NPORT-EX 1 CB.htm IVY VIP CORPORATE BOND SOI HTML
    SCHEDULE OF INVESTMENTS   
 
     Corporate Bond (in thousands)    MARCH 31, 2019 (UNAUDITED)
         

 

ASSET-BACKED
SECURITIES

    Principal      Value  

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

    $ 1,320      $ 1,321  

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

      879        889  

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

      1,700        1,661  

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

      881        885  

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

      2,250        2,261  

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

      2,717        2,655  
     

 

 

  

TOTAL ASSET-BACKED SECURITIES – 1.8%

 

    $ 9,672  
  

 

 

  

(Cost: $9,619)

 

CORPORATE DEBT
SECURITIES

              

Communication Services

 

Cable & Satellite – 1.2%

 

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

      1,000        1,035  

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

      

3.900%, 3-1-38

      500        492  

4.600%, 10-15-38

      3,000        3,217  

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

      815        832  

Time Warner, Inc. (GTD by Historic TW, Inc.),
2.950%, 7-15-26

      1,000        947  
     

 

 

  
        6,523  
     

 

 

  

Integrated Telecommunication Services – 1.7%

 

AT&T, Inc.,
3.600%, 2-17-23

      3,500        3,569  

Verizon Communications, Inc.:

      

4.500%, 8-10-33

      3,500        3,706  

5.250%, 3-16-37

      1,250        1,410  

4.812%, 3-15-39

      559        601  
     

 

 

  
        9,286  
     

 

 

  

Interactive Home Entertainment – 0.3%

 

Activision Blizzard, Inc.,
2.300%, 9-15-21

      1,750        1,726  
     

 

 

  

Interactive Media & Services – 0.6%

 

Alphabet, Inc.,
3.375%, 2-25-24

      2,950        3,069  
     

 

 

  

Movies & Entertainment – 0.5%

 

Walt Disney Co. (The),
4.125%, 6-1-44

      2,574        2,745  
     

 

 

  

Publishing – 0.1%

 

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

      500        480  
     

 

 

  

Wireless Telecommunication Service – 1.2%

 

Crown Castle Towers LLC,
3.663%, 5-15-25(A)

      2,450        2,477  

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

      2,188        2,187  

Vodafone Group plc,
4.125%, 5-30-25

      2,000        2,038  
     

 

 

  
        6,702  
     

 

 

  

Total Communication Services - 5.6%

 

      30,531  
  

 

 

  

Consumer Discretionary

 

Auto Parts & Equipment – 0.3%

 

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

      1,750        1,678  
     

 

 

  

Automobile Manufacturers – 0.2%

 

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

      1,250        1,248  
     

 

 

  

Education Services – 0.2%

 

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

      500        474  

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

      500        470  
     

 

 

  
        944  
     

 

 

  

Footwear – 0.9%

 

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

      4,500        4,605  
     

 

 

  

General Merchandise Stores – 0.5%

 

Target Corp.,
3.375%, 4-15-29

      2,750        2,788  
     

 

 

  

Home Improvement Retail – 0.5%

 

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

      2,800        2,921  
     

 

 

  

Hotels, Resorts & Cruise Lines – 0.6%

 

Royal Caribbean Cruises Ltd., 3.700%, 3-15-28

      3,500        3,376  
     

 

 

  

Internet & Direct Marketing Retail – 0.6%

 

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

      2,870        3,338  
     

 

 

  

Restaurants – 0.3%

 

Starbucks Corp.,
4.000%, 11-15-28(B)

      1,500        1,569  
     

 

 

  

Total Consumer Discretionary - 4.1%

 

      22,467  
  

 

 

  

Consumer Staples

 

Agricultural Products – 0.2%

 

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

      1,000        1,023  
     

 

 

  

Brewers – 1.8%

 

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

      6,000        6,002  

Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB), 4.750%, 1-23-29

      750        799  

Heineken N.V.,
3.500%, 1-29-28(A)

      2,000        2,012  

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

      1,000        993  
     

 

 

  
        9,806  
     

 

 

  

Distillers & Vintners – 0.7%

 

Bacardi Ltd.,
4.450%, 5-15-25(A)

      2,565        2,588  

Constellation Brands, Inc.:

      

2.650%, 11-7-22

      1,000        987  

4.500%, 5-9-47

      500        484  
     

 

 

  
        4,059  
     

 

 

  

Drug Retail – 0.2%

 

CVS Health Corp.:

      

2.800%, 7-20-20

      75        75  

4.100%, 3-25-25

      1,000        1,027  
     

 

 

  
        1,102  
     

 

 

  

Household Products – 1.1%

 

Clorox Co. (The),
3.100%, 10-1-27

      4,000        3,943  

Procter & Gamble Co. (The),
2.700%, 2-2-26

      2,000        1,991  
     

 

 

  
        5,934  
     

 

 

  

Hypermarkets & Super Centers – 0.5%

 

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

      2,500        2,632  
     

 

 

  

Packaged Foods & Meats – 2.1%

 

General Mills, Inc.,
4.200%, 4-17-28

      2,250        2,340  

Mars, Inc.,
3.875%, 4-1-39(A)

      2,625        2,642  

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

      3,500        3,650  

Smithfield Foods, Inc.:

      

2.650%, 10-3-21(A)

      1,250        1,202  

3.350%, 2-1-22(A)

      1,500        1,468  
     

 

 

  
        11,302  
     

 

 

  

Soft Drinks – 0.9%

 

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

      1,500        1,466  

PepsiCo, Inc.:

      

1.700%, 10-6-21

      1,000        979  

3.450%, 10-6-46

      2,500        2,413  
     

 

 

  
        4,858  
     

 

 

  
 

Tobacco – 0.1%

 

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

      830        843  
     

 

 

  

Total Consumer Staples - 7.6%

 

      41,559  
  

 

 

  

Energy

 

Oil & Gas Equipment & Services – 0.9%

 

Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc.:

      

2.773%, 12-15-22

      3,000        2,982  

3.337%, 12-15-27

      2,000        1,946  
     

 

 

  
        4,928  
     

 

 

  

Oil & Gas Exploration & Production – 2.1%

 

BP Capital Markets plc (GTD by BP plc):

      

3.216%, 11-28-23

      1,500        1,519  

3.814%, 2-10-24

      3,000        3,120  

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

      3,500        3,506  

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

      218        224  

EQT Corp.:

      

8.125%, 6-1-19

      1,575        1,588  

3.000%, 10-1-22

      1,450        1,424  
     

 

 

  
        11,381  
     

 

 

  

Oil & Gas Refining & Marketing – 0.4%

 

Phillips 66 (GTD by Phillips 66 Co.) (3-Month U.S. LIBOR plus 60 bps),
3.246%, 2-26-21(C)

      2,000        2,000  
     

 

 

  

Oil & Gas Storage & Transportation – 5.0%

 

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

      2,000        1,952  

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

      1,000        1,011  

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

      1,000        1,017  

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

      2,000        1,995  

Energy Transfer Partners L.P., 4.200%, 4-15-27

      2,000        2,011  

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

      1,400        1,423  

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

      

3.600%, 11-1-24

      1,031        1,028  

4.500%, 12-15-26

      1,750        1,794  

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

      2,500        2,598  

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

      1,500        1,514  

Sunoco Logistics Partners Operations L.P. (GTD by Energy Transfer Partners L.P.),
4.000%, 10-1-27

      2,000        1,985  

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

      500        513  

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

      2,000        2,381  

TransCanada PipeLines Ltd.,
5.100%, 3-15-49

      3,000        3,234  

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

      1,000        1,018  

Williams Partners L.P.:

      

3.750%, 6-15-27

      500        497  

4.850%, 3-1-48

      1,500        1,497  
     

 

 

  
        27,468  
     

 

 

  

Total Energy - 8.4%

 

      45,777  
  

 

 

  

Financials

 

Asset Management & Custody Banks – 1.3%

 

Ares Capital Corp.:

      

3.875%, 1-15-20

      280        281  

4.250%, 3-1-25

      2,000        1,953  

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

      2,250        2,315  

State Street Corp.:

      

4.375%, 3-7-21

      1,250        1,292  

2.650%, 5-19-26

      1,000        979  
     

 

 

  
        6,820  
     

 

 

  

Consumer Finance – 1.7%

 

American Express Credit Corp., 2.200%, 3-3-20

      2,000        1,991  

Capital One Financial Corp.:

      

4.200%, 10-29-25

      1,500        1,526  

3.750%, 7-28-26

      1,000        975  

Discover Financial Services,
3.950%, 11-6-24

      1,500        1,528  

Ford Motor Credit Co. LLC:

      

5.875%, 8-2-21

      1,500        1,554  

3.810%, 1-9-24

      1,500        1,421  

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

      500        498  
     

 

 

  
        9,493  
     

 

 

  

Diversified Banks – 13.5%

 

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

      1,000        992  

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

      1,250        1,262  

Bank of America Corp.:

      

2.503%, 10-21-22

      4,000        3,951  

4.244%, 4-24-38

      2,000        2,056  

Bank of America Corp. (3-Month U.S. LIBOR plus 77 bps),
3.503%, 2-5-26(C)

      4,000        3,908  

Bank of Montreal,
2.100%, 12-12-19

      500        498  

Bank of New York Mellon Corp. (The):

      

3.550%, 9-23-21

      1,250        1,278  

2.200%, 8-16-23

      3,000        2,919  

Barclays plc,
3.684%, 1-10-23

      4,400        4,395  

BB&T Corp.:

      

2.050%, 5-10-21

      1,000        986  

2.750%, 4-1-22

      3,500        3,502  

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

      1,050        1,060  

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

      1,500        1,471  

Danske Bank A.S.:

      

5.000%, 1-12-22(A)

      900        922  

2.700%, 3-2-22(A)

      1,500        1,461  

Fifth Third Bank N.A.:

      

2.250%, 6-14-21

      500        495  

3.350%, 7-26-21

      1,500        1,521  

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

      2,250        2,284  

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

      500        493  

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

      750        763  

Lloyds Banking Group plc:

      

3.000%, 1-11-22

      2,000        1,988  

3.900%, 3-12-24

      750        760  

Mitsubishi UFJ Financial Group, Inc.:

      

2.998%, 2-22-22

      500        501  

3.218%, 3-7-22

      2,000        2,016  

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

      3,000        3,000  

Royal Bank of Canada,
3.200%, 4-30-21

      3,000        3,035  

Santander Holdings USA, Inc.,
3.400%, 1-18-23

      7,500        7,506  

Svenska Handelsbanken AB, 3.900%, 11-20-23

      900        937  

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

      1,875        1,898  

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

      1,000        1,023  

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

      7,000        7,139  

Wells Fargo & Co.:

      

2.100%, 7-26-21

      1,000        984  

3.069%, 1-24-23

      1,500        1,503  

3.900%, 5-1-45

      1,000        994  

4.750%, 12-7-46

      500        524  

Westpac Banking Corp.:

      

2.150%, 3-6-20

      2,500        2,487  

2.000%, 8-19-21

      1,000        982  
     

 

 

  
        73,494  
     

 

 

  

Diversified Capital Markets – 0.4%

 

Credit Suisse Group AG,
3.574%, 1-9-23(A)

      2,000        2,007  
     

 

 

  

Financial Exchanges & Data – 0.5%

 

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

      2,750        2,892  
     

 

 

  

Insurance Brokers – 0.6%

 

Marsh & McLennan Cos., Inc.:

      

3.500%, 12-29-20

      1,000        1,013  

2.750%, 1-30-22

      2,000        1,999  
     

 

 

  
        3,012  
     

 

 

  

Investment Banking & Brokerage – 2.3%

 

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

      1,000        1,003  

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

      1,000        996  

Goldman Sachs Group, Inc. (The):

      

3.000%, 4-26-22

      1,000        1,000  

2.905%, 7-24-23

      1,000        989  

3.272%, 9-29-25

      2,500        2,468  

3.750%, 2-25-26

      1,000        1,004  

3.500%, 11-16-26

      2,000        1,975  

4.017%, 10-31-38

      500        480  

Morgan Stanley,
3.875%, 1-27-26

      1,000        1,023  

Morgan Stanley (3-Month U.S. LIBOR plus 140 bps),
4.179%, 10-24-23(C)

      1,500        1,524  
     

 

 

  
        12,462  
     

 

 

  

Life & Health Insurance – 5.0%

 

Aflac, Inc.,
4.750%, 1-15-49

      2,750        3,044  

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

      3,000        2,883  
 

MetLife Global Funding I, 1.950%, 9-15-21(A)

      2,000        1,961  

MetLife, Inc., 4.050%, 3-1-45

      2,500        2,502  

Metropolitan Life Global Funding I,
3.450%, 10-9-21(A)

      3,000        3,040  

New York Life Global Funding,
2.900%, 1-17-24(A)

      5,500        5,532  

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

      3,000        2,919  

Principal Life Global Funding II,
3.000%, 4-18-26(A)

      1,000        988  

Protective Life Global Funding:

      

2.262%, 4-8-20(A)

      2,500        2,487  

2.700%, 11-25-20(A)

      1,000        998  

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

      1,000        973  
     

 

 

  
        27,327  
     

 

 

  

Other Diversified Financial Services – 3.3%

 

Citigroup, Inc.:

      

2.700%, 3-30-21

      3,000        2,997  

3.500%, 5-15-23

      2,000        2,029  

JPMorgan Chase & Co.:

      

2.295%, 8-15-21

      6,000        5,932  

2.700%, 5-18-23

      3,000        2,971  

3.625%, 12-1-27

      1,500        1,492  

USAA Capital Corp.,
2.450%, 8-1-20(A)

      2,360        2,358  
     

 

 

  
        17,779  
     

 

 

  

Property & Casualty Insurance – 0.3%

 

Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.),
4.250%, 1-15-49

      1,500        1,571  
     

 

 

  

Regional Banks – 0.7%

 

PNC Bank N.A.:

      

2.450%, 11-5-20

      264        263  

3.300%, 10-30-24

      1,000        1,017  

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

      2,500        2,519  
     

 

 

  
        3,799  
     

 

 

  

Specialized Finance – 1.6%

 

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

      3,500        3,730  

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

      

4.420%, 6-15-21(A)

      3,000        3,078  

8.100%, 7-15-36(A)

      500        589  

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

      1,500        1,525  
     

 

 

  
        8,922  
     

 

 

  

Total Financials - 31.2%

 

      169,578  
  

 

 

  

Health Care

 

Biotechnology – 1.4%

 

Amgen, Inc.:

      

2.200%, 5-11-20

      2,000        1,990  

3.875%, 11-15-21

      2,500        2,568  

3.625%, 5-22-24

      1,500        1,544  

4.950%, 10-1-41

      1,500        1,598  
     

 

 

  
        7,700  
     

 

 

  

Health Care Distributors – 0.5%

 

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

      2,500        2,531  
     

 

 

  

Health Care Equipment – 0.9%

 

Becton Dickinson & Co.,
3.700%, 6-6-27

      3,000        2,991  

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

      1,875        1,962  
     

 

 

  
        4,953  
     

 

 

  

Health Care Supplies – 1.3%

 

Abbott Laboratories:

      

3.400%, 11-30-23

      700        715  

4.750%, 11-30-36

      3,000        3,376  

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

      1,752        1,914  

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

      1,000        989  
     

 

 

  
        6,994  
     

 

 

  

Managed Health Care – 1.6%

 

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

      2,500        2,527  

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

      5,000        4,966  

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

      1,500        1,545  
     

 

 

  
        9,038  
     

 

 

  

Pharmaceuticals – 3.8%

 

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

      2,500        2,487  

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

      1,500        1,488  

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

      2,500        2,564  

Merck & Co., Inc.,
3.900%, 3-7-39

      3,750        3,866  

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

      1,000        990  

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

      2,500        2,563  

Takeda Pharmaceutical Co. Ltd.,
4.400%, 11-26-23(A)

      3,000        3,154  

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

      3,500        3,594  
     

 

 

  
        20,706  
     

 

 

  

Total Health Care - 9.5%

 

      51,922  
  

 

 

  

Industrials

 

Aerospace & Defense – 2.5%

 

BAE Systems Holdings, Inc.:

      

3.850%, 12-15-25(A)

      1,500        1,516  

4.750%, 10-7-44(A)

      1,000        1,057  

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

      500        491  

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

      3,000        2,908  

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

      1,000        978  

Northrop Grumman Corp.:

      

3.250%, 1-15-28

      2,250        2,214  

4.030%, 10-15-47

      3,000        2,970  

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

      1,500        1,497  
     

 

 

  
        13,631  
     

 

 

  

Agricultural & Farm Machinery – 0.2%

 

CNH Industrial N.V.,
3.850%, 11-15-27

      1,000        959  
     

 

 

  

Air Freight & Logistics – 0.4%

 

FedEx Corp.,
3.300%, 3-15-27

      2,000        1,973  
     

 

 

  

Airlines – 1.1%

 

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

      3,000        2,955  

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

      2,000        1,900  

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

      1,000        999  
     

 

 

  
        5,854  
     

 

 

  

Environmental & Facilities Services – 0.7%

 

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

      

2.400%, 5-15-23

      1,000        984  

4.100%, 3-1-45

      2,500        2,584  
     

 

 

  
        3,568  
     

 

 

  

Industrial Conglomerates – 0.5%

 

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

      2,575        2,614  
     

 

 

  

Railroads – 0.2%

 

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

      1,000        1,100  
     

 

 

  

Research & Consulting Services – 0.3%

 

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

      1,875        1,910  
     

 

 

  

Trucking – 0.3%

 

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

      1,875        1,903  
     

 

 

  

Total Industrials - 6.2%

 

      33,512  
  

 

 

  

Information Technology

 

Communications Equipment – 0.1%

 

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

      500        509  
     

 

 

  

Data Processing & Outsourced Services – 0.8%

 

Visa, Inc.:

      

2.800%, 12-14-22

      3,000        3,030  

4.150%, 12-14-35

      1,000        1,092  
     

 

 

  
        4,122  
     

 

 

  

Electronic Components – 0.6%

 

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

      3,500        3,376  
     

 

 

  

Electronic Equipment & Instruments – 0.3%

 

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

      1,500        1,552  
     

 

 

  

It Consulting & Other Services – 0.7%

 

IBM Credit LLC,
3.600%, 11-30-21

      3,500        3,575  
     

 

 

  

Semiconductor Equipment – 0.3%

 

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

      1,875        1,910  
     

 

 

  

Semiconductors – 1.9%

 

Intel Corp.:

      

3.100%, 7-29-22

      1,000        1,018  

4.000%, 12-15-32

      1,500        1,644  

4.100%, 5-19-46

      3,000        3,176  

QUALCOMM, Inc.:

      

4.650%, 5-20-35

      1,500        1,548  

4.800%, 5-20-45

      500        510  

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

      2,500        2,593  
     

 

 

  
        10,489  
     

 

 

  

Systems Software – 1.4%

 

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

      1,080        1,095  
 

Microsoft Corp.:

      

2.650%, 11-3-22

      2,000        2,013  

3.500%, 2-12-35

      4,500        4,567  
     

 

 

  
        7,675  
     

 

 

  

Technology Hardware, Storage & Peripherals – 1.3%

 

Apple, Inc.:

      

2.400%, 5-3-23

      4,000        3,963  

3.200%, 5-11-27

      1,500        1,514  

4.500%, 2-23-36

      1,500        1,681  
     

 

 

  
        7,158  
     

 

 

  

Total Information Technology - 7.4%

 

      40,366  
  

 

 

  

Materials

 

Diversified Metals & Mining – 0.6%

 

Anglo American Capital plc:

      

3.750%, 4-10-22(A)

      1,500        1,504  

3.625%, 9-11-24(A)

      1,000        992  

4.500%, 3-15-28(A)

      750        750  
     

 

 

  
        3,246  
     

 

 

  

Specialty Chemicals – 0.3%

 

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

      1,404        1,447  
     

 

 

  

Total Materials - 0.9%

 

      4,693  
  

 

 

  

Real Estate

 

Health Care REITs – 0.3%

 

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

      1,500        1,395  
     

 

 

  

Hotel & Resort REITs – 0.6%

 

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

      3,700        3,393  
     

 

 

  

Industrial REITs – 0.1%

 

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

      598        628  
     

 

 

  

Specialized REITs – 2.2%

 

American Tower Corp.:

      

3.070%, 3-15-23(A)

      1,500        1,496  

3.000%, 6-15-23

      2,500        2,493  

4.400%, 2-15-26

      1,000        1,044  

3.125%, 1-15-27

      1,000        959  

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

      1,000        1,006  

Crown Castle International Corp.:

      

2.250%, 9-1-21

      500        493  

5.250%, 1-15-23

      1,027        1,103  

3.200%, 9-1-24

      1,250        1,241  

4.000%, 3-1-27

      2,000        2,016  
     

 

 

  
        11,851  
     

 

 

  

Total Real Estate - 3.2%

 

      17,267  
  

 

 

  

Utilities

 

Electric Utilities – 5.3%

 

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

      3,000        3,190  

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

      5,000        5,184  

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

      3,000        2,926  

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

      1,500        1,671  

Duke Energy Carolinas LLC,
3.750%, 6-1-45

      1,625        1,613  

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

      1,000        975  

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

      1,800        1,869  

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

      1,875        1,967  

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

      1,000        1,040  

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

      2,000        2,157  

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

      3,000        2,876  

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

      1,500        1,659  

Wisconsin Electric Power Co.:

      

4.250%, 6-1-44

      250        259  

4.300%, 10-15-48

      1,250        1,348  
     

 

 

  
        28,734  
     

 

 

  

Gas Utilities – 0.3%

 

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

      1,500        1,610  
     

 

 

  

Independent Power Producers & Energy Traders – 0.4%

 

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

      2,000        2,064  
     

 

 

  

Multi-Utilities – 1.7%

 

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

      1,500        1,579  

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

      1,500        1,504  

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

      3,000        2,975  

Public Service Electric and Gas Co.:

      

1.900%, 3-15-21

      2,000        1,978  

2.250%, 9-15-26

      1,500        1,412  
     

 

 

  
        9,448  
     

 

 

  

Water Utilities – 0.4%

 

California Water Service Co.,
5.875%, 5-1-19

      2,000        2,005  
     

 

 

  

Total Utilities - 8.1%

 

      43,861  
  

 

 

  

TOTAL CORPORATE DEBT SECURITIES – 92.2%

 

    $ 501,533  
  

 

 

  

(Cost: $492,923)

 

MORTGAGE-BACKED
SECURITIES

              

Non-Agency REMIC/CMO - 0.1%

 

MASTR Adjustable Rate Mortgage Trust 2005-1 (Mortgage spread to 10-year U.S. Treasury index),
4.439%, 3-25-35(C)

      970        723  

Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1 (Mortgage spread to 3-year U.S. Treasury index),
4.630%, 2-25-34(C)

      11        —   * 
     

 

 

  
        723  
     

 

 

  

TOTAL MORTGAGE-BACKED SECURITIES– 0.1%

 

    $ 723  
  

 

 

  

(Cost: $976)

 

MUNICIPAL
BONDS - TAXABLE

              

New York – 0.7%

 

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

      3,005        4,030  
     

 

 

  

Ohio – 0.4%

 

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

      2,000        2,071  
     

 

 

  

Pennsylvania – 0.1%

 

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

      750        771  
     

 

 

  

TOTAL MUNICIPAL BONDS - TAXABLE – 1.2%

 

    $ 6,872  
  

 

 

  

(Cost: $5,774)

 

OTHER GOVERNMENT
SECURITIES(D)

              

Canada - 0.6%

 

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

      2,500        3,104  
     

 

 

  

South Korea - 0.2%

 

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

      1,125        1,131  
     

 

 

  

TOTAL OTHER GOVERNMENT SECURITIES – 0.8%

 

    $ 4,235  
  

 

 

  

(Cost: $3,838)

 

UNITED STATES
GOVERNMENT AGENCY
OBLIGATIONS

              

Agency Obligations - 0.2%

 

Tennessee Valley Authority, 2.875%, 2-1-27

      1,000        1,014  
     

 

 

  

Mortgage-Backed Obligations - 1.0%

 

Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index),
4.336%, 12-25-44(A)(C)

      5,000        5,180  

Government National Mortgage Association Agency REMIC/CMO, 0.017%, 6-17-45(E)

      12        —   * 
     

 

 

  
        5,180  
     

 

 

  

TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.2%

 

    $ 6,194  
  

 

 

  

(Cost: $6,249)

 

SHORT-TERM
SECURITIES

              

Commercial Paper(F) - 1.1%

 

J.M. Smucker Co. (The), 2.651%, 4-1-19

      6,155        6,154  
     

 

 

  

Master Note - 1.1%

 

Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19(G)

      5,901        5,901  
     

 

 

  
 

Money Market Funds - 0.1%

 

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
2.360%, (H)(I)

      788        788  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 2.3%

 

    $ 12,843  
  

 

 

  

(Cost: $12,844)

 

TOTAL INVESTMENT SECURITIES – 99.6%

 

    $ 542,072  
  

 

 

  

(Cost: $532,223)

 

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%

 

      2,093  
  

 

 

  

NET ASSETS – 100.0%

 

    $ 544,165  
  

 

 

  

    

    

 

 

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 March 31, 2019 the total value of these securities amounted to $99,717 or 18.3% of net assets.

(B)

All or a portion of securities with an aggregate value of $767 are on loan.

(C)

Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(D)

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

(E)

Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(F)

Rate shown is the yield to maturity at March 31, 2019.

(G)

Variable rate security. Interest rate disclosed is that which is in effect at March 31, 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.

(H)

Investment made with cash collateral received from securities on loan.

(I)

Rate shown is the annualized 7-day yield at March 31, 2019.

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio 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 Portfolio.

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 Portfolio’s investments by the fair value hierarchy levels as of March 31, 2019:

 

     Level 1      Level 2      Level 3  

Assets

         

Investments in Securities

         

Asset-Backed Securities

    $ —        $ 9,672      $ —    

Corporate Debt Securities

      —          501,533        —    

Mortgage-Backed Securities

      —          723        —    

Municipal Bonds

      —          6,872        —    

Other Government Securities

      —          4,235        —    

United States Government Agency Obligations

      —          6,194        —    

Short-Term Securities

      788        12,055        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 788      $ 541,284      $ —    
  

 

 

     

 

 

     

 

 

  

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trusts

REMIC = Real Estate Mortgage Investment Conduit

 

For Federal income tax purposes, cost of investments owned at March 31, 2019 and the related unrealized appreciation (depreciation) were as follows:

 

Cost

    $ 532,223  
  

 

 

  

Gross unrealized appreciation

      12,545  

Gross unrealized depreciation

      (2,696 ) 
  

 

 

  

Net unrealized appreciation

    $ 9,849