Macquarie VIP Total Return Series

Macquarie VIP Total Return Series (formerly, Delaware VIP® Total Return Series)

Key features

Seeks total return and offers the potential for capital growth and current income

Provides diversification among different asset classes consistent with a moderate risk level

Strategic and tactical allocations made by an experienced multi-asset allocation team

Daily pricing as of 07/12/2024

NAV
NAV 1-day net change
Max offer price
$13.21

Total net assets as of 06/30/2024

All share classes
$39.7 million

Overview

Series information
Inception date 12/17/2012
Dividends paid (if any) Annual
Capital gains paid (if any) Annually
Series identifiers
CUSIP 246493423

Benchmark

S&P 500® Index (primary) (view definition)

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

Bloomberg US Aggregate Index (view definition)

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 (as applicable) 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 (06/30/2024)

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.

Average annual total return as of quarter-end (06/30/2024)

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

Gross
0.99%
Net
0.85%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from May 1, 2024 through April 30, 2025. 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.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
12.63%
2022
-10.56%
2021
16.37%
2020
0.91%
2019
18.88%
2018
-7.65%
2017
11.75%
2016
6.62%
2015
-1.61%
2014
5.97%

Portfolio

Portfolio characteristics as of 06/30/2024

Number of holdings
389
Market cap (median) Source: FactSet
$25.5 billion
Market cap (weighted average) Source: FactSet
$559.7 billion
Portfolio turnover (last fiscal year)
56%
Beta (relative to S&P 500 Index) (view definition)
0.67
SEC 30-day yield with waiver (view definition)
2.62%
SEC 30-day yield without waiver (view definition)
2.39%
Annualized standard deviation, 3 years (view definition)
12.39

Portfolio composition as of 06/30/2024
Total may not equal 100% due to rounding.

US quality and income equity
38.0%
Investment grade
22.3%
Large-cap value
13.6%
Opportunistic
5.8%
High yield
5.5%
International equity
4.7%
Convertibles
3.8%
Cash and cash equivalents
3.7%
REITs
2.6%

Top 10 holdings as of 06/30/2024

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
TREASURY NOTE 3.875 1/15/2026
4.70
TREASURY NOTE 1.000 12/15/2024
4.29
TREASURY NOTE 3.250 6/30/2029
3.45
MICROSOFT CORP
2.96
NVIDIA CORP
2.95
APPLE INC
2.71
TREASURY NOTE 1.875 2/15/2032
1.77
VANGUARD INDEX FUND;ETF
1.76
ISHARES CORE MSCI EUROPE ETF
1.75
TREASURY NOTE 3.875 11/30/2029
1.44

Total % Fund in Top 10 holdings - 27.78%

List of monthly holdingsList of quarterly holdings

Management

Investment manager

Delaware Management Company (DMC)

Stefan Lowenthal

Stefan Löwenthal, CFA

  • Managing Director, Head of Global Multi-Asset
  • Start date on the Fund: June 2020
  • Years of industry experience: 16
  • Read bio
Jurgen Wurzer

Jürgen Wurzer 

  • Managing Director, Deputy Head of Global Multi-Asset
  • Start date on the Fund: June 2020
  • Years of industry experience: 17
  • Read bio
Aaron Young

Aaron D. Young 

  • Senior Vice President, Portfolio Manager – Global Multi-Asset
  • Start date on the Fund: May 2022
  • Years of industry experience: 20
  • Read bio

Fees

Annual portfolio operating expenses

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from May 1, 2024 through April 30, 2025. Please see the fee table in the Series' prospectus for more information.

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 0.86% of the Series’ average daily net assets from April 30, 2021 through April 30, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Series.

Resources

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 Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (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.

Investing involves risk, including the possible loss of principal.

The prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. An issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. The principal on a fixed income security may be prepaid prior to maturity, which may require reinvestment at a lower interest rate. High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.

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

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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 Series has a different level of risk.

The risks of investing in an exchange-traded fund (ETF) typically reflect the risks of the types of instruments in which the ETFs invest. Because ETFs are investment companies, a fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a fund’s expenses may be higher and performance may be lower.

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.

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 Series' 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 Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series' ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Series.

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

Macquarie 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.

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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