Fund Detail

Ivy VIP Pathfinder Mod - Managed Volatility

Track Fund
$5.58 NAV as of 9/20/2017
$0.00 / -0.03% Daily NAV Change
9.76% YTD (NAV) as of 9/20/2017 i

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Fund Summary

Overview
To achieve its objective, Ivy VIP Pathfinder Moderate - Managed Volatility allocates its assets primarily among the underlying funds shown on this Fund Detail page so that approximately 35-50% of their value is in U.S. stocks, approximately 10-25% is in international stocks, approximately 0-45% is in bonds and approximately 10-45% in short-term investments. In addition, the Portfolio applies a customized strategy that seeks to manage the volatility of equity returns using securities such as exchange-traded futures and options contracts.
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
    • — 1 Years with Fund
    • — 34 Years in Industry
  • Chace Brundige, CFA

    • — Ivy Investment Management Company
    • — 1 Years with Fund
    • — 24 Years in Industry
  • Aaron D. Young

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 12 Years in Industry
  • David M Kuplic, CFA

    • — Advantus Capital Management (Sub-adviser)
    • — 4 Years with Fund
    • — 33 Years in Industry
  • Craig M Stapleton, CFA , FRM

    • — Advantus Capital Management (Sub-adviser)
    • — 4 Years with Fund
    • — 15 Years in Industry
Growth of a $10,000 Investment through 8/31/2017

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 9/20/2017
Net Asset Value (NAV) $5.58  
Daily NAV Change $0.00 -0.03%
Weekly NAV Change $0.02 0.43%
Public Offering Price (POP) $5.58
Fund Facts
Ticker Symbol -
CUSIP 46600H679
Fund Code 842
Fund Type Specialty Funds
Fund Inception 8/1/2013
Class Inception 8/1/2013
Fiscal Year End December
Dividends Paid May
Fund Assets
(as of 8/31/2017)
$562.7 mil
Portfolio Turnover Rate
(as of 6/30/2017)
9%
Lipper Category Mixed-Asset Target Allocation Moderate Funds
Morningstar Category Allocation--50% to 70% Equity
BenchmarkS&P 500 TR USD
BenchmarkBloomberg Barclays US Treasury Bill 1-3 Mon TR USD
BenchmarkBloomberg Barclays US Agg Bond 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 8.28% 8.94% 3.12% N/A N/A 5.08%
S&P 500 TR USD 11.93% 16.23% 9.54% 14.34% 7.61% 12.17%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.47% 0.57% 0.25% 0.17% 0.43% 0.19%
Bloomberg Barclays US Agg Bond TR USD 3.63% 0.49% 2.64% 2.19% 4.40% 3.19%
Lipper Mixed-Asset Target Allocation Moderate Funds 8.14% 8.97% 3.98% 7.02% 4.70% 4.97%

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 7.02% 10.60% 2.91% N/A N/A 4.99%
S&P 500 TR USD 9.34% 17.90% 9.61% 14.63% 7.18% 12.06%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.30% 0.45% 0.20% 0.14% 0.50% 0.16%
Bloomberg Barclays US Agg Bond TR USD 2.27% -0.31% 2.48% 2.21% 4.48% 2.98%
Lipper Mixed-Asset Target Allocation Moderate Funds 6.28% 10.10% 3.63% 7.22% 4.43% 4.87%

Calendar Year Return

20122013201420152016200720082009201020112003200420052006
Bloomberg Barclays US Agg Bond TR USD4.21 -2.02 5.97 0.55 2.65 6.97 5.24 5.93 6.54 7.84 4.10 4.34 2.43 4.33
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD0.08 0.05 0.02 0.03 0.26 4.78 1.77 0.15 0.13 0.07 1.03 1.24 3.00 4.80
Class II- - 3.75 -0.43 1.81 - - - - - - - - -
S&P 500 TR USD16.00 32.39 13.69 1.38 11.96 5.49 -37.00 26.46 15.06 2.11 28.68 10.88 4.91 15.79

Lipper Ranking through 8/31/2017

Category: Mixed-Asset Target Allocation Moderate Funds

  Rank Percentile
1 Year 132 /259 51
3 Year 207 /246 84

Rankings are based on average annual total returns, but do not consider sales charges.

Expense Ratios as of 4/28/2017

Net 1.13%
Gross 1.13%

Growth of a $10,000 Investment through 8/31/2017

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Fund Distributions

Historical Prices Inception 8/1/2013

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 8/1/2013

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 Industry Allocation (as a % of Equity Holdings as of 8/31/2017)
Internet Software & Services 4.9%
Data Processing & Outsourced Services 4.1%
Aerospace & Defense 4.0%
Pharmaceuticals 3.7%
Systems Software 3.5%
Application Software 3.3%
Integrated Oil & Gas 3.1%
Diversified Banks 3.0%
Biotechnology 2.9%
Semiconductors 2.7%
Fixed Income Country Allocation (as a % of bond holdings as of 8/31/2017)
United States 89.7%
Canada 2.3%
Japan 1.6%
Netherlands 1.6%
United Kingdom 1.2%
Luxembourg 0.7%
Australia 0.6%
Norway 0.4%
Ireland 0.4%
Spain 0.3%
Cayman Islands 0.2%
Denmark 0.2%
Sweden 0.2%
France 0.2%
Switzerland 0.1%
Macau 0.1%
Guernsey 0.1%
Hong Kong 0.1%
Barbados 0.0%
Austria 0.0%
Portfolio Allocation Ranges (as of the most recent prospectus)
Low High
Ivy VIP Bond 0.0 % 45.0 %
Ivy VIP Government Money Market 10.0 % 45.0 %
Ivy VIP Dividend Opportunities 10.0 % 25.0 %
Ivy VIP Growth 5.0 % 20.0 %
Ivy VIP Limited-Term Bond 0.0 % 15.0 %
Ivy VIP International Core Equity 5.0 % 15.0 %
Ivy VIP Global Growth 5.0 % 15.0 %
Ivy VIP High Income 0.0 % 10.0 %
Ivy VIP Value 0.0 % 10.0 %
Ivy VIP Small Cap Growth 0.0 % 10.0 %
Ivy VIP Small Cap Core 0.0 % 10.0 %
Ivy VIP Mid Cap Growth 0.0 % 10.0 %
Sector Allocation as a % of equity assets as of 8/31/2017
Information Technology 24.08%
Industrials 14.17%
Financials 13.94%
Consumer Discretionary 13.31%
Health Care 12.39%
Energy 6.94%
Consumer Staples 6.88%
Materials 3.83%
Real Estate 2.14%
Telecommunication Services 1.33%
Utilities 0.99%
Quality as a % of fixed income assets as of 8/31/2017
Government Bonds 15.80%
NonRated 1.10%
AAA 1.50%
AA 9.50%
A 22.90%
BBB 36.20%
BB 2.90%
B 6.80%
CCC 3.30%
Below CCC 0.00%

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 8/31/2017
Domestic Common Stock 46.10%
Cash and Cash Equivalents 19.18%
Foreign Common Stock 16.20%
Corporate Bonds 14.27%
Government Bonds 2.91%
Senior Loans 0.47%
Revenue Bonds 0.23%
Asset-Backed Securities 0.23%
General Obligation Bonds 0.15%
Mortgage-Backed Securities 0.15%
Other Government Securities 0.08%
Preferred Stock 0.03%
Equity Country Allocation as a % of equity assets as of 8/31/2017
United States 73.4%
United Kingdom 4.2%
Japan 4.1%
France 3.1%
Germany 3.1%
China 1.9%
Switzerland 1.6%
Canada 1.6%
Netherlands 1.4%
Ireland 0.9%
Australia 0.8%
Brazil 0.5%
Hong Kong 0.5%
Italy 0.4%
Spain 0.4%
Belgium 0.3%
Finland 0.3%
Norway 0.3%
Sweden 0.2%
India 0.2%
South Korea 0.2%
Luxembourg 0.2%
Macau 0.2%
Mexico 0.1%
Thailand 0.1%
Israel 0.1%
Underlying Fund Composition as a % of net assets as of 8/31/2017
Ivy VIP Dividend Opportunities 14.5 %
Ivy VIP Government Money Market 13.2 %
Ivy VIP Growth 13.0 %
Ivy VIP Limited-Term Bond 11.6 %
Ivy VIP International Core Equity 10.9 %
Ivy VIP Global Growth 8.1 %
Ivy VIP Bond 5.3 %
Ivy VIP Small Cap Growth 5.2 %
Ivy VIP Mid Cap Growth 4.2 %
Ivy VIP Small Cap Core 4.1 %
Ivy VIP Value 4.0 %
Ivy VIP High Income 2.8 %

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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You could lose money by Investing in Ivy VIP Government Money Market. Although the Portfolio seeks to preserve the value of your Investment at $1.00 per share, it cannot guarantee it will do so. An investment In the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

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.

Important Information About Fees And Expenses: Each Ivy VIP Pathfinder Managed Volatility Portfolio is a "fund of funds," meaning each will seek to achieve its particular level of risk/return objective by investing substantially all of its assets in the Ivy Funds Variable Insurance Portfolios, Inc. and short-term investments in varying combinations and percentage amounts to achieve each Portfolio’s particular investment objective. There is no guarantee that the volatility management strategy of the VIP Pathfinder Portfolios - Managed Volatility will achieve its goal of managing the volatility of equity returns. Because an investor is investing in funds indirectly through the Portfolios, the investor will pay a proportionate share of the applicable expenses of the underlying funds, as well as the expenses of the particular Portfolio. Please consult the Portfolio, variable life insurance or variable annuity prospectuses for additional information about fees, charges and expenses, and read them carefully before investing.

Each Portfolio's risk designation is relative only to the other Portfolios and does not represent comparisons to any other investment. Investment return and principal value will fluctuate, and it is possible to lose money by investing. The performance of each Portfolio is dependent on the performance of its underlying funds, and each Portfolio will assume the risks associated with its underlying funds.

Original shares of the Portfolio were renamed Class II shares on April 28, 2017.

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.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

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.

The Portfolio is managed by Ivy Investment Management Company and subadvised by Advantus Capital Management, Inc.