Strategy. Macquarie VIP Total Return Series allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Series does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Series normally invests at least 50% of its net assets in stocks, stock equivalents, and convertible securities with the remainder in bonds, cash and money market instruments . For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK, or the Sub-advisor), with respect to its role as sub-advisor of the Series. The percentage allocations within the above ranges may … Show more… Macquarie VIP Total Return Series allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Series does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Series normally invests at least 50% of its net assets in stocks, stock equivalents, and convertible securities with the remainder in bonds, cash and money market instruments . For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK, or the Sub-advisor), with respect to its role as sub-advisor of the Series. The percentage allocations within the above ranges may change due to, among other things, market fluctuations or reallocation decisions by the Sub-advisor. MIMAK and the Manager use a dynamic asset-allocation framework to determine the proportion of the Series assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. Reallocations outside of the above ranges are expected to occur infrequently. The Series may also invest in high yield, below investment grade corporate bonds (commonly known as high yield or junk bonds). High yield bonds include bonds that are rated below Baa3 by Moodys Investors Service, Inc. (Moodys) or below BBB- by Standard & Poors Financial Services LLC (S&P) as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds but relies principally on its own research and investment analysis. In managing its portion of the Series, the Manager primarily focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Managers expectations. The Series may invest in credit-linked securities, provided that no more than 10% of the Series net assets are invested in credit-linked securities. The Series may also invest in real estate related companies and real estate investment trusts (REITs). In connection with their dynamic asset-allocation framework, MIMAK and the Manager will also manage a tactical/completion sleeve and such sleeve will typically vary from 0% to 20% of the Series total assets and primarily hold derivatives and exchange-traded funds (ETFs). The Series may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Series will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Series portfolio characteristics. For example, the Series may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return. In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL to execute Series equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMELs or MIMGLs specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time. The Series 80% policy is nonfundamental and may be changed without shareholder approval. Series shareholders would be given at least 60 days notice prior to any such change. Show less