NPORT-EX 2 ICB.htm IVY CORPORATE BOND SOI HTML
   SCHEDULE OF INVESTMENTS   
 
   Ivy Corporate Bond Fund (in thousands)    DECEMBER 31, 2019 (UNAUDITED)
     
     

 

ASSET-BACKED

SECURITIES

   Principal   Value

AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust,

    

3.500%, 5-26-22

   $1,750   $1,798

Air Canada Enhanced Equipment Trust, Series 2015-2, Class AA,

    

3.750%, 12-15-27 (A)

   3,325   3,523

American Airlines Class A Pass-Through Certificates, Series 2016-2,

    

3.650%, 6-15-28

   1,709   1,786

American Airlines Class AA Pass-Through Certificates, Series 2016-2,

    

3.200%, 6-15-28

   2,564   2,635

American Airlines Class AA Pass-Through Certificates, Series 2017-2,

    

3.350%, 10-15-29

   919   937

American Airlines, Inc. Pass-Through Certificates, Series 2016-1, Class AA,

    

3.575%, 1-15-28

   3,427   3,596

American Airlines, Inc. Pass-Through Certificates, Series 2017-1, Class AA,

    

3.650%, 2-15-29

   438   461

SBA Tower Trust, Series 2016-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC),

    

2.877%, 7-9-21 (A)

   3,500   3,511

United Airlines Pass-Through Certificates, Series 2016-AA,

    

3.100%, 7-7-28

   4,551   4,661

TOTAL ASSET-BACKED SECURITIES – 2.5%

   $22,908

(Cost: $22,142)

CORPORATE DEBT

SECURITIES

        

Communication Services

Cable & Satellite – 1.5%

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   4,987

3.900%, 3-1-38

   1,000   1,105

4.600%, 10-15-38

   1,875   2,230

Comcast Corp. (GTD by Comcast Cable Communications LLC and NBCUniversal Media LLC),

    

3.250%, 11-1-39

   3,125   3,166
   

 

    13,589
   

 

Integrated Telecommunication Services – 2.5%

AT&T, Inc.:

    

3.950%, 1-15-25

   1,750   1,876

2.950%, 7-15-26

   4,500   4,583

3.800%, 2-15-27

   500   532

4.350%, 3-1-29

   4,000   4,444

Verizon Communcations, Inc.,

    

4.329%, 9-21-28

   2,500   2,834

Verizon Communications, Inc.:

    

5.250%, 3-16-37

   2,250   2,819

4.812%, 3-15-39

   4,672   5,626
   

 

    22,714
   

 

Interactive Home Entertainment – 0.9%

Activision Blizzard, Inc.:

    

2.300%, 9-15-21

   5,250   5,276

2.600%, 6-15-22

   3,000   3,035
   

 

    8,311
   

 

Movies & Entertainment – 0.5%

TWDC Enterprises 18 Corp.,

    

3.700%, 12-1-42

   1,000   1,089

Walt Disney Co. (The):

    

4.125%, 12-1-41

   2,000   2,292

4.125%, 6-1-44

   1,000   1,177
   

 

    4,558
   

 

Publishing – 0.3%

Thomson Reuters Corp.,

    

5.850%, 4-15-40

   2,000   2,372
   

 

Wireless Telecommunication Service – 1.6%

Crown Castle Towers LLC:

    

3.222%, 5-15-22(A)

   2,000   2,020

3.663%, 5-15-25(A)

   5,120   5,310

4.241%, 7-15-28(A)

   2,500   2,765

Sprint Spectrum L.P.,

    

3.360%, 9-20-21(A)

   3,938   3,973
   

 

    14,068
   

 

Total Communication Services - 7.3%   65,612

Consumer Discretionary

Auto Parts & Equipment – 0.3%

Lear Corp.,

    

3.800%, 9-15-27

   3,000   3,027
   

 

Automobile Manufacturers – 0.2%

General Motors Co.,

    

5.000%, 10-1-28

   1,750   1,904
   

 

Casinos & Gaming – 0.3%

Las Vegas Sands Corp.,

    

3.500%, 8-18-26

   2,650   2,723
   

 

Education Services – 0.2%

University of Southern California,

    

3.028%, 10-1-39

   2,000   2,006
   

 

Footwear – 1.0%

NIKE, Inc.,

    

3.875%, 11-1-45

   8,000   9,065
   

 

Home Improvement Retail – 0.6%

Home Depot, Inc. (The),

    

4.200%, 4-1-43

   4,700   5,438
   

 

Hotels, Resorts & Cruise Lines – 0.4%

Royal Caribbean Cruises Ltd.,

    

2.650%, 11-28-20

   3,108   3,124
   

 

Restaurants – 0.4%

Starbucks Corp.,

    

4.450%, 8-15-49

   3,000   3,469
   

 

Total Consumer Discretionary - 3.4%   30,756

Consumer Staples

Brewers – 1.5%

Anheuser-Busch Inbev Finance, Inc. (GTD by AB INBEV/BBR/COB),

    

4.700%, 2-1-36

   9,500   10,957

Molson Coors Brewing Co.,

    

2.250%, 3-15-20

   2,500   2,499
   

 

    13,456
   

 

Distillers & Vintners – 0.1%

Constellation Brands, Inc.,

    

2.650%, 11-7-22

   1,000   1,014
   

 

Drug Retail – 0.8%

CVS Health Corp.:

    

4.100%, 3-25-25

   2,000   2,145

3.250%, 8-15-29

   3,125   3,172

5.050%, 3-25-48

   1,500   1,772
   

 

    7,089
   

 

Hypermarkets & Super Centers – 0.5%

Walmart, Inc.,

    

4.050%, 6-29-48

   3,750   4,430
   

 

Packaged Foods & Meats – 2.6%

General Mills, Inc.,

    

3.200%, 4-16-21

   6,000   6,107

Mars, Inc.:

    

3.200%, 4-1-30(A)

   4,375   4,627

3.875%, 4-1-39(A)

   1,000   1,103

Nestle Holdings, Inc.,

    

3.900%, 9-24-38(A)

   5,500   6,205

Smithfield Foods, Inc.:

    

2.650%, 10-3-21(A)

   3,000   2,982

3.350%, 2-1-22(A)

   2,000   2,005
   

 

    23,029
   

 

Personal Products – 0.3%

Estee Lauder Co., Inc. (The),

    

3.125%, 12-1-49

   3,000   2,991
   

 

Soft Drinks – 0.6%

Keurig Dr Pepper, Inc.,

    

4.057%, 5-25-23

   2,250   2,371
 

PepsiCo, Inc.,

    

3.375%, 7-29-49

   3,125   3,267
   

 

    5,638
   

 

Tobacco – 1.4%

Altria Group, Inc. (GTD by Philip Morris USA, Inc.):

    

3.490%, 2-14-22

   3,380   3,477

2.850%, 8-9-22

   2,250   2,292

Imperial Brands Finance plc,

    

3.125%, 7-26-24(A)

   3,800   3,837

Philip Morris International, Inc.,

    

2.875%, 5-1-24

   3,100   3,188
   

 

    12,794
   

 

Total Consumer Staples - 7.8%   70,441

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   2,085

Halliburton Co.,

    

5.000%, 11-15-45

   3,000   3,420
   

 

    5,505
   

 

Oil & Gas Exploration & Production – 1.8%

BP Capital Markets plc (GTD by BP plc),

    

3.216%, 11-28-23

   5,000   5,206

Canadian Natural Resources Ltd.,

    

3.850%, 6-1-27

   7,250   7,726

ConocoPhillips Co. (GTD by ConocoPhillips),

    

4.150%, 11-15-34

   1,193   1,336

EQT Corp.,

    

3.000%, 10-1-22

   1,500   1,473
   

 

    15,741
   

 

Oil & Gas Refining & Marketing – 0.1%

Phillips 66 (GTD by Phillips 66 Co.) (3-Month U.S. LIBOR plus 60 bps),

    

2.517%, 2-26-21(B)

   1,000   1,000
   

 

Oil & Gas Storage & Transportation – 5.8%

Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),

    

4.450%, 7-15-27

   3,090   3,195

Cameron LNG LLC,

    

3.302%, 1-15-35(A)

   2,800   2,822

Colonial Pipeline Co.,

    

4.250%, 4-15-48(A)

   2,000   2,234

Colorado Interstate Gas Co.,

    

4.150%, 8-15-26(A)

   6,000   6,291

Enbridge, Inc. (GTD by Enbridge Energy Partners L.P. and Spectra Energy Partners L.P.),

    

3.125%, 11-15-29

   25   25

Energy Transfer Partners L.P.:

    

4.950%, 6-15-28

   2,750   3,010

4.900%, 3-15-35

   750   786

EQT Midstream Partners L.P.,

    

4.750%, 7-15-23

   2,500   2,506

Midwest Connector Capital Co. LLC,

    

3.900%, 4-1-24(A)

   2,200   2,310

Plains All American Pipeline L.P. and PAA Finance Corp.,

    

3.600%, 11-1-24

   4,469   4,595

Sabal Trail Transmission LLC,

    

4.246%, 5-1-28(A)

   5,000   5,449

Sabine Pass Liquefaction LLC,

    

4.200%, 3-15-28

   1,500   1,588

Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),

    

4.400%, 4-1-21

   2,551   2,612

Tennessee Gas Pipeline Co.,

    

7.000%, 3-15-27

   3,000   3,729

TransCanada Corp.,

    

5.100%, 3-15-49

   4,500   5,476

Transcontinental Gas Pipe Line Co. LLC,

    

4.600%, 3-15-48

   2,000   2,187

Williams Partners L.P.,

    

4.850%, 3-1-48

   3,500   3,820
   

 

    52,635
   

 

Total Energy - 8.3%   74,881

Financials

Asset Management & Custody Banks – 1.1%

BlackRock, Inc.,

    

3.250%, 4-30-29

   3,100   3,324

Blackstone Holdings Finance Co. LLC,

    

2.500%, 1-10-30(A)

   3,125   3,082

Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),

    

4.700%, 9-20-47

   793   909

Owl Rock Capital Corp.:

    

5.250%, 4-15-24

   1,125   1,193

4.000%, 3-30-25

   1,675   1,680
   

 

    10,188
   

 

Consumer Finance – 1.9%

Experian Finance plc,

    

2.750%, 3-8-30(A)

   3,000   2,951

Ford Motor Credit Co. LLC:

    

2.425%, 6-12-20

   5,000   4,997

5.875%, 8-2-21

   2,500   2,617

2.979%, 8-3-22

   2,000   2,002

General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),

    

3.200%, 7-6-21

   4,500   4,561
   

 

    17,128
   

 

Diversified Banks – 9.6%

Banco Santander S.A.,

    

3.500%, 4-11-22

   2,500   2,567

Bank of America Corp.:

    

2.503%, 10-21-22

   2,000   2,020

4.200%, 8-26-24

   6,000   6,440

4.244%, 4-24-38

   3,000   3,451

6.300%, 12-29-49(C)

   2,000   2,310

Bank of America Corp. (3-Month U.S. LIBOR plus 77 bps),

    

2.661%, 2-5-26(B)

   1,000   999

Bank of New York Mellon Corp. (The),

    

2.500%, 4-15-21

   2,000   2,013

BB&T Corp.:

    

2.050%, 5-10-21

   5,500   5,512

2.750%, 4-1-22

   3,000   3,052

Citizens Bank N.A.,

    

3.250%, 2-14-22

   1,750   1,793

Commonwealth Bank of Australia,

    

2.000%, 9-6-21(A)

   3,500   3,507

Danske Bank A.S.,

    

2.700%, 3-2-22(A)

   2,000   2,014

Fifth Third Bank N.A.,

    

2.250%, 6-14-21

   2,500   2,513

HSBC Holdings plc,

    

3.803%, 3-11-25

   4,750   4,983

Huntington Bancshares, Inc.,

    

2.300%, 1-14-22

   1,500   1,508

ING Groep N.V.,

    

3.550%, 4-9-24

   2,425   2,538

KeyBank N.A.,

    

3.300%, 2-1-22

   1,250   1,284

Korea Development Bank,

    

3.000%, 3-19-22

   1,875   1,911

Mitsubishi UFJ Financial Group, Inc.,

    

2.190%, 9-13-21

   6,500   6,518

Mizuho Financial Group, Inc.,

    

2.953%, 2-28-22

   4,000   4,072

Royal Bank of Canada:

    

2.350%, 10-30-20

   4,000   4,015

2.500%, 1-19-21

   4,000   4,028

Toronto-Dominion Bank,

    

3.250%, 3-11-24

   3,125   3,270

U.S. Bancorp,

    

3.375%, 2-5-24

   4,000   4,196

U.S. Bank N.A.,

    

3.450%, 11-16-21

   3,000   3,088

Wells Fargo & Co.:

    

2.100%, 7-26-21

   1,000   1,001

3.069%, 1-24-23

   500   510

4.150%, 1-24-29

   1,500   1,669

Westpac Banking Corp.,

    

2.000%, 8-19-21

   4,000   4,004
   

 

    86,786
   

 

Financial Exchanges & Data – 0.9%

Intercontinental Exchange, Inc.,

    

4.250%, 9-21-48

   4,250   5,057

S&P Global, Inc.,

    

3.250%, 12-1-49

   3,000   3,059
   

 

    8,116
   

 

Insurance Brokers – 0.8%

Marsh & McLennan Cos., Inc.,

    

3.500%, 12-29-20

   4,000   4,059

Willis North America, Inc.,

    

2.950%, 9-15-29

   2,800   2,771
   

 

    6,830
   

 

Investment Banking & Brokerage – 2.9%

Credit Suisse Group Funding (Guernsey) Ltd.,

    

3.125%, 12-10-20

   1,500   1,513

Daiwa Securities Group, Inc.,

    

3.129%, 4-19-22(A)

   4,000   4,076

Goldman Sachs Group, Inc. (The):

    

2.350%, 11-15-21

   3,000   3,011

2.905%, 7-24-23

   1,000   1,018

3.272%, 9-29-25

   1,500   1,551

3.500%, 11-16-26

   1,000   1,051

4.017%, 10-31-38

   4,000   4,337

Morgan Stanley:

    

4.875%, 11-1-22

   2,000   2,143

3.875%, 1-27-26

   7,000   7,512
   

 

    26,212
   

 

Life & Health Insurance – 3.5%

Aflac, Inc.,

    

4.750%, 1-15-49

   2,750   3,340

Metropolitan Life Insurance Co.,

    

3.450%, 10-9-21(A)

   2,000   2,055

New York Life Global Funding:

    

2.000%, 4-13-21(A)

   2,500   2,507

2.300%, 6-10-22(A)

   3,000   3,025

2.900%, 1-17-24(A)

   1,500   1,547

2.350%, 7-14-26(A)

   3,000   3,002

Northwestern Mutual Life Insurance Co. (The),

    

3.850%, 9-30-47(A)

   3,000   3,152
 

Principal Life Global Funding II:

    

2.625%, 11-19-20(A)

   3,500   3,520

3.000%, 4-18-26(A)

   4,000   4,132

Protective Life Global Funding,

    

2.262%, 4-8-20(A)

   2,500   2,501

Sumitomo Life Insurance Co.,

    

4.000%, 9-14-77(A)

   3,000   3,169
   

 

    31,950
   

 

Other Diversified Financial Services – 2.9%

Citigroup, Inc.:

    

2.700%, 3-30-21

   4,000   4,037

3.500%, 5-15-23

   1,000   1,040

4.450%, 9-29-27

   1,500   1,651

3.980%, 3-20-30

   4,125   4,509

JPMorgan Chase & Co.:

    

2.700%, 5-18-23

   6,000   6,119

3.220%, 3-1-25

   5,000   5,180

3.540%, 5-1-28

   3,500   3,715
   

 

    26,251
   

 

Property & Casualty Insurance – 0.6%

Aon Corp. (GTD by Aon plc),

    

3.750%, 5-2-29

   5,000   5,352
   

 

Regional Banks – 1.9%

First Republic Bank,

    

2.500%, 6-6-22

   5,000   5,047

PNC Bank N.A.,

    

2.450%, 11-5-20

   736   739

PNC Financial Services Group, Inc. (The):

    

2.600%, 7-23-26

   3,125   3,164

3.450%, 4-23-29

   3,000   3,198

SunTrust Banks, Inc.,

    

3.200%, 4-1-24

   4,500   4,679
   

 

    16,827
   

 

Reinsurance – 0.3%

Reinsurance Group of America, Inc.,

    

3.900%, 5-15-29

   2,800   2,984
   

 

Specialized Finance – 0.6%

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

    

4.420%, 6-15-21(A)

   2,000   2,058

8.100%, 7-15-36(A)

   2,500   3,281
   

 

    5,339
   

 

Total Financials - 27.0%   243,963

Health Care

Biotechnology – 0.8%

Amgen, Inc.:

    

2.200%, 5-11-20

   3,500   3,503

4.950%, 10-1-41

   3,000   3,565
   

 

    7,068
   

 

Health Care Distributors – 0.3%

McKesson Corp.,

    

3.650%, 11-30-20

   2,500   2,535
   

 

Health Care Equipment – 0.8%

Becton Dickinson & Co.,

    

2.894%, 6-6-22

   3,050   3,100

Boston Scientific Corp.,

    

4.550%, 3-1-39

   3,125   3,667
   

 

    6,767
   

 

Health Care Facilities – 0.3%

HCA, Inc. (GTD by HCA Holdings, Inc.),

    

4.125%, 6-15-29

   2,825   2,993
   

 

Health Care Services – 0.5%

Cigna Corp.,

    

3.400%, 9-17-21

   4,500   4,605
   

 

Health Care Supplies – 1.4%

Abbott Laboratories,

    

4.750%, 11-30-36

   5,000   6,240

Shire Acquisitions Investments Ireland Designated Activity Co.,

    

2.400%, 9-23-21

   6,000   6,033
   

 

    12,273
   

 

Life Sciences Tools & Services – 0.3%

PerkinElmer, Inc.,

    

3.300%, 9-15-29

   2,800   2,856
   

 

Managed Health Care – 0.6%

Humana, Inc.,

    

2.900%, 12-15-22

   2,000   2,037

UnitedHealth Group, Inc.,

    

3.500%, 2-15-24

   3,500   3,692
   

 

    5,729
   

 

Pharmaceuticals – 3.5%

AbbVie, Inc.:

    

2.600%, 11-21-24(A)

   2,700   2,715

4.400%, 11-6-42

   2,700   2,914

Bayer U.S. Finance II LLC,

    

4.375%, 12-15-28(A)

   5,000   5,451

Bayer U.S. Finance LLC,

    

3.000%, 10-8-21(A)

   500   506

Bristol-Myers Squibb Co.,

    

2.900%, 7-26-24(A)

   3,125   3,224

Elanco Animal Health, Inc.,

    

3.912%, 8-27-21

   2,250   2,308

Perrigo Finance Unlimited Co. (GTD by Perrigo Co. plc),

    

3.500%, 3-15-21

   2,000   2,018

Pfizer, Inc.,

    

3.900%, 3-15-39

   4,500   5,069

Zoetis, Inc.:

    

3.900%, 8-20-28

   4,000   4,335

4.700%, 2-1-43

   2,500   2,971
   

 

    31,511
   

 

Total Health Care - 8.5%   76,337

Industrials

Aerospace & Defense – 3.8%

BAE Systems Holdings, Inc.:

    

3.800%, 10-7-24(A)

   5,000   5,282

3.850%, 12-15-25(A)

   4,800   5,090

Boeing Co. (The):

    

1.650%, 10-30-20

   2,500   2,494

3.750%, 2-1-50

   5,125   5,432

L3Harris Technologies, Inc.:

    

3.850%, 12-15-26(A)

   4,000   4,288

4.400%, 6-15-28

   2,750   3,062

Northrop Grumman Corp.,

    

3.200%, 2-1-27

   5,000   5,198

Rockwell Collins, Inc.,

    

2.800%, 3-15-22

   3,500   3,560
   

 

    34,406
   

 

Air Freight & Logistics – 0.3%

FedEx Corp.,

    

3.100%, 8-5-29

   3,000   2,994
   

 

Airlines – 0.5%

Aviation Capital Group Corp.,

    

2.875%, 1-20-22(A)

   2,000   2,014

Sydney Airport Finance,

    

3.625%, 4-28-26(A)

   2,000   2,094
   

 

    4,108
   

 

Building Products – 0.3%

Allegion plc,

    

3.500%, 10-1-29

   2,800   2,846
   

 

Environmental & Facilities Services – 1.2%

Waste Connections, Inc.,

    

3.500%, 5-1-29

   6,000   6,348

Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),

    

4.150%, 7-15-49

   4,000   4,563
   

 

    10,911
   

 

Industrial Conglomerates – 1.1%

General Electric Capital Corp.,

    

2.342%, 11-15-20

   7,787   7,793

General Electric Co.,

    

2.700%, 10-9-22

   2,000   2,026
   

 

    9,819
   

 

Industrial Machinery – 0.3%

Roper Technologies, Inc.,

    

2.950%, 9-15-29

   3,000   3,026
   

 

Railroads – 1.1%

Burlington Northern Santa Fe LLC,

    

4.550%, 9-1-44

   2,000   2,378

Kansas City Southern:

    

4.300%, 5-15-43

   2,525   2,747

4.700%, 5-1-48

   1,000   1,170

Union Pacific Corp.,

    

3.550%, 8-15-39

   3,125   3,239
   

 

    9,534
   

 

Research & Consulting Services – 0.9%

RELX Capital, Inc. (GTD by RELX plc),

    

4.000%, 3-18-29

   3,125   3,390

Verisk Analytics, Inc.,

    

4.125%, 3-15-29

   4,550   4,990
   

 

    8,380
   

 

Total Industrials - 9.5%   86,024

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   1,701
   

 

Communications Equipment – 0.5%

Motorola Solutions, Inc.,

    

4.600%, 5-23-29

   3,925   4,279
   

 

Data Processing & Outsourced Services – 1.7%

Broadridge Financial Solutions, Inc.,

    

2.900%, 12-1-29

   3,000   2,996

Fiserv, Inc.,

    

3.500%, 7-1-29

   4,075   4,277

PayPal Holdings, Inc.,

    

2.650%, 10-1-26

   5,625   5,698

Visa, Inc.,

    

3.650%, 9-15-47

   2,000   2,255
   

 

    15,226
   

 

Electronic Components – 0.3%

Maxim Integrated Products, Inc.,

    

3.450%, 6-15-27

   2,620   2,695
   

 

Electronic Equipment & Instruments – 0.3%

Keysight Technologies, Inc.,

    

4.600%, 4-6-27

   2,500   2,770
   

 

IT Consulting & Other Services – 0.5%

International Business Machines Corp.,

    

3.000%, 5-15-24

   4,375   4,530
   

 

Semiconductor Equipment – 0.4%

Lam Research Corp.,

    

3.750%, 3-15-26

   3,125   3,347
   

 

 

Semiconductors – 2.3%

Broadcom, Inc.,

    

3.125%, 4-15-21(A)

   2,370   2,398

Intel Corp.:

    

2.450%, 11-15-29

   2,900   2,888

4.100%, 5-19-46

   6,000   6,905

QUALCOMM, Inc.,

    

4.300%, 5-20-47

   3,000   3,431

Texas Instruments, Inc.,

    

3.875%, 3-15-39

   4,500   5,075
   

 

    20,697
   

 

Systems Software – 0.6%

Microsoft Corp.,

    

3.500%, 2-12-35

   5,500   6,046
   

 

 

Technology Hardware, Storage & Peripherals – 0.7%

Apple, Inc.:

    

2.400%, 5-3-23

   1,000   1,016

4.500%, 2-23-36

   3,000   3,638

NetApp, Inc.,

    

3.375%, 6-15-21

   2,000   2,033
   

 

    6,687
   

 

Total Information Technology - 7.5%   67,978

Materials

Specialty Chemicals – 0.4%

Methanex Corp.,

    

5.250%, 3-1-22

   3,500   3,678
   

 

Total Materials - 0.4%   3,678

Real Estate

Hotel & Resort REITs – 0.2%

Hospitality Properties Trust,

    

3.950%, 1-15-28

   2,500   2,436
   

 

Industrial REITs – 0.6%

Aircastle Ltd.,

    

5.500%, 2-15-22

   4,909   5,220
   

 

Specialized REITs – 2.9%

American Tower Corp.:

    

3.070%, 3-15-23(A)

   3,000   3,038

3.700%, 10-15-49

   3,125   3,104

American Tower Trust I,

    

3.652%, 3-23-28(A)

   2,000   2,089

Crown Castle International Corp.:

    

2.250%, 9-1-21

   3,000   3,008

5.250%, 1-15-23

   844   916

CubeSmart L.P. (GTD by CubeSmart):

    

4.375%, 2-15-29

   2,125   2,331

3.000%, 2-15-30

   1,875   1,851

Equinix, Inc.,

    

3.200%, 11-18-29

   2,800   2,810

Public Storage, Inc.,

    

3.385%, 5-1-29

   2,500   2,653

Ventas Realty L.P. (GTD by Ventas, Inc.):

    

2.650%, 1-15-25

   3,125   3,146

4.875%, 4-15-49

   1,000   1,174
   

 

    26,120
   

 

Total Real Estate - 3.7%   33,776

Utilities

Electric Utilities – 4.6%

AEP Transmission Co. LLC,

    

4.250%, 9-15-48

   2,000   2,290

Ameren Illinois Co.,

    

3.250%, 3-15-50

   2,475   2,498

Appalachian Power Co., Series W,

    

4.450%, 6-1-45

   1,000   1,142

CenterPoint Energy, Inc.,

    

4.250%, 11-1-28

   4,500   4,881

Commonwealth Edison Co.,

    

3.650%, 6-15-46

   2,500   2,647

Consumers Energy Co.,

    

4.350%, 4-15-49

   2,500   3,025

Duke Energy Carolinas LLC,

    

3.750%, 6-1-45

   3,875   4,168

Duke Energy Indiana LLC,

    

3.750%, 5-15-46

   1,000   1,071

Entergy Arkansas, Inc.,

    

4.000%, 6-1-28

   2,650   2,873

Florida Power & Light Co.,

    

3.990%, 3-1-49

   3,125   3,575

Kansas City Power & Light Co.,

    

4.200%, 3-15-48

   1,000   1,143

MidAmerican Energy Co.,

    

3.950%, 8-1-47

   1,000   1,130

National Rural Utilities Cooperative Finance Corp.,

    

4.400%, 11-1-48

   3,000   3,592

Southern California Edison Co.,

    

4.125%, 3-1-48

   2,475   2,636

Virginia Electric and Power Co., Series B,

    

4.600%, 12-1-48

   1,500   1,833

Wisconsin Electric Power Co.:

    

4.250%, 6-1-44

   750   839

4.300%, 10-15-48

   1,750   2,051
   

 

    41,394
   

 

Gas Utilities – 0.3%

Southern California Gas Co.,

    

4.300%, 1-15-49

   2,500   2,845
   

 

Independent Power Producers & Energy Traders – 0.5%

Black Hills Corp.,

    

4.350%, 5-1-33

   3,750   4,156
   

 

Multi-Utilities – 0.9%

Baltimore Gas and Electric Co.,

    

4.250%, 9-15-48

   2,500   2,852

Berkshire Hathaway Energy Co.,

    

2.800%, 1-15-23

   500   511

Dominion Resources, Inc.,

    

2.750%, 1-15-22

   1,000   1,014

Public Service Electric and Gas Co.,

    

2.250%, 9-15-26

   3,500   3,466
   

 

    7,843
   

 

Water Utilities – 0.4%

American Water Capital Corp.,

    

4.150%, 6-1-49

   3,500   3,952
   

 

Total Utilities - 6.7%   60,190

TOTAL CORPORATE DEBT SECURITIES – 90.1%

   $813,636

(Cost: $770,710)

MORTGAGE-BACKED SECURITIES        

Non-Agency REMIC/CMO - 0.2%

MASTR Adjustable Rate Mortgages Trust, Series 2005-1, Class B1 (Mortgage spread to 10-year U.S. Treasury index),

    

4.048%, 3-25-35(B)

   2,211   1,837

Structured Adjustable Rate Mortgage Trust, Mortgage Pass-Through Certificates, Series 2004-1, Class B2-II (Mortgage spread to 3-year U.S. Treasury index),

    

4.451%, 2-25-34(B)

   19   —*
   

 

    1,837
   

 

TOTAL MORTGAGE-BACKED SECURITIES – 0.2%

   $1,837

(Cost: $2,219)

MUNICIPAL BONDS - TAXABLE        

New York – 0.9%

NYC GO Bonds, Fiscal 2017 Ser A-2,

    

2.460%, 8-1-26

   3,000   3,025

NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,

    

11.000%, 3-1-29 (A)

   3,532   4,714
   

 

    7,739
   

 

Ohio – 0.7%

OH State Univ, Gen Receipts Bonds (Multiyear Debt Issuance Prog), Ser 2016A,

    

3.798%, 12-1-46

   5,500   6,115
   

 

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   3,124
   

 

TOTAL MUNICIPAL BONDS - TAXABLE – 1.9%

   $16,978

(Cost: $15,158)

OTHER GOVERNMENT SECURITIES(D)        

Canada - 1.3%

Province de Quebec,

    

7.140%, 2-27-26

   9,365   11,652
   

 

TOTAL OTHER GOVERNMENT SECURITIES – 1.3%

   $11,652

(Cost: $9,513)

UNITED STATES GOVERNMENT OBLIGATIONS        

Treasury Obligations - 1.0%

U.S. Treasury Bonds,

    

3.000%, 11-15-44

   210   234

U.S. Treasury Notes:

    

1.500%, 9-30-24

   9,000   8,916

2.000%, 8-15-25

   19   19
   

 

    9,169
   

 

TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 1.0%

   $9,169

(Cost: $9,257)

 

SHORT-TERM

SECURITIES

   Shares     

Money Market Funds (E) - 2.2%

State Street Institutional U.S. Government Money Market Fund - Premier Class,

    

1.550%

   19,591   19,591

TOTAL SHORT-TERM SECURITIES – 2.2%

   $19,591

(Cost: $19,591)

    
TOTAL INVESTMENT SECURITIES – 99.2%   $895,771

(Cost: $848,590)

    

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.8%

   7,204

NET ASSETS – 100.0%

       $902,975

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 December 31, 2019 the total value of these securities amounted to $155,150 or 17.2% of net assets.

 

(B)

Variable rate security. Interest rate disclosed is that which is in effect at December 31, 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 $612 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 annualized 7-day yield at December 31, 2019.

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 inputs 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 December 31, 2019:

 

       Level 1        Level 2        Level 3  

Assets

         

Investments in Securities

         

 Asset-Backed Securities

    $             —      $     22,908      $             —  

 Corporate Debt Securities

      —        813,636        —  

 Mortgage-Backed Securities

      —        1,837        —  

 Municipal Bonds

      —        16,978        —  

 Other Government Securities

      —        11,652        —  

United States Government Obligations

      —        9,169        —    

Short-Term Securities

      19,591        —        —    
  

 

 

  

  Total

     $       19,591      $ 876,180      $             —    
  

 

 

  

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

 

For Federal income tax purposes, cost of investments owned at December 31, 2019 and the related unrealized appreciation

(depreciation) were as follows:

Cost

    $848,590
  

 

Gross unrealized appreciation

    48,000

Gross unrealized depreciation

    (819)
  

 

Net unrealized appreciation

                    $47,181