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Ivy VIP Real Estate Securities

  • $8.30 NAV as of 12/8/2016
  • ($0.05) / 0.61% Daily NAV Change
  • 3.07% YTD (NAV)

Summary

Building a foundation for financial goals

Wide exposure
Seeks to provide total return through capital appreciation and current income via publicly traded real estate securities in North America; does not directly invest in real estate.
Investment focus
Investments are diversified by region, property sector and security with a focus on what portfolio managers consider high-quality, well-managed companies.
Disciplined process
A disciplined, bottom-up, fundamental process covers the spectrum of commercial real estate with a focus on risk management using proprietary systems and research.

Morningstar Style Box

Growth
Medium
Source: Morningstar

Portfolio Management

Lowell R. Bolken, CFA

  • Advantus Capital Management (subadvisor)
  • 10 Years with Fund
  • 25 Years in Industry
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Lowell R. Bolken has held his Portfolio responsibilities since April 2006. He has been an associate portfolio manager with Advantus Capital since September 2005. From April 2001 to September 2005, he was managing director and manager, corporate bond research, RBC Dain Rauscher, Inc.

Matthew K. Richmond

  • Advantus Capital Management (subadvisor)
  • 2 Years with Fund
  • 22 Years in Industry
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Matthew K. Richmond is vice president and portfolio manager of Advantus Capital Management, Inc. Mr. Richmond received a bachelor's degree from the University of Nebraska and an MBA from the University of Iowa. He is a member of NAREIT and serves on the Advisory Board of the University of Wisconsin's Applied Real Estate Securities Program. Mr. Richmond has been with Advantus Capital Management since 2013 and a portfolio manager on the Ivy Real Estate Securities Fund since January 2014.

Growth of a $10,000 Investment
through 11/30/2016

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

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/8/2016

Net Asset Value (NAV) $8.30
Daily NAV Change ($) ($0.05) 0.61%
Weekly NAV Change ($) $0.38 4.77%
Public Offering Price (POP) $8.30

Fund Facts

Ticker Symbol
CUSIP 46600H810
Fund Code 866
Fund Type Specialty Funds
Fund Inception 5/27/2004
Class Inception 5/27/2004
Fiscal Year End December
Dividends Paid May
Fund Assets (as of 11/30/2016) $47.0 mil
Total Equity Holdings (as of 11/30/2016) 53
Total Holdings (as of 11/30/2016) 54
Portfolio Turnover Rate (as of 6/30/2016) 32%
Lipper Category Real Estate Funds
Morningstar Category Real Estate
Benchmark Wilshire US Real Estate Securities 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.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -0.10% 2.25% 11.16% 11.14% 3.58% 8.51%
Lipper Real Estate Funds 1.83% 3.34% 10.56% 10.85% 3.83% 8.58%
Wilshire US Real Estate Securities Index 2.60% 4.63% 12.48% 12.21% 4.07% 9.47%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 8.17% 16.20% 13.75% 15.13% 5.45% 9.33%
Lipper Real Estate Funds 9.82% 17.44% 12.98% 14.79% 5.75% 9.31%
Wilshire US Real Estate Securities Index 10.02% 18.41% 14.60% 16.02% 5.93% 10.23%

Calendar Year Return

  2011 2012 2013 2014 2015
Class A 5.01 17.72 1.13 30.17 4.78
Wilshire US Real Estate Securities Index 2.14 31.53 4.81

Morningstar Ratings as of 11/30/2016 Morningstar Logo

Category: Real Estate
Ratings are based on risk-adjusted returns
Overall out of 228
3 Year out of 228
5 Year out of 207
10 Year out of 135

Lipper Ranking through 11/30/2016 Lipper Logo

Category: Real Estate Funds
  Rank Percentile
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 38/45 83
3 Year 19/43 44
5 Year 21/42 49
10 Year 28/36 76

Expense Ratios as of 4/30/2016

Net 1.19%
Gross 1.19%

3-Year Standard Deviation as of 11/30/2016

Wilshire US Real Estate Securities Index 14.28

Distributions

Historical Prices Inception 5/27/2004

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $7.92 NO NO
12/2/2016 $7.99 NO NO
12/5/2016 $8.05 NO NO
12/6/2016 $8.09 NO NO
12/7/2016 $8.25 NO NO

Historical Distributions Inception 5/27/2004

Ex-date Income Capital Gains Reinvest Gains Payment Date
5/18/2016 $0.1 Long: $0.845 Short: $0.000 $8.21 5/18/2016
5/20/2015 $0.0968 Long: $0.705 Short: $0.219 $8.61 5/20/2015
12/16/2014 $0 Long: $0.018 Short: $0.000 $9.32 12/16/2014
5/21/2014 $0.0919 Long: $0.506 Short: $0.000 $8.43 5/21/2014
5/22/2013 $0.0921 Long: $0.000 Short: $0.000 $8.89 5/22/2013
5/16/2012 $0.0542 Long: $0.000 Short: $0.000 $7.43 5/16/2012

*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.

Portfolio

Top 10 Equity Holdings as a % of net assets 11/30/2016

Simon Property Group, Inc. Simon Property Group, Inc. (Simon) is a United States real estate company. 7.81%
ProLogis Prologis, Inc., formerly AMB Property Corporation, incorporated in 1997, operates as a real estate investment trust (REIT) and invests in properties located in the infill submarkets of its targeted markets. 4.66%
Welltower, Inc. 4.21%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 3.95%
Vornado Realty Trust Vornado Realty Trust is a fully integrated real estate investment trust (REIT) and one of the largest owners and managers of real estate in the United States. 3.33%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 3.24%
Public Storage, Inc. Public Storage (the Trust) is a real estate investment trust (REIT). The TrustÆs principal business activities include the acquisition, development, ownership and operation of self-storage facilities. 3.07%
Alexandria Real Estate Equities, Inc. Alexandria is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters. 3.01%
General Growth Properties, Inc. General Growth Properties, Inc. is an integrated, self-managed and self-administered real estate investment trust focused on owning, managing, leasing and redeveloping high-quality regional malls throughout the U.S. 2.91%
Boston Properties, Inc. Boston Properties, Inc. is an integrated, self-administered and self-managed real estate investment trust. The Company owns and develops office properties in the United States. 2.74%

Total Portfolio Holdings

Updated quarterly, upon availability.

Market Capitalization
as a % of equity assets as of 11/30/2016

Large 56.9%
Medium 41.6%
Small 1.5%
Median Market Cap (as of 11/30/2016) $6.7 bil

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2016

Retail REITs 22.3%
Office REITs 18.2%
Residential REITs 15.9%
Specialized REITs 13.2%
Health Care REITs 11.5%
Industrial REITs 8.7%
Hotel & Resort REITs 5.2%
Diversified REITs 5.1%

Sector Allocation
as a % of equity assets as of 11/30/2016

Real Estate 100.00%

Portfolio Composition
as a % of net assets as of 11/30/2016

Domestic Common Stock 96.50%
Cash and Cash Equivalents 3.50%

Equity Country Allocation
as a % of equity assets as of 11/30/2016

United States 100.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value change and differences in real estate market values. Because the Portfolio invests more than 25% of its total assets in the real estate industry, the Portfolio may be more susceptible to a single economic, regulatory, or technical occurrence than a Portfolio that does not concentrate its investments in this industry. 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.

Stylebox: The Morningstar Equity Style Box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Ivy VIP Real Estate formerly known as W&R Target Real Estate Portfolio.

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.

MPT Statistics: Alpha is a measure of a portfolio’s actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the portfolio’s return to fluctuations in the market index. R-squared indicates how much of a portfolio’s fluctuations are attributable to movements in the portfolio’s benchmark. Standard deviation is a measure of how volatile a portfolio’s returns are. Sharpe ratio is a measure of a portfolio’s risk-adjusted performance.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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

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