Fund Detail

Ivy VIP Asset Strategy

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$9.31 NAV as of 11/22/2017
$0.01 / 0.14% Daily NAV Change
YTD (NAV) as of 11/22/2017 i

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Fund Summary

Providing flexibility and discipline in changing markets
Global
Portfolio management team seeks investment opportunities worldwide. Themes currently include consumer-led growth in the U.S. economy, innovations in technology and expansion of the middle class in emerging markets.
Flexible
Unlike some traditional balanced or asset allocation strategies, the Portfolio is not restricted to predefined percentages in any major asset class. That flexibility also helps it manage today’s increasing market volatility.
Pioneer
The Portfolio is an innovator in flexible global asset allocation and is managed by an experienced team with a long-term focus.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • Cynthia P. Prince-Fox

    • — Ivy Investment Management Company
    • — 3 Years with Fund
    • — 34 Years in Industry
  • Chace Brundige, CFA

    • — Ivy Investment Management Company
    • — 3 Years with Fund
    • — 24 Years in Industry
Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 11/22/2017
Net Asset Value (NAV) $9.31  
Daily NAV Change $0.01 0.14%
Weekly NAV Change $0.13 1.37%
Public Offering Price (POP) $9.31
Fund Facts
Ticker Symbol -
CUSIP 46600H646
Fund Code 922
Fund Type Specialty Funds
Fund Inception 5/1/1995
Class Inception 4/28/2017
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 10/31/2017)
$933.1 mil
Total Equity Holdings
(as of 10/31/2017)
65
Total Holdings
(as of 10/31/2017)
93
Portfolio Turnover Rate
(as of 6/30/2017)
17%
Lipper Category Alternative Other Funds
Morningstar Category World Allocation
BenchmarkBloomberg Barclays US Agg Bond TR USD
BenchmarkBloomberg Barclays US Treasury Bill 1-3 Mon TR USD
BenchmarkS&P 500 TR USD

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance data quoted does not reflect any expenses or charges associated with owning a variable life insurance policy or variable annuity contract that invests in the Portfolio's shares. When such charges are deducted, actual investment performance will be lower.

Monthly Rates of Return Average Annual Total Returns as of 10/31/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV N/A N/A N/A N/A N/A 8.01%
Bloomberg Barclays US Agg Bond TR USD 3.20% 0.90% 2.40% 2.04% 4.19% 1.67%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.64% 0.69% 0.31% 0.20% 0.38% 0.48%
S&P 500 TR USD 16.91% 23.63% 10.77% 15.18% 7.51% 8.89%
Lipper Alternative Other Funds 7.82% 9.14% 3.04% 4.83% 3.72% 7.04%

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2017

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV N/A N/A N/A N/A N/A 6.25%
Bloomberg Barclays US Agg Bond TR USD 3.14% 0.07% 2.71% 2.06% 4.27% 1.61%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.56% 0.62% 0.28% 0.19% 0.41% 0.39%
S&P 500 TR USD 14.24% 18.61% 10.81% 14.22% 7.44% 6.41%
Lipper Alternative Other Funds 6.49% 6.93% 2.94% 4.44% 3.87% 6.99%

Morningstar Ratings as of 10/31/2017

Category: World Allocation

Overall out of 393 ★★
3 Year out of 393
5 Year out of 337 ★★
10 Year out of 164 ★★

Ratings are based on risk-adjusted returns

Expense Ratios as of 4/28/2017

Net 0.77%
Gross 0.77%

Fund Distributions

Historical Prices Inception 4/28/2017

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 4/28/2017

Ex-date Income Capital Gains Reinvest Gains Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 10/31/2017

Microsoft Corp. Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices. 3.40%
JPMorgan Chase & Co. JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. 2.87%
Adobe Systems, Inc. Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. 2.51%
AIA Group Ltd. AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs. 2.12%
Alibaba Group Holding Ltd. ADR Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally. 2.07%
Philip Morris International, Inc. Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands. 2.01%
Pfizer, Inc. Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. 1.89%
Alphabet, Inc., Class A Alphabet Inc through its subsidiary Google Inc is engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services. 1.84%
EOG Resources, Inc. EOG Resources, Inc., explores, develops, produces and markets natural gas and crude oil primarily in producing basins in the United States, Canada, The Republic of Trinidad and Tobago, the United Kingdom, and The People's Republic of China. 1.79%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 1.78%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 10/31/2017
Large 99.2%
Medium 0.9%
Small 0.0%
Median Market Cap (as of 10/31/2017) $66.9 bil
Maturity as a % of fixed income assets as of 10/31/2017
<1 Year 57.40%
1-5 Years 10.50%
5-10 Years 20.80%
10-20 Years 0.00%
>20 Years 11.30%
Average Maturity 4.88 years
Effective Duration 3.39 years
Top 10 Industry Allocation (as a % of Equity Holdings as of 10/31/2017)
Internet Software & Services 6.6%
Oil & Gas Exploration & Production 6.2%
Aerospace & Defense 6.0%
Application Software 5.4%
Systems Software 4.6%
Life & Health Insurance 4.3%
Pharmaceuticals 3.9%
Other Diversified Financial Services 3.9%
Oil & Gas Equipment & Services 3.7%
Home Improvement Retail 3.4%
Fixed Income Country Allocation (as a % of bond holdings as of 10/31/2017)
United States 49.0%
Mexico 29.8%
Brazil 17.1%
United Kingdom 4.1%
Sector Allocation as a % of equity assets as of 10/31/2017
Information Technology 23.37%
Financials 19.31%
Industrials 15.34%
Consumer Discretionary 13.43%
Energy 9.84%
Consumer Staples 8.57%
Health Care 6.45%
Materials 2.24%
Telecommunication Services 1.45%
Quality as a % of fixed income assets as of 10/31/2017
Government Bonds 47.10%
NonRated 1.90%
A 29.80%
BB 17.10%
B 4.10%

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Portfolio Composition as a % of net assets as of 10/31/2017
Domestic Common Stock 45.77%
Foreign Common Stock 28.19%
Cash and Cash Equivalents 12.26%
Precious Metals 4.79%
Government Bonds 4.21%
Other Government Securities 4.19%
Corporate Bonds 0.54%
Other Financial Instruments 0.05%
Equity Country Allocation as a % of equity assets as of 10/31/2017
United States 61.9%
Japan 7.4%
France 6.9%
Germany 4.6%
United Kingdom 4.4%
China 3.7%
India 3.2%
Hong Kong 2.9%
Switzerland 2.5%
Netherlands 1.8%
Brazil 0.7%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2017)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL

Additional Fund Literature

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Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors. The value of the Portfolio's shares will change, and you could lose money on your investment. The Portfolio may allocate from 0 to 100% of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various foreign securities. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Portfolio may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Portfolio may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. The Portfolio may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Portfolio via the use of derivative instruments. Such investments involve additional risks, as the fluctuations in the values of the derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative's value is derived. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Portfolio may pay more to store and accurately value its commodity holdings than it does with the Portfolio's other holdings. These and other risks are more fully described in the Portfolio's prospectus. Not all portfolios may be offered at all broker/ dealers. The IVY VARIABLE INSURANCE PORTFOLIOSSM,are only available as investment options in variable life insurance policies and variable annuity contracts issued by participating insurance companies. They are not offered or made available directly to the general public.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: The Bloomberg Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

Index Description: The Bloomberg Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

Annuities are long-term financial products designed for retirement purposes. Annuity and life insurance guarantees are based on the financial strength and claims-paying ability of the issuing insurance company. The guarantees have no bearing on the performance of a variable investment option. Variable investment options are subject to market risk, including loss of principal. There are charges and expenses associated with annuities and variable life insurance products, including mortality and expense risk charges, management fees, administrative fees, expenses for optional riders and deferred sales charges for early withdrawals. Withdrawals before age 59 1/2 may be subject to a 10% IRS tax penalty and surrender charges may apply.

The Portfolio began offering Class I shares on April 28, 2017. Class I shares may be purchased only through fund of funds, advisory or trust accounts, wrap accounts or other asset allocation or fee-based investment arrangements

Fee Waiver and/or Expense Reimbursement: Through April 30, 2018, Waddell & Reed Services Company (doing business as WI Services Company (WISC)), the Portfolio's transfer agent, has contractually agreed to reimburse sufficient shareholder servicing fees to ensure that the total annual ordinary portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of the Class I shares are at all times equal to the total annual ordinary portfolio operating expenses of the Class II shares less 0.25%, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.