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Investment Performance Review
For the Quarter Ended March 31, 2024
Client Management Team
PFM Asset Management LLC
Luke Schneider, CFA, Managing Director
Annette Gaston, Director
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1101 W. Washington Street
Tempe, AZ 85288
480-271-0432
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
HEALTH CARE BENEFITS TRUST
© PFM Asset Management LLC pfmam.com
|
•
Account Summary
•
Portfolio Review
1
© PFM Asset Management LLC pfmam.com
|
Account Summary
2
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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 HEALTH CARE BENEFITS TRUST
Portfolio Values
March 31, 2024
$20,677,761
$20,870,372
$20,677,761
$165,412
PFMAM Managed Account
Amortized Cost
Market Value
Accrued Interest
Cash
$491,378
Analytics¹
March 31, 2024
4.74%
3.89%
Yield at Market
Yield on Cost
Portfolio Duration
1.86
3
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities
Market Update
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Account Summary
© PFM Asset Management LLC | pfmam.com
<0.1%
11.1%
1.2%
0.4%
5.9%
81.3%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
**First American Funds - $10
Corporate - $2,318,715
Negotiable CD - $255,737
Municipal - $85,413
Federal Agency - $1,240,024
U.S. Treasury - $16,943,284
Sector Allocation Analytics
Sector Limit for Analysis*
Portfolio Allocation
4
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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
U.S. Treasury
81.3%
UNITED STATES TREASURY
81.3%
AA / Aaa / AA
Federal Agency
5.9%
FANNIE MAE
1.8%
AA / Aaa / AA
FEDERAL HOME LOAN BANKS
4.2%
AA / Aaa / NR
Municipal
0.4%
CITY OF SCOTTSDALE
0.4%
AAA / Aaa / AAA
Negotiable CD
1.2%
TORONTO-DOMINION BANK
1.2%
A / A / NR
Corporate
11.1%
AMAZON.COM INC
1.0%
AA / A / AA
APPLE INC
1.3%
AA / Aaa / NR
BANK OF AMERICA CO
0.7%
A / Aa / AA
CISCO SYSTEMS INC
1.1%
AA / A / NR
INTEL CORPORATION
0.7%
A / A / A
JP MORGAN CHASE & CO
1.0%
A / A / AA
MICROSOFT CORP
1.3%
AAA / Aaa / NR
NOVARTIS AG
1.1%
AA / Aa / AA
PEPSICO INC
0.7%
A / A / NR
TEXAS INSTRUMENTS INC
0.2%
A / Aa / NR
TOYOTA MOTOR CORP
0.7%
A / A / A
WAL-MART STORES INC
1.5%
AA / Aa / AA
100.0%
Total
5
© PFM Asset Management LLC pfmam.com
|
Portfolio Review:
CHANDLER HEALTH CARE BENEFITS TRUST
6
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Snapshot
|
1. Total market value includes accrued interest and balances invested in PFMAM, as of March 31, 2024.Yield and duration calculations exclude balances invested in PFMAM.
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 BofA 1-3 Year U.S Treasury Index. Prior to 3/31/17 it was the ICE BofA 0-3 Year U.S Treasury Index. Prior to 9/30/12 it was the ICE BofA 0-6
Month U.S Treasury Index. Source: Bloomberg.
Portfolio Snapshot - CHANDLER HEALTH CARE BENEFITS TRUST¹
Credit Quality - S&P2
19%
42%
25%
11%
3%
8%
56%
36%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
3-4 Yrs
4-5 Yrs
Portfolio
Benchmark3
Duration Distribution
U.S. Treasury | 81%
Corporate | 11%
Federal Agency | 6%
Negotiable CD | 1%
Municipal | <1%
Sector Allocation
AAA | 2%
AA+ | 89%
AA | 2%
AA- | 2%
A+ | 2%
A | 1%
A- | 2%
Portfolio Statistics
Portfolio Effective Duration
1.86 years
Benchmark Effective Duration
1.76 years
Portfolio Credit Quality
AA
Yield At Market
4.74%
Yield At Cost
3.89%
Total Market Value
$21,334,551.35
$20,677,760.83
Securities Sub-Total
$491,378.46
Cash
$165,412.06
Accrued Interest
7
Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus Money
Market A Fund1
5.16%
First American Funds2
5.18%
1.
Allspring Treasury Plus Money Market A Fund ticker symbol PISXX. Account yield is the 30-day current yield from Fund website as of 3/31/2024.
2.
First American Funds ticker symbol FGZXX; Account yield is the Net Annualized Monthly Average Yield as of March 2024. 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
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2024
Portfolio Snapshot
8
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Characteristics
|
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
March 2024
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
December 2023
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
September 2023
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
June 2023
Sector Allocation Review - CHANDLER HEALTH CARE BENEFITS 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-23
% of Total
Security Type
Sep-23
% of Total
Dec-23
% of Total
% of Total
Mar-24
U.S. Treasury
$10.7
61.8%
$11.6
66.6%
$13.4
74.7%
$16.8
81.3%
Federal Agency
$4.0
23.2%
$3.2
18.5%
$1.9
10.5%
$1.2
6.0%
Municipal
$0.1
0.5%
$0.1
0.5%
$0.1
0.5%
$0.1
0.4%
Negotiable CD
$0.2
1.4%
$0.2
1.4%
$0.3
1.4%
$0.2
1.2%
Corporate
$2.3
13.1%
$2.3
13.0%
$2.3
12.9%
$2.3
11.1%
Total
$17.3
100.0%
$17.4
100.0%
$17.9
100.0%
$20.7
100.0%
9
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Portfolio Activity - CHANDLER HEALTH CARE BENEFITS TRUST
Net Activity by Sector
($ millions)
Federal Agency
U.S. Treasury
Federal Agency
U.S. Treasury
($4.0)
($2.0)
$0.0
$2.0
$4.0
$6.0
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
$3,434,007
Federal Agency
($660,373)
$2,773,635
Total Net Activity
Sales/Maturities Purchases
10
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is December 31, 2010.
1.
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 BofA 1-3 Year U.S Treasury Index. Prior to 3/31/17 it was the ICE BofA 0-3 Year U.S Treasury Index. Prior to 9/30/12 it was the ICE BofA 0-6 Month U.S
Treasury Index. Source: Bloomberg.
4.
0.0%
1.0%
2.0%
3.0%
4.0%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
10 Years¹
Interest Earned²
$151,389
$578,884
$996,461
$1,612,681
$2,206,774
Change in Market Value
($36,480)
$157,813
($286,713)
$16,045
($71,624)
$114,909
Total Dollar Return
$736,697
$709,748
$1,628,726
$2,135,150
Total Return³
Portfolio
0.57%
3.93%
1.20%
1.84%
1.49%
Benchmark⁴
0.30%
2.97%
0.08%
1.16%
1.03%
3 Months
1 Year
3 Years
5 Years
10 Years
11
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is December 31, 2010.
1.
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.
2.
Realized gains / (losses) are shown on an amortized cost basis.
3.
Accrual Basis Earnings - CHANDLER HEALTH CARE BENEFITS TRUST
Accrual Basis Earnings
Interest Earned²
Realized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$151,389
($619)
$25,924
$176,694
1 Year
$578,884
($619)
$89,671
$667,936
3 Years
$996,461
$19,611
$53,033
$1,069,105
5 Year
$1,612,681
$191,689
$56,556
$1,860,926
10 Year¹
$2,206,774
$113,432
$12,250
$2,332,456
12
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Composition
|
Issuer Distribution
As of March 31, 2024
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
16,808,057
81.30%
FEDERAL HOME LOAN BANKS
863,699
4.18%
FANNIE MAE
369,668
1.79%
WAL-MART STORES INC
311,131
1.50%
APPLE INC
259,333
1.25%
MICROSOFT CORP
257,965
1.25%
TORONTO-DOMINION BANK
249,698
1.21%
CISCO SYSTEMS INC
225,900
1.09%
NOVARTIS AG
223,231
1.08%
JP MORGAN CHASE & CO
217,251
1.05%
AMAZON.COM INC
201,608
0.97%
PEPSICO INC
151,876
0.73%
INTEL CORPORATION
147,044
0.71%
BANK OF AMERICA CO
136,282
0.66%
TOYOTA MOTOR CORP
134,931
0.65%
CITY OF SCOTTSDALE
85,276
0.41%
TEXAS INSTRUMENTS INC
34,812
0.17%
20,677,761
Grand Total
100.00%
13
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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 04/15/2021 0.375% 04/15/2024
91282CBV2
100,000.00
AA+
Aaa
4/22/2021
4/26/2021
100,167.97
0.32
173.16
99,796.88
100,002.17
US TREASURY NOTES
DTD 07/31/2022 3.000% 07/31/2024
91282CFA4
375,000.00
AA+
Aaa
8/9/2023
8/10/2023
366,811.52
5.33
1,885.30
372,070.31
372,216.84
US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6
935,000.00
AA+
Aaa
6/2/2021
6/4/2021
969,660.74
0.43
4,713.32
912,355.42
941,605.93
US TREASURY NOTES
DTD 01/31/2020 1.375% 01/31/2025
912828Z52
615,000.00
AA+
Aaa
5/5/2021
5/7/2021
634,867.38
0.50
1,417.12
596,357.81
619,439.23
US TREASURY NOTES
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1
235,000.00
AA+
Aaa
3/22/2023
3/24/2023
223,075.59
4.31
445.47
227,729.69
229,501.71
US TREASURY NOTES
DTD 05/15/2022 2.750% 05/15/2025
91282CEQ0
495,000.00
AA+
Aaa
8/12/2022
8/15/2022
488,773.83
3.23
5,160.78
483,011.69
492,463.64
US TREASURY NOTES
DTD 07/15/2022 3.000% 07/15/2025
91282CEY3
235,000.00
AA+
Aaa
8/15/2022
8/16/2022
234,045.31
3.15
1,491.35
229,455.46
234,578.29
US TREASURY NOTES
DTD 07/15/2022 3.000% 07/15/2025
91282CEY3
650,000.00
AA+
Aaa
8/8/2022
8/9/2022
647,384.77
3.14
4,125.00
634,664.03
648,852.33
US TREASURY NOTES
DTD 08/15/2022 3.125% 08/15/2025
91282CFE6
135,000.00
AA+
Aaa
9/29/2022
9/29/2022
130,923.63
4.25
533.14
131,899.21
133,056.84
US TREASURY NOTES
DTD 08/17/2015 2.000% 08/15/2025
912828K74
2,375,000.00
AA+
Aaa
2/7/2023
2/8/2023
2,249,663.09
4.23
6,002.75
2,285,195.31
2,306,671.61
US TREASURY NOTES
DTD 08/15/2022 3.125% 08/15/2025
91282CFE6
100,000.00
AA+
Aaa
9/12/2022
9/12/2022
98,765.63
3.57
394.92
97,703.12
99,420.96
US TREASURY NOTES
DTD 11/15/2022 4.500% 11/15/2025
91282CFW6
125,000.00
AA+
Aaa
12/1/2022
12/2/2022
126,665.04
4.02
2,132.56
124,433.60
125,915.08
US TREASURY NOTES
DTD 11/15/2022 4.500% 11/15/2025
91282CFW6
105,000.00
AA+
Aaa
11/29/2022 11/30/2022
105,750.59
4.24
1,791.35
104,524.22
105,411.75
US TREASURY NOTES
DTD 11/15/2022 4.500% 11/15/2025
91282CFW6
270,000.00
AA+
Aaa
12/12/2022 12/13/2022
272,562.89
4.15
4,606.32
268,776.58
271,423.03
US TREASURY NOTES
DTD 12/15/2022 4.000% 12/15/2025
91282CGA3
270,000.00
AA+
Aaa
1/3/2023
1/4/2023
268,565.63
4.19
3,186.89
266,667.17
269,169.51
14
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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 NOTES
DTD 01/15/2023 3.875% 01/15/2026
91282CGE5
2,280,000.00
AA+
Aaa
2/7/2023
2/8/2023
2,266,017.19
4.10
18,689.42
2,247,225.00
2,271,469.44
US TREASURY NOTES
DTD 02/15/2023 4.000% 02/15/2026
91282CGL9
110,000.00
AA+
Aaa
4/19/2023
4/20/2023
109,918.36
4.03
556.04
108,625.00
109,945.81
US TREASURY NOTES
DTD 04/15/2023 3.750% 04/15/2026
91282CGV7
147,000.00
AA+
Aaa
5/1/2023
5/1/2023
146,643.98
3.84
2,545.39
144,450.46
146,754.74
US TREASURY NOTES
DTD 04/15/2023 3.750% 04/15/2026
91282CGV7
185,000.00
AA+
Aaa
5/12/2023
5/15/2023
185,317.97
3.69
3,203.38
181,791.40
185,221.92
US TREASURY NOTES
DTD 05/15/2023 3.625% 05/15/2026
91282CHB0
250,000.00
AA+
Aaa
5/19/2023
5/22/2023
247,324.22
4.01
3,435.78
245,078.13
248,098.21
US TREASURY NOTES
DTD 08/15/2023 4.375% 08/15/2026
91282CHU8
165,000.00
AA+
Aaa
8/22/2023
8/24/2023
163,330.66
4.74
912.26
164,355.48
163,670.06
US TREASURY NOTES
DTD 08/15/2023 4.375% 08/15/2026
91282CHU8
185,000.00
AA+
Aaa
9/7/2023
9/8/2023
183,410.16
4.69
1,022.84
184,277.35
183,715.67
US TREASURY NOTES
DTD 08/15/2023 4.375% 08/15/2026
91282CHU8
130,000.00
AA+
Aaa
8/17/2023
8/18/2023
128,984.38
4.66
718.75
129,492.19
129,195.31
US TREASURY NOTES
DTD 10/15/2023 4.625% 10/15/2026
91282CJC6
280,000.00
AA+
Aaa
10/16/2023 10/17/2023
278,260.94
4.85
5,979.64
280,787.50
278,510.08
US TREASURY N/B NOTES
DTD 11/15/2023 4.625% 11/15/2026
91282CJK8
475,000.00
AA+
Aaa
12/1/2023
12/4/2023
477,133.79
4.46
8,328.81
476,558.57
476,910.59
US TREASURY N/B NOTES
DTD 11/15/2023 4.625% 11/15/2026
91282CJK8
300,000.00
AA+
Aaa
1/3/2024
1/4/2024
303,820.31
4.15
5,260.30
300,984.36
303,514.75
US TREASURY N/B NOTES
DTD 12/15/2023 4.375% 12/15/2026
91282CJP7
460,000.00
AA+
Aaa
1/3/2024
1/4/2024
463,054.69
4.13
5,938.52
458,850.00
462,818.89
US TREASURY N/B NOTES
DTD 02/15/2024 4.125% 02/15/2027
91282CKA8
965,000.00
AA+
Aaa
2/13/2024
2/15/2024
956,028.52
4.46
5,030.46
956,857.81
956,382.97
US TREASURY NOTES
DTD 05/15/2017 2.375% 05/15/2027
912828X88
1,175,000.00
AA+
Aaa
3/14/2024
3/15/2024
1,103,260.74
4.46
10,579.84
1,105,417.91
1,104,315.73
US TREASURY NOTES
DTD 08/15/2017 2.250% 08/15/2027
9128282R0
180,000.00
AA+
Aaa
9/1/2022
9/1/2022
170,894.53
3.37
511.81
168,046.88
173,803.85
US TREASURY NOTES
DTD 11/30/2022 3.875% 11/30/2027
91282CFZ9
1,100,000.00
AA+
Aaa
3/14/2024
3/15/2024
1,079,976.56
4.41
14,324.80
1,082,468.75
1,080,227.78
US TREASURY NOTES
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0
1,100,000.00
AA+
Aaa
3/14/2024
3/15/2024
1,084,789.06
4.38
3,826.09
1,087,281.25
1,084,967.89
15
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity
CUSIP
Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTES
DTD 12/31/2023 3.750% 12/31/2028
91282CJR3
665,000.00
AA+
Aaa
1/26/2024
1/29/2024
655,830.27
4.06
6,302.88
650,868.75
656,122.98
17,172,000.00
16,921,679.94
135,226.44
16,808,057.29
Security Type Sub-Total
3.83
16,965,375.59
Negotiable CD
TORONTO DOMINION BANK NY CERT
DEPOS
DTD 10/31/2022 5.470% 10/25/2024
89115B6F2
250,000.00
A
A1
10/27/2022 10/31/2022
250,000.00
5.44
6,039.79
249,697.50
250,000.00
250,000.00
250,000.00
6,039.79
249,697.50
Security Type Sub-Total
5.44
250,000.00
Municipal
SCOTTSDALE, AZ TXBL GO BONDS
DTD 12/30/2020 0.608% 07/01/2025
810454BL1
90,000.00
AAA
Aaa
12/10/2020 12/30/2020
90,000.00
0.61
136.80
85,275.90
90,000.00
90,000.00
90,000.00
136.80
85,275.90
Security Type Sub-Total
0.61
90,000.00
Federal Agency
FEDERAL HOME LOAN BANK NOTES
(CALLABLE)
DTD 08/08/2022 4.100% 08/08/2025
3130ASRJ0
875,000.00
AA+
Aaa
8/5/2022
8/8/2022
874,562.50
4.12
5,281.60
863,699.38
874,802.81
FANNIE MAE NOTES (CALLABLE)
DTD 08/30/2022 4.000% 08/28/2025
3135GACV1
375,000.00
AA+
Aaa
8/25/2022
8/30/2022
374,981.25
4.00
1,375.00
369,668.25
374,991.19
1,250,000.00
1,249,543.75
6,656.60
1,233,367.63
Security Type Sub-Total
4.08
1,249,794.00
16
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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
110,000.00
AA
A1
5/10/2021
5/12/2021
109,839.40
0.50
191.13
109,354.52
109,993.99
TEXAS INSTRUMENTS INC
CORPORATE NOTES
DTD 11/18/2022 4.700% 11/18/2024
882508BR4
35,000.00
A+
Aa3
11/15/2022 11/18/2022
34,984.25
4.72
607.74
34,811.53
34,995.02
APPLE INC CORPORATE NOTES
DTD 05/13/2015 3.200% 05/13/2025
037833BG4
265,000.00
AA+
Aaa
12/15/2022 12/19/2022
257,103.00
4.52
3,250.67
259,333.24
261,330.96
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
113,992.95
115,000.00
CISCO SYSTEMS INC CORPORATE
NOTES
DTD 06/17/2015 3.500% 06/15/2025
17275RAW2
230,000.00
AA-
A1
12/15/2022 12/19/2022
224,910.10
4.45
2,370.28
225,899.79
227,536.24
PEPSICO INC CORP NOTES
(CALLABLE)
DTD 07/17/2015 3.500% 07/17/2025
713448CY2
155,000.00
A+
A1
1/17/2023
1/19/2023
151,523.35
4.46
1,115.14
151,876.44
153,196.73
INTEL CORP NOTES (CALLABLE)
DTD 07/29/2015 3.700% 07/29/2025
458140AS9
150,000.00
A-
A3
1/17/2023
1/19/2023
147,154.50
4.50
955.83
147,043.80
148,506.27
MICROSOFT CORP NOTES
(CALLABLE)
DTD 11/03/2015 3.125% 11/03/2025
594918BJ2
265,000.00
AAA
Aaa
1/23/2023
1/25/2023
256,737.30
4.33
3,404.51
257,964.78
260,260.98
NOVARTIS CAPITAL CORP NOTES
(CALLABLE)
DTD 11/20/2015 3.000% 11/20/2025
66989HAJ7
230,000.00
AA-
Aa3
1/27/2023
1/31/2023
221,862.60
4.35
2,510.83
223,230.87
225,247.89
AMAZON INC CORP NOTES
(CALLABLE)
DTD 05/12/2021 1.000% 05/12/2026
023135BX3
100,000.00
AA
A1
6/2/2023
6/6/2023
90,597.00
4.45
386.11
92,253.20
93,230.89
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 08/14/2023 5.000% 08/14/2026
89236TKX2
135,000.00
A+
A1
8/22/2023
8/25/2023
134,380.35
5.17
881.25
134,930.75
134,505.99
BANK OF AMERICA NA CORPORATE
NOTES
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2
135,000.00
A+
Aa1
10/23/2023 10/24/2023
133,863.30
5.85
891.07
136,281.83
134,040.05
17
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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
WAL MART INC CORP NOTES
(CALLABLE)
DTD 09/17/2021 1.050% 09/17/2026
931142ER0
340,000.00
AA
Aa2
1/30/2023
1/31/2023
304,092.60
4.22
138.83
311,130.60
315,637.17
JPMORGAN CHASE CORP NOTES
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4
110,000.00
A-
A1
9/14/2023
9/18/2023
100,580.70
5.13
333.17
103,258.21
101,720.32
2,375,000.00
2,282,628.45
17,352.43
2,301,362.51
Security Type Sub-Total
4.20
2,315,202.50
21,137,000.00
20,793,852.14
165,412.06
20,677,760.83
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$21,137,000.00
$20,793,852.14
$165,412.06
$20,677,760.83
$165,412.06
20,870,372.09
$20,870,372.09
3.89
3.89%
Total Investments
$20,843,172.89
18
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
BUY
1/3/2024
1/4/2024
460,000.00
91282CJP7
US TREASURY N/B NOTES
4.37%
12/15/2026
464,154.42
4.13%
1/3/2024
1/4/2024
300,000.00
91282CJK8
US TREASURY N/B NOTES
4.62%
11/15/2026
305,726.22
4.15%
1/26/2024
1/29/2024
665,000.00
91282CJR3
US TREASURY N/B NOTES
3.75%
12/31/2028
657,817.05
4.06%
2/13/2024
2/15/2024
965,000.00
91282CKA8
US TREASURY N/B NOTES
4.12%
2/15/2027
956,028.52
4.46%
3/14/2024
3/15/2024
1,175,000.00
912828X88
US TREASURY NOTES
2.37%
5/15/2027
1,112,537.27
4.46%
3/14/2024
3/15/2024
1,100,000.00
91282CGP0
US TREASURY NOTES
4.00%
2/29/2028
1,086,582.54
4.38%
3/14/2024
3/15/2024
1,100,000.00
91282CFZ9
US TREASURY NOTES
3.87%
11/30/2027
1,092,321.51
4.41%
Total BUY
5,765,000.00
5,675,167.53
0.00
INTEREST
1/1/2024
1/1/2024
90,000.00
810454BL1
SCOTTSDALE, AZ TXBL GO BONDS
0.60%
7/1/2025
273.60
1/2/2024
1/2/2024
MONEY0002
MONEY MARKET FUND
267.27
1/15/2024
1/15/2024
885,000.00
91282CEY3
US TREASURY NOTES
3.00%
7/15/2025
13,275.00
1/15/2024
1/15/2024
2,280,000.00
91282CGE5
US TREASURY NOTES
3.87%
1/15/2026
44,175.00
1/17/2024
1/17/2024
155,000.00
713448CY2
PEPSICO INC CORP NOTES (CALLABLE)
3.50%
7/17/2025
2,712.50
1/29/2024
1/29/2024
150,000.00
458140AS9
INTEL CORP NOTES (CALLABLE)
3.70%
7/29/2025
2,775.00
1/31/2024
1/31/2024
615,000.00
912828Z52
US TREASURY NOTES
1.37%
1/31/2025
4,228.13
1/31/2024
1/31/2024
375,000.00
91282CFA4
US TREASURY NOTES
3.00%
7/31/2024
5,625.00
19
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
INTEREST
2/1/2024
2/1/2024
MONEY0002
MONEY MARKET FUND
281.35
2/8/2024
2/8/2024
875,000.00
3130ASRJ0
FEDERAL HOME LOAN BANK NOTES (CALLABLE)
4.10%
8/8/2025
17,937.50
2/14/2024
2/14/2024
135,000.00
89236TKX2
TOYOTA MOTOR CREDIT CORP CORPORATE NOTES
5.00%
8/14/2026
3,375.00
2/15/2024
2/15/2024
180,000.00
9128282R0
US TREASURY NOTES
2.25%
8/15/2027
2,025.00
2/15/2024
2/15/2024
110,000.00
91282CGL9
US TREASURY NOTES
4.00%
2/15/2026
2,200.00
2/15/2024
2/15/2024
235,000.00
91282CFE6
US TREASURY NOTES
3.12%
8/15/2025
3,671.88
2/15/2024
2/15/2024
2,375,000.00
912828K74
US TREASURY NOTES
2.00%
8/15/2025
23,750.00
2/15/2024
2/15/2024
480,000.00
91282CHU8
US TREASURY NOTES
4.37%
8/15/2026
10,500.00
2/15/2024
2/15/2024
235,000.00
91282CDZ1
US TREASURY NOTES
1.50%
2/15/2025
1,762.50
2/18/2024
2/18/2024
135,000.00
06428CAA2
BANK OF AMERICA NA CORPORATE NOTES
5.52%
8/18/2026
3,730.05
2/24/2024
2/24/2024
110,000.00
46647PCW4
JPMORGAN CHASE CORP NOTES (CALLABLE)
2.94%
2/24/2028
1,620.85
2/28/2024
2/28/2024
375,000.00
3135GACV1
FANNIE MAE NOTES (CALLABLE)
4.00%
8/28/2025
7,500.00
3/1/2024
3/1/2024
MONEY0002
MONEY MARKET FUND
1,719.34
3/17/2024
3/17/2024
340,000.00
931142ER0
WAL MART INC CORP NOTES (CALLABLE)
1.05%
9/17/2026
1,785.00
Total INTEREST
10,135,000.00
155,189.97
0.00
MATURITY
1/28/2024
1/28/2024
645,000.00
3130AWV56
FEDERAL HOME LOAN BANK NOTES (CALLED,OMD
5.72%
1/28/2024
660,372.50
20
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
MATURITY
2/15/2024
2/15/2024
905,000.00
912828B66
US TREASURY NOTES
2.75%
2/15/2024
917,443.75
3/15/2024
3/15/2024
100,000.00
91282CBR1
US TREASURY NOTES
0.25%
3/15/2024
100,125.00
3/31/2024
3/31/2024
140,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
141,487.50
3/31/2024
3/31/2024
309,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
312,283.13
Total MATURITY
2,099,000.00
2,131,711.88
0.00
SELL
1/3/2024
1/4/2024
770,000.00
91282CBE0
US TREASURY NOTES
0.12%
1/15/2024
769,820.84
-619.02
Total SELL
770,000.00
769,820.84
-619.02
21
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
1/3/2024
1/4/2024
460,000.00
91282CJP7
US TREASURY N/B NOTES
4.37%
12/15/2026
464,154.42
4.13%
BUY
1/3/2024
1/4/2024
300,000.00
91282CJK8
US TREASURY N/B NOTES
4.62%
11/15/2026
305,726.22
4.15%
BUY
1/26/2024
1/29/2024
665,000.00
91282CJR3
US TREASURY N/B NOTES
3.75%
12/31/2028
657,817.05
4.06%
BUY
2/13/2024
2/15/2024
965,000.00
91282CKA8
US TREASURY N/B NOTES
4.12%
2/15/2027
956,028.52
4.46%
BUY
3/14/2024
3/15/2024
1,175,000.00
912828X88
US TREASURY NOTES
2.37%
5/15/2027
1,112,537.27
4.46%
BUY
3/14/2024
3/15/2024
1,100,000.00
91282CGP0
US TREASURY NOTES
4.00%
2/29/2028
1,086,582.54
4.38%
BUY
3/14/2024
3/15/2024
1,100,000.00
91282CFZ9
US TREASURY NOTES
3.87%
11/30/2027
1,092,321.51
4.41%
BUY
1/1/2024
1/1/2024
90,000.00
810454BL1
SCOTTSDALE, AZ TXBL GO BONDS
0.60%
7/1/2025
273.60
INTEREST
1/2/2024
1/2/2024
MONEY0002
MONEY MARKET FUND
267.27
INTEREST
1/15/2024
1/15/2024
885,000.00
91282CEY3
US TREASURY NOTES
3.00%
7/15/2025
13,275.00
INTEREST
1/15/2024
1/15/2024
2,280,000.00
91282CGE5
US TREASURY NOTES
3.87%
1/15/2026
44,175.00
INTEREST
1/17/2024
1/17/2024
155,000.00
713448CY2
PEPSICO INC CORP NOTES (CALLABLE)
3.50%
7/17/2025
2,712.50
INTEREST
1/29/2024
1/29/2024
150,000.00
458140AS9
INTEL CORP NOTES (CALLABLE)
3.70%
7/29/2025
2,775.00
INTEREST
1/31/2024
1/31/2024
615,000.00
912828Z52
US TREASURY NOTES
1.37%
1/31/2025
4,228.13
INTEREST
1/31/2024
1/31/2024
375,000.00
91282CFA4
US TREASURY NOTES
3.00%
7/31/2024
5,625.00
INTEREST
2/1/2024
2/1/2024
MONEY0002
MONEY MARKET FUND
281.35
INTEREST
2/8/2024
2/8/2024
875,000.00
3130ASRJ0
FEDERAL HOME LOAN BANK NOTES
4.10%
8/8/2025
17,937.50
INTEREST
2/14/2024
2/14/2024
135,000.00
89236TKX2
TOYOTA MOTOR CREDIT CORP
5.00%
8/14/2026
3,375.00
INTEREST
22
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
2/15/2024
2/15/2024
180,000.00
9128282R0
US TREASURY NOTES
2.25%
8/15/2027
2,025.00
INTEREST
2/15/2024
2/15/2024
110,000.00
91282CGL9
US TREASURY NOTES
4.00%
2/15/2026
2,200.00
INTEREST
2/15/2024
2/15/2024
235,000.00
91282CFE6
US TREASURY NOTES
3.12%
8/15/2025
3,671.88
INTEREST
2/15/2024
2/15/2024
2,375,000.00
912828K74
US TREASURY NOTES
2.00%
8/15/2025
23,750.00
INTEREST
2/15/2024
2/15/2024
480,000.00
91282CHU8
US TREASURY NOTES
4.37%
8/15/2026
10,500.00
INTEREST
2/15/2024
2/15/2024
235,000.00
91282CDZ1
US TREASURY NOTES
1.50%
2/15/2025
1,762.50
INTEREST
2/18/2024
2/18/2024
135,000.00
06428CAA2
BANK OF AMERICA NA CORPORATE
5.52%
8/18/2026
3,730.05
INTEREST
2/24/2024
2/24/2024
110,000.00
46647PCW4
JPMORGAN CHASE CORP NOTES
2.94%
2/24/2028
1,620.85
INTEREST
2/28/2024
2/28/2024
375,000.00
3135GACV1
FANNIE MAE NOTES (CALLABLE)
4.00%
8/28/2025
7,500.00
INTEREST
3/1/2024
3/1/2024
MONEY0002
MONEY MARKET FUND
1,719.34
INTEREST
3/17/2024
3/17/2024
340,000.00
931142ER0
WAL MART INC CORP NOTES
1.05%
9/17/2026
1,785.00
INTEREST
1/28/2024
1/28/2024
645,000.00
3130AWV56
FEDERAL HOME LOAN BANK NOTES
5.72%
1/28/2024
660,372.50
MATURITY
2/15/2024
2/15/2024
905,000.00
912828B66
US TREASURY NOTES
2.75%
2/15/2024
917,443.75
MATURITY
3/15/2024
3/15/2024
100,000.00
91282CBR1
US TREASURY NOTES
0.25%
3/15/2024
100,125.00
MATURITY
3/31/2024
3/31/2024
140,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
141,487.50
MATURITY
3/31/2024
3/31/2024
309,000.00
912828W71
US TREASURY NOTES
2.12%
3/31/2024
312,283.13
MATURITY
1/3/2024
1/4/2024
770,000.00
91282CBE0
US TREASURY NOTES
0.12%
1/15/2024
769,820.84
-619.02
SELL
TOTALS
8,731,890.22
-619.02
18,769,000.00
23
© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
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.
© 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.
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© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Appendix
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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.
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© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Appendix
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Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.
Agencies: Federal agency securities and/or Government-sponsored enterprises.
Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase
date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized
on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.
Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans,
leases, credit card balances, and receivables.
Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.
Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added
or subtracted from the overall portfolio performance.
Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.
Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding
on investment returns, while nominal yield does not.
FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.
Interest Rate: Interest per year divided by principal amount and expressed as a percentage.
Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.
Maturity: The date upon which the principal or stated value of an investment becomes due and payable.
Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.
Par Value: The nominal dollar face amount of a security.
Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the
mortgage-backed security.
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© PFM Asset Management LLC pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2024
Appendix
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Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.
Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and
maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.
Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose
decisions are binding on its members.
Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.
Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.
U.S. Treasury: The department of the U.S. government that issues Treasury securities.
Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a
percentage on an annualized basis.
YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period
from purchase date to maturity, stated as a percentage on an annualized basis.
YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time
period remaining until maturity, stated as a percentage on an annualized basis.
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