Embed Size (px)
Citation preview
© P
FMVent
ura
Reg
iona
l San
itatio
n D
istr
ict
Port
folio
Rev
iew
Qua
rter
End
ing
Dec
embe
r 31,
201
8
PFM
Ass
et
Man
agem
ent L
LCpf
m.c
om60
1 S.
Fig
uero
a St
.Su
ite 4
500
Los
Ang
eles
, CA
900
1721
3.48
9.40
75
Pre
sent
ed B
y:Sa
rah
Mea
cham
, Man
agin
g D
irect
orR
icha
rd B
abbe
, CC
M, S
enio
r Man
agin
g C
onsu
ltant
ITEM # 5
© P
FM
Cur
rent
Eco
nom
ic C
ondi
tions
Sou
rce:
Blo
ombe
rg, l
ates
t dat
a av
aila
ble
as o
f 12/
31/2
018.
-2%0%2%4%6%
Q2
Q4
Q2
Q4
Q2
Q4
Q2
Q4
Q2
Q4
Q2
2013
2014
2015
2016
2017
2018
U.S
. Rea
l GD
PQ
oQ, S
AA
R
Rol
ling
4-Q
uarte
r Ave
rage
406080100
120
140
160 Dec
'13
Dec
'14
Dec
'15
Dec
'16
Dec
'17
Dec
'18
Con
sum
er C
onfid
ence
Hig
hest
sinc
e 20
00
6.7%
5.6%
5.0%
4.7%
4.1%
3.9%
3%4%5%6%7%8%9% Dec
'13
Dec
'14
Dec
'15
Dec
'16
Dec
'17
Dec
'18
Une
mpl
oym
ent R
ate
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Nov
'13
Nov
'14
Nov
'15
Nov
'16
Nov
'17
Nov
'18
Infla
tion
Mea
sure
s (Y
oY)
Cor
e C
PI
Cor
e P
CE
3.4%3.4%
1
ITEM # 5
© P
FM
The
Ret
urn
of V
olat
ility
in 2
018
0510152025303540 Janu
ary
Mar
chM
ayJu
lyA
ugus
tO
ctob
erD
ecem
ber
VIX Index Level
Equi
ty M
arke
t Vol
atili
ty20
1820
17
10-Y
ear A
vera
ge
Mar
ket
corr
ectio
nM
arke
t co
rrec
tion
Sou
rce:
Blo
ombe
rg, a
s of
12/
31/2
018.
VIX
Inde
x is
the
Chi
cago
Boa
rd O
ptio
ns E
xcha
nge
SPX
Vola
tility
Inde
x, w
hich
refle
cts
a m
arke
t est
imat
e of
futu
re v
olat
ility.
2
ITEM # 5
© P
FM
Trea
sury
Yie
lds
Fall
From
Rec
ent H
ighs
Th
e se
ll-of
f in
equi
ty m
arke
ts in
the
four
th q
uarte
r spa
rked
a fl
ight
to q
ualit
y as
inve
stor
s so
ught
the
rela
tive
safe
ty o
f U
.S. T
reas
ury
oblig
atio
ns, p
ushi
ng y
ield
s lo
wer
.
A
s w
as w
idel
y ex
pect
ed, t
he F
eder
al R
eser
ve ra
ised
the
fede
ral f
unds
targ
et ra
te b
y 25
bas
is p
oint
s fo
r the
four
th
time
in 2
018
at it
s D
ecem
ber m
eetin
g, b
ut th
e co
nseq
uent
ial b
ump
in y
ield
s w
as o
verc
ome
by c
ontin
ued
equi
ty
mar
ket u
ncer
tain
ty.
Qua
rter
Endi
ng Y
ield
QoQ
Cha
nge
4Q 2
018
2.49
%-0
.33%
3Q 2
018
2.82
%0.
29%
2Q 2
018
2.53
%0.
26%
1Q 2
018
2.27
%0.
38%
4Q 2
017
1.89
%0.
42%
3Q 2
017
1.47
%0.
09%
2Q 2
017
1.38
%0.
11%
1Q 2
017
1.27
%0.
07%
4Q 2
016
1.20
%0.
56%
1.75
%
2.00
%
2.25
%
2.50
%
2.75
%
3.00
% Dec
'17
Mar
'18
Jun
'18
Sep
'18
Dec
'18
Yield
2-Ye
ar U
.S. T
reas
ury
Sou
rce:
Blo
ombe
rg, a
s of
12/
31/2
018.
1.89
%
2.82
%
2.53
%
2.27
%
2.49
%
3
ITEM # 5
© P
FM
U.S
. Tre
asur
y C
urve
4Q20
1812
/31/
184Q
2017
12/3
1/17
4Q20
1612
/31/
16
3-m
onth
2.35
%1.
38%
0.50
%
6-m
onth
2.48
%1.
53%
0.61
%
1-ye
ar2.
60%
1.73
%0.
81%
2-ye
ar2.
49%
1.88
%1.
19%
3-ye
ar2.
46%
1.97
%1.
45%
5-ye
ar2.
51%
2.21
%1.
93%
10-y
ear
2.68
%2.
41%
2.44
%0.
00%
0.50
%
1.00
%
1.50
%
2.00
%
2.50
%
3.00
%
3M6M
1Y
2Y
3Y
5Y
10Y
Yield
Mat
urity
Dec
embe
r 31,
201
8
Dec
embe
r 31,
201
7
Dec
embe
r 31,
201
6
Sou
rce:
Blo
ombe
rg, a
s of
12/
31/2
018.
4
ITEM # 5
© P
FM
Cre
dit S
prea
ds W
iden
with
Mar
ket V
olat
ility
Vo
latil
ity in
equ
ity m
arke
ts in
the
four
th q
uarte
r cau
sed
an in
crea
se in
dem
and
for h
aven
ass
ets
like
Trea
sury
bon
ds,
wid
enin
g cr
edit
spre
ads
furth
er to
the
high
est l
evel
sin
ce 2
016.
020406080100
120
140 Dec
'13
Dec
'14
Dec
'15
Dec
'16
Dec
'17
Dec
'18
Basis Points
Yiel
d Sp
read
(OA
S) o
f 1-5
Yea
r AA
A-A
Cor
pora
te In
dex
Sou
rce:
ICE
Bof
AM
L In
dice
s, a
s of
12/
31/2
018.
OA
S is
opt
ion-
adju
sted
spr
ead
vers
us a
com
para
bly
mat
urity
Tre
asur
y.
5
ITEM # 5
© P
FM
FOM
C “
Dot
Plo
t” –
Dec
embe
r 201
8 U
pdat
e
Sour
ce: F
eder
al R
eser
ve a
nd B
loom
berg
. Ind
ivid
ual d
ots
repr
esen
t eac
h Fe
d m
embe
rs’ j
udge
men
t of t
he m
idpo
int o
f the
app
ropr
iate
targ
et ra
nge
for t
he fe
dera
l fu
nds
rate
at e
ach
year
-end
. Fed
fund
s fu
ture
s as
of 1
2/19
/18.
0%1%2%3%4%5%
Fed
Part
icip
ants
’ Ass
essm
ents
of ‘
App
ropr
iate
’ Mon
etar
y Po
licy
Dec
embe
r 201
8
Dec
-18
FOM
C P
roje
ctio
ns
Dec
-18
Med
ian
Fed
Fund
s Fu
ture
s
2018
2019
2020
Long
er T
erm
Fed
expe
cts
2 m
ore
hike
s in
201
9.
His
tory
of R
ecen
tFe
d R
ate
Hik
es
Dec
‘18
2.25
–2.
50%
Sept
‘18
2.00
–2.
25%
Jun
’18
1.75
–2.
00%
Mar
‘18
1.50
-1.
75%
Dec
‘17
1.25
-1.
50%
Jun
’17
1.00
-1.
25%
Mar
’17
0.75
-1.
00%
Dec
’16
0.50
-0.
75%
Dec
‘15
0.25
–0.
50%
2021
6
ITEM # 5
© P
FM
Port
folio
Sec
tor A
lloca
tion
and
Com
plia
nce
Th
e po
rtfol
ios
are
in c
ompl
ianc
e w
ith th
e D
istri
ct’s
Inve
stm
ent P
olic
y an
d th
e C
alifo
rnia
Gov
ernm
ent C
ode.
•A
s of
Dec
embe
r 31,
201
8. D
etai
l may
not
add
to to
tal d
ue to
roun
ding
.•
Pre
pare
d ba
sed
on th
e D
istri
ct’s
Inve
stm
ent P
olic
y re
vise
d D
ecem
ber 1
5, 2
016.
•Th
e to
tal a
mou
nt in
vest
ed in
neg
otia
ble
CD
s, c
orpo
rate
not
es, c
omm
erci
al p
aper
, and
ass
et-b
acke
d se
curit
ies
may
not
exc
eed
35%
.
7
Secu
rity
Type
Mar
ket V
alue
% o
f Po
rtfo
lio%
Cha
nge
vs. 9
/30/
18Pe
rmitt
ed b
y Po
licy
In C
ompl
ianc
e
U.S
. Tre
asur
y$1
7,78
9,32
343
.7%
-1.9
%10
0%
Fede
ral A
genc
y$6
,842
,777
16.8
%+1
.8%
100%
Fede
ral A
genc
y C
MO
s$1
,338
,051
3.3%
+0.2
%10
0%
Mun
icip
al B
onds
$736
,145
1.8%
-30
%
Supr
anat
iona
ls$6
67,2
161.
6%-0
.6%
30%
Neg
otia
ble
CD
s$2
,901
,234
7.1%
-0.1
%30
%
Cor
pora
te N
otes
$6,0
05,9
8714
.7%
+1.6
%30
%
Com
mer
cial
Pap
er$1
,338
,807
3.3%
-0.4
%25
%
Ass
et-B
acke
d S
ecur
ities
$3,0
18,6
587.
4%+0
.1%
20%
Secu
ritie
s Su
b-To
tal
$40,
638,
198
99.8
%
Acc
rued
Inte
rest
$208
,517
Secu
ritie
s To
tal
$40,
846,
715
Mon
ey M
arke
t Fun
d$9
5,92
10.
2%-0
.7%
100%
Tota
l Inv
estm
ents
$40,
942,
635
100.
0%
ITEM # 5
© P
FM
Sum
mar
y of
Por
tfolio
Act
ivity
8
($3.
0)($
2.5)
($2.
0)($
1.5)
($1.
0)($
0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
Supr
anat
iona
ls
Fede
ral A
genc
y/C
MO
Ass
et-B
acke
d
Com
mer
cial
Pap
er
Neg
otia
ble
CD
s
Cor
pora
te N
otes
US
Tre
asur
y
Fede
ral A
genc
y/G
SE
Mill
ions
Net
Act
ivity
Sal
es/M
atur
ities
Pur
chas
esN
et T
rade
Act
ivity
(m
illio
ns)
+$0.
7
-$0.
9
+$0.
7
-
-$0.
2
-
+$0.
1
-$0.
2
+$0.
2
ITEM # 5
© P
FM
Sect
or a
nd Is
suer
Dis
trib
utio
n
Th
e po
rtfol
ios
are
dive
rsifi
ed a
cros
s hi
gh q
ualit
y se
ctor
s an
d ar
e co
mpo
sed
of s
ecur
ities
with
exc
elle
nt c
redi
t qua
lity.
•A
s of
Dec
embe
r 31,
201
8.
•Th
e to
tal a
mou
nt in
vest
ed in
neg
otia
ble
CD
s, c
orpo
rate
not
es, c
omm
erci
al p
aper
, and
ass
et-b
acke
d se
curit
ies
may
not
exc
eed
35%
•Th
ere
is o
verla
p be
twee
n th
e C
P an
d C
D is
suer
s, s
o ce
rtain
issu
ers
are
incl
uded
onl
y in
the
CP
cate
gory
.•
Det
ail m
ay n
ot a
dd to
tota
ls d
ue to
roun
ding
.
AB
S Is
suer
s (7
.4%
)C
itigr
oup
AB
S1.
7%A
lly A
uto
Rec
eiva
bles
1.5%
Nis
san
Aut
o R
ecei
vabl
es0.
9%Fo
rd A
uto
Rec
eiva
bles
0.9%
GM
Fin
anci
al0.
7%H
yund
ai A
uto
Rec
eiva
bles
0.5%
Car
Max
Aut
o O
wne
r Tru
st0.
5%M
erce
des-
Ben
z A
uto
Rec
eiva
bles
0.4%
John
Dee
re O
wne
r Tru
st0.
2%C
NH
Equ
ipm
ent T
rust
0.2%
Supr
anat
iona
l Iss
uers
(1.6
%)
Inte
rnat
iona
l Ban
k fo
r Rec
on. a
nd D
ev.
0.6%
Inte
r-A
mer
ican
Dev
elop
men
t Ban
k0.
6%In
t'l F
inan
ce C
orp
0.4%
CD
Issu
ers
(6.5
%)
Sum
itom
o M
itsui
Ban
k N
Y1.
3%B
ank
of N
ova
Sco
tia (H
oust
on)
1.2%
Sca
ndin
avis
ka E
nski
lda
(NY)
1.1%
Ban
k of
Tok
yo M
itsub
ishi
0.8%
Nor
dea
Ban
k Fi
nlan
d (N
Y)0.
8%C
redi
t Sui
sse
(NY)
0.5%
Roy
al B
ank
of C
anad
a (N
Y)0.
4%W
estp
ac B
anki
ng C
orp
(NY)
0.3%
Sve
nska
Han
dels
bank
en (N
Y)0.
2%
Cor
pora
te Is
suer
s (1
4.8%
)G
oldm
an S
achs
1.6%
BB
&T
Ban
k1.
4%M
orga
n S
tanl
e y1.
3%A
mer
ican
Hon
da F
inan
ce1.
1%A
mer
ican
Exp
ress
1.1%
John
Dee
re C
apita
l Cor
p1.
0%IB
M0.
9%N
atio
nal R
ural
Uti'
l Coo
pera
tive
0.9%
Toyo
ta M
otor
Cre
dit C
orp.
0.8%
Ban
k of
Am
eric
a C
orp
0.7%
Cat
erpi
llar F
inan
cial
0.7%
Cha
rles
Sch
wab
Cor
p0.
5%W
alt D
isne
y C
ompa
n y0.
5%U
nile
ver P
LC0.
5%H
ome
Dep
ot In
c.0.
5%H
ersh
e y0.
5%P
acca
r Fin
anci
al0.
4%In
tel C
orpo
ratio
n0.
3%B
urlin
gton
Nor
ther
n0.
1%C
omca
st0.
1%C
itigr
oup
0.1%
CP
Issu
ers
(3.9
%)
Ban
k of
Mon
treal
Chi
cago
1.2%
JPM
orga
n C
hase
& C
o1.
1%M
UFG
Ban
k0.
9%C
redi
t Agr
icol
e S
A0.
7%
Mun
icip
al Is
suer
s (1
.8%
)C
A ST
Tax
able
GO
Bon
ds1.
8%
9
U.S
. Tre
asur
y 43
.7%
FHLB
7.9%
FNM
A5.
4%FH
LMC
6.9%
Mon
ey M
arke
t Fun
d0.
2%
ITEM # 5
© P
FM
Cre
dit Q
ualit
y
Th
e D
istri
ct’s
agg
rega
te p
ortfo
lio h
as a
n av
erag
e cr
edit
wei
ghtin
g of
AA
.
•A
s of
Dec
embe
r 31,
201
8. P
erce
ntag
es m
ay n
ot to
tal 1
00%
due
to ro
undi
ng.
•S
ecur
ities
rate
d B
BB
+ by
S&
P a
re ra
ted
A-o
r the
equ
ival
ent o
r bet
ter b
y Fi
tch
and/
or M
oody
's.
•S
ecur
ities
Not
Rat
ed b
y S
&P
are
ass
et-b
acke
d se
curit
ies
rate
d A
aa b
y M
oody
’s.
AA
A5.
6%A
A67
.0%
A13
.2%
A-1
7.5% B
BB
+3.
0%
Not
Rat
ed3.
4%
Mon
ey M
arke
t Fun
d0.
2%
10
ITEM # 5
© P
FM
Mat
urity
Dis
trib
utio
n
W
ith th
e Fe
dera
l Res
erve
rais
ing
inte
rest
thro
ugho
ut th
e ye
ar, w
e po
sitio
ned
the
portf
olio
dur
atio
ns m
odes
tly s
hort
of
the
benc
hmar
k du
ratio
n. T
his
bene
fited
the
portf
olio
s fo
r mos
t of t
he y
ear,
but h
urt t
he p
ortfo
lios’
per
form
ance
rela
tive
to th
e be
nchm
ark
whe
n in
tere
st ra
tes
fell
durin
g th
e fo
urth
qua
rter.
•IC
E B
ofA
ML
Indi
ces
by B
loom
berg
.•
Det
ail m
ay n
ot to
tal t
o 10
0% d
ue to
roun
ding
.•
Cal
labl
e se
curit
ies
in th
e po
rtfol
io a
re in
clud
ed in
the
dist
ribut
ion
anal
ysis
to th
eir s
tate
d m
atur
ity d
ate,
alth
ough
they
may
be
calle
d pr
ior t
o m
atur
ity.
19%
20%
26%
21%
13%
22%
25%
22%
15%
16%
0%10%
20%
30%
0 - 1
Yea
r1
- 2 Y
ears
2 - 3
Yea
rs3
- 4 Y
ears
4 - 5
Yea
rs
Percentage of Total Portfolio
Dec
embe
r 31,
201
8
BA
ML
0-5
Yea
r U.S
. Tre
asur
y In
dex
11
ITEM # 5
© P
FM
Port
folio
Per
form
ance
Th
e po
rtfol
ios
cont
inue
to p
erfo
rm w
ell r
elat
ive
to th
e be
nchm
ark
over
long
er p
erio
ds.
Dur
atio
n (y
ears
)
Tota
l Ret
urns
Yiel
d to
M
atur
ity a
t C
ost
Past
Qua
rter
Past
Ye
arPa
st5
Year
sSi
nce
Ince
ptio
n
Tota
l Por
tfolio
2.04
1.30
%1.
76%
1.12
%2.
21%
2.32
%
Mai
n2.
031.
31%
1.74
%1.
03%
2.23
%2.
44%
Tola
nd2.
011.
29%
1.81
%1.
18%
2.22
%2.
23%
Coa
stal
2.05
1.29
%1.
72%
1.18
%2.
19%
2.20
%
Bai
lard
2.10
1.29
%1.
72%
1.17
%2.
13%
2.28
%
ICE
Bof
AM
L 0-
5 Ye
ar
U.S
. Tre
asur
y In
dex
2.09
1.48
%1.
61%
1.01
%2.
17%
2.48
%
Port
folio
Dur
atio
ns, T
otal
Rat
es o
f Ret
urn,
and
Yie
lds
For p
erio
ds e
ndin
g D
ecem
ber 3
1, 2
018
•P
erfo
rman
ce o
n tra
de-d
ate
basi
s, g
ross
(i.e
., be
fore
fees
), in
acc
orda
nce
with
the
CFA
Inst
itute
’s G
loba
l Inv
estm
ent P
erfo
rman
ceS
tand
ards
(GIP
S).
•In
clud
es m
oney
mar
ket f
und
in p
erfo
rman
ce a
nd d
urat
ion
com
puta
tions
.•
Qua
rterly
retu
rns
are
pres
ente
d on
an
unan
nual
ized
bas
is. P
erfo
rman
ce n
umbe
rs fo
r per
iods
gre
ater
than
one
yea
r are
pre
sent
edon
an a
nnua
lized
bas
is.
•IC
E B
ofA
ML
Indi
ces
prov
ided
by
Blo
ombe
rg.
•In
cept
ion
date
is th
ird q
uarte
r 200
7.
12
ITEM # 5
© P
FM
Firs
t Qua
rter
Out
look
W
hile
the
path
of f
utur
e Fe
d ra
te h
ikes
is le
ss c
lear
than
in re
cent
yea
rs, w
e ex
pect
futu
re ti
ghte
ning
(add
ition
al F
ed ra
te
hike
s) to
be
mod
est.
Furth
er, p
oliti
cal g
ridlo
ck a
dds
addi
tiona
l unc
erta
inty
. As
a re
sult,
we
will
seek
to in
crea
se p
ortfo
lio
dura
tion
to b
e m
ore
in li
ne w
ith (n
eutra
l to)
the
benc
hmar
k.
O
ur o
utlo
oks
for t
he m
ajor
inve
stm
ent-g
rade
fixe
d in
com
e se
ctor
s ar
e as
follo
ws:
•Fe
dera
l age
ncy
spre
ads
(incr
emen
tal y
ield
) rem
ain
very
nar
row
as
mos
t mat
uriti
es o
ffer l
ess
than
five
bas
is p
oint
s (0
.05%
) of
incr
emen
tal y
ield
rela
tive
to U
.S. T
reas
urie
s. W
e w
ill co
ntin
ue to
mod
erat
e us
e of
age
ncie
s w
here
yie
ld d
iffer
ence
s ar
e na
rrow
, see
king
bet
ter r
elat
ive
valu
e in
eith
er T
reas
urie
s or
oth
er s
ecto
rs. C
alla
ble
agen
cies
will
con
tinue
to b
e ev
alua
ted,
an
d, w
here
ana
lyse
s in
dica
te s
trong
val
ue, w
e w
ill se
ek to
util
ize
thes
e se
curit
ies
as p
ortfo
lio d
iver
sifie
rs.
•S
upra
natio
nal i
ssua
nce
is e
xpec
ted
to in
crea
se d
urin
g th
e fir
st q
uarte
r of 2
019.
We
will
seek
to ta
ke a
dvan
tage
of
attra
ctiv
ely
pric
ed n
ew is
sues
thro
ugh
the
first
sev
eral
mon
ths
of th
e ye
ar.
•A
lthou
gh it
app
ears
that
vol
atili
ty m
ay n
ot d
issi
pate
qui
ckly
, the
sig
nific
ant s
ell-o
ff in
the
corp
orat
e se
ctor
(res
ultin
g in
wid
er
spre
ads)
pre
sent
s an
opp
ortu
nity
to s
elec
tivel
y ad
d to
the
sect
or. W
e pr
efer
hig
h-qu
ality
, def
ensi
ve is
suer
s w
ith a
focu
s on
on
e-to
thre
e-ye
ar m
atur
ities
and
con
tinue
to p
refe
r fin
anci
als
(spe
cific
ally
dom
estic
issu
ers)
and
to re
mai
n se
lect
ive
in
indu
stria
l iss
uers
.
•A
lloca
tions
to A
AA
-rate
d A
sset
-Bac
ked
Sec
uriti
es (A
BS
) will
be m
aint
aine
d. T
he s
ecto
r con
tinue
s to
offe
r attr
activ
e in
crem
enta
l inc
ome
com
pare
d to
gov
ernm
ent s
ecur
ities
whi
le a
lso
serv
ing
as a
low
er v
olat
ility
cre
dit a
ltern
ativ
e. F
urth
er,
as is
suan
ce is
exp
ecte
d to
incr
ease
thro
ugh
the
begi
nnin
g of
the
year
, opp
ortu
nitie
s m
ay a
rise
to a
dd e
xpos
ure.
•S
hort-
term
mon
ey m
arke
t inv
esto
rs c
ontin
ue to
reap
the
rew
ards
of c
urre
nt m
onet
ary
polic
y as
the
fed
fund
s ef
fect
ive
rate
no
w n
ears
two
and
a ha
lf pe
rcen
t. S
hort-
term
neg
otia
ble
bank
cer
tific
ates
of d
epos
it an
d co
mm
erci
al p
aper
hav
e si
nce
norm
aliz
ed fo
llow
ing
very
nar
row
yie
ld d
iffer
ence
s at
yea
r-en
d, a
nd o
nce
agai
n pr
ovid
e an
attr
activ
e, h
igh-
qual
ity s
ourc
e of
in
crem
enta
l inc
ome.
13
ITEM # 5
© P
FM
Dis
clos
ures
PFM
is th
e m
arke
ting
nam
e fo
r a g
roup
of a
ffilia
ted
com
pani
es p
rovi
ding
a ra
nge
of s
ervi
ces.
Inve
stm
ent a
dvis
ory
serv
ices
ar
e pr
ovid
ed b
y P
FM A
sset
Man
agem
ent L
LC w
hich
is re
gist
ered
with
the
Sec
uriti
es a
nd E
xcha
nge
Com
mis
sion
und
er
the
Inve
stm
ent A
dvis
ers
Act
of 1
940.
Add
ition
al a
pplic
able
regu
lato
ry in
form
atio
n is
ava
ilabl
e up
on re
ques
t.Th
e vi
ews
expr
esse
d w
ithin
this
mat
eria
l con
stitu
te th
e pe
rspe
ctiv
e an
d ju
dgm
ent o
f PFM
Ass
et M
anag
emen
t LLC
at t
he
time
of d
istri
butio
n an
d ar
e su
bjec
t to
chan
ge. A
ny fo
reca
st, p
roje
ctio
n, o
r pre
dict
ion
of th
e m
arke
t, th
e ec
onom
y, e
cono
mic
tre
nds,
and
equ
ity o
r fix
ed-in
com
e m
arke
ts a
re b
ased
upo
n cu
rren
t opi
nion
as
of th
e da
te o
f iss
ue, a
nd a
re a
lso
subj
ect t
o ch
ange
. Opi
nion
s an
d da
ta p
rese
nted
are
not
nec
essa
rily
indi
cativ
e of
futu
re e
vent
s or
exp
ecte
d pe
rform
ance
. Inf
orm
atio
n co
ntai
ned
here
in is
bas
ed o
n da
ta o
btai
ned
from
reco
gniz
ed s
tatis
tical
ser
vice
s, is
suer
repo
rts o
r com
mun
icat
ions
, or
othe
r sou
rces
bel
ieve
d to
be
relia
ble.
No
repr
esen
tatio
n is
mad
e as
to it
s ac
cura
cy o
r com
plet
enes
s. T
his
mat
eria
l is
inte
nded
for i
nfor
mat
iona
l pur
pose
s on
ly a
nd s
houl
d no
t be
relie
d up
on to
mak
e an
inve
stm
ent d
ecis
ion,
as
it w
as
prep
ared
with
out r
egar
d to
any
spe
cific
obj
ectiv
es o
r fin
anci
al c
ircum
stan
ces.
It s
houl
d no
t be
cons
trued
as
an o
ffer t
o pu
rcha
se/s
ell a
ny in
vest
men
t. R
efer
ence
s to
par
ticul
ar is
suer
s ar
e fo
r illu
stra
tive
purp
oses
onl
y, a
nd a
re n
ot in
tend
ed to
be
reco
mm
enda
tions
or a
dvic
e re
gard
ing
such
issu
ers.
It is
not
pos
sibl
e to
inve
st d
irect
ly in
an
inde
x. T
he in
dex
retu
rns
show
n th
roug
hout
this
mat
eria
l do
not r
epre
sent
the
resu
lts o
f act
ual t
radi
ng o
f inv
esto
r ass
ets.
Thi
rd-p
arty
pro
vide
rs m
aint
ain
the
indi
ces
show
n an
d ca
lcul
ate
the
inde
x le
vels
an
d pe
rform
ance
sho
wn
or d
iscu
ssed
. Ind
ex re
turn
s do
not
refle
ct p
aym
ent o
f any
sal
es c
harg
es o
r fee
s an
inve
stor
wou
ld
pay
to p
urch
ase
the
secu
ritie
s th
ey re
pres
ent.
The
impo
sitio
n of
thes
e fe
es a
nd c
harg
es w
ould
cau
se in
vest
men
t pe
rform
ance
to b
e lo
wer
than
the
perfo
rman
ce s
how
n.P
FM A
sset
Man
agem
ent L
LC h
as e
xerc
ised
reas
onab
le p
rofe
ssio
nal c
are
in th
e pr
epar
atio
n of
this
per
form
ance
repo
rt.
How
ever
, inf
orm
atio
n in
this
repo
rt on
mar
ket i
ndic
es a
nd s
ecur
ity c
hara
cter
istic
s, a
s w
ell a
s in
form
atio
n in
corp
orat
ed in
th
e M
arke
t Com
men
tary
sec
tion,
is re
ceiv
ed fr
om s
ourc
es e
xter
nal t
o P
FM A
sset
Man
agem
ent L
LC.
PFM
Ass
et M
anag
emen
t LLC
relie
s on
the
clie
nt's
cus
todi
an fo
r sec
urity
hol
ding
s an
d m
arke
t val
ues.
Tra
nsac
tion
date
s re
porte
d by
the
cust
odia
n m
ay d
iffer
from
mon
ey m
anag
er s
tate
men
ts. W
hile
effo
rts a
re m
ade
to e
nsur
e th
e da
ta
cont
aine
d he
rein
is a
ccur
ate
and
com
plet
e, w
e di
scla
im a
ll re
spon
sibi
lity
for a
ny e
rror
s th
at m
ay o
ccur
.Fo
r mor
e in
form
atio
n re
gard
ing
PFM
’s s
ervi
ces
or e
ntiti
es, p
leas
e vi
sit w
ww
.pfm
.com
.©
201
9 P
FM A
sset
Man
agem
ent L
LC. F
urth
er d
istri
butio
n is
not
per
mitt
ed w
ithou
t prio
r writ
ten
cons
ent.
14
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
04/3
0/2
014 1
.625%
04/3
0/2
019
398,8
75.2
0
399,0
53.5
5
1,1
13.2
6
397,3
12.5
0
05/2
3/1
805/2
2/1
8Aaa
AA+
400,0
00.0
0
912828D
23
2.3
5
US T
REASU
RY N
OTES
DTD
07/3
1/2
012 0
.875%
07/3
1/2
019
148,5
58.6
5
149,8
73.7
4
549.2
5
149,2
67.5
8
02/2
9/1
602/2
6/1
6Aaa
AA+
150,0
00.0
0
912828TH
31.0
2
US T
REASU
RY N
OTES
DTD
10/0
1/2
012 1
.000%
09/3
0/2
019
39,5
26.5
6
39,9
08.1
1
102.2
0
39,4
67.1
9
04/3
0/1
504/2
8/1
5Aaa
AA+
40,0
00.0
0
912828TR1
1.3
1
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
113,9
26.3
6
115,1
21.0
5
295.4
4
115,5
92.9
7
09/0
4/1
509/0
3/1
5Aaa
AA+
115,0
00.0
0
912828F62
1.3
7
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
247,6
66.0
0
250,1
95.2
7
642.2
7
251,0
15.6
3
05/2
9/1
505/2
8/1
5Aaa
AA+
250,0
00.0
0
912828F62
1.4
0
US T
REASU
RY N
/B N
OTES
DTD
01/3
1/2
018 2
.000%
01/3
1/2
020
84,4
45.5
5
84,8
63.8
9
711.4
1
84,7
50.9
8
02/0
1/1
801/3
1/1
8Aaa
AA+
85,0
00.0
0
9128283S7
2.1
5
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.250%
01/3
1/2
020
394,2
18.8
0
394,5
45.3
6
2,0
92.3
9
391,5
31.2
5
05/2
3/1
805/2
2/1
8Aaa
AA+
400,0
00.0
0
912828H
52
2.5
4
US T
REASU
RY N
OTES
DTD
03/3
1/2
015 1
.375%
03/3
1/2
020
34,4
85.9
2
34,8
69.9
3
122.9
6
34,7
48.4
4
10/2
6/1
710/2
5/1
7Aaa
AA+
35,0
00.0
0
912828J8
41.6
8
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
58,8
67.9
8
60,2
81.1
1
280.3
2
60,6
67.9
7
09/0
2/1
609/0
1/1
6Aaa
AA+
60,0
00.0
0
912828L3
21.0
9
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
78,4
90.6
4
78,7
43.2
7
373.7
6
78,1
62.5
0
03/1
9/1
803/1
4/1
8Aaa
AA+
80,0
00.0
0
912828L3
22.3
5
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
147,1
69.9
5
151,2
05.5
8
700.7
9
152,9
70.7
1
07/1
2/1
607/0
7/1
6Aaa
AA+
150,0
00.0
0
912828L3
20.8
9
US T
REASU
RY N
OTES
DTD
09/3
0/2
013 2
.000%
09/3
0/2
020
391,4
97.5
4
390,6
16.7
3
2,0
18.4
1
389,1
21.2
9
05/2
3/1
805/2
2/1
8Aaa
AA+
395,0
00.0
0
912828VZ0
2.6
6
US T
REASU
RY N
OTES
DTD
05/0
2/2
016 1
.375%
04/3
0/2
021
63,3
95.2
8
64,2
89.1
8
153.0
7
63,7
05.0
8
01/0
5/1
701/0
3/1
7Aaa
AA+
65,0
00.0
0
912828Q
78
1.8
6
US T
REASU
RY N
OTES
DTD
05/0
2/2
016 1
.375%
04/3
0/2
021
117,0
37.4
4
118,6
74.3
5
282.6
0
117,6
28.1
2
02/0
3/1
702/0
1/1
7Aaa
AA+
120,0
00.0
0
912828Q
78
1.8
6
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
05/0
2/2
016 1
.375%
04/3
0/2
021
170,6
79.6
0
169,9
50.6
1
412.1
2
169,1
96.2
9
08/2
3/1
808/2
1/1
8Aaa
AA+
175,0
00.0
0
912828Q
78
2.6
6
US T
REASU
RY N
OTES
DTD
08/0
1/2
016 1
.125%
07/3
1/2
021
48,3
10.5
5
49,1
32.1
5
235.3
9
48,6
54.2
9
07/1
1/1
707/1
0/1
7Aaa
AA+
50,0
00.0
0
912828S76
1.8
2
US T
REASU
RY N
OTES
DTD
08/0
1/2
016 1
.125%
07/3
1/2
021
48,3
10.5
5
49,1
32.1
5
235.3
9
48,6
54.3
0
07/1
1/1
707/1
0/1
7Aaa
AA+
50,0
00.0
0
912828S76
1.8
2
US T
REASU
RY N
OTES
DTD
09/0
2/2
014 2
.000%
08/3
1/2
021
69,1
30.4
6
70,1
21.1
1
475.6
9
70,2
10.5
5
12/0
5/1
612/0
1/1
6Aaa
AA+
70,0
00.0
0
912828D
72
1.9
3
US T
REASU
RY N
OTES
DTD
09/0
2/2
014 2
.000%
08/3
1/2
021
261,7
08.1
7
265,4
58.4
8
1,8
00.8
3
265,7
97.0
7
12/0
5/1
612/0
1/1
6Aaa
AA+
265,0
00.0
0
912828D
72
1.9
3
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
57,9
98.4
6
59,3
53.5
9
128.4
5
59,0
57.8
1
08/3
1/1
708/3
0/1
7Aaa
AA+
60,0
00.0
0
912828T67
1.6
4
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
96,6
64.1
0
97,6
83.6
0
214.0
9
96,2
81.2
5
03/1
6/1
703/1
4/1
7Aaa
AA+
100,0
00.0
0
912828T67
2.1
0
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
144,9
96.1
5
148,3
83.9
7
321.1
3
147,6
44.5
3
08/3
1/1
708/3
0/1
7Aaa
AA+
150,0
00.0
0
912828T67
1.6
4
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
34,5
21.4
8
35,2
86.5
0
1.9
3
35,4
25.2
0
06/2
8/1
706/2
6/1
7Aaa
AA+
35,0
00.0
0
912828U
81
1.7
2
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
147,9
49.2
0
151,2
27.8
6
8.2
9
151,8
22.2
7
06/2
8/1
706/2
6/1
7Aaa
AA+
150,0
00.0
0
912828U
81
1.7
2
US T
REASU
RY N
OTES
DTD
01/3
1/2
017 1
.875%
01/3
1/2
022
24,5
54.7
0
24,9
89.8
4
196.1
6
24,9
84.3
8
05/0
9/1
705/0
8/1
7Aaa
AA+
25,0
00.0
0
912828V72
1.8
9
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.500%
01/3
1/2
022
97,1
44.5
0
98,8
75.2
8
627.7
2
98,3
55.4
7
07/0
7/1
707/0
5/1
7Aaa
AA+
100,0
00.0
0
912828H
86
1.8
8
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.500%
01/3
1/2
022
102,0
01.7
3
103,8
19.0
4
659.1
0
103,2
73.2
4
07/0
7/1
707/0
5/1
7Aaa
AA+
105,0
00.0
0
912828H
86
1.8
8
US T
REASU
RY N
/B N
OTES
DTD
02/2
8/2
017 1
.875%
02/2
8/2
022
88,3
65.2
4
89,6
92.9
0
573.3
8
89,5
81.6
4
10/2
6/1
710/2
5/1
7Aaa
AA+
90,0
00.0
0
912828W
55
1.9
9
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
/B N
OTES
DTD
02/2
8/2
017 1
.875%
02/2
8/2
022
294,5
50.8
0
298,3
81.4
1
1,9
11.2
6
297,8
43.7
5
11/3
0/1
711/2
9/1
7Aaa
AA+
300,0
00.0
0
912828W
55
2.0
5
US T
REASU
RY N
OTES
DTD
07/3
1/2
017 1
.875%
07/3
1/2
022
97,9
25.8
0
99,4
78.6
4
784.6
5
99,3
16.4
1
11/0
3/1
711/0
1/1
7Aaa
AA+
100,0
00.0
0
9128282P4
2.0
3
US T
REASU
RY N
OTES
DTD
07/3
1/2
017 1
.875%
07/3
1/2
022
323,1
55.1
4
326,1
24.4
4
2,5
89.3
3
325,1
01.5
6
01/0
4/1
801/0
2/1
8Aaa
AA+
330,0
00.0
0
9128282P4
2.2
2
US T
REASU
RY N
/B N
OTES
DTD
08/3
1/2
015 1
.875%
08/3
1/2
022
680,1
22.8
3
671,1
54.2
0
4,4
27.7
5
667,3
90.0
4
05/2
3/1
805/2
2/1
8Aaa
AA+
695,0
00.0
0
912828L2
42.8
7
US T
REASU
RY N
OTES
DTD
10/0
2/2
017 1
.875%
09/3
0/2
022
166,3
01.1
4
165,9
58.9
4
814.3
9
165,1
98.8
3
04/0
4/1
804/0
2/1
8Aaa
AA+
170,0
00.0
0
9128282W
92.5
4
US T
REASU
RY N
OTES
DTD
09/3
0/2
015 1
.750%
09/3
0/2
022
282,3
42.2
6
286,3
90.1
6
1,2
96.6
3
285,3
89.4
5
11/3
0/1
711/2
9/1
7Aaa
AA+
290,0
00.0
0
912828L5
72.1
0
US T
REASU
RY N
/B N
OTES
DTD
10/3
1/2
017 2
.000%
10/3
1/2
022
1,0
01,9
11.3
2
992,7
38.0
7
3,4
93.9
2
989,5
59.3
8
07/1
3/1
807/1
2/1
8Aaa
AA+
1,0
20,0
00.0
0
9128283C2
2.7
4
US T
REASU
RY N
OTES
DTD
02/0
1/2
016 1
.750%
01/3
1/2
023
111,6
71.3
3
110,6
29.0
6
842.1
9
110,5
70.7
0
12/1
1/1
812/1
1/1
8Aaa
AA+
115,0
00.0
0
912828P38
2.7
4
US T
REASU
RY N
OTES
DTD
02/0
1/2
016 1
.750%
01/3
1/2
023
242,7
63.7
5
238,4
82.5
3
1,8
30.8
4
238,0
76.1
7
11/0
6/1
811/0
1/1
8Aaa
AA+
250,0
00.0
0
912828P38
2.9
6
US T
REASU
RY N
/B
DTD
03/3
1/2
016 1
.500%
03/3
1/2
023
191,9
84.4
0
189,5
40.0
1
766.4
8
188,0
00.0
0
05/0
2/1
805/0
1/1
8Aaa
AA+
200,0
00.0
0
912828Q
29
2.8
2
34
,08
5.2
4
7,1
03
,22
5.5
3
7,1
24
,22
5.6
6
2.2
7
7,1
01
,32
6.7
9
7,2
40
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
U.S
. T
rea
su
ry B
ill
US T
REASU
RY B
ILL
DTD
07/1
9/2
018 0
.000%
01/1
7/2
019
349,6
66.8
0
349,6
67.7
3
0.0
0
346,2
20.4
7
07/1
9/1
807/1
2/1
8P-1
A-1
+ 3
50,0
00.0
0
912796Q
T9
2.1
6
0.0
0
34
9,6
66
.80
3
49
,66
7.7
3
2.1
6
34
6,2
20
.47
3
50
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Su
pra
-Na
tio
na
l A
ge
ncy B
on
d /
No
te
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Su
pra
-Na
tio
na
l A
ge
ncy B
on
d /
No
te
INTER-A
MERIC
AN
DEVEL
BK N
OTE
DTD
04/1
2/2
017 1
.625%
05/1
2/2
020
69,1
02.3
9
69,9
25.4
2
154.8
3
69,8
34.1
0
04/1
2/1
704/0
5/1
7Aaa
AAA
70,0
00.0
0
4581X0CX4
1.7
0
INTERN
ATIO
NAL
FIN
AN
CE C
ORPO
RATIO
N
NO
TE
DTD
01/2
5/2
018 2
.250%
01/2
5/2
021
24,8
35.9
3
24,9
48.8
2
243.7
5
24,9
26.5
0
01/2
5/1
801/1
8/1
8Aaa
AAA
25,0
00.0
0
45950KCM
02.3
5
INTL
BAN
K O
F R
ECO
NSTRU
CTIO
N A
ND
DEV
NO
TE
DTD
07/2
5/2
018 2
.750%
07/2
3/2
021
175,7
11.7
3
174,6
47.5
6
2,0
85.4
2
174,5
90.5
0
07/2
5/1
807/1
8/1
8Aaa
AAA
175,0
00.0
0
459058G
H0
2.8
3
2,4
84
.00
2
69
,65
0.0
5
26
9,5
21
.80
2
.50
2
69
,35
1.1
0
27
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Mu
nic
ipa
l B
on
d /
No
te
CA S
T T
XBL
GO
BO
ND
S
DTD
04/2
5/2
018 2
.800%
04/0
1/2
021
139,8
76.8
0
140,0
03.1
3
980.0
0
140,0
05.6
0
04/2
5/1
804/1
8/1
8Aa3
AA-
140,0
00.0
0
13063D
GA0
2.8
0
CA S
T T
AXABLE
GO
BO
ND
S
DTD
10/2
6/2
017 2
.500%
10/0
1/2
022
44,5
23.4
5
45,4
82.4
9
281.2
5
45,6
26.8
5
10/2
6/1
710/1
8/1
7Aa3
AA-
45,0
00.0
0
13063D
DF2
2.2
0
CA S
T T
AXABLE
GO
BO
ND
S
DTD
10/2
6/2
017 2
.500%
10/0
1/2
022
59,3
64.6
0
60,6
43.3
2
375.0
0
60,8
35.8
0
10/2
6/1
710/1
8/1
7Aa3
AA-
60,0
00.0
0
13063D
DF2
2.2
0
1,6
36
.25
2
43
,76
4.8
5
24
6,1
28
.94
2
.54
2
46
,46
8.2
5
24
5,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FN
MA S
ERIE
S 2
015-M
15 A
SQ
2
DTD
11/0
1/2
015 1
.898%
01/0
1/2
019
2,8
45.9
8
2,8
51.9
4
4.5
1
2,8
80.4
6
11/3
0/1
511/0
6/1
5Aaa
AA+
2,8
51.9
4
3136AQ
SW
11.2
0
FAN
NIE
MAE S
ERIE
S 2
015-M
13 A
SQ
2
DTD
10/0
1/2
015 1
.646%
09/0
1/2
019
4,3
25.5
5
4,3
54.7
5
5.9
7
4,3
95.5
0
10/3
0/1
510/0
7/1
5Aaa
AA+
4,3
51.9
2
3136AQ
DQ
01.0
8
FH
MS K
006 A
2
DTD
04/0
1/2
010 4
.251%
01/2
5/2
020
121,0
68.7
0
121,6
19.2
5
425.1
0
122,4
37.5
0
06/1
5/1
806/1
2/1
8Aaa
AA+
120,0
00.0
0
31398VJ9
81.5
7
FN
A 2
018-M
5 A
2
DTD
04/0
1/2
018 3
.560%
09/2
5/2
021
72,5
78.3
8
72,9
28.9
5
212.9
2
73,1
99.8
6
04/3
0/1
804/1
1/1
8Aaa
AA+
71,7
72.2
4
3136B1XP4
2.2
7
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P P
OO
L
DTD
12/0
1/2
015 3
.090%
08/2
5/2
022
90,4
40.5
8
90,6
19.4
4
231.7
5
90,7
66.4
1
04/0
9/1
804/0
4/1
8Aaa
AA+
90,0
00.0
0
3137BM
6P6
2.6
1
FH
LMC S
ERIE
S K
032 A
1
DTD
09/0
1/2
013 3
.016%
02/0
1/2
023
43,4
78.8
4
43,3
39.4
6
108.7
3
43,3
63.9
8
06/1
8/1
806/1
3/1
8Aaa
AA+
43,2
60.9
0
3137B4G
X8
2.8
8
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P
DTD
11/0
1/2
013 2
.669%
02/2
5/2
023
50,3
09.8
0
50,1
86.9
4
112.1
6
50,1
69.9
1
06/1
8/1
806/1
3/1
8Aaa
AA+
50,4
27.9
6
3137B5JL
82.8
1
FH
MS K
P05 A
DTD
12/0
1/2
018 3
.203%
07/0
1/2
023
60,3
56.2
6
60,0
00.0
0
160.1
5
59,9
99.8
2
12/1
7/1
812/0
7/1
8Aaa
AA+
60,0
00.0
0
3137FKK39
3.1
1
1,2
61
.29
4
45
,40
4.0
9
44
5,9
00
.73
2
.36
4
47
,21
3.4
4
44
2,6
64
.96
S
ecu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FED
ERAL
HO
ME L
OAN
BAN
K A
GEN
CY N
OTES
DTD
05/1
2/2
017 1
.375%
05/2
8/2
019
19,9
02.4
8
19,9
98.2
1
25.2
1
19,9
91.2
0
05/1
6/1
705/1
5/1
7Aaa
AA+
20,0
00.0
0
3130ABF92
1.4
0
FED
ERAL
HO
ME L
OAN
BAN
K A
GEN
CY N
OTES
DTD
05/1
2/2
017 1
.375%
05/2
8/2
019
49,7
56.2
0
49,9
80.8
9
63.0
2
49,9
05.5
0
05/1
2/1
705/1
1/1
7Aaa
AA+
50,0
00.0
0
3130ABF92
1.4
7
FH
LB G
LOBAL
NO
TE
DTD
08/0
4/2
016 0
.875%
08/0
5/2
019
158,3
62.7
2
159,9
38.5
1
567.7
8
159,6
92.8
0
08/0
4/1
608/0
3/1
6Aaa
AA+
160,0
00.0
0
3130A8Y72
0.9
4
FRED
DIE
MAC N
OTES
DTD
07/1
9/2
017 1
.375%
08/1
5/2
019
143,8
35.0
7
144,9
35.2
3
753.1
9
144,7
86.8
5
07/1
9/1
707/1
8/1
7Aaa
AA+
145,0
00.0
0
3137EAEH
81.4
5
FRED
DIE
MAC N
OTES
DTD
01/1
7/2
017 1
.500%
01/1
7/2
020
88,9
90.4
7
89,9
31.5
6
615.0
0
89,8
25.4
0
05/0
9/1
705/0
8/1
7Aaa
AA+
90,0
00.0
0
3137EAEE5
1.5
7
FH
LB N
OTES
DTD
02/0
9/2
018 2
.125%
02/1
1/2
020
124,4
14.5
0
124,8
72.0
3
1,0
32.9
9
124,7
71.2
5
02/0
9/1
802/0
8/1
8Aaa
AA+
125,0
00.0
0
3130AD
N32
2.2
2
FN
MA N
OTES
DTD
02/2
8/2
017 1
.500%
02/2
8/2
020
54,3
73.9
9
54,9
86.2
2
281.8
8
54,9
64.8
0
02/2
8/1
702/2
4/1
7Aaa
AA+
55,0
00.0
0
3135G
0T29
1.5
2
FN
MA N
OTES
DTD
02/2
8/2
017 1
.500%
02/2
8/2
020
74,1
46.3
5
74,9
81.2
1
384.3
8
74,9
52.0
0
02/2
8/1
702/2
4/1
7Aaa
AA+
75,0
00.0
0
3135G
0T29
1.5
2
FH
LMC A
GEN
CY N
OTES
DTD
04/2
0/2
017 1
.375%
04/2
0/2
020
44,3
18.7
9
44,9
32.3
5
122.0
3
44,8
46.1
0
04/2
0/1
704/1
9/1
7Aaa
AA+
45,0
00.0
0
3137EAEF2
1.4
9
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FH
LMC A
GEN
CY N
OTES
DTD
04/2
0/2
017 1
.375%
04/2
0/2
020
73,8
64.6
5
74,8
87.2
4
203.3
9
74,7
43.5
0
04/2
0/1
704/1
9/1
7Aaa
AA+
75,0
00.0
0
3137EAEF2
1.4
9
FH
LMC N
OTES
DTD
04/1
9/2
018 2
.500%
04/2
3/2
020
234,6
74.0
6
234,5
90.5
1
1,1
09.7
2
234,4
43.0
5
07/1
3/1
807/1
2/1
8Aaa
AA+
235,0
00.0
0
3137EAEM
72.6
4
FH
LB N
OTES
DTD
09/0
8/2
017 1
.375%
09/2
8/2
020
53,8
87.9
0
54,8
98.3
4
195.3
6
54,8
23.4
5
09/0
8/1
709/0
7/1
7Aaa
AA+
55,0
00.0
0
3130ACE26
1.4
8
FH
LB N
OTES
DTD
09/0
8/2
017 1
.375%
09/2
8/2
020
68,5
84.6
0
69,8
70.6
1
248.6
5
69,7
75.3
0
09/0
8/1
709/0
7/1
7Aaa
AA+
70,0
00.0
0
3130ACE26
1.4
8
FAN
NIE
MAE N
OTES
DTD
11/0
1/2
018 2
.875%
10/3
0/2
020
246,3
44.0
7
244,8
69.4
7
1,1
73.9
6
244,8
57.9
0
11/0
1/1
810/3
0/1
8Aaa
AA+
245,0
00.0
0
3135G
0U
84
2.9
1
FRED
DIE
MAC N
OTES
DTD
02/1
6/2
018 2
.375%
02/1
6/2
021
234,1
84.0
8
233,2
73.2
9
2,0
92.9
7
232,9
03.8
0
07/1
3/1
807/1
2/1
8Aaa
AA+
235,0
00.0
0
3137EAEL9
2.7
3
FAN
NIE
MAE N
OTES
DTD
04/1
3/2
018 2
.500%
04/1
3/2
021
74,9
38.8
0
74,9
14.2
1
406.2
5
74,8
88.2
5
04/1
3/1
804/1
2/1
8Aaa
AA+
75,0
00.0
0
3135G
0U
27
2.5
5
FAN
NIE
MAE N
OTES
DTD
06/2
5/2
018 2
.750%
06/2
2/2
021
170,9
53.8
7
169,9
67.2
1
116.8
8
169,9
60.9
0
06/2
5/1
806/2
2/1
8Aaa
AA+
170,0
00.0
0
3135G
0U
35
2.7
6
FRED
DIE
MAC N
OTES (
CALL
ABLE
)
DTD
08/2
7/2
018 2
.900%
08/2
7/2
021
339,9
98.6
4
340,0
00.0
0
3,3
96.2
2
340,0
00.0
0
08/2
7/1
808/2
2/1
8Aaa
AA+
340,0
00.0
0
3134G
SW
C5
2.9
0
FED
ERAL
HO
ME L
OAN
BAN
KS N
OTES
(CALL
ABLE
)
DTD
09/2
0/2
018 3
.000%
09/2
0/2
021
250,6
24.5
0
250,0
00.0
0
2,1
04.1
7
250,0
00.0
0
09/2
0/1
809/1
3/1
8Aaa
AA+
250,0
00.0
0
3130AEXV7
3.0
0
FRED
DIE
MAC N
OTES
DTD
06/1
1/2
018 2
.750%
06/1
9/2
023
140,8
18.0
2
140,4
30.9
5
128.3
3
140,4
31.2
0
12/3
1/1
812/2
7/1
8Aaa
AA+
140,0
00.0
0
3137EAEN
52.6
8
FED
ERAL
HO
ME L
OAN
BAN
K N
OTES
DTD
08/2
6/2
013 3
.375%
09/0
8/2
023
386,2
55.6
3
381,4
37.4
6
3,9
72.6
6
381,5
23.5
0
12/0
6/1
812/0
4/1
8Aaa
AA+
375,0
00.0
0
313383YJ4
2.9
8
18
,99
4.0
4
3,0
33
,22
9.3
9
3,0
33
,69
5.5
0
2.4
2
3,0
32
,08
6.7
5
3,0
30
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Co
rpo
rate
No
te
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
34,8
77.9
2
34,9
89.4
6
128.3
3
34,9
02.7
0
04/2
5/1
604/2
0/1
6A3
BBB+
35,0
00.0
0
38141G
VT8
2.1
0
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
79,7
20.9
6
79,9
94.4
6
293.3
3
79,9
48.8
0
04/2
6/1
604/2
1/1
6A3
BBB+
80,0
00.0
0
38141G
VT8
2.0
2
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
99,6
51.2
0
99,9
93.0
7
366.6
7
99,9
36.0
0
04/2
6/1
604/2
1/1
6A3
BBB+
100,0
00.0
0
38141G
VT8
2.0
2
CIT
IGRO
UP I
NC C
ORP N
OTES
DTD
06/0
9/2
016 2
.050%
06/0
7/2
019
39,8
31.3
6
39,9
96.9
1
54.6
7
39,9
79.2
0
06/0
9/1
606/0
2/1
6Baa1
BBB+
40,0
00.0
0
172967KS9
2.0
7
BU
RLI
NG
TO
N N
RTH
CO
RP
DTD
09/2
4/2
009 4
.700%
10/0
1/2
019
50,6
09.4
0
51,1
97.4
9
587.5
0
55,1
95.0
0
06/0
8/1
606/0
3/1
6A3
A+
50,0
00.0
0
12189TBC7
1.4
8
TO
YO
TA M
OTO
R C
ORP N
OTES
DTD
10/1
8/2
016 1
.550%
10/1
8/2
019
24,7
07.8
0
24,9
96.6
2
78.5
8
24,9
87.5
0
10/1
8/1
610/1
3/1
6Aa3
AA-
25,0
00.0
0
89236TD
H5
1.5
7
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
CO
RP
DTD
10/3
1/2
016 1
.700%
10/3
0/2
019
49,4
48.8
5
50,0
02.5
8
144.0
3
50,0
09.5
0
10/3
1/1
610/2
6/1
6A2
A-
50,0
00.0
0
0258M
0EC9
1.6
9
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
NO
TE
DTD
03/0
3/2
017 2
.200%
03/0
3/2
020
54,4
08.7
0
54,9
77.2
1
396.6
1
54,9
42.8
0
03/0
3/1
702/2
8/1
7A2
A-
55,0
00.0
0
0258M
0EE5
2.2
4
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
NO
TE
DTD
03/0
3/2
017 2
.200%
03/0
3/2
020
59,3
54.9
4
59,9
75.1
3
432.6
7
59,9
37.6
0
03/0
3/1
702/2
8/1
7A2
A-
60,0
00.0
0
0258M
0EE5
2.2
4
TO
YO
TA M
OTO
R C
RED
IT C
ORP
DTD
04/1
7/2
017 1
.950%
04/1
7/2
020
34,5
65.3
0
34,9
92.9
4
140.2
9
34,9
83.9
0
04/1
7/1
704/1
1/1
7Aa3
AA-
35,0
00.0
0
89236TD
U6
1.9
7
TO
YO
TA M
OTO
R C
RED
IT C
ORP
DTD
04/1
7/2
017 1
.950%
04/1
7/2
020
44,4
41.1
0
44,9
90.9
2
180.3
8
44,9
79.3
0
04/1
7/1
704/1
1/1
7Aa3
AA-
45,0
00.0
0
89236TD
U6
1.9
7
CATERPIL
LAR F
INL
SERVIC
E N
OTE
DTD
09/0
7/2
017 1
.850%
09/0
4/2
020
39,2
21.0
0
39,9
80.9
5
240.5
0
39,9
66.4
0
09/0
7/1
709/0
5/1
7A3
A 4
0,0
00.0
0
14913Q
2A6
1.8
8
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
CATERPIL
LAR F
INL
SERVIC
E N
OTE
DTD
09/0
7/2
017 1
.850%
09/0
4/2
020
44,1
23.6
3
44,9
78.5
6
270.5
6
44,9
62.2
0
09/0
7/1
709/0
5/1
7A3
A 4
5,0
00.0
0
14913Q
2A6
1.8
8
IBM
CRED
IT C
ORP N
OTE
DTD
09/0
8/2
017 1
.800%
01/2
0/2
021
43,7
38.3
4
44,9
42.2
9
362.2
5
44,9
06.8
5
09/0
8/1
709/0
5/1
7A1
A 4
5,0
00.0
0
44932H
AB9
1.8
6
IBM
CRED
IT C
ORP N
OTE
DTD
09/0
8/2
017 1
.800%
01/2
0/2
021
63,1
77.6
0
64,9
16.6
5
523.2
5
64,8
65.4
5
09/0
8/1
709/0
5/1
7A1
A 6
5,0
00.0
0
44932H
AB9
1.8
6
PACCAR F
INAN
CIA
L CO
RP N
OTES
DTD
02/2
7/2
018 2
.800%
03/0
1/2
021
49,5
47.2
0
49,9
82.0
9
466.6
7
49,9
75.5
0
02/2
7/1
802/2
2/1
8A1
A+
50,0
00.0
0
69371RN
93
2.8
2
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
03/1
3/2
018 2
.875%
03/1
2/2
021
24,9
32.8
5
24,9
87.3
9
217.6
2
24,9
83.0
0
03/1
3/1
803/0
8/1
8A2
A 2
5,0
00.0
0
24422EU
D9
2.9
0
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
49,7
72.3
5
49,9
59.0
6
426.9
4
49,9
44.5
0
02/2
6/1
802/2
1/1
8A2
A 5
0,0
00.0
0
63743H
ER9
2.9
4
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
69,6
81.2
9
69,7
73.8
6
597.7
2
69,7
03.9
0
04/1
9/1
804/1
2/1
8A2
A 7
0,0
00.0
0
63743H
ER9
3.0
5
HERSH
EY C
OM
PAN
Y C
ORP N
OTES
DTD
05/1
0/2
018 3
.100%
05/1
5/2
021
75,6
63.9
8
74,9
59.0
8
297.0
8
74,9
48.2
5
05/1
0/1
805/0
3/1
8A1
A 7
5,0
00.0
0
427866BA5
3.1
2
CH
ARLE
S S
CH
WAB C
ORP N
OTES
DTD
05/2
2/2
018 3
.250%
05/2
1/2
021
70,3
41.6
0
69,9
98.2
7
252.7
8
69,9
97.9
0
05/2
2/1
805/1
7/1
8A2
A 7
0,0
00.0
0
808513AW
53.2
5
BAN
K O
F A
MERIC
A C
ORP C
ORP N
OTES
DTD
07/2
1/2
017 2
.369%
07/2
1/2
021
289,7
20.9
8
290,3
37.2
4
3,1
06.0
2
289,5
36.6
0
07/1
6/1
807/1
2/1
8A3
A-
295,0
00.0
0
06051G
GP8
3.0
2
MO
RG
AN
STAN
LEY C
ORP N
OTES
DTD
07/2
8/2
011 5
.500%
07/2
8/2
021
36,6
79.4
8
37,3
69.3
1
818.1
3
38,8
90.6
0
03/2
9/1
703/2
7/1
7A3
BBB+
35,0
00.0
0
61747W
AL3
2.7
6
MO
RG
AN
STAN
LEY C
ORP N
OTES
DTD
07/2
8/2
011 5
.500%
07/2
8/2
021
104,7
98.5
0
106,7
69.4
6
2,3
37.5
0
111,1
16.0
0
03/2
9/1
703/2
7/1
7A3
BBB+
100,0
00.0
0
61747W
AL3
2.7
6
AM
ERIC
AN
HO
ND
A F
INAN
CE C
ORP N
OTES
DTD
09/0
9/2
016 1
.700%
09/0
9/2
021
48,0
68.0
0
49,8
12.0
3
264.4
4
49,6
58.5
0
09/1
4/1
609/0
9/1
6A2
A+
50,0
00.0
0
02665W
BG
51.8
4
AM
ERIC
AN
HO
ND
A F
INAN
CE C
ORP N
OTES
DTD
10/1
0/2
018 3
.375%
12/1
0/2
021
70,3
43.9
1
69,9
66.6
3
137.8
1
69,9
66.4
0
10/1
0/1
810/0
3/1
8A2
A+
70,0
00.0
0
02665W
CP4
3.3
9
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
01/0
6/2
017 2
.650%
01/0
6/2
022
29,4
26.2
8
29,9
15.4
7
386.4
6
29,8
67.7
0
03/1
5/1
703/1
0/1
7A2
A 3
0,0
00.0
0
24422ETL3
2.7
5
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
01/0
6/2
017 2
.650%
01/0
6/2
022
39,2
35.0
4
39,8
87.2
9
515.2
8
39,8
23.6
0
03/1
5/1
703/1
0/1
7A2
A 4
0,0
00.0
0
24422ETL3
2.7
5
HO
ME D
EPO
T I
NC
DTD
12/0
6/2
018 3
.250%
03/0
1/2
022
60,6
22.8
0
59,8
38.4
1
135.4
2
59,8
35.6
0
12/0
6/1
811/2
7/1
8A2
A 6
0,0
00.0
0
437076BV3
3.3
4
UN
ILEVER C
APIT
AL
CO
RP
DTD
09/0
7/2
018 3
.000%
03/0
7/2
022
99,2
63.6
0
99,5
57.7
7
950.0
0
99,5
16.0
0
09/0
7/1
809/0
4/1
8A1
A+
100,0
00.0
0
904764BF3
3.1
5
BB&
T C
ORP (
CALL
ABLE
) N
OTES
DTD
03/2
1/2
017 2
.750%
04/0
1/2
022
98,3
05.9
0
100,4
98.9
1
687.5
0
100,7
55.0
0
04/0
6/1
704/0
3/1
7A2
A-
100,0
00.0
0
05531FAX1
2.5
9
BB&
T C
ORP (
CALL
ABLE
) N
OTES
DTD
03/2
1/2
017 2
.750%
04/0
1/2
022
98,3
05.9
0
100,4
98.9
1
687.5
0
100,7
55.0
0
04/0
6/1
704/0
3/1
7A2
A-
100,0
00.0
0
05531FAX1
2.5
9
CO
MCAST C
ORPO
RATIO
N C
ORP N
OTES
DTD
07/0
2/2
012 3
.125%
07/1
5/2
022
44,8
81.0
2
46,4
12.6
5
648.4
4
46,9
16.5
5
09/0
1/1
708/2
9/1
7A3
A-
45,0
00.0
0
20030N
BD
22.2
0
WALT
DIS
NEY C
OM
PAN
Y/T
HE C
ORP N
OTES
DTD
11/3
0/2
012 2
.350%
12/0
1/2
022
106,8
33.1
0
106,4
70.2
6
215.4
2
106,4
67.9
0
12/3
1/1
812/2
7/1
8A2
A+
110,0
00.0
0
25468PCW
43.2
3
INTEL
CO
RP C
ORP N
OTES
DTD
12/1
1/2
012 2
.700%
12/1
5/2
022
118,1
95.8
0
117,6
59.8
7
144.0
0
117,6
55.2
0
12/2
8/1
812/2
6/1
8A1
A+
120,0
00.0
0
458140AM
23.2
3
17
,49
2.3
5
2,3
46
,49
7.6
8
2,3
65
,57
9.2
0
2.6
2
2,3
74
,81
6.9
0
2,3
65
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Co
mm
erc
ial
Pa
pe
r
CRED
IT A
GRIC
OLE
CIB
NY C
OM
M P
APER
DTD
07/1
2/2
018 0
.000%
01/0
8/2
019
299,8
39.8
0
299,8
60.0
0
0.0
0
296,4
00.0
0
07/1
2/1
807/1
2/1
8P-1
A-1
300,0
00.0
0
22533U
N82
2.4
3
BAN
K O
F M
ON
TREAL
CH
ICAG
O C
OM
M
PAPER
DTD
05/2
2/2
018 0
.000%
02/1
5/2
019
249,1
73.5
0
249,2
15.6
3
0.0
0
245,3
11.1
8
05/2
2/1
805/2
2/1
8P-1
A-1
250,0
00.0
0
06366H
PF8
2.5
6
MU
FG
BAN
K L
TD
/NY C
OM
M P
APER
DTD
05/2
9/2
018 0
.000%
02/2
2/2
019
348,6
47.9
5
348,7
20.9
4
0.0
0
343,3
83.3
5
05/2
9/1
805/2
9/1
8P-1
A-1
350,0
00.0
0
62479M
PN
72.5
8
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
mm
erc
ial
Pa
pe
r
JP M
ORG
AN
SECU
RIT
IES L
LC C
OM
M P
APER
DTD
12/1
0/2
018 0
.000%
09/0
6/2
019
244,7
07.0
0
244,9
02.2
2
0.0
0
244,4
70.5
6
12/1
1/1
812/1
1/1
8P-1
A-1
250,0
00.0
0
46640Q
W64
3.0
3
0.0
0
1,1
42
,36
8.2
5
1,1
42
,69
8.7
9
2.6
3
1,1
29
,56
5.0
9
1,1
50
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Ce
rtif
ica
te o
f D
ep
osit
SVEN
SKA H
AN
DELS
BAN
KEN
NY C
D
DTD
01/1
2/2
017 1
.890%
01/1
0/2
019
79,9
88.0
0
79,9
99.9
9
735.0
0
80,0
00.0
0
01/1
2/1
701/1
0/1
7P-1
A-1
+ 8
0,0
00.0
0
86958JH
B8
1.9
1
SKAN
DIN
AV E
NSKIL
DA B
AN
KEN
NY C
D
DTD
08/0
4/2
017 1
.840%
08/0
2/2
019
74,5
80.9
8
74,9
91.4
4
582.6
7
74,9
70.7
5
08/0
4/1
708/0
3/1
7P-1
A-1
75,0
00.0
0
83050FXT3
1.8
5
SKAN
DIN
AV E
NSKIL
DA B
AN
KEN
NY C
D
DTD
08/0
4/2
017 1
.840%
08/0
2/2
019
99,4
41.3
0
99,9
88.5
9
776.8
9
99,9
61.0
0
08/0
4/1
708/0
3/1
7P-1
A-1
100,0
00.0
0
83050FXT3
1.8
5
MU
FG
BAN
K L
TD
/NY C
ERT D
EPO
S
DTD
09/2
7/2
017 2
.070%
09/2
5/2
019
44,6
86.0
4
45,0
00.0
0
253.5
8
45,0
00.0
0
09/2
7/1
709/2
5/1
7P-1
A-1
45,0
00.0
0
06539RG
M3
2.0
7
MU
FG
BAN
K L
TD
/NY C
ERT D
EPO
S
DTD
09/2
7/2
017 2
.070%
09/2
5/2
019
59,5
81.3
8
59,9
99.9
9
338.1
0
60,0
00.0
0
09/2
7/1
709/2
5/1
7P-1
A-1
60,0
00.0
0
06539RG
M3
2.0
7
CRED
IT S
UIS
SE N
EW
YO
RK C
ERT D
EPO
S
DTD
02/0
8/2
018 2
.670%
02/0
7/2
020
89,8
46.0
1
90,0
00.0
0
2,1
56.0
3
90,0
00.0
0
02/0
8/1
802/0
7/1
8A1
A 9
0,0
00.0
0
22549LF
R1
2.6
7
NO
RD
EA B
AN
K A
B N
Y C
D
DTD
02/2
2/2
018 2
.720%
02/2
0/2
020
99,9
39.2
0
100,0
00.0
0
989.7
8
100,0
00.0
0
02/2
2/1
802/2
0/1
8Aa3
AA-
100,0
00.0
0
65590ASN
72.7
2
BAN
K O
F N
OVA S
CO
TIA
HO
USTO
N C
D
DTD
06/0
7/2
018 3
.080%
06/0
5/2
020
160,4
67.8
4
159,9
55.9
6
355.9
1
159,9
39.2
0
06/0
7/1
806/0
5/1
8Aa2
A+
160,0
00.0
0
06417G
U22
3.1
0
WESTPAC B
AN
KIN
G C
ORP N
Y C
D
DTD
08/0
7/2
017 2
.050%
08/0
3/2
020
64,1
18.3
4
65,0
00.0
0
533.0
0
65,0
00.0
0
08/0
7/1
708/0
3/1
7Aa3
AA-
65,0
00.0
0
96121T4A3
2.0
5
SU
MIT
OM
O M
ITSU
I BAN
K N
Y C
ERT D
EPO
S
DTD
10/1
8/2
018 3
.390%
10/1
6/2
020
181,2
41.4
6
179,7
79.3
7
1,2
37.3
5
179,7
55.2
0
10/1
8/1
810/1
6/1
8A1
A 1
80,0
00.0
0
86565BPC9
3.4
6
RO
YAL
BAN
K O
F C
AN
AD
A N
Y C
D
DTD
06/0
8/2
018 3
.240%
06/0
7/2
021
175,0
17.8
5
175,0
00.0
0
378.0
0
175,0
00.0
0
06/0
8/1
806/0
7/1
8Aa2
AA-
175,0
00.0
0
78012U
EE1
3.2
4
8,3
36
.31
1
,12
8,9
08
.40
1
,12
9,7
15
.34
2
.68
1
,12
9,6
26
.15
1
,13
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
NIS
SAN
ABS 2
015-B
A3
DTD
07/2
2/2
015 1
.340%
03/1
5/2
020
1,8
57.9
7
1,8
60.3
1
1.1
1
1,8
60.1
9
07/2
2/1
507/1
5/1
5Aaa
NR
1,8
60.3
4
65475W
AD
01.3
4
NIS
SAN
ABS 2
015-B
A3
DTD
07/2
2/2
015 1
.340%
03/1
5/2
020
10,7
76.2
2
10,7
89.7
8
6.4
3
10,7
89.1
1
07/2
2/1
507/1
5/1
5Aaa
NR
10,7
89.9
6
65475W
AD
01.3
4
CN
H 2
017-A
A2
DTD
03/2
2/2
017 1
.640%
07/1
5/2
020
11,7
91.5
0
11,8
03.1
6
8.6
0
11,8
02.9
4
03/2
2/1
703/1
5/1
7N
RAAA
11,8
03.3
9
12636W
AB2
1.8
0
CN
H 2
017-A
A2
DTD
03/2
2/2
017 1
.640%
07/1
5/2
020
11,7
91.5
0
11,8
03.1
6
8.6
0
11,8
02.9
4
03/2
2/1
703/1
5/1
7N
RAAA
11,8
03.3
9
12636W
AB2
1.8
0
FO
RD
ABS 2
017-A
A3
DTD
01/2
5/2
017 1
.670%
06/1
5/2
021
27,3
50.1
3
27,5
65.9
8
20.4
6
27,5
65.9
3
01/2
5/1
701/1
8/1
7Aaa
NR
27,5
66.0
3
34531EAD
81.6
7
FO
RD
ABS 2
017-A
A3
DTD
01/2
5/2
017 1
.670%
06/1
5/2
021
36,4
66.8
3
36,7
54.6
4
27.2
8
36,7
54.5
6
01/2
5/1
701/1
8/1
7Aaa
NR
36,7
54.7
0
34531EAD
81.6
7
GM
ALT
2018-3
A3
DTD
09/2
6/2
018 3
.180%
06/2
0/2
021
40,0
57.1
7
39,9
97.1
4
38.8
7
39,9
96.8
4
09/2
6/1
809/1
8/1
8Aaa
AAA
40,0
00.0
0
36256G
AD
13.1
9
HYU
ND
AI
ABS 2
017-A
A3
DTD
03/2
9/2
017 1
.760%
08/1
5/2
021
29,7
03.8
5
29,9
97.7
9
23.4
7
29,9
97.5
7
03/2
9/1
703/2
2/1
7N
RAAA
30,0
00.0
0
44931PAD
81.7
6
HYU
ND
AI
ABS 2
017-A
A3
DTD
03/2
9/2
017 1
.760%
08/1
5/2
021
34,6
54.4
9
34,9
98.4
4
27.3
8
34,9
97.1
7
03/2
9/1
703/2
2/1
7N
RAAA
35,0
00.0
0
44931PAD
81.7
6
ALL
Y A
BS 2
017-2
A3
DTD
03/2
9/2
017 1
.780%
08/1
5/2
021
47,7
27.0
9
48,0
88.4
1
38.0
5
48,0
86.0
2
03/2
9/1
703/2
1/1
7Aaa
NR
48,0
91.6
9
02007H
AC5
1.7
9
ALL
Y A
BS 2
017-2
A3
DTD
03/2
9/2
017 1
.780%
08/1
5/2
021
60,7
43.5
7
61,2
03.4
4
48.4
2
61,2
00.3
9
03/2
9/1
703/2
1/1
7Aaa
NR
61,2
07.6
1
02007H
AC5
1.7
9
FO
RD
L 2018-B
A3
DTD
09/2
1/2
018 3
.190%
12/1
5/2
021
50,2
06.7
4
49,9
96.1
3
70.8
9
49,9
95.7
8
09/2
1/1
809/1
8/1
8Aaa
NR
50,0
00.0
0
34531LA
D2
3.4
1
JDO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.660%
04/1
5/2
022
29,9
02.8
4
29,9
98.2
5
35.4
7
29,9
97.8
4
02/2
8/1
802/2
1/1
8Aaa
NR
30,0
00.0
0
47788CAC6
2.6
6
ALL
YA 2
018-2
A3
DTD
04/3
0/2
018 2
.920%
11/1
5/2
022
39,9
30.4
0
39,9
93.7
4
51.9
1
39,9
92.7
4
04/3
0/1
804/2
4/1
8Aaa
NR
40,0
00.0
0
02004VAC7
2.9
3
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N M
AIN
- 1
00
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
MBART 2
018-1
A3
DTD
07/2
5/2
018 3
.030%
01/1
5/2
023
105,1
89.3
3
104,9
96.3
9
141.4
0
104,9
95.9
7
07/2
5/1
807/1
7/1
8Aaa
AAA
105,0
00.0
0
58772RAD
63.0
3
ALL
YA 2
018-3
A3
DTD
06/2
7/2
018 3
.000%
01/1
5/2
023
119,9
01.5
3
119,9
92.7
1
160.0
0
119,9
91.7
9
06/2
7/1
806/1
9/1
8Aaa
AAA
120,0
00.0
0
02007JA
C1
3.0
9
CCCIT
2018-A
1 A
1
DTD
01/3
1/2
018 2
.490%
01/2
0/2
023
198,3
87.2
2
197,9
15.5
7
2,2
27.1
7
197,7
89.0
6
08/2
3/1
808/2
1/1
8Aaa
NR
200,0
00.0
0
17305EG
K5
2.9
7
GM
CAR 2
018-3
A3
DTD
07/1
8/2
018 3
.020%
05/1
6/2
023
60,2
13.5
6
59,9
87.2
7
75.5
0
59,9
86.0
1
07/1
8/1
807/1
1/1
8N
RAAA
60,0
00.0
0
36255JA
D6
3.0
3
NARO
T 2
018-C
A3
DTD
12/1
2/2
018 3
.220%
06/1
5/2
023
90,6
47.7
2
89,9
82.9
8
152.9
5
89,9
82.7
6
12/1
2/1
812/0
4/1
8Aaa
AAA
90,0
00.0
0
65478N
AD
73.5
3
CARM
AX A
UTO
OW
NER T
RU
ST
DTD
07/2
5/2
018 3
.130%
06/1
5/2
023
120,4
58.7
4
119,9
85.0
4
166.9
3
119,9
83.6
4
07/2
5/1
807/1
8/1
8N
RAAA
120,0
00.0
0
14313FAD
13.3
6
3,3
30
.89
1
,12
7,7
58
.40
1
,12
7,7
10
.33
2
.80
1
,12
7,5
69
.25
1
,12
9,8
77
.11
S
ecu
rity
Typ
e S
ub
-To
tal
17
,35
2,5
42
.07
1
7,2
04
,24
4.1
9
2.4
4
87
,62
0.3
7
17
,23
4,8
44
.02
1
7,1
90
,47
3.4
4
Ma
na
ge
d A
cco
un
t S
ub
-To
tal
$1
7,3
52
,54
2.0
7
$1
7,2
04
,24
4.1
9
$8
7,6
20
.37
$
17
,23
4,8
44
.02
$
17
,19
0,4
73
.44
2
.44
%
$1
7,2
78
,09
3.8
1
$8
7,6
20
.37
To
tal
Inve
stm
en
ts
Accru
ed
In
tere
st
Se
cu
riti
es S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
-110
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
04/1
5/2
016 0
.875%
04/1
5/2
019
99,5
60.6
0
99,5
60.3
1
187.5
0
99,1
71.8
8
10/0
1/1
809/2
7/1
8Aaa
AA+
100,0
00.0
0
912828Q
52
2.4
3
US T
REASU
RY N
OTES
DTD
07/3
1/2
014 1
.625%
07/3
1/2
019
129,3
04.2
4
129,2
67.1
0
884.0
4
129,0
14.8
4
10/1
9/1
810/1
7/1
8Aaa
AA+
130,0
00.0
0
912828W
W6
2.6
1
US T
REASU
RY N
OTES
DTD
10/0
1/2
012 1
.000%
09/3
0/2
019
9,8
81.6
4
9,9
77.0
3
25.5
5
9,8
66.8
0
04/3
0/1
504/2
8/1
5Aaa
AA+
10,0
00.0
0
912828TR1
1.3
1
US T
REASU
RY N
OTES
DTD
10/0
1/2
012 1
.000%
09/3
0/2
019
54,3
49.0
2
54,8
35.2
0
140.5
2
54,0
26.7
6
03/2
7/1
503/2
6/1
5Aaa
AA+
55,0
00.0
0
912828TR1
1.4
1
US T
REASU
RY N
OTES
DTD
10/0
1/2
012 1
.000%
09/3
0/2
019
98,8
16.4
0
99,7
70.2
7
255.4
9
98,6
67.9
7
04/3
0/1
504/2
8/1
5Aaa
AA+
100,0
00.0
0
912828TR1
1.3
1
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
79,2
53.1
2
80,0
84.2
1
205.5
2
80,4
12.5
0
09/0
4/1
509/0
3/1
5Aaa
AA+
80,0
00.0
0
912828F62
1.3
7
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
123,8
33.0
0
125,0
97.6
3
321.1
3
125,5
07.8
1
05/2
9/1
505/2
8/1
5Aaa
AA+
125,0
00.0
0
912828F62
1.4
0
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
148,5
99.6
0
150,1
17.1
6
385.3
6
150,6
09.3
8
05/2
9/1
505/2
8/1
5Aaa
AA+
150,0
00.0
0
912828F62
1.4
0
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
272,4
32.6
0
275,2
89.4
7
706.4
9
276,4
17.9
7
09/0
4/1
509/0
3/1
5Aaa
AA+
275,0
00.0
0
912828F62
1.3
7
US T
REASU
RY N
/B N
OTES
DTD
01/3
1/2
018 2
.000%
01/3
1/2
020
99,3
47.7
0
99,8
39.8
7
836.9
6
99,7
07.0
3
02/0
1/1
801/3
1/1
8Aaa
AA+
100,0
00.0
0
9128283S7
2.1
5
US T
REASU
RY N
OTES
DTD
02/1
5/2
017 1
.375%
02/1
5/2
020
133,1
38.4
9
134,9
95.2
6
701.1
4
134,9
89.4
5
08/3
1/1
708/3
0/1
7Aaa
AA+
135,0
00.0
0
912828W
22
1.3
8
US T
REASU
RY N
OTES
DTD
07/3
1/2
013 2
.000%
07/3
1/2
020
54,5
46.6
9
55,7
13.5
8
460.3
3
56,8
82.0
3
05/0
6/1
605/0
3/1
6Aaa
AA+
55,0
00.0
0
912828VP2
1.1
7
US T
REASU
RY N
OTES
DTD
07/3
1/2
013 2
.000%
07/3
1/2
020
104,1
34.5
9
106,3
62.2
8
878.8
0
108,5
92.9
7
05/0
6/1
605/0
3/1
6Aaa
AA+
105,0
00.0
0
912828VP2
1.1
7
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
78,4
90.6
4
80,6
42.9
7
373.7
6
81,5
84.3
7
07/1
2/1
607/0
7/1
6Aaa
AA+
80,0
00.0
0
912828L3
20.8
9
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
93,2
07.6
4
95,6
99.3
2
443.8
4
96,7
36.7
2
06/2
9/1
606/2
8/1
6Aaa
AA+
95,0
00.0
0
912828L3
20.9
3
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
196,2
26.6
0
200,9
37.0
2
934.3
9
202,2
26.5
6
09/0
2/1
609/0
1/1
6Aaa
AA+
200,0
00.0
0
912828L3
21.0
9
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
220,7
54.9
3
226,8
08.3
6
1,0
51.1
9
229,4
56.0
5
07/1
2/1
607/0
7/1
6Aaa
AA+
225,0
00.0
0
912828L3
20.8
9
US T
REASU
RY N
OTES
DTD
09/0
2/2
014 2
.000%
08/3
1/2
021
192,5
77.7
1
195,3
37.3
7
1,3
25.1
4
195,5
86.5
2
12/0
5/1
612/0
1/1
6Aaa
AA+
195,0
00.0
0
912828D
72
1.9
3
US T
REASU
RY N
OTES
DTD
09/0
2/2
014 2
.000%
08/3
1/2
021
345,6
52.3
0
350,6
05.5
4
2,3
78.4
5
351,0
52.7
3
12/0
5/1
612/0
1/1
6Aaa
AA+
350,0
00.0
0
912828D
72
1.9
3
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
24,1
66.0
3
24,7
30.6
6
53.5
2
24,6
07.4
2
08/3
1/1
708/3
0/1
7Aaa
AA+
25,0
00.0
0
912828T67
1.6
4
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
86,9
97.6
9
88,7
54.6
8
192.6
8
88,1
54.3
0
08/0
3/1
708/0
1/1
7Aaa
AA+
90,0
00.0
0
912828T67
1.7
5
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
96,6
64.1
0
97,6
83.6
0
214.0
9
96,2
81.2
5
03/1
6/1
703/1
4/1
7Aaa
AA+
100,0
00.0
0
912828T67
2.1
0
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
96,6
64.1
0
97,6
83.6
0
214.0
9
96,2
81.2
5
03/1
6/1
703/1
4/1
7Aaa
AA+
100,0
00.0
0
912828T67
2.1
0
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
318,9
91.5
3
326,4
44.7
4
706.4
9
324,8
17.9
7
08/3
1/1
708/3
0/1
7Aaa
AA+
330,0
00.0
0
912828T67
1.6
4
US T
REASU
RY N
OTES
DTD
11/1
5/2
011 2
.000%
11/1
5/2
021
29,6
12.1
0
30,0
61.0
2
77.9
0
30,0
99.6
1
01/3
1/1
701/3
0/1
7Aaa
AA+
30,0
00.0
0
912828RR3
1.9
3
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
78,9
06.2
4
80,6
54.8
6
4.4
2
80,9
71.8
8
06/2
8/1
706/2
6/1
7Aaa
AA+
80,0
00.0
0
912828U
81
1.7
2
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
113,4
27.7
2
115,9
41.3
6
6.3
5
116,3
97.0
7
06/2
8/1
706/2
6/1
7Aaa
AA+
115,0
00.0
0
912828U
81
1.7
2
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
207,1
28.8
8
209,8
00.2
8
11.6
0
209,7
29.3
0
11/3
0/1
711/2
9/1
7Aaa
AA+
210,0
00.0
0
912828U
81
2.0
3
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.500%
01/3
1/2
022
38,8
57.8
0
39,5
50.1
1
251.0
9
39,3
42.1
9
07/0
7/1
707/0
5/1
7Aaa
AA+
40,0
00.0
0
912828H
86
1.8
8
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.500%
01/3
1/2
022
82,5
72.8
3
84,0
43.9
8
533.5
6
83,6
02.1
5
07/0
7/1
707/0
5/1
7Aaa
AA+
85,0
00.0
0
912828H
86
1.8
8
US T
REASU
RY N
/B N
OTES
DTD
02/2
8/2
017 1
.875%
02/2
8/2
022
58,9
10.1
6
59,7
95.2
7
382.2
5
59,7
21.0
9
10/2
6/1
710/2
5/1
7Aaa
AA+
60,0
00.0
0
912828W
55
1.9
9
US T
REASU
RY N
/B N
OTES
DTD
02/2
8/2
017 1
.875%
02/2
8/2
022
117,8
20.3
2
119,5
90.5
4
764.5
0
119,4
42.1
9
10/2
6/1
710/2
5/1
7Aaa
AA+
120,0
00.0
0
912828W
55
1.9
9
US T
REASU
RY N
OTES
DTD
07/3
1/2
017 1
.875%
07/3
1/2
022
176,2
66.4
4
177,8
86.0
6
1,4
12.3
6
177,3
28.1
3
01/0
4/1
801/0
2/1
8Aaa
AA+
180,0
00.0
0
9128282P4
2.2
2
US T
REASU
RY N
OTES
DTD
09/3
0/2
015 1
.750%
09/3
0/2
022
116,8
31.2
8
115,8
15.1
1
536.5
4
115,2
09.3
8
06/0
6/1
806/0
4/1
8Aaa
AA+
120,0
00.0
0
912828L5
72.7
4
US T
REASU
RY N
OTES
DTD
10/0
2/2
017 1
.875%
09/3
0/2
022
357,0
58.3
3
356,3
23.6
0
1,7
48.5
4
354,6
91.6
0
04/0
4/1
804/0
2/1
8Aaa
AA+
365,0
00.0
0
9128282W
92.5
4
US T
REASU
RY N
/B N
OTES
DTD
11/0
2/2
015 1
.875%
10/3
1/2
022
117,3
18.7
2
115,3
81.4
4
385.3
6
115,0
92.1
9
10/0
1/1
809/2
7/1
8Aaa
AA+
120,0
00.0
0
912828M
49
2.9
5
US T
REASU
RY N
OTES
DTD
12/3
1/2
015 2
.125%
12/3
1/2
022
152,8
14.1
9
150,6
83.0
4
9.1
0
150,2
65.2
3
08/0
3/1
808/0
1/1
8Aaa
AA+
155,0
00.0
0
912828N
30
2.8
7
US T
REASU
RY N
OTES
DTD
12/3
1/2
015 2
.125%
12/3
1/2
022
315,4
87.3
6
312,7
21.4
2
18.7
8
311,8
87.5
0
07/0
6/1
807/0
3/1
8Aaa
AA+
320,0
00.0
0
912828N
30
2.7
3
US T
REASU
RY N
OTES
DTD
02/0
1/2
016 1
.750%
01/3
1/2
023
155,3
68.8
0
153,2
79.4
8
1,1
71.7
4
153,1
68.7
5
12/0
6/1
812/0
4/1
8Aaa
AA+
160,0
00.0
0
912828P38
2.8
5
US T
REASU
RY N
/B
DTD
03/3
1/2
016 1
.500%
03/3
1/2
023
191,9
84.4
0
189,5
40.0
1
766.4
8
188,0
00.0
0
05/0
2/1
805/0
1/1
8Aaa
AA+
200,0
00.0
0
912828Q
29
2.8
2
US T
REASU
RY N
/B N
OTES
DTD
05/3
1/2
016 1
.625%
05/3
1/2
023
187,8
62.6
1
184,9
66.2
3
278.5
7
184,7
77.7
3
11/3
0/1
811/2
9/1
8Aaa
AA+
195,0
00.0
0
912828R69
2.8
8
22
,23
5.6
1
5,6
55
,81
9.1
4
5,7
02
,27
1.0
4
1.9
7
5,7
00
,37
8.5
2
5,7
65
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Su
pra
-Na
tio
na
l A
ge
ncy B
on
d /
No
te
INTER-A
MERIC
AN
DEVEL
BK N
OTE
DTD
04/1
2/2
017 1
.625%
05/1
2/2
020
39,4
87.0
8
39,9
57.3
8
88.4
7
39,9
05.2
0
04/1
2/1
704/0
5/1
7Aaa
AAA
40,0
00.0
0
4581X0CX4
1.7
0
INTER-A
MERIC
AN
DEVEL
BK N
OTE
DTD
04/1
2/2
017 1
.625%
05/1
2/2
020
64,1
66.5
1
64,9
30.7
4
143.7
7
64,8
45.9
5
04/1
2/1
704/0
5/1
7Aaa
AAA
65,0
00.0
0
4581X0CX4
1.7
0
INTERN
ATIO
NAL
FIN
AN
CE C
ORPO
RATIO
N
NO
TE
DTD
01/2
5/2
018 2
.250%
01/2
5/2
021
34,7
70.3
0
34,9
28.3
5
341.2
5
34,8
97.1
0
01/2
5/1
801/1
8/1
8Aaa
AAA
35,0
00.0
0
45950KCM
02.3
5
57
3.4
9
13
8,4
23
.89
1
39
,81
6.4
7
1.8
7
13
9,6
48
.25
1
40
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Mu
nic
ipa
l B
on
d /
No
te
CA S
T T
XBL
GO
BO
ND
S
DTD
04/2
5/2
018 2
.800%
04/0
1/2
021
149,8
68.0
0
150,0
03.3
5
1,0
50.0
0
150,0
06.0
0
04/2
5/1
804/1
8/1
8Aa3
AA-
150,0
00.0
0
13063D
GA0
2.8
0
CA S
T T
AXABLE
GO
BO
ND
S
DTD
10/2
6/2
017 2
.500%
10/0
1/2
022
39,5
76.4
0
40,4
28.8
8
250.0
0
40,5
57.2
0
10/2
6/1
710/1
8/1
7Aa3
AA-
40,0
00.0
0
13063D
DF2
2.2
0
CA S
T T
AXABLE
GO
BO
ND
S
DTD
10/2
6/2
017 2
.500%
10/0
1/2
022
89,0
46.9
0
90,9
64.9
9
562.5
0
91,2
53.7
0
10/2
6/1
710/1
8/1
7Aa3
AA-
90,0
00.0
0
13063D
DF2
2.2
0
1,8
62
.50
2
78
,49
1.3
0
28
1,3
97
.22
2
.52
2
81
,81
6.9
0
28
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FN
MA S
ERIE
S 2
015-M
15 A
SQ
2
DTD
11/0
1/2
015 1
.898%
01/0
1/2
019
1,7
78.7
4
1,7
82.4
6
2.8
2
1,8
00.2
9
11/3
0/1
511/0
6/1
5Aaa
AA+
1,7
82.4
6
3136AQ
SW
11.2
0
FN
MA S
ERIE
S 2
015-M
15 A
SQ
2
DTD
11/0
1/2
015 1
.898%
01/0
1/2
019
3,5
57.4
7
3,5
64.9
2
5.6
4
3,6
00.5
7
11/3
0/1
511/0
6/1
5Aaa
AA+
3,5
64.9
2
3136AQ
SW
11.2
0
FAN
NIE
MAE S
ERIE
S 2
015-M
13 A
SQ
2
DTD
10/0
1/2
015 1
.646%
09/0
1/2
019
3,3
27.3
5
3,3
49.8
1
4.5
9
3,3
81.1
5
10/3
0/1
510/0
7/1
5Aaa
AA+
3,3
47.6
3
3136AQ
DQ
01.0
8
FAN
NIE
MAE S
ERIE
S 2
015-M
13 A
SQ
2
DTD
10/0
1/2
015 1
.646%
09/0
1/2
019
5,3
23.7
6
5,3
59.6
9
7.3
5
5,4
09.8
5
10/3
0/1
510/0
7/1
5Aaa
AA+
5,3
56.2
1
3136AQ
DQ
01.0
8
FH
MS K
006 A
2
DTD
04/0
1/2
010 4
.251%
01/2
5/2
020
131,1
57.7
5
131,7
54.1
9
460.5
3
132,6
40.6
3
06/1
5/1
806/1
2/1
8Aaa
AA+
130,0
00.0
0
31398VJ9
81.5
7
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FN
A 2
018-M
5 A
2
DTD
04/0
1/2
018 3
.560%
09/2
5/2
021
81,1
17.0
1
81,5
08.8
3
237.9
7
81,8
11.6
0
04/3
0/1
804/1
1/1
8Aaa
AA+
80,2
16.0
3
3136B1XP4
2.2
7
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P P
OO
L
DTD
12/0
1/2
015 3
.090%
08/2
5/2
022
105,5
14.0
1
105,7
22.6
8
270.3
8
105,8
94.1
4
04/0
9/1
804/0
4/1
8Aaa
AA+
105,0
00.0
0
3137BM
6P6
2.6
1
FH
LMC S
ERIE
S K
032 A
1
DTD
09/0
1/2
013 3
.016%
02/0
1/2
023
46,1
96.2
6
46,0
48.1
7
115.5
2
46,0
74.2
2
06/1
8/1
806/1
3/1
8Aaa
AA+
45,9
64.7
0
3137B4G
X8
2.8
8
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P
DTD
11/0
1/2
013 2
.669%
02/2
5/2
023
53,2
69.2
0
53,1
39.1
1
118.7
6
53,1
21.0
7
06/1
8/1
806/1
3/1
8Aaa
AA+
53,3
94.3
1
3137B5JL
82.8
1
FH
MS K
P05 A
DTD
12/0
1/2
018 3
.203%
07/0
1/2
023
65,3
85.9
4
65,0
00.0
0
173.5
0
64,9
99.8
1
12/1
7/1
812/0
7/1
8Aaa
AA+
65,0
00.0
0
3137FKK39
3.1
1
1,3
97
.06
4
96
,62
7.4
9
49
7,2
29
.86
2
.35
4
98
,73
3.3
3
49
3,6
26
.26
S
ecu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FH
LB N
OTES
DTD
12/0
8/2
016 1
.250%
01/1
6/2
019
34,9
82.4
3
34,9
99.9
7
200.5
2
34,9
98.6
0
12/0
8/1
612/0
7/1
6Aaa
AA+
35,0
00.0
0
3130AAE46
1.2
5
FH
LB N
OTES
DTD
12/0
8/2
016 1
.250%
01/1
6/2
019
64,9
67.3
7
64,9
99.9
4
372.4
0
64,9
97.4
0
12/0
8/1
612/0
7/1
6Aaa
AA+
65,0
00.0
0
3130AAE46
1.2
5
FN
MA B
EN
CH
MARK N
OTE
DTD
02/2
3/2
016 1
.000%
02/2
6/2
019
59,8
66.3
2
59,9
92.7
1
208.3
3
59,8
58.4
0
02/2
3/1
602/1
9/1
6Aaa
AA+
60,0
00.0
0
3135G
0J5
31.0
8
FN
MA B
EN
CH
MARK N
OTE
DTD
02/2
3/2
016 1
.000%
02/2
6/2
019
154,6
54.6
6
154,9
81.1
7
538.1
9
154,6
34.2
0
02/2
3/1
602/1
9/1
6Aaa
AA+
155,0
00.0
0
3135G
0J5
31.0
8
FH
LMC R
EFEREN
CE N
OTE
DTD
07/2
0/2
016 0
.875%
07/1
9/2
019
54,4
75.3
6
54,9
75.2
9
216.5
6
54,8
66.9
0
07/2
0/1
607/1
9/1
6Aaa
AA+
55,0
00.0
0
3137EAEB1
0.9
6
FH
LMC R
EFEREN
CE N
OTE
DTD
07/2
0/2
016 0
.875%
07/1
9/2
019
118,8
55.3
2
119,9
46.1
0
472.5
0
119,7
09.6
0
07/2
0/1
607/1
9/1
6Aaa
AA+
120,0
00.0
0
3137EAEB1
0.9
6
FRED
DIE
MAC N
OTES
DTD
07/1
9/2
017 1
.375%
08/1
5/2
019
19,8
39.3
2
19,9
91.0
7
103.8
9
19,9
70.6
0
07/1
9/1
707/1
8/1
7Aaa
AA+
20,0
00.0
0
3137EAEH
81.4
5
FRED
DIE
MAC N
OTES
DTD
07/1
9/2
017 1
.375%
08/1
5/2
019
24,7
99.1
5
24,9
88.8
3
129.8
6
24,9
63.2
5
07/1
9/1
707/1
8/1
7Aaa
AA+
25,0
00.0
0
3137EAEH
81.4
5
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FRED
DIE
MAC N
OTES
DTD
07/1
9/2
017 1
.375%
08/1
5/2
019
39,6
78.6
4
39,9
86.3
9
207.7
8
39,9
56.0
0
08/0
3/1
708/0
1/1
7Aaa
AA+
40,0
00.0
0
3137EAEH
81.4
3
FH
LB N
OTES
DTD
02/0
9/2
018 2
.125%
02/1
1/2
020
109,4
84.7
6
109,8
87.3
9
909.0
3
109,7
98.7
0
02/0
9/1
802/0
8/1
8Aaa
AA+
110,0
00.0
0
3130AD
N32
2.2
2
FN
MA N
OTES
DTD
02/2
8/2
017 1
.500%
02/2
8/2
020
49,4
30.9
0
49,9
87.4
8
256.2
5
49,9
68.0
0
02/2
8/1
702/2
4/1
7Aaa
AA+
50,0
00.0
0
3135G
0T29
1.5
2
FN
MA N
OTES
DTD
02/2
8/2
017 1
.500%
02/2
8/2
020
64,2
60.1
7
64,9
83.7
2
333.1
3
64,9
58.4
0
02/2
8/1
702/2
4/1
7Aaa
AA+
65,0
00.0
0
3135G
0T29
1.5
2
FH
LMC A
GEN
CY N
OTES
DTD
04/2
0/2
017 1
.375%
04/2
0/2
020
49,2
43.1
0
49,9
24.8
3
135.5
9
49,8
29.0
0
04/2
0/1
704/1
9/1
7Aaa
AA+
50,0
00.0
0
3137EAEF2
1.4
9
FH
LMC A
GEN
CY N
OTES
DTD
04/2
0/2
017 1
.375%
04/2
0/2
020
64,0
16.0
3
64,9
02.2
8
176.2
7
64,7
77.7
0
04/2
0/1
704/1
9/1
7Aaa
AA+
65,0
00.0
0
3137EAEF2
1.4
9
FAN
NIE
MAE N
OTES
DTD
11/0
1/2
018 2
.875%
10/3
0/2
020
266,4
53.7
9
264,8
58.8
1
1,2
69.7
9
264,8
46.3
0
11/0
1/1
810/3
0/1
8Aaa
AA+
265,0
00.0
0
3135G
0U
84
2.9
1
FAN
NIE
MAE N
OTES
DTD
04/1
3/2
018 2
.500%
04/1
3/2
021
64,9
46.9
6
64,9
25.6
5
352.0
8
64,9
03.1
5
04/1
3/1
804/1
2/1
8Aaa
AA+
65,0
00.0
0
3135G
0U
27
2.5
5
FAN
NIE
MAE N
OTES
DTD
06/2
5/2
018 2
.750%
06/2
2/2
021
186,0
38.0
4
184,9
64.3
2
127.1
9
184,9
57.4
5
06/2
5/1
806/2
2/1
8Aaa
AA+
185,0
00.0
0
3135G
0U
35
2.7
6
FRED
DIE
MAC N
OTES (
CALL
ABLE
)
DTD
08/2
7/2
018 2
.900%
08/2
7/2
021
264,9
98.9
4
265,0
00.0
0
2,6
47.0
6
265,0
00.0
0
08/2
7/1
808/2
2/1
8Aaa
AA+
265,0
00.0
0
3134G
SW
C5
2.9
0
FED
ERAL
HO
ME L
OAN
BAN
KS N
OTES
(CALL
ABLE
)
DTD
09/2
0/2
018 3
.000%
09/2
0/2
021
200,4
99.6
0
200,0
00.0
0
1,6
83.3
3
200,0
00.0
0
09/2
0/1
809/1
3/1
8Aaa
AA+
200,0
00.0
0
3130AEXV7
3.0
0
FRED
DIE
MAC N
OTES
DTD
06/1
1/2
018 2
.750%
06/1
9/2
023
165,9
64.1
0
165,5
07.9
1
151.2
5
165,5
08.2
0
12/3
1/1
812/2
7/1
8Aaa
AA+
165,0
00.0
0
3137EAEN
52.6
8
FED
ERAL
HO
ME L
OAN
BAN
K N
OTES
DTD
08/2
6/2
013 3
.375%
09/0
8/2
023
154,5
02.2
5
152,5
74.9
9
1,5
89.0
6
152,6
09.4
0
12/0
6/1
812/0
4/1
8Aaa
AA+
150,0
00.0
0
313383YJ4
2.9
8
12
,08
0.0
6
2,2
11
,95
7.2
1
2,2
12
,37
8.8
5
2.2
4
2,2
11
,11
1.2
5
2,2
10
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
29,8
95.3
6
29,9
90.9
7
110.0
0
29,9
16.6
0
04/2
5/1
604/2
0/1
6A3
BBB+
30,0
00.0
0
38141G
VT8
2.1
0
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
74,7
38.4
0
74,9
94.8
0
275.0
0
74,9
52.0
0
04/2
6/1
604/2
1/1
6A3
BBB+
75,0
00.0
0
38141G
VT8
2.0
2
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
144,4
94.2
4
144,9
89.9
5
531.6
7
144,9
07.2
0
04/2
6/1
604/2
1/1
6A3
BBB+
145,0
00.0
0
38141G
VT8
2.0
2
TO
YO
TA M
OTO
R C
ORP N
OTES
DTD
10/1
8/2
016 1
.550%
10/1
8/2
019
49,4
15.6
0
49,9
93.2
5
157.1
5
49,9
75.0
0
10/1
8/1
610/1
3/1
6Aa3
AA-
50,0
00.0
0
89236TD
H5
1.5
7
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
NO
TE
DTD
03/0
3/2
017 2
.200%
03/0
3/2
020
59,3
54.9
4
59,9
75.1
3
432.6
7
59,9
37.6
0
03/0
3/1
702/2
8/1
7A2
A-
60,0
00.0
0
0258M
0EE5
2.2
4
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
NO
TE
DTD
03/0
3/2
017 2
.200%
03/0
3/2
020
103,8
71.1
5
104,9
56.4
8
757.1
7
104,8
90.8
0
03/0
3/1
702/2
8/1
7A2
A-
105,0
00.0
0
0258M
0EE5
2.2
4
TO
YO
TA M
OTO
R C
RED
IT C
ORP
DTD
04/1
7/2
017 1
.950%
04/1
7/2
020
29,6
27.4
0
29,9
93.9
5
120.2
5
29,9
86.2
0
04/1
7/1
704/1
1/1
7Aa3
AA-
30,0
00.0
0
89236TD
U6
1.9
7
TO
YO
TA M
OTO
R C
RED
IT C
ORP
DTD
04/1
7/2
017 1
.950%
04/1
7/2
020
69,1
30.6
0
69,9
85.8
8
280.5
8
69,9
67.8
0
04/1
7/1
704/1
1/1
7Aa3
AA-
70,0
00.0
0
89236TD
U6
1.9
7
CATERPIL
LAR F
INL
SERVIC
E N
OTE
DTD
09/0
7/2
017 1
.850%
09/0
4/2
020
29,4
15.7
5
29,9
85.7
1
180.3
8
29,9
74.8
0
09/0
7/1
709/0
5/1
7A3
A 3
0,0
00.0
0
14913Q
2A6
1.8
8
CATERPIL
LAR F
INL
SERVIC
E N
OTE
DTD
09/0
7/2
017 1
.850%
09/0
4/2
020
63,7
34.1
3
64,9
69.0
4
390.8
1
64,9
45.4
0
09/0
7/1
709/0
5/1
7A3
A 6
5,0
00.0
0
14913Q
2A6
1.8
8
IBM
CRED
IT C
ORP N
OTE
DTD
09/0
8/2
017 1
.800%
01/2
0/2
021
48,5
98.1
5
49,9
35.8
8
402.5
0
49,8
96.5
0
09/0
8/1
709/0
5/1
7A1
A 5
0,0
00.0
0
44932H
AB9
1.8
6
IBM
CRED
IT C
ORP N
OTE
DTD
09/0
8/2
017 1
.800%
01/2
0/2
021
97,1
96.3
0
99,8
71.7
6
805.0
0
99,7
93.0
0
09/0
8/1
709/0
5/1
7A1
A 1
00,0
00.0
0
44932H
AB9
1.8
6
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
PACCAR F
INAN
CIA
L CO
RP N
OTES
DTD
02/2
7/2
018 2
.800%
03/0
1/2
021
59,4
56.6
4
59,9
78.5
1
560.0
0
59,9
70.6
0
02/2
7/1
802/2
2/1
8A1
A+
60,0
00.0
0
69371RN
93
2.8
2
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
03/1
3/2
018 2
.875%
03/1
2/2
021
79,7
85.1
2
79,9
59.6
5
696.3
9
79,9
45.6
0
03/1
3/1
803/0
8/1
8A2
A 8
0,0
00.0
0
24422EU
D9
2.9
0
CATERPIL
LAR F
INAN
CIA
L SERVIC
ES C
ORP
NO
TE
DTD
03/1
5/2
018 2
.900%
03/1
5/2
021
34,9
75.1
2
34,9
85.9
5
298.8
6
34,9
81.1
0
03/1
5/1
803/1
2/1
8A3
A 3
5,0
00.0
0
14913Q
2G
32.9
2
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
54,7
49.5
9
54,9
54.9
7
469.6
4
54,9
38.9
5
02/2
6/1
802/2
1/1
8A2
A 5
5,0
00.0
0
63743H
ER9
2.9
4
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
79,6
35.7
6
79,7
41.5
6
683.1
1
79,6
61.6
0
04/1
9/1
804/1
2/1
8A2
A 8
0,0
00.0
0
63743H
ER9
3.0
5
HERSH
EY C
OM
PAN
Y C
ORP N
OTES
DTD
05/1
0/2
018 3
.100%
05/1
5/2
021
60,5
31.1
8
59,9
67.2
6
237.6
7
59,9
58.6
0
05/1
0/1
805/0
3/1
8A1
A 6
0,0
00.0
0
427866BA5
3.1
2
CH
ARLE
S S
CH
WAB C
ORP N
OTES
DTD
05/2
2/2
018 3
.250%
05/2
1/2
021
75,3
66.0
0
74,9
98.1
5
270.8
3
74,9
97.7
5
05/2
2/1
805/1
7/1
8A2
A 7
5,0
00.0
0
808513AW
53.2
5
MO
RG
AN
STAN
LEY C
ORP N
OTES
DTD
07/2
8/2
011 5
.500%
07/2
8/2
021
83,8
38.8
0
85,4
15.5
7
1,8
70.0
0
88,8
92.8
0
03/2
9/1
703/2
7/1
7A3
BBB+
80,0
00.0
0
61747W
AL3
2.7
6
MO
RG
AN
STAN
LEY C
ORP N
OTES
DTD
07/2
8/2
011 5
.500%
07/2
8/2
021
136,2
38.0
5
138,8
00.2
9
3,0
38.7
5
144,4
50.8
0
03/2
9/1
703/2
7/1
7A3
BBB+
130,0
00.0
0
61747W
AL3
2.7
6
AM
ERIC
AN
HO
ND
A F
INAN
CE C
ORP N
OTES
DTD
09/0
9/2
016 1
.700%
09/0
9/2
021
96,1
36.0
0
99,6
24.0
5
528.8
9
99,3
17.0
0
09/1
4/1
609/0
9/1
6A2
A+
100,0
00.0
0
02665W
BG
51.8
4
AM
ERIC
AN
HO
ND
A F
INAN
CE C
ORP N
OTES
DTD
10/1
0/2
018 3
.375%
12/1
0/2
021
130,6
38.6
9
129,9
38.0
3
255.9
4
129,9
37.6
0
10/1
0/1
810/0
3/1
8A2
A+
130,0
00.0
0
02665W
CP4
3.3
9
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
01/0
6/2
017 2
.650%
01/0
6/2
022
24,5
21.9
0
24,9
29.5
6
322.0
5
24,8
89.7
5
03/1
5/1
703/1
0/1
7A2
A 2
5,0
00.0
0
24422ETL3
2.7
5
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
01/0
6/2
017 2
.650%
01/0
6/2
022
58,8
52.5
6
59,8
30.9
4
772.9
2
59,7
35.4
0
03/1
5/1
703/1
0/1
7A2
A 6
0,0
00.0
0
24422ETL3
2.7
5
HO
ME D
EPO
T I
NC
DTD
12/0
6/2
018 3
.250%
03/0
1/2
022
70,7
26.6
0
69,8
11.4
8
157.9
9
69,8
08.2
0
12/0
6/1
811/2
7/1
8A2
A 7
0,0
00.0
0
437076BV3
3.3
4
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
UN
ILEVER C
APIT
AL
CO
RP
DTD
09/0
7/2
018 3
.000%
03/0
7/2
022
99,2
63.6
0
99,5
57.7
7
950.0
0
99,5
16.0
0
09/0
7/1
809/0
4/1
8A1
A+
100,0
00.0
0
904764BF3
3.1
5
BB&
T C
ORP (
CALL
ABLE
) N
OTES
DTD
03/2
1/2
017 2
.750%
04/0
1/2
022
63,8
98.8
4
65,3
24.2
9
446.8
8
65,4
90.7
5
04/0
6/1
704/0
3/1
7A2
A-
65,0
00.0
0
05531FAX1
2.5
9
BB&
T C
ORP (
CALL
ABLE
) N
OTES
DTD
03/2
1/2
017 2
.750%
04/0
1/2
022
132,7
12.9
7
135,6
73.5
2
928.1
3
136,0
19.2
5
04/0
6/1
704/0
3/1
7A2
A-
135,0
00.0
0
05531FAX1
2.5
9
WALT
DIS
NEY C
OM
PAN
Y/T
HE C
ORP N
OTES
DTD
11/3
0/2
012 2
.350%
12/0
1/2
022
82,5
52.8
5
82,2
72.4
7
166.4
6
82,2
70.6
5
12/3
1/1
812/2
7/1
8A2
A+
85,0
00.0
0
25468PCW
43.2
3
17
,09
7.6
9
2,2
23
,35
2.2
9
2,2
45
,40
6.8
2
2.5
7
2,2
53
,92
5.3
0
2,2
35
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Co
mm
erc
ial
Pa
pe
r
JP M
ORG
AN
SECU
RIT
IES L
LC C
OM
M P
APER
DTD
11/0
5/2
018 0
.000%
08/0
2/2
019
196,4
39.2
0
196,4
50.0
0
0.0
0
195,5
33.3
3
11/0
7/1
811/0
6/1
8P-1
A-1
200,0
00.0
0
46640Q
V24
3.0
7
0.0
0
19
6,4
39
.20
1
96
,45
0.0
0
3.0
7
19
5,5
33
.33
2
00
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Ce
rtif
ica
te o
f D
ep
osit
BAN
K O
F M
ON
TREAL
CH
ICAG
O C
ERT D
EPO
S
DTD
02/0
9/2
017 1
.880%
02/0
7/2
019
84,9
65.4
9
84,9
99.9
9
639.2
0
85,0
00.0
0
02/0
9/1
702/0
8/1
7P-1
A-1
85,0
00.0
0
06427KRC3
1.9
0
BAN
K O
F N
OVA S
CO
TIA
HO
USTO
N C
D
DTD
04/0
6/2
017 1
.910%
04/0
5/2
019
64,8
36.3
3
65,0
00.0
0
303.4
8
65,0
00.0
0
04/0
6/1
704/0
5/1
7P-1
A-1
65,0
00.0
0
06417G
UE6
1.9
1
BAN
K O
F N
OVA S
CO
TIA
HO
USTO
N C
D
DTD
04/0
6/2
017 1
.910%
04/0
5/2
019
134,6
60.0
7
135,0
00.0
0
630.3
0
135,0
00.0
0
04/0
6/1
704/0
5/1
7P-1
A-1
135,0
00.0
0
06417G
UE6
1.9
1
SKAN
DIN
AV E
NSKIL
DA B
AN
KEN
NY C
D
DTD
08/0
4/2
017 1
.840%
08/0
2/2
019
49,7
20.6
5
49,9
94.2
9
388.4
4
49,9
80.5
0
08/0
4/1
708/0
3/1
7P-1
A-1
50,0
00.0
0
83050FXT3
1.8
5
SKAN
DIN
AV E
NSKIL
DA B
AN
KEN
NY C
D
DTD
08/0
4/2
017 1
.840%
08/0
2/2
019
99,4
41.3
0
99,9
88.5
9
776.8
9
99,9
61.0
0
08/0
4/1
708/0
3/1
7P-1
A-1
100,0
00.0
0
83050FXT3
1.8
5
MU
FG
BAN
K L
TD
/NY C
ERT D
EPO
S
DTD
09/2
7/2
017 2
.070%
09/2
5/2
019
39,7
20.9
2
40,0
00.0
0
225.4
0
40,0
00.0
0
09/2
7/1
709/2
5/1
7P-1
A-1
40,0
00.0
0
06539RG
M3
2.0
7
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Ce
rtif
ica
te o
f D
ep
osit
MU
FG
BAN
K L
TD
/NY C
ERT D
EPO
S
DTD
09/2
7/2
017 2
.070%
09/2
5/2
019
89,3
72.0
7
90,0
00.0
0
507.1
5
90,0
00.0
0
09/2
7/1
709/2
5/1
7P-1
A-1
90,0
00.0
0
06539RG
M3
2.0
7
CRED
IT S
UIS
SE N
EW
YO
RK C
ERT D
EPO
S
DTD
02/0
8/2
018 2
.670%
02/0
7/2
020
129,7
77.5
7
130,0
00.0
0
3,1
14.2
6
130,0
00.0
0
02/0
8/1
802/0
7/1
8A1
A 1
30,0
00.0
0
22549LF
R1
2.6
7
NO
RD
EA B
AN
K A
B N
Y C
D
DTD
02/2
2/2
018 2
.720%
02/2
0/2
020
99,9
39.2
0
100,0
00.0
0
989.7
8
100,0
00.0
0
02/2
2/1
802/2
0/1
8Aa3
AA-
100,0
00.0
0
65590ASN
72.7
2
SU
MIT
OM
O M
ITSU
I BAN
K N
Y C
ERT D
EPO
S
DTD
10/1
8/2
018 3
.390%
10/1
6/2
020
196,3
44.9
2
194,7
60.9
8
1,3
40.4
6
194,7
34.8
0
10/1
8/1
810/1
6/1
8A1
A 1
95,0
00.0
0
86565BPC9
3.4
6
8,9
15
.36
9
88
,77
8.5
2
98
9,7
43
.85
2
.41
9
89
,67
6.3
0
99
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
NIS
SAN
ABS 2
015-B
A3
DTD
07/2
2/2
015 1
.340%
03/1
5/2
020
6,3
17.1
0
6,3
25.0
5
3.7
7
6,3
24.6
4
07/2
2/1
507/1
5/1
5Aaa
NR
6,3
25.1
5
65475W
AD
01.3
4
NIS
SAN
ABS 2
015-B
A3
DTD
07/2
2/2
015 1
.340%
03/1
5/2
020
13,0
05.7
9
13,0
22.1
5
7.7
6
13,0
21.3
3
07/2
2/1
507/1
5/1
5Aaa
NR
13,0
22.3
7
65475W
AD
01.3
4
CN
H 2
017-A
A2
DTD
03/2
2/2
017 1
.640%
07/1
5/2
020
8,6
47.1
0
8,6
55.6
5
6.3
1
8,6
55.4
9
03/2
2/1
703/1
5/1
7N
RAAA
8,6
55.8
2
12636W
AB2
1.8
0
CN
H 2
017-A
A2
DTD
03/2
2/2
017 1
.640%
07/1
5/2
020
16,5
08.0
9
16,5
24.4
2
12.0
4
16,5
24.1
1
03/2
2/1
703/1
5/1
7N
RAAA
16,5
24.7
4
12636W
AB2
1.8
0
FO
RD
ABS 2
017-A
A3
DTD
01/2
5/2
017 1
.670%
06/1
5/2
021
27,3
50.1
3
27,5
65.9
8
20.4
6
27,5
65.9
3
01/2
5/1
701/1
8/1
7Aaa
NR
27,5
66.0
3
34531EAD
81.6
7
FO
RD
ABS 2
017-A
A3
DTD
01/2
5/2
017 1
.670%
06/1
5/2
021
54,7
00.2
4
55,1
31.9
5
40.9
2
55,1
31.8
4
01/2
5/1
701/1
8/1
7Aaa
NR
55,1
32.0
5
34531EAD
81.6
7
GM
ALT
2018-3
A3
DTD
09/2
6/2
018 3
.180%
06/2
0/2
021
40,0
57.1
7
39,9
97.1
4
38.8
7
39,9
96.8
4
09/2
6/1
809/1
8/1
8Aaa
AAA
40,0
00.0
0
36256G
AD
13.1
9
HYU
ND
AI
ABS 2
017-A
A3
DTD
03/2
9/2
017 1
.760%
08/1
5/2
021
29,7
03.8
5
29,9
98.6
6
23.4
7
29,9
97.5
7
03/2
9/1
703/2
2/1
7N
RAAA
30,0
00.0
0
44931PAD
81.7
6
ALL
Y A
BS 2
017-2
A3
DTD
03/2
9/2
017 1
.780%
08/1
5/2
021
43,3
88.2
6
43,7
16.7
4
34.5
9
43,7
14.5
7
03/2
9/1
703/2
1/1
7Aaa
NR
43,7
19.7
2
02007H
AC5
1.7
9
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
HYU
ND
AI
ABS 2
017-A
A3
DTD
03/2
9/2
017 1
.760%
08/1
5/2
021
59,4
07.7
0
59,9
95.5
7
46.9
3
59,9
95.1
5
03/2
9/1
703/2
2/1
7N
RAAA
60,0
00.0
0
44931PAD
81.7
6
ALL
Y A
BS 2
017-2
A3
DTD
03/2
9/2
017 1
.780%
08/1
5/2
021
95,4
54.1
8
96,1
76.8
2
76.0
9
96,1
72.0
4
03/2
9/1
703/2
1/1
7Aaa
NR
96,1
83.3
8
02007H
AC5
1.7
9
CCCIT
2017-A
9 A
9
DTD
10/0
2/2
017 1
.800%
09/2
0/2
021
54,5
56.4
4
54,9
97.1
1
277.7
5
54,9
95.9
0
10/0
2/1
709/2
5/1
7N
RAAA
55,0
00.0
0
17305EG
H2
1.8
0
CCCIT
2017-A
9 A
9
DTD
10/0
2/2
017 1
.800%
09/2
0/2
021
99,1
93.5
3
99,9
94.7
5
505.0
0
99,9
92.5
5
10/0
2/1
709/2
5/1
7N
RAAA
100,0
00.0
0
17305EG
H2
1.8
0
FO
RD
L 2018-B
A3
DTD
09/2
1/2
018 3
.190%
12/1
5/2
021
55,2
27.4
1
54,9
95.7
4
77.9
8
54,9
95.3
5
09/2
1/1
809/1
8/1
8Aaa
NR
55,0
00.0
0
34531LA
D2
3.4
1
JDO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.660%
04/1
5/2
022
29,9
02.8
4
29,9
98.2
5
35.4
7
29,9
97.8
4
02/2
8/1
802/2
1/1
8Aaa
NR
30,0
00.0
0
47788CAC6
2.6
6
NARO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.650%
05/1
5/2
022
69,6
66.7
7
69,9
93.5
2
82.4
4
69,9
92.0
0
02/2
8/1
802/2
1/1
8Aaa
AAA
70,0
00.0
0
65478D
AD
92.6
6
CCCIT
2018-A
1 A
1
DTD
01/3
1/2
018 2
.490%
01/2
0/2
023
198,3
87.2
2
197,9
15.5
7
2,2
27.1
7
197,7
89.0
6
08/2
3/1
808/2
1/1
8Aaa
NR
200,0
00.0
0
17305EG
K5
2.9
7
GM
CAR 2
018-3
A3
DTD
07/1
8/2
018 3
.020%
05/1
6/2
023
50,1
77.9
7
49,9
89.3
9
62.9
2
49,9
88.3
4
07/1
8/1
807/1
1/1
8N
RAAA
50,0
00.0
0
36255JA
D6
3.0
3
NARO
T 2
018-C
A3
DTD
12/1
2/2
018 3
.220%
06/1
5/2
023
90,6
47.7
2
89,9
82.9
8
152.9
5
89,9
82.7
6
12/1
2/1
812/0
4/1
8Aaa
AAA
90,0
00.0
0
65478N
AD
73.5
3
CARM
AX A
UTO
OW
NER T
RU
ST
DTD
10/2
4/2
018 3
.360%
09/1
5/2
023
55,3
76.7
3
54,9
99.5
5
82.1
3
54,9
99.4
9
10/2
4/1
810/1
7/1
8N
RAAA
55,0
00.0
0
14315EAC4
3.3
6
3,8
15
.02
1
,09
7,6
76
.24
1
,09
9,9
76
.99
2
.48
1
,09
9,8
32
.80
1
,10
2,1
29
.26
S
ecu
rity
Typ
e S
ub
-To
tal
13
,41
5,7
55
.52
1
3,3
70
,65
5.9
8
2.2
3
67
,97
6.7
9
13
,36
4,6
71
.10
1
3,2
87
,56
5.2
8
Ma
na
ge
d A
cco
un
t S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N T
OLA
ND
- 1
10
$1
3,4
15
,75
5.5
2
$1
3,3
70
,65
5.9
8
$6
7,9
76
.79
$
13
,36
4,6
71
.10
$
13
,28
7,5
65
.28
2
.23
%
$1
3,3
55
,54
2.0
7
$6
7,9
76
.79
To
tal
Inve
stm
en
ts
Accru
ed
In
tere
st
Se
cu
riti
es S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
217,9
46.0
8
220,2
31.5
7
565.1
9
221,1
34.3
8
09/0
4/1
509/0
3/1
5Aaa
AA+
220,0
00.0
0
912828F62
1.3
7
US T
REASU
RY N
/B N
OTES
DTD
01/3
1/2
018 2
.000%
01/3
1/2
020
34,7
71.7
0
34,9
43.9
5
292.9
3
34,8
97.4
6
02/0
1/1
801/3
1/1
8Aaa
AA+
35,0
00.0
0
9128283S7
2.1
5
US T
REASU
RY N
OTES
DTD
01/3
1/2
013 1
.375%
01/3
1/2
020
98,6
91.4
0
98,5
44.2
6
575.4
1
98,3
20.3
1
10/3
1/1
810/3
0/1
8Aaa
AA+
100,0
00.0
0
912828U
L22.7
5
US T
REASU
RY N
OTES
DTD
02/1
5/2
017 1
.375%
02/1
5/2
020
123,2
76.3
8
124,9
95.6
1
649.2
0
124,9
90.2
4
08/3
1/1
708/3
0/1
7Aaa
AA+
125,0
00.0
0
912828W
22
1.3
8
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
83,3
96.3
1
85,6
83.1
6
397.1
2
86,6
83.4
0
07/1
2/1
607/0
7/1
6Aaa
AA+
85,0
00.0
0
912828L3
20.8
9
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
171,6
98.2
8
175,8
19.9
0
817.5
9
176,9
48.2
4
09/0
2/1
609/0
1/1
6Aaa
AA+
175,0
00.0
0
912828L3
21.0
9
US T
REASU
RY N
OTES
DTD
05/0
2/2
016 1
.375%
04/3
0/2
021
58,5
18.7
2
59,3
37.1
8
141.3
0
58,8
14.0
6
02/0
3/1
702/0
1/1
7Aaa
AA+
60,0
00.0
0
912828Q
78
1.8
6
US T
REASU
RY N
OTES
DTD
08/0
1/2
016 1
.125%
07/3
1/2
021
33,8
17.3
9
34,3
92.5
0
164.7
8
34,0
58.0
1
07/1
1/1
707/1
0/1
7Aaa
AA+
35,0
00.0
0
912828S76
1.8
2
US T
REASU
RY N
OTES
DTD
09/0
2/2
014 2
.000%
08/3
1/2
021
177,7
64.0
4
180,3
11.4
2
1,2
23.2
0
180,5
41.4
1
12/0
5/1
612/0
1/1
6Aaa
AA+
180,0
00.0
0
912828D
72
1.9
3
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
115,9
96.9
2
118,7
07.1
8
256.9
1
118,1
15.6
3
08/3
1/1
708/3
0/1
7Aaa
AA+
120,0
00.0
0
912828T67
1.6
4
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
78,9
06.2
4
80,6
54.8
6
4.4
2
80,9
71.8
7
06/2
8/1
706/2
6/1
7Aaa
AA+
80,0
00.0
0
912828U
81
1.7
2
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.500%
01/3
1/2
022
43,7
15.0
3
44,4
93.8
7
282.4
7
44,2
59.9
6
07/0
7/1
707/0
5/1
7Aaa
AA+
45,0
00.0
0
912828H
86
1.8
8
US T
REASU
RY N
/B N
OTES
DTD
02/2
8/2
017 1
.875%
02/2
8/2
022
54,0
00.9
8
54,8
12.3
3
350.4
0
54,7
44.3
4
10/2
6/1
710/2
5/1
7Aaa
AA+
55,0
00.0
0
912828W
55
1.9
9
US T
REASU
RY N
OTES
DTD
07/3
1/2
017 1
.875%
07/3
1/2
022
68,5
48.0
6
69,1
77.9
1
549.2
5
68,9
60.9
4
01/0
4/1
801/0
2/1
8Aaa
AA+
70,0
00.0
0
9128282P4
2.2
2
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
09/3
0/2
015 1
.750%
09/3
0/2
022
48,6
79.7
0
48,2
56.3
0
223.5
6
48,0
03.9
1
06/0
6/1
806/0
4/1
8Aaa
AA+
50,0
00.0
0
912828L5
72.7
4
US T
REASU
RY N
OTES
DTD
10/0
2/2
017 1
.875%
09/3
0/2
022
132,0
62.6
7
131,7
90.9
2
646.7
2
131,1
87.3
0
04/0
4/1
804/0
2/1
8Aaa
AA+
135,0
00.0
0
9128282W
92.5
4
US T
REASU
RY N
OTES
DTD
09/3
0/2
015 1
.750%
09/3
0/2
022
136,3
03.1
6
138,2
48.7
4
625.9
6
137,7
63.2
8
11/3
0/1
711/2
9/1
7Aaa
AA+
140,0
00.0
0
912828L5
72.1
0
US T
REASU
RY N
OTES
DTD
12/3
1/2
015 2
.125%
12/3
1/2
022
118,3
07.7
6
117,2
70.5
3
7.0
4
116,9
57.8
1
07/0
6/1
807/0
3/1
8Aaa
AA+
120,0
00.0
0
912828N
30
2.7
3
US T
REASU
RY N
OTES
DTD
02/0
1/2
016 1
.750%
01/3
1/2
023
58,2
63.3
0
57,4
79.8
0
439.4
0
57,4
38.2
8
12/0
6/1
812/0
4/1
8Aaa
AA+
60,0
00.0
0
912828P38
2.8
5
US T
REASU
RY N
OTES
DTD
02/0
1/2
016 1
.750%
01/3
1/2
023
77,6
84.4
0
76,3
14.4
1
585.8
7
76,1
84.3
8
11/0
6/1
811/0
1/1
8Aaa
AA+
80,0
00.0
0
912828P38
2.9
6
US T
REASU
RY N
/B
DTD
06/3
0/2
016 1
.375%
06/3
0/2
023
119,0
13.6
3
118,4
99.8
8
4.7
5
118,4
96.0
9
12/3
1/1
812/2
6/1
8Aaa
AA+
125,0
00.0
0
912828S35
2.6
1
8,8
03
.47
2
,05
1,3
62
.15
2
,06
9,9
66
.28
1
.97
2
,06
9,4
71
.30
2
,09
5,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Su
pra
-Na
tio
na
l A
ge
ncy B
on
d /
No
te
INTER-A
MERIC
AN
DEVEL
BK N
OTE
DTD
04/1
2/2
017 1
.625%
05/1
2/2
020
29,6
15.3
1
29,9
68.0
4
66.3
5
29,9
28.9
0
04/1
2/1
704/0
5/1
7Aaa
AAA
30,0
00.0
0
4581X0CX4
1.7
0
INTERN
ATIO
NAL
FIN
AN
CE C
ORPO
RATIO
N
NO
TE
DTD
03/1
6/2
018 2
.635%
03/0
9/2
021
39,9
54.6
8
39,9
77.6
5
327.9
1
39,9
70.0
0
03/1
6/1
803/0
9/1
8Aaa
AAA
40,0
00.0
0
45950VLQ
72.6
6
39
4.2
6
69
,56
9.9
9
69
,94
5.6
9
2.2
5
69
,89
8.9
0
70
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Mu
nic
ipa
l B
on
d /
No
te
CA S
T T
XBL
GO
BO
ND
S
DTD
04/2
5/2
018 2
.800%
04/0
1/2
021
49,9
56.0
0
50,0
01.1
2
350.0
0
50,0
02.0
0
04/2
5/1
804/1
8/1
8Aa3
AA-
50,0
00.0
0
13063D
GA0
2.8
0
CA S
T T
AXABLE
GO
BO
ND
S
DTD
10/2
6/2
017 2
.500%
10/0
1/2
022
39,5
76.4
0
40,4
28.8
8
250.0
0
40,5
57.2
0
10/2
6/1
710/1
8/1
7Aa3
AA-
40,0
00.0
0
13063D
DF2
2.2
0
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
60
0.0
0
89
,53
2.4
0
90
,43
0.0
0
2.5
3
90
,55
9.2
0
90
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FN
MA S
ERIE
S 2
015-M
15 A
SQ
2
DTD
11/0
1/2
015 1
.898%
01/0
1/2
019
1,7
78.7
4
1,7
82.4
6
2.8
2
1,8
00.2
9
11/3
0/1
511/0
6/1
5Aaa
AA+
1,7
82.4
6
3136AQ
SW
11.2
0
FAN
NIE
MAE S
ERIE
S 2
015-M
13 A
SQ
2
DTD
10/0
1/2
015 1
.646%
09/0
1/2
019
3,3
27.3
5
3,3
49.8
1
4.5
9
3,3
81.1
5
10/3
0/1
510/0
7/1
5Aaa
AA+
3,3
47.6
3
3136AQ
DQ
01.0
8
FH
MS K
006 A
2
DTD
04/0
1/2
010 4
.251%
01/2
5/2
020
60,5
34.3
5
60,8
09.6
3
212.5
5
61,2
18.7
5
06/1
5/1
806/1
2/1
8Aaa
AA+
60,0
00.0
0
31398VJ9
81.5
7
FN
A 2
018-M
5 A
2
DTD
04/0
1/2
018 3
.560%
09/2
5/2
021
34,1
54.5
3
34,3
19.5
1
100.2
0
34,4
46.9
9
04/3
0/1
804/1
1/1
8Aaa
AA+
33,7
75.1
7
3136B1XP4
2.2
7
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P P
OO
L
DTD
12/0
1/2
015 3
.090%
08/2
5/2
022
35,1
71.3
4
35,2
40.8
9
90.1
3
35,2
98.0
5
04/0
9/1
804/0
4/1
8Aaa
AA+
35,0
00.0
0
3137BM
6P6
2.6
1
FH
LMC S
ERIE
S K
032 A
1
DTD
09/0
1/2
013 3
.016%
02/0
1/2
023
13,5
87.1
4
13,5
43.5
8
33.9
8
13,5
51.2
4
06/1
8/1
806/1
3/1
8Aaa
AA+
13,5
19.0
3
3137B4G
X8
2.8
8
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P
DTD
11/0
1/2
013 2
.669%
02/2
5/2
023
17,7
56.4
0
17,7
13.0
3
39.5
9
17,7
07.0
2
06/1
8/1
806/1
3/1
8Aaa
AA+
17,7
98.1
0
3137B5JL
82.8
1
FH
MS K
P05 A
DTD
12/0
1/2
018 3
.203%
07/0
1/2
023
20,1
18.7
5
20,0
00.0
0
53.3
8
19,9
99.9
4
12/1
7/1
812/0
7/1
8Aaa
AA+
20,0
00.0
0
3137FKK39
3.1
1
53
7.2
4
18
6,4
28
.60
1
86
,75
8.9
1
2.2
6
18
7,4
03
.43
1
85
,22
2.3
9
Se
cu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FED
ERAL
HO
ME L
OAN
BAN
K A
GEN
CY N
OTES
DTD
05/1
2/2
017 1
.375%
05/2
8/2
019
89,5
61.1
6
89,9
91.9
4
113.4
4
89,9
60.4
0
05/1
6/1
705/1
5/1
7Aaa
AA+
90,0
00.0
0
3130ABF92
1.4
0
FH
LMC R
EFEREN
CE N
OTE
DTD
07/2
0/2
016 0
.875%
07/1
9/2
019
49,5
23.0
5
49,9
77.5
4
196.8
8
49,8
79.0
0
07/2
0/1
607/1
9/1
6Aaa
AA+
50,0
00.0
0
3137EAEB1
0.9
6
FH
LMC A
GEN
CY N
OTES
DTD
04/2
0/2
017 1
.375%
04/2
0/2
020
19,6
97.2
4
19,9
69.9
3
54.2
4
19,9
31.6
0
04/2
0/1
704/1
9/1
7Aaa
AA+
20,0
00.0
0
3137EAEF2
1.4
9
FH
LB N
OTES
DTD
09/0
8/2
017 1
.375%
09/2
8/2
020
14,6
96.7
0
14,9
72.2
7
53.2
8
14,9
51.8
5
09/0
8/1
709/0
7/1
7Aaa
AA+
15,0
00.0
0
3130ACE26
1.4
8
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FED
ERAL
HO
ME L
OAN
BAN
KS N
OTES
DTD
09/0
7/2
018 2
.625%
10/0
1/2
020
100,1
30.1
0
99,8
16.3
8
656.2
5
99,7
85.0
0
09/0
7/1
809/0
6/1
8Aaa
AA+
100,0
00.0
0
3130AEW
A4
2.7
3
FAN
NIE
MAE N
OTES
DTD
11/0
1/2
018 2
.875%
10/3
0/2
020
85,4
66.3
1
84,9
54.7
1
407.2
9
84,9
50.7
0
11/0
1/1
810/3
0/1
8Aaa
AA+
85,0
00.0
0
3135G
0U
84
2.9
1
FAN
NIE
MAE N
OTES
DTD
06/2
5/2
018 2
.750%
06/2
2/2
021
60,3
36.6
6
59,9
88.4
3
41.2
5
59,9
86.2
0
06/2
5/1
806/2
2/1
8Aaa
AA+
60,0
00.0
0
3135G
0U
35
2.7
6
FRED
DIE
MAC N
OTES (
CALL
ABLE
)
DTD
08/2
7/2
018 2
.900%
08/2
7/2
021
84,9
99.6
6
85,0
00.0
0
849.0
6
85,0
00.0
0
08/2
7/1
808/2
2/1
8Aaa
AA+
85,0
00.0
0
3134G
SW
C5
2.9
0
FED
ERAL
HO
ME L
OAN
BAN
KS N
OTES
(CALL
ABLE
)
DTD
09/2
0/2
018 3
.000%
09/2
0/2
021
60,1
49.8
8
60,0
00.0
0
505.0
0
60,0
00.0
0
09/2
0/1
809/1
3/1
8Aaa
AA+
60,0
00.0
0
3130AEXV7
3.0
0
FED
ERAL
HO
ME L
OAN
BAN
K N
OTES
DTD
08/2
6/2
013 3
.375%
09/0
8/2
023
51,5
00.7
5
50,8
58.3
3
529.6
9
50,8
69.8
0
12/0
6/1
812/0
4/1
8Aaa
AA+
50,0
00.0
0
313383YJ4
2.9
8
3,4
06
.38
6
16
,06
1.5
1
61
5,5
29
.53
2
.42
6
15
,31
4.5
5
61
5,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Co
rpo
rate
No
te
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
74,7
38.4
0
74,9
94.8
0
275.0
0
74,9
52.0
0
04/2
6/1
604/2
1/1
6A3
BBB+
75,0
00.0
0
38141G
VT8
2.0
2
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
NO
TE
DTD
03/0
3/2
017 2
.200%
03/0
3/2
020
59,3
54.9
4
59,9
75.1
3
432.6
7
59,9
37.6
0
03/0
3/1
702/2
8/1
7A2
A-
60,0
00.0
0
0258M
0EE5
2.2
4
TO
YO
TA M
OTO
R C
RED
IT C
ORP
DTD
04/1
7/2
017 1
.950%
04/1
7/2
020
29,6
27.4
0
29,9
93.9
5
120.2
5
29,9
86.2
0
04/1
7/1
704/1
1/1
7Aa3
AA-
30,0
00.0
0
89236TD
U6
1.9
7
CATERPIL
LAR F
INL
SERVIC
E N
OTE
DTD
09/0
7/2
017 1
.850%
09/0
4/2
020
34,3
18.3
8
34,9
83.3
3
210.4
4
34,9
70.6
0
09/0
7/1
709/0
5/1
7A3
A 3
5,0
00.0
0
14913Q
2A6
1.8
8
IBM
CRED
IT C
ORP N
OTE
DTD
09/0
8/2
017 1
.800%
01/2
0/2
021
48,5
98.1
5
49,9
35.8
8
402.5
0
49,8
96.5
0
09/0
8/1
709/0
5/1
7A1
A 5
0,0
00.0
0
44932H
AB9
1.8
6
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
AM
ERIC
AN
HO
ND
A F
INAN
CE
DTD
02/1
5/2
018 2
.650%
02/1
2/2
021
39,5
49.4
4
39,9
59.9
4
409.2
8
39,9
44.0
0
02/1
5/1
802/1
2/1
8A2
A+
40,0
00.0
0
02665W
CD
12.7
0
PACCAR F
INAN
CIA
L CO
RP N
OTES
DTD
02/2
7/2
018 2
.800%
03/0
1/2
021
19,8
18.8
8
19,9
92.8
4
186.6
7
19,9
90.2
0
02/2
7/1
802/2
2/1
8A1
A+
20,0
00.0
0
69371RN
93
2.8
2
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
03/1
3/2
018 2
.875%
03/1
2/2
021
29,9
19.4
2
29,9
84.8
7
261.1
5
29,9
79.6
0
03/1
3/1
803/0
8/1
8A2
A 3
0,0
00.0
0
24422EU
D9
2.9
0
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
14,9
31.7
1
14,9
87.7
2
128.0
8
14,9
83.3
5
02/2
6/1
802/2
1/1
8A2
A 1
5,0
00.0
0
63743H
ER9
2.9
4
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
29,8
63.4
1
29,9
03.0
8
256.1
7
29,8
73.1
0
04/1
9/1
804/1
2/1
8A2
A 3
0,0
00.0
0
63743H
ER9
3.0
5
HERSH
EY C
OM
PAN
Y C
ORP N
OTES
DTD
05/1
0/2
018 3
.100%
05/1
5/2
021
25,2
21.3
3
24,9
86.3
6
99.0
3
24,9
82.7
5
05/1
0/1
805/0
3/1
8A1
A 2
5,0
00.0
0
427866BA5
3.1
2
CH
ARLE
S S
CH
WAB C
ORP N
OTES
DTD
05/2
2/2
018 3
.250%
05/2
1/2
021
25,1
22.0
0
24,9
99.3
8
90.2
8
24,9
99.2
5
05/2
2/1
805/1
7/1
8A2
A 2
5,0
00.0
0
808513AW
53.2
5
MO
RG
AN
STAN
LEY C
ORP N
OTES
DTD
07/2
8/2
011 5
.500%
07/2
8/2
021
78,5
98.8
8
80,0
77.0
9
1,7
53.1
3
83,3
37.0
0
03/2
9/1
703/2
7/1
7A3
BBB+
75,0
00.0
0
61747W
AL3
2.7
6
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
01/0
6/2
017 2
.650%
01/0
6/2
022
29,4
26.2
8
29,9
15.4
7
386.4
6
29,8
67.7
0
03/1
5/1
703/1
0/1
7A2
A 3
0,0
00.0
0
24422ETL3
2.7
5
HO
ME D
EPO
T I
NC
DTD
12/0
6/2
018 3
.250%
03/0
1/2
022
25,2
59.5
0
24,9
32.6
7
56.4
2
24,9
31.5
0
12/0
6/1
811/2
7/1
8A2
A 2
5,0
00.0
0
437076BV3
3.3
4
BB&
T C
ORP (
CALL
ABLE
) N
OTES
DTD
03/2
1/2
017 2
.750%
04/0
1/2
022
58,9
83.5
4
60,2
99.3
4
412.5
0
60,4
53.0
0
04/0
6/1
704/0
3/1
7A2
A-
60,0
00.0
0
05531FAX1
2.5
9
5,4
80
.03
6
23
,33
1.6
6
62
9,9
21
.85
2
.53
6
33
,08
4.3
5
62
5,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Ce
rtif
ica
te o
f D
ep
osit
BAN
K O
F M
ON
TREAL
CH
ICAG
O C
ERT D
EPO
S
DTD
02/0
9/2
017 1
.880%
02/0
7/2
019
79,9
67.5
2
80,0
00.0
0
601.6
0
80,0
00.0
0
02/0
9/1
702/0
8/1
7P-1
A-1
80,0
00.0
0
06427KRC3
1.9
0
BAN
K O
F N
OVA S
CO
TIA
HO
USTO
N C
D
DTD
04/0
6/2
017 1
.910%
04/0
5/2
019
59,8
48.9
2
60,0
00.0
0
280.1
3
60,0
00.0
0
04/0
6/1
704/0
5/1
7P-1
A-1
60,0
00.0
0
06417G
UE6
1.9
1
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Ce
rtif
ica
te o
f D
ep
osit
SKAN
DIN
AV E
NSKIL
DA B
AN
KEN
NY C
D
DTD
08/0
4/2
017 1
.840%
08/0
2/2
019
49,7
20.6
5
49,9
94.2
9
388.4
4
49,9
80.5
0
08/0
4/1
708/0
3/1
7P-1
A-1
50,0
00.0
0
83050FXT3
1.8
5
MU
FG
BAN
K L
TD
/NY C
ERT D
EPO
S
DTD
09/2
7/2
017 2
.070%
09/2
5/2
019
39,7
20.9
2
40,0
00.0
0
225.4
0
40,0
00.0
0
09/2
7/1
709/2
5/1
7P-1
A-1
40,0
00.0
0
06539RG
M3
2.0
7
NO
RD
EA B
AN
K A
B N
Y C
D
DTD
02/2
2/2
018 2
.720%
02/2
0/2
020
49,9
69.6
0
50,0
00.0
0
494.8
9
50,0
00.0
0
02/2
2/1
802/2
0/1
8Aa3
AA-
50,0
00.0
0
65590ASN
72.7
2
SU
MIT
OM
O M
ITSU
I BAN
K N
Y C
ERT D
EPO
S
DTD
10/1
8/2
018 3
.390%
10/1
6/2
020
50,3
44.8
5
49,9
38.7
1
343.7
1
49,9
32.0
0
10/1
8/1
810/1
6/1
8A1
A 5
0,0
00.0
0
86565BPC9
3.4
6
2,3
34
.17
3
29
,57
2.4
6
32
9,9
33
.00
2
.28
3
29
,91
2.5
0
33
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
NIS
SAN
ABS 2
015-B
A3
DTD
07/2
2/2
015 1
.340%
03/1
5/2
020
6,6
88.6
9
6,6
97.1
1
3.9
9
6,6
96.6
9
07/2
2/1
507/1
5/1
5Aaa
NR
6,6
97.2
2
65475W
AD
01.3
4
CN
H 2
017-A
A2
DTD
03/2
2/2
017 1
.640%
07/1
5/2
020
8,6
47.1
0
8,6
55.6
5
6.3
1
8,6
55.4
9
03/2
2/1
703/1
5/1
7N
RAAA
8,6
55.8
2
12636W
AB2
1.8
0
FO
RD
ABS 2
017-A
A3
DTD
01/2
5/2
017 1
.670%
06/1
5/2
021
22,7
91.7
7
22,9
71.6
5
17.0
5
22,9
71.6
1
01/2
5/1
701/1
8/1
7Aaa
NR
22,9
71.6
9
34531EAD
81.6
7
GM
ALT
2018-3
A3
DTD
09/2
6/2
018 3
.180%
06/2
0/2
021
10,0
14.2
9
9,9
99.2
8
9.7
2
9,9
99.2
1
09/2
6/1
809/1
8/1
8Aaa
AAA
10,0
00.0
0
36256G
AD
13.1
9
HYU
ND
AI
ABS 2
017-A
A3
DTD
03/2
9/2
017 1
.760%
08/1
5/2
021
24,7
53.2
1
24,9
98.8
9
19.5
6
24,9
97.9
8
03/2
9/1
703/2
2/1
7N
RAAA
25,0
00.0
0
44931PAD
81.7
6
ALL
Y A
BS 2
017-2
A3
DTD
03/2
9/2
017 1
.780%
08/1
5/2
021
43,3
88.2
6
43,7
16.7
4
34.5
9
43,7
14.5
6
03/2
9/1
703/2
1/1
7Aaa
NR
43,7
19.7
2
02007H
AC5
1.7
9
CCCIT
2017-A
9 A
9
DTD
10/0
2/2
017 1
.800%
09/2
0/2
021
49,5
96.7
7
49,9
97.3
8
252.5
0
49,9
96.2
8
10/0
2/1
709/2
5/1
7N
RAAA
50,0
00.0
0
17305EG
H2
1.8
0
FO
RD
L 2018-B
A3
DTD
09/2
1/2
018 3
.190%
12/1
5/2
021
20,0
82.6
9
19,9
98.4
5
28.3
6
19,9
98.3
1
09/2
1/1
809/1
8/1
8Aaa
NR
20,0
00.0
0
34531LA
D2
3.4
1
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N C
OASTAL
- 120
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
JDO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.660%
04/1
5/2
022
9,9
67.6
1
9,9
99.4
2
11.8
2
9,9
99.2
8
02/2
8/1
802/2
1/1
8Aaa
NR
10,0
00.0
0
47788CAC6
2.6
6
NARO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.650%
05/1
5/2
022
19,9
04.7
9
19,9
98.1
5
23.5
6
19,9
97.7
1
02/2
8/1
802/2
1/1
8Aaa
AAA
20,0
00.0
0
65478D
AD
92.6
6
CCCIT
2018-A
1 A
1
DTD
01/3
1/2
018 2
.490%
01/2
0/2
023
79,3
54.8
9
79,1
66.2
3
890.8
7
79,1
15.6
3
08/2
3/1
808/2
1/1
8Aaa
NR
80,0
00.0
0
17305EG
K5
2.9
7
GM
CAR 2
018-3
A3
DTD
07/1
8/2
018 3
.020%
05/1
6/2
023
20,0
71.1
9
19,9
95.7
6
25.1
7
19,9
95.3
4
07/1
8/1
807/1
1/1
8N
RAAA
20,0
00.0
0
36255JA
D6
3.0
3
1,3
23
.50
3
15
,26
1.2
6
31
6,1
94
.71
2
.38
3
16
,13
8.0
9
31
7,0
44
.45
S
ecu
rity
Typ
e S
ub
-To
tal
4,3
27
,26
6.8
4
4,3
11
,78
2.3
2
2.2
0
22
,87
9.0
5
4,3
08
,67
9.9
7
4,2
81
,12
0.0
3
Ma
na
ge
d A
cco
un
t S
ub
-To
tal
$4
,32
7,2
66
.84
$
4,3
11
,78
2.3
2
$2
2,8
79
.05
$
4,3
08
,67
9.9
7
$4
,28
1,1
20
.03
2
.20
%
$4
,30
3,9
99
.08
$2
2,8
79
.05
To
tal
Inve
stm
en
ts
Accru
ed
In
tere
st
Se
cu
riti
es S
ub
-To
tal
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
10/3
1/2
014 1
.500%
10/3
1/2
019
331,8
72.4
4
335,3
52.6
2
860.6
4
336,7
27.3
4
09/0
4/1
509/0
3/1
5Aaa
AA+
335,0
00.0
0
912828F62
1.3
7
US T
REASU
RY N
/B N
OTES
DTD
01/3
1/2
018 2
.000%
01/3
1/2
020
54,6
41.2
4
54,9
11.9
3
460.3
3
54,8
38.8
7
02/0
1/1
801/3
1/1
8Aaa
AA+
55,0
00.0
0
9128283S7
2.1
5
US T
REASU
RY N
OTES
DTD
01/3
1/2
013 1
.375%
01/3
1/2
020
88,8
22.2
6
88,6
89.8
3
517.8
7
88,4
88.2
8
10/3
1/1
810/3
0/1
8Aaa
AA+
90,0
00.0
0
912828U
L22.7
5
US T
REASU
RY N
OTES
DTD
02/1
5/2
017 1
.375%
02/1
5/2
020
69,0
34.7
7
69,9
98.8
0
363.5
5
69,9
97.2
6
08/3
1/1
708/3
0/1
7Aaa
AA+
70,0
00.0
0
912828W
22
1.3
8
US T
REASU
RY N
OTES
DTD
07/3
1/2
013 2
.000%
07/3
1/2
020
89,2
58.2
2
91,1
67.6
7
753.2
6
93,0
79.6
9
05/0
6/1
605/0
3/1
6Aaa
AA+
90,0
00.0
0
912828VP2
1.1
7
US T
REASU
RY N
OTES
DTD
08/3
1/2
015 1
.375%
08/3
1/2
020
107,9
24.6
3
110,5
15.3
6
513.9
2
111,2
24.6
1
09/0
2/1
609/0
1/1
6Aaa
AA+
110,0
00.0
0
912828L3
21.0
9
US T
REASU
RY N
OTES
DTD
12/3
1/2
015 1
.750%
12/3
1/2
020
29,5
72.2
6
30,4
33.2
7
1.4
5
30,9
43.3
6
08/0
5/1
608/0
2/1
6Aaa
AA+
30,0
00.0
0
912828N
48
1.0
2
US T
REASU
RY N
OTES
DTD
02/2
8/2
014 2
.000%
02/2
8/2
021
24,7
40.2
3
25,4
48.8
8
169.8
9
25,9
03.3
2
10/0
5/1
610/0
3/1
6Aaa
AA+
25,0
00.0
0
912828B90
1.1
6
US T
REASU
RY N
OTES
DTD
05/0
2/2
016 1
.375%
04/3
0/2
021
63,3
95.2
8
64,2
81.9
4
153.0
7
63,7
15.2
4
02/0
3/1
702/0
1/1
7Aaa
AA+
65,0
00.0
0
912828Q
78
1.8
6
US T
REASU
RY N
OTES
DTD
05/0
2/2
016 1
.375%
04/3
0/2
021
78,0
24.9
6
77,6
91.7
1
188.4
0
77,3
46.8
8
08/2
3/1
808/2
1/1
8Aaa
AA+
80,0
00.0
0
912828Q
78
2.6
6
US T
REASU
RY N
OTES
DTD
08/0
1/2
016 1
.125%
07/3
1/2
021
43,4
79.5
0
44,2
18.9
3
211.8
5
43,7
88.8
7
07/1
1/1
707/1
0/1
7Aaa
AA+
45,0
00.0
0
912828S76
1.8
2
US T
REASU
RY N
OTES
DTD
09/0
2/2
014 2
.000%
08/3
1/2
021
158,0
12.4
8
160,2
76.8
2
1,0
87.2
9
160,4
81.2
5
12/0
5/1
612/0
1/1
6Aaa
AA+
160,0
00.0
0
912828D
72
1.9
3
US T
REASU
RY N
OTES
DTD
10/3
1/2
016 1
.250%
10/3
1/2
021
135,3
29.7
4
138,4
91.7
1
299.7
2
137,8
01.5
7
08/3
1/1
708/3
0/1
7Aaa
AA+
140,0
00.0
0
912828T67
1.6
4
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
88,7
69.5
2
90,7
36.7
1
4.9
7
91,0
93.3
6
06/2
8/1
706/2
6/1
7Aaa
AA+
90,0
00.0
0
912828U
81
1.7
2
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
U.S
. T
rea
su
ry B
on
d /
No
te
US T
REASU
RY N
OTES
DTD
01/0
3/2
017 2
.000%
12/3
1/2
021
172,6
07.4
0
174,8
33.5
7
9.6
7
174,7
74.4
1
11/3
0/1
711/2
9/1
7Aaa
AA+
175,0
00.0
0
912828U
81
2.0
3
US T
REASU
RY N
OTES
DTD
02/0
2/2
015 1
.500%
01/3
1/2
022
87,4
30.0
5
88,9
87.7
5
564.9
5
88,5
19.9
2
07/0
7/1
707/0
5/1
7Aaa
AA+
90,0
00.0
0
912828H
86
1.8
8
US T
REASU
RY N
/B N
OTES
DTD
02/2
8/2
017 1
.875%
02/2
8/2
022
83,4
56.0
6
84,7
09.9
6
541.5
2
84,6
04.8
8
10/2
6/1
710/2
5/1
7Aaa
AA+
85,0
00.0
0
912828W
55
1.9
9
US T
REASU
RY N
OTES
DTD
07/3
1/2
017 1
.875%
07/3
1/2
022
151,7
84.9
9
153,1
79.6
6
1,2
16.2
0
152,6
99.2
2
01/0
4/1
801/0
2/1
8Aaa
AA+
155,0
00.0
0
9128282P4
2.2
2
US T
REASU
RY N
OTES
DTD
09/3
0/2
015 1
.750%
09/3
0/2
022
34,0
75.7
9
33,7
81.0
8
156.4
9
33,6
05.4
7
06/0
7/1
806/0
5/1
8Aaa
AA+
35,0
00.0
0
912828L5
72.7
4
US T
REASU
RY N
OTES
DTD
09/3
0/2
015 1
.750%
09/3
0/2
022
126,5
67.2
2
125,4
66.3
7
581.2
5
124,8
10.1
6
06/0
6/1
806/0
4/1
8Aaa
AA+
130,0
00.0
0
912828L5
72.7
4
US T
REASU
RY N
OTES
DTD
10/0
2/2
017 1
.875%
09/3
0/2
022
136,9
53.8
8
136,6
72.0
6
670.6
7
136,0
46.0
9
04/0
4/1
804/0
2/1
8Aaa
AA+
140,0
00.0
0
9128282W
92.5
4
US T
REASU
RY N
OTES
DTD
12/3
1/2
015 2
.125%
12/3
1/2
022
147,8
84.7
0
145,8
22.3
0
8.8
1
145,4
17.9
7
08/0
3/1
808/0
1/1
8Aaa
AA+
150,0
00.0
0
912828N
30
2.8
7
US T
REASU
RY N
OTES
DTD
02/0
1/2
016 1
.750%
01/3
1/2
023
97,1
05.5
0
95,7
99.6
7
732.3
4
95,7
30.4
7
12/0
6/1
812/0
4/1
8Aaa
AA+
100,0
00.0
0
912828P38
2.8
5
US T
REASU
RY N
/B
DTD
06/3
0/2
016 1
.375%
06/3
0/2
023
228,5
06.1
6
227,5
19.7
7
9.1
2
227,5
12.5
0
12/3
1/1
812/2
6/1
8Aaa
AA+
240,0
00.0
0
912828S35
2.6
1
10
,07
7.2
3
2,6
29
,24
9.2
8
2,6
48
,98
8.3
7
2.0
5
2,6
49
,15
0.9
9
2,6
85
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Su
pra
-Na
tio
na
l A
ge
ncy B
on
d /
No
te
INTER-A
MERIC
AN
DEVEL
BK N
OTE
DTD
04/1
2/2
017 1
.625%
05/1
2/2
020
39,4
87.0
8
39,9
57.3
8
88.4
7
39,9
05.2
0
04/1
2/1
704/0
5/1
7Aaa
AAA
40,0
00.0
0
4581X0CX4
1.7
0
INTERN
ATIO
NAL
FIN
AN
CE C
ORPO
RATIO
N
NO
TE
DTD
01/2
5/2
018 2
.250%
01/2
5/2
021
19,8
68.7
4
19,9
59.0
6
195.0
0
19,9
41.2
0
01/2
5/1
801/1
8/1
8Aaa
AAA
20,0
00.0
0
45950KCM
02.3
5
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Su
pra
-Na
tio
na
l A
ge
ncy B
on
d /
No
te
INTERN
ATIO
NAL
FIN
AN
CE C
ORPO
RATIO
N
NO
TE
DTD
03/1
6/2
018 2
.635%
03/0
9/2
021
59,9
32.0
2
59,9
66.4
8
491.8
7
59,9
55.0
0
03/1
6/1
803/0
9/1
8Aaa
AAA
60,0
00.0
0
45950VLQ
72.6
6
INTL
BAN
K O
F R
ECO
NSTRU
CTIO
N A
ND
DEV
NO
TE
DTD
07/2
5/2
018 2
.750%
07/2
3/2
021
70,2
84.6
9
69,8
59.0
2
834.1
7
69,8
36.2
0
07/2
5/1
807/1
8/1
8Aaa
AAA
70,0
00.0
0
459058G
H0
2.8
3
1,6
09
.51
1
89
,57
2.5
3
18
9,7
41
.94
2
.49
1
89
,63
7.6
0
19
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Mu
nic
ipa
l B
on
d /
No
te
CA S
T T
XBL
GO
BO
ND
S
DTD
04/2
5/2
018 2
.800%
04/0
1/2
021
69,9
38.4
0
70,0
01.5
6
490.0
0
70,0
02.8
0
04/2
5/1
804/1
8/1
8Aa3
AA-
70,0
00.0
0
13063D
GA0
2.8
0
CA S
T T
AXABLE
GO
BO
ND
S
DTD
10/2
6/2
017 2
.500%
10/0
1/2
022
54,4
17.5
5
55,5
89.7
1
343.7
5
55,7
66.1
5
10/2
6/1
710/1
8/1
7Aa3
AA-
55,0
00.0
0
13063D
DF2
2.2
0
83
3.7
5
12
4,3
55
.95
1
25
,59
1.2
7
2.5
4
12
5,7
68
.95
1
25
,00
0.0
0
Se
cu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FN
MA S
ERIE
S 2
015-M
15 A
SQ
2
DTD
11/0
1/2
015 1
.898%
01/0
1/2
019
2,4
90.2
4
2,4
95.4
5
3.9
5
2,5
20.4
0
11/3
0/1
511/0
6/1
5Aaa
AA+
2,4
95.4
5
3136AQ
SW
11.2
0
FAN
NIE
MAE S
ERIE
S 2
015-M
13 A
SQ
2
DTD
10/0
1/2
015 1
.646%
09/0
1/2
019
3,9
92.8
2
4,0
19.7
7
5.5
1
4,0
57.3
9
10/3
0/1
510/0
7/1
5Aaa
AA+
4,0
17.1
6
3136AQ
DQ
01.0
8
FH
MS K
006 A
2
DTD
04/0
1/2
010 4
.251%
01/2
5/2
020
40,3
56.2
3
40,5
39.7
5
141.7
0
40,8
12.5
0
06/1
5/1
806/1
2/1
8Aaa
AA+
40,0
00.0
0
31398VJ9
81.5
7
FN
A 2
018-M
5 A
2
DTD
04/0
1/2
018 3
.560%
09/2
5/2
021
46,9
62.4
8
47,1
89.3
2
137.7
7
47,3
64.6
1
04/3
0/1
804/1
1/1
8Aaa
AA+
46,4
40.8
6
3136B1XP4
2.2
7
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P P
OO
L
DTD
12/0
1/2
015 3
.090%
08/2
5/2
022
40,1
95.8
1
40,2
75.3
1
103.0
0
40,3
40.6
3
04/0
9/1
804/0
4/1
8Aaa
AA+
40,0
00.0
0
3137BM
6P6
2.6
1
FH
LMC S
ERIE
S K
032 A
1
DTD
09/0
1/2
013 3
.016%
02/0
1/2
023
21,7
39.4
2
21,6
69.7
3
54.3
6
21,6
81.9
9
06/1
8/1
806/1
3/1
8Aaa
AA+
21,6
30.4
5
3137B4G
X8
2.8
8
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Fe
de
ral
Ag
en
cy C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
FH
LMC M
ULT
IFAM
ILY S
TRU
CTU
RED
P
DTD
11/0
1/2
013 2
.669%
02/2
5/2
023
23,6
75.2
0
23,6
17.3
8
52.7
8
23,6
09.3
6
06/1
8/1
806/1
3/1
8Aaa
AA+
23,7
30.8
0
3137B5JL
82.8
1
FH
MS K
P05 A
DTD
12/0
1/2
018 3
.203%
07/0
1/2
023
30,1
78.1
3
30,0
00.0
0
80.0
8
29,9
99.9
1
12/1
7/1
812/0
7/1
8Aaa
AA+
30,0
00.0
0
3137FKK39
3.1
1
57
9.1
5
20
9,5
90
.33
2
09
,80
6.7
1
2.4
1
21
0,3
86
.79
2
08
,31
4.7
2
Se
cu
rity
Typ
e S
ub
-To
tal
Fe
de
ral
Ag
en
cy B
on
d /
No
te
FH
LB G
LOBAL
NO
TE
DTD
08/0
4/2
016 0
.875%
08/0
5/2
019
138,5
67.3
8
139,9
46.2
0
496.8
1
139,7
31.2
0
08/0
4/1
608/0
3/1
6Aaa
AA+
140,0
00.0
0
3130A8Y72
0.9
4
FRED
DIE
MAC N
OTES
DTD
07/1
9/2
017 1
.375%
08/1
5/2
019
119,0
35.9
2
119,9
59.1
7
623.3
3
119,8
68.0
0
08/0
3/1
708/0
1/1
7Aaa
AA+
120,0
00.0
0
3137EAEH
81.4
3
FN
MA N
OTES
DTD
02/2
8/2
017 1
.500%
02/2
8/2
020
69,2
03.2
6
69,9
82.4
7
358.7
5
69,9
55.2
0
02/2
8/1
702/2
4/1
7Aaa
AA+
70,0
00.0
0
3135G
0T29
1.5
2
FED
ERAL
HO
ME L
OAN
BAN
KS N
OTES
DTD
09/0
7/2
018 2
.625%
10/0
1/2
020
100,1
30.1
0
99,8
16.3
8
656.2
5
99,7
85.0
0
09/0
7/1
809/0
6/1
8Aaa
AA+
100,0
00.0
0
3130AEW
A4
2.7
3
FAN
NIE
MAE N
OTES
DTD
11/0
1/2
018 2
.875%
10/3
0/2
020
120,6
58.3
2
119,9
36.0
7
575.0
0
119,9
30.4
0
11/0
1/1
810/3
0/1
8Aaa
AA+
120,0
00.0
0
3135G
0U
84
2.9
1
FAN
NIE
MAE N
OTES
DTD
04/1
3/2
018 2
.500%
04/1
3/2
021
34,9
71.4
4
34,9
59.9
6
189.5
8
34,9
47.8
5
04/1
3/1
804/1
2/1
8Aaa
AA+
35,0
00.0
0
3135G
0U
27
2.5
5
FAN
NIE
MAE N
OTES
DTD
06/2
5/2
018 2
.750%
06/2
2/2
021
80,4
48.8
8
79,9
84.5
7
55.0
0
79,9
81.6
0
06/2
5/1
806/2
2/1
8Aaa
AA+
80,0
00.0
0
3135G
0U
35
2.7
6
FRED
DIE
MAC N
OTES (
CALL
ABLE
)
DTD
08/2
7/2
018 2
.900%
08/2
7/2
021
119,9
99.5
2
120,0
00.0
0
1,1
98.6
7
120,0
00.0
0
08/2
7/1
808/2
2/1
8Aaa
AA+
120,0
00.0
0
3134G
SW
C5
2.9
0
FED
ERAL
HO
ME L
OAN
BAN
KS N
OTES
(CALL
ABLE
)
DTD
09/2
0/2
018 3
.000%
09/2
0/2
021
85,2
12.3
3
85,0
00.0
0
715.4
2
85,0
00.0
0
09/2
0/1
809/1
3/1
8Aaa
AA+
85,0
00.0
0
3130AEXV7
3.0
0
FED
ERAL
HO
ME L
OAN
BAN
K N
OTES
DTD
08/2
6/2
013 3
.375%
09/0
8/2
023
113,3
01.6
5
111,8
88.3
2
1,1
65.3
1
111,9
13.5
6
12/0
6/1
812/0
4/1
8Aaa
AA+
110,0
00.0
0
313383YJ4
2.9
8
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
6,0
34
.12
9
81
,52
8.8
0
98
1,4
73
.14
2
.33
9
81
,11
2.8
1
98
0,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Co
rpo
rate
No
te
GO
LDM
AN
SACH
S G
RP I
NC C
ORP N
T
(CALL
ABLE
)
DTD
04/2
5/2
016 2
.000%
04/2
5/2
019
109,6
16.3
2
109,9
92.3
8
403.3
3
109,9
29.6
0
04/2
6/1
604/2
1/1
6A3
BBB+
110,0
00.0
0
38141G
VT8
2.0
2
AM
ERIC
AN
EXPRESS C
RED
IT (
CALL
ABLE
)
NO
TE
DTD
03/0
3/2
017 2
.200%
03/0
3/2
020
49,4
62.4
5
49,9
79.2
8
360.5
6
49,9
48.0
0
03/0
3/1
702/2
8/1
7A2
A-
50,0
00.0
0
0258M
0EE5
2.2
4
WALT
DIS
NEY C
OM
PAN
Y C
ORP N
OTES
DTD
03/0
6/2
017 1
.950%
03/0
4/2
020
14,8
54.7
7
14,9
98.4
4
95.0
6
14,9
96.1
0
03/0
6/1
703/0
1/1
7A2
A+
15,0
00.0
0
25468PD
P8
1.9
6
TO
YO
TA M
OTO
R C
RED
IT C
ORP
DTD
04/1
7/2
017 1
.950%
04/1
7/2
020
39,5
03.2
0
39,9
91.9
3
160.3
3
39,9
81.6
0
04/1
7/1
704/1
1/1
7Aa3
AA-
40,0
00.0
0
89236TD
U6
1.9
7
CATERPIL
LAR F
INL
SERVIC
E N
OTE
DTD
09/0
7/2
017 1
.850%
09/0
4/2
020
39,2
21.0
0
39,9
80.9
5
240.5
0
39,9
66.4
0
09/0
7/1
709/0
5/1
7A3
A 4
0,0
00.0
0
14913Q
2A6
1.8
8
IBM
CRED
IT C
ORP N
OTE
DTD
09/0
8/2
017 1
.800%
01/2
0/2
021
58,3
17.7
8
59,9
23.0
6
483.0
0
59,8
75.8
0
09/0
8/1
709/0
5/1
7A1
A 6
0,0
00.0
0
44932H
AB9
1.8
6
AM
ERIC
AN
HO
ND
A F
INAN
CE
DTD
02/1
5/2
018 2
.650%
02/1
2/2
021
54,3
80.4
8
54,9
44.9
1
562.7
6
54,9
23.0
0
02/1
5/1
802/1
2/1
8A2
A+
55,0
00.0
0
02665W
CD
12.7
0
PACCAR F
INAN
CIA
L CO
RP N
OTES
DTD
02/2
7/2
018 2
.800%
03/0
1/2
021
29,7
28.3
2
29,9
89.2
6
280.0
0
29,9
85.3
0
02/2
7/1
802/2
2/1
8A1
A+
30,0
00.0
0
69371RN
93
2.8
2
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
03/1
3/2
018 2
.875%
03/1
2/2
021
34,9
05.9
9
34,9
82.3
4
304.6
7
34,9
76.2
0
03/1
3/1
803/0
8/1
8A2
A 3
5,0
00.0
0
24422EU
D9
2.9
0
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
24,8
86.1
8
24,9
79.5
3
213.4
7
24,9
72.2
5
02/2
6/1
802/2
1/1
8A2
A 2
5,0
00.0
0
63743H
ER9
2.9
4
NATIO
NAL
RU
RAL
UTIL
CO
OP
DTD
02/2
6/2
018 2
.900%
03/1
5/2
021
24,8
86.1
8
24,9
19.2
4
213.4
7
24,8
94.2
5
04/1
9/1
804/1
2/1
8A2
A 2
5,0
00.0
0
63743H
ER9
3.0
5
HERSH
EY C
OM
PAN
Y C
ORP N
OTES
DTD
05/1
0/2
018 3
.100%
05/1
5/2
021
25,2
21.3
3
24,9
86.3
6
99.0
3
24,9
82.7
5
05/1
0/1
805/0
3/1
8A1
A 2
5,0
00.0
0
427866BA5
3.1
2
CH
ARLE
S S
CH
WAB C
ORP N
OTES
DTD
05/2
2/2
018 3
.250%
05/2
1/2
021
35,1
70.8
0
34,9
99.1
4
126.3
9
34,9
98.9
5
05/2
2/1
805/1
7/1
8A2
A 3
5,0
00.0
0
808513AW
53.2
5
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Co
rpo
rate
No
te
MO
RG
AN
STAN
LEY C
ORP N
OTES
DTD
07/2
8/2
011 5
.500%
07/2
8/2
021
104,7
98.5
0
106,7
69.4
6
2,3
37.5
0
111,1
16.0
0
03/2
9/1
703/2
7/1
7A3
BBB+
100,0
00.0
0
61747W
AL3
2.7
6
JOH
N D
EERE C
APIT
AL
CO
RP N
OTES
DTD
01/0
6/2
017 2
.650%
01/0
6/2
022
39,2
35.0
4
39,8
87.2
9
515.2
8
39,8
23.6
0
03/1
5/1
703/1
0/1
7A2
A 4
0,0
00.0
0
24422ETL3
2.7
5
HO
ME D
EPO
T I
NC
DTD
12/0
6/2
018 3
.250%
03/0
1/2
022
30,3
11.4
0
29,9
19.2
0
67.7
1
29,9
17.8
0
12/0
6/1
811/2
7/1
8A2
A 3
0,0
00.0
0
437076BV3
3.3
4
BB&
T C
ORP (
CALL
ABLE
) N
OTES
DTD
03/2
1/2
017 2
.750%
04/0
1/2
022
98,3
05.9
0
100,4
98.9
1
687.5
0
100,7
55.0
0
04/0
6/1
704/0
3/1
7A2
A-
100,0
00.0
0
05531FAX1
2.5
9
7,1
50
.56
8
12
,80
5.6
4
82
1,7
41
.68
2
.52
8
26
,04
2.6
0
81
5,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Ce
rtif
ica
te o
f D
ep
osit
BAN
K O
F M
ON
TREAL
CH
ICAG
O C
ERT D
EPO
S
DTD
02/0
9/2
017 1
.880%
02/0
7/2
019
74,9
69.5
5
75,0
00.0
0
564.0
0
75,0
00.0
0
02/0
9/1
702/0
8/1
7P-1
A-1
75,0
00.0
0
06427KRC3
1.9
0
SKAN
DIN
AV E
NSKIL
DA B
AN
KEN
NY C
D
DTD
08/0
4/2
017 1
.840%
08/0
2/2
019
69,6
08.9
1
69,9
92.0
1
543.8
2
69,9
72.7
0
08/0
4/1
708/0
3/1
7P-1
A-1
70,0
00.0
0
83050FXT3
1.8
5
MU
FG
BAN
K L
TD
/NY C
ERT D
EPO
S
DTD
09/2
7/2
017 2
.070%
09/2
5/2
019
54,6
16.2
7
55,0
00.0
0
309.9
3
55,0
00.0
0
09/2
7/1
709/2
5/1
7P-1
A-1
55,0
00.0
0
06539RG
M3
2.0
7
NO
RD
EA B
AN
K A
B N
Y C
D
DTD
02/2
2/2
018 2
.720%
02/2
0/2
020
59,9
63.5
2
60,0
00.0
0
593.8
7
60,0
00.0
0
02/2
2/1
802/2
0/1
8Aa3
AA-
60,0
00.0
0
65590ASN
72.7
2
BAN
K O
F N
OVA S
CO
TIA
HO
USTO
N C
D
DTD
06/0
7/2
018 3
.080%
06/0
5/2
020
50,1
46.2
0
49,9
86.2
4
111.2
2
49,9
81.0
0
06/0
7/1
806/0
5/1
8Aa2
A+
50,0
00.0
0
06417G
U22
3.1
0
WESTPAC B
AN
KIN
G C
ORP N
Y C
D
DTD
08/0
7/2
017 2
.050%
08/0
3/2
020
64,1
18.3
4
65,0
00.0
0
533.0
0
65,0
00.0
0
08/0
7/1
708/0
3/1
7Aa3
AA-
65,0
00.0
0
96121T4A3
2.0
5
SU
MIT
OM
O M
ITSU
I BAN
K N
Y C
ERT D
EPO
S
DTD
10/1
8/2
018 3
.390%
10/1
6/2
020
80,5
51.7
6
79,9
01.9
4
549.9
3
79,8
91.2
0
10/1
8/1
810/1
6/1
8A1
A 8
0,0
00.0
0
86565BPC9
3.4
6
3,2
05
.77
4
53
,97
4.5
5
45
4,8
80
.19
2
.45
4
54
,84
4.9
0
45
5,0
00
.00
S
ecu
rity
Typ
e S
ub
-To
tal
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
NIS
SAN
ABS 2
015-B
A3
DTD
07/2
2/2
015 1
.340%
03/1
5/2
020
9,6
61.4
4
9,6
73.6
0
5.7
6
9,6
72.9
9
07/2
2/1
507/1
5/1
5Aaa
NR
9,6
73.7
6
65475W
AD
01.3
4
CN
H 2
017-A
A2
DTD
03/2
2/2
017 1
.640%
07/1
5/2
020
11,0
05.4
0
11,0
16.2
8
8.0
3
11,0
16.0
7
03/2
2/1
703/1
5/1
7N
RAAA
11,0
16.5
0
12636W
AB2
1.8
0
FO
RD
ABS 2
017-A
A3
DTD
01/2
5/2
017 1
.670%
06/1
5/2
021
36,4
66.8
3
36,7
54.6
4
27.2
8
36,7
54.5
6
01/2
5/1
701/1
8/1
7Aaa
NR
36,7
54.7
0
34531EAD
81.6
7
GM
ALT
2018-3
A3
DTD
09/2
6/2
018 3
.180%
06/2
0/2
021
20,0
28.5
8
19,9
98.5
7
19.4
3
19,9
98.4
2
09/2
6/1
809/1
8/1
8Aaa
AAA
20,0
00.0
0
36256G
AD
13.1
9
HYU
ND
AI
ABS 2
017-A
A3
DTD
03/2
9/2
017 1
.760%
08/1
5/2
021
39,6
05.1
4
39,9
98.2
2
31.2
9
39,9
96.7
6
03/2
9/1
703/2
2/1
7N
RAAA
40,0
00.0
0
44931PAD
81.7
6
ALL
Y A
BS 2
017-2
A3
DTD
03/2
9/2
017 1
.780%
08/1
5/2
021
60,7
43.5
7
61,2
03.4
4
48.4
2
61,2
00.3
9
03/2
9/1
703/2
1/1
7Aaa
NR
61,2
07.6
1
02007H
AC5
1.7
9
FO
RD
L 2018-B
A3
DTD
09/2
1/2
018 3
.190%
12/1
5/2
021
25,1
03.3
7
24,9
98.0
7
35.4
4
24,9
97.8
9
09/2
1/1
809/1
8/1
8Aaa
NR
25,0
00.0
0
34531LA
D2
3.4
1
JDO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.660%
04/1
5/2
022
9,9
67.6
1
9,9
99.4
2
11.8
2
9,9
99.2
8
02/2
8/1
802/2
1/1
8Aaa
NR
10,0
00.0
0
47788CAC6
2.6
6
NARO
T 2
018-A
A3
DTD
02/2
8/2
018 2
.650%
05/1
5/2
022
24,8
80.9
9
24,9
97.6
9
29.4
4
24,9
97.1
4
02/2
8/1
802/2
1/1
8Aaa
AAA
25,0
00.0
0
65478D
AD
92.6
6
ALL
YA 2
018-2
A3
DTD
04/3
0/2
018 2
.920%
11/1
5/2
022
39,9
30.4
0
39,9
93.7
4
51.9
1
39,9
92.7
4
04/3
0/1
804/2
4/1
8Aaa
NR
40,0
00.0
0
02004VAC7
2.9
3
MBART 2
018-1
A3
DTD
07/2
5/2
018 3
.030%
01/1
5/2
023
45,0
81.1
4
44,9
98.4
5
60.6
0
44,9
98.2
7
07/2
5/1
807/1
7/1
8Aaa
AAA
45,0
00.0
0
58772RAD
63.0
3
ALL
YA 2
018-3
A3
DTD
06/2
7/2
018 3
.000%
01/1
5/2
023
49,9
58.9
7
49,9
96.9
6
66.6
7
49,9
96.5
8
06/2
7/1
806/1
9/1
8Aaa
AAA
50,0
00.0
0
02007JA
C1
3.0
9
GM
CAR 2
018-3
A3
DTD
07/1
8/2
018 3
.020%
05/1
6/2
023
30,1
06.7
8
29,9
93.6
3
37.7
5
29,9
93.0
0
07/1
8/1
807/1
1/1
8N
RAAA
30,0
00.0
0
36255JA
D6
3.0
3
CARM
AX A
UTO
OW
NER T
RU
ST
DTD
07/2
5/2
018 3
.130%
06/1
5/2
023
35,1
33.8
0
34,9
95.6
4
48.6
9
34,9
95.2
3
07/2
5/1
807/1
8/1
8N
RAAA
35,0
00.0
0
14313FAD
13.3
6
ITEM # 5
For
the M
onth
Endin
g D
ece
mb
er
31
, 2
01
8M
an
ag
ed
Acco
un
t D
eta
il o
f S
ecu
riti
es H
eld
VEN
TU
RA R
EG
ION
AL
SAN
ITATIO
N B
AIL
ARD
- 1
30
Da
ted
Da
te/C
ou
po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
teD
ate
Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
Se
cu
rity
Typ
e/D
escri
pti
on
S&
PM
oo
dy's
Ori
gin
al
YT
MA
ccru
ed
Am
ort
ize
dM
ark
et
Tra
de
Se
ttle
Pa
r
Asse
t-B
ack
ed
Se
cu
rity
/ C
oll
ate
rali
ze
d M
ort
ga
ge
Ob
lig
ati
on
NARO
T 2
018-C
A3
DTD
12/1
2/2
018 3
.220%
06/1
5/2
023
40,2
87.8
8
39,9
92.4
4
67.9
8
39,9
92.3
4
12/1
2/1
812/0
4/1
8Aaa
AAA
40,0
00.0
0
65478N
AD
73.5
3
55
0.5
1
47
7,9
61
.90
4
78
,61
0.7
9
2.6
6
47
8,6
01
.66
4
78
,65
2.5
7
Se
cu
rity
Typ
e S
ub
-To
tal
5,9
36
,96
7.2
9
5,9
15
,54
6.3
0
2.2
8
30
,04
0.6
0
5,9
10
,83
4.0
9
5,8
79
,03
8.9
8
Ma
na
ge
d A
cco
un
t S
ub
-To
tal
$5
,93
6,9
67
.29
$
5,9
15
,54
6.3
0
$3
0,0
40
.60
$
5,9
10
,83
4.0
9
$5
,87
9,0
38
.98
2
.28
%
$5
,90
9,0
79
.58
$3
0,0
40
.60
To
tal
Inve
stm
en
ts
Accru
ed
In
tere
st
Se
cu
riti
es S
ub
-To
tal
ITEM # 5
