NPORT-EX 2 VCE.htm IVY VIP CORE EQUITY SOI HTML
     SCHEDULE OF INVESTMENTS   
     Core Equity (in thousands)   

SEPTEMBER 30, 2019 (UNAUDITED)

 

      

 

COMMON STOCKS

    Shares      Value  

Communication Services

 

Cable & Satellite – 3.0%

 

Comcast Corp., Class A

      460      $ 20,728  
     

 

 

  

Interactive Home Entertainment – 2.0%

 

Take-Two Interactive Software, Inc.(A)

      107        13,430  
     

 

 

  

Interactive Media & Services – 3.0%

 

Alphabet, Inc., Class A(A)

      11        13,759  

Facebook, Inc., Class A(A)

      39        6,871  
     

 

 

  
        20,630  
     

 

 

  

Movies & Entertainment – 1.8%

 

Walt Disney Co. (The)

      94        12,249  
     

 

 

  

Total Communication Services - 9.8%

 

      67,037  
  

 

 

  

Consumer Discretionary

 

Auto Parts & Equipment – 2.3%

 

Aptiv plc

      180        15,731  
     

 

 

  

Automotive Retail – 2.3%

 

AutoZone, Inc.(A)

      14        15,509  
     

 

 

  

Footwear – 2.0%

 

NIKE, Inc., Class B

      150        14,051  
     

 

 

  

Internet & Direct Marketing Retail – 4.8%

 

Alibaba Group Holding Ltd. ADR(A)

      85        14,227  

Amazon.com, Inc.(A)

      11        18,449  
     

 

 

  
        32,676  
     

 

 

  

Total Consumer Discretionary - 11.4%

 

      77,967  
  

 

 

  

Consumer Staples

 

Distillers & Vintners – 1.4%

 

Constellation Brands, Inc.

      48        10,051  
     

 

 

  

Household Products – 1.7%

 

Procter & Gamble Co. (The)

      92        11,459  
     

 

 

  

Hypermarkets & Super Centers – 5.1%

 

Costco Wholesale Corp.

      41        11,888  

Wal-Mart Stores, Inc.

      195        23,133  
     

 

 

  
        35,021  
     

 

 

  

Total Consumer Staples - 8.2%

 

      56,531  
  

 

 

  

Energy

 

Oil & Gas Refining & Marketing – 1.2%

 

Phillips 66

      81        8,264  
     

 

 

  

Oil & Gas Storage & Transportation – 2.1%

 

Enterprise Products Partners L.P.

      505        14,446  
     

 

 

  

Total Energy - 3.3%

 

      22,710  
  

 

 

  

Financials

 

Asset Management & Custody Banks – 1.9%

 

Blackstone Group, Inc. (The), Class A

      271        13,223  
     

 

 

  

Financial Exchanges & Data – 3.2%

 

MSCI, Inc., Class A

      28        6,196  

S&P Global, Inc.

      63        15,476  
     

 

 

  
        21,672  
     

 

 

  

Insurance Brokers – 1.6%

 

Aon plc

      56        10,891  
     

 

 

  

Other Diversified Financial Services – 7.4%

 

Citigroup, Inc.

      304        21,020  

Fidelity National Information Services, Inc.

      52        6,865  

JPMorgan Chase & Co.

      191        22,440  
     

 

 

  
        50,325  
     

 

 

  

Property & Casualty Insurance – 1.9%

 

Progressive Corp. (The)

      172        13,252  
     

 

 

  

Total Financials - 16.0%

 

      109,363  
  

 

 

  

Health Care

 

Health Care Equipment – 4.2%

 

Danaher Corp.

      89        12,909  

Zimmer Holdings, Inc.

      118        16,195  
     

 

 

  
        29,104  
     

 

 

  

Managed Health Care – 2.8%

 

Anthem, Inc.

      34        8,117  

UnitedHealth Group, Inc.

      50        10,816  
     

 

 

  
        18,933  
     

 

 

  

Pharmaceuticals – 2.0%

 

Zoetis, Inc.

      113        14,021  
     

 

 

  

Total Health Care - 9.0%

 

      62,058  
  

 

 

  

Industrials

 

Aerospace & Defense – 5.9%

 

Boeing Co. (The)

      63        23,991  

Lockheed Martin Corp.

      42        16,394  
     

 

 

  
        40,385  
     

 

 

  

Environmental & Facilities Services – 1.4%

 

Waste Connections, Inc.

      104        9,568  
     

 

 

  

Railroads – 1.2%

 

Norfolk Southern Corp.

      47        8,376  
     

 

 

  

Trading Companies & Distributors – 1.4%

 

United Rentals, Inc.(A)

      76        9,422  
     

 

 

  

Total Industrials - 9.9%

 

      67,751  
  

 

 

  

Information Technology

 

Communications Equipment – 2.7%

 

Cisco Systems, Inc.

      173        8,564  

Motorola, Inc.

      57        9,723  
     

 

 

  
        18,287  
     

 

 

  

Data Processing & Outsourced Services – 5.8%

 

Fiserv, Inc.(A)

      148        15,314  

MasterCard, Inc., Class A

      53        14,520  

Visa, Inc., Class A

      59        10,084  
     

 

 

  
        39,918  
     

 

 

  

Electronic Manufacturing Services – 3.4%

 

TE Connectivity Ltd.

      250        23,299  
     

 

 

  

Semiconductors – 3.5%

 

Analog Devices, Inc.

      126        14,057  

Texas Instruments, Inc.

      78        10,090  
     

 

 

  
        24,147  
     

 

 

  

Systems Software – 6.2%

 

Microsoft Corp.

      307        42,704  
     

 

 

  

Technology Hardware, Storage &
Peripherals – 3.3%

 

Apple, Inc.

      99        22,224  
     

 

 

  

Total Information Technology - 24.9%

 

      170,579  
  

 

 

  

Materials

 

Commodity Chemicals – 1.0%

 

LyondellBasell Industries N.V., Class A

      77        6,917  
     

 

 

  

Specialty Chemicals – 2.2%

 

Sherwin-Williams Co. (The)

      28        15,265  
     

 

 

  

Total Materials - 3.2%

 

      22,182  
  

 

 

  

Utilities

 

Electric Utilities – 2.5%

 

NextEra Energy, Inc.

      73        16,956  
     

 

 

  

Total Utilities - 2.5%

 

      16,956  
  

 

 

  

TOTAL COMMON
STOCKS – 98.2%

 

    $ 673,134  
  

 

 

  

(Cost: $604,435)

 

SHORT-TERM
SECURITIES

    Principal         

Commercial Paper(B) - 1.7%

 

International Paper Co.,
2.310%, 10-11-19

    $ 5,000        4,996  

J.M. Smucker Co. (The),
2.150%, 10-1-19

      6,850        6,850  
     

 

 

  
        11,846  
     

 

 

  

Master Note - 0.1%

 

Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19(C)

      460        460  
     

 

 

  

TOTAL SHORT-TERM SECURITIES – 1.8%

 

    $ 12,306  
  

 

 

  

(Cost: $12,307)

 

TOTAL INVESTMENT SECURITIES – 100.0%

 

    $ 685,440  
  

 

 

  

(Cost: $616,742)

 

LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%

 

      (93 ) 
  

 

 

  

NET ASSETS – 100.0%

 

    $ 685,347  
  

 

 

  
 

Notes to Schedule of Investments

 

(A)

No dividends were paid during the preceding 12 months.

(B)

Rate shown is the yield to maturity at September 30, 2019.

(C)

Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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 September 30, 2019:

 

     Level 1      Level 2      Level 3  

Assets

         

Investments in Securities

         

Common Stocks

    $ 673,134      $ —        $ —    

Short-Term Securities

      —          12,306        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 673,134      $ 12,306      $ —    
  

 

 

     

 

 

     

 

 

  

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipt

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

 

For Federal income tax purposes, cost of investments owned at September 30, 2019 and the related unrealized appreciation (depreciation) were as follows:

 

Cost

    $ 616,742  
  

 

 

  

Gross unrealized appreciation

      76,322  

Gross unrealized depreciation

      (7,624 ) 
  

 

 

  

Net unrealized appreciation

    $ 68,698