Investment Report - Management Services

Investment Performance Review
For the Quarter Ended March 31, 2023
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
Luke Schneider, CFA, Managing Director 
Annette Gaston, Senior Managing Consultant
1201 South Alma School Rd. 
Suite 3000 
Mesa, AZ 85210
520-260-1574

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|
•
Market Summary
•
Account Summary
•
Portfolio Review
1

© PFM Asset Management LLC     pfmam.com
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Market Summary
2

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
▸The U.S. economy is characterized by:
▹Lingering inflation that remains well above the Fed’s long-term inflation target
▹A labor market showing the first signs of moderation
▹Greater economic uncertainty following the surprise failure of Silicon Valley Bank and
Signature Bank
▸Fed policy tightening may be nearly complete
▹The most recent FOMC statement noted that “some additional policy firming may be
appropriate,” but the need for more rate hikes has become less clear
▹Although the Fed acknowledged the impact of the recent bank failures, their March updated
Summary of Economic Projections were little changed from December
▹The Fed has maintained that they will keep rates elevated for some time, but the market is
pricing in rate cuts beginning mid-year
▸Bond markets saw unprecedented volatility in March
▹In a classic “flight to quality,” Treasury yields fell sharply, with the 2-year Treasury yield falling
from 5.07% on March 8 to under 4.00% on March 17
▹The curve inversion from 3 months to 10 years reached the deepest levels in over 40 years
▹Credit yield spreads widened, especially those on banks, but not nearly to levels seen during
the global financial crisis
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Market Update
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3

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
▼/▲Changes in  2-Year Treasury
Market Events Drive Large Yield Moves
January 2023
April
Jan 6th
Weak wage growth 
hints inflation may 
be cooling
▼-21 bps
Jan 18th
Producer 
prices show 
strong decline
▼-12 bps
Feb 3rd
Strong jobs report 
raises questions of 
more rate hikes
▲+18bps
Feb 6th
Markets continue 
to stew on strong 
economic data
▲+18bps
Mar 10th
Silicon Valley 
Bank closed by 
regulators
Mar 15th
Bank crisis spills 
over to Europe
▼-30 bps
▼-27 bps
Mar 13th
Market digests 
weekend action on 
two failed banks
▼-57 bps
▼-33 bps
▼-21 bps
Mar 17th
Market weighs 
weaker economic 
prospects
Mar 22nd
Fed rate hike 
accompanied 
by softer tone
Mar 21st
Market prices in 
expected 25 bps rate 
hike
▲+25 bps
Major Economic and Market Events 
and the Daily Change in the 2-Year U.S. Treasury Yield
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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 March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, ICE BofA Indices. As of 03/31/2023.
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
Jan-23
Feb-23
Mar-23
Apr-23
2-Year Treasury
Daily High and Low Yield
0
50
100
150
200
250
2019
2020
2021
2022
2023
Fixed Income Market Volatility
ICE BofA MOVE Index
The surprise failure of two large U.S. banks caused volatility in the markets. In a classic 
“flight to quality”, Treasury yields fell sharply, with the 2-year Treasury yield falling from 
5.07% on March 8 to 4.03% on March 31. 
The “MOVE index,” which measures volatility in 
the bond market, eclipsed the level seen in the 
early days of the COVID pandemic
Average daily yield 
changes of over 20 bps
Bond Markets Saw Unprecedented Volatility in March
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Market Update
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5

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Corporate Yield Spreads Modestly Wider, Led By Financials
Source: Bloomberg, ICE BofA Indices as of 03/31/2023.
0
20
40
60
80
100
120
140
160
180
200
Jan-23
Feb-23
Mar-23
Apr-23
Investment Grade Corporate Spreads
1-5 Year U.S. Corporate Index
Financials
Industrials
-100
-50
0
50
100
150
200
250
300
350
400
2003
2007
2011
2015
2019
2023
Difference Between Financial and 
Industrial Corporate Yield Spreads
1-5 Year U.S. Corporate Index
Although financials led corporate 
spreads wider, they remain far 
below previous peaks
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Market Update
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6

PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML 1-3 year Indices via Bloomberg, MarketAxess and PFMAM as of 03/31/2023. 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%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Corporate Notes A-AAA Yield Spreads
-0.2%
0.0%
0.2%
0.4%
0.6%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Federal Agency Yield Spreads
Bullet
Callable
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Mortgage-Backed Securities Yield Spreads
Agency MBS
AAA CMBS
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Asset-Backed Securities AAA Yield Spreads
Sector Yield Spreads
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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 March 31, 2023
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 03/31/2023.
Fixed-Income Markets in Q1 2023
1.55%
1.58%
1.34%
1.33%
1.23%
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
0.81%
0.85%
1.26%
1.47%
1.80%
0.0%
0.5%
1.0%
1.5%
2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
10-Year Average
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Market Update
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Account Summary
9

PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
MarketUpdate
CLIENT NAME
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary – 1Q 2023
▸U.S. Treasury experienced a classic “flight-to-quality”
in March which caused 2-Year U.S. Treasury yields to
plummet by more than 100 basis points in the biggest
3-day slide since 1987. Yields across the curve
followed suit and shifted lower, further inverting the
yield curve.
▸Federal agency yield spreads widened this quarter
as interest rates fell and new issuance was heavy.
Callable agency spreads also widened for certain
structures with the surge in market volatility.
▸Supranational issuance experienced a strong start to
the year as the value of U.S. dollar funding levels
improved throughout Q1 vs. the Euro. Spreads ended
the quarter tighter and the sector generated strong
excess returns vs. other fixed income sectors.
▸Investment-Grade Corporate fundamentals were
stable to start the year, with yield spreads priced for
continued economic growth and benign credit
markets. However, spreads ended the quarter
markedly wider, led by financials, in response to
concerns in the banking sector. Spreads on industrial
issues widened less, but appeared attractive relative
to recent levels when considering the strength of their
fundamentals.
▸Asset-Backed Security fundamentals remain
positive for prime deals.  Collateral performance has
slightly deteriorated, but remains well within typical
historical norms. The new issue market has been
active, causing spreads to touch multi-month wides
near quarter-end.
▸Mortgage-Backed Securities underperformed
Treasuries for the quarter after outperforming during
the first two months of the year. Elevated mortgage
rates are leading to slower refinancings and
prepayments while volatility led to wider spreads.
▸Taxable Municipal saw little activity in Q1 and what
issuance occurred was heavily oversubscribed. The
secondary market had few opportunities as spreads
were generally unattractive favoring sells over buys.
▸Short-term credit (commercial paper and CDs) was
impacted by the debt ceiling impasse to start the
quarter and spreads narrowed. Along with the broad
risk-off widening of credit in Q1, however, there were
large dislocations between primary (new issue) and
secondary offerings and a wide dispersion between
financial and non-financial names.  Short-term rates
remain near the highest level in 15 years.
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Market Update
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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
March 31, 2023
PFMAM Managed Account
$15,098,239
Amortized Cost
$15,505,000
Market Value
$15,098,239
Accrued Interest
$46,431
Cash
$261,962
Analytics¹
March 31, 2023
Yield at Market
4.38%
Yield on Cost
1.85%
Portfolio Duration
1.41
11

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Account Summary
|
1.4%
5.6%
0.3%
24.0%
68.6%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
**First American Funds - $219,344
Corporate - $865,798
Municipal - $50,563
Federal Agency - $3,688,463
U.S. Treasury - $10,539,847
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.
** First American Funds Balance as of 4/17/23.
12

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
69.6%
U.S. Treasury
UNITED STATES TREASURY
69.6%
AA / Aaa / AAA
24.4%
Federal Agency
FANNIE MAE
7.0%
AA / Aaa / AAA
FEDERAL HOME LOAN BANKS
5.6%
AA / Aaa / NR
FREDDIE MAC
11.8%
AA / Aaa / AAA
0.3%
Municipal
CITY OF SCOTTSDALE
0.3%
AAA / Aaa / AAA
5.7%
Corporate
AMAZON.COM INC
0.4%
AA / A / AA
BANK OF AMERICA CO
1.3%
A / A / AA
DEERE & COMPANY
0.3%
A / A / A
HERSHEY COMPANY
0.6%
A / A / NR
JP MORGAN CHASE & CO
1.1%
A / A / AA
STATE STREET CORPORATION
0.1%
A / A / AA
TEXAS INSTRUMENTS INC
0.9%
A / Aa / NR
TOYOTA MOTOR CORP
0.5%
A / A / A
WAL-MART STORES INC
0.5%
AA / Aa / AA
100.0%
Total
13

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Portfolio Review:
CHANDLER WORKERS COMP & EMPLOYER TRUST
14

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
43%
26%
31%
7%
36%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
Portfolio
Benchmark3 
57%
Duration Distribution
U.S. Treasury | 70%
Federal Agency | 24%
Corporate | 6%
Municipal | <1%
Sector Allocation
AAA | <1%
AA+ | 94%
AA | 1%
A+ | 1%
A | 1%
A- | 2%
Portfolio Statistics
Portfolio Effective Duration
1.41 years
Benchmark Effective Duration
1.75 years
Portfolio Credit Quality
AA
Yield At Market
4.38%
Yield At Cost
1.85%
Total Market Value
$15,406,632.47
$15,098,239.42
Securities Sub-Total
$261,962.05
Cash
$46,431.00
Accrued Interest
15

Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus 
Money Market A Fund1
4.45%
First American Funds2
4.44%
1.
Allspring Treasury Plus Money Market A Fund  ticker symbol PISXX. Account yield from the Fund Fact Sheet as of 3/31/23.
2.
First American Funds ticker symbol FGZXX; Account yield from statement as of 3/31/23. 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 March 31, 2023 
Portfolio Snapshot
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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Portfolio Characteristics
|
$0.0
$3.2
$6.4
$9.6
$12.8
$16.0
Millions
March 2023
$0.0
$3.2
$6.4
$9.6
$12.8
$16.0
Millions
December 2022
$0.0
$3.2
$6.4
$9.6
$12.8
$16.0
Millions
September 2022
$0.0
$3.2
$6.4
$9.6
$12.8
$16.0
Millions
June 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.
Jun-22
% of Total
Security Type
Sep-22
% of Total
Dec-22
% of Total
% of Total
Mar-23
U.S. Treasury
$8.4
63.8%
$8.0
61.0%
$8.0
61.0%
$10.5
69.6%
Federal Agency
$3.0
23.0%
$3.6
27.9%
$3.7
27.9%
$3.7
24.4%
Municipal
$0.1
0.4%
$0.0
0.4%
$0.0
0.4%
$0.1
0.3%
Negotiable CD
$0.6
4.7%
$0.3
2.7%
$0.3
2.7%
$0.0
0.0%
Corporate
$1.1
8.1%
$1.0
8.0%
$1.0
8.0%
$0.9
5.7%
Total
$13.2
100.0%
$13.0
100.0%
$13.1
100.0%
$15.1
100.0%
17

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Portfolio Activity - CHANDLER WORKERS COMP & EMPLOYER TRUST
Net Activity by Sector
($ millions)
Negotiable CD
Corporate
U.S. Treasury
Negotiable CD
Corporate
U.S. Treasury
($0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
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
$2,401,190
Corporate
($195,969)
Negotiable CD
($353,379)
$1,851,842
Total Net Activity
Sales/Maturities 
 Purchases
18

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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.
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
Since Inception¹
Interest Earned²
$54,183
$150,533
$369,955
$671,328
$1,182,427
Change in Market Value
$155,231
($75,405)
($866,147)
($532,156)
($827,713)
$209,414
Total Dollar Return
$75,128
($496,192)
$139,172
$354,714
Total Return³
Portfolio
1.46%
0.44%
-0.43%
1.19%
0.92%
Benchmark⁴
1.55%
0.20%
-0.81%
1.11%
0.55%
3 Months
1 Year
3 Years
5 Years
Since Inception
Difference
-0.09%
0.24%
0.38%
0.08%
0.37%
19

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
$54,183
-
$8,965
$63,148
1 Year
$150,533
($67,646)
$24,431
$107,317
3 Years
$369,955
$75,806
$9,943
$455,704
5 Year
$671,328
$66,216
$63,006
$800,550
Since Inception¹
$1,182,427
$70,665
($175,053)
$1,078,039
20

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Portfolio Composition
|
Issuer Distribution
As of March 31, 2023
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
10,505,211
69.57%
FREDDIE MAC
1,781,466
11.80%
FANNIE MAE
1,057,698
7.01%
FEDERAL HOME LOAN BANKS
841,655
5.57%
BANK OF AMERICA CO
194,197
1.29%
JP MORGAN CHASE & CO
165,361
1.10%
TEXAS INSTRUMENTS INC
138,869
0.92%
HERSHEY COMPANY
84,776
0.56%
WAL-MART STORES INC
79,735
0.53%
TOYOTA MOTOR CORP
73,849
0.49%
AMAZON.COM INC
67,002
0.44%
CITY OF SCOTTSDALE
50,479
0.33%
DEERE & COMPANY
39,004
0.26%
STATE STREET CORPORATION
18,938
0.13%
15,098,239
Grand Total
100.00%
21

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CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
22.39
282,506.25
288,639.91
US TREASURY NOTES
DTD 01/15/2021 0.125% 01/15/2024
91282CBE0
588,000.00
AA+
Aaa
2/2/2021
2/4/2021
587,058.28
0.18
154.31
567,144.35
587,746.83
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
625,000.00
AA+
Aaa
4/5/2021
4/7/2021
622,973.63
0.36
72.18
599,511.75
624,340.91
US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1
305,000.00
AA+
Aaa
9/27/2021
9/28/2021
303,701.37
0.42
35.22
292,561.73
304,495.86
US TREASURY NOTES
DTD 03/31/2017 2.125% 03/31/2024
912828W71
515,000.00
AA+
Aaa
1/5/2022
1/6/2022
529,162.50
0.88
29.90
502,527.32
521,342.71
US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2
595,000.00
AA+
Aaa
5/3/2021
5/4/2021
595,952.93
0.32
1,029.81
569,340.63
595,336.22
US TREASURY N/B NOTES
DTD 05/15/2021 0.250% 05/15/2024
91282CCC3
200,000.00
AA+
Aaa
6/1/2021
6/2/2021
199,679.69
0.30
189.23
190,687.50
199,878.18
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7
235,000.00
AA+
Aaa
10/4/2021
10/6/2021
234,127.93
0.50
40.71
222,001.57
234,567.62
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7
155,000.00
AA+
Aaa
9/27/2021
9/28/2021
154,182.62
0.55
26.85
146,426.56
154,597.73
US TREASURY N/B NOTES
DTD 10/15/2021 0.625% 10/15/2024
91282CDB4
105,000.00
AA+
Aaa
11/2/2021
11/3/2021
104,700.59
0.72
302.88
99,290.63
104,843.48
US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1
280,000.00
AA+
Aaa
1/4/2022
1/6/2022
277,976.56
1.01
794.75
264,643.74
278,848.73
US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1
465,000.00
AA+
Aaa
12/3/2021
12/7/2021
462,983.79
0.90
1,319.86
439,497.63
463,884.89
US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6
260,000.00
AA+
Aaa
6/2/2021
6/4/2021
269,638.28
0.43
1,307.14
248,665.61
264,603.70
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
543.82
175,287.50
185,016.46
US TREASURY NOTES
DTD 01/31/2020 1.375% 01/31/2025
912828Z52
270,000.00
AA+
Aaa
7/2/2021
7/7/2021
277,519.92
0.58
615.33
256,921.88
273,869.53
22

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
310,000.00
AA+
Aaa
2/17/2022
2/25/2022
307,832.42
1.74
578.04
295,275.00
308,630.79
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
475.48
242,887.50
248,529.27
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
1,072.17
547,687.50
562,127.88
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
2,330.39
1,372,700.00
1,405,717.77
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
1,183.17
136,675.00
139,772.45
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
944.75
146,765.63
149,521.21
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
1,961.76
495,452.37
500,541.13
US TREASURY N/B NOTES
DTD 01/15/2023 3.875% 01/15/2026
91282CGE5
2,410,000.00
AA+
Aaa
2/7/2023
2/8/2023
2,395,219.92
4.10
19,606.22
2,410,753.13
2,395,936.86
10,893,000.00
10,773,429.19
34,636.36
10,505,210.78
Security Type Sub-Total
2.07
10,792,790.12
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
83.60
50,479.00
55,000.00
55,000.00
55,000.00
83.60
50,479.00
Security Type Sub-Total
0.61
55,000.00
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
52.78
79,141.76
79,981.65
FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4
210,000.00
AA+
Aaa
7/8/2020
7/10/2020
209,548.50
0.32
118.13
207,366.81
209,958.77
FANNIE MAE NOTES (CALLABLE)
DTD 08/10/2020 0.300% 08/10/2023
3135G05R0
240,000.00
AA+
Aaa
8/11/2020
8/12/2020
239,568.00
0.36
102.00
236,142.00
239,948.22
FANNIE MAE NOTES (CALLABLE)
DTD 08/18/2020 0.360% 08/18/2023
3135G05V1
145,000.00
AA+
Aaa
8/20/2020
8/21/2020
145,000.00
0.36
62.35
142,552.11
145,000.00
23

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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 08/21/2020 0.250% 08/24/2023
3137EAEV7
105,000.00
AA+
Aaa
8/19/2020
8/21/2020
104,892.90
0.28
26.98
103,106.12
104,985.86
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
70,000.00
AA+
Aaa
9/2/2020
9/4/2020
69,976.90
0.26
11.18
68,611.27
69,996.64
FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5
50,000.00
AA+
Aaa
9/2/2020
9/4/2020
50,009.13
0.24
7.99
49,008.05
50,001.33
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
88.80
151,110.28
154,895.46
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8
570,000.00
AA+
Aaa
11/3/2020
11/5/2020
569,487.00
0.28
573.96
554,676.12
569,897.49
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
205,000.00
AA+
Aaa
1/7/2021
1/8/2021
205,055.35
0.24
176.53
198,966.44
205,012.62
FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1
150,000.00
AA+
Aaa
11/23/2020 11/25/2020
149,829.00
0.29
129.16
145,585.20
149,962.59
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
95,000.00
AA+
Aaa
12/2/2020
12/4/2020
94,905.95
0.28
77.19
92,127.68
94,978.79
FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2
705,000.00
AA+
Aaa
12/4/2020
12/7/2020
704,739.15
0.26
572.81
683,684.32
704,941.00
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
5,191.06
841,655.34
859,662.59
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
452.81
127,085.79
129,994.77
3,770,000.00
3,766,763.63
7,643.73
3,680,819.29
Security Type Sub-Total
1.29
3,769,217.78
Corporate
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
1,083.75
84,775.86
85,040.95
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 05/26/2020 1.350% 08/25/2023
89236THA6
75,000.00
A+
A1
5/20/2020
5/26/2020
74,972.25
1.36
101.25
73,848.98
74,996.58
JOHN DEERE CAPITAL CORP
CORPORATE NOTES
DTD 01/10/2022 0.900% 01/10/2024
24422EVX4
40,000.00
A
A2
1/4/2022
1/10/2022
39,993.60
0.91
81.00
39,003.96
39,997.51
24

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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 CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5
70,000.00
AA
A1
5/10/2021
5/12/2021
69,897.80
0.50
121.63
67,001.90
69,962.05
TEXAS INSTRUMENTS INC CORP
NOTES (CALLAB
DTD 05/04/2017 2.625% 05/15/2024
882508BB9
142,000.00
A+
Aa3
2/23/2022
2/25/2022
144,232.24
1.90
1,408.17
138,869.18
143,040.12
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
353.25
97,193.40
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
291.81
97,003.60
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
315.87
109,011.95
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
66.56
56,349.06
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
190.67
79,734.64
79,954.42
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
53.35
18,937.82
20,000.00
887,000.00
892,339.59
4,067.31
861,730.35
Security Type Sub-Total
1.56
887,991.63
15,605,000.00
15,487,532.41
46,431.00
15,098,239.42
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$15,605,000.00
$15,487,532.41
$46,431.00
$15,098,239.42
$46,431.00
15,504,999.53
$15,504,999.53
1.85
1.85%
Total Investments
$15,144,670.42
25

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
2/7/2023
2/8/2023
2,410,000.00
91282CGE5
US TREASURY N/B NOTES
3.87%
1/15/2026
2,401,411.36
4.10%
3/17/2023
3/17/2023
100,000.00
912828Q29
US TREASURY NOTES
1.50%
3/31/2023
100,528.25
5.74%
Total  BUY
2,510,000.00
2,501,939.61
0.00
INTEREST
1/1/2023
1/1/2023
55,000.00
810454BL1
SCOTTSDALE, AZ TXBL GO BONDS
0.60%
7/1/2025
167.20
1/3/2023
1/3/2023
MONEY0002
MONEY MARKET FUND
181.48
1/10/2023
1/10/2023
40,000.00
24422EVX4
JOHN DEERE CAPITAL CORP CORPORATE NOTES
0.90%
1/10/2024
180.00
1/10/2023
1/10/2023
210,000.00
3135G05G4
FANNIE MAE NOTES
0.25%
7/10/2023
262.50
1/15/2023
1/15/2023
150,000.00
91282CEY3
US TREASURY N/B NOTES
3.00%
7/15/2025
2,250.00
1/15/2023
1/15/2023
588,000.00
91282CBE0
US TREASURY NOTES
0.12%
1/15/2024
367.50
1/31/2023
1/31/2023
270,000.00
912828Z52
US TREASURY NOTES
1.37%
1/31/2025
1,856.25
2/1/2023
2/1/2023
MONEY0002
MONEY MARKET FUND
202.31
2/4/2023
2/4/2023
100,000.00
06051GKG3
BANK OF AMERICA CORP CORP NOTES (CALLABL
1.84%
2/4/2025
921.50
2/6/2023
2/6/2023
20,000.00
857477BR3
STATE STREET CORP (CALLABLE) CORPORATE N
1.74%
2/6/2026
174.60
2/8/2023
2/8/2023
860,000.00
3130ASRJ0
FEDERAL HOME LOAN BANK NOTES (CALLABLE)
4.10%
8/8/2025
17,630.00
2/9/2023
2/9/2023
60,000.00
46647PCM6
JPMORGAN CHASE & CO CORP NOTES (CALLABLE
0.76%
8/9/2025
230.40
2/10/2023
2/10/2023
240,000.00
3135G05R0
FANNIE MAE NOTES (CALLABLE)
0.30%
8/10/2023
360.00
26

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
INTEREST
2/15/2023
2/15/2023
1,140,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
8,550.00
2/15/2023
2/15/2023
505,000.00
91282CFE6
US TREASURY N/B NOTES
3.12%
8/15/2025
7,890.63
2/18/2023
2/18/2023
145,000.00
3135G05V1
FANNIE MAE NOTES (CALLABLE)
0.36%
8/18/2023
261.00
2/24/2023
2/24/2023
105,000.00
3137EAEV7
FREDDIE MAC NOTES
0.25%
8/24/2023
131.25
2/25/2023
2/25/2023
75,000.00
89236THA6
TOYOTA MOTOR CREDIT CORP CORPORATE NOTES
1.35%
8/25/2023
506.25
2/28/2023
2/28/2023
130,000.00
3135GACV1
FANNIE MAE NOTES (CALLABLE)
4.00%
8/28/2025
2,571.11
3/1/2023
3/1/2023
MONEY0002
MONEY MARKET FUND
1,864.05
3/8/2023
3/8/2023
120,000.00
3137EAEW5
FREDDIE MAC NOTES
0.25%
9/8/2023
150.00
3/9/2023
3/9/2023
80,000.00
931142EW9
WALMART INC CORPORATE NOTES
3.90%
9/9/2025
1,560.00
3/15/2023
3/15/2023
390,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
731.25
3/15/2023
3/15/2023
930,000.00
91282CBR1
US TREASURY NOTES
0.25%
3/15/2024
1,162.50
3/31/2023
3/31/2023
515,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
5,471.88
3/31/2023
3/31/2023
285,000.00
9128285D8
US TREASURY NOTES
2.87%
9/30/2023
4,096.88
Total  INTEREST
7,013,000.00
59,730.54
0.00
MATURITY
2/1/2023
2/1/2023
100,000.00
00724PAA7
ADOBE INC CORP NOTE
1.70%
2/1/2023
100,850.00
2/3/2023
2/3/2023
250,000.00
22552G6R6
CREDIT SUISSE NEW YORK CERT DEPOS
1.10%
2/3/2023
252,780.56
27

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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
MATURITY
3/1/2023
3/1/2023
95,000.00
14913R2J5
CATERPILLAR FINL SERVICE CORPORATE NOTES
0.25%
3/1/2023
95,118.75
3/17/2023
3/17/2023
100,000.00
22552G3C2
CREDIT SUISSE NEW YORK CERT DEPOS
0.59%
3/17/2023
100,598.19
3/31/2023
3/31/2023
100,000.00
912828Q29
US TREASURY NOTES
1.50%
3/31/2023
100,750.00
Total  MATURITY
645,000.00
650,097.50
0.00
28

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
2/7/2023
2/8/2023
2,410,000.00
91282CGE5
US TREASURY N/B NOTES
3.87%
1/15/2026
2,401,411.36
4.10%
BUY
3/17/2023
3/17/2023
100,000.00
912828Q29
US TREASURY NOTES
1.50%
3/31/2023
100,528.25
5.74%
BUY
1/1/2023
1/1/2023
55,000.00
810454BL1
SCOTTSDALE, AZ TXBL GO BONDS
0.60%
7/1/2025
167.20
INTEREST
1/3/2023
1/3/2023
MONEY0002
MONEY MARKET FUND
181.48
INTEREST
1/10/2023
1/10/2023
40,000.00
24422EVX4
JOHN DEERE CAPITAL CORP
0.90%
1/10/2024
180.00
INTEREST
1/10/2023
1/10/2023
210,000.00
3135G05G4
FANNIE MAE NOTES
0.25%
7/10/2023
262.50
INTEREST
1/15/2023
1/15/2023
150,000.00
91282CEY3
US TREASURY N/B NOTES
3.00%
7/15/2025
2,250.00
INTEREST
1/15/2023
1/15/2023
588,000.00
91282CBE0
US TREASURY NOTES
0.12%
1/15/2024
367.50
INTEREST
1/31/2023
1/31/2023
270,000.00
912828Z52
US TREASURY NOTES
1.37%
1/31/2025
1,856.25
INTEREST
2/1/2023
2/1/2023
MONEY0002
MONEY MARKET FUND
202.31
INTEREST
2/4/2023
2/4/2023
100,000.00
06051GKG3
BANK OF AMERICA CORP CORP NOTES
1.84%
2/4/2025
921.50
INTEREST
2/6/2023
2/6/2023
20,000.00
857477BR3
STATE STREET CORP (CALLABLE)
1.74%
2/6/2026
174.60
INTEREST
2/8/2023
2/8/2023
860,000.00
3130ASRJ0
FEDERAL HOME LOAN BANK NOTES
4.10%
8/8/2025
17,630.00
INTEREST
2/9/2023
2/9/2023
60,000.00
46647PCM6
JPMORGAN CHASE & CO CORP NOTES
0.76%
8/9/2025
230.40
INTEREST
2/10/2023
2/10/2023
240,000.00
3135G05R0
FANNIE MAE NOTES (CALLABLE)
0.30%
8/10/2023
360.00
INTEREST
2/15/2023
2/15/2023
1,140,000.00
91282CDZ1
US TREASURY N/B NOTES
1.50%
2/15/2025
8,550.00
INTEREST
2/15/2023
2/15/2023
505,000.00
91282CFE6
US TREASURY N/B NOTES
3.12%
8/15/2025
7,890.63
INTEREST
2/18/2023
2/18/2023
145,000.00
3135G05V1
FANNIE MAE NOTES (CALLABLE)
0.36%
8/18/2023
261.00
INTEREST
29

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
2/24/2023
2/24/2023
105,000.00
3137EAEV7
FREDDIE MAC NOTES
0.25%
8/24/2023
131.25
INTEREST
2/25/2023
2/25/2023
75,000.00
89236THA6
TOYOTA MOTOR CREDIT CORP
1.35%
8/25/2023
506.25
INTEREST
2/28/2023
2/28/2023
130,000.00
3135GACV1
FANNIE MAE NOTES (CALLABLE)
4.00%
8/28/2025
2,571.11
INTEREST
3/1/2023
3/1/2023
MONEY0002
MONEY MARKET FUND
1,864.05
INTEREST
3/8/2023
3/8/2023
120,000.00
3137EAEW5
FREDDIE MAC NOTES
0.25%
9/8/2023
150.00
INTEREST
3/9/2023
3/9/2023
80,000.00
931142EW9
WALMART INC CORPORATE NOTES
3.90%
9/9/2025
1,560.00
INTEREST
3/15/2023
3/15/2023
390,000.00
91282CCX7
US TREASURY N/B NOTES
0.37%
9/15/2024
731.25
INTEREST
3/15/2023
3/15/2023
930,000.00
91282CBR1
US TREASURY NOTES
0.25%
3/15/2024
1,162.50
INTEREST
3/31/2023
3/31/2023
515,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
5,471.88
INTEREST
3/31/2023
3/31/2023
285,000.00
9128285D8
US TREASURY NOTES
2.87%
9/30/2023
4,096.88
INTEREST
2/1/2023
2/1/2023
100,000.00
00724PAA7
ADOBE INC CORP NOTE
1.70%
2/1/2023
100,850.00
MATURITY
2/3/2023
2/3/2023
250,000.00
22552G6R6
CREDIT SUISSE NEW YORK CERT
1.10%
2/3/2023
252,780.56
MATURITY
3/1/2023
3/1/2023
95,000.00
14913R2J5
CATERPILLAR FINL SERVICE
0.25%
3/1/2023
95,118.75
MATURITY
3/17/2023
3/17/2023
100,000.00
22552G3C2
CREDIT SUISSE NEW YORK CERT
0.59%
3/17/2023
100,598.19
MATURITY
3/31/2023
3/31/2023
100,000.00
912828Q29
US TREASURY NOTES
1.50%
3/31/2023
100,750.00
MATURITY
TOTALS
3,211,767.65
0.00
10,168,000.00
30

© PFM Asset Management LLC     pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2023
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 March 31, 2023
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 March 31, 2023
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 March 31, 2023
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