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Ivy VIP Asset Strategy

  • $9.89 NAV as of 9/25/2018
  • ($0.02) / 0.15% Daily NAV Change
  • 5.70% YTD (NAV)

Summary

Providing flexibility and discipline in changing markets

Global reach
Portfolio seeks a rate of return competitive with that of global equities with a reduced level of volatility over a full market cycle. It blends an Equity Sleeve of global equity securities and a Diversifying Sleeve of fixed income, U.S. Treasuries, precious metals, commodities and cash.
Flexible allocations
Portfolio is not limited by region or asset class and has flexible ranges of 50%-80% of assets for the Equity Sleeve, with a long-term target of about 65%; and 20%-50% for the Diversifying Sleeve, with a long-term target of about 35%.
Risk aware
Portfolio managers target a level of expected total risk equaling 70%-90% of the risk represented in the benchmark index.

Morningstar Style Box

Blend
Large
MOD
Low
Source: Morningstar

Portfolio Management

Chace Brundige, CFA

  • Ivy Investment Management Company
  • 4 Years with Fund
  • 25 Years in Industry
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Chace Brundige is co-portfolio manager of Ivy Asset Strategy Fund, Ivy VIP Asset Strategy and institutional accounts. He was named co-portfolio manager of these investment products in 2014. He was named a portfolio manager of Ivy VIP Pathfinder Portfolios and InvestEd Portfolios in 2016. Mr. Brundige became a member of the portfolio management team of Ivy Wilshire Global Allocation Fund, sub-advised by Wilshire Associates, Inc., in 2018. Mr. Brundige joined the organization in 2003 as vice president and assistant portfolio manager to the Large Cap Growth team after a previous tenure with the firm as an equity analyst from 1996 to 1999. He was portfolio manager of the firm’s Tax-Managed Equity Fund from 2006 to 2008 and the Global Growth funds from 2009 to 2014. He was appointed senior vice president in 2012. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. He joined Waddell & Reed as an equity investment analyst in 1996. He joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. He was an original member of Trust Company of the West’s venture capital arm. In 2001 he was a vice president and sector head for Citadel Investment Group. Mr. Brundige graduated from Kansas State University in 1991 with a BS in Finance. He earned an MBA with an emphasis in Finance and Accounting from the University of Chicago Graduate School of Business in 1996. Mr. Brundige is a CFA charterholder.

W. Jeffery Surles, CFA

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 17 Years in Industry
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Jeffery Surles is portfolio manager of Ivy Global Income Allocation Fund, managing the fund since 2012, and served as co-portfolio manager from 2012 to 2014. He was named co-portfolio manager of the Ivy Asset Strategy Fund, Ivy VIP Asset Strategy, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios in 2018. Mr. Surles became a member of the portfolio management team of Waddell & Reed Advisors Wilshire Global Allocation Fund, sub-advised by Wilshire Associates, Inc., in 2018. Mr. Surles joined the organization in 2007 as a fixed income investment analyst. He was appointed assistant vice president in 2012 and vice president in 2014. He was appointed senior vice president in 2018. Prior to joining the firm, Mr. Surles was a portfolio manager from 2003 to 2005, and an investment analyst from 2001 to 2003, for Surles Development Corp. In the fall of 2000 he was a sales analyst for Enterprise Development Services, Inc. Mr. Surles graduated from Vanderbilt University in 2000 with a BS in Organizational Development. He earned an MBA with an emphasis in Finance from the University of Wisconsin in 2007. While attending the University of Wisconsin he was actively involved in the Applied Security Analysis Program and completed an internship at Provident Trust Company in 2006. Mr. Surles is a CFA charterholder.

Perspectives

Quarterly Fund Commentary

Daily Prices as of 9/25/2018

Net Asset Value (NAV) $9.89
Daily NAV Change ($) ($0.02) 0.15%
Weekly NAV Change ($) $0.09 0.90%
Public Offering Price (POP) $9.89

Fund Facts

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 8/31/2018) $875.0 mil
Total Equity Holdings (as of 8/31/2018) 69
Total Holdings (as of 8/31/2018) 126
Portfolio Turnover Rate (as of 6/30/2018) 31%
Lipper Category Alternative Other Funds
Morningstar Category World Allocation
Benchmark Bloomberg Barclays US Agg Bond TR USD
Benchmark Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD
Benchmark S&P 500 TR USD
Benchmark MSCI ACWI Index

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.

Monthly Rates of Return

Average Annual Total Returns as of 8/31/2018
(Returns for periods of less than 1-yr are not annualized)
 
Bloomberg Barclays US Agg Bond TR USD -0.96% -1.05% 1.76% 2.49% 3.70%
Lipper Alternative Other Funds -0.10% 2.87% 4.45% 3.91% 4.75%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 1.10% 1.45% 0.73% 0.45% 0.31%
MSCI ACWI Index 3.38% 11.41% 11.85% 9.67% 6.71%
Fund at NAV 4.71% 12.26% 11.98%
S&P 500 TR USD 9.94% 19.66% 16.11% 14.52% 10.86%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Bloomberg Barclays US Agg Bond TR USD -1.62% -0.40% 1.72% 2.27% 3.72%
Lipper Alternative Other Funds -0.96% 3.65% 3.16% 3.80% 4.44%
MSCI ACWI Index -0.43% 10.72% 8.18% 9.41% 5.80%
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.78% 1.29% 0.62% 0.38% 0.31%
Fund at NAV 1.85% 11.47% 11.17%
S&P 500 TR USD 2.65% 14.37% 11.93% 13.42% 10.17%

Calendar Year Return

  2013
Bloomberg Barclays US Agg Bond TR USD -2.02 5.97 0.55 2.65 3.54
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.05 0.02 0.03 0.26 0.82
S&P 500 TR USD 32.39 13.69 1.38 11.96 21.83

Morningstar Ratings as of 8/31/2018 Morningstar Logo

Category: World Allocation
Ratings are based on risk-adjusted returns
Overall out of 409
3 Year out of 409
5 Year out of 346
10 Year out of 163

Lipper Ranking through 8/31/2018 Lipper Logo

Category: Alternative Other Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 3/79 4
3 Year
5 Year
10 Year

Expense Ratios as of 4/30/2018

Net 0.76%
Gross 0.76%

3-Year Standard Deviation as of

S&P 500 TR USD 9.59
Bloomberg Barclays US Treasury Bill 1-3 Mon TR USD 0.17
Bloomberg Barclays US Agg Bond TR USD 2.69
MSCI ACWI Index N/A

Distributions

Historical Prices Inception 4/28/2017

9/4/2018 $9.77 NO NO
9/5/2018 $9.72 NO NO
9/6/2018 $9.69 NO NO
9/7/2018 $9.66 NO NO
9/10/2018 $9.67 NO NO
9/11/2018 $9.68 NO NO
9/12/2018 $9.72 NO NO
9/13/2018 $9.77 NO NO
9/14/2018 $9.79 NO NO
9/17/2018 $9.75 NO NO
9/18/2018 $9.80 NO NO
9/19/2018 $9.82 NO NO
9/20/2018 $9.90 NO NO
9/21/2018 $9.91 NO NO
9/24/2018 $9.88 NO NO
9/25/2018 $9.89 NO NO

Historical Distributions Inception 4/28/2017

5/16/2018 $0.0129 Long: $0.000 Short: $0.000 $9.7 5/16/2018
5/17/2017 $0.0342 Long: $0.000 Short: $0.000 $8.55 5/17/2017

*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.

12-Month Trailing Dist. Yield as of 8/31/2018

NAV 1.37%
With Sales Charge 1.37%

Portfolio

Top 10 Equity Holdings as a % of net assets 8/31/2018

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. 2.92%
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. 2.29%
Amazon.com, Inc. Amazon.com, Inc. operates as an online retailer in North America and internationally. 2.20%
Visa, Inc., Class A Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities. 2.01%
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. 2.01%
Airbus SE Airbus SE manufactures airplanes and military equipment. The Company produces military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, as well as offers military and commercial aircraft conversion and maintenance services. 1.74%
QUALCOMM, Inc. 1.65%
HCA Holdings, Inc. HCA Holdings, Inc., was one of the first hospital companies in the U.S., and now includes 165 hospitals and 115 freestanding surgery centers in 20 states and England. 1.58%
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. 1.52%
Suzuki Motor Corp. A Japanese multinational corporation, which specializes in manufacturing automobiles, four-wheel drive vehicles, motorcycles, all-terrain vehicles, outboard marine engines, wheelchairs and a variety of other small internal combustion engines. 1.51%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 8/31/2018

Large ( > $10 bil) 98.6%
Medium ($2 - $10 bil) 1.4%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 8/31/2018) $67.6 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 8/31/2018

Diversified Banks 7.8%
Aerospace & Defense 4.8%
Semiconductors 4.7%
Packaged Foods & Meats 4.4%
Pharmaceuticals 4.3%
Internet Software & Services 4.2%
Application Software 4.2%
Data Processing & Outsourced Services 4.1%
Systems Software 4.1%
Internet & Direct Marketing Retail 3.1%

Maturity
as a % of fixed income assets as of 8/31/2018

<1 Year 8.3%
1-5 Years 31.6%
5-10 Years 39.5%
10-20 Years 0.6%
>20 Years 20.1%
Average Maturity 9.44 years
Effective Duration 4.79 years

Fixed Income Country Allocation
as a % of bond holdings as of 8/31/2018

United States 54.7%
United Kingdom 16.3%
Netherlands 8.0%
Luxembourg 6.9%
Argentina 5.5%
France 5.0%
Switzerland 1.8%
Italy 1.4%
Brazil 0.6%

Sector Allocation
as a % of equity assets as of 8/31/2018

Information Technology 26.48%
Financials 16.15%
Consumer Staples 12.07%
Consumer Discretionary 12.02%
Industrials 11.89%
Health Care 10.89%
Energy 7.13%
Materials 2.10%
Telecommunication Services 1.27%

Quality
as a % of fixed income assets as of 8/31/2018

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Government Bonds 20.30%
NonRated 2.20%
BBB 6.10%
BB 31.30%
B 36.00%
CCC 4.10%

Portfolio Composition
as a % of net assets as of 8/31/2018

Domestic Common Stock 41.09%
Foreign Common Stock 31.00%
Corporate Bonds 11.32%
Precious Metals 4.64%
Government Bonds 4.29%
Senior Loans 3.89%
Cash and Cash Equivalents 2.13%
Other Government Securities 1.64%

Equity Country Allocation
as a % of equity assets as of 8/31/2018

United States 57.0%
China 6.4%
France 6.1%
Japan 5.1%
Switzerland 3.8%
India 3.6%
Netherlands 3.3%
Hong Kong 2.8%
Ireland 1.9%
Taiwan 1.5%
Belgium 1.4%
Sweden 1.3%
Canada 1.3%
United Kingdom 1.2%
Germany 1.1%
Australia 1.0%
Italy 0.9%
Russia 0.5%

Total Portfolio Holdings

Updated quarterly, upon availability.

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 its assets among different asset classes of varying correlation around the globe. The Portfolio’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Portfolio may have a greater impact on the Portfolio’s NAV than it would if it invested in a larger number of 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. The Portfolio’s Diversifying Sleeve includes fixed-income securities, that 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. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Portfolio may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. 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.

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.

Index description: The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.

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.

W. Jeffery Surles, CFA, became a co-portfolio manager on the Portfolio on Feb. 5, 2018.

Effective Feb. 5, 2018, Ivy VIP Asset Strategy's benchmark index is the MSCI All Country World Index, replacing the three current benchmark indexes (the S&P 500 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Treasury Bills: 1-3 Month Index). Ivy Investment Management Company, the Portfolio's investment manager, believes that the MSCI All Country World Index is a more representative index for the types of securities that the Portfolio purchases.

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.

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.

© 2018 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: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. 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.

Co-Portfolio Manager Cynthia Prince-Fox retired from the firm on April 30, 2018.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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