Investment Report - DEC-24

Investment Performance Review
For the Quarter Ended December 31, 2024
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
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
WORKERS COMP & EMPLOYER TRUST
Luke Schneider, CFA, Managing Director
Annette Gaston, Director

PFM Asset Management  |  pfmam.com
•
Account Summary
•
Portfolio Review
1

Account Summary
PFM Asset Management  |  pfmam.com
2

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CITY OF CHANDLER
For the Quarter Ended December 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 WORKERS COMP & EMPLOYER TRUST
Portfolio Values
December 31, 2024
PFMAM Managed Account
$20,053,657
Amortized Cost
$20,078,797
Market Value
$20,053,657
Accrued Interest
$220,295
Cash
$38,743
Analytics¹
December 31, 2024
Yield at Market
4.39%
Yield on Cost
4.11%
Portfolio Duration
1.72
3

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CITY OF CHANDLER
For the Quarter Ended December 31, 2024
Account Summary
Portfolio Allocation
Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Included 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 1/3/25.
1.2%
6.5%
0.3%
4.9%
87.2%
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 - $239,599
Corporate - $1,331,775
Municipal - $54,173
Federal Agency - $1,004,800
U.S. Treasury - $17,883,203
4

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Portfolio Review:
CHANDLER WORKERS COMP & EMPLOYER TRUST
5

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CITY OF CHANDLER
For the Quarter Ended December 31, 2024
Portfolio Snapshot
Portfolio Snapshot - CHANDLER WORKERS COMP & EMPLOYER TRUST¹
Credit Quality - S&P2
33%
15%
52%
8%
33%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
Portfolio
Benchmark3 
59%
Duration Distribution
U.S. Treasury | 88%
Corporate | 7%
Federal Agency | 5%
Municipal | <1%
Sector Allocation
AAA | <1%
AA+ | 93%
AA | <1%
AA- | 1%
A+ | 1%
A | 3%
A- | 1%
Portfolio Statistics
Portfolio Effective Duration
Benchmark Effective Duration
Portfolio Credit Quality
Yield At Market
Yield At Cost
Total Market Value
Securities Sub-Total
Cash
$20,312,694.71
$20,053,656.73
$220,294.73
$38,743.25 
1.72 years 
1.74 years 
4.11%
4.39%
AA
Accrued Interest
1. Total market value includes accrued interest and balances invested in PFMAM, as of December 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. Source: Bloomberg Finance LP.
6

1.
Allspring Treasury Plus Money Market A Fund ticker symbol PISXX. Account yield is the 30-day current yield from Fund website as of 12/31/2024.
2.
First American Funds ticker symbol FGZXX; Account yield is the Net Annualized Monthly Average Yield as of December 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
For the Quarter Ended December 31, 2024 
Portfolio Snapshot
PFM Asset Management  |  pfmam.com
Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus Money 
Market A Fund1
First American Funds2
4.40%
4.43%
7

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CITY OF CHANDLER
For the Quarter Ended December 31, 2024
Portfolio Characteristics
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
December 2024
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
September 2024
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
June 2024
$0.0
$4.2
$8.4
$12.6
$16.8
$21.0
Millions
March 2024
Sector Allocation Review - CHANDLER WORKERS COMP & EMPLOYER TRUST
U.S. Treasury
Federal Agency
Municipal
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-24
% of Total
Security Type
Jun-24
% of Total
Sep-24
% of Total
% of Total
Dec-24
U.S. Treasury
$14.6
81.9%
$15.5
83.7%
$17.8
88.2%
$17.7
88.2%
Federal Agency
$2.5
14.0%
$2.5
13.5%
$1.0
4.9%
$1.0
4.9%
Municipal
$0.1
0.3%
$0.1
0.3%
$0.1
0.3%
$0.1
0.3%
Corporate
$0.7
3.8%
$0.5
2.5%
$1.3
6.6%
$1.3
6.6%
Total
$17.9
100.0%
$18.5
100.0%
$20.1
100.0%
$20.1
100.0%
8

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CITY OF CHANDLER
For the Quarter Ended December 31, 2024
Portfolio Activity
Portfolio Activity - CHANDLER WORKERS COMP & EMPLOYER TRUST
Net Activity by Sector
($ millions)
U.S. Treasury
U.S. Treasury
($2.0)
($1.0)
$0.0
$1.0
$2.0
$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
$89,871
$89,871
Total Net Activity
Sales/Maturities 
 Purchases
9

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CITY OF CHANDLER
For the Quarter Ended December 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 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 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. Source: Bloomberg Financial LP.
4.
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
10 Years
Interest Earned²
$174,258
$573,257
$1,003,971
$1,249,646
$1,832,619
Change in Market Value
($178,779)
$299,200
$184,877
$178,679
$196,949
($4,521)
Total Dollar Return
$872,457
$1,188,848
$1,428,325
$2,029,568
Total Return³
Portfolio
-0.02%
4.60%
1.98%
1.63%
1.62%
Benchmark⁴
-0.06%
4.08%
1.50%
1.40%
1.22%
3 Months
1 Year
3 Years
5 Years
10 Years
10

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CITY OF CHANDLER
For the Quarter Ended December 31, 2024
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
$174,258
($7,966)
$25,197
$191,490
1 Year
$573,257
($14,354)
$154,162
$713,066
3 Years
$1,003,971
($88,226)
$227,481
$1,143,226
5 Year
$1,249,646
$76,750
$224,242
$1,550,639
10 Year¹
$1,832,619
$54,597
$168,245
$2,055,461
11

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CITY OF CHANDLER
For the Quarter Ended December 31, 2024
Portfolio Composition
Issuer Distribution
As of December 31, 2024
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
17,694,911
88.23 %
FEDERAL HOME LOAN BANKS
859,309
4.29 %
BANK OF NEW YORK MELLON CORP
297,211
1.48 %
JPMORGAN CHASE & CO
273,570
1.36 %
BANK OF AMERICA CORP
201,601
1.01 %
CATERPILLAR INC
149,407
0.75 %
FEDERAL NATIONAL MORTGAGE ASSOCIATION
129,708
0.65 %
CHARLES SCHWAB CORP
105,021
0.52 %
BLACKROCK INC
100,244
0.50 %
MASTERCARD INC
89,015
0.44 %
WALMART INC
79,720
0.40 %
CITY OF SCOTTSDALE AZ
54,006
0.27 %
STATE STREET CORP
19,935
0.10 %
20,053,657
Grand Total
100.00 %
12

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CITY OF CHANDLER
For the Quarter Ended December 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 N/B
DTD 01/18/2022 1.125% 01/15/2025
91282CDS7
110,000.00
AA+
Aaa
10/16/2023 10/17/2023
104,469.92
5.35
571.67
109,874.05
109,830.22
US TREASURY N/B
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
269,364.15
270,173.00
US TREASURY N/B
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1
85,000.00
AA+
Aaa
4/5/2022
4/7/2022
82,101.37
2.75
481.59
84,702.25
84,875.18
US TREASURY N/B
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
254,106.74
254,575.54
US TREASURY N/B
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
1,461,211.40
1,468,368.97
US TREASURY N/B
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
139,154.54
139,953.42
US TREASURY N/B
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
149,032.05
149,888.32
US TREASURY N/B
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
501,496.81
503,837.71
US TREASURY N/B
DTD 01/17/2023 3.875% 01/15/2026
91282CGE5
2,410,000.00
AA+
Aaa
2/7/2023
2/8/2023
2,395,219.92
4.10
43,140.96
2,401,921.68
2,404,774.58
US TREASURY N/B
DTD 10/16/2023 4.625% 10/15/2026
91282CJC6
565,000.00
AA+
Aaa
11/3/2023
11/6/2023
564,779.30
4.64
5,599.55
568,421.08
564,863.16
US TREASURY N/B
DTD 12/15/2023 4.375% 12/15/2026
91282CJP7
580,000.00
AA+
Aaa
1/3/2024
1/4/2024
584,032.81
4.12
1,185.10
581,269.04
582,728.60
US TREASURY N/B
DTD 01/16/2024 4.000% 01/15/2027
91282CJT9
360,000.00
AA+
Aaa
1/26/2024
1/29/2024
358,396.88
4.16
6,652.17
358,200.00
358,876.69
US TREASURY N/B
DTD 02/15/2024 4.125% 02/15/2027
91282CKA8
930,000.00
AA+
Aaa
2/13/2024
2/15/2024
921,499.22
4.45
14,490.18
927,384.84
923,875.27
US TREASURY N/B
DTD 05/15/2017 2.375% 05/15/2027
912828X88
1,160,000.00
AA+
Aaa
3/14/2024
3/15/2024
1,089,221.88
4.46
3,576.93
1,110,790.48
1,107,100.09
US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1
450,000.00
AA+
Aaa
5/9/2024
5/15/2024
448,488.28
4.62
2,629.14
452,197.35
448,789.31
13

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CITY OF CHANDLER
For the Quarter Ended December 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
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1
1,795,000.00
AA+
Aaa
6/5/2024
6/6/2024
1,793,667.77
4.53
10,487.36
1,803,764.99
1,793,914.78
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3
1,370,000.00
AA+
Aaa
7/18/2024
7/19/2024
1,376,421.88
4.21
27,688.52
1,373,371.57
1,375,504.91
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3
1,350,000.00
AA+
Aaa
8/1/2024
8/2/2024
1,363,763.67
4.00
27,284.31
1,353,322.35
1,361,933.24
US TREASURY N/B
DTD 08/15/2024 3.750% 08/15/2027
91282CLG4
650,000.00
AA+
Aaa
9/4/2024
9/5/2024
651,701.17
3.65
9,206.86
641,672.20
651,525.49
US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9
540,000.00
AA+
Aaa
4/1/2024
4/1/2024
517,028.91
4.48
5,733.77
524,390.76
522,094.71
US TREASURY N/B
DTD 09/16/2024 3.375% 09/15/2027
91282CLL3
695,000.00
AA+
Aaa
10/1/2024
10/2/2024
692,936.72
3.48
6,998.00
679,090.76
693,106.05
US TREASURY N/B
DTD 10/15/2024 3.875% 10/15/2027
91282CLQ2
445,000.00
AA+
Aaa
11/1/2024
11/4/2024
441,471.29
4.16
3,695.09
440,271.88
441,652.77
US TREASURY N/B
DTD 11/15/2017 2.250% 11/15/2027
9128283F5
660,000.00
AA+
Aaa
4/12/2024
4/15/2024
607,870.31
4.67
1,928.04
623,932.32
618,264.39
US TREASURY N/B
DTD 11/15/2024 4.125% 11/15/2027
91282CLX7
890,000.00
AA+
Aaa
12/5/2024
12/6/2024
890,139.06
4.12
4,766.54
885,967.41
890,135.97
17,845,000.00
17,571,388.88
188,292.33
17,694,910.70
Security Type Sub-Total
4.01
17,720,642.37
Municipal
SCOTTSDALE-REF
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
54,006.04
55,000.00
55,000.00
55,000.00
167.20
54,006.04
Security Type Sub-Total
0.61
55,000.00
Federal Agency
FEDERAL HOME LOAN BANK
(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
859,309.42
859,913.60
14

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CITY OF CHANDLER
For the Quarter Ended December 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
Federal Agency
FANNIE MAE  (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
1,776.67
129,708.02
129,998.57
990,000.00
989,563.50
15,782.73
989,017.44
Security Type Sub-Total
4.10
989,912.17
Corporate
WALMART INC
DTD 09/09/2022 3.900% 09/09/2025
931142EW9
80,000.00
AA
Aa2
9/6/2022
9/9/2022
79,944.00
3.92
970.67
79,720.00
79,987.14
STATE STREET CORP  (CALLABLE)
DTD 02/07/2022 1.746% 02/06/2026
857477BR3
20,000.00
A
Aa3
2/2/2022
2/7/2022
20,000.00
1.75
140.65
19,934.68
20,000.00
CHARLES SCHWAB CORP
(CALLABLE)
DTD 05/13/2021 1.150% 05/13/2026
808513BR5
110,000.00
A-
A2
7/25/2024
7/26/2024
102,473.80
5.19
168.67
105,020.74
104,214.68
BANK OF AMERICA NA  (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2
100,000.00
A+
Aa1
10/23/2023 10/24/2023
99,158.00
5.85
2,041.55
101,316.00
99,512.57
JP MORGAN CHASE BANK NA
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8
160,000.00
AA-
Aa2
8/8/2024
8/9/2024
162,137.60
4.50
522.36
161,691.52
161,778.17
BANK OF AMERICA CORP
(CALLABLE)
DTD 01/20/2023 5.080% 01/20/2027
06051GLE7
100,000.00
A-
A1
2/1/2024
2/5/2024
100,027.00
5.07
2,271.89
100,285.10
100,018.74
BLACKROCK FUNDING INC
(CALLABLE)
DTD 07/26/2024 4.600% 07/26/2027
09290DAH4
100,000.00
AA-
Aa3
7/17/2024
7/26/2024
99,997.00
4.60
1,980.56
100,243.80
99,997.60
CATERPILLAR FINL SERVICE
DTD 08/16/2024 4.400% 10/15/2027
14913UAR1
150,000.00
A
A2
8/12/2024
8/16/2024
149,925.00
4.42
1,393.33
149,407.05
149,933.41
MASTERCARD INC  (CALLABLE)
DTD 09/05/2024 4.100% 01/15/2028
57636QBA1
90,000.00
A+
Aa3
9/3/2024
9/5/2024
89,950.50
4.12
1,189.00
89,014.50
89,955.19
BANK OF NY MELLON CORP
(CALLABLE)
DTD 02/07/2017 3.442% 02/07/2028
06406RAB3
305,000.00
A
Aa3
8/6/2024
8/7/2024
296,319.70
4.33
4,199.24
297,210.91
297,249.34
15

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CITY OF CHANDLER
For the Quarter Ended December 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
JPMORGAN CHASE & CO
(CALLABLE)
DTD 04/22/2024 5.571% 04/22/2028
46647PEE2
110,000.00
A
A1
6/3/2024
6/4/2024
110,733.70
5.38
1,174.55
111,878.25
110,596.03
1,325,000.00
1,310,666.30
16,052.47
1,315,722.55
Security Type Sub-Total
4.63
1,313,242.87
20,215,000.00
19,926,618.68
220,294.73
20,053,656.73
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$20,215,000.00
$19,926,618.68
$220,294.73
$20,053,656.73
$220,294.73
20,078,797.41
$20,078,797.41
4.05
4.05%
Total Investments
$20,273,951.46
16

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
10/1/2024
10/2/2024
695,000.00
91282CLL3
US TREASURY N/B
3.37%
9/15/2027
694,038.26
3.48%
11/1/2024
11/4/2024
445,000.00
91282CLQ2
US TREASURY N/B
3.87%
10/15/2027
442,418.75
4.16%
12/5/2024
12/6/2024
890,000.00
91282CLX7
US TREASURY N/B
4.12%
11/15/2027
892,268.79
4.12%
Total  BUY
2,030,000.00
2,028,725.80
0.00
INTEREST
10/1/2024
10/1/2024
MONEY0002
MONEY MARKET FUND
0.00%
121.74
10/15/2024
10/15/2024
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
13,065.63
10/15/2024
10/15/2024
14913UAR1
CATERPILLAR FINL SERVICE
4.40%
10/15/2027
1,081.67
10/22/2024
10/22/2024
46647PEE2
JPMORGAN CHASE & CO  (CALLABLE)
5.57%
4/22/2028
3,064.05
10/31/2024
10/31/2024
912828ZL7
US TREASURY N/B
0.37%
4/30/2025
2,775.00
11/1/2024
11/1/2024
MONEY0002
MONEY MARKET FUND
0.00%
108.47
11/13/2024
11/13/2024
808513BR5
CHARLES SCHWAB CORP  (CALLABLE)
1.15%
5/13/2026
632.50
11/15/2024
11/15/2024
9128283F5
US TREASURY N/B
2.25%
11/15/2027
7,425.00
11/15/2024
11/15/2024
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
50,512.50
11/15/2024
11/15/2024
912828X88
US TREASURY N/B
2.37%
5/15/2027
13,775.00
12/2/2024
12/2/2024
MONEY0002
MONEY MARKET FUND
0.00%
276.91
12/8/2024
12/8/2024
48125LRU8
JP MORGAN CHASE BANK NA  (CALLABLE)
5.11%
12/8/2026
4,088.00
17

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
12/15/2024
12/15/2024
91282CEU1
US TREASURY N/B
2.87%
6/15/2025
2,012.50
12/15/2024
12/15/2024
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
12,687.50
Total  INTEREST
0.00
111,626.47
0.00
SELL
10/1/2024
10/2/2024
280,000.00
91282CDH1
US TREASURY N/B
0.75%
11/15/2024
279,486.41
-1,227.22
10/1/2024
10/2/2024
415,000.00
91282CDH1
US TREASURY N/B
0.75%
11/15/2024
414,238.80
-1,871.59
11/1/2024
11/4/2024
260,000.00
912828YV6
US TREASURY N/B
1.50%
11/30/2024
261,043.26
-826.24
11/1/2024
11/4/2024
185,000.00
91282CDN8
US TREASURY N/B
1.00%
12/15/2024
184,995.10
-723.74
12/5/2024
12/6/2024
310,000.00
91282CDZ1
US TREASURY N/B
1.50%
2/15/2025
309,647.77
-1,638.37
12/5/2024
12/6/2024
490,000.00
91282CDZ1
US TREASURY N/B
1.50%
2/15/2025
489,443.26
-1,678.37
Total  SELL
1,940,000.00
1,938,854.60
-7,965.53
18

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
10/1/2024
10/2/2024
695,000.00
91282CLL3
US TREASURY N/B
3.37%
9/15/2027
694,038.26
3.48%
BUY
11/1/2024
11/4/2024
445,000.00
91282CLQ2
US TREASURY N/B
3.87%
10/15/2027
442,418.75
4.16%
BUY
12/5/2024
12/6/2024
890,000.00
91282CLX7
US TREASURY N/B
4.12%
11/15/2027
892,268.79
4.12%
BUY
10/1/2024
10/1/2024
MONEY0002
MONEY MARKET FUND
0.00%
121.74
INTEREST
10/15/2024
10/15/2024
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
13,065.63
INTEREST
10/15/2024
10/15/2024
14913UAR1
CATERPILLAR FINL SERVICE
4.40%
10/15/2027
1,081.67
INTEREST
10/22/2024
10/22/2024
46647PEE2
JPMORGAN CHASE & CO  (CALLABLE)
5.57%
4/22/2028
3,064.05
INTEREST
10/31/2024
10/31/2024
912828ZL7
US TREASURY N/B
0.37%
4/30/2025
2,775.00
INTEREST
11/1/2024
11/1/2024
MONEY0002
MONEY MARKET FUND
0.00%
108.47
INTEREST
11/13/2024
11/13/2024
808513BR5
CHARLES SCHWAB CORP  (CALLABLE)
1.15%
5/13/2026
632.50
INTEREST
11/15/2024
11/15/2024
9128283F5
US TREASURY N/B
2.25%
11/15/2027
7,425.00
INTEREST
11/15/2024
11/15/2024
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
50,512.50
INTEREST
11/15/2024
11/15/2024
912828X88
US TREASURY N/B
2.37%
5/15/2027
13,775.00
INTEREST
12/2/2024
12/2/2024
MONEY0002
MONEY MARKET FUND
0.00%
276.91
INTEREST
12/8/2024
12/8/2024
48125LRU8
JP MORGAN CHASE BANK NA
5.11%
12/8/2026
4,088.00
INTEREST
12/15/2024
12/15/2024
91282CEU1
US TREASURY N/B
2.87%
6/15/2025
2,012.50
INTEREST
12/15/2024
12/15/2024
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
12,687.50
INTEREST
10/1/2024
10/2/2024
280,000.00
91282CDH1
US TREASURY N/B
0.75%
11/15/2024
279,486.41
-1,227.22
SELL
19

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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
10/1/2024
10/2/2024
415,000.00
91282CDH1
US TREASURY N/B
0.75%
11/15/2024
414,238.80
-1,871.59
SELL
11/1/2024
11/4/2024
260,000.00
912828YV6
US TREASURY N/B
1.50%
11/30/2024
261,043.26
-826.24
SELL
11/1/2024
11/4/2024
185,000.00
91282CDN8
US TREASURY N/B
1.00%
12/15/2024
184,995.10
-723.74
SELL
12/5/2024
12/6/2024
310,000.00
91282CDZ1
US TREASURY N/B
1.50%
2/15/2025
309,647.77
-1,638.37
SELL
12/5/2024
12/6/2024
490,000.00
91282CDZ1
US TREASURY N/B
1.50%
2/15/2025
489,443.26
-1,678.37
SELL
TOTALS
4,079,206.87
-7,965.53
3,970,000.00
20

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 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.
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.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment
advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.
Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The
information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.
For more information regarding PFMAM's services or entities, please visit www.pfmam.com.
Further distribution is not permitted without prior written consent.
21

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be
differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable
FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the
prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government
investment program is contained in the appropriate fund offering documentation or information statement.
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.
ICE Bank of America 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.
22

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2024
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.
23

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2024
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.
24