EX-99.B-77D(a)
SUB-ITEM 77D(a): The type of securities (e.g. bonds, preferred stocks, common stocks) in which it may invest, indicating the proportion of the assets which may be invested in each type of security.
IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 12, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017, December 29, 2017, February 6, 2018 and February 26, 2018
Effective immediately, the following is inserted as a new paragraph for each Portfolio in the More About the Portfolios Additional Information about Principal Investment Strategies, Other Investments and Risks section:
The Portfolio may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Portfolio receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 12, 2018 to the
Ivy Variable Insurance Portfolios Statement of Additional Information
dated April 28, 2017
as supplemented July 14, 2017, December 8, 2017 and February 26, 2018
Effective immediately, the following replaces the last sentence of the second paragraph of the The Portfolios, Their Investments, Related Risks and Restrictions Securities General section on page 6:
In the case of a split-rated security, which results when NRSROs rate the security at different rating levels (e.g., BBB by S&P and a higher or lower rating by another NRSRO), it is each Portfolios 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.
Effective immediately, the following replaces the The Portfolios, Their Investments, Related Risks and Restrictions Specific Securities and Investment Practices Lending Securities section on pages 15-16:
Lending Securities
For the purpose of realizing additional income or offsetting expenses, each Portfolio may lend portfolio securities up to the maximum amount of its total assets allowed under the 1940 Act (currently, one-third of total assets which, for purposes of this limitation, include the value of collateral received in return for securities loaned). Under a Portfolios securities lending procedures, the Portfolio may lend securities only to broker-dealers and financial institutions deemed creditworthy by the Investment Manager. The creditworthiness of entities to which a Portfolio makes loans of portfolio securities is monitored by the Investment Manager throughout the term of the loan.
If a Portfolio lends securities, the borrower pays the Portfolio an amount equal to the dividends or interest on the securities that the Portfolio would have received if it had not loaned the securities. The Portfolio also receives additional compensation.
In addition, a borrower must collateralize any securities loans that it receives from a Portfolio in accordance with applicable regulatory requirements (the Guidelines). At the time of each loan, the Portfolio must receive collateral equal to no less than 102% of the market value of the securities loaned (or 105% of the market value of foreign securities loaned), including any accrued interest thereon. Under the present Guidelines, the collateral must consist of cash or U.S. government securities or bank letters of credit, at least equal in value to the market value of the securities loaned on each day that the loan is outstanding. Such collateral will be marked-to-market daily, and if the market value of the lent securities exceeds the value of the collateral, the borrower must add more collateral so that it at least equals 102% of the market value of the domestic securities loaned (or 105% of the foreign securities loaned). If the market value of the securities decreases, the borrower is entitled to a return of the excess collateral.
There are two methods of receiving compensation for making loans. The first is to receive a negotiated loan fee from the borrower. This method is available for all three types of collateral. The second method, which is not available when letters of credit are used as collateral, is for a Portfolio to receive interest on the investment of the cash collateral or to receive interest on the U.S. government securities used as collateral. Part of the interest received in either case may be shared with the borrower.
The letters of credit that a Portfolio may accept as collateral are agreements by banks (other than the borrowers of the Portfolios securities), entered into at the request of the borrower and for its account and risk, under which the banks are obligated to pay to the Portfolio, while the letter is in effect, amounts demanded by the Portfolio if the demand meets the terms of the letter. The Portfolios right to make this demand secures the borrowers obligations to it. The terms of any such letters and the creditworthiness of the banks providing them (which might include the Portfolios custodian bank) must be satisfactory to the Investment Manager. The Portfolio will make loans only under rules of the New York Stock Exchange (NYSE), which presently require the borrower to give the securities back to the Portfolio within five business days after the Portfolio gives notice to do so. If the Portfolio loses its voting rights on securities loaned, it will not be able to have the securities returned to it in time to vote them if a material event affecting the investment is to be voted on. The Portfolio may pay reasonable finders, administrative and custodian fees in connection with loans of securities.
Some, but not all, of these rules are necessary to meet regulatory requirements relating to securities loans. These rules will not be changed unless the change is permitted under these requirements. The requirements do not cover the rules which may be changed without shareholder vote, as to: (1) whom securities may be loaned; (2) the investment of cash collateral; or (3) voting rights.
There may be risks of delay in receiving additional collateral from the borrower if the market value of the securities loaned increases. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a Portfolio could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a Portfolio is not able to recover the securities loaned, the Portfolio may sell the collateral and purchase a replacement investment in the market. Additional transaction costs would result, and the value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. Until the replacement can be purchased, the Portfolio will not have the desired level of exposure to the security which the borrower failed to return. Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market fund. Investing this cash subjects the Portfolio to greater market risk including losses on the collateral and, should the Portfolio need to look to the collateral in the event of the borrowers default, losses on the loan secured by that collateral.
Effective immediately, the following is inserted as a new paragraph of the Taxation of the Portfolios section beginning on page 98:
When a Portfolio engages in securities lending, while securities are loaned out by such Portfolio, the Portfolio generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made in lieu of dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made in lieu of dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. Additionally, in the
case of a Portfolio with a strategy of investing in tax-exempt securities, any payments made in lieu of tax-exempt interest will be considered taxable income to the Portfolio, and thus, to the investors, even though such interest may be tax-exempt when paid to the borrower.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated February 26, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017, December 29, 2017 and February 6, 2018
Important Notice Regarding Change in Investment Policy for Ivy VIP Bond
The Board of Trustees of the Ivy Variable Insurance Portfolios approved changes to the name, principal investment strategy and a non-fundamental investment restriction of Ivy VIP Bond (the Portfolio). Such changes will become effective on April 30, 2018 (the Effective Date).
As of the Effective Date, the following will occur:
2) | Principal Investment Strategy Change. Currently, the Portfolio seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds (for this purpose, bonds includes any debt security with an initial maturity greater than one year). Such bonds include corporate debt securities, mortgage-backed securities, debt securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities and other asset-backed securities. |
On the Effective Date, the Portfolios principal investment strategy will change, with the Portfolio focusing on investments specifically in corporate bonds, rather than in bonds generally. The Portfolio will seek to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in corporate bonds. For this purpose, corporate bonds includes any debt security issued by a domestic or foreign company with an initial maturity greater than one year.
3) | Non-Fundamental Investment Restriction Change. In connection with the Portfolios amended investment strategy, on the Effective Date, the Portfolios non-fundamental investment restriction pertaining to names rule investments also will change, from investments in bonds to investments in corporate bonds, as follows: |
Current Names Rule Non-Fundamental Investment Restriction |
New Names Rule
Non-Fundamental | |
1. Name Rule investments: Under normal circumstances, at least 80% of the Portfolios net assets, plus any borrowings for investment purposes, will be invested in bonds. The Portfolio will notify its shareholders with written notice at least 60 days prior to a change in its 80% investment policy. |
1. Name Rule investments: Under normal circumstances, at least 80% of the Portfolios net assets, plus any borrowings for investment purposes, will be invested in corporate bonds. The Portfolio will notify its shareholders with written notice at least 60 days prior to a change in its 80% investment policy. |
Important Notice Regarding Change in Investment Policy for Ivy VIP Dividend Opportunities
The Board of Trustees of the Ivy Variable Insurance Portfolios recently approved changes to the name, investment objective, principal investment strategy and a non-fundamental investment restriction of Ivy VIP Dividend Opportunities (the Portfolio). Such changes will become effective on April 30, 2018 (the Effective Date).
As of the Effective Date, the following will occur:
3) | Principal Investment Strategy Change. Currently, the Portfolio seeks to invest primarily in large-capitalization companies, that often are market leaders in their industry, with established operating records that Ivy Investment Management Company (IICO), the Portfolios investment manager, believes may accelerate or grow their dividend payout ratio and that also demonstrate favorable prospects for total return. On the Effective Date, the Portfolio will seek to invest primarily in equity securities that are issued by companies of any size located largely in developed markets around the world. Specifically, the Portfolios investment strategy as of the Effective Date will be as follows: |
The Portfolio will invest primarily in equity securities that are issued by companies of any size located largely in developed markets around the world, that IICO believes will be able to generate a reasonable level of current income for investors given current market conditions, and that demonstrate favorable prospects for total return. The Portfolio focuses on companies that IICO believes have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.
Under normal circumstances, the Portfolio will invest at least 80% of its net assets in equity securities. For this purpose, such equity securities consist primarily of dividend-paying common stocks across the globe. In an attempt to enhance return, the Portfolio also may invest, to a lesser extent, in companies not currently paying dividends to shareholders or companies with an unsustainably high dividend. The Portfolio may invest in U.S. and non-U.S. issuers and may invest up to 100% of its total assets in foreign securities. Although the Portfolio will invest primarily in large-capitalization companies (typically companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in companies of any size.
Under normal circumstances, the Portfolio will invest at least 40% (or, if IICO deems it warranted by market conditions, at least 30%) of its total assets in securities of non-U.S. issuers.
In selecting securities for the Portfolio, IICO combines a top-down (assessing the market environment) approach with a bottom-up (researching individual issuers) stock selection process, and uses a combination of country analysis, sector and industry dynamics, and individual stock selection. As part of its investment process, IICO seeks to identify investment themes, then seeks to determine the most appropriate sectors and geographies to benefit from its top-down analysis and generally seeks to find what it believes are reasonably-valued, dividend-paying companies with growth prospects, a sound balance sheet and steady cash flow generation. IICO also considers several other factors, which typically include a companys history of fundamentals; management proficiency; competitive environment; and relative valuation.
Many of the companies in which the Portfolio may invest have diverse operations, with products or services in foreign markets. Therefore, the Portfolio may have indirect exposure to various additional foreign markets through investments in these companies, even if the Portfolio is not invested directly in such markets.
The Portfolio may use forward foreign currency contracts to manage the Portfolios exposure to various foreign currencies and the U.S. dollar.
Generally, in determining whether to sell a security, IICO uses the same type of analysis that it uses in buying securities of that type. For example, IICO may sell a security if it believes the security no longer offers attractive current income prospects or significant growth potential, if it believes the management of the company has weakened, and/or there exists political or economic instability in the issuers country. IICO also may sell a security to reduce the Portfolios holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
4) | Non-Fundamental Investment Restriction Change. In connection with the Portfolios amended investment strategy, on the Effective Date, the Portfolios non-fundamental investment restriction pertaining to names rule investments also will change, from investments in dividend-paying equity securities to investments in equity securities, as follows: |
Current Names Rule Non-Fundamental Investment Restriction |
New Names Rule
Non-Fundamental | |
1. Name Rule investments: Under normal circumstances, at least 80% of the Portfolios net assets, plus any borrowings for investment purposes, will be invested in dividend-paying equity securities. The Portfolio will notify its shareholders with written notice at least 60 days prior to a change in its 80% investment policy. |
1. Name Rule investments: Under normal circumstances, at least 80% of the Portfolios net assets, plus any borrowings for investment purposes, will be invested in equity securities. The Portfolio will notify its shareholders with written notice at least 60 days prior to a change in its 80% investment policy. |
Ivy VIP Science and Technology Non-Diversification Proposal
The Board of Trustees of Ivy Variable Insurance Portfolios has determined that it is in the best interest of Ivy VIP Science and Technology (Portfolio) and its shareholders to change the status of the Portfolio from diversified to non-diversified, as such term is defined in the Investment Company Act of 1940. A meeting of shareholders of record of the Portfolio as of February 9, 2018 has been called for April 13, 2018 to consider the approval of the change in the Portfolios diversification status. If Portfolio shareholders approve the proposal, the Portfolio is expected to begin operating as a non-diversified fund on April 30, 2018. Informational materials about the proposal were mailed to shareholders on or about February 16, 2018.
EX-99.B-77D(g)
SUB-ITEM 77D(g): Any other investment policy set forth in the registrants charter, by-laws or prospectus.
IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 12, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017, December 29, 2017, February 6, 2018 and February 26, 2018
Effective immediately, the following bullet point is inserted as a Non-Principal Risk for each Portfolio in the More About the Portfolios Additional Information about Principal Investment Strategies, Other Investments and Risks section:
∎ | Securities Lending Risk |
Effective immediately, the following is inserted immediately following the More About the Portfolios Defining Risks Sector Risk section:
Securities Lending Risk Securities lending involves a risk of loss because the borrower may fail to return the securities in a timely manner or at all. If a Portfolio that lent its securities were unable to recover the securities loaned, it may sell the collateral and purchase a replacement security in the market. Lending securities entails a risk of loss to a Portfolio if and to the extent that the market value of the loaned securities increases and the collateral is not increased accordingly. Cash received as collateral for loaned securities may be invested, and such investment is subject to market appreciation or depreciation, with the Portfolio bearing any loss.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated February 6, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017 and December 29, 2017
Effective immediately, Ivy VIP Asset Strategys benchmark index is the MSCI ACWI 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) shown in the Average Annual Total Returns table. IICO, the Portfolios investment manager, believes that the MSCI ACWI Index is a more representative index for the types of securities that the Portfolio purchases. All four benchmark indexes will be shown in the Portfolios prospectus for a period of one year for comparison purposes. The 1, 5 and 10 Year performance information for the MSCI ACWI Index as of December 31, 2016 is shown below:
Average Annual Total Returns
Indexes |
1 Year | 5 Years | 10 Years | |||||||||
MSCI ACWI Index (reflects no deduction for fees, expenses or taxes) |
7.86 | % | 9.36 | % | 3.56 | % |
EX-99.B-77Q1(a)
SUB-ITEM 77Q1(a): Material amendments to the registrants charter or by-laws.
IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated May 8, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 30, 2018
The following replaces the Portfolio Managers section for Ivy VIP Small Cap Core:
Portfolio Manager
Kenneth G. Gau, Senior Vice President of IICO, has managed the Portfolio since August 2014.
The following replaces the first sentence of the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Small Cap Core section:
Ivy VIP Small Cap Core: Kenneth G. Gau is primarily responsible for the day-to-day portfolio management of Ivy VIP Small Cap Core.
The second paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Small Cap Core section is deleted in its entirety.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated May 8, 2018 to the
Ivy Variable Insurance Portfolios Statement of Additional Information
dated April 30, 2018
Effective immediately, Scott R. Sullivan will no longer serve as a co-portfolio manager of Ivy VIP Small Cap Core. Accordingly, all references and information related to Mr. Sullivan are deleted in their entirety.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 13, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017, December 29, 2017, February 6, 2018,
February 26, 2018 and April 12, 2018
Effective immediately, the following replaces the Portfolio Managers section for Ivy VIP Growth:
Portfolio Manager
Bradley M. Klapmeyer, Vice President of IICO, has managed the Portfolio since August 2016.
Effective immediately, the following replaces the Portfolio Manager section for Ivy VIP Bond:
Portfolio Managers
Mark G. Beischel, Senior Vice President of IICO, and Susan K. Regan, Senior Vice President of IICO, have managed the Portfolio since April 2018.
Effective immediately, the following replaces the Portfolio Manager section for Ivy VIP Balanced:
Portfolio Managers
Matthew A. Hekman, Vice President of IICO, has managed the Portfolio since August 2014, and Mark G. Beischel, Senior Vice President of IICO, and Susan K. Regan, Senior Vice President of IICO, have managed the Portfolio since April 2018.
Effective immediately, the following replaces the first sentence of the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Balanced section (as supplemented July 14, 2017):
Ivy VIP Balanced: Matthew A. Hekman, Mark G. Beischel and Susan K. Regan are primarily responsible for the day-to-day portfolio management of Ivy VIP Balanced.
Effective immediately, the following replaces the second paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Balanced section (as supplemented July 14, 2017):
Mr. Beischel has held his Portfolio responsibilities since April 2018. Biographical information for Mr. Beischel is listed below under The Management of the PortfoliosPortfolio ManagementIvy VIP Global Bond.
Ms. Regan has held her Fund responsibilities since April 2018. Biographical information for Ms. Regan is listed below under The Management of the PortfoliosPortfolio ManagementIvy VIP Limited-Term Bond.
Effective immediately, the following replaces the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Bond section:
Ivy VIP Bond: Mark G. Beischel and Susan K. Regan are primarily responsible for the day-to-day portfolio management of Ivy VIP Bond. Mr. Beischel has held his Portfolio responsibilities since April 2018. Biographical information for Mr. Beischel is listed below under The Management of the PortfoliosPortfolio ManagementIvy VIP Global Bond.
Ms. Regan has held her Fund responsibilities since April 2018. Biographical information for Ms. Regan is listed below under The Management of the PortfoliosPortfolio ManagementIvy VIP Limited-Term Bond.
Effective immediately, the following replaces the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Growth section:
Ivy VIP Growth: Bradley M. Klapmeyer is primarily responsible for the day-to-day portfolio management of Ivy VIP Growth.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 13, 2018 to the
Ivy Variable Insurance Portfolios Statement of Additional Information
dated April 28, 2017
as supplemented July 14, 2017, December 8, 2017, February 26, 2018 and April 12, 2018
Effective immediately, Daniel P. Becker will no longer serve as a co-portfolio manager of Ivy VIP Growth. Accordingly, all references and information related to Mr. Becker are deleted in their entirety.
Effective immediately, Eric C. Perry will no longer serve as a co-portfolio manager of Ivy VIP Balanced or Ivy VIP Bond. Accordingly, all references and information related to Mr. Perry are deleted in their entirety.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 12, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017, December 29, 2017, February 6, 2018
and February 26, 2018
Advantus Capital Management, Inc., the subadviser to Ivy VIP Advantus Real Estate Securities, will change its name to Securian Asset Management, Inc. (Securian) effective April 30, 2018. Therefore, effective April 30, 2018, the Prospectus is amended to reflect the following name changes:
∎ | The name of Ivy VIP Advantus Real Estate Securities is changed to Ivy VIP Securian Real Estate Securities |
∎ | All references to Advantus Capital Management, Inc. and Advantus Capital are amended to read Securian Asset Management, Inc. and Securian, respectively. |
Effective April 30, 2018, the following replaces the Portfolio Managers section for Ivy VIP Securian Real Estate Securities:
Portfolio Managers
Lowell R. Bolken, Vice President and Portfolio Manager of Securian, has managed the Portfolio since April 2006; Matthew K. Richmond, Vice President and Portfolio Manager of Securian, has managed the Portfolio since January 2014; and Joshua M. Klaetsch, Portfolio Manager of Securian, has managed the Portfolio since April 2018.
Effective April 30, 2018, the following replaces the The Management of the Portfolios Portfolio Management Ivy VIP Securian Real Estate Securities section:
Ivy VIP Securian Real Estate Securities: Lowell R. Bolken, Matthew K. Richmond and Joshua M. Klaetsch are primarily responsible for the day-to-day portfolio management of Ivy VIP Securian Real Estate Securities. Messrs. Bolken, Richmond and Klaetsch also are primarily responsible for the day-to-day portfolio management of Ivy Securian Real Estate Securities Fund, which also is managed by IICO. Mr. Bolken has held his Portfolio responsibilities since April 2006. He has been a Portfolio Manager with Securian since September 2005. From April 2001 to September 2005, he was Managing Director and Manager, Corporate Bond Research, Dain Rauscher, Inc.
Mr. Richmond has held his Portfolio responsibilities since January 2014. He has been a Vice President and Portfolio Manager with Securian since December 2013. Most recently, Mr. Richmond served as Director of Real Estate Securities Portfolio Management for Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors, a position he held since 2000. He received a BS in Finance from the University of Nebraska and an MBA in Finance from the University of Iowa.
Mr. Klaetsch has held his Portfolio responsibilities since April 2018. He has been an Investment Officer with Securian since November 2016 and has been an analyst at Securian since joining the firm in June 2008. He is a CFA Charterholder, received a BA in Economics and Business Management from Luther College and an MBA in Real Estate Finance from the University of Wisconsin.
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated April 12, 2018 to the
Ivy Variable Insurance Portfolios Statement of Additional Information
dated April 28, 2017
as supplemented July 14, 2017, December 8, 2017 and February 26, 2018
Advantus Capital Management, Inc., the subadviser to Ivy VIP Advantus Real Estate Securities, will change its name to Securian Asset Management, Inc. (Securian) effective April 30, 2018. Therefore, effective April 30, 2018, the Statement of Additional Information is amended to reflect the following name changes:
∎ | The name of Ivy VIP Advantus Real Estate Securities is changed to Ivy VIP Securian Real Estate Securities |
∎ | All references to Advantus Capital Management, Inc. and Advantus Capital are amended to read Securian Asset Management, Inc. and Securian, respectively. |
Effective April 30, 2018, the following is inserted immediately preceding the Portfolio Managers Portfolio Managers employed by Securian Conflicts of Interest section beginning on page 87:
The following table provides information relating to the portfolio manager of the specified Portfolio as of March 31, 2018:
Joshua M. Klaetsch Ivy VIP Securian Real Estate Securities *
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
||||||||||
Number of Accounts Managed |
0 | 0 | 0 | |||||||||
Number of Accounts Managed with Performance-Based Advisory Fees |
0 | 0 | 0 | |||||||||
Assets Managed (in millions) |
$ | 0 | $ | 0 | $ | 0 | ||||||
Assets Managed with Performance-Based Advisory Fees (in millions) |
$ | 0 | $ | 0 | $ | 0 |
* | Mr. Klaetsch assumed co-investment management responsibilities for Ivy VIP Securian Real Estate Securities effective April 30, 2018. |
Effective April 30, 2018, the following is inserted immediately preceding the Brokerage Allocation and Other Practices section beginning on page 88:
As of March 31, 2018, the dollar range of shares of the Portfolio beneficially owned by the portfolio manager was:
Manager |
Dollar Range of Shares Owned* Real Estate Securities |
Dollar Range of Shares | ||
Joshua M. Klaetsch** |
$0 | $10,001 to $50,000 |
* | The Portfolios shares are available for purchase only by Participating Insurance Companies and are indirectly owned by investors in the Policies for which the Portfolio serves as an underlying investment vehicle. |
** | Mr. Klaetsch assumed co-portfolio management responsibilities for Ivy VIP Securian Real Estate Securities effective April 30, 2018. |
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated February 26, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017, December 29, 2017 and February 6, 2018
Important Notice Regarding Change in Investment Policy for Ivy VIP Bond
The Board of Trustees of the Ivy Variable Insurance Portfolios approved changes to the name, principal investment strategy and a non-fundamental investment restriction of Ivy VIP Bond (the Portfolio). Such changes will become effective on April 30, 2018 (the Effective Date).
As of the Effective Date, the following will occur:
1) | Name Change. The Portfolios name will change, as set forth below: |
Current Name |
New Name | |
Ivy VIP Bond | Ivy VIP Corporate Bond |
Important Notice Regarding Change in Investment Policy for Ivy VIP Dividend Opportunities
The Board of Trustees of the Ivy Variable Insurance Portfolios recently approved changes to the name, investment objective, principal investment strategy and a non-fundamental investment restriction of Ivy VIP Dividend Opportunities (the Portfolio). Such changes will become effective on April 30, 2018 (the Effective Date).
As of the Effective Date, the following will occur:
1) | Name Change. The Portfolios name will change, as set forth below: |
Current Name |
New Name | |
Ivy VIP Dividend Opportunities | Ivy VIP Global Equity Income |
2) | Investment Objective Change. The Portfolios investment objective will change, as set forth below: |
Current Investment Objective |
New Investment Objective | |
To seek to provide total return. | To seek to provide total return through a combination of current income and capital appreciation. |
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IVY VARIABLE INSURANCE PORTFOLIOS
Supplement dated February 6, 2018 to the
Ivy Variable Insurance Portfolios Prospectus
dated April 28, 2017
as supplemented July 14, 2017, August 10, 2017, December 8, 2017 and December 29, 2017
The following replaces the Portfolio Managers section for Ivy VIP Asset Strategy:
Portfolio Managers
F. Chace Brundige, Senior Vice President of IICO, and Cynthia P. Prince-Fox, Senior Vice President of IICO, have managed the Portfolio since August 2014, and W. Jeffery Surles, Senior Vice President of IICO, has managed the Portfolio since February 2018. Effective April 30, 2018, Ms. Prince-Fox is retiring from IICO and will no longer serve as a co-portfolio manager of the Portfolio.
The following replaces the Portfolio Managers section for Ivy VIP Pathfinder Aggressive, Ivy VIP Pathfinder Moderately Aggressive, Ivy VIP Pathfinder Moderate, Ivy VIP Pathfinder Moderately Conservative and Ivy VIP Pathfinder Conservative, as well as the first paragraph of the Portfolio Managers section for Ivy VIP Pathfinder Moderate Managed Volatility, Ivy VIP Pathfinder Moderately Aggressive Managed Volatility and Ivy VIP Pathfinder Moderately Conservative Managed Volatility:
Portfolio Managers
F. Chace Brundige, Senior Vice President of IICO, and Cynthia P. Prince-Fox, Senior Vice President of IICO, have managed the Portfolio since June 2016; and Aaron Young, Vice President of IICO, has managed the Portfolio since October 2016; and W. Jeffery Surles, Senior Vice President of IICO, has managed the Portfolio since February 2018. Effective April 30, 2018, Ms. Prince-Fox is retiring from IICO and will no longer serve as a co-portfolio manager of the Portfolio.
The following replaces the first sentence of the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Asset Strategy section:
F. Chace Brundige, Cynthia P. Prince-Fox and W. Jeffery Surles are primarily responsible for the day-to-day portfolio management of the Ivy VIP Asset Strategy.
The following is inserted following the final sentence of the second paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Asset Strategy section:
Effective April 30, 2018, Ms. Prince-Fox is retiring from IICO and will no longer serve as a co-portfolio manager of the Portfolio.
The following is inserted as a new paragraph following the final paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Asset Strategy section:
Mr. Surles has held his responsibilities for Ivy VIP Asset Strategy since February 2018. He is Senior Vice President of IICO and Vice President of the Trust. He joined WRIMCO in 2007 initially serving as an investment analyst. Mr. Surles earned a BS degree from Vanderbilt University, and an MBA from the University of Wisconsin. He is a Chartered Financial Analyst.
The following replaces the first sentence of the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Pathfinder Aggressive, Ivy VIP Pathfinder Moderately Aggressive, Ivy VIP Pathfinder Moderate, Ivy VIP Pathfinder Moderately Conservative and Ivy VIP Pathfinder Conservative section:
F. Chace Brundige, Cynthia Prince-Fox, Aaron Young and W. Jeffery Surles are primarily responsible for the day-to-day portfolio management of each of the Pathfinder Portfolios.
The following is inserted following the final sentence of the second paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Pathfinder Aggressive, Ivy VIP Pathfinder Moderately Aggressive, Ivy VIP Pathfinder Moderate, Ivy VIP Pathfinder Moderately Conservative and Ivy VIP Pathfinder Conservative section:
Effective April 30, 2018, Ms. Prince-Fox is retiring from IICO and will no longer serve as a co-portfolio manager of the Pathfinder Portfolios.
The following is inserted as a new paragraph following the final paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Pathfinder Aggressive, Ivy VIP Pathfinder Moderately Aggressive, Ivy VIP Pathfinder Moderate, Ivy VIP Pathfinder Moderately Conservative and Ivy VIP Pathfinder Conservative section:
Mr. Surles has held his responsibilities for the Pathfinder Portfolios since February 2018. Biographical information for Mr. Surles is listed above under TheManagement of the PortfoliosPortfolio ManagementIvy VIP Asset Strategy.
The following replaces the first sentence of the first paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Pathfinder Moderate Managed Volatility, Ivy VIP Pathfinder Moderately Aggressive Managed Volatility and Ivy VIP Pathfinder Moderately Conservative Managed Volatility section:
F. Chace Brundige, Cynthia Prince-Fox, Aaron Young and W. Jeffery Surles are primarily responsible for the day-to-day portfolio management of each of the Managed Volatility Portfolios.
The following is inserted following the final sentence of the second paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Pathfinder Moderate Managed Volatility, Ivy VIP Pathfinder Moderately Aggressive Managed Volatility and Ivy VIP Pathfinder Moderately Conservative Managed Volatility section:
Effective April 30, 2018, Ms. Prince-Fox is retiring from IICO and will no longer serve as a co-portfolio manager of the Managed Volatility Portfolios.
The following is inserted as a new paragraph following the third paragraph of the The Management of the Portfolios Portfolio Management Ivy VIP Pathfinder Moderate Managed Volatility, Ivy VIP Pathfinder Moderately Aggressive Managed Volatility and Ivy VIP Pathfinder Moderately Conservative Managed Volatility section:
Mr. Surles has held his responsibilities for the Managed Volatility Portfolios since February 2018. Biographical information for Mr. Surles is listed above under The Management of the Portfolios Portfolio Management Ivy VIP Asset Strategy.
EX-99.B-77Q1(e)
SUB-ITEM 77Q1(e): New or amended Registrant investment advisory contracts.
IVY VARIABLE INSURANCE PORTFOLIOS
Amended and Restated Appendix A and Amended and Restated Appendix B to the Investment Management Agreement between Ivy Variable Insurance Portfolios and Ivy Investment Management Company, on behalf of its series Ivy VIP Asset Strategy; Ivy VIP Balanced; Ivy VIP Core Equity; Ivy VIP Corporate Bond; Ivy VIP Energy; Ivy VIP Global Bond; Ivy VIP Global Equity Income; Ivy VIP Global Growth; Ivy VIP Government Money Market; Ivy VIP Growth; Ivy VIP High Income; Ivy VIP Limited-Term Bond; Ivy VIP Mid Cap Growth; Ivy VIP Science and Technology; Ivy VIP Small Cap Growth; Ivy VIP Value; Ivy VIP Pathfinder Aggressive; Ivy VIP Pathfinder Moderately Aggressive; Ivy VIP Pathfinder Moderate; Ivy VIP Pathfinder Moderately Conservative; and Ivy VIP Pathfinder Conservative, as amended April 30, 2018, was filed with the Securities and Exchange Commission by EDGAR on April 27, 2018, in Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A, and is incorporated by reference herein.
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Amended and Restated Appendix A and Amended and Restated Appendix B to the Investment Management Agreement between Ivy Variable Insurance Portfolios and Ivy Investment Management Company, on behalf of its series Ivy VIP International Core Equity; Ivy VIP Micro Cap Growth; Ivy VIP Natural Resources; Ivy VIP Securian Real Estate Securities; Ivy VIP Small Cap Core; Ivy VIP Pathfinder Moderately Aggressive Managed Volatility; Ivy VIP Pathfinder Moderate Managed Volatility; and Ivy VIP Pathfinder Moderately Conservative Managed Volatility, as amended April 30, 2018, was filed with the Securities and Exchange Commission by EDGAR on April 27, 2018, in Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A, and is incorporated by reference herein.
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Investment Management Fee Reduction Agreement by and between Ivy Investment Management Company and Ivy Variable Insurance Portfolios, on behalf of its series Ivy VIP Advantus Real Estate Securities, effective April 30, 2018, was filed with the Securities and Exchange Commission by EDGAR on April 27, 2018, in Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A, and is incorporated by reference herein.