Delaware VIP® Special Situations Series** (formerly, First Investors Life Series Special Situations Fund)

Key features

  • Highly experienced, value-focused investment team of five sector specialists, averaging more than 20 years’ industry experience
  • Focus on a company's ability to effectively deploy and generate sustainable free-cash flow
  • Disciplined investment process with a focus on risk mitigation, applied consistently for more than 20 years

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 date11/09/1987
Dividends paid (if any)Annually
Capital gains paid (if any)Annually
Series identifier
CUSIP246493449

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 (10/31/2019)

as of quarter-end (09/30/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)12.47%1.66%7.43%5.26%10.67%n/a11/09/1987
Russell 2000 Index17.18%4.90%10.96%7.37%12.27%n/a
MSCI USA Small Cap Value16.23%4.82%8.57%6.45%12.28%n/a
Russell 2000 Value Index15.55%3.22%8.60%6.24%11.08%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-0.30%-8.89%5.88%5.79%10.20%n/a11/09/1987

Returns for less than one year are not annualized.

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
Grossn/a
Netn/a

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
2019n/an/a-0.30%n/an/a

Please click here to view monthly holdings.

Portfolio characteristics - as of 10/31/2019
Number of holdings103
Market cap (median) Source: FactSet$3.0 billion
Market cap (weighted average) Source: FactSet$3.7 billion
Portfolio turnover (last fiscal year)%
Beta, 3 years (relative to Russell 2000 Index) (view definition)n/a
Annualized standard deviation, 3 years (view definition)n/a
Top 10 holdings as of 10/31/2019

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

List may exclude cash, cash equivalents, and exchanged-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
MasTec Inc.2.76%
East West Bancorp Inc.2.51%
ITT Inc.2.02%
Hancock Whitney Corp.1.91%
Teradyne Inc.1.66%
WEBSTER FINL CORP1.64%
Stifel Financial Corp.1.63%
HANOVER INSURANCE GROUP INC1.56%
F.N.B CORP1.49%
BLACK HILLS CORP1.38%
Total % Portfolio in Top 10 holdings18.56%
Chris Beck

Christopher S. Beck, CFA

Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity

Start date on the Fund: October 2019

Years of industry experience: 38

(View bio)


Steve Catricks

Steven G. Catricks, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 20

(View bio)


Kent Madden

Kent P. Madden, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 23

(View bio)


Kelly McKee

Kelley McKee Carabasi, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 17

(View bio)


Michael Foley

Michael Foley, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 10

(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 fees0.75%
Distribution and service (12b-1) feesnone
Other expenses0.08%
Total annual series operating expenses0.83%
Fee waivers(0.03%)
Total annual series operating expenses after fee waivers0.80%

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 0.80% 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.

*The Series changed its broad-based securities index to the Russell 2000 Value Index as of Oct. 4, 2019. The Series had previously changed its broad-based securities index to the MSCI USA Small Cap Value Index as of Jan. 31, 2019. In each case the Series elected to use the new index because it more closely reflects the Series’ investment strategies.

**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), a leading global investment management company, whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (Macquarie), would acquire FIMCO's asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts 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 (each, an “Acquiring Fund,” and collectively, the “Acquiring Funds”) in the Delaware Funds by Macquarie family of funds (each, a “Reorganization” and together, the “Reorganizations”). Following the requisite approval of each Reorganization from shareholders of each First Investors Fund, each Acquiring Fund will be managed by DMC and each Acquiring Fund will have the same or substantially the same investment objective and the same or similar principal investment strategies and principal risks as the corresponding First Investors Fund. The Transaction closed on Oct. 4, 2019 (the “Closing Date”). Information, including without limitation historical holdings and performance information, relating to the Acquiring Funds for periods prior to the Closing Date has been provided by FIMCO and is attributable to the Acquired Funds.

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

The Series' investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Series security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

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.

Investing involves risk, including the possible loss of principal.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

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.

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.

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 11/13/2019)

Standard ClassPriceNet change
NAV$31.01-0.11
Max offer price$31.01n/a

Total net assets (as of 10/31/2019)

$228.8 million all share classes

Prospectuses and reports

Benchmark, peer group

Russell 2000® Value Index (view definition)

MSCI USA Small Cap Value Index (view definition)

Additional information