Investment Report for the Quarter Ending June 30, 2022

Investment Performance Review
For the Quarter Ended June 30, 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
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1

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Market Summary
2

For the Quarter Ended June 30, 2022
Fixed Income Management
QUARTERLY MARKET SUMMARY
Summary
►In Q2, U.S. economic conditions were characterized by: (1) persistently high
inflation; (2) declining consumer sentiment; (3) slowing economic growth and
increasing recession probabilities; (4) more aggressive Federal Reserve (Fed)
monetary policy tightening; (5) rising yields and decade-high mortgage rates; and
(6) elevated volatility and risk-off sentiment in credit and equity markets.
►The first half of 2022 was one of the most difficult investment environments in the
past 40 years due to the pace of interest rate increases and the resulting simultaneous
weakness in both bond and stock market returns. As we enter the second half of the
year, many of the first half’s significant headwinds are still in place: high inflation,
tighter Fed monetary policy, rising rates, wider credit spreads, slowing growth and
lingering geopolitical turmoil.
►The focus of headlines on inflation remains very high, with the Consumer Price
Index increasing 9.1% year-over-year (YoY) through June, the largest 12-month
increase since December 1981. Numerous factors have driven this inflation: gasoline
prices surged nearly 60%, shelter costs rose 5.6%, food was up 10.4%, while new
and used cars rose 9% over that span. Some of these price pressures resulted from
surging input costs for oil, industrial metals and agricultural products, exacerbated by
Russia’s ongoing invasion of Ukraine. But, more recently, many commodity prices have
fallen substantially. For example, lumber, copper, aluminum, steel, cattle and coffee
prices are now down on a year-to-date basis.
►As a result of surging inflation, the Fed lifted the overnight federal funds target  rate
three times in the first half of 2022, in March, May and June. The last hike was  by
three quarters of a percentage point (0.75%) to a new range of 1.5% to 1.75%, the
largest hike since 1994. The market now expects short-term rates to reach 3.25% to
3.75% by year-end. In addition, the Fed kicked off its plan to reduce its balance sheet
holdings of Treasuries and agency-backed mortgage securities through monthly runoff
of maturities and principal payments.
Economic Snapshot
►U.S. economic real growth (inflation-adjusted) declined at an annual pace of 1.6% in
Q1 2022, a big disappointment. The drop was a sharp reversal from the 6.9% increase
in Q4. It resulted from decreases in exports, federal government spending, private
inventory investment, and state and local government spending, while imports, which
are a subtraction in the calculation of GDP, increased. The economy has downshifted
from its torrid pace of 2021 as federal stimulus programs ended and rampant inflation
cut into consumer spending habits and corporate profits. Economists’ estimates for
future GDP reflect expectations for growth to normalize in the future, with projections
for the full calendar year 2022 at 2.1% and 2023 at 1.5%.
►The U.S. labor market remains a tailwind as the economy added 2.7 million new
jobs this year. The unemployment rate remained at 3.6%, while wage growth remained
elevated and job openings remained plentiful. Despite this apparent strength, job gains
have begun to moderate, and the level of new weekly jobless claims has increased
noticeably, indicating a possible sea change.
►Household spending has also adapted to rising food and energy costs. The share of
disposable income going towards non-discretionary items such as food, energy, debt  
service and rent broke a decade-long downtrend and is now rising quickly. Largely due 
to pain at the pump and grocery check-out counter, measures of consumer sentiment  
nosedived. The Conference Board Consumer Confidence Index dipped below 100 for  
the first in over a year, while the University of Michigan Consumer Sentiment Index  
reached an all-time low in June.
►Increasing inventories and a falling mortgage affordability index led to a sharp
decline in home sales. Sales of both new and existing homes sales declined. On the
manufacturing front, indices of activity posted a decline and moved toward their lowest
levels in nearly two years, although still in expansionary territory. Automobile sales in
June were down nearly 15% YoY.
Interest Rates
►
U.S. Treasury yields rose sharply in Q2. By the end of the quarter, the yield on a
3-month U.S. Treasury Bill stood at 1.67% (up 1.17% over the quarter), the 2-year note
was 2.96% (up 0.62%), the 5-year note was 3.04% (up 0.58%), the 10-year note was
3.02% (up 0.68%) and the 30-year ended the quarter at 3.19% (up 0.74%).
►As a result of rapidly increasing Treasury yields, fixed income indices posted
large negative total returns. The ICE BofA 2-, 5-, and 10-year U.S. Treasury indices
returned -0.50%, -2.05%, and -4.92%, respectively. Underscoring the recent historic
underperformance of U.S. Treasuries, from peak to trough (August 3, 2020, to June 14,
2022), the 10-year Treasury Index lost -17%.
Sector Performance
►Diversification in securities other than U.S. Treasury securities generally detracted
from performance as few sectors were immune to risk-off sentiment and wider yield
spreads. The exceptions were shorter-duration municipals and federal agency
securities with maturities inside five years.
►Despite relatively stable fundamentals and a favorable upgrade/downgrade ratio,
wider spreads on investment-grade (IG) corporates generated notably negative excess
returns. Quickly tightening financial conditions and an increasing repricing of recession
risks were the primary culprits. After rapidly retracing to close Q1, IG corporatespreads
slowly and steadily increased throughout Q2, finishing at their widest level in two years.
For the second consecutive quarter, lower quality and longer duration corporates
underperformed their higher quality and shorter duration counterparts.
►Like corporates, AAA-rated asset-backed securities fundamentals remain strong,
however growing economic growth concerns pushed spreads wider over the quarter.
Historically, spreads in the sector remain elevated and appear attractive. The result
of wider spreads was negative excess returns from the sector regardless of type,
although credit card collateral outperformed auto loan-backed issues.
►Mortgage-backed securities (MBS) continued the trend of underperformance,
finishing the worst start to a year in several decades. The looming acceleration of Fed
balance sheet reduction of its MBS holdings has weighed on the sector for the better
part of the year. Refinancing activity has plummeted and MBS durations have extended
noticeably due to decade-high mortgage rates, further pressuring performance in the
sector. Only the highest coupon MBS avoided sharply negative excess 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 June 30, 2022
Market Summary
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3

For the Quarter Ended June 30, 2022
Fixed Income Management
QUARTERLY MARKET SUMMARY
Economic Snapshot
1. Data as of Fourth Quarter 2021.
2. Data as of First Quarter 2021.
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
Labor Market
Mar '22
Jun '21
Unemployment Rate
Jun'22
3.6%
3.6%
5.9%
Change In Non-Farm Payrolls
Jun'22
372,000
398,000
557,000
Average Hourly Earnings (YoY)
Jun'22
5.1%
5.6%
4.0%
Personal Income (YoY)
May'22
5.3%
-11.4%
3.1%
Initial Jobless Claims (week)
7/2/22
235,000
171,000
405,000
Growth
Real GDP (QoQ SAAR)
2022Q1
-1.6%
6.9%
6.3%
GDP Personal Consumption (QoQ SAAR)
2022Q1
1.8%
2.5%
11.4%
Retail Sales (YoY)
May'22
8.1%
7.1%
19.4%
ISM Manufacturing Survey (month)
Jun'22
53.0
57.1
60.9
Existing Home Sales SAAR (month)
May'22
5.41 mil.
5.75 mil.
5.97 mil.
Inflation / Prices
Personal Consumption Expenditures (YoY)
May'22
6.3%
6.6%
4.0%
Consumer Price Index (YoY)
May'22
8.6%
8.5%
5.4%
Consumer Price Index Core (YoY)
May'22
6.0%
6.5%
4.5%
Crude Oil Futures (WTI, per barrel)
Jun 30
$105.76
$100.28
$73.47
Gold Futures (oz.)
Jun 30
$1,807
$1,949
$1,772
Latest
25-000K
20-000K
15-000K
10-000K
5-000K
0
5,000K
10,000K
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Jun '19 Dec '19 Jun '20 Dec '20 Jun '21 Dec '21 Jun '22
Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right)
Change In Non-Farm Payrolls
Unemployment Rate
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Mar '19
Sep '19
Mar '20
Sep '20
Mar '21
Sep '21
Mar '22
Real GDP  (QoQ)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
May '19
Nov '19
May '20
Nov '20
May '21
Nov '21
May '22
Consumer Price Index
CPI (YoY)
Core CPI (YoY)
2
2
1
1
CITY OF CHANDLER
For the Quarter Ended June 30, 2022
Market Summary
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For the Quarter Ended June 30, 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 06/30/2022
Maturity
Jun '22
Mar '22
Change over
Quarter
Jun '21
Change over
Year
3-Month
1.67%
0.50%
1.17%
0.04%
1.63%
1-Year
2.78%
1.61%
1.17%
0.07%
2.71%
2-Year
2.96%
2.34%
0.62%
0.25%
2.71%
5-Year
3.04%
2.46%
0.58%
0.89%
2.15%
10-Year
3.02%
2.34%
0.68%
1.47%
1.55%
30-Year
3.19%
2.45%
0.74%
2.09%
1.10%
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0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
6/30/21
9/30/21
12/31/21
3/31/22
6/30/22
Yield
2-Year
5-Year
10-Year
0%
1%
2%
3%
4%
3-mo
1-yr
2-yr
3-yr
5-yr
7-yr
10-yr
20-yr
30-yr
Yield
Maturity
June 30, 2022
March 31, 2022
June 30, 2021
0%
1%
2%
3%
4%
5%
3-mo
1-yr
2-yr
3-yr
5-yr
0
7-yr
10-yr
25-yr
30-yr
Yield
Maturity
U.S. Treasury
Federal Agency
Corporates, A Rated
CITY OF CHANDLER
For the Quarter Ended June 30, 2022
Market Summary
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5

For the Quarter Ended June 30, 2022
Fixed Income Management
QUARTERLY MARKET SUMMARY
June 30, 2022
Duration
Yield
3 Month
1 Year
3 Years
1-3 Year Indices
U.S. Treasury
1.85
2.95%
(0.50%)
(3.30%)
0.24%
Federal Agency
1.79
2.95%
(0.58%)
(3.25%)
0.16%
U.S. Corporates, A-AAA rated
1.95
3.70%
(0.91%)
(3.74%)
0.66%
Agency MBS (0 to 3 years)
2.14
3.14%
(0.35%)
(4.43%)
(0.09%)
Taxable Municipals
1.82
3.30%
(0.29%)
(2.64%)
1.78%
1-5 Year Indices
U.S. Treasury
2.58
2.98%
(0.81%)
(4.61%)
0.04%
Federal Agency
2.34
3.00%
(0.90%)
(4.53%)
(0.14%)
U.S. Corporates, A-AAA rated
2.76
3.86%
(1.66%)
(5.82%)
0.39%
Agency MBS (0 to 5 years)
2.98
3.32%
(1.67%)
(5.87%)
(0.55%)
Taxable Municipals
2.66
3.47%
(0.64%)
(4.15%)
0.95%
Master Indices (Maturities 1 Year orGreater)
U.S. Treasury
6.67
3.06%
(3.85%)
(8.91%)
(0.85%)
Federal Agency
3.77
3.12%
(1.98%)
(6.49%)
(0.11%)
U.S. Corporates, A-AAA rated
7.38
4.28%
(6.10%)
(12.90%)
(0.88%)
Agency MBS (0 to 30 years)
6.19
3.66%
(3.91%)
(9.10%)
(1.42%)
Taxable Municipals
9.99
4.40%
(7.05%)
(14.94%)
(0.52%)
As of 06/30/2022
Returns for Periods ended06/30/2022
Returns for periods greater than one year are annualized. 
Source: ICE BofAML Indices.
ICE BofAML Index Returns
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This material is not for inspection by distribution to or quotation to the general public
CITY OF CHANDLER
For the Quarter Ended June 30, 2022
Market Summary
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6

For the Quarter Ended June 30, 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 June 30, 2022
Market Summary
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Account Summary
8

PFM Asset Management LLC
For the Quarter Ended June 30, 2022
MarketUpdate
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary — 2Q 2022
▸U.S. Treasury securities posted negative returns for
more than two quarters. Yields continued to move
higher on surging inflation data and expectations for
aggressive Fed rate hikes over the course of 2022.
▸The Federal Agency sector generated modest
incremental returns over Treasuries in Q2 but
continue to offer narrow yield spreads and limited
value.
▸Supranational spreads are elevated for shorter
maturities but remained historically tight further out
the curve. Issuance has been relatively light year-to-
date which has helped keep downward pressure on
yield spreads.
▸Investment grade Corporates appear to have priced
in a recession on the horizon, however, fundamentals
and ratings are expected to stabilize while also
carrying a low default rate. Yield spreads have been
driven wider to historically attractive levels as
uncertainties persist.
▸Asset-Backed yield spreads widened after a volatile
start to the year. Some measures of collateral
performance are trending worse, but overall are in a
good position from a historical perspective and remain
within rating agency expectations.
▸Mortgage-Backed Securities were hampered by
soaring mortgage rates and the looming reduction to
the Fed’s balance sheet. The sector will likely remain
under pressure for the foreseeable future as it faces a
myriad of headwinds.
▸Taxable Municipals were one of the few investment
grade sectors that performed well during the quarter.
But while issuance has slowed despite appearing at
attractive levels, deals remain heavily oversubscribed,
pressuring spreads lower.
▸Commercial Paper and CD spreads remain elevated
and attractive, particularly on maturities near nine
months which have heightened value and a steeper
curve.
For the Quarter Ended June 30, 2022
Market Update
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9

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CITY OF CHANDLER
For the Quarter Ended June 30, 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
June 30, 2022
$13,204,041
$13,631,684
$13,204,041
$24,809
PFMAM Managed Account
Amortized Cost
Market Value
Accrued Interest
Cash2
$53,647
Analytics¹
June 30, 2022
Yield at Market
3.00%
Yield on Cost
0.94%
Portfolio Duration
1.70
10

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CITY OF CHANDLER
For the Quarter Ended June 30, 2022 
Account Summary
|
8.2%
7.5%
4.3%
0.4%
21.1%
58.5%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
First American Funds1  $1,186,885
Corporate - $1,075,470
Negotiable CD - $626,147
Municipal - $51,142
Federal Agency - $3,043,187
U.S. Treasury - $8,432,905
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 June 30, 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
63.7%
UNITED STATES TREASURY
63.7%
AA / Aaa / AAA
Federal Agency
23.0%
FANNIE MAE
8.0%
AA / Aaa / AAA
FREDDIE MAC
15.0%
AA / Aaa / AAA
Municipal
0.4%
CITY OF SCOTTSDALE
0.4%
AAA / Aaa / AAA
Negotiable CD
4.7%
CREDIT SUISSE GROUP RK
2.6%
A / Aa / A
SKANDINAVISKA ENSKILDA BANKEN AB
1.0%
A / Aa / AA
UBS AG
1.1%
A / Aa / AA
Corporate
8.1%
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
0.6%
A / A / NR
JP MORGAN CHASE & CO
1.2%
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 June 30, 2022
Portfolio Snapshot
|
1. Total market value includes accrued interest as of June 30, 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 currently the ICE BofAML 1-3 Year U.S Treasury Index. Prior to 3/31/17 it was the ICE BofAML 0-3 Year U.S Treasury Index. Source: Bloomberg.  
Portfolio Snapshot - CHANDLER WORKERS COMP & EMPLOYER TRUST¹
Credit Quality - S&P2
22%
43%
35%
1%
7%
55%
38%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
3-4 Yrs
Portfolio
Benchmark3
Duration Distribution
U.S. Treasury | 64%
Federal Agency | 23%
Corporate | 8%
Negotiable CD | 5%
Municipal | <1%
Sector Allocation
AAA | <1%
AA+ | 87%
AA | 1%
A+ | 2%
A | 2%
A- | 3%
A-1 | 5%
Portfolio Statistics
Portfolio Effective Duration
1.70 years
Benchmark Effective Duration
1.78 years
Portfolio Credit Quality
AA
Yield At Market
3.00%
Yield At Cost
0.94%
Total Market Value
$13,282,496.82
$13,204,041.36
Securities Sub-Total
$53,646.83
Cash
$24,808.63
Accrued Interest
14

Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus 
Money Market A Fund1
0.84%
First American Funds2
1.25%
1.
Allspring Treasury Plus Money Market A Fund. Account yield from the Trust custody statement as of 6/30/22.
2.
First American Funds Account yield from statement as of 6/30/22. For U.S. Treasury, Treasury Obligations and Government Obligations – You could lose money by investing in
the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect
that the sponsor will provide financial support to the Fund at any time.
CITY OF CHANDLER
For the Quarter Ended June 30, 2022 
Portfolio Snapshot
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CITY OF CHANDLER
For the Quarter Ended June 30, 2022
Portfolio Characteristics
|
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
Millions
June 2022
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
Millions
March 2022
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
Millions
December 2021
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
Millions
September 2021
Sector Allocation Review - CHANDLER WORKERS COMP & EMPLOYER TRUST
U.S. Treasury
Federal Agency
Municipal
Negotiable CD
Corporate
Money Market Fund
Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.
Sep-21
% of Total
Security Type
Dec-21
% of Total
Mar-22
% of Total
% of Total
Jun-22
U.S. Treasury
$6.4
44.0%
$7.0
51.8%
$6.5
48.7%
$8.4
63.8%
Federal Agency
$5.0
34.4%
$4.9
36.2%
$4.8
36.1%
$3.0
23.0%
Municipal
$0.1
0.4%
$0.1
0.4%
$0.1
0.4%
$0.1
0.4%
Negotiable CD
$1.0
6.9%
$0.8
5.7%
$0.9
6.7%
$0.6
4.7%
Corporate
$0.9
6.2%
$0.8
5.9%
$1.1
8.1%
$1.1
8.1%
Money Market Fund
$1.2
8.1%
$0.0
0.0%
$0.0
0.0%
$0.0
0.0%
Total
$14.6
100.0%
$13.5
100.0%
$13.3
100.0%
$13.2
100.0%
16

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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.
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.
2.
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.
3.
The portfolio’s benchmark is currently the ICE BofAML 1-3 Year U.S Treasury Index. Prior to 3/31/17 it was the ICE BofAML 0-3 Year U.S Treasury Index. Source: Bloomberg.
4.
-4.0%
-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
$24,506
$85,605
$383,221
$610,725
$1,056,401
Change in Market Value
($86,040)
($502,006)
($473,368)
($371,352)
($606,498)
($61,534)
Total Dollar Return
($416,401)
($90,147)
$239,373
$449,903
Total Return³
Portfolio
-0.46%
-3.02%
0.25%
1.02%
0.90%
Benchmark⁴
-0.50%
-3.30%
0.24%
0.94%
0.52%
3 Months
1 Year
3 Years
5 Years
Since Inception
Difference
0.04%
0.28%
0.02%
0.08%
0.38%
17

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 2022
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is March 31, 2013.
1.
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.
2.
Realized gains / (losses) are shown on an amortized cost basis.
3.
Accrual Basis Earnings - CHANDLER WORKERS COMP & EMPLOYER TRUST
Accrual Basis Earnings
Interest Earned²
Realized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$24,506
($32,463)
($505)
($8,461)
1 Year
$85,605
($29,513)
($11,145)
$44,947
3 Years
$383,221
$134,381
$9,614
$527,215
5 Year
$610,725
$96,231
$42,803
$749,759
Since Inception¹
$1,056,401
$105,848
($199,988)
$962,260
18

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 2022
Portfolio Composition
|
Issuer Distribution
As of June 30, 2022
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
8,415,821
63.73%
FREDDIE MAC
1,989,609
15.06%
FANNIE MAE
1,052,022
7.97%
CREDIT SUISSE GROUP RK
344,355
2.61%
BANK OF AMERICA CO
191,901
1.45%
AMAZON.COM INC
166,453
1.26%
JP MORGAN CHASE & CO
163,295
1.24%
UBS AG
149,535
1.13%
TEXAS INSTRUMENTS INC
140,690
1.07%
SKANDINAVISKA ENSKILDA BANKEN AB
129,980
0.98%
ADOBE INC
99,118
0.75%
CATERPILLAR INC
93,449
0.71%
HERSHEY COMPANY
85,607
0.65%
TOYOTA MOTOR CORP
73,384
0.56%
CITY OF SCOTTSDALE
50,975
0.39%
DEERE & COMPANY
38,638
0.29%
STATE STREET CORPORATION
19,211
0.15%
13,204,041
Grand Total
100.00%
19

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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 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
93.70
863,013.24
884,756.19
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
25.14
224,142.18
230,080.76
US TREASURY NOTES
DTD 10/01/2018 2.875% 09/30/2023
9128285D8
285,000.00
AA+
Aaa
9/27/2021
9/28/2021
299,639.65
0.30
2,059.63
284,643.75
294,119.78
US TREASURY NOTES
DTD 01/15/2021 0.125% 01/15/2024
91282CBE0
588,000.00
AA+
Aaa
2/2/2021
2/4/2021
587,058.28
0.18
339.07
562,826.25
587,506.80
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
223.78
291,132.02
304,100.06
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
458.56
596,582.00
623,823.46
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
2,750.89
507,355.44
526,104.10
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
469.42
567,946.06
595,578.66
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
63.86
190,062.50
199,796.76
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
258.63
221,707.82
234,345.34
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
170.58
146,232.81
154,390.93
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
138.06
99,471.10
104,767.31
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
445.41
440,805.49
463,370.51
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
268.21
265,431.27
278,317.68
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
330.33
250,778.11
266,674.98
20

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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 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
80.87
176,154.69
185,023.69
US TREASURY NOTES
DTD 01/31/2020 1.375% 01/31/2025
912828Z52
270,000.00
AA+
Aaa
7/2/2021
7/7/2021
277,519.92
0.58
1,548.58
258,904.67
275,449.64
US TREASURY N/B NOTES
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1
575,000.00
AA+
Aaa
4/5/2022
4/7/2022
555,391.60
2.75
3,240.33
552,539.06
556,986.54
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
1,746.96
297,890.63
308,083.91
US TREASURY N/B NOTES
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1
255,000.00
AA+
Aaa
5/3/2022
5/4/2022
245,397.66
2.92
1,437.02
245,039.06
245,944.75
US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7
1,480,000.00
AA+
Aaa
6/6/2022
6/8/2022
1,376,689.06
2.91
935.05
1,373,162.50
1,378,937.07
8,803,000.00
8,704,306.14
17,084.08
8,415,820.65
Security Type Sub-Total
1.13
8,698,158.92
Negotiable CD
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
140.63
149,535.00
150,000.00
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
839.58
129,980.11
130,000.00
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
1,122.92
246,301.56
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
173.72
98,053.10
100,000.00
630,000.00
630,000.00
2,276.85
623,869.77
Security Type Sub-Total
0.97
630,000.00
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
167.20
50,974.55
55,000.00
55,000.00
55,000.00
167.20
50,974.55
Security Type Sub-Total
0.61
55,000.00
21

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
FREDDIE MAC NOTES
DTD 04/20/2020 0.375% 04/20/2023
3137EAEQ8
150,000.00
AA+
Aaa
4/17/2020
4/20/2020
149,625.00
0.46
110.94
147,226.20
149,899.66
FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3
135,000.00
AA+
Aaa
5/20/2020
5/22/2020
134,593.65
0.35
36.56
131,978.57
134,879.39
FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4
160,000.00
AA+
Aaa
6/24/2020
6/26/2020
159,532.80
0.35
5.56
155,908.80
159,846.40
FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4
210,000.00
AA+
Aaa
7/8/2020
7/10/2020
209,548.50
0.32
249.38
204,362.76
209,845.79
FANNIE MAE NOTES (CALLABLE)
DTD 08/10/2020 0.300% 08/10/2023
3135G05R0
240,000.00
AA+
Aaa
8/11/2020
8/12/2020
239,568.00
0.36
282.00
233,170.56
239,839.93
FANNIE MAE NOTES (CALLABLE)
DTD 08/18/2020 0.360% 08/18/2023
3135G05V1
145,000.00
AA+
Aaa
8/20/2020
8/21/2020
145,000.00
0.36
192.85
140,884.76
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
92.60
101,816.19
104,959.13
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
50,000.00
AA+
Aaa
9/2/2020
9/4/2020
50,009.13
0.24
39.24
48,433.40
50,003.61
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
70,000.00
AA+
Aaa
9/2/2020
9/4/2020
69,976.90
0.26
54.93
67,806.76
69,990.88
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
40.36
149,456.89
154,750.79
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8
570,000.00
AA+
Aaa
11/3/2020
11/5/2020
569,487.00
0.28
217.71
549,616.80
569,769.24
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
205,000.00
AA+
Aaa
1/7/2021
1/8/2021
205,055.35
0.24
48.40
197,276.63
205,027.02
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
150,000.00
AA+
Aaa
11/23/2020 11/25/2020
149,829.00
0.29
35.42
144,348.75
149,919.88
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
705,000.00
AA+
Aaa
12/4/2020
12/7/2020
704,739.15
0.26
132.19
677,984.40
704,875.55
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
95,000.00
AA+
Aaa
12/2/2020
12/4/2020
94,905.95
0.28
17.81
91,359.60
94,955.25
3,145,000.00
3,141,185.18
1,555.95
3,041,631.07
Security Type Sub-Total
0.30
3,143,562.52
22

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
AMAZON.COM INC (CALLABLE) CORP
NOTES
DTD 11/29/2012 2.500% 11/29/2022
023135AJ5
100,000.00
AA
A1
6/9/2020
6/11/2020
104,546.00
0.64
222.22
99,906.10
100,331.54
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
99,117.60
99,973.08
CATERPILLAR FINL SERVICE
CORPORATE NOTES
DTD 03/01/2021 0.250% 03/01/2023
14913R2J5
95,000.00
A
A2
2/22/2021
3/1/2021
94,918.30
0.29
79.17
93,449.32
94,972.80
HERSHEY COMPANY
DTD 05/10/2018 3.375% 05/15/2023
427866AZ1
85,000.00
A
A1
3/11/2020
3/13/2020
88,299.70
2.10
366.56
85,606.73
85,906.14
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 05/26/2020 1.350% 08/25/2023
89236THA6
75,000.00
A+
A1
5/20/2020
5/26/2020
74,972.25
1.36
354.38
73,383.75
74,990.17
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
171.00
38,638.00
39,995.11
AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5
70,000.00
AA
A1
5/10/2021
5/12/2021
69,897.80
0.50
42.88
66,546.48
69,936.50
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
476.29
140,690.33
143,856.72
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
150.75
95,372.30
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
752.56
96,528.80
100,000.00
JPMORGAN CHASE & CO (CALLABLE)
CORP NOTE
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
107,571.23
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
181.76
55,723.86
60,000.00
23

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
STATE STREET CORP (CALLABLE)
CORPORATE N
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
139.68
19,210.82
20,000.00
1,102,000.00
1,111,722.89
3,724.55
1,071,745.32
Security Type Sub-Total
1.21
1,104,962.06
13,735,000.00
13,642,214.21
24,808.63
13,204,041.36
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$13,735,000.00
$13,642,214.21
$24,808.63
$13,204,041.36
$24,808.63
13,631,683.50
$13,631,683.50
0.94
0.94%
Total Investments
$13,228,849.99
24

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
4/5/2022
4/7/2022
575,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
556,606.72
2.75%
5/3/2022
5/4/2022
255,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
246,221.83
2.92%
6/6/2022
6/8/2022
1,480,000.00
912828ZL7
US TREASURY NOTES
0.37%
4/30/2025
1,377,277.24
2.91%
Total  BUY
2,310,000.00
2,180,105.79
0.00
INTEREST
4/1/2022
4/1/2022
MONEY0002
MONEY MARKET FUND
0.09
4/15/2022
4/15/2022
105,000.00
91282CDB4
US TREASURY N/B NOTES
0.62%
10/15/2024
328.13
4/15/2022
4/15/2022
595,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
1,115.63
4/16/2022
4/16/2022
155,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
96.88
4/20/2022
4/20/2022
150,000.00
3137EAEQ8
FREDDIE MAC NOTES
0.37%
4/20/2023
281.25
4/24/2022
4/24/2022
100,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE) CORPORAT
0.81%
10/24/2024
405.00
5/2/2022
5/2/2022
MONEY0002
MONEY MARKET FUND
0.19
5/5/2022
5/5/2022
1,320,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
2,475.00
5/6/2022
5/6/2022
570,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
712.50
5/12/2022
5/12/2022
70,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
157.50
5/15/2022
5/15/2022
745,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
2,793.75
5/15/2022
5/15/2022
142,000.00
882508BB9
TEXAS INSTRUMENTS INC CORP NOTES (CALLAB
2.62%
5/15/2024
1,863.75
25

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
5/15/2022
5/15/2022
85,000.00
427866AZ1
HERSHEY COMPANY
3.37%
5/15/2023
1,434.38
5/15/2022
5/15/2022
200,000.00
91282CCC3
US TREASURY N/B NOTES
0.25%
5/15/2024
250.00
5/22/2022
5/22/2022
135,000.00
3135G04Q3
FANNIE MAE NOTES
0.25%
5/22/2023
168.75
5/27/2022
5/27/2022
355,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
443.75
5/29/2022
5/29/2022
100,000.00
023135AJ5
AMAZON.COM INC (CALLABLE) CORP NOTES
2.50%
11/29/2022
1,250.00
5/31/2022
5/31/2022
885,000.00
91282CCD1
US TREASURY N/B NOTES
0.12%
5/31/2023
553.13
5/31/2022
5/31/2022
260,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
1,950.00
6/1/2022
6/1/2022
MONEY0002
MONEY MARKET FUND
5.22
6/1/2022
6/1/2022
115,000.00
46647PCH7
JPMORGAN CHASE & CO (CALLABLE) CORP NOTE
0.82%
6/1/2025
473.80
6/4/2022
6/4/2022
800,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
1,000.00
6/15/2022
6/15/2022
230,000.00
912828ZU7
US TREASURY NOTES
0.25%
6/15/2023
287.50
6/15/2022
6/15/2022
185,000.00
91282CDN8
US TREASURY N/B NOTES
1.00%
12/15/2024
925.00
6/26/2022
6/26/2022
160,000.00
3137EAES4
FREDDIE MAC NOTES
0.25%
6/26/2023
200.00
Total  INTEREST
7,462,000.00
19,171.20
0.00
SELL
4/5/2022
4/7/2022
115,000.00
65558TLL7
NORDEA BANK ABP NEW YORK CERT DEPOS
1.85%
8/26/2022
115,517.68
281.29
4/5/2022
4/7/2022
375,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
369,125.00
-6,669.84
26

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
4/5/2022
4/7/2022
75,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
73,825.00
-1,345.28
5/3/2022
5/4/2022
160,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
159,867.78
-1,325.08
5/3/2022
5/4/2022
30,000.00
912828N30
US TREASURY NOTES
2.12%
12/31/2022
30,288.68
-40.75
5/3/2022
5/4/2022
65,000.00
23341VZT1
DNB BANK ASA/NY LT CD
2.04%
12/2/2022
65,541.05
-22.50
6/6/2022
6/8/2022
1,220,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
1,199,679.38
-21,445.93
6/6/2022
6/8/2022
85,000.00
86565CKU2
SUMITOMO MITSUI BANK NY CERT DEPOS
0.70%
7/8/2022
85,216.07
-33.50
6/6/2022
6/8/2022
100,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
98,334.38
-1,861.54
Total  SELL
2,225,000.00
2,197,395.02
-32,463.13
27

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
4/5/2022
4/7/2022
575,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
556,606.72
2.75%
BUY
5/3/2022
5/4/2022
255,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
246,221.83
2.92%
BUY
6/6/2022
6/8/2022
1,480,000.00
912828ZL7
US TREASURY NOTES
0.37%
4/30/2025
1,377,277.24
2.91%
BUY
4/1/2022
4/1/2022
MONEY0002
MONEY MARKET FUND
0.09
INTEREST
4/15/2022
4/15/2022
105,000.00
91282CDB4
US TREASURY N/B NOTES
0.62%
10/15/2024
328.13
INTEREST
4/15/2022
4/15/2022
595,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
1,115.63
INTEREST
4/16/2022
4/16/2022
155,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
96.88
INTEREST
4/20/2022
4/20/2022
150,000.00
3137EAEQ8
FREDDIE MAC NOTES
0.37%
4/20/2023
281.25
INTEREST
4/24/2022
4/24/2022
100,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE)
0.81%
10/24/2024
405.00
INTEREST
5/2/2022
5/2/2022
MONEY0002
MONEY MARKET FUND
0.19
INTEREST
5/5/2022
5/5/2022
1,320,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
2,475.00
INTEREST
5/6/2022
5/6/2022
570,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
712.50
INTEREST
5/12/2022
5/12/2022
70,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
157.50
INTEREST
5/15/2022
5/15/2022
745,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
2,793.75
INTEREST
5/15/2022
5/15/2022
142,000.00
882508BB9
TEXAS INSTRUMENTS INC CORP
2.62%
5/15/2024
1,863.75
INTEREST
5/15/2022
5/15/2022
85,000.00
427866AZ1
HERSHEY COMPANY
3.37%
5/15/2023
1,434.38
INTEREST
5/15/2022
5/15/2022
200,000.00
91282CCC3
US TREASURY N/B NOTES
0.25%
5/15/2024
250.00
INTEREST
5/22/2022
5/22/2022
135,000.00
3135G04Q3
FANNIE MAE NOTES
0.25%
5/22/2023
168.75
INTEREST
28

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
5/27/2022
5/27/2022
355,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
443.75
INTEREST
5/29/2022
5/29/2022
100,000.00
023135AJ5
AMAZON.COM INC (CALLABLE) CORP
2.50%
11/29/2022
1,250.00
INTEREST
5/31/2022
5/31/2022
885,000.00
91282CCD1
US TREASURY N/B NOTES
0.12%
5/31/2023
553.13
INTEREST
5/31/2022
5/31/2022
260,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
1,950.00
INTEREST
6/1/2022
6/1/2022
MONEY0002
MONEY MARKET FUND
5.22
INTEREST
6/1/2022
6/1/2022
115,000.00
46647PCH7
JPMORGAN CHASE & CO (CALLABLE)
0.82%
6/1/2025
473.80
INTEREST
6/4/2022
6/4/2022
800,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
1,000.00
INTEREST
6/15/2022
6/15/2022
230,000.00
912828ZU7
US TREASURY NOTES
0.25%
6/15/2023
287.50
INTEREST
6/15/2022
6/15/2022
185,000.00
91282CDN8
US TREASURY N/B NOTES
1.00%
12/15/2024
925.00
INTEREST
6/26/2022
6/26/2022
160,000.00
3137EAES4
FREDDIE MAC NOTES
0.25%
6/26/2023
200.00
INTEREST
4/5/2022
4/7/2022
115,000.00
65558TLL7
NORDEA BANK ABP NEW YORK CERT
1.85%
8/26/2022
115,517.68
281.29
SELL
4/5/2022
4/7/2022
375,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
369,125.00
-6,669.84
SELL
4/5/2022
4/7/2022
75,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
73,825.00
-1,345.28
SELL
5/3/2022
5/4/2022
160,000.00
912828Z86
US TREASURY NOTES
1.37%
2/15/2023
159,867.78
-1,325.08
SELL
5/3/2022
5/4/2022
30,000.00
912828N30
US TREASURY NOTES
2.12%
12/31/2022
30,288.68
-40.75
SELL
5/3/2022
5/4/2022
65,000.00
23341VZT1
DNB BANK ASA/NY LT CD
2.04%
12/2/2022
65,541.05
-22.50
SELL
6/6/2022
6/8/2022
1,220,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
1,199,679.38
-21,445.93
SELL
6/6/2022
6/8/2022
85,000.00
86565CKU2
SUMITOMO MITSUI BANK NY CERT
0.70%
7/8/2022
85,216.07
-33.50
SELL
29

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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
6/6/2022
6/8/2022
100,000.00
3137EAER6
FREDDIE MAC NOTES
0.37%
5/5/2023
98,334.38
-1,861.54
SELL
TOTALS
4,396,672.01
-32,463.13
11,997,000.00
30

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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.
31

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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.
32

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 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.
33

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended June 30, 2022
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.
34