Ivy Variable Insurance Portfolios

A range of portfolios utilized as underlying investments in variable annuities and variable life insurance products.

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Summary

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 in a variable annuity will be lower.

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Prices & Returns
POP as of 12/14/2018
Average Annual Total Returns
POP as of 11/30/2018
Expense
Ratios
Ivy VIP Asset Strategy 1 $9.01 ($0.13) -3.66% 1.32% 3.85% 0.67% 7.01% 8.73% 5/1/1995 1.01% 1.01%
Ivy VIP Balanced $7.60 ($0.07) -1.31% 3.73% 4.49% 4.93% 9.26% 7.42% 5/3/1994 1.01% 1.01%
Ivy VIP Core Equity 2 $11.13 ($0.19) -1.59% 5.07% 8.67% 8.01% 13.25% 9.43% 7/16/1991 0.95% 1.00%
Ivy VIP Corporate Bond 3 $5.10 $0.01 -2.51% -2.93% 1.33% 1.68% 3.52% 5.59% 7/13/1987 0.78% 0.78%
Ivy VIP Energy 4 $4.17 ($0.15) -28.91% -14.07% -6.34% -7.79% 2.42% 0.01% 5/1/2006 1.19% 1.19%
Ivy VIP Global Bond $4.79 $0.00 -0.64% -1.12% 2.85% 1.54% 1.86% 8/23/2010 1.12% 1.12%
Ivy VIP Global Equity Income 5 $7.01 ($0.14) -10.16% -4.85% 4.62% 5.18% 9.12% 6.56% 11/20/2003 1.00% 1.00%
Ivy VIP Global Growth 6 $8.89 ($0.23) -3.80% 2.92% 6.60% 5.59% 10.14% 7.06% 5/3/1994 1.13% 1.17%
Ivy VIP Government Money Market $1.00 $0.00 1.42% 1.43% 0.69% 0.42% 0.34% 3.03% 7/13/1987 0.40% 0.40%
Ivy VIP Growth $11.33 ($0.26) 5.11% 11.80% 12.67% 12.53% 14.76% 10.98% 7/13/1987 0.99% 0.99%
Ivy VIP High Income 7 $3.41 ($0.01) 0.10% 1.10% 6.18% 3.58% 11.15% 7.39% 7/13/1987 0.91% 0.91%
Ivy VIP International Core Equity $14.91 ($0.29) -16.38% -10.62% 2.30% 2.28% 8.26% 7.42% 5/19/1992 1.16% 1.16%
Ivy VIP Limited-Term Bond $4.81 $0.00 0.25% 0.09% 1.02% 0.94% 1.24% 8/23/2010 0.80% 0.80%
Ivy VIP Micro Cap Growth 8 $25.63 ($0.19) 10/1/1997 1.32% 1.32%
Ivy VIP Mid Cap Growth 9 $11.44 ($0.20) 3.29% 10.89% 13.13% 8.96% 15.87% 10.82% 4/28/2005 1.10% 1.15%
Ivy VIP Natural Resources 10 $3.68 ($0.09) -20.29% -8.90% -0.94% -5.42% 2.98% 0.94% 4/28/2005 0.01% 0.01%
Ivy VIP Pathfinder Aggressive $4.69 ($0.07) -2.50% 2.83% 7.76% 6.55% 10.42% 6.65% 3/4/2008 1.09% 1.09%
Ivy VIP Pathfinder Conservative $4.87 ($0.03) -1.12% 1.58% 4.32% 3.79% 6.32% 4.61% 3/13/2008 0.86% 0.86%
Ivy VIP Pathfinder Moderate $4.95 ($0.05) -2.60% 1.46% 5.60% 4.91% 8.27% 5.41% 3/4/2008 0.94% 0.94%
Ivy VIP Pathfinder Moderately Aggressive $5.06 ($0.06) -3.17% 1.55% 6.41% 5.53% 9.24% 6.14% 3/4/2008 0.99% 0.99%
Ivy VIP Pathfinder Moderately Conservative $4.95 ($0.04) -1.60% 1.77% 5.05% 4.41% 7.34% 5.19% 3/12/2008 0.90% 0.90%
Ivy VIP Science and Technology 11 $26.52 ($0.52) -1.64% 3.02% 10.77% 8.16% 16.58% 13.87% 4/4/1997 1.15% 1.15%
Ivy VIP Securian Real Estate Securities 13 $7.03 ($0.02) 0.52% 2.15% 4.68% 9.03% 13.27% 8.15% 5/27/2004 1.22% 1.31%
Ivy VIP Small Cap Core 14 $14.01 ($0.22) -7.12% 1.29% 12.76% 9.28% 13.51% 8.40% 10/1/1997 1.15% 1.15%
Ivy VIP Small Cap Growth 15 16 17 $7.97 ($0.15) -0.53% 9.45% 9.25% 7.72% 13.69% 10.24% 5/3/1994 1.14% 1.17%
Ivy VIP Value $5.84 ($0.08) -4.77% 3.59% 7.65% 6.97% 12.12% 6.85% 5/1/2001 1.00% 1.00%

1 Fee Waiver and/or Expense Reimbursement: Through April 30, 2019, 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 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.

2 Fee Waiver and/or Expense Reimbursement: Through April 30, 2019, 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, 12b-1 fees 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) for Class II shares at 0.95%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

3 Effective Apr. 30, 2018, Ivy VIP Bond was renamed Ivy VIP Corporate Bond.

5 Effective Apr. 30, 2018, Ivy VIP Dividend Opportunities was renamed Ivy VIP Global Equity Income.

6 Fee Waiver and/or Expense Reimbursement: Through April 30, 2019, 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, 12b-1 fees 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) for Class II shares at 1.13%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

8 Fee Waiver and/or Expense Reimbursement: Through April 30, 2019, 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 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

9 Fee Waiver and/or Expense Reimbursement: Through April 30, 2019, 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.

10 Ivy VIP Global Natural Resources was renamed Ivy VIP Natural Resources on April 28, 2017.

13 Effective April 30, 2018, the name of the VIP IvyAdvantus Real Estate Securities Fund changed to Ivy VIP Securian Real Estate Securities Fund.

14 Prior to April 28, 2017, Ivy VIP Small Cap Core was known as Ivy VIP Small Cap Value and its benchmark was the Russell 2000 Value Index. The Portfolio's benchmark is now the Russell 2000 Index. These changes were made to more closely align with the Portfolio's investment objectives. Portfolio performance after April 28, 2017, may significantly differ from prior performance due to changes made to the Portfolio's investment strategies.

15 Fee Waiver and/or Expense Reimbursement: Through April 30, 2020, 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, 12b-1 fees 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) for Class II shares at 1.14%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through April 30, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 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.

16 Ivy VIP Micro Cap Growth merged into Ivy VIP Small Cap Growth on Nov. 5, 2018.

17 The Ivy VIP Small Cap Growth Portfolio began offering Class I shares on Nov. 5, 2018. 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.

Yields

Yields as of 11/30/2018
Ivy VIP Asset Strategy 1.28% 1.28%
Ivy VIP Balanced 1.57% 1.57%
Ivy VIP Core Equity 0.46% 0.46%
Ivy VIP Corporate Bond 2.17% 2.17% 3.40% 3.40%
Ivy VIP Energy 0.90% 0.90%
Ivy VIP Global Bond 2.91% 2.91% 4.34% 3.67%
Ivy VIP Global Equity Income 1.72% 1.72%
Ivy VIP Global Growth 0.48% 0.48%
Ivy VIP Government Money Market
Ivy VIP Growth 0.03% 0.03%
Ivy VIP High Income 6.81% 6.81% 7.15% 7.15%
Ivy VIP International Core Equity 1.73% 1.73%
Ivy VIP Limited-Term Bond 1.68% 1.68% 2.49% 2.49%
Ivy VIP Micro Cap Growth 0.00% 0.00%
Ivy VIP Mid Cap Growth 0.00% 0.00%
Ivy VIP Natural Resources 0.33% 0.33%
Ivy VIP Pathfinder Aggressive 1.81% 1.81%
Ivy VIP Pathfinder Conservative 1.15% 1.15%
Ivy VIP Pathfinder Moderate 1.41% 1.41%
Ivy VIP Pathfinder Moderately Aggressive 1.77% 1.77%
Ivy VIP Pathfinder Moderately Conservative 1.34% 1.34%
Ivy VIP Science and Technology 0.00% 0.00%
Ivy VIP Securian Real Estate Securities 1.51% 1.51%
Ivy VIP Small Cap Core 0.11% 0.11%
Ivy VIP Small Cap Growth 0.38% 0.38%
Ivy VIP Value 1.87% 1.87%

Rankings & Ratings

Rankings (Fund/Category) as of 11/30/2018
Ivy VIP Asset Strategy World Allocation 2/63 42/56 48/48 15/20
Ivy VIP Balanced Allocation--50% to 70% Equity 17/278 229/251 133/226 86/150
Ivy VIP Core Equity Large Growth 188/231 207/222 206/215 175/192
Ivy VIP Corporate Bond Corporate Bond 9/15 15/15 13/14 13/13
Ivy VIP Energy Equity Energy 9/10 8/9 7/9 5/7
Ivy VIP Global Bond Multisector Bond 7/32 21/28 28/28
Ivy VIP Global Equity Income Large Blend 221/221 209/209 194/195 163/163
Ivy VIP Global Growth World Large Stock 4/77 52/71 41/65 32/53
Ivy VIP Government Money Market Prime Money Market
Ivy VIP Growth Large Growth 35/231 117/222 87/215 133/192
Ivy VIP High Income High Yield Bond 3/75 22/71 38/70 4/57
Ivy VIP International Core Equity Foreign Large Blend 70/89 62/80 6/74 7/60
Ivy VIP Limited-Term Bond Short-Term Bond 33/44 29/44 22/39
Ivy VIP Micro Cap Growth Small Growth 4/74 22/73 67/71 20/64
Ivy VIP Mid Cap Growth Mid-Cap Growth 10/89 9/84 42/81 27/73
Ivy VIP Natural Resources Natural Resources 7/16 15/16 8/14 6/11
Ivy VIP Pathfinder Aggressive Allocation--70% to 85% Equity 3/81 10/65 13/57 19/46
Ivy VIP Pathfinder Conservative Allocation--30% to 50% Equity 4/129 65/119 65/108 53/55
Ivy VIP Pathfinder Moderate Allocation--50% to 70% Equity 52/278 158/251 134/226 132/150
Ivy VIP Pathfinder Moderately Aggressive Allocation--70% to 85% Equity 10/81 48/65 36/57 42/46
Ivy VIP Pathfinder Moderately Conservative Allocation--50% to 70% Equity 46/278 210/251 164/226 149/150
Ivy VIP Science and Technology Technology 17/26 24/24 24/24 19/24
Ivy VIP Securian Real Estate Securities Real Estate 30/39 31/39 20/39 28/36
Ivy VIP Small Cap Core Small Blend 17/93 3/86 5/82 43/71
Ivy VIP Small Cap Growth Small Growth 20/74 67/74 51/70 51/63
Ivy VIP Value Large Value 25/179 142/172 127/168 73/142

Ticker Symbols & Fund Codes

Ivy VIP Asset Strategy 46600H109 852
Ivy VIP Balanced 46600H208 860
Ivy VIP Core Equity 46600H406 857
Ivy VIP Corporate Bond 46600H307 854
Ivy VIP Energy 46600H604 870
Ivy VIP Global Bond 46600H695 872
Ivy VIP Global Equity Income 46600H505 865
Ivy VIP Global Growth 46600H877 858
Ivy VIP Government Money Market 46600H836 853
Ivy VIP Growth 46600H802 856
Ivy VIP High Income 46600H885 855
Ivy VIP International Core Equity 46600H869 862
Ivy VIP Limited-Term Bond 46600H687 871
Ivy VIP Micro Cap Growth 46600H844 863
Ivy VIP Mid Cap Growth 46600H851 869
Ivy VIP Natural Resources 46600H703 868
Ivy VIP Pathfinder Aggressive 46600H752 845
Ivy VIP Pathfinder Conservative 46600H711 846
Ivy VIP Pathfinder Moderate 46600H737 847
Ivy VIP Pathfinder Moderately Aggressive 46600H745 848
Ivy VIP Pathfinder Moderately Conservative 46600H729 849
Ivy VIP Science and Technology 46600H794 851
Ivy VIP Securian Real Estate Securities 46600H810 866
Ivy VIP Small Cap Core 46600H778 864
Ivy VIP Small Cap Growth 46600H786 859
Ivy VIP Value 46600H760 850

Documents & Prospectuses

Fund Name Fund Fact Sheet Summary Prospectus Prospectus XBRL Annual
Report
Semi-Annual Report SAI Quarterly
Fund
Commentary
Ivy VIP Asset Strategy Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Balanced Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Core Equity Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Corporate Bond Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Energy Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Global Bond Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Global Equity Income Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Global Growth Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Government Money Market Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy VIP Growth Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP High Income Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP International Core Equity Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Limited-Term Bond Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Micro Cap Growth Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Mid Cap Growth Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Natural Resources Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Pathfinder Aggressive Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy VIP Pathfinder Conservative Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy VIP Pathfinder Moderate Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy VIP Pathfinder Moderately Aggressive Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy VIP Pathfinder Moderately Conservative Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document)
Ivy VIP Science and Technology Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Securian Real Estate Securities Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Small Cap Core Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Small Cap Growth Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)
Ivy VIP Value Fund Fact Sheet (PDF Document) Summary Prospectus (PDF Document) Prospectus (PDF Document) XBRL (External Link) Annual Report (PDF Document) Semi-Annual Report (PDF Document) SAI (PDF Document) Quarterly Fund Commentary (PDF Document)

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product. This and other important information is contained in the portfolio and variable insurance product prospectuses, which may be obtained here, from a financial advisor, or by contacting the applicable insurance company. Read them carefully before investing.

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.

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 insured or guaranteed by the FDIC or any other government agency. These and other risks are more fully described in the portfolios's prospectus. The IVY VARIABLE INSURANCE PORTFOLIOS℠, 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.

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.

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.

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.

he Morningstar RatingTM 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. 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.

Ranking is among the Lipper Category stated. Rankings are based on average annual total returns, but do not consider sales charges. Lipper Category designations are assigned by Lipper, Inc. based upon independent analysis and are not necessarily based upon or consistent with fund objectives and strategies as stated in the prospectus.

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