Delaware VIP® Value Series

Objective

Delaware VIP Value Series seeks long-term capital appreciation.

Strategy

The Series invests in large-capitalization companies, seeking consistent long-term performance. The Series follows a traditional value-oriented investment philosophy using a research-based approach.

Series information
Inception date05/01/2000
Dividends paid*Annually
Capital gains paid*Annually

*If any.

Series identifier
CUSIP246493753

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 (03/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.65%22.03%16.59%21.30%8.34%7.20%05/01/2000
Russell 1000 Value Index3.02%21.57%14.80%21.75%7.58%n/a
Average annual total return as of quarter-end (03/31/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.65%2.65%22.03%16.59%21.30%8.34%7.20%05/01/2000
Russell 1000 Value Index3.02%3.02%21.57%14.80%21.75%7.58%n/a

Returns for less than one year are not annualized.

Expense ratio
Gross1.03%
Net0.98%

Net expense ratio reflects a contractual distribution fee waiver from April 30, 2013 to April 30, 2014. 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
20142.65%n/an/an/an/a
201312.20%3.94%4.48%9.46%33.37%
20128.02%-0.26%4.71%1.43%14.44%
20118.01%1.61%-12.82%14.19%9.26%
20103.77%-9.99%12.52%9.73%15.32%
2009-11.55%11.50%11.53%6.97%17.65%
2008-9.97%-5.88%-9.24%-13.62%-33.57%
20070.40%6.41%-2.76%-6.63%-3.00%
20066.26%0.15%8.52%7.20%23.79%
20051.71%-0.05%3.79%0.26%5.79%
20040.85%2.71%1.38%9.12%14.59%
Portfolio characteristics - as of 03/31/2014
Share assets$283.7 million
Number of holdings33
Market cap (median)$39.80 billion
Market cap (weighted average)$73.95 billion
Portfolio turnover (last fiscal year)14%
P/E ratio (weighted average FY1) (view definition)14.17x
Beta (relative to Russell 1000 Value Index) (view definition)0.86
Annualized standard deviation, 3 years (view definition)11.21
Portfolio composition as of 03/31/2014Total may not equal 100% due to rounding.
Domestic equities98.8%
Cash and cash equivalents1.2%
Top 10 holdings as of 03/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Broadcom Corp.3.4%
Xerox Corp.3.3%
Intel Corp.3.2%
AT&T Inc.3.2%
Bank of New York Mellon Corp.3.1%
Edison International3.1%
ConocoPhillips3.1%
Allstate Corp.3.1%
Johnson & Johnson3.1%
Marathon Oil Corp.3.1%
Total % Portfolio in Top 10 holdings31.7%
Top sectors as of 03/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Health Care17.4%
Information Technology15.5%
Energy15.2%
Financials12.1%
Consumer Staples11.7%
Industrials8.6%
Telecommunication Services6.1%
Consumer Discretionary6.0%
Utilities3.1%
Materials3.0%
Ty Nutt

Ty Nutt  

Senior Portfolio Manager, Team Leader

Start date on the Fund: March 2004

(View bio)


Anthony Lombardi

Anthony A. Lombardi, CFA

Senior Portfolio Manager

Start date on the Fund: March 2004

(View bio)


Bob Vogel

Robert A. Vogel Jr., CFA

Senior Portfolio Manager

Start date on the Fund: March 2004

(View bio)


Nik Lalvani

Nikhil G. Lalvani, CFA

Senior Portfolio Manager

Start date on the Fund: October 2006

(View bio)


Kristen Bartholdson

Kristen E. Bartholdson 

Senior Portfolio Manager

Start date on the Fund: December 2008

(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 expenses0.08%
Total annual series operating expenses1.03%
Fee waivers and expense reimbursements(0.05%)
Total annual series operating expenses after fee waivers and expense reimbursements0.98%

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, 2013 through April 30, 2014. This waiver and/or reimbursement may be terminated only by agreement of the Distributor and the Series.

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 04/17/2014)

Service ClassPriceNet changeYTD
NAV$26.770.032.84%
Max offer price$26.77n/an/a

Total net assets (as of 03/31/2014)

$764.1 million all share classes

Benchmark, peer group

Russell 1000® Value Index (view)

Lipper Large-Cap Value Funds Average (view)

Additional information