SCHEDULE OF INVESTMENTS
Pathfinder Moderate (in thousands)	MARCH 31, 2019 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy VIP Core Equity, Class II		6,151	$	74,286
Ivy VIP Corporate Bond, Class II		15,085		80,870
Ivy VIP Global Equity Income, Class II		7,773		59,338
Ivy VIP Government Money Market, Class II		55,525		55,525
Ivy VIP Growth, Class II		5,954		76,097
Ivy VIP High Income, Class I		3,501		12,455
Ivy VIP International Core Equity, Class II		5,426		87,644
Ivy VIP Limited-Term Bond, Class II		27,116		132,987
Ivy VIP Mid Cap Growth, Class I		4,042		54,388
Ivy VIP Small Cap Core, Class II		479		7,428
Ivy VIP Small Cap Growth, Class I		1,660		14,977
Ivy VIP Value, Class II		11,563		71,992
TOTAL AFFILIATED MUTUAL FUNDS – 99.8%			$	727,987
(Cost: $732,530)
SHORT-TERM SECURITIES	Principal
Master Note - 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.710%, 4-5-19(A)	$	1,066		1,066
TOTAL SHORT-TERM SECURITIES – 0.1%			$	1,066
(Cost: $1,066)
TOTAL INVESTMENT SECURITIES – 99.9%			$	729,053
(Cost: $733,596)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				373
NET ASSETS – 100.0%			$	729,426

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Portfolio.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

• Level 1 - Observable input such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of March 31, 2019:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	727,987	$	—	$	—
Short-Term Securities		—		1,066		—
Total	$	727,987	$	1,066	$	—

The following acronym is used throughout this schedule:

LIBOR = London Interbank Offered Rate

For Federal income tax purposes, cost of investments owned at March 31, 2019 and the related unrealized appreciation (depreciation) were as follows:

Cost	$	733,596
Gross unrealized appreciation		16,741
Gross unrealized depreciation		(21,284	)
Net unrealized depreciation	$	(4,543	)