Delaware VIP® Total Return Series** (formerly, First Investors Life Series Total Return Fund)

Key features

  • Seeks total return with a flexible exposure to securities that offer the potential for capital growth, current income, or both
  • Provides diversification among different asset classes, consistent with a moderate investment risk tolerance
  • Strategic and tactical allocations made by an investment team with more than 30 years’ collective experience managing multi-asset portfolios

Objective

Delaware VIP Value Series seeks long-term capital appreciation.

Strategy

The Series invests in securities of 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 date10/31/2019
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493415

Please click below to view Series performance:

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 (01/31/2020)

as of quarter-end (12/31/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-1.12% n/an/an/an/a2.54% 10/31/2019
S&P 500 Index-0.04%n/an/an/an/a6.72%
60% S&P500 Index/ 40% Bloomberg Barclays US Aggregate Index0.76%n/an/an/an/a4.76%
Bloomberg Barclays US Aggregate Index1.92%n/an/an/an/a1.80%
ICE BofA US Corporate, Gov't & Mortgage Index2.03%n/an/an/an/a1.88%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)n/an/an/an/an/a3.70% 10/31/2019
S&P 500 Indexn/an/an/an/an/a6.76%
60% S&P500 Index/ 40% Bloomberg Barclays US Aggregate Indexn/an/an/an/an/a3.97%
Bloomberg Barclays US Aggregate Indexn/an/an/an/an/a-0.12%
ICE BofA US Corporate, Gov't & Mortgage Indexn/an/an/an/an/a-0.15%

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio
Gross1.17%
Net1.16%

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.

Please click here to view monthly holdings.

Portfolio characteristics - as of 01/31/2020
Number of holdings342
Market cap (median) Source: FactSet$27.3 billion
Market cap (weighted average) Source: FactSet$1,167,739.9 billion
Portfolio turnover (last fiscal year)68%
Beta, 3 years (relative to S&P 500 Index) (view definition)n/a
Annualized standard deviation, 3 years (view definition)7.35
Top 10 holdings as of 01/31/2020

Holdings are as of the date indicated and subject to change.

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Holdings based by issuer.

Holding% of portfolio
INTEL CORP1.71%
Waste Management Inc.1.70%
Conagra Brands Inc.1.65%
ALLSTATE CORP1.65%
Northrop Grumman Corp.1.63%
Edison International1.62%
Mondelez International Inc.1.62%
Johnson & Johnson1.60%
Abbott Laboratories1.56%
MARSH & MCLENNAN COMPANIES INC1.55%
Total % Portfolio in Top 10 holdings16.29%
Top sectors as of 01/31/2020

List may exclude cash, cash equivalents, and exchang-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Sector% of portfolio
Pharmaceuticals10.1%
REITS9.1%
Telecommunications6.0%
Banks5.7%
Oil & gas5.0%
Insurance4.9%
Food4.5%
Semiconductors3.8%
Software3.7%
Aerospace/defense3.3%
Retail3.2%
Electric2.2%
Chemicals2.1%
Agriculture1.8%
Oil & gas services1.7%
Media1.7%
Environmental control1.7%
Healthcare-Products1.6%
Commercial services1.5%
Healthcare-Services1.3%
Municipal1.1%
Pipelines1.1%
Diversified financial services1.0%
Electronics0.9%
Internet0.7%
Commodity Fund0.6%
Advertising0.6%
Sovereign0.5%
Trucking & Leasing0.5%
Equity Fund0.5%
Energy-Alternate Sources0.4%
Biotechnology0.4%
Venture Capital0.4%
Agency Collat CMO0.4%
Beverages0.4%
Entertainment0.4%
Lodging0.3%
Real estate0.3%
Machinery-Diversified0.2%
Private Equity0.2%
Funds0.2%
Auto manufacturers0.2%
Mining0.2%
Building materials0.2%
Auto parts & equipment0.2%
Engineering & construction0.2%
Food Service0.2%
Commercial MBS0.1%
Packaging & containers0.1%
Iron/steel0.1%
FNMA Collateral0.1%
Apparel0.1%
Closed-end funds0.1%
Hand/machine tools0.1%
Distribution/wholesale0.1%
Home builders0.1%
Gas0.1%
Cosmetics/Personal Care0.1%
Bob Zenouzi

Bob Zenouzi 

Senior Vice President, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

Start date on the Fund: October 2019

Years of industry experience: 33

(View bio)


Damon Andres

Damon J. Andres, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 29

(View bio)


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

Annual series operating expenses
Management fees0.65%
Distribution and service (12b-1) fees0.30%
Other expenses0.22%
Total annual series operating expenses1.17%
Fee waivers(0.01%)
Total annual series operating expenses after fee waivers1.16%

1The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding 1.16% of the Series’ average daily net assets from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series.

**On April 6, 2019, Foresters Investment Management Company, Inc. (FIMCO), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (MMHI), whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), would acquire FIMCO’s asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts and the First Investors Fund shareholders approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds by Macquarie family of funds. The Transaction closed on Oct. 4, 2019.

All third-party marks cited are the property of their respective owners.

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 visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

The Series' investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited (MIMGL), and Macquarie Funds Management Hong Kong Limited (MFMHKL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. The Series may permit its affiliates, MIMGL and MFMHKL, to execute series security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Series may be prepaid prior to maturity, potentially forcing the Series to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal. Each [Fund] has a different level of risk.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

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 available only through the purchase of certain variable insurance products.

Fund Finder

Daily pricing (as of 02/14/2020)

Service ClassPriceNet change
NAV$14.49no chg
Max offer price$14.49n/a

Total net assets (as of 01/31/2020)

$57.6 million all share classes

Prospectuses and reports

Benchmark and peer group

S&P 500® Index (view definition)

60% S&P 500® Index / 40% Bloomberg Barclays US Aggregate Index (view definition)

Bloomberg Barclays US Aggregate Index (view definition)

ICE BofA US Corporate, Government & Mortgage Index (view definition)

Additional information