Fund Detail

Ivy VIP Mid Cap Growth

Track Fund
$10.79 NAV as of 9/22/2017
$0.03 / 0.26% Daily NAV Change
YTD (NAV) as of 9/22/2017 i

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Fund Summary

Finding opportunity in the middle
Strategic process
Buys mid-cap companies with large-cap potential that demonstrate profitability, balance-sheet strength and sustainable earnings growth. It strives for consistency in an inconsistent market environment.
Experienced management
Managed by an investment professional with 25+ years of experience who uses bottom-up stock selection and fundamental valuation with top-down macroeconomic analysis to find growth at a reasonable price.
The difference
Seeks companies that emphasize profitability, durable financials and effective management teams that are visionary, honest and shareholder driven.
Morningstar Style Box
Value Blend Growth
Large
Medium
Small
Portfolio Management
  • Kimberly A. Scott, CFA

    • — Ivy Investment Management Company
    • — 12 Years with Fund
    • — 30 Years in Industry
  • Nathan A. Brown, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 18 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 9/22/2017
Net Asset Value (NAV) $10.79  
Daily NAV Change $0.03 0.26%
Weekly NAV Change $0.06 0.56%
Public Offering Price (POP) $10.79
Fund Facts
Ticker Symbol -
CUSIP 46600H596
Fund Code 989
Fund Type Domestic Equity
Fund Inception 4/28/2005
Class Inception 4/28/2017
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 8/31/2017)
$677.9 mil
Total Equity Holdings
(as of 8/31/2017)
63
Total Holdings
(as of 8/31/2017)
66
Portfolio Turnover Rate
(as of 6/30/2017)
15%
Lipper Category Mid-Cap Growth Funds
Morningstar Category Mid-Cap Growth
BenchmarkRussell Mid Cap Growth 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 8/31/2017

(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 5.84%
Russell Mid Cap Growth TR USD 14.06% 14.52% 7.88% 13.99% 8.32% 4.54%
Lipper Mid-Cap Growth Funds 16.17% 16.09% 7.79% 12.97% 7.34% 10.25%

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2017

(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 3.38%
Russell Mid Cap Growth TR USD 11.40% 17.05% 7.83% 14.19% 7.87% 2.10%
Lipper Mid-Cap Growth Funds 13.79% 18.92% 7.46% 13.07% 7.03% 10.19%

Morningstar Ratings as of 7/31/2017

Category: Mid-Cap Growth

Overall out of 572 ★★★
3 Year out of 572 ★★
5 Year out of 498 ★★
10 Year out of 368 ★★★★

Ratings are based on risk-adjusted returns

Expense Ratios as of 4/28/2017

Net 0.85%
Gross 0.90%

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 8/31/2017

Intuitive Surgical, Inc. Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. 3.67%
Zoetis, Inc. Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwide 3.36%
Fastenal Co. Fastenal Company operates as a wholesaler and retailer of industrial and construction supplies. 3.16%
CoStar Group, Inc. CoStar Group, Inc. provides information, analytics, and online marketplaces services to the commercial real estate industry in the U.S., Canada, the U.K., and France.  3.16%
Electronic Arts, Inc. Electronic Arts Inc. develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, and tablets. 3.05%
GrubHub, Inc. 2.56%
CME Group, Inc. CME Group Inc., a U.S. company, is the world's leading and most diverse derivatives marketplace. It owns and operates large derivatives and futures exchanges in Chicago and New York, as well as online trading platforms.  2.46%
ServiceNow, Inc. ServiceNow, Inc. provides enterprise cloud-based solutions that define, structure, manage, and automate services in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. 2.42%
Polaris Industries, Inc. Polaris Industries Inc. designs, engineers, and manufactures off-road and on-road vehicles. The Company produces vehicles including snowmobiles, terrain vehicles, and motorcycles. Polaris Industries markets its products and related replacement parts and accessories through dealers and distributors located in the United States, Canada, and Europe. 2.38%
Trimble Navigation Ltd. Trimble Navigation offers advanced sensor solutions, application software and state-of-the-art recorders that provide integrated tools for monitoring and earth systems applications. The solutions allow organizations to monitor the integrity of a building, dam, mine, bridge and other structures, or natural hazards monitoring the seismic activity for a project and surrounding communities. 2.34%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2017)
updated quarterly, upon availability
Market Capitalization
as a % of equity assets as of 8/31/2017
Large 48.1%
Medium 50.9%
Small 0.9%
Median Market Cap (as of 8/31/2017) $9.0 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 8/31/2017)
Internet Software & Services 9.4%
Health Care Equipment 6.5%
Pharmaceuticals 5.1%
Specialty Stores 4.7%
Systems Software 4.5%
Biotechnology 4.0%
Building Products 4.0%
Packaged Foods & Meats 3.7%
Financial Exchanges & Data 3.5%
Regional Banks 3.3%
Sector Allocation as a % of equity assets as of 8/31/2017
Information Technology 29.81%
Health Care 18.68%
Consumer Discretionary 18.61%
Industrials 14.70%
Financials 8.87%
Consumer Staples 4.66%
Energy 2.56%
Materials 2.11%
Portfolio Composition as a % of net assets as of 8/31/2017
Domestic Common Stock 94.22%
Foreign Common Stock 3.54%
Cash and Cash Equivalents 2.24%
Equity Country Allocation as a % of equity assets as of 8/31/2017
United States 95.2%
United Kingdom 2.5%
Brazil 2.3%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2017)

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. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investing in mid-cap companies may carry more risk than investing in stocks of larger more well-established companies. Investing in mid-cap companies may carry more risk than investing in larger, more established companies. 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: Russell Midcap Growth is an unmanaged index comprised of securities that represent the mid-cap sector of the stock market. 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.

Effective Oct. 1, 2016 Nathan Brown was named a co-portfolio manager for the Ivy VIP Mid Cap Growth.

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, Ivy Investment Management Company (IICO), the Portfolio's investment manager, Ivy Distributors, Inc. (IDI), the Portfolio's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Portfolio's transfer agent, have contractually agreed to reimburse sufficient management fees, Rule 12b-1 fees (Class II only) and/or shareholder servicing fees to cap the total annual ordinary portfolio operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class I Shares at 0.85% and Class II Shares at 1.10%. 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.

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