NPORT-EX 1 ICBF.htm IVY CORPORATE BOND FUND SOI HTML
     SCHEDULE OF INVESTMENTS   
     Ivy Corporate Bond Fund (in thousands)   

JUNE 30, 2019 (UNAUDITED)

 

      

 

ASSET-BACKED
SECURITIES

    Principal      Value  

AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust,
3.500%, 5-26-22

    $ 1,750      $ 1,784  

Air Canada Enhanced Equipment Trust, Series 2015-2, Class AA,
3.750%, 12-15-27 (A)

      3,421        3,574  

American Airlines Class A Pass Through Certificates, Series 2016-2,
3.650%, 6-15-28

      1,754        1,789  

American Airlines Class AA Pass Through Certificates, Series 2016-2,
3.200%, 6-15-28

      2,631        2,651  

American Airlines Class AA Pass Through Certificates, Series 2017-2,
3.350%, 10-15-29

      946        955  

American Airlines, Inc., Class AA Pass Through Certificates, Series 2016-1,
3.575%, 1-15-28

      3,522        3,650  

American Airlines, Inc., Class AA Pass Through Certificates, Series 2017-1,
3.650%, 2-15-29

      450        466  

SBA Tower Trust, Series 2016-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC),
2.877%, 7-9-21 (A)

      3,500        3,506  

United Airlines Pass-Through Certificates, Series 2016-AA,
3.100%, 7-7-28

      4,685        4,704  
     

 

 

  

TOTAL ASSET-BACKED SECURITIES – 2.5%

 

    $ 23,079  
  

 

 

  

(Cost: $22,616)

 

CORPORATE DEBT
SECURITIES

              

Communication Services

 

Cable & Satellite – 1.7%

 

Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
4.464%, 7-23-22

      2,000        2,101  

Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):

      

1.625%, 1-15-22

      5,000        4,936  

3.900%, 3-1-38

      1,000        1,054  

4.600%, 10-15-38

      5,000        5,720  

DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.950%, 1-15-25

      1,865        1,970  
     

 

 

  
        15,781  
     

 

 

  

Integrated Telecommunication Services – 1.9%

 

AT&T, Inc.:

      

3.600%, 2-17-23

      4,000        4,150  

2.950%, 7-15-26

      4,500        4,467  

3.800%, 2-15-27

      500        519  

Verizon Communcations, Inc.,
4.329%, 9-21-28

      2,500        2,765  

Verizon Communications, Inc.:

      

5.250%, 3-16-37

      2,250        2,689  

4.812%, 3-15-39

      2,797        3,218  
     

 

 

  
        17,808  
     

 

 

  

Interactive Home Entertainment – 0.9%

 

Activision Blizzard, Inc.:

      

2.300%, 9-15-21

      4,000        3,991  

2.600%, 6-15-22

      3,000        3,025  

3.400%, 6-15-27

      1,000        1,008  
     

 

 

  
        8,024  
     

 

 

  

Movies & Entertainment – 0.4%

 

Walt Disney Co. (The):

      

4.125%, 12-1-41

      2,000        2,219  

4.125%, 6-1-44

      1,000        1,136  
     

 

 

  
        3,355  
     

 

 

  

Publishing – 0.3%

 

Thomson Reuters Corp.,
3.350%, 5-15-26

      3,000        3,011  
     

 

 

  

Wireless Telecommunication Service – 1.6%

 

Crown Castle Towers LLC:

      

3.222%, 5-15-22(A)

      2,000        2,022  

3.663%, 5-15-25(A)

      5,120        5,313  

4.241%, 7-15-28(A)

      2,500        2,686  

Sprint Spectrum L.P.,
3.360%, 9-20-21(A)

      5,063        5,063  
     

 

 

  
        15,084  
     

 

 

  

Total Communication Services - 6.8%

 

      63,063  
  

 

 

  

Consumer Discretionary

 

Auto Parts & Equipment – 0.3%

 

Lear Corp.,
3.800%, 9-15-27

      3,000        2,968  
     

 

 

  

Automobile Manufacturers – 0.2%

 

General Motors Co.,
5.000%, 10-1-28

      1,750        1,838  
     

 

 

  

Education Services – 0.5%

 

President and Fellows of Harvard College,
3.150%, 7-15-46

      3,000        2,934  

University of Southern California,
3.028%, 10-1-39

      2,000        1,962  
     

 

 

  
        4,896  
     

 

 

  

Footwear – 0.9%

 

NIKE, Inc.,
3.875%, 11-1-45

      8,000        8,609  
     

 

 

  

Home Improvement Retail – 0.6%

 

Home Depot, Inc. (The),
4.200%, 4-1-43

      4,700        5,219  
     

 

 

  

Internet & Direct Marketing Retail – 0.7%

 

Amazon.com, Inc.,
4.800%, 12-5-34

      5,470        6,708  
     

 

 

  

Restaurants – 0.4%

 

Starbucks Corp.,
3.550%, 8-15-29

      3,000        3,138  
     

 

 

  

Total Consumer Discretionary - 3.6%

 

      33,376  
  

 

 

  

Consumer Staples

 

Agricultural Products – 0.1%

 

Archer Daniels Midland Co.,
3.375%, 3-15-22

      1,000        1,034  
     

 

 

  

Brewers – 1.4%

 

Anheuser-Busch Inbev Finance, Inc. (GTD by AB INBEV/BBR/COB),
4.700%, 2-1-36

      9,500        10,447  

Molson Coors Brewing Co.,
2.250%, 3-15-20

      2,500        2,494  
     

 

 

  
        12,941  
     

 

 

  

Distillers & Vintners – 0.2%

 

Constellation Brands, Inc.:

      

2.650%, 11-7-22

      1,000        1,003  

4.500%, 5-9-47

      500        521  
     

 

 

  
        1,524  
     

 

 

  

Drug Retail – 0.4%

 

CVS Health Corp.,
4.100%, 3-25-25

      4,000        4,216  
     

 

 

  

Hypermarkets & Super Centers – 0.6%

 

Walmart, Inc.,
3.700%, 6-26-28

      5,000        5,458  
     

 

 

  

Packaged Foods & Meats – 2.0%

 

Mars, Inc.:

      

3.200%, 4-1-30(A)

      3,000        3,115  

3.875%, 4-1-39(A)

      4,375        4,628  

Nestle Holdings, Inc.,
3.900%, 9-24-38(A)

      5,500        6,009  

Smithfield Foods, Inc.:

      

2.650%, 10-3-21(A)

      3,000        2,956  

3.350%, 2-1-22(A)

      2,000        1,995  
     

 

 

  
        18,703  
     

 

 

  

Soft Drinks – 1.3%

 

Coca-Cola Co. (The),
1.550%, 9-1-21

      3,500        3,463  

PepsiCo, Inc.:

      

1.700%, 10-6-21

      4,000        3,967  

3.450%, 10-6-46

      4,500        4,621  
     

 

 

  
        12,051  
     

 

 

  

Tobacco – 0.7%

 

Altria Group, Inc. (GTD by Philip Morris USA, Inc.),
3.490%, 2-14-22

      3,380        3,475  
 

Philip Morris International, Inc.,
2.875%, 5-1-24

      3,100        3,146  
     

 

 

  
        6,621  
     

 

 

  

Total Consumer Staples - 6.7%

 

      62,548  
  

 

 

  

Energy

 

Oil & Gas Equipment & Services – 0.6%

 

Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc.,
3.337%, 12-15-27

      2,000        2,013  

Halliburton Co.,
5.000%, 11-15-45

      3,000        3,269  
     

 

 

  
        5,282  
     

 

 

  

Oil & Gas Exploration & Production – 1.7%

 

BP Capital Markets plc (GTD by BP plc),
3.216%, 11-28-23

      5,000        5,156  

Canadian Natural Resources Ltd.,
3.850%, 6-1-27

      7,250        7,527  

ConocoPhillips Co. (GTD by ConocoPhillips),
4.150%, 11-15-34

      1,193        1,281  

EQT Corp.,
3.000%, 10-1-22

      1,500        1,488  
     

 

 

  
        15,452  
     

 

 

  

Oil & Gas Refining & Marketing – 0.1%

 

Phillips 66 (GTD by Phillips 66 Co.) (3-Month U.S. LIBOR plus 60 bps),
3.121%, 2-26-21(B)

      1,000        1,000  
     

 

 

  

Oil & Gas Storage & Transportation – 5.5%

 

Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.450%, 7-15-27

      3,090        3,158  

Colonial Pipeline Co.,
4.250%, 4-15-48(A)

      2,000        2,151  

Colorado Interstate Gas Co.,
4.150%, 8-15-26(A)

      6,000        6,202  

Enbridge, Inc.,
2.900%, 7-15-22

      500        507  

Energy Transfer Partners L.P.:

      

4.950%, 6-15-28

      2,750        3,005  

4.900%, 3-15-35

      750        755  

EQT Midstream Partners L.P.,
4.750%, 7-15-23

      2,500        2,591  

Midwest Connector Capital Co. LLC,
3.900%, 4-1-24(A)

      2,200        2,289  

Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11-1-24

      4,469        4,530  

Sabal Trail Transmission LLC,
4.246%, 5-1-28(A)

      5,000        5,328  

Sabine Pass Liquefaction LLC,
4.200%, 3-15-28

      1,500        1,575  

Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
4.400%, 4-1-21

      2,551        2,625  

Tennessee Gas Pipeline Co.,
7.000%, 3-15-27

      3,000        3,641  

TransCanada Corp.,
5.100%, 3-15-49

      4,500        5,208  

Transcontinental Gas Pipe Line Co. LLC,
4.600%, 3-15-48

      2,000        2,120  

Williams Partners L.P.:

      

3.750%, 6-15-27

      4,000        4,133  

4.850%, 3-1-48

      1,500        1,603  
     

 

 

  
        51,421  
     

 

 

  

Total Energy - 7.9%

 

      73,155  
  

 

 

  

Financials

 

Asset Management & Custody Banks – 1.2%

 

Ares Capital Corp.:

      

3.875%, 1-15-20

      635        638  

4.250%, 3-1-25

      2,500        2,530  

BlackRock, Inc.,
3.250%, 4-30-29

      3,100        3,246  

Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),
4.850%, 3-29-29

      4,500        4,919  
     

 

 

  
        11,333  
     

 

 

  

Consumer Finance – 1.9%

 

Capital One Financial Corp.,
4.200%, 10-29-25

      3,500        3,675  

Ford Motor Credit Co. LLC:

      

2.425%, 6-12-20

      5,000        4,981  

5.875%, 8-2-21

      2,500        2,635  

2.979%, 8-3-22

      2,000        1,978  

General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.200%, 7-6-21

      4,500        4,538  
     

 

 

  
        17,807  
     

 

 

  

Diversified Banks – 10.4%

 

Australia and New Zealand Banking Group Ltd.,
2.125%, 8-19-20

      4,000        3,992  

Banco Santander S.A.,
3.500%, 4-11-22

      2,500        2,564  

Bank of America Corp.:

      

2.503%, 10-21-22

      2,000        2,004  

4.200%, 8-26-24

      6,000        6,379  

4.244%, 4-24-38

      3,000        3,268  

6.300%, 12-29-49(C)

      2,000        2,232  

Bank of America Corp. (3-Month U.S. LIBOR plus 77 bps),
3.335%, 2-5-26(B)

      1,000        986  

Bank of New York Mellon Corp. (The):

      

2.500%, 4-15-21

      2,000        2,011  

2.200%, 8-16-23

      4,000        3,977  

Barclays plc,
3.684%, 1-10-23

      2,000        2,026  

BB&T Corp.:

      

2.050%, 5-10-21

      5,500        5,470  

2.750%, 4-1-22

      3,000        3,035  

Citizens Bank N.A.,
3.250%, 2-14-22

      1,750        1,783  

Commonwealth Bank of Australia,
2.000%, 9-6-21(A)

      3,500        3,477  

Danske Bank A.S.,
2.700%, 3-2-22(A)

      2,000        2,004  

Fifth Third Bank N.A.,
2.250%, 6-14-21

      2,500        2,499  

HSBC Holdings plc,
3.803%, 3-11-25

      4,750        4,947  

Huntington Bancshares, Inc.,
2.300%, 1-14-22

      1,500        1,499  

ING Groep N.V.,
3.550%, 4-9-24

      2,425        2,507  

KeyBank N.A.,
3.300%, 2-1-22

      1,250        1,282  

Mitsubishi UFJ Financial Group, Inc.,
2.190%, 9-13-21

      6,500        6,464  

Mizuho Financial Group, Inc.,
2.953%, 2-28-22

      4,000        4,045  

Royal Bank of Canada:

      

2.350%, 10-30-20

      4,000        4,008  

2.500%, 1-19-21

      4,000        4,016  

Toronto-Dominion Bank,
3.250%, 3-11-24

      3,125        3,237  

U.S. Bancorp,
3.375%, 2-5-24

      4,000        4,173  

U.S. Bank N.A.,
3.450%, 11-16-21

      3,000        3,080  

Wells Fargo & Co.:

      

2.100%, 7-26-21

      1,000        995  

3.069%, 1-24-23

      500        507  

4.750%, 12-7-46

      1,500        1,707  

Westpac Banking Corp.:

      

2.150%, 3-6-20

      2,500        2,498  

2.000%, 8-19-21

      4,000        3,977  
     

 

 

  
        96,649  
     

 

 

  

Financial Exchanges & Data – 0.5%

 

Intercontinental Exchange, Inc.,
4.250%, 9-21-48

      4,250        4,764  
     

 

 

  

Insurance Brokers – 0.4%

 

Marsh & McLennan Cos., Inc.,
3.500%, 12-29-20

      4,000        4,066  
     

 

 

  

Investment Banking & Brokerage – 3.3%

 

Cantor Fitzgerald L.P.,
4.875%, 5-1-24(A)

      1,375        1,418  

Credit Suisse Group Funding (Guernsey) Ltd.,
3.125%, 12-10-20

      1,500        1,512  

Daiwa Securities Group, Inc.,
3.129%, 4-19-22(A)

      4,000        4,056  

Goldman Sachs Group, Inc. (The):

      

2.350%, 11-15-21

      3,000        2,994  

2.905%, 7-24-23

      1,000        1,009  

3.272%, 9-29-25

      1,500        1,534  

3.750%, 2-25-26

      1,000        1,043  

3.500%, 11-16-26

      1,000        1,025  

4.017%, 10-31-38

      6,000        6,177  

Morgan Stanley:

      

4.875%, 11-1-22

      2,000        2,141  

3.875%, 1-27-26

      7,000        7,438  
     

 

 

  
        30,347  
     

 

 

  

Life & Health Insurance – 4.0%

 

Aflac, Inc.,
4.750%, 1-15-49

      4,750        5,610  

Athene Holding Ltd.,
4.125%, 1-12-28

      3,000        3,023  

Metropolitan Life Insurance Co.,
3.450%, 10-9-21(A)

      2,000        2,046  

New York Life Global Funding:

      

2.000%, 4-13-21(A)

      2,500        2,491  

2.300%, 6-10-22(A)

      3,000        3,005  

2.900%, 1-17-24(A)

      1,500        1,535  

2.350%, 7-14-26(A)

      3,000        2,945  

Northwestern Mutual Life Insurance Co. (The),
3.850%, 9-30-47(A)

      3,000        3,083  

Principal Life Global Funding II:

      

2.625%, 11-19-20(A)

      3,500        3,515  

3.000%, 4-18-26(A)

      4,000        4,054  

Protective Life Global Funding,
2.262%, 4-8-20(A)

      2,500        2,496  

Sumitomo Life Insurance Co.,
4.000%, 9-14-77(A)

      3,000        3,037  
     

 

 

  
        36,840  
     

 

 

  

Other Diversified Financial Services – 3.5%

 

Citigroup, Inc.:

      

2.700%, 3-30-21

      4,000        4,019  

3.500%, 5-15-23

      1,000        1,032  

4.450%, 9-29-27

      1,500        1,616  

3.980%, 3-20-30

      4,125        4,408  
 

Fidelity National Information Services, Inc.,
3.750%, 5-21-29

      1,225        1,301  

JPMorgan Chase & Co.:

      

2.295%, 8-15-21

      5,000        4,999  

2.700%, 5-18-23

      6,000        6,059  

3.220%, 3-1-25

      5,000        5,141  

3.625%, 12-1-27

      3,500        3,605  
     

 

 

  
        32,180  
     

 

 

  

Property & Casualty Insurance – 0.9%

 

Aon Corp. (GTD by Aon plc),
3.750%, 5-2-29

      5,000        5,214  

Berkshire Hathaway, Inc.,
2.750%, 3-15-23

      3,000        3,047  
     

 

 

  
        8,261  
     

 

 

  

Regional Banks – 1.9%

 

First Republic Bank,
2.500%, 6-6-22

      5,000        5,004  

PNC Bank N.A.:

      

2.450%, 11-5-20

      736        738  

2.150%, 4-29-21

      4,000        3,991  

PNC Financial Services Group, Inc. (The),
3.450%, 4-23-29

      3,000        3,157  

SunTrust Banks, Inc.,
3.200%, 4-1-24

      4,500        4,640  
     

 

 

  
        17,530  
     

 

 

  

Reinsurance – 0.3%

 

Reinsurance Group of America, Inc.,
3.900%, 5-15-29

      2,800        2,905  
     

 

 

  

Specialized Finance – 0.8%

 

Dell International LLC and EMC Corp.,
5.450%, 6-15-23(A)

      1,000        1,078  

Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:

      

4.420%, 6-15-21(A)

      2,000        2,060  

8.100%, 7-15-36(A)

      2,500        3,066  

John Deere Capital Corp.,
3.200%, 1-10-22

      1,500        1,540  
     

 

 

  
        7,744  
     

 

 

  

Total Financials - 29.1%

 

      270,426  
  

 

 

  

Health Care

 

Biotechnology – 0.7%

 

Amgen, Inc.:

      

2.200%, 5-11-20

      3,500        3,494  

4.950%, 10-1-41

      3,000        3,385  
     

 

 

  
        6,879  
     

 

 

  

Health Care Distributors – 0.3%

 

McKesson Corp.,
3.650%, 11-30-20

      2,500        2,540  
     

 

 

  

Health Care Equipment – 0.4%

 

Boston Scientific Corp.,
4.550%, 3-1-39

      3,125        3,449  
     

 

 

  

Health Care Facilities – 0.3%

 

HCA, Inc. (GTD by HCA Holdings, Inc.),
4.125%, 6-15-29

      2,825        2,891  
     

 

 

  

Health Care Services – 0.3%

 

Cigna Corp.,
4.375%, 10-15-28(A)

      2,750        2,966  
     

 

 

  

Health Care Supplies – 1.8%

 

Abbott Laboratories,
4.750%, 11-30-36

      5,000        5,926  

Medtronic, Inc. (GTD by Medtronic Global Holdings SCA and Medtronic plc),
4.375%, 3-15-35

      4,288        4,934  

Shire Acquisitions Investments Ireland Designated Activity Co.,
2.400%, 9-23-21

      6,000        5,987  
     

 

 

  
        16,847  
     

 

 

  

Managed Health Care – 1.1%

 

Halfmoon Parent, Inc.,
3.400%, 9-17-21(A)

      4,500        4,586  

Humana, Inc.,
2.900%, 12-15-22

      2,000        2,028  

UnitedHealth Group, Inc.,
3.500%, 2-15-24

      3,500        3,667  
     

 

 

  
        10,281  
     

 

 

  

Pharmaceuticals – 3.5%

 

Bayer U.S. Finance II LLC,
4.375%, 12-15-28(A)

      5,000        5,268  

Bayer U.S. Finance LLC,
3.000%, 10-8-21(A)

      500        503  

Bristol-Myers Squibb Co.:

      

2.900%, 7-26-24(A)

      3,125        3,194  

3.400%, 7-26-29(A)

      1,360        1,422  

Eli Lilly and Co.,
3.875%, 3-15-39

      3,500        3,794  

Merck & Co., Inc.,
3.900%, 3-7-39

      4,250        4,651  

Perrigo Finance Unlimited Co. (GTD by Perrigo Co. plc),
3.500%, 3-15-21

      2,000        1,994  

Pfizer, Inc.,
3.900%, 3-15-39

      4,500        4,847  

Zoetis, Inc.,
3.900%, 8-20-28

      6,500        6,923  
     

 

 

  
        32,596  
     

 

 

  

Total Health Care - 8.4%

 

      78,449  
  

 

 

  

Industrials

 

Aerospace & Defense – 3.4%

 

BAE Systems Holdings, Inc.:

      

3.800%, 10-7-24(A)

      5,000        5,231  

3.850%, 12-15-25(A)

      4,800        5,014  

4.750%, 10-7-44(A)

      2,000        2,216  

Boeing Co. (The),
1.650%, 10-30-20

      2,500        2,481  

General Dynamics Corp.,
1.875%, 8-15-23

      5,000        4,947  

Huntington Ingalls Industries, Inc.,
3.483%, 12-1-27

      2,750        2,793  

Northrop Grumman Corp.,
3.200%, 2-1-27

      5,000        5,128  

Rockwell Collins, Inc.,
2.800%, 3-15-22

      3,500        3,536  
     

 

 

  
        31,346  
     

 

 

  

Air Freight & Logistics – 0.3%

 

FedEx Corp.,
4.750%, 11-15-45

      3,000        3,138  
     

 

 

  

Airlines – 1.0%

 

Aviation Capital Group Corp.,
2.875%, 1-20-22(A)

      2,000        2,014  

Aviation Capital Group LLC,
3.500%, 11-1-27(A)

      1,500        1,500  

Sydney Airport Finance,
3.625%, 4-28-26(A)

      6,000        6,153  
     

 

 

  
        9,667  
     

 

 

  

Environmental & Facilities Services – 1.1%

 

Waste Connections, Inc.,
3.500%, 5-1-29

      6,000        6,243  

Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
2.400%, 5-15-23

      4,000        4,012  
     

 

 

  
        10,255  
     

 

 

  

Industrial Conglomerates – 1.7%

 

General Electric Capital Corp.:

      

6.000%, 8-7-19

      1,432        1,437  

2.342%, 11-15-20

      7,787        7,748  

General Electric Co.,
2.700%, 10-9-22

      2,000        1,997  

Ingersoll-Rand Luxembourg Finance S.A.,
3.800%, 3-21-29

      4,260        4,468  
     

 

 

  
        15,650  
     

 

 

  

Railroads – 0.2%

 

Burlington Northern Santa Fe LLC,
4.550%, 9-1-44

      2,000        2,314  
     

 

 

  

Research & Consulting Services – 0.4%

 

RELX Capital, Inc. (GTD by RELX plc),
4.000%, 3-18-29

      3,125        3,300  
     

 

 

  

Trucking – 0.4%

 

J.B. Hunt Transport Services, Inc. (GTD by J.B. Hunt Transport, Inc.),
3.875%, 3-1-26

      3,125        3,270  
     

 

 

  

Total Industrials - 8.5%

 

      78,940  
  

 

 

  

Information Technology

 

Application Software – 0.2%

 

NXP Semiconductors N.V., NXP B.V. and NXP Funding LLC,
4.300%, 6-18-29(A)

      1,575        1,624  
     

 

 

  

Communications Equipment – 0.9%

 

L-3 Communications Corp.,
3.850%, 12-15-26

      4,000        4,185  

Motorola Solutions, Inc.,
4.600%, 5-23-29

      3,925        4,126  
     

 

 

  
        8,311  
     

 

 

  

Data Processing & Outsourced Services – 1.3%

 

Fiserv, Inc.,
3.500%, 7-1-29

      4,075        4,179  

Visa, Inc.:

      

2.800%, 12-14-22

      4,000        4,094  

4.150%, 12-14-35

      3,000        3,450  
     

 

 

  
        11,723  
     

 

 

  

Electronic Components – 0.7%

 

Maxim Integrated Products, Inc.,
3.450%, 6-15-27

      6,500        6,544  
     

 

 

  

Electronic Equipment & Instruments – 0.4%

 

Keysight Technologies, Inc.,
4.600%, 4-6-27

      3,500        3,741  
     

 

 

  

IT Consulting & Other Services – 0.5%

 

International Business Machines Corp.,
3.000%, 5-15-24

      4,375        4,493  
     

 

 

  

Semiconductor Equipment – 0.3%

 

Lam Research Corp.,
3.750%, 3-15-26

      3,125        3,280  
     

 

 

  

Semiconductors – 2.0%

 

Intel Corp.:

      

3.100%, 7-29-22

      4,000        4,123  

4.100%, 5-19-46

      6,000        6,601  

QUALCOMM, Inc.,
4.650%, 5-20-35

      3,000        3,347  

Texas Instruments, Inc.,
3.875%, 3-15-39

      4,500        4,890  
     

 

 

  
        18,961  
     

 

 

  

Systems Software – 1.6%

 

CA, Inc.,
5.375%, 12-1-19

      6,195        6,250  
 

Microsoft Corp.:

      

2.650%, 11-3-22

      3,000        3,065  

3.500%, 2-12-35

      5,500        5,854  
     

 

 

  
        15,169  
     

 

 

  

Technology Hardware, Storage &
Peripherals – 0.9%

 

Apple, Inc.:

      

2.400%, 5-3-23

      1,000        1,010  

3.200%, 5-11-27

      3,350        3,491  

4.500%, 2-23-36

      3,000        3,523  
     

 

 

  
        8,024  
     

 

 

  

Total Information Technology - 8.8%

 

      81,870  
  

 

 

  

Materials

 

Specialty Chemicals – 0.4%

 

Methanex Corp.,
5.250%, 3-1-22

      3,500        3,645  
     

 

 

  

Total Materials - 0.4%

 

      3,645  
  

 

 

  

Real Estate

 

Health Care REITs – 0.2%

 

Senior Housing Properties Trust,
4.750%, 2-15-28

      2,000        1,941  
     

 

 

  

Hotel & Resort REITs – 0.3%

 

Hospitality Properties Trust,
3.950%, 1-15-28

      2,500        2,355  
     

 

 

  

Industrial REITs – 0.6%

 

Aircastle Ltd.,
5.500%, 2-15-22

      4,909        5,202  
     

 

 

  

Specialized REITs – 2.3%

 

American Tower Corp.:

      

3.070%, 3-15-23(A)

      3,000        3,048  

3.125%, 1-15-27

      4,750        4,710  

American Tower Trust I,
3.652%, 3-23-28(A)

      2,000        2,091  

Crown Castle International Corp.:

      

2.250%, 9-1-21

      3,000        2,986  

5.250%, 1-15-23

      844        918  

CubeSmart L.P. (GTD by CubeSmart),
4.375%, 2-15-29

      2,125        2,266  

Public Storage, Inc.,
3.385%, 5-1-29

      2,500        2,611  

Ventas Realty L.P. (GTD by Ventas, Inc.),
2.650%, 1-15-25

      3,125        3,109  
     

 

 

  
        21,739  
     

 

 

  

Total Real Estate - 3.4%

 

      31,237  
  

 

 

  

Utilities

 

Electric Utilities – 4.7%

 

AEP Transmission Co. LLC,
4.250%, 9-15-48

      2,000        2,192  

Appalachian Power Co., Series W,
4.450%, 6-1-45

      1,000        1,096  

CenterPoint Energy, Inc.,
4.250%, 11-1-28

      4,500        4,861  

Commonwealth Edison Co.,
3.650%, 6-15-46

      2,500        2,537  

Consumers Energy Co.,
4.350%, 4-15-49

      2,500        2,892  

Duke Energy Carolinas LLC:

      

4.300%, 6-15-20

      3,250        3,312  

3.750%, 6-1-45

      3,875        3,978  

Duke Energy Indiana LLC,
3.750%, 5-15-46

      1,000        1,011  

Entergy Arkansas, Inc.,
4.000%, 6-1-28

      2,650        2,822  

Florida Power & Light Co.,
3.990%, 3-1-49

      3,125        3,424  

Kansas City Power & Light Co.,
4.200%, 3-15-48

      1,000        1,094  

MidAmerican Energy Co.,
3.950%, 8-1-47

      1,000        1,079  

National Rural Utilities Cooperative Finance Corp.,
4.400%, 11-1-48

      3,000        3,424  

Southern California Edison Co.,
4.125%, 3-1-48

      5,000        5,035  

Virginia Electric and Power Co., Series B,
4.600%, 12-1-48

      1,500        1,726  

Wisconsin Electric Power Co.:

      

4.250%, 6-1-44

      750        805  

4.300%, 10-15-48

      1,750        1,924  
     

 

 

  
        43,212  
     

 

 

  

Gas Utilities – 0.3%

 

Southern California Gas Co.,
4.300%, 1-15-49

      2,500        2,754  
     

 

 

  

Independent Power Producers & Energy
Traders – 0.4%

 

Black Hills Corp.,
4.350%, 5-1-33

      3,750        4,132  
     

 

 

  

Multi-Utilities – 0.8%

 

Baltimore Gas and Electric Co.,
4.250%, 9-15-48

      2,500        2,768  

Berkshire Hathaway Energy Co.,
2.800%, 1-15-23

      500        510  

Dominion Resources, Inc.,
2.750%, 1-15-22

      1,000        1,007  

Public Service Electric and Gas Co.,
2.250%, 9-15-26

      3,500        3,396  
     

 

 

  
        7,681  
     

 

 

  

Water Utilities – 0.4%

 

American Water Capital Corp.,
4.150%, 6-1-49

      3,500        3,780  
     

 

 

  

Total Utilities - 6.6%

 

      61,559  
  

 

 

  

TOTAL CORPORATE DEBT SECURITIES – 90.2%

 

    $ 838,268  
  

 

 

  

(Cost: $801,281)

 

MORTGAGE-BACKED
SECURITIES

              

Non-Agency REMIC/CMO - 0.2%

 

MASTR Adjustable Rate Mortgage Trust 2005-1 (Mortgage spread to 10-year U.S. Treasury index),
4.411%, 3-25-35(B)

      2,258        1,725  

Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1 (Mortgage spread to 3-year U.S. Treasury index),
4.617%, 2-25-34(B)

      31        —   * 
     

 

 

  
        1,725  
     

 

 

  

TOTAL MORTGAGE-BACKED SECURITIES – 0.2%

 

    $ 1,725  
  

 

 

  

(Cost: $2,279)

 

MUNICIPAL BONDS -
TAXABLE

              

New York – 0.8%

 

NYC GO Bonds, Fiscal 2017 Ser A-2,
2.460%, 8-1-26

      3,000        2,989  

NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3-1-29 (A)

      3,532        4,786  
     

 

 

  
        7,775  
     

 

 

  

Ohio – 0.6%

 

OH State Univ, Gen Receipts Bonds (Multiyear Debt Issuance Prog), Ser 2016A,
3.798%, 12-1-46

      5,500        6,005  
     

 

 

  

Pennsylvania – 0.3%

 

Cmnwlth of PA, GO Bonds, Third Ser B of 2010 (Federally Taxable - Build America Bonds),
4.750%, 7-15-22

      3,075        3,150  
     

 

 

  

TOTAL MUNICIPAL BONDS - TAXABLE – 1.7%

 

    $ 16,930  
  

 

 

  

(Cost: $15,189)

 

OTHER GOVERNMENT
SECURITIES(D)

              

Canada - 1.3%

 

Province de Quebec,
7.140%, 2-27-26

      9,365        11,829  
     

 

 

  

South Korea - 0.2%

 

Korea Development Bank,
3.000%, 3-19-22

      1,875        1,906  
     

 

 

  

TOTAL OTHER GOVERNMENT SECURITIES – 1.5%

 

    $ 13,735  
  

 

 

  

(Cost: $11,390)

 

UNITED STATES
GOVERNMENT AGENCY
OBLIGATIONS

              

Mortgage-Backed Obligations - 1.4%

 

Federal Home Loan Mortgage Corp. Agency REMIC/CMO,
2.790%, 6-25-22

      2,000        2,039  

Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index),
4.479%, 12-25-44(A)(B)

      10,760        11,245  
     

 

 

  
        13,284  
     

 

 

  

TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.4%

 

    $ 13,284  
  

 

 

  

(Cost: $13,306)

 

UNITED STATES
GOVERNMENT
OBLIGATIONS

              

Treasury Obligations - 0.0%

 

U.S. Treasury Bonds,
3.000%, 11-15-44

      210        229  

U.S. Treasury Notes,
2.000%, 8-15-25

      19        19  
     

 

 

  
        248  
     

 

 

  

TOTAL UNITED STATES GOVERNMENT
OBLIGATIONS – 0.0%

 

    $ 248  
  

 

 

  

(Cost: $248)

 

SHORT-TERM
SECURITIES

              

Commercial Paper(E) - 0.8%

 

UnitedHealth Group, Inc.,
2.481%, 7-3-19

      3,000        2,999  
 

Wisconsin Gas LLC,
2.920%, 7-18-19

      4,000        3,994  
     

 

 

  
        6,993  
     

 

 

  

Master Note - 0.5%

 

Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.620%, 7-5-19(F)

      4,458        4,458  
     

 

 

  

United States Government Agency
Obligations - 0.8%

 

Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate),
2.350%, 7-7-19(F)

      7,778        7,778  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 2.1%

 

    $ 19,229  
  

 

 

  

(Cost: $19,231)

 

TOTAL INVESTMENT SECURITIES – 99.6%

 

    $ 926,498  
  

 

 

  

(Cost: $885,540)

 

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%

 

      3,637  
  

 

 

  

NET ASSETS – 100.0%

 

    $ 930,135  
  

 

 

  

    

    

 

 

Notes to Schedule of Investments

 

*

Not shown due to rounding.

(A)

Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019 the total value of these securities amounted to $165,064 or 17.7% of net assets.

(B)

Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(C)

All or a portion of securities with an aggregate value of $892 are on loan.

(D)

Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(E)

Rate shown is the yield to maturity at June 30, 2019.

(F)

Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2019. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

 

•  

Level 1 - Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

 

•  

Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

 

•  

Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of June 30, 2019:

 

     Level 1      Level 2      Level 3  

Assets

         

Investments in Securities

         

Asset-Backed Securities

    $ —        $ 23,079      $ —    

Corporate Debt Securities

      —          838,268        —    

Mortgage-Backed Securities

      —          1,725        —    

Municipal Bonds

      —          16,930        —    

Other Government Securities

      —          13,735        —    

United States Government Agency Obligations

      —          13,284        —    

United States Government Obligations

      —          248        —    

Short-Term Securities

      —          19,229        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ —        $ 926,498      $ —    
  

 

 

     

 

 

     

 

 

  

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

REMIC = Real Estate Mortgage Investment Conduit

TB = Treasury Bill

 

For Federal income tax purposes, cost of investments owned at June 30, 2019 and the related unrealized appreciation (depreciation) were as follows:

 

Cost

    $ 885,540  
  

 

 

  

Gross unrealized appreciation

      42,522  

Gross unrealized depreciation

      (1,564 ) 
  

 

 

  

Net unrealized appreciation

    $ 40,958