Investment Report for the Quarter Ending December 31, 2025

Investment Performance Review
For the Quarter Ended December 31, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
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 
WORKERS COMP & EMPLOYER TRUST

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•
Account Summary
•
Portfolio Review
1

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Account Summary
2

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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, 2025
PFMAM Managed Account
$22,248,114
Amortized Cost
$22,065,496
Market Value
$22,248,114
Accrued Interest
$238,902
Cash
$142,047
Analytics¹
December 31, 2025
Yield at Market
3.56%
Yield on Cost
4.09%
Portfolio Duration
1.80
3

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Account Summary
Portfolio Allocation
Sector Limit for Analysis*
Sector Allocation Analytics
1.1%
19.2%
79.7%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
**First American Funds - $249,633
Corporate - $4,369,983
U.S. Treasury - $18,117,034
4
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 12/31/25.

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
80.6%
U.S. Treasury
United States Treasury
80.6%
AA / Aa / AA
19.4%
Corporate
Advanced Micro Devices Inc
0.4%
A / A / NR
Alphabet Inc
0.1%
AA / Aa / NR
Amazon.com Inc
0.6%
AA / A / AA
Bank of America Corp
0.9%
A / Aa / AA
Bank of New York Mellon Corp
1.4%
A / Aa / AA
BlackRock Inc
0.5%
AA / Aa / NR
Caterpillar Inc
0.7%
A / A / A
Charles Schwab Corp
0.5%
A / A / A
Chevron Corp
0.8%
AA / Aa / NR
Cisco Systems Inc
1.6%
AA / A / NR
Citigroup Inc
0.7%
BBB / A / A
Depository Trust & Clearing Corp
1.5%
AA / Aa / NR
Eli Lilly & Co
0.8%
A / Aa / NR
Goldman Sachs Group Inc
0.8%
A / A / A
Johnson & Johnson
0.2%
AAA / Aaa / NR
JPMorgan Chase & Co
1.2%
A / Aa / AA
Kenvue Inc
0.5%
A / A / NR
Mastercard Inc
0.7%
A / Aa / NR
Morgan Stanley
0.8%
A / Aa / AA
National Rural Utilities Cooperative Fi
0.4%
NR / A / A
Novartis AG
1.5%
AA / Aa / NR
PepsiCo Inc
0.7%
A / A / NR
State Street Corp
1.2%
A / Aa / AA
Toyota Motor Corp
0.8%
A / A / A
Market Value (%) S&P / Moody's / Fitch
Security Type / Issuer
19.4%
Corporate
Walmart Inc
0.4%
AA / Aa / AA
100.0%
Total
5

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Portfolio Review:
CHANDLER WORKERS COMP & EMPLOYER TRUST
6

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Snapshot
Portfolio Snapshot - CHANDLER WORKERS COMP & EMPLOYER TRUST¹
3%
61%
36%
8%
56%
36%
0%
20%
40%
60%
80%
0-1 Yr
1-2 Yrs
2-3 Yrs
Duration Distribution
U.S. Treasury | 81%
Corporate | 19%
Sector Allocation
AAA | <1%
AA+ | 82%
AA | 1%
AA- | 5%
A+ | 5%
A | 5%
A- | 1%
BBB+ | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration
1.80 years
Benchmark Effective Duration
1.76 years
Portfolio Credit Quality
AA
Yield At Market
3.56%
Yield At Cost
4.09%
Total Market Value
$22,629,063.05
$22,248,114.33
Securities Sub-Total
$142,046.51
Cash
$238,902.21
Accrued Interest
7
1. Total market value includes accrued interest and balances invested in PFM AM, as of September 30, 2025. 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 Financial LP.
Portfolio
Benchmark3 
Credit Quality - S&P2

Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus Money 
Market A Fund1
3.67%
First American Funds2
3.66%
1.
Allspring Treasury Plus Money Market A Fund ticker symbol PISXX. Account yield is the 30-day current yield from Fund website as of December 31, 2025.
2.
First American Funds ticker symbol FGZXX; Account yield is the Net Annualized Monthly Average Yield as of December 31, 2025. 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, 2025 
Portfolio Snapshot
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8

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Characteristics
$0.0
$4.6
$9.2
$13.8
$18.4
$23.0
Millions
December 2025
$0.0
$4.6
$9.2
$13.8
$18.4
$23.0
Millions
September 2025
$0.0
$4.6
$9.2
$13.8
$18.4
$23.0
Millions
June 2025
$0.0
$4.6
$9.2
$13.8
$18.4
$23.0
Millions
March 2025
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-25
% of Total
Security Type
Jun-25
% of Total
Sep-25
% of Total
% of Total
Dec-25
U.S. Treasury
$17.8
84.2%
$18.1
81.3%
$19.1
84.4%
$17.9
80.6%
Federal Agency
$1.0
4.7%
$1.0
4.5%
$0.0
0.0%
$0.0
0.0%
Municipal
$0.1
0.3%
$0.1
0.3%
$0.0
0.0%
$0.0
0.0%
Corporate
$2.3
10.8%
$3.1
13.9%
$3.5
15.6%
$4.3
19.4%
Total
$21.1
100.0%
$22.2
100.0%
$22.6
100.0%
$22.2
100.0%
9

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Activity
Portfolio Activity - CHANDLER WORKERS COMP & EMPLOYER TRUST
Net Activity by Sector
($ millions)
U.S. Treasury
Corporate
U.S. Treasury
Corporate
($4.0)
($2.0)
$0.0
$2.0
$4.0
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
Corporate
$796,570
U.S. Treasury
($1,207,585)
($411,015)
Total Net Activity
Sales/Maturities 
 Purchases
10

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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.
Portfolio
Benchmark
Portfolio Performance
11
0.0%
2.0%
4.0%
6.0%
Return
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
10 Years¹
$220,592
$853,532
$1,738,906
$1,938,750
$2,556,235
Interest Earned²
Change in Market Value
$35,126
$282,222
$1,012,506
$318,955
$571,661
$255,718
Total Dollar Return
$1,135,754
$2,751,412
$2,257,705
$3,127,896
Total Return³
Portfolio
1.13%
5.31%
4.86%
2.14%
2.09%
Benchmark⁴
1.12%
5.09%
4.48%
1.79%
1.72%
3 Months
1 Year
3 Years
5 Years
10 Years

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
$220,592
$22,498
$8,981
$252,072
1 Year
$853,532
$23,831
$50,633
$927,996
3 Years
$1,738,906
$9,477
$267,385
$2,015,767
5 Year
$1,938,750
($12,445)
$269,203
$2,195,508
10 Year¹
$2,556,235
$76,858
$301,319
$2,934,413
12

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Composition
Issuer Distribution
As of December 31, 2025
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
17,932,426
80.61 %
CISCO SYSTEMS INC
343,492
1.54 %
DEPOSITORY TRUST & CLEARING CORP
337,798
1.52 %
NOVARTIS AG
331,074
1.49 %
BANK OF NEW YORK MELLON CORP
303,521
1.36 %
JPMORGAN CHASE & CO
273,914
1.23 %
STATE STREET CORP
258,911
1.16 %
BANK OF AMERICA CORP
200,956
0.90 %
CHEVRON CORP
182,799
0.82 %
GOLDMAN SACHS GROUP INC
175,917
0.79 %
MORGAN STANLEY
168,033
0.76 %
ELI LILLY & CO
167,815
0.75 %
TOYOTA MOTOR CORP
167,568
0.75 %
MASTERCARD INC
161,864
0.73 %
PEPSICO INC
157,265
0.71 %
CITIGROUP INC
157,221
0.71 %
CATERPILLAR INC
151,780
0.68 %
AMAZON.COM INC
125,383
0.56 %
KENVUE INC
117,490
0.53 %
CHARLES SCHWAB CORP
108,914
0.49 %
BLACKROCK INC
101,315
0.46 %
NATIONAL RURAL UTILITIES COOPERATIVE FI
85,445
0.38 %
ADVANCED MICRO DEVICES INC
80,845
0.36 %
WALMART INC
80,372
0.36 %
13

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Composition
Issuer
Market Value ($)
% of Portfolio
JOHNSON & JOHNSON
45,850
0.21 %
ALPHABET INC
30,146
0.14 %
22,248,114
Grand Total
100.00 %
14

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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 02/15/2024 4.125% 02/15/2027
91282CKA8
95,000.00
AA+
Aa1
2/13/2024
2/15/2024
94,131.64
4.45
1,480.18
95,623.49
94,662.02
US TREASURY N/B
DTD 04/15/2024 4.500% 04/15/2027
91282CKJ9
490,000.00
AA+
Aa1
3/3/2025
3/4/2025
495,282.82
3.96
4,725.00
496,029.45
493,261.49
US TREASURY N/B
DTD 05/15/2017 2.375% 05/15/2027
912828X88
1,160,000.00
AA+
Aa1
3/14/2024
3/15/2024
1,089,221.88
4.46
3,576.93
1,142,509.52
1,129,447.85
US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1
1,795,000.00
AA+
Aa1
6/5/2024
6/6/2024
1,793,667.77
4.53
10,487.36
1,818,839.40
1,794,358.86
US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1
450,000.00
AA+
Aa1
5/9/2024
5/15/2024
448,488.28
4.62
2,629.14
455,976.45
449,284.42
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3
1,350,000.00
AA+
Aa1
8/1/2024
8/2/2024
1,363,763.67
4.00
27,284.31
1,367,929.35
1,357,373.68
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3
1,370,000.00
AA+
Aa1
7/18/2024
7/19/2024
1,376,421.88
4.21
27,688.52
1,388,194.97
1,373,404.80
US TREASURY N/B
DTD 08/15/2024 3.750% 08/15/2027
91282CLG4
650,000.00
AA+
Aa1
9/4/2024
9/5/2024
651,701.17
3.65
9,206.86
652,691.65
650,960.59
US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9
540,000.00
AA+
Aa1
4/1/2024
4/1/2024
517,028.91
4.48
5,733.77
536,899.32
528,818.40
US TREASURY N/B
DTD 09/16/2024 3.375% 09/15/2027
91282CLL3
695,000.00
AA+
Aa1
10/1/2024
10/2/2024
692,936.72
3.48
6,998.00
693,723.98
693,786.86
US TREASURY N/B
DTD 09/30/2025 3.500% 09/30/2027
91282CPB1
975,000.00
AA+
Aa1
10/27/2025 10/28/2025
975,000.00
3.50
8,718.75
975,190.12
975,000.00
US TREASURY N/B
DTD 10/15/2024 3.875% 10/15/2027
91282CLQ2
445,000.00
AA+
Aa1
11/1/2024
11/4/2024
441,471.29
4.16
3,695.09
447,972.60
442,810.93
US TREASURY N/B
DTD 11/15/2017 2.250% 11/15/2027
9128283F5
347,000.00
AA+
Aa1
4/12/2024
4/15/2024
319,592.42
4.67
1,013.68
339,301.11
332,699.48
US TREASURY N/B
DTD 11/15/2024 4.125% 11/15/2027
91282CLX7
890,000.00
AA+
Aa1
12/5/2024
12/6/2024
890,139.06
4.12
4,766.54
900,151.34
890,090.37
US TREASURY N/B
DTD 12/16/2024 4.000% 12/15/2027
91282CMB4
385,000.00
AA+
Aa1
1/3/2025
1/6/2025
382,037.31
4.28
719.23
388,729.88
382,990.88
15

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CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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 03/17/2025 3.875% 03/15/2028
91282CMS7
1,095,000.00
AA+
Aa1
4/1/2025
4/2/2025
1,096,539.85
3.82
12,659.05
1,103,811.47
1,096,165.64
US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2
270,000.00
AA+
Aa1
5/12/2025
5/13/2025
266,224.22
4.00
1,618.51
269,957.88
266,998.32
US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9
800,000.00
AA+
Aa1
6/2/2025
6/3/2025
796,406.25
3.91
3,895.03
804,344.00
797,080.19
US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9
420,000.00
AA+
Aa1
5/21/2025
5/22/2025
416,915.63
4.01
2,044.89
422,280.60
417,519.61
US TREASURY N/B
DTD 07/15/2025 3.875% 07/15/2028
91282CNM9
1,000,000.00
AA+
Aa1
8/1/2025
8/5/2025
999,218.75
3.90
17,900.82
1,008,438.00
999,322.52
US TREASURY N/B
DTD 08/15/2025 3.625% 08/15/2028
91282CNU1
1,050,000.00
AA+
Aa1
8/13/2025
8/15/2025
1,049,138.67
3.65
14,376.87
1,052,665.95
1,049,242.76
US TREASURY N/B
DTD 08/15/2025 3.625% 08/15/2028
91282CNU1
135,000.00
AA+
Aa1
8/27/2025
8/28/2025
135,005.27
3.62
1,848.45
135,342.77
135,005.02
US TREASURY N/B
DTD 09/15/2025 3.375% 09/15/2028
91282CNY3
550,000.00
AA+
Aa1
10/1/2025
10/2/2025
546,927.73
3.58
5,537.98
547,743.90
547,178.08
US TREASURY N/B
DTD 10/15/2025 3.500% 10/15/2028
91282CPC9
664,000.00
AA+
Aa1
10/27/2025 10/28/2025
663,922.19
3.50
4,980.00
663,325.38
663,928.37
US TREASURY N/B
DTD 11/17/2025 3.500% 11/15/2028
91282CPK1
225,000.00
AA+
Aa1
11/19/2025 11/20/2025
224,525.39
3.57
1,022.44
224,753.85
224,543.06
17,846,000.00
17,725,708.77
184,607.40
17,932,426.43
Security Type Sub-Total
4.02
17,785,934.20
Corporate
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
108,914.08
108,411.86
BANK OF AMERICA NA  (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2
100,000.00
A+
Aa2
10/23/2023 10/24/2023
99,158.00
5.85
2,041.55
100,907.90
99,811.50
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
161,725.92
160,836.65
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
100,048.30
100,009.61
16

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5
175,000.00
A+
A1
5/21/2025
5/22/2025
176,100.75
5.08
1,052.72
175,917.18
175,434.34
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
101,315.40
99,998.50
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
151,780.35
149,956.37
TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
89236TKQ7
165,000.00
A+
A1
6/24/2025
6/25/2025
166,828.20
4.16
3,582.45
167,567.89
166,472.98
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
1,701.50
90,698.22
89,969.33
PEPSICO INC  (CALLABLE)
DTD 02/07/2025 4.450% 02/07/2028
713448GA0
155,000.00
A+
A1
2/5/2025
2/7/2025
154,934.90
4.47
2,759.00
157,264.55
154,953.59
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
303,521.06
299,638.79
ELI LILLY & CO  (CALLABLE)
DTD 02/12/2025 4.550% 02/12/2028
532457CU0
165,000.00
A+
Aa3
6/26/2025
6/27/2025
167,003.10
4.06
2,898.73
167,815.07
166,616.65
CISCO SYSTEMS INC  (CALLABLE)
DTD 02/24/2025 4.550% 02/24/2028
17275RBW1
35,000.00
AA-
A1
2/19/2025
2/24/2025
34,962.20
4.59
561.80
35,568.58
34,972.47
CHEVRON USA INC  (CALLABLE)
DTD 02/26/2025 4.475% 02/26/2028
166756BB1
180,000.00
AA-
Aa2
2/24/2025
2/26/2025
180,000.00
4.48
2,796.88
182,799.36
180,000.00
STATE STREET CORP  (CALLABLE)
DTD 02/28/2025 4.536% 02/28/2028
857477CU5
255,000.00
A
Aa3
2/25/2025
2/28/2025
255,000.00
4.54
3,951.99
258,910.94
255,000.00
JOHNSON & JOHNSON  (CALLABLE)
DTD 02/20/2025 4.550% 03/01/2028
478160DH4
45,000.00
AAA
Aaa
2/18/2025
2/20/2025
44,973.90
4.57
682.50
45,850.10
44,981.00
MASTERCARD INC  (CALLABLE)
DTD 02/27/2025 4.550% 03/15/2028
57636QBF0
70,000.00
A+
Aa3
2/18/2025
2/27/2025
69,946.80
4.58
937.81
71,165.78
69,960.94
KENVUE INC  (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9
115,000.00
A
A2
6/27/2025
6/30/2025
117,715.15
4.12
1,597.06
117,489.52
117,221.07
ADVANCED MICRO DEVICES
(CALLABLE)
DTD 03/24/2025 4.319% 03/24/2028
007903BJ5
80,000.00
A
A1
3/10/2025
3/24/2025
80,000.00
4.32
930.98
80,844.72
80,000.00
17

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
112,188.23
110,346.48
NATIONAL SECS CLEARING
(CALLABLE)
DTD 05/30/2023 5.000% 05/30/2028
637639AK1
330,000.00
AA+
Aa1
7/18/2025
7/21/2025
335,821.20
4.20
1,420.83
337,797.57
334,935.65
NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0
85,000.00
NR
A2
8/19/2025
8/25/2025
84,904.80
4.19
1,234.63
85,444.72
84,915.38
WALMART INC  (CALLABLE)
DTD 09/22/2021 1.500% 09/22/2028
931142ES8
85,000.00
AA
Aa2
9/8/2025
9/9/2025
79,876.20
3.61
350.63
80,371.67
80,377.41
NOVARTIS CAPITAL CORP
(CALLABLE)
DTD 11/05/2025 3.900% 11/05/2028
66989HAX6
330,000.00
AA-
Aa3
11/6/2025
11/7/2025
330,610.50
3.83
2,002.00
331,074.15
330,580.88
ALPHABET INC  (CALLABLE)
DTD 11/06/2025 3.875% 11/15/2028
02079KAV9
30,000.00
AA+
Aa2
11/3/2025
11/6/2025
29,974.20
3.91
177.60
30,146.34
29,975.46
AMAZON.COM INC  (CALLABLE)
DTD 11/20/2025 3.900% 11/20/2028
023135CS3
125,000.00
AA
A1
11/17/2025 11/20/2025
124,972.50
3.91
555.21
125,382.50
124,973.64
MORGAN STANLEY BANK NA
(CALLABLE)
DTD 01/21/2025 5.016% 01/12/2029
61690DK72
165,000.00
A+
Aa3
6/20/2025
6/23/2025
166,976.70
4.65
3,885.31
168,033.36
166,590.78
CISCO SYSTEMS INC  (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2
300,000.00
AA-
A1
11/7/2025
11/10/2025
307,950.00
3.98
5,052.08
307,923.60
307,620.70
CITIGROUP INC  (CALLABLE)
DTD 03/04/2025 4.786% 03/04/2029
17327CAW3
155,000.00
BBB+
A3
2/25/2025
3/4/2025
155,000.00
4.79
2,410.95
157,220.84
155,000.00
4,270,000.00
4,274,273.40
54,294.81
4,315,687.90
Security Type Sub-Total
4.41
4,279,562.03
22,116,000.00
21,999,982.17
238,902.21
22,248,114.33
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$22,116,000.00
$21,999,982.17
$238,902.21
$22,248,114.33
$238,902.21
22,065,496.23
$22,065,496.23
4.09
4.09%
Total Investments
$22,487,016.54
18

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
10/1/2025
10/2/2025
550,000.00
91282CNY3
US TREASURY N/B
3.37%
9/15/2028
547,799.45
3.58%
10/27/2025
10/28/2025
975,000.00
91282CPC9
US TREASURY N/B
3.50%
10/15/2028
976,104.49
3.50%
10/27/2025
10/28/2025
975,000.00
91282CPB1
US TREASURY N/B
3.50%
9/30/2027
977,625.00
3.50%
11/3/2025
11/6/2025
30,000.00
02079KAV9
ALPHABET INC  (CALLABLE)
3.87%
11/15/2028
29,974.20
3.91%
11/6/2025
11/7/2025
330,000.00
66989HAX6
NOVARTIS CAPITAL CORP  (CALLABLE)
3.90%
11/5/2028
330,682.00
3.83%
11/7/2025
11/10/2025
300,000.00
17275RBR2
CISCO SYSTEMS INC  (CALLABLE)
4.85%
2/26/2029
310,940.83
3.98%
11/17/2025
11/20/2025
125,000.00
023135CS3
AMAZON.COM INC  (CALLABLE)
3.90%
11/20/2028
124,972.50
3.91%
11/19/2025
11/20/2025
225,000.00
91282CPK1
US TREASURY N/B
3.50%
11/15/2028
224,634.16
3.57%
Total  BUY
3,510,000.00
3,522,732.63
0.00
INTEREST
10/1/2025
10/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
243.97
10/15/2025
10/15/2025
14913UAR1
CATERPILLAR FINL SERVICE
4.40%
10/15/2027
3,300.00
10/15/2025
10/15/2025
91282CLQ2
US TREASURY N/B
3.87%
10/15/2027
8,621.88
10/15/2025
10/15/2025
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
18,450.00
10/15/2025
10/15/2025
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
13,065.63
10/22/2025
10/22/2025
46647PEE2
JPMORGAN CHASE & CO  (CALLABLE)
5.57%
4/22/2028
3,064.05
10/31/2025
10/31/2025
91282CHA2
US TREASURY N/B
3.50%
4/30/2028
4,725.00
19

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
11/3/2025
11/3/2025
MONEY0002
MONEY MARKET FUND
0.00%
1,327.19
11/13/2025
11/13/2025
808513BR5
CHARLES SCHWAB CORP  (CALLABLE)
1.15%
5/13/2026
632.50
11/15/2025
11/15/2025
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
50,512.50
11/15/2025
11/15/2025
9128283F5
US TREASURY N/B
2.25%
11/15/2027
3,903.75
11/15/2025
11/15/2025
912828X88
US TREASURY N/B
2.37%
5/15/2027
13,775.00
11/15/2025
11/15/2025
91282CLX7
US TREASURY N/B
4.12%
11/15/2027
18,356.25
11/15/2025
11/15/2025
91282CND9
US TREASURY N/B
3.75%
5/15/2028
22,875.00
11/21/2025
11/21/2025
38151LAG5
GOLDMAN SACHS BANK USA  (CALLABLE)
5.41%
5/21/2027
4,737.25
11/30/2025
11/30/2025
637639AK1
NATIONAL SECS CLEARING  (CALLABLE)
5.00%
5/30/2028
8,250.00
12/1/2025
12/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
183.51
12/8/2025
12/8/2025
48125LRU8
JP MORGAN CHASE BANK NA  (CALLABLE)
5.11%
12/8/2026
4,088.00
12/15/2025
12/15/2025
91282CMB4
US TREASURY N/B
4.00%
12/15/2027
7,700.00
Total  INTEREST
0.00
187,811.48
0.00
SELL
10/1/2025
10/2/2025
500,000.00
91282CGE5
US TREASURY N/B
3.87%
1/15/2026
504,100.72
241.76
10/22/2025
10/22/2025
565,000.00
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
571,064.24
5,638.30
10/22/2025
10/22/2025
400,000.00
91282CGE5
US TREASURY N/B
3.87%
1/15/2026
404,185.47
210.14
20

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
SELL
10/22/2025
10/22/2025
580,000.00
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
594,154.59
3,582.75
10/22/2025
10/22/2025
490,000.00
91282CKA8
US TREASURY N/B
4.12%
2/15/2027
497,352.50
5,651.82
10/22/2025
10/22/2025
360,000.00
91282CJT9
US TREASURY N/B
4.00%
1/15/2027
365,856.72
2,671.95
11/6/2025
11/7/2025
330,000.00
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
334,973.09
1,585.99
11/7/2025
11/10/2025
311,000.00
91282CPC9
US TREASURY N/B
3.50%
10/15/2028
311,449.49
-292.82
11/17/2025
11/20/2025
345,000.00
91282CKA8
US TREASURY N/B
4.12%
2/15/2027
350,610.94
3,208.36
Total  SELL
3,881,000.00
3,933,747.76
22,498.25
21

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
10/1/2025
10/2/2025
550,000.00
91282CNY3
US TREASURY N/B
3.37%
9/15/2028
547,799.45
3.58%
BUY
10/27/2025
10/28/2025
975,000.00
91282CPC9
US TREASURY N/B
3.50%
10/15/2028
976,104.49
3.50%
BUY
10/27/2025
10/28/2025
975,000.00
91282CPB1
US TREASURY N/B
3.50%
9/30/2027
977,625.00
3.50%
BUY
11/3/2025
11/6/2025
30,000.00
02079KAV9
ALPHABET INC  (CALLABLE)
3.87%
11/15/2028
29,974.20
3.91%
BUY
11/6/2025
11/7/2025
330,000.00
66989HAX6
NOVARTIS CAPITAL CORP  (CALLABLE)
3.90%
11/5/2028
330,682.00
3.83%
BUY
11/7/2025
11/10/2025
300,000.00
17275RBR2
CISCO SYSTEMS INC  (CALLABLE)
4.85%
2/26/2029
310,940.83
3.98%
BUY
11/17/2025
11/20/2025
125,000.00
023135CS3
AMAZON.COM INC  (CALLABLE)
3.90%
11/20/2028
124,972.50
3.91%
BUY
11/19/2025
11/20/2025
225,000.00
91282CPK1
US TREASURY N/B
3.50%
11/15/2028
224,634.16
3.57%
BUY
10/1/2025
10/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
243.97
INTEREST
10/15/2025
10/15/2025
14913UAR1
CATERPILLAR FINL SERVICE
4.40%
10/15/2027
3,300.00
INTEREST
10/15/2025
10/15/2025
91282CLQ2
US TREASURY N/B
3.87%
10/15/2027
8,621.88
INTEREST
10/15/2025
10/15/2025
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
18,450.00
INTEREST
10/15/2025
10/15/2025
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
13,065.63
INTEREST
10/22/2025
10/22/2025
46647PEE2
JPMORGAN CHASE & CO  (CALLABLE)
5.57%
4/22/2028
3,064.05
INTEREST
10/31/2025
10/31/2025
91282CHA2
US TREASURY N/B
3.50%
4/30/2028
4,725.00
INTEREST
11/3/2025
11/3/2025
MONEY0002
MONEY MARKET FUND
0.00%
1,327.19
INTEREST
11/13/2025
11/13/2025
808513BR5
CHARLES SCHWAB CORP  (CALLABLE)
1.15%
5/13/2026
632.50
INTEREST
11/15/2025
11/15/2025
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
50,512.50
INTEREST
22

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
11/15/2025
11/15/2025
9128283F5
US TREASURY N/B
2.25%
11/15/2027
3,903.75
INTEREST
11/15/2025
11/15/2025
912828X88
US TREASURY N/B
2.37%
5/15/2027
13,775.00
INTEREST
11/15/2025
11/15/2025
91282CLX7
US TREASURY N/B
4.12%
11/15/2027
18,356.25
INTEREST
11/15/2025
11/15/2025
91282CND9
US TREASURY N/B
3.75%
5/15/2028
22,875.00
INTEREST
11/21/2025
11/21/2025
38151LAG5
GOLDMAN SACHS BANK USA
5.41%
5/21/2027
4,737.25
INTEREST
11/30/2025
11/30/2025
637639AK1
NATIONAL SECS CLEARING
5.00%
5/30/2028
8,250.00
INTEREST
12/1/2025
12/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
183.51
INTEREST
12/8/2025
12/8/2025
48125LRU8
JP MORGAN CHASE BANK NA
5.11%
12/8/2026
4,088.00
INTEREST
12/15/2025
12/15/2025
91282CMB4
US TREASURY N/B
4.00%
12/15/2027
7,700.00
INTEREST
10/1/2025
10/2/2025
500,000.00
91282CGE5
US TREASURY N/B
3.87%
1/15/2026
504,100.72
241.76
SELL
10/22/2025
10/22/2025
565,000.00
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
571,064.24
5,638.30
SELL
10/22/2025
10/22/2025
400,000.00
91282CGE5
US TREASURY N/B
3.87%
1/15/2026
404,185.47
210.14
SELL
10/22/2025
10/22/2025
580,000.00
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
594,154.59
3,582.75
SELL
10/22/2025
10/22/2025
490,000.00
91282CKA8
US TREASURY N/B
4.12%
2/15/2027
497,352.50
5,651.82
SELL
10/22/2025
10/22/2025
360,000.00
91282CJT9
US TREASURY N/B
4.00%
1/15/2027
365,856.72
2,671.95
SELL
11/6/2025
11/7/2025
330,000.00
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
334,973.09
1,585.99
SELL
11/7/2025
11/10/2025
311,000.00
91282CPC9
US TREASURY N/B
3.50%
10/15/2028
311,449.49
-292.82
SELL
23

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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
11/17/2025
11/20/2025
345,000.00
91282CKA8
US TREASURY N/B
4.12%
2/15/2027
350,610.94
3,208.36
SELL
TOTALS
7,644,291.87
22,498.25
7,391,000.00
24

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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.
25

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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.
26

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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.
27

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
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.
28