NPORT-EX 1 SCG.htm IVY VIP SMALL CAP GROWTH SOI HTML
    SCHEDULE OF INVESTMENTS   
 
     Small Cap Growth (in thousands)    MARCH 31, 2019 (UNAUDITED)
         

 

COMMON STOCKS

    Shares      Value  

Communication Services

 

Broadcasting – 2.0%

 

Nexstar Broadcasting Group, Inc.

      75      $ 8,155  
     

 

 

  

Interactive Media & Services – 0.3%

 

Yelp, Inc.(A)

      39        1,340  
     

 

 

  

Total Communication Services - 2.3%

 

      9,495  
  

 

 

  

Consumer Discretionary

 

Apparel Retail – 0.4%

 

Urban Outfitters, Inc.(A)

      57        1,699  
     

 

 

  

Auto Parts & Equipment – 0.7%

 

Dorman Products, Inc.(A)

      30        2,663  
     

 

 

  

Automotive Retail – 0.9%

 

Carvana Co.(A)(B)

      64        3,741  
     

 

 

  

Casinos & Gaming – 2.1%

 

Eldorado Resorts, Inc.(A)

      95        4,455  

PlayAGS, Inc.(A)

      170        4,071  
     

 

 

  
        8,526  
     

 

 

  

Distributors – 1.3%

 

Pool Corp.

      33        5,367  
     

 

 

  

Education Services – 2.1%

 

Grand Canyon Education, Inc.(A)

      74        8,455  
     

 

 

  

General Merchandise Stores – 1.2%

 

Ollie’s Bargain Outlet Holdings, Inc.(A)

      58        4,981  
     

 

 

  

Homebuilding – 1.1%

 

Installed Building Products, Inc.(A)

      89        4,339  
     

 

 

  

Homefurnishing Retail – 0.5%

 

At Home Group, Inc.(A)

      102        1,829  
     

 

 

  

Hotels, Resorts & Cruise Lines – 1.0%

 

Hilton Grand Vacations, Inc.(A)

      133        4,101  
     

 

 

  

Internet & Direct Marketing Retail – 1.8%

 

Etsy, Inc.(A)

      110        7,418  
     

 

 

  

Leisure Facilities – 1.2%

 

SeaWorld Entertainment, Inc.(A)

      182        4,698  
     

 

 

  

Restaurants – 2.5%

 

Texas Roadhouse, Inc., Class A

      67        4,188  

Wingstop, Inc.

      76        5,793  
     

 

 

  
        9,981  
     

 

 

  

Specialty Stores – 1.0%

 

Five Below, Inc.(A)

      31        3,901  
     

 

 

  

Total Consumer Discretionary - 17.8%

 

      71,699  
  

 

 

  

Consumer Staples

 

Distillers & Vintners – 0.4%

 

MGP Ingredients, Inc.

      18        1,371  
     

 

 

  

Food Retail – 0.9%

 

Sprouts Farmers Market, Inc.(A)

      170        3,654  
     

 

 

  

Packaged Foods & Meats – 1.3%

 

Calavo Growers, Inc.

      5        411  

J&J Snack Foods Corp.

      25        4,044  

Nomad Foods Ltd.(A)

      46        941  
     

 

 

  
        5,396  
     

 

 

  

Total Consumer Staples - 2.6%

 

      10,421  
  

 

 

  

Energy

 

Oil & Gas Exploration & Production – 1.4%

 

Magnolia Oil & Gas Corp.(A)

      197        2,358  

Matador Resources Co.(A)

      166        3,211  
     

 

 

  
        5,569  
     

 

 

  

Total Energy - 1.4%

 

      5,569  
  

 

 

  

Financials

 

Consumer Finance – 0.6%

 

Green Dot Corp., Class A(A)

      42        2,561  
     

 

 

  

Investment Banking & Brokerage – 2.4%

 

Evercore Partners, Inc.

      47        4,287  

LPL Investment Holdings, Inc.

      76        5,303  
     

 

 

  
        9,590  
     

 

 

  

Regional Banks – 1.3%

 

Heritage Financial Corp.

      62        1,870  

Seacoast Banking Corp. of Florida(A)

      126        3,328  
     

 

 

  
        5,198  
     

 

 

  

Total Financials - 4.3%

 

      17,349  
  

 

 

  

Health Care

 

Health Care Distributors – 1.4%

 

PetIQ, Inc.(A)

      183        5,750  
     

 

 

  

Health Care Equipment – 6.9%

 

AxoGen, Inc.(A)

      71        1,495  

Inogen, Inc.(A)

      51        4,888  

Insulet Corp.(A)

      57        5,437  

iRhythm Technologies, Inc.(A)

      61        4,548  

NovoCure Ltd.(A)

      60        2,890  

Penumbra, Inc.(A)

      28        4,052  

Tactile Systems Technology, Inc.(A)

      81        4,271  
     

 

 

  
        27,581  
     

 

 

  

Health Care Services – 4.8%

 

AMN Healthcare Services, Inc.(A)

      111        5,221  

LHC Group, Inc.(A)

      49        5,422  

Teladoc Health, Inc.(A)

      155        8,640  
     

 

 

  
        19,283  
     

 

 

  

Health Care Supplies – 1.9%

 

Merit Medical Systems, Inc.(A)

      92        5,699  

STAAR Surgical Co.(A)

      57        1,941  
     

 

 

  
        7,640  
     

 

 

  

Health Care Technology – 3.8%

 

CareDx, Inc.(A)

      153        4,817  

Evolent Health, Inc., Class A(A)

      227        2,855  

HMS Holdings Corp.(A)

      120        3,545  

Omnicell, Inc.(A)

      22        1,796  

Tabula Rasa HealthCare, Inc.(A)

      43        2,446  
     

 

 

  
        15,459  
     

 

 

  

Managed Health Care – 1.2%

 

HealthEquity, Inc.(A)

      63        4,639  
     

 

 

  

Pharmaceuticals – 1.8%

 

Aerie Pharmaceuticals, Inc.(A)

      104        4,956  

Intersect ENT, Inc.(A)

      38        1,229  

OptiNose, Inc.(A)(B)

      112        1,151  
     

 

 

  
        7,336  
     

 

 

  

Total Health Care - 21.8%

 

      87,688  
  

 

 

  

Industrials

 

Aerospace & Defense – 2.6%

 

Kratos Defense & Security Solutions, Inc.(A)

      26        401  

Mercury Computer Systems, Inc.(A)

      156        9,987  
     

 

 

  
        10,388  
     

 

 

  

Air Freight & Logistics – 1.1%

 

Air Transport Services Group, Inc.(A)

      196        4,516  
     

 

 

  

Building Products – 0.3%

 

PGT Innovations, Inc.(A)

      91        1,259  
     

 

 

  

Diversified Support Services – 0.8%

 

Healthcare Services Group, Inc.

      96        3,154  
     

 

 

  

Electrical Components & Equipment – 0.6%

 

EnerSys

      37        2,413  
     

 

 

  

Environmental & Facilities Services – 1.5%

 

Clean Harbors, Inc.(A)

      85        6,088  
     

 

 

  

Industrial Machinery – 6.2%

 

Crane Co.

      36        3,047  

John Bean Technologies Corp.

      60        5,523  

RBC Bearings, Inc.(A)

      34        4,372  

Timken Co. (The)

      130        5,666  

Woodward, Inc.

      69        6,500  
     

 

 

  
        25,108  
     

 

 

  

Research & Consulting Services – 0.2%

 

Willdan Group, Inc.(A)

      23        843  
     

 

 

  

Security & Alarm Services – 1.4%

 

Brink’s Co. (The)

      75        5,664  
     

 

 

  

Trading Companies & Distributors – 0.5%

 

Watsco, Inc.

      15        2,112  
     

 

 

  

Trucking – 1.0%

 

Knight Transportation, Inc.

      120        3,907  
     

 

 

  

Total Industrials - 16.2%

 

      65,452  
  

 

 

  

Information Technology

 

Application Software – 16.3%

 

Cornerstone OnDemand, Inc.(A)

      30        1,629  

Coupa Software, Inc.(A)

      20        1,803  

Envestnet, Inc.(A)

      73        4,746  

Five9, Inc.(A)

      151        7,968  

Globant S.A.(A)

      54        3,830  

HubSpot, Inc.(A)

      32        5,310  

Mimecast Ltd.(A)

      177        8,363  

New Relic, Inc.(A)

      45        4,421  

Paycom Software, Inc.(A)

      35        6,550  

Pluralsight, Inc., Class A(A)

      163        5,187  

Q2 Holdings, Inc.(A)

      95        6,577  
 

RealPage, Inc.(A)

      59        3,566  

Zendesk, Inc.(A)

      68        5,810  
     

 

 

  
        65,760  
     

 

 

  

Communications Equipment – 0.8%

 

Viavi Solutions, Inc.(A)

      247        3,052  
     

 

 

  

Data Processing & Outsourced Services – 0.7%

 

EVO Payments, Inc., Class A(A)

      100        2,916  
     

 

 

  

Internet Services & Infrastructure – 0.9%

 

8x8, Inc.(A)

      168        3,389  
     

 

 

  

IT Consulting & Other Services – 4.0%

 

Booz Allen Hamilton Holding Corp.

      146        8,475  

Chegg, Inc.(A)

      22        823  

InterXion Holding N.V.(A)

      104        6,940  
     

 

 

  
        16,238  
     

 

 

  

Semiconductors – 1.5%

 

Monolithic Power Systems, Inc.

      44        5,944  
     

 

 

  

Systems Software – 4.5%

 

Proofpoint, Inc.(A)

      74        8,940  

SailPoint Technologies Holdings, Inc.(A)

      56        1,606  

Varonis Systems, Inc.(A)

      87        5,199  

Zscaler, Inc.(A)

      35        2,510  
     

 

 

  
        18,255  
     

 

 

  

Total Information Technology - 28.7%

 

      115,554  
  

 

 

  

Real Estate

 

Health Care REITs – 0.6%

 

Community Healthcare Trust, Inc.

      63        2,244  
     

 

 

  

Total Real Estate - 0.6%

 

      2,244  
  

 

 

  

TOTAL COMMON STOCKS – 95.7%

 

    $ 385,471  
  

 

 

  

(Cost: $302,432)

 

SHORT-TERM
SECURITIES

    Principal         

Commercial Paper(C) - 3.2%

 

CVS Health Corp.,
2.621%, 4-1-19

    $ 7,000        6,998  

Walgreens Boots Alliance, Inc., 2.551%, 4-1-19

      6,105        6,104  
     

 

 

  
        13,102  
     

 

 

  

Master Note - 1.1%

 

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

      4,371        4,371  
     

 

 

  

Money Market Funds - 1.1%

 

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

      4,461        4,461  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 5.4%

 

    $ 21,934  
  

 

 

  

(Cost: $21,937)

 

TOTAL INVESTMENT SECURITIES – 101.1%

 

    $ 407,405  
  

 

 

  

(Cost: $324,369)

 

LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%

      (4,458 ) 
  

 

 

  

NET ASSETS – 100.0%

    $ 402,947  
  

 

 

  

    

 

Notes to Schedule of Investments

 

*

Not shown due to rounding.

(A)

No dividends were paid during the preceding 12 months.

(B)

All or a portion of securities with an aggregate value of $4,342 are on loan.

(C)

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

(D)

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.

(E)

Investment made with cash collateral received from securities on loan.

(F)

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

The following total return swap agreements were outstanding at March 31, 2019:

 

Underlying Security

    Counterparty    Maturity
Date		      Notional
Amount		      Financing
Fee(1)(2)		    Value      Upfront
Payments/
(Receipts)		      Unrealized
Appreciation		  

Biotech Custom Index

    Goldman Sachs International      02/28/2020      $ 12,663      1-Month
LIBOR plus
10 bps		    $ 117      $ —        $ 117  
              

 

 

     

 

 

     

 

 

  

 

(1)

The Portfolio pays the financing fee multiplied by the notional amount if long on the swap agreement. If the Portfolio is short on the swap agreement, the Portfolio receives the financing fee multiplied by the notional amount.

(2)

At the termination date, a net cash flow is exchanged where the market-linked total return is equivalent to the return of the underlying security less a financing rate, if any. If the Portfolio is long on the swap agreement, the Portfolio would receive payments on any net positive total return, and would owe payments in the event of a negative total return. If the Portfolio is short on the swap agreement, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a negative total return.

The following table represents security positions within the total return basket swap as of March 31, 2019:

 

Reference Entity

    Shares     Notional
Amount		      Value      % of Value  

Array BioPharma, Inc.

      —   *      505        5        4.0 %

Horizon Pharma plc

      —   *      447        4        3.5

FibroGen, Inc.

      —   *      418        4        3.3

Ultragenyx Pharmaceutical, Inc.

      —   *      335        3        2.6

Blueprint Medicines Corp.

      —   *      334        3        2.6

Global Blood Therapeutics, Inc.

      —   *      268        2        2.1

ACADIA Pharmaceuticals, Inc.

      —   *      265        2        2.1

Ligand Pharmaceuticals, Inc.

      —   *      264        2        2.1

Amicus Therapeutics, Inc.

      —   *      263        2        2.1

Immunomedics, Inc.

      —   *      258        2        2.0

Intercept Pharmaceuticals, Inc.

      —   *      248        2        2.0

Emergent BioSolutions, Inc.

      —   *      234        2        1.8

Repligen Corp.

      —   *      232        2        1.8

Insmed, Inc.

      —   *      222        2        1.8

Spark Therapeutics, Inc.

      —   *      212        2        1.7

Portola Pharmaceuticals, Inc.

      —   *      211        2        1.7

Myriad Genetics, Inc.

      —   *      208        2        1.6

Halozyme Therapeutics, Inc.

      —   *      202        2        1.6

Ironwood Pharmaceuticals, Inc.

      —   *      192        2        1.5

REGENXBIO, Inc.

      —   *      185        2        1.5

Arena Pharmaceuticals, Inc.

      —   *      181        2        1.4

Medicines Co. (The)

      —   *      179        2        1.4

MyoKardia, Inc.

      —   *      178        2        1.4

    

 

Zogenix, Inc.

      —   *      173        2        1.4

Supernus Pharmaceuticals, Inc.

      —   *      172        2        1.4

Aerie Pharmaceuticals, Inc.

      —   *      172        2        1.4

PTC Therapeutics, Inc.

      —   *      170        2        1.3

Heron Therapeutics, Inc.

      —   *      169        2        1.3

Atara Biotherapeutics, Inc.

      —   *      166        2        1.3

Reata Pharmaceuticals, Inc.

      —   *      161        1        1.3

Arrowhead Pharmaceuticals, Inc.

      —   *      161        1        1.3

Enanta Pharmaceuticals, Inc.

      —   *      160        1        1.3

AnaptysBio, Inc.

      —   *     154        1        1.2  

Pacira Pharmaceuticals, Inc.

      —   *      153        1        1.2

Invitae Corp.

      —   *      152        1        1.2

Acceleron Pharma, Inc.

      —   *      151        1        1.2

Genomic Health, Inc.

      —   *      148        1        1.2

Mirati Therapeutics, Inc.

      —   *      147        1        1.2

Biohaven Pharmaceutical Holding Co. Ltd.

      —   *      146        1        1.2

Xencor, Inc.

      —   *      146        1        1.2

Audentes Therapeutics, Inc.

      —   *      136        1        1.1  

Amneal Pharmaceuticals, Inc.

      —   *      125        1        1.0  

Clovis Oncology, Inc.

      —   *      119        1        0.9

Corcept Therapeutics, Inc.

      —   *      118        1        0.9

Momenta Pharmaceuticals, Inc.

      —   *      113        1        0.9

Editas Medicine, Inc.

      —   *      113        1        0.9

Puma Biotechnology, Inc.

      —   *      111        1        0.9

Denali Therapeutics, Inc.

      —   *      105        1        0.8

Fate Therapeutics, Inc.

      —   *      105        1        0.8

CareDx, Inc.

      —   *      104        1        0.8

Iovance Biotherapeutics, Inc.

      —   *      101        1        0.8

Spectrum Pharmaceuticals, Inc.

      —   *      101        1        0.8

Theravance Biopharma, Inc.

      —   *      100        1        0.8

Aimmune Therapeutics, Inc.

      —   *      98        1        0.8

Innoviva, Inc.

      —   *      98        1        0.8

Sangamo Therapeutics, Inc.

      —   *      97        1        0.8

Intersect ENT, Inc.

      —   *      97        1        0.8

    

 

Vanda Pharmaceuticals, Inc.

      —   *      95        1       0.8

Retrophin, Inc.

      —   *      95        1       0.7

Esperion Therapeutics, Inc.

      —   *      93        1       0.7

TherapeuticsMD, Inc.

      —   *      90        1       0.7

Madrigal Pharmaceuticals, Inc.

      —   *      88        1       0.7

Radius Health, Inc.

      —   *      81        1       0.6

Omeros Corp.

      —   *      81        1       0.6

Dicerna Pharmaceuticals, Inc.

      —   *      78        1       0.6

BioCryst Pharmaceuticals, Inc.

      —   *      76        1       0.6

Vericel Corp.

      —   *      75        1       0.6

Veracyte, Inc.

      —   *      71        1       0.6

Coherus Biosciences, Inc.

      —   *      71        1       0.6

MacroGenics, Inc.

      —   *      71        1       0.6

Apellis Pharmaceuticals, Inc.

      —   *      70        1       0.5

WaVe Life Sciences Ltd.

      —   *      70        1       0.5

Natera, Inc.

      —   *      68        1       0.5

Alder Biopharmaceuticals, Inc.

      —   *      66        1       0.5

Akebia Therapeutics, Inc.

      —   *      65        1       0.5

Phibro Animal Health Corp.

      —   *      65        1       0.5

Viking Therapeutics, Inc.

      —   *      59        1       0.5

ANI Pharmaceuticals, Inc.

      —   *      56        1       0.4

Cara Therapeutics, Inc.

      —   *      55        —   *      0.4

Epizyme, Inc.

      —   *      55        —   *      0.4

Athenex, Inc.

      —   *      54        —   *      0.4

Revance Therapeutics, Inc.

      —   *      53        —   *      0.4

Allogene Therapeutics, Inc.

      —   *      52        —   *      0.4

CytomX Therapeutics, Inc.

      —   *      47        —   *      0.4

Flexion Therapeutics, Inc.

      —   *      43        —   *      0.3

Dynavax Technologies Corp.

      —   *      40        —   *      0.3

ImmunoGen, Inc.

      —   *      40        —   *      0.3

Intrexon Corp.

      —   *      39        —   *      0.3

Karyopharm Therapeutics, Inc.

      —   *      18        —   *      0.1
       

 

 

    
        $ 117    
       

 

 

    

    

 

 

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

    $ 385,471      $ —        $ —    

Short-Term Securities

      4,461        17,473        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 389,932      $ 17,473      $ —    
  

 

 

     

 

 

     

 

 

  

Total Return Swaps

    $ —        $ 117      $ —    
  

 

 

     

 

 

     

 

 

  

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

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

 

Cost

    $ 324,369  
  

 

 

  

Gross unrealized appreciation

      98,041  

Gross unrealized depreciation

      (15,005 ) 
  

 

 

  

Net unrealized appreciation

    $ 83,036