NPORT-EX 1 NR.htm IVY VIP NATURAL RESOURCES SOI HTML
  SCHEDULE OF INVESTMENTS   
 
    Natural Resources (in thousands)    MARCH 31, 2019 (UNAUDITED)
    

 

COMMON STOCKS

    Shares      Value  

Australia

 

Materials – 4.3%

 

BHP Group plc

      171      $ 4,123  
     

 

 

  

Total Australia - 4.3%

 

    $ 4,123  
  

 

 

  

Canada

 

Industrials – 3.0%

 

Canadian Pacific Railway Ltd.

      14        2,874  
     

 

 

  

Materials – 7.2%

 

Barrick Gold Corp.

      201        2,755  

Nutrien Ltd.

      54        2,828  

West Fraser Timber Co. Ltd.

      25        1,216  
     

 

 

  
        6,799  
     

 

 

  

Total Canada - 10.2%

 

    $ 9,673  
  

 

 

  

Hong Kong

 

Materials – 0.0%

 

China Metal Recycling (Holdings) Ltd.(A)(B)

      1,900        —   * 
     

 

 

  

Total Hong Kong - 0.0%

 

    $ —  
  

 

 

  

Netherlands

 

Energy – 2.1%

 

Core Laboratories N.V.

      29        1,992  
     

 

 

  

Total Netherlands - 2.1%

 

    $ 1,992  
  

 

 

  

Portugal

 

Energy – 1.2%

 

Galp Energia SGPS S.A., Class B

      70        1,120  
     

 

 

  

Total Portugal - 1.2%

 

    $ 1,120  
  

 

 

  

South Africa

 

Materials – 1.6%

 

Mondi plc

      68        1,509  
     

 

 

  

Total South Africa - 1.6%

 

    $ 1,509  
  

 

 

  

United Kingdom

 

Energy – 3.0%

 

BP plc

      400        2,908  
     

 

 

  

Materials – 5.9%

 

Croda International plc

      22        1,468  

Rio Tinto plc

      70        4,095  
     

 

 

  
        5,563  
     

 

 

  

Total United Kingdom - 8.9%

 

    $ 8,471  
  

 

 

  

United States

 

Energy – 57.9%

 

Cabot Oil & Gas Corp.

      105        2,739  

Centennial Resource Development, Inc., Class A(A)

      126        1,106  

Chevron Corp.

      44        5,402  

Cimarex Energy Co.

      26        1,842  

Concho Resources, Inc.

      37        4,128  

Continental Resources, Inc.(A)

      29        1,276  

Diamondback Energy, Inc.

      30        3,092  

Enterprise Products Partners L.P.

      89        2,585  

EOG Resources, Inc.

      42        4,012  

Halliburton Co.

      170        4,992  

Magellan Midstream Partners L.P.

      33        1,977  

Marathon Petroleum Corp.

      58        3,495  

Noble Energy, Inc.

      57        1,403  

Parsley Energy, Inc., Class A(A)

      121        2,331  

Phillips 66

      45        4,235  

RPC, Inc.

      186        2,123  

Schlumberger Ltd.

      55        2,403  

Valero Energy Corp.

      40        3,381  

WPX Energy, Inc.(A)

      188        2,459  
     

 

 

  
        54,981  
     

 

 

  

Industrials – 3.0%

 

Union Pacific Corp.

      17        2,842  
     

 

 

  

Materials – 8.2%

 

Air Products and Chemicals, Inc.

      13        2,549  

Dow Chemical Co. (The)

      26        1,373  

Ingevity Corp.(A)

      8        889  

International Flavors & Fragrances, Inc.

      8        971  

PPG Industries, Inc.

      19        2,111  
     

 

 

  
        7,893  
     

 

 

  

Total United States - 69.1%

 

    $ 65,716  
  

 

 

  

TOTAL COMMON STOCKS – 97.4%

 

    $ 92,604  
  

 

 

  

(Cost: $108,723)

 

SHORT-TERM
SECURITIES

    Principal         

Master Note – 1.9%

 

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

    $ 1,770        1,770  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 1.9%

 

    $ 1,770  
  

 

 

  

(Cost: $1,770)

 

TOTAL INVESTMENT SECURITIES – 99.3%

 

    $ 94,374  
     

 

 

  

(Cost: $110,493)

 

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%

 

      637  
  

 

 

  

NET ASSETS – 100.0%

 

    $ 95,011  
  

 

 

  

    

 

Notes to Schedule of Investments

 

*

Not shown due to rounding.

(A)

No dividends were paid during the preceding 12 months.

(B)

Securities whose value was determined using significant unobservable inputs.

(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.

The following forward foreign currency contracts were outstanding at March 31, 2019:

 

     Currency to be
Delivered		      Currency
to be
Received		      Settlement
Date		      Counterparty      Unrealized
Appreciation		     Unrealized
Depreciation		  

Euro

      921        U.S. Dollar        1,041        7-5-19        Morgan Stanley International      $ —   *    $ —    

British Pound

      9,365        U.S. Dollar        12,314        7-5-19        UBS AG        59       —    

Canadian Dollar

      1,615        U.S. Dollar        1,206        7-5-19        UBS AG        —         5  
                 

 

 

    

 

 

  
                  $ 59     $ 5  
                 

 

 

    

 

 

  

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

         

Energy

    $ 56,973      $ 4,028      $ —    

Industrials

      5,716        —          —    

Materials

      14,692        11,195        —   * 
  

 

 

     

 

 

     

 

 

  

Total Common Stocks

    $ 77,381      $ 15,223      $ —   * 

Short-Term Securities

      —          1,770        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 77,381      $ 16,993      $ —    
  

 

 

     

 

 

     

 

 

  

Forward Foreign Currency Contracts

    $ —        $ 59      $ —    
  

 

 

     

 

 

     

 

 

  

Liabilities

         

Forward Foreign Currency Contracts

    $ —        $ 5      $ —    
  

 

 

     

 

 

     

 

 

  

The following acronym is used throughout this schedule:

LIBOR = London Interbank Offered Rate

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

 

Cost

    $ 110,493  
  

 

 

  

Gross unrealized appreciation

      4,950  

Gross unrealized depreciation

      (21,069 ) 
  

 

 

  

Net unrealized depreciation

    $ (16,119 )