Ventura Regional Sanitation District160 140 120 100 80 60 40 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17...
54
Ventura Regional Sanitation District Portfolio Review Quarter Ending December 31, 2018 PFM Asset Management LLC pfm.com 601 S. Figueroa St. Suite 4500 Los Angeles, CA 90017 213.489.4075 Presented By: Sarah Meacham, Managing Director Richard Babbe, CCM, Senior Managing Consultant ITEM # 5
Transcript of Ventura Regional Sanitation District160 140 120 100 80 60 40 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17...
© 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
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ite 4
500
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eles
, CA
900
1721
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9.40
75
Pre
sent
ed B
y:Sa
rah
Mea
cham
, Man
agin
g D
irect
orR
icha
rd B
abbe
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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
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r
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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
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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
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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
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po
n/M
atu
rity
CU
SIP
Ra
tin
gR
ati
ng
Da
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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
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et
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Se
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Pa
r
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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
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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
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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
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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
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riti
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eld
VEN
TU
RA R
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AL
SAN
ITATIO
N T
OLA
ND
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Da
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rity
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Va
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Typ
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gin
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lig
ati
on
HYU
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ABS 2
017-A
A3
DTD
03/2
9/2
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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
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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
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6.7
9
13
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4,6
71
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1
3,2
87
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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
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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
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%
$1
3,3
55
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2.0
7
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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
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riti
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eld
VEN
TU
RA R
EG
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AL
SAN
ITATIO
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ted
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Typ
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gin
al
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rea
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ry B
on
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No
te
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DTD
10/3
1/2
014 1
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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
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DTD
01/3
1/2
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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
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on
S&
PM
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dy's
Ori
gin
al
YT
MA
ccru
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Am
ort
ize
dM
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et
Tra
de
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Pa
r
Ce
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ica
te o
f D
ep
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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
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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
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n/M
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rity
CU
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ng
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Co
st
at
Co
st
Inte
rest
Co
st
Va
lue
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cu
rity
Typ
e/D
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on
S&
PM
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Ori
gin
al
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MA
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ed
Am
ort
ize
dM
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cu
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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
$4
,32
7,2
66
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$
4,3
11
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2.3
2
$2
2,8
79
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$
4,3
08
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9.9
7
$4
,28
1,1
20
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2
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%
$4
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3,9
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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
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po
n/M
atu
rity
CU
SIP
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tin
gR
ati
ng
Da
teD
ate
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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
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de
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r
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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
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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
