0001752724-19-040484.txt : 20190522 0001752724-19-040484.hdr.sgml : 20190522 20190522145858 ACCESSION NUMBER: 0001752724-19-040484 CONFORMED SUBMISSION TYPE: NPORT-EX PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ivy Variable Insurance Portfolios CENTRAL INDEX KEY: 0000810016 IRS NUMBER: 481146010 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-EX SEC ACT: 1940 Act SEC FILE NUMBER: 811-05017 FILM NUMBER: 19845309 BUSINESS ADDRESS: STREET 1: 6300 LAMAR AVENUE CITY: OVERLAND PARK STATE: KS ZIP: 66202 BUSINESS PHONE: 9132362000 MAIL ADDRESS: STREET 1: P O BOX 29217 CITY: SHAWNEE MISSION STATE: KS ZIP: 66201-9217 FORMER COMPANY: FORMER CONFORMED NAME: Ivy Funds Variable Insurance Portfolios DATE OF NAME CHANGE: 20100301 FORMER COMPANY: FORMER CONFORMED NAME: Ivy Funds Variable Insurance Portfolios, Inc. DATE OF NAME CHANGE: 20080819 FORMER COMPANY: FORMER CONFORMED NAME: W&R TARGET FUNDS INC DATE OF NAME CHANGE: 20001026 0000810016 S000006232 Ivy VIP Science and Technology C000017166 Class II C000190648 Class I ACCESSION NUMBER: 0001752724-19-039395 NPORT-EX 1 ST.htm IVY VIP SCIENCE AND TECHNOLOGY SOI HTML
    SCHEDULE OF INVESTMENTS   
 
     Science and Technology (in thousands)    MARCH 31, 2019 (UNAUDITED)
         

 

COMMON STOCKS

    Shares      Value  

Communication Services

 

Alternative Carriers – 1.6%

 

Zayo Group Holdings, Inc.(A)

      280      $ 7,955  
     

 

 

  

Interactive Home Entertainment – 2.0%

 

Electronic Arts, Inc.(A)

      51        5,193  

Take-Two Interactive Software, Inc.(A)

      55        5,143  
     

 

 

  
        10,336  
     

 

 

  

Interactive Media & Services – 9.2%

 

Alphabet, Inc., Class A(A)

      11        13,181  

Alphabet, Inc., Class C(A)

      15        17,288  

Facebook, Inc., Class A(A)

      95        15,769  
     

 

 

  
        46,238  
     

 

 

  

Movies & Entertainment – 2.6%

 

Netflix, Inc.(A)

      28        9,912  

Walt Disney Co. (The)

      31        3,442  
     

 

 

  
        13,354  
     

 

 

  

Total Communication Services - 15.4%

 

      77,883  
  

 

 

  

Consumer Discretionary

 

Internet & Direct Marketing Retail – 5.1%

 

Alibaba Group Holding Ltd. ADR(A)

      117        21,401  

Amazon.com, Inc.(A)

      3        4,452  
     

 

 

  
        25,853  
     

 

 

  

Total Consumer Discretionary - 5.1%

 

      25,853  
  

 

 

  

Health Care

 

Biotechnology – 12.0%

 

Allogene Therapeutics, Inc.(A)(B)

      22        625  

BioMarin Pharmaceutical, Inc.(A)

      49        4,388  

CRISPR Therapeutics AG(A)(B)

      61        2,168  

Evogene Ltd.(A)

      137        244  

Ionis Pharmaceuticals, Inc.(A)

      210        17,045  

Moderna, Inc.(A)(B)

      107        2,185  

Sage Therapeutics, Inc.(A)(B)

      23        3,642  

Sarepta Therapeutics, Inc.(A)

      51        6,055  

Vertex Pharmaceuticals, Inc.(A)

      131        24,024  
     

 

 

  
        60,376  
     

 

 

  

Health Care Equipment – 1.5%

 

Medtronic plc

      83        7,514  
     

 

 

  

Health Care Services – 0.3%

 

Teladoc Health, Inc.(A)

      25        1,412  
     

 

 

  

Health Care Technology – 3.0%

 

Cerner Corp.(A)

      266        15,207  
     

 

 

  

Pharmaceuticals – 0.5%

 

Elanco Animal Health, Inc.(A)

      81        2,604  
     

 

 

  

Total Health Care - 17.3%

 

      87,113  
  

 

 

  

Industrials

 

Trucking – 0.7%

 

Lyft, Inc., Class A(A)

      43        3,376  
     

 

 

  

Total Industrials - 0.7%

 

      3,376  
  

 

 

  

Information Technology

 

Application Software – 9.8%

 

ACI Worldwide, Inc.(A)

      715        23,505  

Aspen Technology, Inc.(A)

      248        25,888  
     

 

 

  
        49,393  
     

 

 

  

Data Processing & Outsourced Services – 12.2%

 

Alliance Data Systems Corp.

      44        7,699  

Euronet Worldwide, Inc.(A)

      204        29,064  

WNS (Holdings) Ltd. ADR(A)

      472        25,149  
     

 

 

  
        61,912  
     

 

 

  

Electronic Components – 4.4%

 

Universal Display Corp.

      145        22,179  
     

 

 

  

Electronic Equipment & Instruments – 0.3%

 

Keysight Technologies, Inc.(A)

      17        1,448  
     

 

 

  

IT Consulting & Other Services – 0.8%

 

Teradata Corp.(A)

      89        3,887  
     

 

 

  

Semiconductor Equipment – 2.2%

 

ASML Holding N.V., NY Registry Shares

      59        11,076  
     

 

 

  

Semiconductors – 13.7%

 

Cypress Semiconductor Corp.

      1,235        18,426  

Microchip Technology, Inc.(B)

      83        6,894  

Micron Technology, Inc.(A)

      524        21,644  

QUALCOMM, Inc.

      192        10,938  

Semtech Corp.(A)

      198        10,060  

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

      31        1,262  
     

 

 

  
        69,224  
     

 

 

  

Systems Software – 9.2%

 

Microsoft Corp.

      396        46,692  
     

 

 

  

Technology Hardware, Storage & Peripherals – 4.5%

 

Apple, Inc.

      120        22,737  
     

 

 

  

Total Information Technology - 57.1%

 

      288,548  
  

 

 

  

Materials

 

Fertilizers & Agricultural Chemicals – 0.3%

 

Marrone Bio Innovations, Inc.(A)

      1,116        1,708  
     

 

 

  

Total Materials - 0.3%

 

      1,708  
  

 

 

  

Real Estate

 

Specialized REITs – 1.4%

 

QTS Realty Trust, Inc., Class A

      156        7,005  
     

 

 

  

Total Real Estate - 1.4%

 

      7,005  
  

 

 

  

TOTAL COMMON STOCKS – 97.3%

 

    $ 491,486  
  

 

 

  

(Cost: $278,040)

 

WARRANTS

              

Fertilizers & Agricultural Chemicals – 0.0%

 

Marrone Bio Innovations, Inc., expires 12-31-20(C)(D)

      230        65  

Marrone Bio Innovations, Inc., expires 8-20-23(C)(D)

      230        —   * 
     

 

 

  
        65  
     

 

 

  

TOTAL WARRANTS – 0.0%

 

    $ 65  
  

 

 

  

(Cost: $—)

 

CORPORATE DEBT
SECURITIES

    Principal         

Materials

 

Fertilizers & Agricultural Chemicals – 0.1%

 

Marrone Bio Innovations, Inc., 8.000%, 8-20-20(C)

    $ 288        285  
     

 

 

  

Total Materials - 0.1%

 

      285  
  

 

 

  

TOTAL CORPORATE DEBT SECURITIES – 0.1%

 

    $ 285  
  

 

 

  

(Cost: $288)

 

SHORT-TERM
SECURITIES

              

Commercial Paper(E) - 1.5%

 

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

      7,510        7,508  
     

 

 

  

Master Note - 0.9%

 

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

      4,716        4,716  
     

 

 

  

Money Market Funds - 0.5%

 

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

      2,567        2,567  
     

 

 

  

United States Government Agency Obligations - 0.8%

 

Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate): 2.440%, 4-7-19(F)

      3,835        3,835  
     

 

 

  
        3,835  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 3.7%

 

    $ 18,626  
  

 

 

  

(Cost: $18,628)

 

TOTAL INVESTMENT SECURITIES – 101.1%

 

    $ 510,462  
  

 

 

  

(Cost: $296,956)

 

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

 

      (5,342 ) 
  

 

 

  

NET ASSETS – 100.0%

 

    $ 505,120  
  

 

 

  
 

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 $8,465 are on loan.

(C)

Restricted securities. At March 31, 2019, the Fund owned the following restricted securities:

 

Security

    Acquisition
Date(s)		      Principal      Cost      Market Value  

Marrone Bio Innovations, Inc., 8.000%, 08-20-20

      8-20-15      $ 288      $ 288      $ 285  
            Shares                

Marrone Bio Innovations, Inc., expires 12-31-20

      2-6-18        230      $ —        $ 65  

Marrone Bio Innovations, Inc., expires 8-20-23

      8-20-15        230        —          —   * 
        

 

 

     

 

 

  
         $ 288      $ 350  
        

 

 

     

 

 

  

The total value of these securities represented 0.1% of net assets at March 31, 2019.

 

(D)

Warrants entitle the Fund 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 yield to maturity at March 31, 2019.

(F)

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.

(G)

Investment made with cash collateral received from securities on loan.

(H)

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

         

Common Stocks

    $ 491,486      $ —        $ —    

Warrants

      —          65        —    

Corporate Debt Securities

      —          285        —    

Short-Term Securities

      2,567        16,059        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 494,053      $ 16,409      $ —    
  

 

 

     

 

 

     

 

 

  

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

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

    $ 296,956  
  

 

 

  

Gross unrealized appreciation

      220,976  

Gross unrealized depreciation

      (7,470 ) 
  

 

 

  

Net unrealized appreciation

    $ 213,506