Delaware VIP® U.S. Growth Series

Objective

Delaware VIP U.S. Growth Series seeks long-term capital appreciation.

Strategy

The Series invests in stocks of medium- to large-sized companies that are believed to have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

Series information
Inception date05/01/2000
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493597

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (10/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)9.08%16.93%19.96%18.23%9.26%2.35%05/01/2000
Russell 1000 Growth Index10.73%17.11%19.30%17.43%9.05%n/a
Average annual total return as of quarter-end (09/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.48%5.50%17.17%22.50%17.30%9.00%2.12%05/01/2000
Russell 1000 Growth Index1.49%7.89%19.15%22.45%16.50%8.94%n/a

Returns for less than one year are not annualized.

Expense ratio
Gross1.04%
Net0.99%

Net expense ratio reflects a contractual distribution fee waiver from April 30, 2014 to April 30, 2015. Please see the fee table in the Series' prospectus for more information.

The performance and expense ratio information shown represent the performance and fees as they relate to actual shares of the Series. These examples do not include any fees or sales charges imposed by the variable insurance contract for which the Series is an investment option. If they were included, your costs would be higher and performance would be lower. Investors should consult the contract prospectus or disclosure documents for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2014-0.08%5.08%0.48%n/an/a
201310.17%-0.02%9.90%11.06%34.44%
201216.07%-5.28%6.20%-0.69%15.95%
20115.96%1.57%-10.62%11.76%7.50%
20102.40%-11.43%14.46%9.38%13.54%
20090.00%15.32%12.06%10.61%42.94%
2008-10.71%-4.00%-14.25%-22.26%-42.86%
20070.25%3.65%8.02%0.11%12.37%
20063.74%-6.21%-0.93%5.88%2.06%
2005-3.87%4.91%9.50%3.60%14.41%
20040.76%-3.15%-4.03%10.02%3.03%
Portfolio characteristics - as of 10/31/2014
Share assets$357.7 million
Number of holdings30
Market cap (median)$46.76 billion
Market cap (weighted average)$93.57 billion
Portfolio turnover (last fiscal year)20%
Beta - (relative to Russell 1000 Growth Index) (view definition)1.00
Annualized standard deviation, 3 years (view definition)10.46
Portfolio composition as of 10/31/2014Total may not equal 100% due to rounding.
Domestic equities93.8%
International equities & depository receipts5.7%
Cash and cash equivalents0.6%
Top 10 holdings as of 10/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Celgene Corp.6.5%
Allergan Inc.5.6%
Microsoft Corp.5.4%
Visa Inc.5.2%
MasterCard Inc.4.8%
QUALCOMM Inc.4.8%
eBay Inc.4.5%
Crown Castle International Corp.4.4%
EOG Resources Inc.4.3%
Walgreen Co.4.3%
Total % Portfolio in Top 10 holdings49.8%
Top sectors as of 10/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Technology27.0%
Consumer Discretionary24.3%
Financial Services17.3%
Health Care16.8%
Energy9.7%
Consumer Staples4.3%

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust

Sub-advisors

Jackson Square Partners, LLC


Jeff VanHarte

Jeffrey S. Van Harte, CFA

Chairman, Chief Investment Officer — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 33

(View bio)


Chris Bonavico

Christopher J. Bonavico, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 26

(View bio)


Daniel J. Prislin, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 21

(View bio)


Chris Ericksen

Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 20

(View bio)


The following table describes the fees and expenses that you may pay if you buy and hold shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.

Annual series operating expenses
Management fees0.65%
Distribution and service (12b-1) fees0.30%
Other expenses0.09%
Total annual series operating expenses1.04%
Fee waivers and expense reimbursements(0.05%)
Total annual series operating expenses after fee waivers and expense reimbursements0.99%

1The Series' distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the 12b-1 fees to no more than 0.25% of average daily net assets from April 30, 2014 through April 30, 2015. This waiver may be terminated only by agreement of the Distributor and the Series.

Jackson Square Partners, LLC (JSP) is the sub-advisor to the Series. As sub-advisor, JSP is responsible for day-to-day management of the Series’ assets. Although JSP serves as sub-advisor, the investment manager, Delaware Management Company, a series of Delaware Management Business Trust, has ultimate responsibility for all investment advisory services with JSP.

Carefully consider the Series' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series' prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or by calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Delaware VIP Series refers to Delaware VIP Funds. Delaware VIP Funds are not available for direct investment except for issuers of variable insurance product contracts. They are only available through the purchase of certain variable insurance products.

The Series is distributed by Delaware Distributors L.P., an affiliate of Delaware Management Holdings, Inc., and Macquarie Group Limited.

Fund Finder

Daily pricing (as of 11/21/2014)

Service ClassPriceNet changeYTD
NAV$13.440.0411.74%
Max offer price$13.44n/an/a

Total net assets (as of 10/31/2014)

$512.0 million all share classes

Benchmark, peer group

Russell 1000® Growth Index (view)

Lipper Large-Cap Growth Funds Average (view)

Additional information