NPORT-EX 2 VST.htm IVY VIP SCIENCE AND TECHNOLOGY PORTFOLIO SOI 30
     SCHEDULE OF INVESTMENTS   
    Science and Technology (in thousands)    MARCH 31, 2021 (UNAUDITED)
    

 

COMMON STOCKS           Shares      Value  

 

  

Communication Services

 

Interactive Media & Services – 13.9%

 

Alphabet, Inc., Class A(A)

 

      9        $19,027  

Alphabet, Inc., Class C(A)

 

      9        19,007  

Facebook, Inc., Class A(A)

 

      148        43,727  

IAC/InterActiveCorp(A)

 

      25        5,479  

Snap, Inc., Class A(A)

 

      39        2,056  

Tencent Holdings Ltd.(B)

 

      55        4,308  
     

 

 

  
                 93,604  
        

 

 

  
Total Communication Services - 13.9%

 

      93,604  

 

  

Consumer Discretionary

 

Internet & Direct Marketing Retail – 6.2%

 

Alibaba Group Holding Ltd. ADR(A)

 

      74        16,862  

Amazon.com, Inc.(A)

 

      8        25,205  
     

 

 

  
           42,067  
        

 

 

  

Specialized Consumer Services – 0.3%

 

Uber Technologies, Inc.(A)

 

      32        1,744  
     

 

 

  
Total Consumer Discretionary - 6.5%

 

      43,811  

 

  

Health Care

 

Biotechnology – 7.2%

 

CRISPR Therapeutics
AG(A)

 

      58        7,022  

Ionis Pharmaceuticals,
Inc.(A)

 

      104        4,667  

Moderna, Inc.(A)

 

      134        17,603  

Vertex Pharmaceuticals, Inc.(A)

 

      90        19,379  
     

 

 

  
           48,671  
        

 

 

  

Health Care Technology – 4.0%

 

Cerner Corp.

 

      276        19,872  

Teladoc Health, Inc.(A)

 

      37        6,690  
     

 

 

  
           26,562  
        

 

 

  

Total Health Care - 11.2%

 

      75,233  

 

  

Industrials

 

Trucking – 0.4%

 

Lyft, Inc., Class A(A)

 

      40        2,496  
     

 

 

  

Total Industrials - 0.4%

 

      2,496  

 

  

Information Technology

 

Application Software – 10.1%

 

ACI Worldwide, Inc.(A)

 

      587        22,322  

Aspen Technology, Inc.(A)

 

      204        29,440  

NVIDIA Corp.

 

      17        9,281  

salesforce.com, Inc.(A)

 

      33        7,051  
     

 

 

  
           68,094  
        

 

 

  

Data Processing & Outsourced Services – 7.1%

 

Euronet Worldwide, Inc.(A)

 

      124        17,177  

MasterCard, Inc., Class A

 

      9        3,241  

TELUS International,
Inc.(A)

 

      128        3,592  

WNS (Holdings) Ltd.
ADR(A)

 

      323        23,433  
     

 

 

  
           47,443  
        

 

 

  

Electronic Equipment & Instruments – 0.7%

 

Keysight Technologies,
Inc.(A)

 

      32        4,547  
     

 

 

  

IT Consulting & Other Services – 0.6%

 

Cognizant Technology Solutions Corp., Class A

 

      54        4,208  
     

 

 

  

Semiconductor Equipment – 4.9%

 

ASML Holding N.V., NY Registry Shares

 

      54        33,177  
     

 

 

  

Semiconductors – 24.4%

 

Infineon Technologies
AG(B)

 

      558              23,650  

Intel Corp.

 

      161        10,302  

Microchip Technology, Inc.

 

      80        12,414  

Micron Technology, Inc.(A)

 

      506        44,604  

ON Semiconductor Corp.(A)

 

      200        8,324  

QUALCOMM, Inc.

 

      155        20,608  

Semtech Corp.(A)

 

      92        6,357  

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

 

      117        13,829  

Universal Display Corp.

 

      104        24,611  
     

 

 

  
          164,699  
       

 

 

  

Systems Software – 11.1%

 

Microsoft Corp.

 

      281        66,319  

ServiceNow, Inc.(A)

 

      17        8,709  
     

 

 

  
          75,028  
       

 

 

  

Technology Hardware, Storage & Peripherals – 7.2%

 

Apple, Inc.

 

      314        38,306  

Samsung Electronics Co. Ltd.(B)

 

      140        10,074  
     

 

 

  
          48,380  
       

 

 

  
Total Information Technology - 66.1%

 

      445,576  

 

  

Materials

 

Fertilizers & Agricultural Chemicals – 0.4%

 

Marrone Bio Innovations, Inc.(A)

 

      1,280        2,674  
     

 

 

  

Total Materials - 0.4%

 

      2,674  

 

  

Real Estate

 

Specialized REITs – 0.8%

 

QTS Realty Trust, Inc., Class A

 

      80        4,993  
     

 

 

  

Total Real Estate - 0.8%

 

      4,993  

 

  

TOTAL COMMON STOCKS – 99.3%

 

      $668,387  

 

  

(Cost: $273,454)

 

WARRANTS                    

 

  

Fertilizers & Agricultural Chemicals – 0.0%

 

Marrone Bio Innovations, Inc., expires 12-15-21(C)(D)

 

      32        43  
     

 

 

  

TOTAL WARRANTS – 0.0%

 

      $43  

 

  

(Cost: $—)

 

PURCHASED
OPTIONS		   Number of
Contracts
(Unrounded)		      Notional
Amount		         

 

  

Cognizant Technology Solutions Corp., Class A,

        

Call $85.00, Expires 4-16-21, OTC (Ctrpty: Morgan Stanley & Co., Inc.)

     440        44        4  

Intel Corp.,

         

Call $67.50, Expires 6-18-21, OTC (Ctrpty: JPMorgan Chase Bank N.A.)

      1,121        112        253  
        

 

 

  

TOTAL PURCHASED OPTIONS – 0.0%

 

      $257  

 

  

(Cost: $499)

 

CORPORATE
DEBT
SECURITIES		           Principal         

 

  

Materials

 

Fertilizers & Agricultural Chemicals – 0.0%

 

Marrone Bio Innovations, Inc., 8.000%, 12-31-22(C)

 

      $288        297  
     

 

 

  

Total Materials - 0.0%

 

      297  

 

  

TOTAL CORPORATE DEBT SECURITIES – 0.0%

 

      $297  

 

  

(Cost: $288)

 

SHORT-TERM
SECURITIES		           Shares         

 

  

Money Market Funds(E) - 0.4%

 

State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.040%

 

      2,647                2,647  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 0.4%

 

      $2,647  

 

  

(Cost: $2,647)

 

TOTAL INVESTMENT SECURITIES – 99.7%

 

      $671,631  

 

  

(Cost: $276,888)

 

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%

 

      2,324  

 

  

NET ASSETS – 100.0%

 

      $673,955  

 

  
 

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Listed on an exchange outside the United States.

(C) Restricted securities. At March 31, 2021, the Portfolio owned the following restricted securities:

 

Security    Acquisition Date(s)      Principal      Cost      Value  

Marrone Bio Innovations, Inc., 8.000%, 12-31-22

      8-20-15                    $288        $ 288      $ 297  
            Shares                        

Marrone Bio Innovations, Inc., expires 12-15-21

      5-1-20        32        $ –      $ 43  
        

 

 

  
           $                 288      $                 340  
        

 

 

  

The total value of these securities represented 0.1% of net assets at March 31, 2021.

 

(D) 

Warrants entitle the Portfolio to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(E) 

Rate shown is the annualized 7-day yield at March 31, 2021.

The following written options were outstanding at March 31, 2021 (contracts and exercise prices unrounded):    

 

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

Cognizant Technology Solutions Corp., Class A

    Morgan Stanley & Co., Inc.      Put        440            44        April 2021            $72.50        $86        $(9)  

Intel Corp.

    JPMorgan Chase Bank N.A.      Put        1,121            112        June 2021            55.00        262        (103)  
   JPMorgan Chase Bank N.A.      Call        1,121            112        June 2021            85.00        62        (20)  
                    

 

 

  
                       $410        $(132)  
                    

 

 

  

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 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 Portfolio’s investments by the fair value hierarchy levels as of March 31, 2021:

 

        Level 1      Level 2      Level 3

Assets

           

Investments in Securities

           

Common Stocks

        $ 668,387      $ —      $ —    

Warrants

        —        43        —    

Purchased Options

        —        257        —    

Corporate Debt Securities

        —        297        —    

Short-Term Securities

        2,647        —        —    
    

 

 

  

Total

        $ 671,034      $ 597      $ —    
    

 

 

  

Liabilities

           

Written Options

        $ —      $       132      $             —    
    

 

 

  

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

OTC = Over the Counter

REIT = Real Estate Investment Trust

 

For Federal income tax purposes, cost of investments owned at March 31, 2021 and the related unrealized appreciation (depreciation) were as follows:

 

Cost

              $276,888  
  

 

 

  

Gross unrealized appreciation

      396,751  

Gross unrealized depreciation

      (2,008)  
  

 

 

  

Net unrealized appreciation

      $394,743