever labor market.
►Just as Omicron’s potential to impact the economy waned, geopolitical tensions in
Ukraine dominated headlines, applying further pressure to an already fragile inflation
narrative. Simultaneously, the macro focus on economic growth and continued
recovery shifted from elevated virus infections to surging consumer prices. The U.S.
Personal Consumption Expenditure Core Price Index, the Fed’s preferred inflation
measure, rose to a nearly four-decade high of 5.4% on a year-on-year basis in
February, while the headline Consumer Price Index increased 8.5% year-over-year
through March.
►On the heels of rising consumer prices, geopolitical uncertainty stemming from
Russia’s invasion of Ukraine has stoked risks for both hampering global economic
growth and creating additional pressures on supply chains and commodity prices.
While the U.S. is largely insulated from the direct conflict, the global impact on
energy prices is undeniable, as Russia produces about 12% of global crude oil
supplies. Europe’s heavier dependence on Russian natural gas suggests that the
EU’s economy may face stiffer headwinds, ultimately dampening global growth in
2022 and beyond.
►As a result of surging inflation that proved not to be transitory, the Fed raised the
overnight federal funds target rate to 0.25% in March 2022 for the first time since
December 2018, underscoring the risk that inflation now poses to economic growth
and stability. The Fed also forecasts as many as six more rate hikes this year. In
addition, the Fed will likely begin reducing its balance sheet through a reduction
in the reinvestment of maturities and principal payments on its nearly nine trillion
holdings of Treasuries and agency mortgage-backed securities.
Economic Snapshot
►Underneath the headlines, the American consumer remains in good standing with
strong household balance sheets supporting consumer demand. The final reading
for Q4 2021 GDP showed that the U.S. economy grew at an annualized growth rate
of 6.9%. Given current conditions, economists forecast a large drop for Q1 2022 and
more moderate growth for the year, around 3.2%. That path will depend, in part, on
how well the economy can handle an aggressive series of rate hikes.
►The U.S. labor market remains a strength of the economy, adding 6.7 million new
jobs in 2021 and another 1.7 million jobs in Q1. The unemployment rate returned to a
pandemic-cycle low of 3.6%. At the same time, initial jobless claims fell to a 50-year
low and 11.3 million jobs remain unfilled. Averaged 199,000 a week in December,
figures that are firmly below the pre-pandemic average of 225,000. The labor force
participation rate also improved steadily through the quarter, reaching a two-year
high of 62.4.
►Manufacturing and services remained expansionary in Q1 and above five-year
averages. On the housing front, sales of both new and existing homes remained
strong and continued the decade-long improvement following the 2007-2008 housing
crash. However, refinancing activity fell drastically in Q1 as mortgage rates increased
noticeably, and more recent readings appear to be softening.
Interest Rates
►U.S. Treasury yields rose meaningfully in Q1 on surging inflation data and  growing
expectations for multiple Fed rate hikes in 2022. Given their maturity  horizon, two-
and three-year yields were most impacted by the increased probability  of future rate
hikes, with both tenors increasing over 150 basis points (1.50%) during  the quarter.
►Ten-year yields, which are more influenced by inflation expectations than Fed
policy, increased 83 basis points, resulting in a briefly inverted yield curve between
three- and ten-year maturities, suggesting markets expect inflation levels to ease
over the longer run. Fed policy remains on a rate-hiking trajectory for the foreseeable
future.
►As a result of sharply higher Treasury yields, fixed income indices posted some  of
the worst total returns dating back over 40 years. For example, the ICE BofA 1-, 5-
and 10-year U.S. Treasury indices returned -0.73%, -4.92% and -7.21%, respectively.
Sector Performance
►Diversification away from U.S. Treasury securities generally detracted from fixed-
income performance during Q1 as no sector was immune from spread widening
caused by risk-off sentiment during the quarter.
►Investment-grade (IG) corporate credit spreads widened to a two-year wide  in
mid-March before partially retreating into quarter-end. Despite the late quarter
retracement, IG corporate spreads remained elevated from a post-pandemic
perspective. As a result, the corporate sector underperformed Treasuries inQ1,
with lower quality bonds like those rated BBB performing worst. On the other hand,
spreads now look attractive, assuming strong underlying fundamentals persist and
the economy avoids a recession.
►AAA-rated asset-backed securities (ABS) also experienced noticeable spread
widening during Q1. However, contrary to the retracement experienced in IG
corporates, ABS spreads remained relatively wide at quarter-end. The result was
underperformance vs. duration-matched Treasuries and therefore negative excess
returns from the sector regardless of collateral type (auto or credit card receivables).
►Mortgage-backed securities (MBS) continued their trend of underperformance
as rate increases and volatility impacted the sector more than others. As the Fed
embarks on their tightening cycle and the reduction of the balance sheet, MBS
have felt pressure from the combination of higher rates, slower prepayments (and
therefore duration extensions), and demand concerns with the removal of the Fed
as the larger price-insensitive purchaser for the past two years. The result was
significant negative excess returns from the sector and continuing concerns for the
balance of 2022.
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 March 31, 2022
Market Summary
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3

For the Quarter Ended March 31, 2022
Fixed Income Management
QUARTERLY MARKET SUMMARY
Economic Snapshot
Labor Market
Latest
Dec '21
Mar '21
Unemployment Rate
Mar '22
3.6%
3.9%
6.0%
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
Mar '19 Sep '19 Mar '20 Sep '20  Mar '21 Sep '21 Mar '22
Change In Non-Farm Payrolls
Mar '22
431,000
588,000
704,000
Average Hourly Earnings (YoY)
Mar '22
5.6%
4.9%
4.4%
Personal Income (YoY)
Feb '22
6.0%
7.6%
29.5%
Initial Jobless Claims (week)
4/2/22
166,000
224,000
658,000
Growth
Real GDP (QoQ SAAR)
2022 Q4
6.9%
1
2.3%
4.5%
2
Real GDP (QoQ)
40%
GDP Personal Consumption (QoQ SAAR)
2022 Q4
2.5%
1
2.0%
3.4%
2
30%
20%
10%
Retail Sales (YoY)
Feb '22
17.6%
16.6%
29.7%
0%
-10%
ISM Manufacturing Survey (month)
Mar '22
57.1
58.8
63.7
-20%
-30%
-40%
Existing Home Sales SAAR (month)
Feb '22
6.02 mil.
6.09 mil.
6.04 mil.
Dec '18
Jun '19
Dec '19
Jun '20
Dec '20
Jun '21
Dec'21
Inflation/Prices
Personal Consumption Expenditures (YoY)
Feb '22
6.4%
5.8%
2.5%
Consumer PriceIndex
CPI (YoY)
Core CPI (YoY)
9%
Consumer Price Index (YoY)
Mar '22
8.5%
7.0%
2.6%
8%
7%
6%
Consumer Price Index Core(YoY)
Mar '22
6.5%
5.5%
1.6%
5%  
4%
3%
Crude Oil Futures (WTI, per barrel)
Mar 31
$100.28
$75.21
$59.16
2%  
1%
0%
Gold Futures (oz.)
Mar 31
$1,949
$1,829
$1,714
Mar '19
Sep '19
Mar '20
Sep '20
Mar '21
Sep '21
Mar'22
1. Data as of Third Quarter 2021.
2. Data as of Fourth 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
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Market Summary
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4

For the Quarter Ended March 31, 2022
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 03/31/2022
0%
1%
2%
3%
7-yr
5-yr
3-yr
2-yr
1-yr
3-mo
10-yr
20-yr
30-yr
Yield
Maturity
March 31, 2022
December 31, 2021
March 31, 2021
4%
3%
2%
1%
0%
7-
yr 
0
5-yr
3-yr
2-yr
1-yr
3-
mo
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%
2.5%
3/31/21
12/31/21
3/31/22
Yield
6/30/21
2-Year
9/30/21
5-Year
10-Year
Maturity
Mar '22
Dec '21
Change over
Quarter
Mar '21
Change over
Year
3-Month
0.50%
0.04%
0.46%
0.02%
0.48%
1-Year
1.61%
0.38%
1.23%
0.06%
1.55%
2-Year
2.34%
0.73%
1.61%
0.16%
2.18%
5-Year
2.46%
1.26%
1.20%
0.94%
1.52%
10-Year
2.34%
1.51%
0.83%
1.74%
0.60%
30-Year
2.45%
1.90%
0.55%
2.41%
0.04%
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 March 31, 2022
Market Summary
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5

For the Quarter Ended March 31, 2022
Fixed Income Management
QUARTERLY MARKET SUMMARY
March 31, 2022
Duration
Yield
3 Month
1 Year
3 Years
1-3 Year Indices
U.S. Treasury
1.86
2.22%
(2.34%)
(2.84%)
0.88%
Federal Agency
1.82
2.18%
(2.28%)
(2.68%)
0.79%
U.S. Corporates, A-AAA rated
1.90
2.66%
(2.44%)
(2.63%)
1.49%
Agency MBS (0 to 3 years)
2.13
2.59%
(3.48%)
(4.88%)
0.55%
Taxable Municipals
1.57
2.49%
(1.93%)
(0.86%)
2.39%
1-5 Year Indices
U.S. Treasury
2.61
2.32%
(3.16%)
(3.72%)
0.92%
Federal Agency
2.46
2.28%
(3.08%)
(3.49%)
0.64%
U.S. Corporates, A-AAA rated
2.77
2.86%
(3.62%)
(3.65%)
1.62%
Agency MBS (0 to 5 years)
3.40
2.69%
(3.79%)
(4.52%)
0.63%
Taxable Municipals
2.33
2.68%
(3.10%)
(2.80%)
1.62%
Master Indices (Maturities 1 Year orGreater)
U.S. Treasury
7.02
2.39%
(5.56%)
(3.35%)
1.47%
Federal Agency
3.91
2.39%
(4.25%)
(3.65%)
1.33%
U.S. Corporates, A-AAA rated
7.90
3.30%
(7.27%)
(4.04%)
2.56%
Agency MBS (0 to 30 years)
5.15
3.00%
(5.05%)
(5.10%)
0.56%
Taxable Municipals
10.46
3.55%
(9.37%)
(3.98%)
3.59%
As of 03/31/2022
Returns for Periods ended03/31/2022
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
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Market Summary
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6

For the Quarter Ended March 31, 2022
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 March 31, 2022
Market Summary
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7

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Account Summary
8

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary — 1Q 2022
▸U.S. Treasury securities generated negative
performance as the market repriced for an aggressive
Fed rate hike cycle, pushing yields higher across all
maturities. By quarter-end, 2-year Treasury yields
rose to 2.34%, the highest level since April 2019.
▸Federal agency sector remained unattractive given
the historically tight yield spreads and minimal pickup
vs. Treasuries. While volatility pushed spreads wider
on callable structures, the rising rate environment was
not favorable for taking on increased optionality risk.
▸Supranational spreads remained tight, and supply
was limited as issuance lagged projections. New
issue opportunities, while sporadic, remained the best
entry point.
▸Corporate credit spreads widened through the
quarter, driven by rising global tensions and a less
certain macro-economic environment. Yield spreads
reached the widest levels since 2019 despite stable-
to-strong fundamentals.
▸Asset-Backed AAA-rated auto and credit card yield
spreads increased toward 18-month wides. ABS
offered relative value compared to corporates as
spreads between the two widened during the quarter.
▸Mortgage-Backed Securities continued to
underperform. Prepayments experienced a material
slowdown as rates rose, which lengthened durations
and compounded the negative impact. The Federal
Reserve is poised to begin reducing their MBS
holdings, so weakness in the sector could persist.
CMBS valuations remained below historical averages
relative to Treasuries as spreads remained tight.
▸Taxable Municipal securities deals remain heavily
oversubscribed. Valuations remained stretched which
warrants some selectively in the sector.
▸Commercial Paper and CDs saw significant
repricing to higher yields, especially on maturities
greater than six months as issuers sought longer-term
funding in response to Fed rate hike expectations.
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Market Update
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9

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CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Account Summary
|
Account Summary
1. Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s), excludes balances invested in overnight funds.
2. Cash represents funds held in the  Allspring Treasury Plus Money Market A Fund.
CHANDLER WORKERS COMP & EMPLOYER TRUST
Portfolio Values
March 31, 2022
$13,307,089
$13,681,660
$13,307,089
$19,754
PFMAM Managed Account
Amortized Cost
Market Value
Accrued Interest
Cash2
$20,798
Analytics¹
March 31, 2022
Yield at Market
2.14%
Yield on Cost
0.55%
Portfolio Duration
1.63
10

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CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Account Summary
|
0.2%
8.1%
6.7%
0.4%
36.0%
48.6%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
First American Funds1  - 
$1,185,258
Corporate - $1,087,136
Negotiable CD - $892,897
Municipal - $51,439
Federal Agency - $4,805,593
U.S. Treasury - $6,489,778
Portfolio Allocation
Sector Limit for Analysis2
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance.  Balances includes accrued interest. 
1. Excludes cash held in the Allspring Treasury Plus Money Market A Fund.
2. Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.
11

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CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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. Includes accrued interest and excludes balances 
invested in overnight funds.
Issuer Diversification
Market Value (%) S&P / Moody's / Fitch
Security Type / Issuer
U.S. Treasury
48.7%
UNITED STATES TREASURY
48.7%
AA / Aaa / AAA
Federal Agency
36.1%
FANNIE MAE
7.9%
AA / Aaa / AAA
FREDDIE MAC
28.1%
AA / Aaa / AAA
Municipal
0.4%
CITY OF SCOTTSDALE
0.4%
AAA / Aaa / AAA
Negotiable CD
6.7%
CREDIT SUISSE GROUP RK
2.6%
A / Aa / A
DNB ASA
0.5%
AA / Aa / NR
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
8.2%
ADOBE INC
0.8%
A / A / NR
AMAZON.COM INC
1.3%
AA / A / AA
BANK OF AMERICA CO
1.5%
A / A / AA
CATERPILLAR INC
0.7%
A / A / A
DEERE & COMPANY
0.3%
A / A / A
HERSHEY COMPANY
0.7%
A / A / NR
JP MORGAN CHASE & CO
1.3%
A / A / AA
STATE STREET CORPORATION
0.1%
A / A / AA
TEXAS INSTRUMENTS INC
1.1%
A / Aa / NR
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 March 31, 2022
Portfolio Snapshot
|
1. Total market value includes accrued interest and cash, as of March 31, 2022.
2. An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.
3. The portfolio’s benchmark is the ICE BofAML 1-3 Year U.S. Treasury Index. Source: Bloomberg.
4. Cash represents funds held in the Allspring Treasury Plus Money Market A Fund.
Credit Quality - S&P2
13%
62%
23%
2%
7%
55%
38%
0%
0%
20%
40%
60%
80%
0-1 Yr
1-2 Yrs
2-3 Yrs
3-4 Yrs
Portfolio
Benchmark3
Duration Distribution
U.S. Treasury | 49%
Federal Agency | 36%
Corporate | 8%
Negotiable CD | 7%
Municipal | <1%
AAA | <1%
AA+ | 85%
AA | 1%
A-1+ | 1%
A+ | 2%
A | 2%
A- | 3%
A-1 | 5%
Portfolio Snapshot1 
Portfolio Statistics
Sector Allocation
1.63 years
1.80 years
AA
2.14%
0.55%
Total Market Value
$13,347,642
$13,307,089.43
$20,798.03
$19,754.12
Securities Sub-Total
Accrued Interest
Cash4
Portfolio Effective Duration
Benchmark Effective Duration
Yield At Cost
Yield At Market
Portfolio Credit Quality
14

Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus 
Money Market A Fund1
0.02%
First American Funds2
0.02%
1.
Allspring Treasury Plus Money Market A Fund. Account yield from the Trust custody statement as of 3/31/22.
2.
First American Funds Account yield from statement as of 3/31/22.
CITY OF CHANDLER
For the Quarter Ended March 31, 2022 
Portfolio Snapshot
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15

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Portfolio Characteristics
|
$0
$3
$6
$9
$12
$15
March 2022
$0
$3
$6
$9
$12
$15
December 2021
$0
$3
$6
$9
$12
$15
September 2021
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
Millions
June 2021
Sector Allocation Review 
U.S. Treasury
Federal Agency
Municipal
Negotiable CD
Corporate
Money Market Fund
Market values, including accrued interest. Only includes investments held within the separately managed account(s), excludes cash held in funds not managed by PFMAM. Detail may not add to total due to
rounding.
Jun-21
% of Total
Security Type
Sep-21
% of Total
Dec-21
% of Total
% of Total
Mar-22
U.S. Treasury
$4.1
30.1%
$6.4
44.0%
$7.0
51.8%
$6.5
48.7%
Federal Agency
$6.2
45.2%
$5.0
34.4%
$4.9
36.2%
$4.8
36.1%
Municipal
$0.1
0.4%
$0.1
0.4%
$0.1
0.4%
$0.1
0.4%
Negotiable CD
$1.1
8.1%
$1.0
6.9%
$0.8
5.7%
$0.9
6.7%
Corporate
$1.0
7.5%
$0.9
6.2%
$0.8
5.9%
$1.1
8.1%
Money Market Fund
$1.2
8.7%
$1.2
8.1%
$0.0
0.0%
$0.0
0.0%
Total
$13.7
100.0%
$14.6
100.0%
$13.5
100.0%
$13.3
100.0%
16

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CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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.
2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.
3. 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.
4. The portfolio’s benchmark is the ICE BofAML 1-3 Year U.S. Treasury Index. Source: Bloomberg.
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
Since Inception¹
Interest Earned²
$22,251
$80,289
$402,036
$607,519
$1,031,894
Change in Market Value
($314,771)
($434,900)
($657,403)
($634,540)
($870,362)
($292,520)
Total Dollar Return
($354,611)
($255,367)
($27,021)
$161,532
Total Return³
Portfolio
-2.15%
-2.56%
0.87%
1.18%
0.97%
Benchmark⁴
-2.34%
-2.84%
0.88%
1.08%
0.88%
3 Months
1 Year
3 Years
5 Years
Since Inception
Difference
0.19%
0.28%
-0.01%
0.11%
0.09%
17

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is March 31, 2013.
1.
2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.
3. Realized gains / (losses) are shown on an amortized cost basis.
Accrual Basis Earnings
Accrual Basis Earnings
Interest Earned²
Realized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$22,251
($6,226)
($4,736)
$11,288
1 Year
$80,289
$10,787
($11,950)
$79,127
3 Years
$402,036
$162,206
$20,787
$585,029
5 Year
$607,519
$129,497
$44,361
$781,377
Since Inception¹
$1,031,894
$138,311
($199,483)
$970,722
18

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Portfolio Composition
|
Issuer Distribution
As of March 31, 2022
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
6,481,743
48.71%
FREDDIE MAC
3,743,288
28.13%
FANNIE MAE
1,057,188
7.94%
CREDIT SUISSE GROUP RK
346,197
2.60%
BANK OF AMERICA CO
194,287
1.46%
AMAZON.COM INC
167,719
1.26%
JP MORGAN CHASE & CO
166,464
1.25%
UBS AG
149,400
1.12%
TEXAS INSTRUMENTS INC
142,173
1.07%
SKANDINAVISKA ENSKILDA BANKEN AB
130,366
0.98%
NORDEA BANK ABP
115,319
0.87%
ADOBE INC
99,820
0.75%
CATERPILLAR INC
93,554
0.70%
HERSHEY COMPANY
85,789
0.64%
SUMITOMO MITSUI FINANCIAL GROUP INC
84,945
0.64%
TOYOTA MOTOR CORP
74,030
0.56%
DNB ASA
65,178
0.49%
CITY OF SCOTTSDALE
51,355
0.39%
DEERE & COMPANY
38,917
0.29%
STATE STREET CORPORATION
19,358
0.15%
13,307,089
Grand Total
100.00%
19

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
Amortized
Cost
U.S. Treasury
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
160.26
30,150.00
30,126.26
US TREASURY NOTES
DTD 02/15/2020 1.375% 02/15/2023
912828Z86
160,000.00
AA+
Aaa
3/2/2020
3/4/2020
162,700.00
0.80
273.48
159,675.01
160,801.48
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
370.78
866,746.88
884,689.76
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
169.02
225,471.88
230,101.82
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
22.39
288,117.19
295,939.74
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
154.31
565,858.15
587,427.08
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
72.18
600,390.63
623,651.60
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
35.22
292,990.62
303,968.61
US TREASURY NOTES
DTD 03/31/2017 2.125% 03/31/2024
912828W71
515,000.00
AA+
Aaa
1/5/2022
1/6/2022
529,162.50
0.88
29.90
512,827.32
527,685.43
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
1,029.81
571,478.94
595,659.18
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
189.23
191,156.24
199,769.72
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
40.71
223,250.00
234,271.52
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7
155,000.00
AA+
Aaa
9/27/2021
9/28/2021
154,182.62
0.55
26.85
147,250.00
154,322.25
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
302.88
100,225.78
104,742.01
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
1,319.86
444,438.26
463,199.68
20

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1
280,000.00
AA+
Aaa
1/4/2022
1/6/2022
277,976.56
1.01
794.75
267,618.73
278,141.30
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
1,307.14
253,256.25
267,362.89
US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8
185,000.00
AA+
Aaa
12/9/2021
12/15/202
185,028.91
0.99
543.82
177,773.44
185,026.09
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
615.33
261,689.08
275,974.41
US TREASURY N/B NOTES
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1
310,000.00
AA+
Aaa
2/17/2022
2/25/2022
307,832.42
1.74
578.04
301,378.13
307,902.28
6,683,000.00
6,720,058.68
8,035.96
6,481,742.53
Security Type Sub-Total
0.54
6,710,763.11
Negotiable CD
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
133.87
84,944.84
85,000.00
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
45.83
149,400.00
150,000.00
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
189.11
115,319.13
115,000.00
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
228.37
130,365.95
130,000.00
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
442.00
65,178.49
65,000.00
CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 02/04/2022 1.100% 02/03/2023
22552G6R6
250,000.00
A-1
P-1
2/3/2022
2/4/2022
250,000.00
1.10
427.78
247,654.64
250,000.00
CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2
100,000.00
A-1
P-1
3/19/2021
3/23/2021
100,000.00
0.59
24.58
98,542.20
100,000.00
895,000.00
895,000.00
1,491.54
891,405.25
Security Type Sub-Total
1.14
895,000.00
21

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
Amortized
Cost
Municipal
SCOTTSDALE, AZ TXBL GO BONDS
DTD 12/30/2020 0.608% 07/01/2025
810454BL1
55,000.00
AAA
Aaa
12/10/202
12/30/202
55,000.00
0.61
83.60
51,355.15
55,000.00
55,000.00
55,000.00
83.60
51,355.15
Security Type Sub-Total
0.61
55,000.00
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
251.56
147,886.35
149,868.49
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
1,969.48
1,275,483.05
1,295,903.26
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
570.31
369,348.38
375,204.16
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
152.08
98,492.90
100,194.73
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
120.94
132,553.67
134,845.62
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
105.56
156,652.64
159,807.57
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
118.13
205,286.13
209,808.27
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
102.00
234,234.24
239,803.96
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
62.35
141,547.12
145,000.00
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
26.98
102,321.35
104,950.25
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
7.99
48,668.80
50,004.36
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
11.18
68,136.32
69,988.96
FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
3137EAEY1
155,000.00
AA+
Aaa
10/14/202
10/16/202
154,421.85
0.25
88.80
150,122.46
154,702.74
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
573.96
552,365.34
569,726.65
22

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
Amortized
Cost
Federal Agency
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
176.53
198,397.77
205,031.80
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
129.16
145,169.10
149,905.69
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
77.19
91,889.99
94,947.44
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
572.81
681,920.41
704,853.81
4,915,000.00
4,914,642.63
5,117.01
4,800,476.02
Security Type Sub-Total
0.30
4,914,547.76
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
847.22
100,494.80
101,221.01
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
283.33
99,820.30
99,961.68
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
19.79
93,554.10
94,962.62
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
1,083.75
85,788.63
86,165.44
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
101.25
74,030.25
74,988.04
JOHN DEERE CAPITAL CORP
CORPORATE NOTES
DTD 01/10/2022 0.900% 01/10/2024
24422EVX4
40,000.00
A
A2
1/4/2022
1/10/2022
39,993.60
0.91
81.00
38,916.88
39,994.31
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
121.63
67,223.80
69,928.01
TEXAS INSTRUMENTS INC CORP
NOTES (CALLAB
DTD 05/04/2017 2.625% 05/15/2024
882508BB9
142,000.00
A+
Aa3
2/23/2022
2/25/2022
144,232.24
1.90
1,408.17
142,173.24
144,127.93
23

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
Amortized
Cost
Corporate
BANK OF AMERICA CORP
(CALLABLE) CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3
100,000.00
A-
A2
10/16/202
10/21/202
100,000.00
0.81
353.25
96,614.50
100,000.00
BANK OF AMERICA CORP
CORPORATE NOTES
DTD 02/04/2022 1.843% 02/04/2025
06051GKG3
100,000.00
A-
A2
2/1/2022
2/4/2022
100,000.00
1.84
291.81
97,672.50
100,000.00
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
315.87
109,603.74
115,000.00
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
66.56
56,859.96
60,000.00
STATE STREET CORP CORPORATE
NOTES
DTD 02/07/2022 1.746% 02/06/2026
857477BR3
20,000.00
A
A1
2/2/2022
2/7/2022
20,000.00
1.75
52.38
19,357.78
20,000.00
1,102,000.00
1,111,722.89
5,026.01
1,082,110.48
Security Type Sub-Total
1.21
1,106,349.04
13,650,000.00
13,696,424.20
19,754.12
13,307,089.43
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$13,650,000.00
$13,696,424.20
$19,754.12
$13,307,089.43
$19,754.12
13,681,659.91
$13,681,659.91
0.55
0.55%
Total Investments
$13,326,843.55
24

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
1/4/2022
1/6/2022
280,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
278,278.22
1.01%
1/4/2022
1/10/2022
40,000.00
24422EVX4
JOHN DEERE CAPITAL CORP CORPORATE NOTES
0.90%
1/10/2024
39,993.60
0.91%
1/5/2022
1/6/2022
515,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
532,108.89
0.88%
2/1/2022
2/4/2022
100,000.00
06051GKG3
BANK OF AMERICA CORP CORPORATE NOTES
1.84%
2/4/2025
100,000.00
1.84%
2/2/2022
2/7/2022
20,000.00
857477BR3
STATE STREET CORP CORPORATE NOTES
1.74%
2/6/2026
20,000.00
1.75%
2/3/2022
2/4/2022
250,000.00
22552G6R6
CREDIT SUISSE NEW YORK CERT DEPOS
1.10%
2/3/2023
250,000.00
1.10%
2/17/2022
2/25/2022
310,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
307,960.87
1.74%
2/23/2022
2/25/2022
142,000.00
882508BB9
TEXAS INSTRUMENTS INC CORP NOTES (CALLAB
2.62%
5/15/2024
145,267.66
1.90%
Total  BUY
1,657,000.00
1,673,609.24
0.00
INTEREST
1/1/2022
1/1/2022
55,000.00
810454BL1
SCOTTSDALE, AZ TXBL GO BONDS
0.60%
7/1/2025
167.20
1/3/2022
1/3/2022
MONEY0002
MONEY MARKET FUND
0.52
1/10/2022
1/10/2022
85,000.00
86565CKU2
SUMITOMO MITSUI BANK NY CERT DEPOS
0.70%
7/8/2022
307.42
1/10/2022
1/10/2022
210,000.00
3135G05G4
FANNIE MAE NOTES
0.25%
7/10/2023
262.50
1/15/2022
1/15/2022
588,000.00
91282CBE0
US TREASURY NOTES
0.12%
1/15/2024
367.50
1/15/2022
1/15/2022
80,000.00
912828Z29
US TREASURY NOTES
1.50%
1/15/2023
600.00
1/31/2022
1/31/2022
270,000.00
912828Z52
US TREASURY NOTES
1.37%
1/31/2025
1,856.25
25

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
2/1/2022
2/1/2022
100,000.00
00724PAA7
ADOBE INC CORP NOTE
1.70%
2/1/2023
850.00
2/1/2022
2/1/2022
MONEY0002
MONEY MARKET FUND
0.03
2/9/2022
2/9/2022
60,000.00
46647PCM6
JPMORGAN CHASE & CO CORPORATE NOTES
0.76%
8/9/2025
229.12
2/10/2022
2/10/2022
240,000.00
3135G05R0
FANNIE MAE NOTES (CALLABLE)
0.30%
8/10/2023
360.00
2/15/2022
2/15/2022
160,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
1,100.00
2/16/2022
2/16/2022
150,000.00
90275DNC0
UBS AG STAMFORD CT CERT DEPOS
0.25%
8/16/2022
191.67
2/18/2022
2/18/2022
145,000.00
3135G05V1
FANNIE MAE NOTES (CALLABLE)
0.36%
8/18/2023
261.00
2/24/2022
2/24/2022
105,000.00
3137EAEV7
FREDDIE MAC NOTES
0.25%
8/24/2023
131.25
2/25/2022
2/25/2022
75,000.00
89236THA6
TOYOTA MOTOR CREDIT CORP CORPORATE NOTES
1.35%
8/25/2023
506.25
2/26/2022
2/26/2022
130,000.00
83050PDR7
SKANDINAV ENSKILDA BANK LT CD
1.86%
8/26/2022
1,235.87
2/28/2022
2/28/2022
115,000.00
65558TLL7
NORDEA BANK ABP NEW YORK CERT DEPOS
1.85%
8/26/2022
1,099.21
3/1/2022
3/1/2022
95,000.00
14913R2J5
CATERPILLAR FINL SERVICE CORPORATE NOTES
0.25%
3/1/2023
118.75
3/1/2022
3/1/2022
MONEY0002
MONEY MARKET FUND
0.51
3/8/2022
3/8/2022
120,000.00
3137EAEW5
FREDDIE MAC NOTES
0.25%
9/8/2023
150.00
3/15/2022
3/15/2022
930,000.00
91282CBR1
US TREASURY NOTES
0.25%
3/15/2024
1,162.50
3/15/2022
3/15/2022
390,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
731.25
3/17/2022
3/17/2022
100,000.00
22552G3C2
CREDIT SUISSE NEW YORK CERT DEPOS
0.59%
3/17/2023
588.36
26

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
3/31/2022
3/31/2022
285,000.00
9128285D8
US TREASURY NOTES
2.87%
9/30/2023
4,096.88
3/31/2022
3/31/2022
515,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
5,471.88
Total  INTEREST
5,003,000.00
21,845.92
0.00
MATURITY
2/25/2022
2/25/2022
120,000.00
40435RKU4
HSBC BANK USA NA
0.25%
2/25/2022
120,303.33
Total  MATURITY
120,000.00
120,303.33
0.00
SELL
1/4/2022
1/6/2022
259,000.00
912828YW4
US TREASURY NOTES
1.62%
12/15/2022
262,299.65
2,896.50
1/4/2022
1/6/2022
20,000.00
912828M80
US TREASURY NOTES
2.00%
11/30/2022
20,331.29
258.39
1/5/2022
1/6/2022
100,000.00
91282CBM2
US TREASURY NOTES
0.12%
2/15/2024
98,603.60
-1,096.54
1/5/2022
1/6/2022
50,000.00
91282CBM2
US TREASURY NOTES
0.12%
2/15/2024
49,301.80
-571.02
1/5/2022
1/6/2022
375,000.00
91282CBM2
US TREASURY NOTES
0.12%
2/15/2024
369,763.50
-3,979.78
1/7/2022
1/10/2022
40,000.00
912828Z29
US TREASURY NOTES
1.50%
1/15/2023
40,698.10
339.03
2/1/2022
2/4/2022
100,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
101,251.87
16.88
2/3/2022
2/4/2022
270,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
273,358.95
24.48
2/17/2022
2/25/2022
80,000.00
912828Z29
US TREASURY NOTES
1.50%
1/15/2023
80,432.79
179.15
27

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
2/23/2022
2/25/2022
150,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
145,278.67
-4,293.15
Total  SELL
1,444,000.00
1,441,320.22
-6,226.06
28

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
1/4/2022
1/6/2022
280,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
278,278.22
1.01%
BUY
1/4/2022
1/10/2022
40,000.00
24422EVX4
JOHN DEERE CAPITAL CORP
0.90%
1/10/2024
39,993.60
0.91%
BUY
1/5/2022
1/6/2022
515,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
532,108.89
0.88%
BUY
2/1/2022
2/4/2022
100,000.00
06051GKG3
BANK OF AMERICA CORP CORPORATE
1.84%
2/4/2025
100,000.00
1.84%
BUY
2/2/2022
2/7/2022
20,000.00
857477BR3
STATE STREET CORP CORPORATE
1.74%
2/6/2026
20,000.00
1.75%
BUY
2/3/2022
2/4/2022
250,000.00
22552G6R6
CREDIT SUISSE NEW YORK CERT
1.10%
2/3/2023
250,000.00
1.10%
BUY
2/17/2022
2/25/2022
310,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
307,960.87
1.74%
BUY
2/23/2022
2/25/2022
142,000.00
882508BB9
TEXAS INSTRUMENTS INC CORP
2.62%
5/15/2024
145,267.66
1.90%
BUY
1/1/2022
1/1/2022
55,000.00
810454BL1
SCOTTSDALE, AZ TXBL GO BONDS
0.60%
7/1/2025
167.20
INTEREST
1/3/2022
1/3/2022
MONEY0002
MONEY MARKET FUND
0.52
INTEREST
1/10/2022
1/10/2022
85,000.00
86565CKU2
SUMITOMO MITSUI BANK NY CERT
0.70%
7/8/2022
307.42
INTEREST
1/10/2022
1/10/2022
210,000.00
3135G05G4
FANNIE MAE NOTES
0.25%
7/10/2023
262.50
INTEREST
1/15/2022
1/15/2022
588,000.00
91282CBE0
US TREASURY NOTES
0.12%
1/15/2024
367.50
INTEREST
1/15/2022
1/15/2022
80,000.00
912828Z29
US TREASURY NOTES
1.50%
1/15/2023
600.00
INTEREST
1/31/2022
1/31/2022
270,000.00
912828Z52
US TREASURY NOTES
1.37%
1/31/2025
1,856.25
INTEREST
2/1/2022
2/1/2022
100,000.00
00724PAA7
ADOBE INC CORP NOTE
1.70%
2/1/2023
850.00
INTEREST
2/1/2022
2/1/2022
MONEY0002
MONEY MARKET FUND
0.03
INTEREST
2/9/2022
2/9/2022
60,000.00
46647PCM6
JPMORGAN CHASE & CO CORPORATE
0.76%
8/9/2025
229.12
INTEREST
29

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
2/10/2022
2/10/2022
240,000.00
3135G05R0
FANNIE MAE NOTES (CALLABLE)
0.30%
8/10/2023
360.00
INTEREST
2/15/2022
2/15/2022
160,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
1,100.00
INTEREST
2/16/2022
2/16/2022
150,000.00
90275DNC0
UBS AG STAMFORD CT CERT DEPOS
0.25%
8/16/2022
191.67
INTEREST
2/18/2022
2/18/2022
145,000.00
3135G05V1
FANNIE MAE NOTES (CALLABLE)
0.36%
8/18/2023
261.00
INTEREST
2/24/2022
2/24/2022
105,000.00
3137EAEV7
FREDDIE MAC NOTES
0.25%
8/24/2023
131.25
INTEREST
2/25/2022
2/25/2022
75,000.00
89236THA6
TOYOTA MOTOR CREDIT CORP
1.35%
8/25/2023
506.25
INTEREST
2/26/2022
2/26/2022
130,000.00
83050PDR7
SKANDINAV ENSKILDA BANK LT CD
1.86%
8/26/2022
1,235.87
INTEREST
2/28/2022
2/28/2022
115,000.00
65558TLL7
NORDEA BANK ABP NEW YORK CERT
1.85%
8/26/2022
1,099.21
INTEREST
3/1/2022
3/1/2022
95,000.00
14913R2J5
CATERPILLAR FINL SERVICE
0.25%
3/1/2023
118.75
INTEREST
3/1/2022
3/1/2022
MONEY0002
MONEY MARKET FUND
0.51
INTEREST
3/8/2022
3/8/2022
120,000.00
3137EAEW5
FREDDIE MAC NOTES
0.25%
9/8/2023
150.00
INTEREST
3/15/2022
3/15/2022
930,000.00
91282CBR1
US TREASURY NOTES
0.25%
3/15/2024
1,162.50
INTEREST
3/15/2022
3/15/2022
390,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
731.25
INTEREST
3/17/2022
3/17/2022
100,000.00
22552G3C2
CREDIT SUISSE NEW YORK CERT
0.59%
3/17/2023
588.36
INTEREST
3/31/2022
3/31/2022
285,000.00
9128285D8
US TREASURY NOTES
2.87%
9/30/2023
4,096.88
INTEREST
3/31/2022
3/31/2022
515,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
5,471.88
INTEREST
2/25/2022
2/25/2022
120,000.00
40435RKU4
HSBC BANK USA NA
0.25%
2/25/2022
120,303.33
MATURITY
1/4/2022
1/6/2022
259,000.00
912828YW4
US TREASURY NOTES
1.62%
12/15/2022
262,299.65
2,896.50
SELL
30

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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
1/4/2022
1/6/2022
20,000.00
912828M80
US TREASURY NOTES
2.00%
11/30/2022
20,331.29
258.39
SELL
1/5/2022
1/6/2022
100,000.00
91282CBM2
US TREASURY NOTES
0.12%
2/15/2024
98,603.60
-1,096.54
SELL
1/5/2022
1/6/2022
50,000.00
91282CBM2
US TREASURY NOTES
0.12%
2/15/2024
49,301.80
-571.02
SELL
1/5/2022
1/6/2022
375,000.00
91282CBM2
US TREASURY NOTES
0.12%
2/15/2024
369,763.50
-3,979.78
SELL
1/7/2022
1/10/2022
40,000.00
912828Z29
US TREASURY NOTES
1.50%
1/15/2023
40,698.10
339.03
SELL
2/1/2022
2/4/2022
100,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
101,251.87
16.88
SELL
2/3/2022
2/4/2022
270,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
273,358.95
24.48
SELL
2/17/2022
2/25/2022
80,000.00
912828Z29
US TREASURY NOTES
1.50%
1/15/2023
80,432.79
179.15
SELL
2/23/2022
2/25/2022
150,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
145,278.67
-4,293.15
SELL
TOTALS
3,257,078.71
-6,226.06
8,224,000.00
31

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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.
32

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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.
33

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2022
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.
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CITY OF CHANDLER
For the Quarter Ended March 31, 2022
Appendix
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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.
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