Investment Report for the Quarter Ending December 31, 2022

Investment Performance Review
For the Quarter Ended December 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
Paulina Woo, Managing Director
Luke Schneider, CFA, Managing Director 
Annette Gaston, Senior Managing Consultant
1201 South Alma School Rd. 
Suite 3000 
Mesa, AZ 85210
415-470-7815

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|
•
Market Update
•
Account Summary
•
Portfolio Review
1

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
MarketUpdate
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
▸The U.S. economy is characterized by:
▹High inflation that shows signs of slowing
▹Continued strong labor market
▹Potentially declining health of U.S. household finances
▹Expectations for a modest yet broad economic downturn
▸The Federal Reserve is expected to wrap up their normalization
process
▹Slowing pace of rate hikes
▹Fed projecting short-term fed funds rate to reach 5.00% to 5.25% by year-
end, with markets expecting rate cuts in the second half of 2023
▹Fed officials reaffirm that restoring price stability is the utmost priority,
despite risks of overtightening
▸Volatile markets potentially calming
▹Treasury yields in the belly of the curve (3-7 years) ended the quarter
slightly lower, while shorter and longer maturities ended higher
▹Yield curve inversion has deepened further since last quarter
▹While still elevated, volatility and liquidity challenges have begun subsiding
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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2

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 12/31/2022. 
Rates Remain Sensitive to Fed and Inflation
The 2-year 
Treasury is 
commonly used 
to gauge market 
reactions and 
near-term policy 
expectations
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
Oct-22
Nov-22
Dec-22
Jan-23
2-Year US Treasury Yield
October 13th CPI
Consumer prices rise 
more than expected, 
catalyzing uncertainty; 
+17 bps
November 10th CPI
The first tangible sign 
that inflation is 
slowing; -24 bps
November 3rd
Hawkish stance from the 
FOMC regarding higher 
rates; +10 bps
November 30th
Powell confirms that 
upcoming rate hikes 
will be smaller; -16 bps
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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3

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Inflation Now Trending Lower
Source: Bloomberg, as of December 2022.
Lower energy 
and goods 
prices help to 
offset increases 
in wage-driven 
services costs
Dec-22
6.5%
-2%
0%
2%
4%
6%
8%
10%
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Consumer Prices (CPI)
Top-Line Contributions and Year-over-Year Reading
Services (Ex Food & Energy)
Goods (Ex Food & Energy)
Food
Energy
Headline YoY%
Bloomberg 
Forecasts
Q1
‘23
Q2
‘23
Q3
‘23
Dec-22
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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4

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. 
Fed’s “Dot Plot” Suggests Expectations for a Drawn Out Normalization of Policy
0%
1%
2%
3%
4%
5%
6%
Fed Participants’ Assessments of "Appropriate" Monetary Policy
Dec-22 FOMC Projections
Dec-22  Median
Dec 2023
Longer Term
Dec 2024
Dec 2025
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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5

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
What Could the Fed’s Pivot Look Like?
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
+25
+50
+75
+75
+75
+75
+50
+25
+25
-25
-25
-25
0%
1%
2%
3%
4%
5%
6%
-50
-25
0
25
50
75
100
Jan-22
May-22
Jul-22
Nov-22
Feb-23
May-23
Jul-23
Nov-23
Jan-24
Basis Point Change
FOMC Meeting Dates
Changes to the Target Fed Funds Rate
Actual
Market Expectation
FF Mid-Point (right axis)
Source: Bloomberg WIRP Interest Rate Probability as of 1/9/2023. 
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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|
6

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
The Year in Review
Beginning in March, the Fed hiked rates by 
425 basis points in 2022
•
The 2-year treasury yield rose just
370 bps through 2022
Consumer spending remained resilient 
despite price pressures and extended credit 
levels
Energy prices surged due to uncertainty, 
geopolitical conflict (war in Ukraine), and 
storage challenges
2022 saw an uncommon phenomenon of 
both stocks and bonds posting negative 
returns
-19.4%
-13.0%
-5.3%
1.5%
6.7%
-20%
-15%
-10%
-5%
0%
5%
10%
S&P 500
Barclays
U.S. Bond
Aggregate
1-5 Year
Gov/Corp A
or Better
Cash
Crude Oil
2022 Asset Class Returns
Source: Bloomberg, as of 12/31/2022.
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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7

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Recession Gauge Flashing Yellow, but GDP Expected to Grow by End of Year
Labor 
market
Consumer
Retail sales
Manufacturing
Inverted
yield curve
Recession Risk
Rate hike cycle
Inflation
1.1%
0.1%
-0.6%
0.0%
0.9%
1.5%
1.8%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24
U.S. GDP Forecasts
Annualized Rate
Range
Median of Forecasts
Source: Bloomberg, Economist Forecasts. Recession risk based on most recent economic data as of 1/9/2023.
Housing
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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8

PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Yield Curve Inversion Deepens
4Q2022
12/31/22
3Q2022
09/30/22
QoQ
Change
3-month
4.34%
3.25%
+1.10%
1-year
4.69%
3.93%
+0.75%
2-year
4.43%
4.28%
+0.15%
3-year
4.22%
4.29%
-0.06%
5-year
4.00%
4.09%
-0.09%
10-year
3.87%
3.83%
+0.05%
30-year
3.96%
3.78%
+0.19%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
3
M
1
Y
2
Y
3
Y
4
Y
5
Y
10
Y
30
Y
Maturity
U.S. Treasury Yield Curve
December 31, 2022
September 30, 2022
December 31, 2021
Source: Bloomberg, as of December 2022.
Treasury yield in the belly of the 
curve ended the quarter slightly 
lower, while  shorter and longer 
maturities ended higher
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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|
9

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Higher Yields Can Offset Some of the Price Depreciation Woes
Source: ICE BofAML Indices via Bloomberg, as of 12/31/2022. PFMAM Calculations. Income return represents the yield of the benchmark index, as of the end of the prior calendar year, respective to the year of 
performance shown. 
4.34%
4.75%
4.22%
4.00%
3.97%
3.87%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
Yield
U.S. Treasury Yield Curve
December 31, 2022
September 30, 2022
3mo 
 2yr 
 5yr 
 7yr 
 10yr
2023 
Starting Yield:
4.49%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
Annual Price & Income Returns 
1-3 Year Treasury Index
Income Return
Price Return
Total Return
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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|
10

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Sector Yield Spreads
Source: ICE BofAML 1-3 year Indices via Bloomberg, MarketAxess and PFMAM as of 12/31/2022. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average life; 
spreads on agencies are relative to comparable maturity Treasuries. 
CMBS is Commercial Mortgage-Backed Securities.
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Corporate Notes A-AAA Yield Spreads
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Federal Agency Yield Spreads
Bullet
Callable
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mortgage-Backed Securities Yield Spreads
Agency MBS
AAA CMBS
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Asset-Backed Securities AAA Yield Spreads
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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11

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML Indices. ABS indices are 0-3 year, based on weighted average life. As of 12/31/2022.
Right Chart: Generic US Treasury securities via Bloomberg, change in yield from 9/30/2022 to 12/31/2022.
Fixed-Income Markets in Q4 2022
0.74%
0.72%
0.75%
1.27%
1.57%
0.0%
0.5%
1.0%
1.5%
2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-3 Year Indices Quarterly Returns
1.10%
0.85%
0.15%
-0.09%
0.05%
-0.20%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
3-Month
6-Month
2-Year
5-Year
10-Year
Change in U.S. Treasury Yield
September 30, 2022 – December 31, 2022
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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12

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Account Summary
13

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
MarketUpdate
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary – 4Q 2022
▸U.S. Treasury yields settled into a wide range after
surging for the first three quarters of the year. The
result of more stable yields was generally positive
returns for the quarter.
▸Federal agency bullet spreads finally broke single
digits and climbed to the widest levels in the past 12
months for certain maturities. Callable structures were
attractive early in the quarter as new issues came to
market at wide levels on the heels of historically high
bond volatility.
▸Supranational issuance fell notably short of
expectations in Q4 limiting new investment
opportunities. Liquidity was better than that of federal
agencies, which provided some ability to swap into
other sectors which were more attractive.
▸Investment-Grade Corporate yield spreads
fluctuated in Q4 underscoring the historic levels of
volatility experienced throughout the year. After
reaching post-pandemic wides in late October, credit
spreads reversed, ending the quarter modestly tighter.
The sector generated strong excess returns in Q4 and
buoyed portfolio returns relative to benchmarks.
▸Asset-Backed yield spreads lagged the narrowing
move in the corporate sector for much of Q4 but
rallied into year end, ending the quarter only modestly
wider than where they began. ABS and IG corporate
spreads diverged markedly in November, growing to
the widest margin since 2020 and leading to a year-
end rally which brought performance just shy of
matched-duration U.S. Treasuries.
▸Mortgage-Backed Securities reversed course in Q4
after the dreadful negative returns for the first three
quarters of 2022. Although still negative for the year,
excess returns on MBS were near top-of-class
amongst investment-grade options in Q4.
▸Taxable Municipal issuance remained
underwhelming as deals were heavily oversubscribed,
dragging spreads lower, while secondary inventory at
attractive levels was sparse.
▸The short-term credit (commercial paper and CDs)
yield curve was notably steep throughout the quarter
as the market priced the expectation for further Fed
rate increases. The aggressive pace of those rate
hikes created valuable opportunities in floating-rate
securities.
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Market Update
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|
14

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CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Account Summary
|
Account Summary
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.
1.
CHANDLER WORKERS COMP & EMPLOYER TRUST
Portfolio Values
December 31, 2022
PFMAM Managed Account
$13,092,953
Amortized Cost
$13,645,979
Market Value
$13,092,953
Accrued Interest
$50,193
Cash
$61,987
Analytics¹
December 31, 2022
Yield at Market
4.64%
Yield on Cost
1.40%
Portfolio Duration
1.33
15

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CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Account Summary
|
1.6%
7.9%
2.6%
0.4%
27.5%
60.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
First American Funds- $217,053
Corporate - $1,050,937
Negotiable CD - $351,108
Municipal - $49,211
Federal Agency - $3,669,276
U.S. Treasury - $8,022,613
Portfolio Allocation
Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.
*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.
16

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Account 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
61.0%
U.S. Treasury
UNITED STATES TREASURY
61.0%
AA / Aaa / AAA
27.9%
Federal Agency
FANNIE MAE
8.0%
AA / Aaa / AAA
FEDERAL HOME LOAN BANKS
6.5%
AA / Aaa / NR
FREDDIE MAC
13.4%
AA / Aaa / AAA
0.4%
Municipal
CITY OF SCOTTSDALE
0.4%
AAA / Aaa / AAA
2.7%
Negotiable CD
CREDIT SUISSE GROUP RK
2.7%
BBB / A / BBB
8.0%
Corporate
ADOBE INC
0.8%
A / A / NR
AMAZON.COM INC
0.5%
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
WAL-MART STORES INC
0.6%
AA / Aa / AA
100.0%
Total
17

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|
Portfolio Review:
CHANDLER WORKERS COMP & EMPLOYER TRUST
18

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CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Portfolio Snapshot
|
1. Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.
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
36%
36%
27%
7%
35%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
Portfolio
Benchmark3 
58%
Duration Distribution
U.S. Treasury | 61%
Federal Agency | 28%
Corporate | 8%
Negotiable CD | 3%
Municipal | <1%
Sector Allocation
AAA | <1%
AA+ | 89%
AA | 1%
A+ | 2%
A | 2%
A- | 3%
A-2 | 3%
Portfolio Statistics
Portfolio Effective Duration
1.33 years
Benchmark Effective Duration
1.74 years
Portfolio Credit Quality
AA
Yield At Market
4.64%
Yield At Cost
1.40%
Total Market Value
$13,205,132.76
$13,092,952.91
Securities Sub-Total
$61,987.23
Cash
$50,192.62
Accrued Interest
19

Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus 
Money Market A Fund1
4.08%
First American Funds2
3.86%
1.
Allspring Treasury Plus Money Market A Fund  ticker symbol PISXX. Account yield from the Trust custody statement as of 12/31/22.
2.
First American Funds ticker symbol FGZXX; Account yield from statement as of 12/31/22. 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 December 31, 2022 
Portfolio Snapshot
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20

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Portfolio Characteristics
|
$0.0
$2.8
$5.6
$8.4
$11.2
$14.0
Millions
December 2022
$0.0
$2.8
$5.6
$8.4
$11.2
$14.0
Millions
September 2022
$0.0
$2.8
$5.6
$8.4
$11.2
$14.0
Millions
June 2022
$0.0
$2.8
$5.6
$8.4
$11.2
$14.0
Millions
March 2022
Sector Allocation Review - CHANDLER WORKERS COMP & EMPLOYER TRUST
U.S. Treasury
Federal Agency
Municipal
Negotiable CD
Corporate
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.
Mar-22
% of Total
Security Type
Jun-22
% of Total
Sep-22
% of Total
% of Total
Dec-22
U.S. Treasury
$6.5
48.7%
$8.4
63.8%
$8.0
61.0%
$8.0
61.0%
Federal Agency
$4.8
36.1%
$3.0
23.0%
$3.6
27.9%
$3.7
27.9%
Municipal
$0.1
0.4%
$0.1
0.4%
$0.0
0.4%
$0.0
0.4%
Negotiable CD
$0.9
6.7%
$0.6
4.7%
$0.3
2.7%
$0.3
2.7%
Corporate
$1.1
8.1%
$1.1
8.1%
$1.0
8.0%
$1.0
8.0%
Total
$13.3
100.0%
$13.2
100.0%
$13.0
100.0%
$13.1
100.0%
21

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Portfolio Activity
|
Portfolio Activity (12 Months) - CHANDLER WORKERS COMP & EMPLOYER TRUST
Net Activity by Sector
($ millions)
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.
Sector
Net Activity
U.S. Treasury
$1,369,312
Corporate
$284,896
Negotiable CD
($417,982)
Federal Agency
($1,108,682)
$127,544
Total Net Activity
Sales/Maturities
Purchases
22

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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.
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%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
Since Inception¹
Interest Earned²
$39,916
$118,601
$362,633
$638,971
$735,962
Change in Market Value
$59,363
($545,407)
($551,604)
($716,931)
($5,449,150)
$99,279
Total Dollar Return
($426,806)
($188,972)
($77,960)
$6,185,113
Total Return³
Portfolio
0.76%
-3.13%
-0.32%
0.87%
0.79%
Benchmark⁴
0.74%
-3.65%
-0.41%
0.77%
0.41%
3 Months
1 Year
3 Years
5 Years
Since Inception
Difference
0.02%
0.52%
0.09%
0.10%
0.38%
23

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 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
$39,916
-
$8,275
$48,191
1 Year
$118,601
($63,143)
$10,729
$55,458
3 Years
$364,276
$91,104
$7,491
$462,870
5 Year
$638,971
$62,024
$56,169
$757,164
Since Inception¹
$1,128,244
$70,665
($184,018)
$1,014,891
24

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2022
Portfolio Composition
|
Issuer Distribution
As of December 31, 2022
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
7,997,225
61.09%
FREDDIE MAC
1,760,792
13.45%
FANNIE MAE
1,047,403
8.00%
FEDERAL HOME LOAN BANKS
843,921
6.45%
CREDIT SUISSE GROUP RK
348,105
2.66%
BANK OF AMERICA CO
191,624
1.46%
JP MORGAN CHASE & CO
162,592
1.24%
TEXAS INSTRUMENTS INC
138,311
1.06%
ADOBE INC
99,657
0.76%
CATERPILLAR INC
94,342
0.72%
HERSHEY COMPANY
84,518
0.65%
WAL-MART STORES INC
78,899
0.60%
TOYOTA MOTOR CORP
73,258
0.56%
AMAZON.COM INC
66,037
0.50%
CITY OF SCOTTSDALE
49,044
0.37%
DEERE & COMPANY
38,538
0.29%
STATE STREET CORPORATION
18,686
0.14%
13,092,953
Grand Total
100.00%
25

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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 10/01/2018 2.875% 09/30/2023
9128285D8
285,000.00
AA+
Aaa
9/27/2021
9/28/2021
299,639.65
0.30
2,093.46
281,348.44
290,439.87
US TREASURY NOTES
DTD 01/15/2021 0.125% 01/15/2024
91282CBE0
588,000.00
AA+
Aaa
2/2/2021
2/4/2021
587,058.28
0.18
339.54
560,621.25
587,667.99
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
625,000.00
AA+
Aaa
4/5/2021
4/7/2021
622,973.63
0.36
466.16
592,578.13
624,170.94
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
305,000.00
AA+
Aaa
9/27/2021
9/28/2021
303,701.37
0.42
227.49
289,178.12
304,365.85
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
2,796.07
498,825.81
522,906.67
US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2
595,000.00
AA+
Aaa
5/3/2021
5/4/2021
595,952.93
0.32
478.13
563,018.75
595,415.86
US TREASURY N/B NOTES
DTD 05/15/2021 0.250% 05/15/2024
91282CCC3
200,000.00
AA+
Aaa
6/1/2021
6/2/2021
199,679.69
0.30
64.92
188,250.00
199,851.43
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7
235,000.00
AA+
Aaa
10/4/2021
10/6/2021
234,127.93
0.50
262.92
218,953.92
234,494.61
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
173.41
144,416.41
154,529.80
US TREASURY N/B NOTES
DTD 10/15/2021 0.625% 10/15/2024
91282CDB4
105,000.00
AA+
Aaa
11/2/2021
11/3/2021
104,700.59
0.72
140.63
98,027.35
104,818.46
US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1
465,000.00
AA+
Aaa
12/3/2021
12/7/2021
462,983.79
0.90
452.80
434,048.44
463,715.93
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
272.65
261,362.50
278,674.30
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
342.86
245,984.39
265,284.05
US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8
185,000.00
AA+
Aaa
12/9/2021
12/15/2021
185,028.91
0.99
86.40
173,090.63
185,018.83
US TREASURY NOTES
DTD 01/31/2020 1.375% 01/31/2025
912828Z52
270,000.00
AA+
Aaa
7/2/2021
7/7/2021
277,519.92
0.58
1,553.60
253,589.08
274,388.54
26

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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 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
1,444.77
239,939.06
247,680.34
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
1,756.39
291,690.63
308,451.16
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
3,257.81
541,039.06
560,439.12
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
950.55
1,350,500.00
1,396,921.19
US TREASURY N/B NOTES
DTD 06/15/2022 2.875% 06/15/2025
91282CEU1
140,000.00
AA+
Aaa
8/2/2022
8/4/2022
139,704.69
2.95
187.98
135,253.13
139,747.04
US TREASURY N/B NOTES
DTD 07/15/2022 3.000% 07/15/2025
91282CEY3
150,000.00
AA+
Aaa
8/15/2022
8/16/2022
149,390.63
3.15
2,078.80
145,265.63
149,469.66
US TREASURY N/B NOTES
DTD 08/15/2022 3.125% 08/15/2025
91282CFE6
505,000.00
AA+
Aaa
9/1/2022
9/6/2022
499,476.56
3.52
5,960.85
490,244.51
500,078.28
8,483,000.00
8,378,209.27
25,388.19
7,997,225.24
Security Type Sub-Total
1.47
8,388,529.92
Negotiable CD
CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 02/04/2022 1.100% 02/03/2023
22552G6R6
250,000.00
A-2
P-2
2/3/2022
2/4/2022
250,000.00
1.10
2,528.47
249,070.00
250,000.00
CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2
100,000.00
A-2
P-2
3/19/2021
3/23/2021
100,000.00
0.59
475.28
99,034.60
100,000.00
350,000.00
350,000.00
3,003.75
348,104.60
Security Type Sub-Total
0.95
350,000.00
Municipal
SCOTTSDALE, AZ TXBL GO BONDS
DTD 12/30/2020 0.608% 07/01/2025
810454BL1
55,000.00
AAA
Aaa
12/10/2020 12/30/2020
55,000.00
0.61
167.20
49,044.05
55,000.00
55,000.00
55,000.00
167.20
49,044.05
Security Type Sub-Total
0.61
55,000.00
27

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4
80,000.00
AA+
Aaa
6/24/2020
6/26/2020
79,766.40
0.35
2.78
78,263.60
79,962.45
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
205,121.70
209,921.66
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
233,477.52
239,912.65
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
140,972.19
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
101,963.51
104,977.08
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
48,464.60
50,002.08
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
67,850.44
69,994.75
FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
3137EAEY1
155,000.00
AA+
Aaa
10/14/2020 10/16/2020
154,421.85
0.25
40.36
149,334.29
154,847.94
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
548,256.78
569,855.37
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
196,632.93
205,017.35
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
143,877.75
149,948.56
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
91,040.78
94,971.05
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
675,618.42
704,919.50
FEDERAL HOME LOAN BANK NOTES
(CALLABLE)
DTD 08/08/2022 4.100% 08/08/2025
3130ASRJ0
860,000.00
AA+
Aaa
8/5/2022
8/8/2022
859,570.00
4.12
14,006.06
843,920.58
859,627.28
FANNIE MAE NOTES (CALLABLE)
DTD 08/30/2022 4.000% 08/28/2025
3135GACV1
130,000.00
AA+
Aaa
8/25/2022
8/30/2022
129,993.50
4.00
1,747.78
127,321.22
129,994.24
3,770,000.00
3,766,763.63
17,159.51
3,652,116.31
Security Type Sub-Total
1.30
3,768,951.96
28

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
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
99,657.20
99,996.12
CATERPILLAR FINL SERVICE
CORPORATE NOTES
DTD 03/01/2021 0.250% 03/01/2023
14913R2J5
95,000.00
A
A2
2/22/2021
3/1/2021
94,918.30
0.29
79.17
94,342.13
94,993.40
HERSHEY COMPANY (CALLABLE)
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
84,518.39
85,304.23
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
73,257.75
74,994.48
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
38,537.96
39,996.72
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
66,036.67
69,953.66
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
138,311.41
143,308.35
BANK OF AMERICA CORP
(CALLABLE) CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3
100,000.00
A-
A2
10/16/2020 10/21/2020
100,000.00
0.81
150.75
95,909.80
100,000.00
BANK OF AMERICA CORP CORP
NOTES (CALLABL
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
95,714.10
100,000.00
JPMORGAN CHASE & CO (CALLABLE)
CORP NOTE
DTD 06/01/2021 0.824% 06/01/2025
46647PCH7
115,000.00
A-
A1
5/24/2021
6/1/2021
115,000.00
0.82
78.97
107,247.74
115,000.00
JPMORGAN CHASE & CO CORP
NOTES (CALLABLE
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6
60,000.00
A-
A1
8/3/2021
8/10/2021
60,000.00
0.77
181.76
55,344.42
60,000.00
WALMART INC CORPORATE NOTES
DTD 09/09/2022 3.900% 09/09/2025
931142EW9
80,000.00
AA
Aa2
9/6/2022
9/9/2022
79,944.00
3.93
970.67
78,899.04
79,949.82
29

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
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
140.65
18,686.10
20,000.00
1,082,000.00
1,087,120.89
4,473.97
1,046,462.71
Security Type Sub-Total
1.47
1,083,496.78
13,740,000.00
13,637,093.79
50,192.62
13,092,952.91
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$13,740,000.00
$13,637,093.79
$50,192.62
$13,092,952.91
$50,192.62
13,645,978.66
$13,645,978.66
1.40
1.40%
Total Investments
$13,143,145.53
30

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
10/3/2022
10/3/2022
MONEY0002
MONEY MARKET FUND
52.58
10/15/2022
10/15/2022
595,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
1,115.63
10/15/2022
10/15/2022
105,000.00
91282CDB4
US TREASURY N/B NOTES
0.62%
10/15/2024
328.13
10/16/2022
10/16/2022
155,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
96.88
10/24/2022
10/24/2022
100,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE) CORPORAT
0.81%
10/24/2024
405.00
10/31/2022
10/31/2022
1,480,000.00
912828ZL7
US TREASURY NOTES
0.37%
4/30/2025
2,775.00
11/1/2022
11/1/2022
MONEY0002
MONEY MARKET FUND
92.47
11/6/2022
11/6/2022
570,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
712.50
11/12/2022
11/12/2022
70,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
157.50
11/15/2022
11/15/2022
85,000.00
427866AZ1
HERSHEY COMPANY (CALLABLE)
3.37%
5/15/2023
1,434.38
11/15/2022
11/15/2022
200,000.00
91282CCC3
US TREASURY N/B NOTES
0.25%
5/15/2024
250.00
11/15/2022
11/15/2022
745,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
2,793.75
11/15/2022
11/15/2022
142,000.00
882508BB9
TEXAS INSTRUMENTS INC CORP NOTES (CALLAB
2.62%
5/15/2024
1,863.75
11/27/2022
11/27/2022
355,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
443.75
11/30/2022
11/30/2022
260,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
1,950.00
12/1/2022
12/1/2022
115,000.00
46647PCH7
JPMORGAN CHASE & CO (CALLABLE) CORP NOTE
0.82%
6/1/2025
473.80
12/1/2022
12/1/2022
MONEY0002
MONEY MARKET FUND
137.83
31

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
12/4/2022
12/4/2022
800,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
1,000.00
12/15/2022
12/15/2022
185,000.00
91282CDN8
US TREASURY N/B NOTES
1.00%
12/15/2024
925.00
12/15/2022
12/15/2022
140,000.00
91282CEU1
US TREASURY N/B NOTES
2.87%
6/15/2025
2,012.50
12/26/2022
12/26/2022
80,000.00
3137EAES4
FREDDIE MAC NOTES
0.25%
6/26/2023
100.00
Total  INTEREST
6,182,000.00
19,120.45
0.00
32

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
10/3/2022
10/3/2022
MONEY0002
MONEY MARKET FUND
52.58
INTEREST
10/15/2022
10/15/2022
595,000.00
91282CBV2
US TREASURY N/B NOTES
0.37%
4/15/2024
1,115.63
INTEREST
10/15/2022
10/15/2022
105,000.00
91282CDB4
US TREASURY N/B NOTES
0.62%
10/15/2024
328.13
INTEREST
10/16/2022
10/16/2022
155,000.00
3137EAEY1
FREDDIE MAC NOTES
0.12%
10/16/2023
96.88
INTEREST
10/24/2022
10/24/2022
100,000.00
06051GJH3
BANK OF AMERICA CORP (CALLABLE)
0.81%
10/24/2024
405.00
INTEREST
10/31/2022
10/31/2022
1,480,000.00
912828ZL7
US TREASURY NOTES
0.37%
4/30/2025
2,775.00
INTEREST
11/1/2022
11/1/2022
MONEY0002
MONEY MARKET FUND
92.47
INTEREST
11/6/2022
11/6/2022
570,000.00
3137EAEZ8
FREDDIE MAC NOTES
0.25%
11/6/2023
712.50
INTEREST
11/12/2022
11/12/2022
70,000.00
023135BW5
AMAZON.COM INC CORPORATE NOTES
0.45%
5/12/2024
157.50
INTEREST
11/15/2022
11/15/2022
85,000.00
427866AZ1
HERSHEY COMPANY (CALLABLE)
3.37%
5/15/2023
1,434.38
INTEREST
11/15/2022
11/15/2022
200,000.00
91282CCC3
US TREASURY N/B NOTES
0.25%
5/15/2024
250.00
INTEREST
11/15/2022
11/15/2022
745,000.00
91282CDH1
US TREASURY N/B NOTES
0.75%
11/15/2024
2,793.75
INTEREST
11/15/2022
11/15/2022
142,000.00
882508BB9
TEXAS INSTRUMENTS INC CORP
2.62%
5/15/2024
1,863.75
INTEREST
11/27/2022
11/27/2022
355,000.00
3135G06H1
FANNIE MAE NOTES
0.25%
11/27/2023
443.75
INTEREST
11/30/2022
11/30/2022
260,000.00
912828YV6
US TREASURY NOTES
1.50%
11/30/2024
1,950.00
INTEREST
12/1/2022
12/1/2022
115,000.00
46647PCH7
JPMORGAN CHASE & CO (CALLABLE)
0.82%
6/1/2025
473.80
INTEREST
12/1/2022
12/1/2022
MONEY0002
MONEY MARKET FUND
137.83
INTEREST
12/4/2022
12/4/2022
800,000.00
3137EAFA2
FREDDIE MAC NOTES
0.25%
12/4/2023
1,000.00
INTEREST
33

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
12/15/2022
12/15/2022
185,000.00
91282CDN8
US TREASURY N/B NOTES
1.00%
12/15/2024
925.00
INTEREST
12/15/2022
12/15/2022
140,000.00
91282CEU1
US TREASURY N/B NOTES
2.87%
6/15/2025
2,012.50
INTEREST
12/26/2022
12/26/2022
80,000.00
3137EAES4
FREDDIE MAC NOTES
0.25%
6/26/2023
100.00
INTEREST
TOTALS
19,120.45
0.00
6,182,000.00
34

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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.
35

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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.
36

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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.
37

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 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.
38