Fund Detail

Delaware Ivy VIP Securian Real Estate Securities

(Formerly, Ivy VIP Securian Real Estate Securities)
Track Fund
$8.80 NAV as of 7/30/2021
$0.02 / 0.27% Daily NAV Change
29.48% YTD (NAV) as of 7/30/2021 i

Fund 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
Value Blend Growth
Portfolio Management
  • Lowell R. Bolken, CFA

    • — Securian Asset Management, Inc. (Sub-Adviser)
    • — 15 Years with Fund
    • — 30 Years in Industry
  • Matthew K. Richmond

    • — Securian Asset Management, Inc. (Sub-Adviser)
    • — 7 Years with Fund
    • — 27 Years in Industry
  • Josh Klaetsch

    • — Securian Asset Management, Inc. (Sub-Adviser)
    • — 3 Years with Fund
    • — 15 Years in Industry
Growth of a $10,000 Investment through 7/31/2021

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. If it had, performance shown would have been lower.

Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Q1 Holdings
Q3 Holdings
Daily Prices as of 7/30/2021
Net Asset Value (NAV) $8.80  
Daily NAV Change $0.02 0.27%
Weekly NAV Change $0.02 0.27%
Public Offering Price (POP) $8.80
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 6/30/2021)
$37.4 mil
Total Equity Holdings
(as of 6/30/2021)
Total Holdings
(as of 6/30/2021)
Portfolio Turnover Rate
(as of 12/31/2020)
Morningstar Category Real Estate
BenchmarkFTSE NAREIT Equity REITs Index

Fund 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 7/31/2021

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 29.48% 36.59% 13.70% 7.12% 9.59% 9.16%

Quarterly Rates of Return Average Annual Total Returns as of 6/30/2021

(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 22.76% 37.10% 11.90% 6.74% 9.11% 8.86%
FTSE NAREIT Equity REITs Index 21.96% 38.02% 10.10% 6.31% 9.41% -
Morningstar Real Estate 20.43% 36.79% 10.81% 7.03% 9.08% -

Calendar Year Return

Class II4.26 5.39 -5.57 24.43 -3.13 5.01 17.72 1.13 30.17 4.78 30.08 -16.07 -36.04 23.62 28.51 10.83
FTSE NAREIT Equity REITs Index8.52 5.23 -4.62 26.00 -8.00 8.29 18.06 2.47 30.14 3.20 - - - - 27.96 -

Morningstar Ratings as of 6/30/2021

Category: Real Estate

Overall out of 228 ★★★
3 Year out of 228 ★★★★
5 Year out of 199 ★★★
10 Year out of 143 ★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 6/30/2021

Category: Real Estate

  Rank Percentile
1 Year 12 /38 44
3 Year 17 /38 36
5 Year 24 /38 55
10 Year 16 /37 49

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 4/30/2021

Net 1.37%
Gross 1.46%

5-Year Standard Deviation as of 6/30/2021

Fund 14.86
FTSE NAREIT Equity REITs Index 16.98

5-Year MPT* Statistics as of 6/30/2021

Alpha 0.92
Beta 0.86
R-Squared 96.91
Sharpe Ratio 0.38
Capture Ratio

Upside: 92.50%

Downside: 87.83%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 7/31/2021

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.

Fund Distributions

Historical Prices Inception 5/27/2004

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 5/27/2004

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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.

Fund Documents

Top 10 Equity Holdings as a % of net assets as of 6/30/2021

ProLogis, Inc. Prologis, Inc., is a real estate investment trust (REIT) company. The company is engaged in logistics real estate business. The company's segments include Real Estate Operations and Strategic Capital with a focus on markets across the United States, the Americas, Europe and Asia. 7.97%
Equinix, Inc. Equinix, Inc. is an American public corporation that provides carrier-neutral data centers and internet exchanges to enable interconnection. 7.50%
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. 5.15%
Welltower, Inc. Welltower Inc is engaged in the transformation of healthcare infrastructure. The Company invests in seniors housing operators, post-acute providers and health systems to improve people's wellness and overall health care experience. 4.00%
AvalonBay Communities, Inc. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. 3.94%
Invitation Homes, Inc. 3.77%
Ventas, Inc. Ventas, Inc., through its subsidiaries, operates as a healthcare real estate investment trust in the United States. It finances, owns, and leases healthcare related and senior housing facilities. 3.47%
American Tower Corp., Class A Global provider of wireless communication infrastructure. 3.40%
Digital Realty Trust, Inc. Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and management of technology-related real estate. 3.26%
Extra Space Storage, Inc. 3.11%
Total Portfolio Holdings DOWNLOAD (as of 6/30/2021)
updated quarterly, upon availability
Market Capitalization as a % of equity assets as of 6/30/2021
Large ( > $10 bil) 81.8%
Medium ($2 - $10 bil) 18.2%
Small ( < $2 bil) 0.0%
Median Market Cap (as of 6/30/2021) $15.6 bil
Top 10 Industry Allocation (as a % of Equity Holdings as of 6/30/2021)
Specialized REITs 28.7%
Residential REITs 25.5%
Retail REITs 11.6%
Industrial REITs 11.2%
Health Care REITs 9.1%
Office REITs 6.7%
Hotel & Resort REITs 5.4%
Diversified REITs 1.9%
Sector Allocation as a % of equity assets as of 6/30/2021
Real Estate 100.00%
Portfolio Composition as a % of net assets as of 6/30/2021
Domestic Common Stock 99.51%
Cash and Cash Equivalents 0.49%
Equity Country Allocation as a % of equity assets as of 6/30/2021
United States 100.0%
Total Portfolio Holdings
DOWNLOAD (as of 6/30/2021)

Fund Documents


Fact Sheet
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
Q1 Holdings
Q3 Holdings

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.



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: Investing involves risk, including the possible loss of principal. The value of the Portfolio's shares will change, and you could lose money on your investment. 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. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Portfolio. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. These and other risks are more fully described in the Portfolio's prospectus. Not all portfolios may be offered at all broker/ dealers. The DELAWARE 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.

Index Description: The FTSE NAREIT Equity REITs Index is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the U.S. economy. The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. It is not possible to invest directly in an index.

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.

Fee Waiver and/or Expense Reimbursement: Through April 30, 2022, Delaware Management Company (Manager), the Portfolio’s investment manager has contractually agreed to reduce the management fees paid by the Portfolio by an annual rate of 0.09% of average daily net assets. Prior to that date, the reduction may not be terminated without the consent of the Board of Trustees (Board).

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 product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

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.

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