NPORT-EX 1 VL.htm IVY VIP VALUE SOI HTML
    SCHEDULE OF INVESTMENTS   
 
     Value (in thousands)    MARCH 31, 2019 (UNAUDITED)
         

 

COMMON STOCKS

    Shares      Value  

Communication Services

 

Advertising – 1.0%

 

Omnicom Group, Inc.

      66      $ 4,817  
     

 

 

  

Cable & Satellite – 4.6%

 

Comcast Corp., Class A

      549        21,949  
     

 

 

  

Total Communication Services - 5.6%

 

      26,766  
     

 

 

  

Consumer Discretionary

 

Apparel Retail – 0.7%

 

Limited Brands, Inc.

      126        3,478  
     

 

 

  

Auto Parts & Equipment – 2.4%

 

Magna International, Inc.

      232        11,277  
     

 

 

  

General Merchandise Stores – 3.1%

 

Target Corp.

      184        14,752  
     

 

 

  

Home Improvement Retail – 2.8%

 

Lowe’s Co., Inc.

      124        13,519  
     

 

 

  

Total Consumer Discretionary - 9.0%

 

      43,026  
     

 

 

  

Consumer Staples

 

Drug Retail – 3.0%

 

CVS Caremark Corp.

      264        14,227  
     

 

 

  

Hypermarkets & Super Centers – 4.3%

 

Wal-Mart Stores, Inc.

      214        20,832  
     

 

 

  

Total Consumer Staples - 7.3%

 

      35,059  
     

 

 

  

Energy

      

Oil & Gas Refining & Marketing – 6.1%

 

Marathon Petroleum Corp.

      265        15,878  

Valero Energy Corp.

      157        13,310  
     

 

 

  
        29,188  
     

 

 

  

Oil & Gas Storage & Transportation – 3.8%

 

Energy Transfer L.P.

      1,190        18,293  
     

 

 

  

Total Energy - 9.9%

 

      47,481  
     

 

 

  

Financials

      

Asset Management & Custody Banks – 2.7%

 

State Street Corp.

      198        13,037  
     

 

 

  

Consumer Finance – 5.9%

 

Capital One Financial Corp.

      172        14,043  

Synchrony Financial

      449        14,307  
     

 

 

  
        28,350  
     

 

 

  

Diversified Banks – 0.8%

 

Bank of America Corp.

      147        4,058  
     

 

 

  

Life & Health Insurance – 2.8%

 

MetLife, Inc.

      313        13,337  
     

 

 

  

Mortgage REITs – 3.1%

 

AGNC Investment Corp.

      841        15,131  
     

 

 

  

Other Diversified Financial Services – 6.2%

 

Citigroup, Inc.

      367        22,829  

JPMorgan Chase & Co.

      67        6,782  
     

 

 

  
        29,611  
     

 

 

  

Regional Banks – 2.7%

 

Citizens Financial Group, Inc.

      392        12,727  
     

 

 

  

Total Financials - 24.2%

 

      116,251  
     

 

 

  

Health Care

      

Biotechnology – 2.4%

 

Amgen, Inc.

      60        11,323  
     

 

 

  

Health Care Facilities – 2.7%

 

HCA Holdings, Inc.

      101        13,142  
     

 

 

  

Managed Health Care – 1.4%

 

Humana, Inc.

      26        6,863  
     

 

 

  

Pharmaceuticals – 4.2%

 

Pfizer, Inc.

      477        20,271  
     

 

 

  

Total Health Care - 10.7%

 

      51,599  
     

 

 

  

Industrials

      

Aerospace & Defense – 2.6%

 

Spirit AeroSystems Holdings, Inc.

      140        12,769  
     

 

 

  

Airlines – 2.6%

      

Southwest Airlines Co.

      238        12,370  
     

 

 

  

Electrical Components & Equipment – 2.9%

 

Eaton Corp.

      173        13,945  
     

 

 

  

Total Industrials - 8.1%

 

      39,084  
     

 

 

  

Information Technology

 

Semiconductor Equipment – 3.2%

 

Lam Research Corp.

      85        15,180  
     

 

 

  

Semiconductors – 5.8%

 

Broadcom Corp., Class A

      64        19,365  

QUALCOMM, Inc.

      152        8,646  
     

 

 

  
        28,011  
     

 

 

  

Systems Software – 2.5%

 

Microsoft Corp.

      103        12,089  
     

 

 

  

Technology Hardware, Storage & Peripherals – 0.4%

 

Western Digital Corp.

      45        2,177  
     

 

 

  

Total Information Technology - 11.9%

 

      57,457  
     

 

 

  

Materials

      

Commodity Chemicals – 2.1%

 

LyondellBasell Industries N.V., Class A

      118        9,888  
     

 

 

  

Diversified Metals & Mining – 0.9%

 

BHP Billiton Ltd. ADR(A)

      82        4,499  
     

 

 

  

Total Materials - 3.0%

 

      14,387  
     

 

 

  

Real Estate

      

Health Care REITs – 3.0%

 

Welltower, Inc.

      188        14,620  
     

 

 

  

Total Real Estate - 3.0%

 

      14,620  
     

 

 

  

Utilities

      

Electric Utilities – 3.0%

 

Exelon Corp.

      283        14,207  
     

 

 

  

Total Utilities - 3.0%

 

      14,207  
     

 

 

  

TOTAL COMMON STOCKS – 95.7%

 

    $ 459,937  
     

 

 

  

(Cost: $439,806)

 

   

SHORT-TERM
SECURITIES

    Principal         

Commercial Paper(B) - 2.3%

 

Sonoco Products Co.,
2.601%, 4-1-19

    $ 11,255        11,252  
     

 

 

  

Master Note - 0.8%

 

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

      3,947        3,947  
     

 

 

  

Money Market Funds - 0.8%

 

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
2.360%, (D)(E)

      4,053        4,053  
     

 

 

  

United States Government Agency Obligations - 1.2%

 

Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.450%, 4-7-19(C)

      5,794        5,794  
     

 

 

  
        5,794  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 5.1%

 

    $ 25,046  
     

 

 

  

(Cost: $25,049)

      

TOTAL INVESTMENT SECURITIES – 100.8%

 

    $ 484,983  
     

 

 

  

(Cost: $464,855)

 

   

LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.8)%

 

      (3,662 ) 
     

 

 

  

NET ASSETS – 100.0%

 

    $ 481,321  
     

 

 

  
 

Notes to Schedule of Investments

 

(A)

All or a portion of securities with an aggregate value of $3,962 are on loan.

(B)

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

(C)

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.

(D)

Investment made with cash collateral received from securities on loan.

(E)

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

The following written options were outstanding at March 31, 2019 (contracts and exercise prices unrounded):

 

Underlying Security

    Counterparty, if OTC      Type      Number of
Contracts		      Notional
Amount		      Expiration Month      Exercise Price      Premium
Received		      Value  

Broadcom Corp., Class A

      N/A        Call        46        5        May 2019      $ 300.00      $ 43      $ (52 ) 

Capital One Financial Corp.

      N/A        Call        143        14        April 2019        85.00        20        (6 ) 

Lam Research Corp.

      N/A        Call        109        11        April 2019        190.00        29        (11 ) 
                    

 

 

     

 

 

  
                     $ 92      $ (69 ) 
                    

 

 

     

 

 

  

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

         

Common Stocks

    $ 459,937      $ —        $ —    

Short-Term Securities

      4,053        20,993        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 463,990      $ 20,993      $ —    
  

 

 

     

 

 

     

 

 

  

Liabilities

         

Written Options

    $ 69      $ —        $ —    
  

 

 

     

 

 

     

 

 

  

The following acronyms are used throughout this schedule:

ADR = American Depository Receipt

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

REIT = Real Estate Investment Trust

TB = Treasury Bill

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

 

Cost

    $ 464,855  
  

 

 

  

Gross unrealized appreciation

      38,264  

Gross unrealized depreciation

      (18,136 ) 
  

 

 

  

Net unrealized appreciation

    $ 20,128