Investment Report for the Quarter Ending December 31, 2025

City of Chandler — Regular Meeting (2026-02-25)

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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
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
Luke Schneider, CFA, Managing Director
Annette Gaston, Director
CITY OF CHANDLER
HEALTH CARE BENEFITS TRUST

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

PFM Asset Management  |  pfmam.com
Account Summary
2

PFM Asset Management  |  pfmam.com
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 HEALTH CARE BENEFITS TRUST
Portfolio Values
December 31, 2025
PFMAM Managed Account
$21,600,843
Amortized Cost
$21,413,624
Market Value
$21,600,843
Accrued Interest
$190,123
Cash
$196,837
Analytics¹
December 31, 2025
Yield at Market
3.57%
Yield on Cost
4.12%
Portfolio Duration
1.75
3

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Account Summary
Sector Allocation Analytics
0.0%
22.5%
77.5%
0.0%
10.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
**First American Funds - $10
Corporate - $4,892,553
U.S. Treasury - $16,898,413
20.0%
30.0%
Sector Limit for Analysis*
Portfolio Allocation
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.
4

PFM Asset Management  |  pfmam.com
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
77.5%
U.S. Treasury
United States Treasury
77.5%
AA / Aa / AA
22.5%
Corporate
Advanced Micro Devices Inc
0.4%
A / A / NR
Alphabet Inc
0.1%
AA / Aa / NR
Amazon.com Inc
1.4%
AA / A / AA
Bank of America Corp
0.6%
A / Aa / AA
Bank of New York Mellon Corp
1.6%
A / Aa / AA
BlackRock Inc
0.5%
AA / Aa / NR
Caterpillar Inc
0.8%
A / A / A
Charles Schwab Corp
0.5%
A / A / A
Chevron Corp
0.9%
AA / Aa / NR
Cisco Systems Inc
1.6%
AA / A / NR
Citigroup Inc
0.8%
BBB / A / A
Depository Trust & Clearing Corp
1.8%
AA / Aa / NR
Eli Lilly & Co
0.9%
A / Aa / NR
Goldman Sachs Group Inc
0.9%
A / A / A
Johnson & Johnson
0.2%
AAA / Aaa / NR
JPMorgan Chase & Co
1.0%
A / Aa / AA
Kenvue Inc
0.6%
A / A / NR
Mastercard Inc
0.8%
A / Aa / NR
Morgan Stanley
0.9%
A / Aa / AA
National Rural Utilities Cooperative Fi
0.4%
NR / A / A
Novartis AG
1.5%
AA / Aa / NR
PepsiCo Inc
0.8%
A / A / NR
State Street Corp
1.3%
A / Aa / AA
Toyota Motor Corp
0.6%
A / A / A
Market Value (%) S&P / Moody's / Fitch
Security Type / Issuer
22.5%
Corporate
Walmart Inc
1.5%
AA / Aa / AA
100.0%
Total
5

PFM Asset Management  |  pfmam.com
Portfolio Review:
CHANDLER HEALTH CARE BENEFITS TRUST
6

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Snapshot
1. Total market value includes accrued interest and balances invested in PFM AM, as of December 31, 2025. Yield and duration calculations exclude balances invested in PFM AM.
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 Financial LP.
Portfolio Snapshot - CHANDLER HEALTH CARE BENEFITS TRUST¹
5%
59%
36%
8%
36%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
Portfolio
Benchmark3 
56%
Duration Distribution
U.S. Treasury | 78%
Corporate | 22%
Sector Allocation
AAA | <1%
AA+ | 80%
AA | 3%
AA- | 4%
A+ | 5%
A | 6%
A- | 1%
BBB+ | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration
1.75 years
Benchmark Effective Duration
1.76 years
Portfolio Credit Quality
AA
Yield At Market
3.57%
Yield At Cost
4.12%
Total Market Value
$21,987,803.30
$21,600,842.94
Securities Sub-Total
$196,836.88
Cash
$190,123.48
Accrued Interest
Credit Quality - S&P2
7

Liquidity Vehicle
Quarter-End Yield
Allspring Treasury Plus Money 
Market A Fund1
First American Funds2
1.
Allspring Treasury Plus Money Market A Fund ticker symbol PISXX. Account yield is the 30-day current yield from Fund website as of 12/31/2025.
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
PFM Asset Management  |  pfmam.com
For the Quarter Ended December 31, 2025
Portfolio Characteristics
3.67%
3.66%
8

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Characteristics
$0.0
$5.2
$10.4
$15.6
$20.8
$26.0
Millions
December 2025
$0.0
$5.2
$10.4
$15.6
$20.8
$26.0
Millions
September 2025
$0.0
$5.2
$10.4
$15.6
$20.8
$26.0
Millions
June 2025
$0.0
$5.2
$10.4
$15.6
$20.8
$26.0
Millions
March 2025
Sector Allocation Review - CHANDLER HEALTH CARE BENEFITS 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
$19.8
79.8%
$20.1
78.5%
$19.2
80.4%
$16.8
77.6%
Federal Agency
$1.2
5.0%
$1.2
4.9%
$0.0
0.0%
$0.0
0.0%
Municipal
$0.1
0.4%
$0.1
0.4%
$0.0
0.0%
$0.0
0.0%
Corporate
$3.7
14.8%
$4.1
16.2%
$4.7
19.6%
$4.8
22.4%
Total
$24.9
100.0%
$25.6
100.0%
$23.8
100.0%
$21.6
100.0%
9

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended December 31, 2025
Portfolio Activity
Portfolio Activity - CHANDLER HEALTH CARE BENEFITS TRUST
Net Activity by Sector
($ millions)
U.S. Treasury
Corporate
U.S. Treasury
Corporate
($4.0)
($3.0)
($2.0)
($1.0)
$0.0
$1.0
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
$147,963
U.S. Treasury
($2,464,899)
($2,316,937)
Total Net Activity
Sales/Maturities                       Purchases
10

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. 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 Financial LP.
4.
0.0%
2.0%
4.0%
6.0%
Return
Portfolio
Benchmark
Portfolio Performance
Market Value Basis Earnings
3 Months
1 Year
3 Years
5 Years
10 Years¹
$218,438
$922,087
$2,159,610
$2,529,519
$3,550,021
Interest Earned²
Change in Market Value
$37,864
$300,140
$862,231
$194,397
$566,958
$256,302
Total Dollar Return
$1,222,227
$3,021,841
$2,723,916
$4,116,979
Total Return³
Portfolio
1.12%
5.27%
4.86%
2.51%
2.31%
Benchmark⁴
1.12%
5.09%
4.48%
1.79%
1.83%
3 Months
1 Year
3 Years
5 Years
10 Years
11

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 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
$218,438
$20,258
$9,803
$248,499
1 Year
$922,087
$30,826
$61,758
$1,014,671
3 Years
$2,159,610
($7,985)
$266,654
$2,418,279
5 Year
$2,529,519
$46,767
$210,848
$2,787,134
10 Year¹
$3,550,021
$103,719
$264,508
$3,918,248
12

PFM Asset Management  |  pfmam.com
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
16,765,289
77.62 %
DEPOSITORY TRUST & CLEARING CORP
388,979
1.80 %
BANK OF NEW YORK MELLON CORP
338,351
1.57 %
WALMART INC
333,917
1.55 %
CISCO SYSTEMS INC
333,177
1.54 %
NOVARTIS AG
326,058
1.51 %
AMAZON.COM INC
298,173
1.38 %
STATE STREET CORP
274,141
1.27 %
JPMORGAN CHASE & CO
220,847
1.02 %
MORGAN STANLEY
193,493
0.90 %
ELI LILLY & CO
193,242
0.89 %
CHEVRON CORP
192,955
0.89 %
GOLDMAN SACHS GROUP INC
190,996
0.88 %
CATERPILLAR INC
172,018
0.80 %
PEPSICO INC
162,338
0.75 %
CITIGROUP INC
162,292
0.75 %
MASTERCARD INC
161,864
0.75 %
KENVUE INC
137,922
0.64 %
BANK OF AMERICA CORP
136,226
0.63 %
TOYOTA MOTOR CORP
135,922
0.63 %
CHARLES SCHWAB CORP
118,815
0.55 %
BLACKROCK INC
106,381
0.49 %
ADVANCED MICRO DEVICES INC
96,003
0.44 %
NATIONAL RURAL UTILITIES COOPERATIVE FI
90,471
0.42 %
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
25,122
0.12 %
21,600,843
Grand Total
100.00 %
14

PFM Asset Management  |  pfmam.com
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 12/15/2023 4.375% 12/15/2026
91282CJP7
105,000.00
AA+
Aa1
1/3/2024
1/4/2024
105,697.27
4.13
214.54
105,823.62
105,234.95
US TREASURY N/B
DTD 02/15/2024 4.125% 02/15/2027
91282CKA8
200,000.00
AA+
Aa1
2/13/2024
2/15/2024
198,140.63
4.46
3,116.17
201,312.60
199,276.16
US TREASURY N/B
DTD 04/15/2024 4.500% 04/15/2027
91282CKJ9
110,000.00
AA+
Aa1
4/12/2024
4/15/2024
109,346.88
4.71
1,060.71
111,353.55
109,709.28
US TREASURY N/B
DTD 04/15/2024 4.500% 04/15/2027
91282CKJ9
3,500,000.00
AA+
Aa1
3/3/2025
3/4/2025
3,537,050.78
3.97
33,750.00
3,543,067.50
3,522,877.60
US TREASURY N/B
DTD 05/15/2017 2.375% 05/15/2027
912828X88
1,175,000.00
AA+
Aa1
3/14/2024
3/15/2024
1,103,260.74
4.46
3,623.19
1,157,283.35
1,144,032.97
US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1
100,000.00
AA+
Aa1
5/9/2024
5/15/2024
99,664.06
4.62
584.25
101,328.10
99,840.98
US TREASURY N/B
DTD 06/17/2024 4.625% 06/15/2027
91282CKV2
255,000.00
AA+
Aa1
7/2/2024
7/3/2024
255,517.97
4.55
550.81
259,074.14
255,263.82
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3
105,000.00
AA+
Aa1
7/30/2024
7/31/2024
105,516.80
4.20
2,122.11
106,394.51
105,276.77
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3
640,000.00
AA+
Aa1
8/1/2024
8/2/2024
646,525.00
4.00
12,934.78
648,499.84
643,495.67
US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0
180,000.00
AA+
Aa1
9/1/2022
9/1/2022
170,894.53
3.37
1,529.76
176,498.46
177,025.24
US TREASURY N/B
DTD 09/16/2024 3.375% 09/15/2027
91282CLL3
730,000.00
AA+
Aa1
10/1/2024
10/2/2024
727,832.81
3.48
7,350.41
728,659.72
728,725.76
US TREASURY N/B
DTD 10/15/2024 3.875% 10/15/2027
91282CLQ2
230,000.00
AA+
Aa1
11/1/2024
11/4/2024
228,176.17
4.16
1,909.82
231,536.40
228,868.57
US TREASURY N/B
DTD 11/15/2024 4.125% 11/15/2027
91282CLX7
975,000.00
AA+
Aa1
12/5/2024
12/6/2024
975,152.34
4.12
5,221.77
986,120.85
975,099.00
US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2027
91282CFZ9
1,100,000.00
AA+
Aa1
3/14/2024
3/15/2024
1,079,976.56
4.41
3,747.25
1,107,819.90
1,089,685.34
US TREASURY N/B
DTD 12/16/2024 4.000% 12/15/2027
91282CMB4
1,040,000.00
AA+
Aa1
1/3/2025
1/6/2025
1,031,996.88
4.28
1,942.86
1,050,075.52
1,034,572.78
15

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
U.S. Treasury
US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0
910,000.00
AA+
Aa1
3/14/2024
3/15/2024
897,416.40
4.38
12,367.96
919,491.30
903,133.85
US TREASURY N/B
DTD 03/17/2025 3.875% 03/15/2028
91282CMS7
985,000.00
AA+
Aa1
4/1/2025
4/2/2025
986,385.16
3.82
11,387.36
992,926.30
986,048.54
US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9
945,000.00
AA+
Aa1
6/2/2025
6/3/2025
940,754.88
3.91
4,601.00
950,131.35
941,550.98
US TREASURY N/B
DTD 06/16/2025 3.875% 06/15/2028
91282CNH0
1,100,000.00
AA+
Aa1
7/1/2025
7/2/2025
1,103,652.34
3.75
1,990.73
1,109,453.40
1,103,063.24
US TREASURY N/B
DTD 08/15/2025 3.625% 08/15/2028
91282CNU1
875,000.00
AA+
Aa1
8/13/2025
8/15/2025
874,282.23
3.65
11,980.72
877,221.63
874,368.96
US TREASURY N/B
DTD 08/15/2025 3.625% 08/15/2028
91282CNU1
385,000.00
AA+
Aa1
8/27/2025
8/28/2025
385,015.04
3.62
5,271.52
385,977.52
385,014.32
US TREASURY N/B
DTD 09/15/2025 3.375% 09/15/2028
91282CNY3
400,000.00
AA+
Aa1
10/1/2025
10/2/2025
397,765.63
3.58
4,027.62
398,359.20
397,947.70
US TREASURY N/B
DTD 10/15/2025 3.500% 10/15/2028
91282CPC9
240,000.00
AA+
Aa1
11/3/2025
11/4/2025
239,296.88
3.61
1,800.00
239,756.16
239,333.60
US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3
375,000.00
AA+
Aa1
1/26/2024
1/29/2024
369,829.10
4.06
38.85
377,124.00
371,729.45
16,660,000.00
16,569,147.08
133,124.19
16,765,288.92
Security Type Sub-Total
4.02
16,621,175.53
Corporate
AMAZON.COM INC  (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
136.11
99,022.10
98,833.53
CHARLES SCHWAB CORP
(CALLABLE)
DTD 05/13/2021 1.150% 05/13/2026
808513BR5
120,000.00
A-
A2
7/25/2024
7/26/2024
111,789.60
5.19
184.00
118,815.36
118,267.49
TOYOTA MOTOR CREDIT CORP
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
2,568.75
135,922.46
134,870.74
BANK OF AMERICA NA  (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2
135,000.00
A+
Aa2
10/23/2023 10/24/2023
133,863.30
5.85
2,756.09
136,225.67
134,745.53
WALMART INC  (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
1,031.33
333,917.40
332,961.49
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
AMAZON.COM INC  (CALLABLE)
DTD 04/13/2022 3.300% 04/13/2027
023135CF1
200,000.00
AA
A1
7/16/2025
7/17/2025
197,346.00
4.10
1,430.00
199,151.20
198,023.79
GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5
190,000.00
A+
A1
5/21/2025
5/22/2025
191,195.10
5.08
1,142.96
190,995.79
190,471.57
BLACKROCK FUNDING INC
(CALLABLE)
DTD 07/26/2024 4.600% 07/26/2027
09290DAH4
105,000.00
AA-
Aa3
7/17/2024
7/26/2024
104,996.85
4.60
2,079.58
106,381.17
104,998.43
CATERPILLAR FINL SERVICE
DTD 08/16/2024 4.400% 10/15/2027
14913UAR1
170,000.00
A
A2
8/12/2024
8/16/2024
169,915.00
4.42
1,579.11
172,017.73
169,950.56
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
BANK OF NY MELLON CORP
(CALLABLE)
DTD 02/07/2017 3.442% 02/07/2028
06406RAB3
340,000.00
A
Aa3
8/6/2024
8/7/2024
330,323.60
4.33
4,681.12
338,351.34
334,023.57
PEPSICO INC  (CALLABLE)
DTD 02/07/2025 4.450% 02/07/2028
713448GA0
160,000.00
A+
A1
2/5/2025
2/7/2025
159,932.80
4.47
2,848.00
162,337.60
159,952.10
ELI LILLY & CO  (CALLABLE)
DTD 02/12/2025 4.550% 02/12/2028
532457CU0
190,000.00
A+
Aa3
6/26/2025
6/27/2025
192,306.60
4.06
3,337.93
193,241.59
191,861.60
JPMORGAN CHASE & CO
(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
1,143.60
108,658.44
105,437.90
CISCO SYSTEMS INC  (CALLABLE)
DTD 02/24/2025 4.550% 02/24/2028
17275RBW1
40,000.00
AA-
A1
2/19/2025
2/24/2025
39,956.80
4.59
642.06
40,649.80
39,968.54
CHEVRON USA INC  (CALLABLE)
DTD 02/26/2025 4.475% 02/26/2028
166756BB1
190,000.00
AA-
Aa2
2/24/2025
2/26/2025
190,000.00
4.48
2,952.26
192,954.88
190,000.00
STATE STREET CORP  (CALLABLE)
DTD 02/28/2025 4.536% 02/28/2028
857477CU5
270,000.00
A
Aa3
2/25/2025
2/28/2025
270,000.00
4.54
4,184.46
274,140.99
270,000.00
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
135,000.00
A
A2
6/27/2025
6/30/2025
138,187.35
4.12
1,874.81
137,922.48
137,607.34
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
ADVANCED MICRO DEVICES
(CALLABLE)
DTD 03/24/2025 4.319% 03/24/2028
007903BJ5
95,000.00
A
A1
3/10/2025
3/24/2025
95,000.00
4.32
1,105.54
96,003.10
95,000.00
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
380,000.00
AA+
Aa1
7/18/2025
7/21/2025
386,703.20
4.20
1,636.11
388,979.02
385,683.48
NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0
90,000.00
NR
A2
8/19/2025
8/25/2025
89,899.20
4.19
1,307.25
90,470.88
89,910.40
NOVARTIS CAPITAL CORP
(CALLABLE)
DTD 11/05/2025 3.900% 11/05/2028
66989HAX6
325,000.00
AA-
Aa3
11/6/2025
11/7/2025
325,601.25
3.83
1,971.67
326,057.88
325,572.08
ALPHABET INC  (CALLABLE)
DTD 11/06/2025 3.875% 11/15/2028
02079KAV9
25,000.00
AA+
Aa2
11/3/2025
11/6/2025
24,978.50
3.91
148.00
25,121.95
24,979.55
MORGAN STANLEY BANK NA
(CALLABLE)
DTD 01/21/2025 5.016% 01/12/2029
61690DK72
190,000.00
A+
Aa3
6/20/2025
6/23/2025
192,276.20
4.65
4,473.99
193,492.96
191,831.80
CISCO SYSTEMS INC  (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2
285,000.00
AA-
A1
11/7/2025
11/10/2025
292,552.50
3.98
4,799.48
292,527.42
292,239.67
CITIGROUP INC  (CALLABLE)
DTD 03/04/2025 4.786% 03/04/2029
17327CAW3
160,000.00
BBB+
A3
2/25/2025
3/4/2025
160,000.00
4.79
2,488.72
162,292.48
160,000.00
4,795,000.00
4,742,079.40
56,999.29
4,835,554.02
Security Type Sub-Total
4.45
4,792,448.91
21,455,000.00
21,311,226.48
190,123.48
21,600,842.94
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$21,455,000.00
$21,311,226.48
$190,123.48
$21,600,842.94
$190,123.48
21,413,624.44
$21,413,624.44
4.12
4.12%
Total Investments
$21,790,966.42
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
400,000.00
91282CNY3
US TREASURY N/B
3.37%
9/15/2028
398,399.61
3.58%
11/3/2025
11/4/2025
240,000.00
91282CPC9
US TREASURY N/B
3.50%
10/15/2028
239,758.42
3.61%
11/3/2025
11/6/2025
25,000.00
02079KAV9
ALPHABET INC  (CALLABLE)
3.87%
11/15/2028
24,978.50
3.91%
11/6/2025
11/7/2025
325,000.00
66989HAX6
NOVARTIS CAPITAL CORP  (CALLABLE)
3.90%
11/5/2028
325,671.67
3.83%
11/7/2025
11/10/2025
285,000.00
17275RBR2
CISCO SYSTEMS INC  (CALLABLE)
4.85%
2/26/2029
295,393.79
3.98%
Total  BUY
1,275,000.00
1,284,201.99
0.00
INTEREST
10/1/2025
10/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
279.29
10/13/2025
10/13/2025
023135CF1
AMAZON.COM INC  (CALLABLE)
3.30%
4/13/2027
3,300.00
10/15/2025
10/15/2025
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
6,475.00
10/15/2025
10/15/2025
91282CLQ2
US TREASURY N/B
3.87%
10/15/2027
4,456.25
10/15/2025
10/15/2025
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
81,225.00
10/15/2025
10/15/2025
14913UAR1
CATERPILLAR FINL SERVICE
4.40%
10/15/2027
3,740.00
10/22/2025
10/22/2025
46647PEE2
JPMORGAN CHASE & CO  (CALLABLE)
5.57%
4/22/2028
3,064.05
11/3/2025
11/3/2025
594918BJ2
MICROSOFT CORP  (CALLABLE)
3.12%
11/3/2025
4,140.63
11/3/2025
11/3/2025
MONEY0002
MONEY MARKET FUND
0.00%
218.07
11/12/2025
11/12/2025
023135BX3
AMAZON.COM INC  (CALLABLE)
1.00%
5/12/2026
500.00
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
11/13/2025
11/13/2025
808513BR5
CHARLES SCHWAB CORP  (CALLABLE)
1.15%
5/13/2026
690.00
11/15/2025
11/15/2025
91282CND9
US TREASURY N/B
3.75%
5/15/2028
17,718.75
11/15/2025
11/15/2025
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
2,250.00
11/15/2025
11/15/2025
91282CLX7
US TREASURY N/B
4.12%
11/15/2027
20,109.38
11/15/2025
11/15/2025
912828X88
US TREASURY N/B
2.37%
5/15/2027
13,953.13
11/21/2025
11/21/2025
38151LAG5
GOLDMAN SACHS BANK USA  (CALLABLE)
5.41%
5/21/2027
5,143.30
11/30/2025
11/30/2025
637639AK1
NATIONAL SECS CLEARING  (CALLABLE)
5.00%
5/30/2028
9,500.00
11/30/2025
11/30/2025
91282CFZ9
US TREASURY N/B
3.87%
11/30/2027
21,312.50
12/1/2025
12/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
241.81
12/15/2025
12/15/2025
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
2,296.88
12/15/2025
12/15/2025
91282CNH0
US TREASURY N/B
3.87%
6/15/2028
21,312.50
12/15/2025
12/15/2025
91282CMB4
US TREASURY N/B
4.00%
12/15/2027
20,800.00
12/15/2025
12/15/2025
91282CKV2
US TREASURY N/B
4.62%
6/15/2027
5,896.88
12/31/2025
12/31/2025
91282CJR3
US TREASURY N/B
3.75%
12/31/2028
7,031.25
Total  INTEREST
0.00
255,654.67
0.00
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
MATURITY
11/3/2025
11/3/2025
265,000.00
594918BJ2
MICROSOFT CORP  (CALLABLE)
3.12%
11/3/2025
265,000.00
Total  MATURITY
265,000.00
265,000.00
0.00
SELL
10/1/2025
10/2/2025
147,000.00
91282CGV7
US TREASURY N/B
3.75%
4/15/2026
149,543.22
47.05
10/1/2025
10/2/2025
185,000.00
91282CGV7
US TREASURY N/B
3.75%
4/15/2026
188,200.66
-79.85
10/22/2025
10/22/2025
250,000.00
91282CHB0
US TREASURY N/B
3.62%
5/15/2026
253,783.97
347.46
10/22/2025
10/22/2025
130,000.00
91282CHU8
US TREASURY N/B
4.37%
8/15/2026
131,802.51
1,027.53
10/22/2025
10/22/2025
165,000.00
91282CHU8
US TREASURY N/B
4.37%
8/15/2026
167,287.81
1,410.02
10/22/2025
10/22/2025
120,000.00
91282CGA3
US TREASURY N/B
4.00%
12/15/2025
121,710.55
50.74
10/22/2025
10/22/2025
475,000.00
91282CJK8
US TREASURY N/B
4.62%
11/15/2026
489,709.84
4,355.01
10/22/2025
10/22/2025
110,000.00
91282CGL9
US TREASURY N/B
4.00%
2/15/2026
110,847.42
43.56
10/22/2025
10/22/2025
185,000.00
91282CHU8
US TREASURY N/B
4.37%
8/15/2026
187,565.11
1,510.00
10/22/2025
10/22/2025
50,000.00
91282CFW6
US TREASURY N/B
4.50%
11/15/2025
50,984.12
-4.81
10/22/2025
10/22/2025
280,000.00
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
282,994.35
3,342.36
10/22/2025
10/22/2025
255,000.00
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
261,213.17
1,597.22
10/22/2025
10/22/2025
300,000.00
91282CJK8
US TREASURY N/B
4.62%
11/15/2026
309,290.42
1,783.62
11/6/2025
11/7/2025
100,000.00
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
102,483.27
491.78
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
SELL
11/6/2025
11/7/2025
230,000.00
66989HAJ7
NOVARTIS CAPITAL CORP  (CALLABLE)
3.00%
11/20/2025
233,081.23
-14.76
11/7/2025
11/10/2025
290,000.00
91282CJR3
US TREASURY N/B
3.75%
12/31/2028
295,640.92
4,350.92
Total  SELL
3,272,000.00
3,336,138.57
20,257.85
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
10/1/2025
10/2/2025
400,000.00
91282CNY3
US TREASURY N/B
3.37%
9/15/2028
398,399.61
3.58%
BUY
11/3/2025
11/4/2025
240,000.00
91282CPC9
US TREASURY N/B
3.50%
10/15/2028
239,758.42
3.61%
BUY
11/3/2025
11/6/2025
25,000.00
02079KAV9
ALPHABET INC  (CALLABLE)
3.87%
11/15/2028
24,978.50
3.91%
BUY
11/6/2025
11/7/2025
325,000.00
66989HAX6
NOVARTIS CAPITAL CORP  (CALLABLE)
3.90%
11/5/2028
325,671.67
3.83%
BUY
11/7/2025
11/10/2025
285,000.00
17275RBR2
CISCO SYSTEMS INC  (CALLABLE)
4.85%
2/26/2029
295,393.79
3.98%
BUY
10/1/2025
10/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
279.29
INTEREST
10/13/2025
10/13/2025
023135CF1
AMAZON.COM INC  (CALLABLE)
3.30%
4/13/2027
3,300.00
INTEREST
10/15/2025
10/15/2025
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
6,475.00
INTEREST
10/15/2025
10/15/2025
91282CLQ2
US TREASURY N/B
3.87%
10/15/2027
4,456.25
INTEREST
10/15/2025
10/15/2025
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
81,225.00
INTEREST
10/15/2025
10/15/2025
14913UAR1
CATERPILLAR FINL SERVICE
4.40%
10/15/2027
3,740.00
INTEREST
10/22/2025
10/22/2025
46647PEE2
JPMORGAN CHASE & CO  (CALLABLE)
5.57%
4/22/2028
3,064.05
INTEREST
11/3/2025
11/3/2025
594918BJ2
MICROSOFT CORP  (CALLABLE)
3.12%
11/3/2025
4,140.63
INTEREST
11/3/2025
11/3/2025
MONEY0002
MONEY MARKET FUND
0.00%
218.07
INTEREST
11/12/2025
11/12/2025
023135BX3
AMAZON.COM INC  (CALLABLE)
1.00%
5/12/2026
500.00
INTEREST
11/13/2025
11/13/2025
808513BR5
CHARLES SCHWAB CORP  (CALLABLE)
1.15%
5/13/2026
690.00
INTEREST
11/15/2025
11/15/2025
91282CND9
US TREASURY N/B
3.75%
5/15/2028
17,718.75
INTEREST
11/15/2025
11/15/2025
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
2,250.00
INTEREST
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
11/15/2025
11/15/2025
91282CLX7
US TREASURY N/B
4.12%
11/15/2027
20,109.38
INTEREST
11/15/2025
11/15/2025
912828X88
US TREASURY N/B
2.37%
5/15/2027
13,953.13
INTEREST
11/21/2025
11/21/2025
38151LAG5
GOLDMAN SACHS BANK USA
5.41%
5/21/2027
5,143.30
INTEREST
11/30/2025
11/30/2025
637639AK1
NATIONAL SECS CLEARING
5.00%
5/30/2028
9,500.00
INTEREST
11/30/2025
11/30/2025
91282CFZ9
US TREASURY N/B
3.87%
11/30/2027
21,312.50
INTEREST
12/1/2025
12/1/2025
MONEY0002
MONEY MARKET FUND
0.00%
241.81
INTEREST
12/15/2025
12/15/2025
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
2,296.88
INTEREST
12/15/2025
12/15/2025
91282CNH0
US TREASURY N/B
3.87%
6/15/2028
21,312.50
INTEREST
12/15/2025
12/15/2025
91282CMB4
US TREASURY N/B
4.00%
12/15/2027
20,800.00
INTEREST
12/15/2025
12/15/2025
91282CKV2
US TREASURY N/B
4.62%
6/15/2027
5,896.88
INTEREST
12/31/2025
12/31/2025
91282CJR3
US TREASURY N/B
3.75%
12/31/2028
7,031.25
INTEREST
11/3/2025
11/3/2025
265,000.00
594918BJ2
MICROSOFT CORP  (CALLABLE)
3.12%
11/3/2025
265,000.00
MATURITY
10/1/2025
10/2/2025
147,000.00
91282CGV7
US TREASURY N/B
3.75%
4/15/2026
149,543.22
47.05
SELL
10/1/2025
10/2/2025
185,000.00
91282CGV7
US TREASURY N/B
3.75%
4/15/2026
188,200.66
-79.85
SELL
10/22/2025
10/22/2025
250,000.00
91282CHB0
US TREASURY N/B
3.62%
5/15/2026
253,783.97
347.46
SELL
10/22/2025
10/22/2025
130,000.00
91282CHU8
US TREASURY N/B
4.37%
8/15/2026
131,802.51
1,027.53
SELL
10/22/2025
10/22/2025
165,000.00
91282CHU8
US TREASURY N/B
4.37%
8/15/2026
167,287.81
1,410.02
SELL
10/22/2025
10/22/2025
120,000.00
91282CGA3
US TREASURY N/B
4.00%
12/15/2025
121,710.55
50.74
SELL
24

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
10/22/2025
10/22/2025
475,000.00
91282CJK8
US TREASURY N/B
4.62%
11/15/2026
489,709.84
4,355.01
SELL
10/22/2025
10/22/2025
110,000.00
91282CGL9
US TREASURY N/B
4.00%
2/15/2026
110,847.42
43.56
SELL
10/22/2025
10/22/2025
185,000.00
91282CHU8
US TREASURY N/B
4.37%
8/15/2026
187,565.11
1,510.00
SELL
10/22/2025
10/22/2025
50,000.00
91282CFW6
US TREASURY N/B
4.50%
11/15/2025
50,984.12
-4.81
SELL
10/22/2025
10/22/2025
280,000.00
91282CJC6
US TREASURY N/B
4.62%
10/15/2026
282,994.35
3,342.36
SELL
10/22/2025
10/22/2025
255,000.00
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
261,213.17
1,597.22
SELL
10/22/2025
10/22/2025
300,000.00
91282CJK8
US TREASURY N/B
4.62%
11/15/2026
309,290.42
1,783.62
SELL
11/6/2025
11/7/2025
100,000.00
91282CJP7
US TREASURY N/B
4.37%
12/15/2026
102,483.27
491.78
SELL
11/6/2025
11/7/2025
230,000.00
66989HAJ7
NOVARTIS CAPITAL CORP  (CALLABLE)
3.00%
11/20/2025
233,081.23
-14.76
SELL
11/7/2025
11/10/2025
290,000.00
91282CJR3
US TREASURY N/B
3.75%
12/31/2028
295,640.92
4,350.92
SELL
TOTALS
5,140,995.23
20,257.85
4,812,000.00
25

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.
26

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.
27

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.
28

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.
29