Investment Report for the Quarter Ending March 31, 2026

Investment Performance Review
For the Quarter Ended March 31, 2026
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
•
Market Summary
•
Account Summary
•
Portfolio Review
2

PFM Asset Management  |  pfmam.com
Market Summary
3

For the QuarterEnded March 31, 2026
Fixed Income Management
QUARTERLYMARKET SUMMARY
Summary
• The first quarter of 2026 began with familiarthemes: a data-dependent
Federal Reserve (Fed)and a constructive risk sentiment acrossasset classes.
The backdrop shifted on February 28 whenthe conflict in Iran began,
shifting investorsentiment and significantlyrepricing marketsthroughthe
balance of the quarter.
• The primary source of market disruption wasthe effective halt of traffic
throughthe Strait of Hormuz, a critical artery for global oil shipments.As 
a result, crude oil prices increased by over60%in March alone. Market
volatility indicesjumped to 12-month highs, equity marketssold off sharply,
and interest ratesincreased asthe implicationsof rising energyprices
pushed up near term inflation expectations.
• Seeminglyovershadowed by geopolitical headlines, the Federal Open
Market Committee (FOMC)met in March and held itstarget range
unchanged at 3.50%to 3.75%, asexpected.The FOMC maintained its“dot
plot” projection for one 25 basis point rate cut in 2026. Fed ChairJerome
Powell also acknowledgedthe path forward is complicated by the Middle
Eastern conflict, making it more challenging forthe Fed to balance its dual
mandate of price stabilityand maximum employment.
Economic Snapshot
• Inflation remained stubborn during the first quarterof 2026,with limited
progressin core servicesand continued upward pressure from tariff
passthroughs. Looking ahead, the inflation outlook hasbecome increasingly
dependent on the duration of the Middle East conflict and the extent to
which sustained energyprice increasesfeed into core goodsand services.
A broader and more persistent passthroughwould pose upside risksto
inflation and complicate Fed policy.
• Labor market data remained steady with unemployment at 4.3%in March.
Monthlypayroll employment remained subdued and averaged 68,000 new
jobsper month overthe quarter. Initial jobless claims held near historically
low levelsand continuing claims declined, reinforcingthe persistence of a
“low-hire, low-fire” environment.
• Economic growthin the fourth quarter of 2025 remained resilient despite
temporary headwindsfrom the U.S. government shutdown, as stable
consumerand businessspending helped offset the drag of government
spending on real grossdomestic product (GDP). Household balance sheets 
and labor income exceedinginflation continuedto support consumption,
while businessinvestment showed pocketsof strength, particularlyin
technologyand productivity-enhancing initiatives.
Interest Rates
• U.S.Treasuryyieldsincreased overthequarteras investorsrepricedtheir Fed
policyoutlook driven by geopoliticalturmoil and renewedinflation concerns.
Yield increases were led higherby the 2-yearmaturityreflectingmarket
repricingof Fed interest rate policyoverthenext severalquarters.
• The 3-month U.S.Treasury endedthe quarterat 3.67%, 4 bpshigher.The 2-,
5- and 10-yearU.S.Treasuriesendedthe quarterat 3.79%, 3.94%, and 4.32%,
representingincreasesof +32 bps, +21 bps, and +15 bps, respectively.
• Longerduration bond indicesexperiencedthe greatest pressure from rising
yields, with higherratesadversely impactingvaluations.As bond yieldsremain
firmlyabovemulti-yearaverages,income remainsa key component of total
returns.The ICEBofA 3-month and 2-yearU.S.Treasury indicesreturned 0.85% 
and 0.23%whilethe 5- and 10-yearU.S.Treasury indicesfell -0.01%and -0.11% 
forthe quarter,respectively.
Sector Performance
• Excessreturnswere a mixed bag during the quarter assouring risk sentiment
weighed on the corporate sector more significantlythan asset-backed and
mortgage-backed counterparts.
• Federal agencyand supranational issuance remained limited, keeping
spreadsnarrow and excessreturnsmuted. Theexpectation for new issuance
overthe foreseeablefuture remainsquite light.
• Investment-grade (IG) corporate bondswere not immune to the broad
risk-off in March asspreads jumped off multi-yearlow levels.As a result,
the sector generated negative excessreturns, with lowerquality and longer
duration underperforming.
• AAA-rated asset-backed securitiesbenefited from marginallywider
spreadsrelativeto corporatesto begin the quarter.As a result, the sell-off
throughMarch impacted ABSexcessreturnsless significantlythan it did for
corporates, with the sector generating positive excessreturns. Auto loan
collateral only slightlyoutperformed credit card receivables forthe quarter.
• Agency-backed mortgage-backed securities(MBS) also generated positive
excessreturnsin the first quarter asdemand served asa primarytailwind
throughthe quarter. Longer-duration collateral (30-year) outperformed
shorter-duration(15-year) mortgages. Agency-backed commercial MBS 
(CMBS) performed in line with 30-yearmortgages, representingthe top-of-
class IG sectorsforthe first quarter.
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Market Summary
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4

For the QuarterEnded March 31, 2026
Fixed Income Management
QUARTERLYMARKET SUMMARY
Economic Snapshot
GDP Personal Consumption (QoQ SAAR)
2026Q4
1.9%
Retail Sales (YoY)
Feb-26
3.7%
2.4%
5.1%
ISM Manufacturing Survey (month)
Mar-26
52.7
47.9
48.9
Existing Home Sales SAAR (month)
Mar-26
3.98 mil.
4.27 mil.
4.02 mil.
Inflation/ Prices
Personal Consumption Expenditures (YoY)
Feb-26
2.8%
2.9%
2.4%
Consumer Price Index (YoY)
Mar-26
3.3%
2.7%
2.4%
Consumer Price Index Core (YoY)
Mar-26
2.6%
2.6%
2.8%
Crude Oil Futures (WTI, per barrel)
Mar 31
$101.38
$57.42
$71.48
Gold Futures (oz.)
Mar 31
$4,648
$4,341
$3,123
Labor Market
Latest
Dec-25
Mar-25
Unemployment Rate
Mar-26
4.3%
4.4%
4.2%
Change In Non-Farm Payrolls
Mar-26
178,000
-17,000
67,000
5.0%
Average Hourly Earnings (YoY)
Mar-26
3.5%
3.7%
4.0%
4.2%
3.0%
Personal Income (YoY)
Feb-26
3.7%
4.5%
2.0%
5.2%
1.0%
0.0%
Unemployment Rate (left) vs. Change in Non-farm
Payrolls (right)
Change In Non-Farm Payrolls
Unemployment Rate
400K
300K
200K
100K
0
-100K
-200K
4%
3%
2%
1%
0%
-1%
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Dec-25
6%
5%
4%
3%
2%
1%
0%
Mar-23
Sep-23
Mar-24
Sep-24
Mar-25
Sep-25
Mar-26
Consumer Price Index
CPI (YoY)
CoreCPI (YoY)
3.9%
2
Initial Jobless Claims (week)
4/ 4/ 26
219,000
203,000
220,000
Mar-23
Sep-23
Mar-24
Sep-24
Mar-25
Sep-25
Growth
1
2
Real GDP (QoQ SAAR)
2026Q4
0.5%
4.4%
1.9%
5%
Real GDP (QoQ)
3.5%
1
1. Data as of Third Quarter 2025.
2. Data as of Fourth Quarter 2024.
Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil.
Source: Bloomberg Finance L.P.
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Market Summary
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5

For the QuarterEnded March 31, 2026
Fixed Income Management
QUARTERLYMARKET SUMMARY
Source: Bloomberg Finance L.P.
Interest Rate Overview
U.S.Treasury Note Yields
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
3/ 31/ 25
6/ 30/ 25
9/ 30/ 25
12/ 31/ 25
3/ 31/ 26
U.S.TreasuryYield Curve
U.S. Treasury Yields
Yield Curvesasof March 31, 2026
6%
5%
4%
3%
2%
1%
0%
7-yr
5-yr
3-yr
2-yr
1-yr
3-
mo
10-yr
20-yr
30-yr
Yield
Maturity
December 31, 2025
March 31, 2026
March 31, 2025
7%
6%
5%
4%
3%
2%
1%
0%
7-
yr
0
5-yr
3-yr
2-yr
1-yr
3-
mo
10-yr
25-yr
30-yr
Yield
Maturity
Federal Agency
U.S. Treasury
Corporates, A Rated
Yield
2-Year
5-Year
10-Year
Maturity
Mar-26
Dec-25
Change over
Quarter
Mar'25
Change over
Year
3-Month
3.67%
3.63%
0.04%
4.29%
(0.62%)
1-Year
3.65%
3.47%
0.18%
4.02%
(0.37%)
2-Year
3.79%
3.47%
0.32%
3.88%
(0.09%)
5-Year
3.94%
3.73%
0.21%
3.95%
(0.01%)
10-Year
4.32%
4.17%
0.15%
4.21%
0.11%
30-Year
4.91%
4.84%
0.07%
4.57%
0.34%
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Market Summary
PFM Asset Management  |  pfmam.com
6

For the QuarterEnded March 31, 2026
Fixed Income Management
QUARTERLYMARKET SUMMARY
March 31, 2026
Duration
Yield
3 Month
1 Year
3 Years
1-3 Year Indices
U.S. Treasury
1.83
3.82%
0.29%
3.75%
4.04%
Federal Agency
1.59
3.73%
0.42%
3.83%
4.23%
U.S. Corporates, A-AAA rated
1.85
4.37%
0.32%
4.37%
5.06%
Agency MBS (0 to 3 years)
1.49
4.36%
0.80%
4.58%
4.72%
TaxableMunicipals
1.41
4.03%
0.57%
4.60%
4.72%
1-5 Year Indices
U.S. Treasury
2.53
3.85%
0.19%
3.86%
3.92%
Federal Agency
2.31
3.79%
0.35%
3.95%
4.21%
U.S. Corporates, A-AAA rated
2.67
4.46%
0.14%
4.66%
5.21%
Agency MBS (0 to 5 years)
2.76
4.54%
0.60%
5.26%
4.96%
TaxableMunicipals
2.34
4.13%
0.69%
5.09%
4.65%
Master Indices (Maturities 1 Year or Greater)
U.S. Treasury
6.05
4.16%
0.09%
3.18%
2.48%
Federal Agency
3.36
3.92%
0.36%
4.26%
4.14%
U.S. Corporates, A-AAA rated
6.69
4.97%
(0.38%)
4.59%
4.35%
AgencyMBS(0 to 30 years)
5.49
4.84%
0.58%
5.81%
4.19%
TaxableMunicipals
8.61
5.15%
0.48%
5.04%
3.68%
Returns for periods greater than one year are annualized.
Source: ICE BofA Indices.
Asof 03/ 31/ 2026
ReturnsforPeriodsended 03/ 31/ 2026
ICEBofA Index Returns
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Market Summary
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7

For the QuarterEnded March 31, 2026
Fixed Income Management
QUARTERLYMARKET SUMMARY
Disclosures
Indicesshown are not availablefor investment.The index data reference hereinisthe property of the index providerand/ oritslicensors. The index providerassumesno 
liabilityin connectionswith itsuse and does not sponsor, endorse or recommend the productsor servicescontained herein. Index returnsdo not reflect payment of any sales 
chargesor feesan investorwould pay to purchase the securitiestheyrepresent.The imposition of these feesand chargeswould cause investment performanceto be lower 
than the performance shown.
The viewsexpressed withinthismaterial constitutethe perspective and judgment of U.S. BancorpAsset Management, Inc. at thetime of distribution and are subject to 
change.Any forecast, projection, or prediction of the market,the economy,economic trends, and equity or fixed-incomemarketsare based upon current opinion asof the 
date of issue and are also subject to change. Opinionsand data presented are not necessarily indicativeof futureeventsor expected performance.Information contained 
hereinis based on data obtained from recognized statistical services, issuer reportsor communications, or other sources, believedto be reliable. No representationis made 
asto its accuracyor completeness.
PFM Asset Management servesclientsin the public sector and isa division of U.S. BancorpAsset Management, Inc.,which isthe legal entity providing investment advisory 
services. U.S. Bancorp Asset Management,Inc. isa registered investment adviser,a direct subsidiaryof U.S. Bank N.A. and an indirect subsidiaryof U.S. Bancorp. U.S. Bank
N.A. isnot responsible for and doesnot guaranteethe products, services, or performanceof U.S. Bancorp Asset Management,Inc.
NOTFDIC INSURED : NO BANKGUARANTEE: MAYLOSEVALUE
Furtherdistribution isnot permitted without prior written consent.
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Market Summary
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8

PFM Asset Management  |  pfmam.com
Account Summary
9

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CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Account Summary
Account Summary
Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s), excludes balances invested in overnight funds.
1.
CHANDLER WORKERS COMP & EMPLOYER TRUST
Portfolio Values
March 31, 2026
PFMAM Managed Account
$22,687,178
Amortized Cost
$22,689,748
Market Value
$22,687,178
Accrued Interest
$178,142
Cash
$315,689
Analytics¹
March 31, 2026
Yield at Market
3.92%
Yield on Cost
3.97%
Portfolio Duration
1.84
10

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Account Summary
22.4%
77.6%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Corporate - $5,114,710
U.S. Treasury - $17,750,609
Portfolio Allocation
Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.
*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.
11

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
77.6%
U.S. Treasury
United States Treasury
77.6%
AA / Aa / AA
22.4%
Corporate
Advanced Micro Devices Inc
0.4%
A / A / NR
Alphabet Inc
1.5%
AA / Aa / NR
Amazon.com Inc
1.2%
AA / A / AA
Bank of America Corp
1.5%
A / A / AA
Bank of New York Mellon Corp
1.3%
A / Aa / AA
BlackRock Inc
0.4%
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
1.5%
AA / A / NR
Citigroup Inc
0.7%
BBB / A / A
Depository Trust & Clearing Corp
1.5%
AA / Aa / NR
Eli Lilly & Co
0.7%
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 / A / AA
Kenvue Inc
0.5%
A / A / NR
Mastercard Inc
0.7%
A / Aa / NR
Morgan Stanley
0.7%
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
Salesforce Inc
0.8%
A / A / NR
State Street Corp
1.1%
A / Aa / AA
Market Value (%) S&P / Moody's / Fitch
Security Type / Issuer
22.4%
Corporate
Toyota Motor Corp
0.7%
A / A / A
Walmart Inc
0.4%
AA / Aa / AA
100.0%
Total
12

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Portfolio Review:
CHANDLER WORKERS COMP & EMPLOYER TRUST
13

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CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Snapshot
Portfolio Snapshot - CHANDLER WORKERS COMP & EMPLOYER TRUST¹
4%
58%
38%
8%
35%
0%
20%
40%
60%
0-1 Yr
1-2 Yrs
2-3 Yrs
Portfolio
Benchmark3 
57%
Duration Distribution
U.S. Treasury | 78%
Corporate | 22%
Sector Allocation
AAA | <1%
AA+ | 81%
AA | 2%
AA- | 5%
A+ | 5%
A | 4%
A- | 2%
BBB+ | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration
1.84 years
Benchmark Effective Duration
1.76 years
Portfolio Credit Quality
AA
Yield At Market
3.92%
Yield At Cost
3.97%
Total Market Value
$23,181,008.88
$22,687,177.66
Securities Sub-Total
$315,689.42
Cash
$178,141.80
Accrued Interest
1. Total market value includes accrued interest and balances invested in PFM AM, as of March 31, 2026. 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.
Credit Quality - S&P2
14

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 3/31/2026.
2.
First American Funds ticker symbol FGZXX; Account yield is the Net Annualized Monthly Average Yield as of March 31, 2026. 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 March 31, 2026 
Portfolio Characteristics
3.54%
3.54%
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PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Characteristics
$0.0
$4.6
$9.2
$13.8
$18.4
$23.0
Millions
March 2026
$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
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.
Jun-25
% of Total
Security Type
Sep-25
% of Total
Dec-25
% of Total
% of Total
Mar-26
U.S. Treasury
$18.1
81.3%
$19.1
84.4%
$17.9
80.6%
$17.6
77.6%
Federal Agency
$1.0
4.5%
$0.0
0.0%
$0.0
0.0%
$0.0
0.0%
Municipal
$0.1
0.3%
$0.0
0.0%
$0.0
0.0%
$0.0
0.0%
Corporate
$3.1
13.9%
$3.5
15.6%
$4.3
19.4%
$5.1
22.4%
Total
$22.2
100.0%
$22.6
100.0%
$22.2
100.0%
$22.7
100.0%
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CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Activity
Portfolio Activity - CHANDLER WORKERS COMP & EMPLOYER TRUST
Net Activity by Sector
($ 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
$790,092
U.S. Treasury
($236,207)
$553,886
Total Net Activity
Sales/Maturities                       Purchases
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CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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.
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 Years¹
Interest Earned²
$218,606
$883,698
$1,903,329
$2,134,151
$2,745,729
Change in Market Value
($146,406)
($1,252)
$710,869
$200,564
$407,629
$72,200
Total Dollar Return
$882,446
$2,614,198
$2,334,715
$3,153,358
Total Return³
Portfolio
0.32%
4.00%
4.47%
2.21%
2.05%
Benchmark⁴
0.29%
3.75%
4.04%
1.86%
1.75%
3 Months
1 Year
3 Years
5 Years
10 Years
Difference
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PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
$218,606
$31,417
$7,365
$257,388
1 Year
$883,698
$51,774
$36,834
$972,306
3 Years
$1,903,329
$40,894
$265,785
$2,210,008
5 Year
$2,134,151
($15,966)
$278,266
$2,396,451
10 Year¹
$2,745,729
$103,874
$322,874
$3,172,476
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PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Composition
Issuer Distribution
As of March 31, 2026
Issuer
Market Value ($)
% of Portfolio
UNITED STATES TREASURY
17,615,471
77.66 %
BANK OF AMERICA CORP
351,962
1.56 %
CISCO SYSTEMS INC
340,848
1.50 %
ALPHABET INC
337,078
1.49 %
DEPOSITORY TRUST & CLEARING CORP
334,954
1.48 %
NOVARTIS AG
328,382
1.45 %
BANK OF NEW YORK MELLON CORP
302,827
1.33 %
AMAZON.COM INC
273,708
1.21 %
JPMORGAN CHASE & CO
272,239
1.20 %
STATE STREET CORP
256,709
1.13 %
CHEVRON CORP
181,362
0.80 %
SALESFORCE INC
175,362
0.77 %
GOLDMAN SACHS GROUP INC
175,217
0.77 %
MORGAN STANLEY
166,766
0.74 %
TOYOTA MOTOR CORP
166,505
0.73 %
ELI LILLY & CO
166,328
0.73 %
MASTERCARD INC
160,765
0.71 %
PEPSICO INC
156,242
0.69 %
CITIGROUP INC
155,782
0.69 %
CATERPILLAR INC
150,706
0.66 %
KENVUE INC
116,755
0.51 %
CHARLES SCHWAB CORP
109,558
0.48 %
BLACKROCK INC
100,679
0.44 %
NATIONAL RURAL UTILITIES COOPERATIVE FI
84,722
0.37 %
20

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Composition
Issuer
Market Value ($)
% of Portfolio
ADVANCED MICRO DEVICES INC
80,506
0.35 %
WALMART INC
80,221
0.35 %
JOHNSON & JOHNSON
45,524
0.20 %
22,687,178
Grand Total
100.00 %
21

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
487.14
95,295.36
94,734.93
US TREASURY N/B
DTD 05/15/2017 2.375% 05/15/2027
912828X88
470,000.00
AA+
Aa1
3/14/2024
3/15/2024
441,322.66
4.46
4,224.48
462,619.59
459,853.78
US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1
245,000.00
AA+
Aa1
6/5/2024
6/6/2024
244,818.16
4.53
4,172.44
246,799.28
244,927.98
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
12,399.86
1,359,175.95
1,356,210.66
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
12,583.56
1,379,311.89
1,372,868.36
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
3,030.04
649,187.50
650,818.10
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
1,467.39
534,705.30
530,476.30
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
1,083.58
690,466.52
693,958.79
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
93.24
970,239.08
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
7,958.65
445,278.13
443,103.65
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
13,893.96
893,824.33
890,078.75
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
2,954.77
338,365.60
334,583.88
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
4,526.92
386,037.57
383,236.99
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
1,960.14
1,096,240.64
1,096,039.53
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
3,967.96
268,291.44
267,305.32
22

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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 05/15/2025 3.750% 05/15/2028
91282CND9
800,000.00
AA+
Aa1
6/2/2025
6/3/2025
796,406.25
3.91
11,353.59
798,906.40
797,374.09
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
5,960.64
419,425.86
417,769.01
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
8,135.36
1,001,172.00
999,386.05
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
608.34
134,425.17
135,004.57
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
4,731.53
1,045,529.10
1,049,310.97
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
857.51
544,328.40
547,425.27
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
10,726.15
658,838.73
663,934.43
US TREASURY N/B
DTD 11/15/2018 3.125% 11/15/2028
9128285M8
30,000.00
AA+
Aa1
1/21/2026
1/22/2026
29,589.84
3.64
354.80
29,477.34
29,616.38
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
2,980.32
223,180.65
224,580.84
US TREASURY N/B
DTD 12/15/2025 3.500% 12/15/2028
91282CPP0
285,000.00
AA+
Aa1
1/2/2026
1/5/2026
284,666.02
3.54
2,932.21
282,639.91
284,692.36
US TREASURY N/B
DTD 01/15/2026 3.500% 01/15/2029
91282CPT2
460,000.00
AA+
Aa1
2/4/2026
2/5/2026
458,221.09
3.64
3,380.11
456,082.64
458,309.08
US TREASURY N/B
DTD 02/17/2026 3.500% 02/15/2029
91282CQA2
1,725,000.00
AA+
Aa1
3/2/2026
3/3/2026
1,725,741.21
3.48
7,505.18
1,710,040.80
1,725,725.43
US TREASURY N/B
DTD 03/16/2026 3.500% 03/15/2029
91282CQE4
500,000.00
AA+
Aa1
3/13/2026
3/16/2026
496,523.44
3.75
808.42
495,586.00
496,571.82
17,666,000.00
17,579,930.44
135,138.29
17,615,471.18
Security Type Sub-Total
3.87
17,622,897.32
23

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
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
484.92
109,558.13
109,494.68
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
2,566.36
160,896.32
160,594.04
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
3,421.35
175,216.65
175,155.12
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
830.56
100,679.30
99,998.74
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
3,043.33
150,706.05
149,962.25
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
1,674.64
166,504.97
166,297.50
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
779.00
90,129.51
89,972.97
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
1,034.63
156,242.17
154,958.90
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
1,574.72
302,827.49
300,252.98
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
1,021.85
166,328.42
166,424.52
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
163.67
35,354.06
34,975.54
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
783.13
181,362.42
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
996.03
256,708.50
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
170.63
45,523.71
44,983.10
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
141.56
70,635.39
69,965.16
24

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
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
145.19
116,755.02
116,972.58
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
67.18
80,505.52
80,000.00
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
2,706.58
111,342.99
110,282.25
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
4.34
5,545.83
334,953.63
334,428.59
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
352.75
84,722.05
84,922.96
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
31.88
80,220.88
80,781.67
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
5,219.50
328,382.34
330,530.81
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
1,773.96
124,465.75
124,975.81
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
1,816.21
166,766.00
166,401.79
ALPHABET INC  (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5
40,000.00
AA+
Aa2
2/10/2026
2/13/2026
39,957.20
3.74
197.33
39,656.24
39,959.09
ALPHABET INC  (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5
225,000.00
AA+
Aa2
2/10/2026
2/13/2026
224,770.50
3.74
1,110.00
223,066.35
224,780.79
ALPHABET INC  (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5
35,000.00
AA+
Aa2
2/9/2026
2/13/2026
34,872.95
3.83
172.67
34,699.21
34,878.33
ALPHABET INC  (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5
40,000.00
AA+
Aa2
2/10/2026
2/13/2026
39,960.40
3.74
197.33
39,656.24
39,962.11
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
1,414.58
305,493.90
307,034.32
25

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
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
556.37
155,781.51
155,000.00
AMAZON.COM INC  (CALLABLE)
DTD 03/13/2026 4.000% 03/13/2029
023135DC7
150,000.00
AA
A1
3/10/2026
3/13/2026
149,983.50
4.00
300.00
149,241.75
149,983.88
SALESFORCE INC  (CALLABLE)
DTD 03/13/2026 4.650% 03/15/2029
79466LAR5
175,000.00
A+
A2
3/11/2026
3/13/2026
174,961.50
4.66
406.88
175,362.43
174,962.24
BANK OF AMERICA CORP
(CALLABLE)
DTD 07/23/2018 4.271% 07/23/2029
06051GHM4
255,000.00
A-
A1
3/18/2026
3/19/2026
254,324.25
4.36
2,057.20
253,960.62
254,330.81
BANK OF AMERICA CORP
(CALLABLE)
DTD 09/15/2023 5.819% 09/15/2029
06051GLS6
95,000.00
A-
A1
1/20/2026
1/20/2026
98,901.65
4.58
245.69
98,000.96
98,627.01
5,055,000.00
5,062,846.15
43,003.51
5,071,706.48
Security Type Sub-Total
4.33
5,066,850.54
22,721,000.00
22,642,776.59
178,141.80
22,687,177.66
Managed Account Sub Total
Securities Sub Total
Accrued Interest
$22,721,000.00
$22,642,776.59
$178,141.80
$22,687,177.66
$178,141.80
22,689,747.86
$22,689,747.86
3.97
3.97%
Total Investments
$22,865,319.46
26

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
BUY
1/2/2026
1/5/2026
285,000.00
91282CPP0
US TREASURY N/B
3.50%
12/15/2028
285,241.50
3.54%
1/20/2026
1/20/2026
95,000.00
06051GLS6
BANK OF AMERICA CORP  (CALLABLE)
5.81%
9/15/2029
100,821.11
4.58%
1/21/2026
1/22/2026
30,000.00
9128285M8
US TREASURY N/B
3.12%
11/15/2028
29,765.94
3.64%
2/4/2026
2/5/2026
800,000.00
91282CPT2
US TREASURY N/B
3.50%
1/15/2029
798,530.56
3.64%
2/9/2026
2/13/2026
35,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
34,872.95
3.83%
2/10/2026
2/13/2026
40,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
39,960.40
3.74%
2/10/2026
2/13/2026
225,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
224,770.50
3.74%
2/10/2026
2/13/2026
40,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
39,957.20
3.74%
3/2/2026
3/3/2026
2,050,000.00
91282CQA2
US TREASURY N/B
3.50%
2/15/2029
2,054,052.13
3.48%
3/10/2026
3/13/2026
150,000.00
023135DC7
AMAZON.COM INC  (CALLABLE)
4.00%
3/13/2029
149,983.50
4.00%
3/11/2026
3/13/2026
175,000.00
79466LAR5
SALESFORCE INC  (CALLABLE)
4.65%
3/15/2029
174,961.50
4.66%
3/13/2026
3/16/2026
500,000.00
91282CQE4
US TREASURY N/B
3.50%
3/15/2029
496,570.99
3.75%
3/18/2026
3/19/2026
255,000.00
06051GHM4
BANK OF AMERICA CORP  (CALLABLE)
4.27%
7/23/2029
256,018.41
4.36%
Total  BUY
4,680,000.00
4,685,506.69
0.00
CALL
1/20/2026
1/20/2026
100,000.00
06051GLE7
BANK OF AMERICA CORP  (CALLABLE)
5.08%
1/20/2027
100,000.00
Total  CALL
100,000.00
100,000.00
0.00
27

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
1/2/2026
1/2/2026
MONEY0002
MONEY MARKET FUND
0.00%
389.58
1/12/2026
1/12/2026
89236TKQ7
TOYOTA MOTOR CREDIT CORP
4.62%
1/12/2028
3,815.63
1/12/2026
1/12/2026
61690DK72
MORGAN STANLEY BANK NA  (CALLABLE)
5.01%
1/12/2029
4,138.20
1/15/2026
1/15/2026
57636QBA1
MASTERCARD INC  (CALLABLE)
4.10%
1/15/2028
1,845.00
1/15/2026
1/15/2026
91282CNM9
US TREASURY N/B
3.87%
7/15/2028
19,375.00
1/15/2026
1/15/2026
91282CKZ3
US TREASURY N/B
4.37%
7/15/2027
59,500.00
1/20/2026
1/20/2026
06051GLE7
BANK OF AMERICA CORP  (CALLABLE)
5.08%
1/20/2027
2,540.00
1/26/2026
1/26/2026
09290DAH4
BLACKROCK FUNDING INC  (CALLABLE)
4.60%
7/26/2027
2,300.00
2/2/2026
2/2/2026
MONEY0002
MONEY MARKET FUND
0.00%
614.89
2/7/2026
2/7/2026
713448GA0
PEPSICO INC  (CALLABLE)
4.45%
2/7/2028
3,448.75
2/7/2026
2/7/2026
06406RAB3
BANK OF NY MELLON CORP  (CALLABLE)
3.44%
2/7/2028
5,249.05
2/12/2026
2/12/2026
532457CU0
ELI LILLY & CO  (CALLABLE)
4.55%
2/12/2028
3,753.75
2/15/2026
2/15/2026
91282CNU1
US TREASURY N/B
3.62%
8/15/2028
21,478.13
2/15/2026
2/15/2026
91282CKA8
US TREASURY N/B
4.12%
2/15/2027
1,959.38
2/15/2026
2/15/2026
91282CLG4
US TREASURY N/B
3.75%
8/15/2027
12,187.50
2/18/2026
2/18/2026
06428CAA2
BANK OF AMERICA NA  (CALLABLE)
5.52%
8/18/2026
2,763.00
2/24/2026
2/24/2026
17275RBW1
CISCO SYSTEMS INC  (CALLABLE)
4.55%
2/24/2028
796.25
28

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
INTEREST
2/25/2026
2/25/2026
63743HFZ0
NATIONAL RURAL UTIL COOP  (CALLABLE)
4.15%
8/25/2028
1,763.75
2/26/2026
2/26/2026
17275RBR2
CISCO SYSTEMS INC  (CALLABLE)
4.85%
2/26/2029
7,275.00
2/26/2026
2/26/2026
166756BB1
CHEVRON USA INC  (CALLABLE)
4.47%
2/26/2028
4,027.50
2/28/2026
2/28/2026
857477CU5
STATE STREET CORP  (CALLABLE)
4.53%
2/28/2028
5,783.40
2/28/2026
2/28/2026
91282CFH9
US TREASURY N/B
3.12%
8/31/2027
8,437.50
3/1/2026
3/1/2026
478160DH4
JOHNSON & JOHNSON  (CALLABLE)
4.55%
3/1/2028
1,023.75
3/2/2026
3/2/2026
MONEY0002
MONEY MARKET FUND
0.00%
695.21
3/4/2026
3/4/2026
17327CAW3
CITIGROUP INC  (CALLABLE)
4.78%
3/4/2029
3,709.15
3/15/2026
3/15/2026
91282CNY3
US TREASURY N/B
3.37%
9/15/2028
9,281.25
3/15/2026
3/15/2026
57636QBF0
MASTERCARD INC  (CALLABLE)
4.55%
3/15/2028
1,592.50
3/15/2026
3/15/2026
91282CLL3
US TREASURY N/B
3.37%
9/15/2027
11,728.13
3/15/2026
3/15/2026
91282CMS7
US TREASURY N/B
3.87%
3/15/2028
21,215.63
3/15/2026
3/15/2026
06051GLS6
BANK OF AMERICA CORP  (CALLABLE)
5.81%
9/15/2029
2,764.03
3/22/2026
3/22/2026
49177JAF9
KENVUE INC  (CALLABLE)
5.05%
3/22/2028
2,903.75
3/22/2026
3/22/2026
931142ES8
WALMART INC  (CALLABLE)
1.50%
9/22/2028
637.50
3/24/2026
3/24/2026
007903BJ5
ADVANCED MICRO DEVICES  (CALLABLE)
4.31%
3/24/2028
1,727.60
29

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
3/31/2026
3/31/2026
91282CPB1
US TREASURY N/B
3.50%
9/30/2027
17,062.50
Total  INTEREST
0.00
247,782.26
0.00
SELL
1/2/2026
1/5/2026
190,000.00
912828X88
US TREASURY N/B
2.37%
5/15/2027
187,837.69
2,166.07
1/21/2026
1/22/2026
30,000.00
02079KAV9
ALPHABET INC  (CALLABLE)
3.87%
11/15/2028
30,341.72
120.37
2/4/2026
2/5/2026
490,000.00
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
502,089.72
2,221.41
2/10/2026
2/13/2026
340,000.00
91282CPT2
US TREASURY N/B
3.50%
1/15/2029
340,847.06
1,198.94
3/2/2026
3/3/2026
1,550,000.00
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
1,587,762.51
17,440.32
3/2/2026
3/3/2026
450,000.00
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
460,963.32
5,551.64
3/10/2026
3/13/2026
150,000.00
91282CQA2
US TREASURY N/B
3.50%
2/15/2029
149,937.62
-503.63
3/11/2026
3/13/2026
175,000.00
91282CQA2
US TREASURY N/B
3.50%
2/15/2029
174,694.80
-820.00
3/13/2026
3/16/2026
500,000.00
912828X88
US TREASURY N/B
2.37%
5/15/2027
496,234.90
3,481.74
3/18/2026
3/19/2026
100,000.00
06428CAA2
BANK OF AMERICA NA  (CALLABLE)
5.52%
8/18/2026
100,911.85
559.73
Total  SELL
3,975,000.00
4,031,621.19
31,416.59
30

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
1/2/2026
1/5/2026
285,000.00
91282CPP0
US TREASURY N/B
3.50%
12/15/2028
285,241.50
3.54%
BUY
1/20/2026
1/20/2026
95,000.00
06051GLS6
BANK OF AMERICA CORP  (CALLABLE)
5.81%
9/15/2029
100,821.11
4.58%
BUY
1/21/2026
1/22/2026
30,000.00
9128285M8
US TREASURY N/B
3.12%
11/15/2028
29,765.94
3.64%
BUY
2/4/2026
2/5/2026
800,000.00
91282CPT2
US TREASURY N/B
3.50%
1/15/2029
798,530.56
3.64%
BUY
2/9/2026
2/13/2026
35,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
34,872.95
3.83%
BUY
2/10/2026
2/13/2026
40,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
39,960.40
3.74%
BUY
2/10/2026
2/13/2026
225,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
224,770.50
3.74%
BUY
2/10/2026
2/13/2026
40,000.00
02079KBJ5
ALPHABET INC  (CALLABLE)
3.70%
2/15/2029
39,957.20
3.74%
BUY
3/2/2026
3/3/2026
2,050,000.00
91282CQA2
US TREASURY N/B
3.50%
2/15/2029
2,054,052.13
3.48%
BUY
3/10/2026
3/13/2026
150,000.00
023135DC7
AMAZON.COM INC  (CALLABLE)
4.00%
3/13/2029
149,983.50
4.00%
BUY
3/11/2026
3/13/2026
175,000.00
79466LAR5
SALESFORCE INC  (CALLABLE)
4.65%
3/15/2029
174,961.50
4.66%
BUY
3/13/2026
3/16/2026
500,000.00
91282CQE4
US TREASURY N/B
3.50%
3/15/2029
496,570.99
3.75%
BUY
3/18/2026
3/19/2026
255,000.00
06051GHM4
BANK OF AMERICA CORP  (CALLABLE)
4.27%
7/23/2029
256,018.41
4.36%
BUY
1/20/2026
1/20/2026
100,000.00
06051GLE7
BANK OF AMERICA CORP  (CALLABLE)
5.08%
1/20/2027
100,000.00
CALL
1/2/2026
1/2/2026
MONEY0002
MONEY MARKET FUND
0.00%
389.58
INTEREST
1/12/2026
1/12/2026
89236TKQ7
TOYOTA MOTOR CREDIT CORP
4.62%
1/12/2028
3,815.63
INTEREST
1/12/2026
1/12/2026
61690DK72
MORGAN STANLEY BANK NA
5.01%
1/12/2029
4,138.20
INTEREST
1/15/2026
1/15/2026
57636QBA1
MASTERCARD INC  (CALLABLE)
4.10%
1/15/2028
1,845.00
INTEREST
31

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Par ($)
CUSIP
Maturity
Date
Transact
Amount ($)
Coupon
Yield
at Market
Realized
G/L (BV)
Security Description
Tran.
Type
1/15/2026
1/15/2026
91282CNM9
US TREASURY N/B
3.87%
7/15/2028
19,375.00
INTEREST
1/15/2026
1/15/2026
91282CKZ3
US TREASURY N/B
4.37%
7/15/2027
59,500.00
INTEREST
1/20/2026
1/20/2026
06051GLE7
BANK OF AMERICA CORP  (CALLABLE)
5.08%
1/20/2027
2,540.00
INTEREST
1/26/2026
1/26/2026
09290DAH4
BLACKROCK FUNDING INC
4.60%
7/26/2027
2,300.00
INTEREST
2/2/2026
2/2/2026
MONEY0002
MONEY MARKET FUND
0.00%
614.89
INTEREST
2/7/2026
2/7/2026
713448GA0
PEPSICO INC  (CALLABLE)
4.45%
2/7/2028
3,448.75
INTEREST
2/7/2026
2/7/2026
06406RAB3
BANK OF NY MELLON CORP
3.44%
2/7/2028
5,249.05
INTEREST
2/12/2026
2/12/2026
532457CU0
ELI LILLY & CO  (CALLABLE)
4.55%
2/12/2028
3,753.75
INTEREST
2/15/2026
2/15/2026
91282CNU1
US TREASURY N/B
3.62%
8/15/2028
21,478.13
INTEREST
2/15/2026
2/15/2026
91282CKA8
US TREASURY N/B
4.12%
2/15/2027
1,959.38
INTEREST
2/15/2026
2/15/2026
91282CLG4
US TREASURY N/B
3.75%
8/15/2027
12,187.50
INTEREST
2/18/2026
2/18/2026
06428CAA2
BANK OF AMERICA NA  (CALLABLE)
5.52%
8/18/2026
2,763.00
INTEREST
2/24/2026
2/24/2026
17275RBW1
CISCO SYSTEMS INC  (CALLABLE)
4.55%
2/24/2028
796.25
INTEREST
2/25/2026
2/25/2026
63743HFZ0
NATIONAL RURAL UTIL COOP
4.15%
8/25/2028
1,763.75
INTEREST
2/26/2026
2/26/2026
17275RBR2
CISCO SYSTEMS INC  (CALLABLE)
4.85%
2/26/2029
7,275.00
INTEREST
2/26/2026
2/26/2026
166756BB1
CHEVRON USA INC  (CALLABLE)
4.47%
2/26/2028
4,027.50
INTEREST
2/28/2026
2/28/2026
857477CU5
STATE STREET CORP  (CALLABLE)
4.53%
2/28/2028
5,783.40
INTEREST
2/28/2026
2/28/2026
91282CFH9
US TREASURY N/B
3.12%
8/31/2027
8,437.50
INTEREST
32

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
3/1/2026
3/1/2026
478160DH4
JOHNSON & JOHNSON  (CALLABLE)
4.55%
3/1/2028
1,023.75
INTEREST
3/2/2026
3/2/2026
MONEY0002
MONEY MARKET FUND
0.00%
695.21
INTEREST
3/4/2026
3/4/2026
17327CAW3
CITIGROUP INC  (CALLABLE)
4.78%
3/4/2029
3,709.15
INTEREST
3/15/2026
3/15/2026
91282CNY3
US TREASURY N/B
3.37%
9/15/2028
9,281.25
INTEREST
3/15/2026
3/15/2026
57636QBF0
MASTERCARD INC  (CALLABLE)
4.55%
3/15/2028
1,592.50
INTEREST
3/15/2026
3/15/2026
91282CLL3
US TREASURY N/B
3.37%
9/15/2027
11,728.13
INTEREST
3/15/2026
3/15/2026
91282CMS7
US TREASURY N/B
3.87%
3/15/2028
21,215.63
INTEREST
3/15/2026
3/15/2026
06051GLS6
BANK OF AMERICA CORP  (CALLABLE)
5.81%
9/15/2029
2,764.03
INTEREST
3/22/2026
3/22/2026
49177JAF9
KENVUE INC  (CALLABLE)
5.05%
3/22/2028
2,903.75
INTEREST
3/22/2026
3/22/2026
931142ES8
WALMART INC  (CALLABLE)
1.50%
9/22/2028
637.50
INTEREST
3/24/2026
3/24/2026
007903BJ5
ADVANCED MICRO DEVICES
4.31%
3/24/2028
1,727.60
INTEREST
3/31/2026
3/31/2026
91282CPB1
US TREASURY N/B
3.50%
9/30/2027
17,062.50
INTEREST
1/2/2026
1/5/2026
190,000.00
912828X88
US TREASURY N/B
2.37%
5/15/2027
187,837.69
2,166.07
SELL
1/21/2026
1/22/2026
30,000.00
02079KAV9
ALPHABET INC  (CALLABLE)
3.87%
11/15/2028
30,341.72
120.37
SELL
2/4/2026
2/5/2026
490,000.00
91282CKJ9
US TREASURY N/B
4.50%
4/15/2027
502,089.72
2,221.41
SELL
2/10/2026
2/13/2026
340,000.00
91282CPT2
US TREASURY N/B
3.50%
1/15/2029
340,847.06
1,198.94
SELL
3/2/2026
3/3/2026
1,550,000.00
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
1,587,762.51
17,440.32
SELL
3/2/2026
3/3/2026
450,000.00
91282CKR1
US TREASURY N/B
4.50%
5/15/2027
460,963.32
5,551.64
SELL
33

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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
3/10/2026
3/13/2026
150,000.00
91282CQA2
US TREASURY N/B
3.50%
2/15/2029
149,937.62
-503.63
SELL
3/11/2026
3/13/2026
175,000.00
91282CQA2
US TREASURY N/B
3.50%
2/15/2029
174,694.80
-820.00
SELL
3/13/2026
3/16/2026
500,000.00
912828X88
US TREASURY N/B
2.37%
5/15/2027
496,234.90
3,481.74
SELL
3/18/2026
3/19/2026
100,000.00
06428CAA2
BANK OF AMERICA NA  (CALLABLE)
5.52%
8/18/2026
100,911.85
559.73
SELL
TOTALS
9,064,910.14
31,416.59
8,755,000.00
34

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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.
35

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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.
36

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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.
37

PFM Asset Management  |  pfmam.com
CITY OF CHANDLER
For the Quarter Ended March 31, 2026
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.
38