Delaware Vip Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-05162
Exact name of registrant as specified in charter:	Delaware VIP® Trust
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2018

Item 1. Reports to Stockholders

Delaware VIP^® Trust

Delaware VIP Diversified Income Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation	2
Schedule of investments	3
Statement of assets and liabilities	35
Statement of operations	37
Statements of changes in net assets	37
Financial highlights	38
Notes to financial statements	40
Other Series information	52

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Diversified Income Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

^© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18	Ending Account Value 6/30/18		Annualized Expense Ratio	Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class	$1,000.00		$977.80	0.65%	$3.19
Service Class	1,000.00		976.10	0.92%	4.51
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00		$1,021.57	0.65%	$3.26
Service Class	1,000.00		1,020.23	0.92%	4.61

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Diversified Income Series-1

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Security type / sector allocation

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Agency Asset-Backed Securities		0.01	%
Agency Collateralized Mortgage Obligations		9.31	%
Agency Commercial Mortgage-Backed Securities		1.02	%
Agency Mortgage-Backed Securities		6.13	%
Collateralized Debt Obligations		4.94	%
Convertible Bonds		3.11	%
Corporate Bonds		37.50	%
Automotive		0.04	%
Banking		8.34	%
Basic Industry		3.74	%
Brokerage		0.54	%
Capital Goods		1.35	%
Communications		4.09	%
Consumer Cyclical		1.55	%
Consumer Non-Cyclical		2.19	%
Electric		3.55	%
Energy		5.10	%
Finance Companies		1.25	%
Healthcare		0.51	%
Insurance		1.28	%
Media		0.78	%
Real Estate Investment Trusts		0.85	%
Services		0.28	%
Technology		1.22	%
Transportation		0.61	%
Utilities		0.23	%
Loan Agreements		9.53	%
Municipal Bonds		0.14	%
Non-Agency Asset-Backed Securities		1.76	%
Non-Agency Collateralized Mortgage Obligations		1.88	%
Non-Agency Commercial Mortgage-Backed Securities		5.98	%
Regional Bonds		0.54	%
Sovereign Bonds		2.89	%
Supranational Banks		1.52	%

Security type / sector	Percentage of net assets
US Treasury Obligations		8.45	%
Common Stock		0.00	%
Convertible Preferred Stock		0.88	%
Preferred Stock		0.15	%
Short-Term Investments		5.25	%
Total Value of Securities		100.99	%
Liabilities Net of Receivables and Other Assets		(0.99	%)
Total Net Assets		100.00	%

Diversified Income Series-2

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Schedule of investments

June 30, 2018 (Unaudited)

	Principal amount°		Value (US $)
Agency Asset-Backed Securities – 0.01%
Fannie Mae Grantor Trust Series 2003-T4 2A5 4.715% 9/26/33 •		177,413	$	189,058
Fannie Mae REMIC Trust Series 2002-W11 AV1 2.431% (LIBOR01M + 0.34%, Floor 0.17%) 11/25/32 •		794		778
Total Agency Asset-Backed Securities (cost $177,430)				189,836
Agency Collateralized Mortgage Obligations – 9.31%
Fannie Mae Connecticut Avenue Securities Series 2017-C04 2M2 4.941% (LIBOR01M + 2.85%) 11/25/29 •		5,050,000		5,256,420
Series 2018-C01 1M2 4.341% (LIBOR01M + 2.25%, Floor 2.25%) 7/25/30 •		1,690,000		1,700,718
Series 2018-C02 2M2 4.291% (LIBOR01M + 2.20%, Floor 2.20%) 8/25/30 •		1,530,000		1,524,428
Series 2018-C03 1M2 4.241% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 •		1,330,000		1,321,801
Fannie Mae Grantor Trust Series 1999-T2 A1 7.50% 1/19/39 •		330		356
Series 2002-T4 A3 7.50% 12/25/41		6,540		7,198
Series 2004-T1 1A2 6.50% 1/25/44		5,803		6,456
Fannie Mae Interest Strip Series 418 C12 3.00% 8/25/33 S		5,642,847		739,855
Series 419 C3 3.00% 11/25/43 S		955,114		190,498
Fannie Mae REMIC Trust Series 2002-W6 2A1 7.00% 6/25/42 •		14,271		15,356
Series 2004-W11 1A2 6.50% 5/25/44		24,782		27,467
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		19,592		21,573
Series 2001-50 BA 7.00% 10/25/41		30,679		33,952
Series 2002-90 A1 6.50% 6/25/42		5,757		6,454
Series 2002-90 A2 6.50% 11/25/42		16,691		18,510
Series 2003-38 MP 5.50% 5/25/23		189,664		198,522
Series 2005-70 PA 5.50% 8/25/35		115,964		126,749
Series 2005-110 MB 5.50% 9/25/35		28,695		29,388
Series 2008-15 SB 4.509% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S•		251,898		41,265
Series 2009-11 MP 7.00% 3/25/49		36,535		41,062
Series 2009-94 AC 5.00% 11/25/39		501,996		538,985
Series 2010-41 PN 4.50% 4/25/40		1,675,000		1,741,218
Series 2010-43 HJ 5.50% 5/25/40		184,150		200,944
Series 2010-96 DC 4.00% 9/25/25		1,114,077		1,178,027

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2010-116 Z 4.00% 10/25/40		32,489	$	33,546
Series 2011-101 EI 3.50% 10/25/26 S		2,077,144		198,140
Series 2011-134 PA 4.00% 9/25/40		99,401		100,731
Series 2012-98 DI 3.50% 9/25/27 S		3,092,259		319,857
Series 2012-98 IY 3.00% 9/25/27 S		1,435,485		131,073
Series 2012-98 KI 3.50% 7/25/27 S		5,927,816		574,482
Series 2012-98 MI 3.00% 8/25/31 S		2,588,747		291,782
Series 2012-99 AI 3.50% 5/25/39 S		1,013,062		105,438
Series 2012-115 MI 3.50% 3/25/42 S		582,486		72,011
Series 2012-120 WI 3.00% 11/25/27 S		2,431,835		235,030
Series 2012-122 SD 4.009% (6.10% minus LIBOR01M, Cap 6.10%) 11/25/42 S•		2,961,586		530,724
Series 2012-125 MI 3.50% 11/25/42 S		52,172		11,436
Series 2012-128 IC 3.00% 11/25/32 S		4,880,411		639,488
Series 2012-132 AI 3.00% 12/25/27 S		3,416,996		312,127
Series 2012-137 AI 3.00% 12/25/27 S		1,167,584		105,918
Series 2012-139 NS 4.609% (6.70% minus LIBOR01M, Cap 6.70%) 12/25/42 S•		5,734,866		1,280,621
Series 2012-144 EI 3.00% 1/25/28 S		1,594,613		139,178
Series 2012-144 PI 3.50% 6/25/42 S		937,234		125,905
Series 2012-146 IO 3.50% 1/25/43 S		4,287,309		866,572
Series 2012-149 IC 3.50% 1/25/28 S		3,127,074		331,373
Series 2013-1 YI 3.00% 2/25/33 S		3,915,728		524,746
Series 2013-6 ZJ 3.00% 2/25/43		58,338		52,265
Series 2013-7 EI 3.00% 10/25/40 S		1,562,433		211,417
Series 2013-20 IH 3.00% 3/25/33 S		87,233		12,415
Series 2013-23 IL 3.00% 3/25/33 S		73,617		10,355
Series 2013-26 ID 3.00% 4/25/33 S		1,953,142		277,973
Series 2013-28 YB 3.00% 4/25/43		52,000		48,605
Series 2013-31 MI 3.00% 4/25/33 S		647,929		92,780
Series 2013-31 NT 3.00% 4/25/43		47,188		46,223
Series 2013-35 IB 3.00% 4/25/33 S		2,822,993		372,290
Series 2013-35 IG 3.00% 4/25/28 S		2,075,352		189,692
Series 2013-38 AI 3.00% 4/25/33 S		1,897,106		252,187
Series 2013-41 HI 3.00% 2/25/33 S		3,237,592		358,777
Series 2013-43 IX 4.00% 5/25/43 S		8,402,207		2,057,510
Series 2013-44 DI 3.00% 5/25/33 S		5,753,182		823,998
Series 2013-44 Z 3.00% 5/25/43		70,486		64,293
Series 2013-45 PI 3.00% 5/25/33 S		330,240		46,993
Series 2013-55 AI 3.00% 6/25/33 S		3,371,003		486,102
Series 2013-59 PY 2.50% 6/25/43		290,000		256,515
Series 2013-62 PY 2.50% 6/25/43		23,000		20,088
Series 2013-69 IJ 3.00% 7/25/33 S		741,290		104,558
Series 2013-92 SA 3.859% (5.95% minus LIBOR01M, Cap 5.95%) 9/25/43 S•		4,827,786		900,322

Diversified Income Series-3

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2013-101 HS 4.409% (6.50% minus LIBOR01M, Cap 6.50%) 10/25/43 S•		1,541,686	$	349,000
Series 2013-103 SK 3.829% (5.92% minus LIBOR01M, Cap 5.92%) 10/25/43 S•		4,129,719		775,966
Series 2014-36 ZE 3.00% 6/25/44		1,798,063		1,629,965
Series 2014-68 BS 4.059% (6.15% minus LIBOR01M, Cap 6.15%) 11/25/44 S•		2,717,241		511,900
Series 2014-72 KZ 3.00% 11/25/44		21,206		18,788
Series 2014-77 AI 3.00% 10/25/40 S		53,596		6,187
Series 2014-90 SA 4.059% (6.15% minus LIBOR01M, Cap 6.15%) 1/25/45 S•		15,110,467		2,759,576
Series 2015-27 SA 4.359% (6.45% minus LIBOR01M, Cap 6.45%) 5/25/45 S•		1,037,385		205,640
Series 2015-40 GZ 3.50% 5/25/45		1,094,846		1,063,354
Series 2015-43 PZ 3.50% 6/25/45		1,091,504		1,057,520
Series 2015-44 AI 3.50% 1/25/34 S		62,852		9,989
Series 2015-44 Z 3.00% 9/25/43		3,542,275		3,362,527
Series 2015-45 AI 3.00% 1/25/33 S		66,551		7,578
Series 2015-56 MI 3.50% 10/25/41 S		1,127,316		177,102
Series 2015-57 LI 3.50% 8/25/35 S		4,178,109		670,335
Series 2015-59 CI 3.50% 8/25/30 S		1,605,546		155,624
Series 2015-89 AZ 3.50% 12/25/45		351,330		343,231
Series 2015-90 AZ 3.00% 6/25/41		34,575		31,457
Series 2015-95 SH 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/46 S•		2,628,240		473,737
Series 2016-6 AI 3.50% 4/25/34 S		2,471,207		313,296
Series 2016-23 AI 3.50% 2/25/41 S		1,054,356		128,706
Series 2016-30 CI 3.00% 5/25/36 S		1,867,971		263,371
Series 2016-33 DI 3.50% 6/25/36 S		4,748,928		713,296
Series 2016-36 SB 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 3/25/43 S•		1,646,614		217,930
Series 2016-40 IO 3.50% 7/25/36 S		663,626		110,057
Series 2016-40 ZC 3.00% 7/25/46		864,270		785,574
Series 2016-50 IB 3.00% 2/25/46 S		286,329		44,568
Series 2016-51 LI 3.00% 8/25/46 S		6,364,718		1,011,578
Series 2016-55 SK 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 8/25/46 S•		2,176,583		424,644
Series 2016-60 LI 3.00% 9/25/46 S		2,933,011		451,910
Series 2016-62 IC 3.00% 3/25/43 S		8,602,493		1,009,180

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2016-62 SA 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S•		4,379,068	$	884,095
Series 2016-64 CI 3.50% 7/25/43 S		2,403,088		329,859
Series 2016-71 PI 3.00% 10/25/46 S		1,644,673		250,597
Series 2016-74 GS 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 10/25/46 S•		3,262,460		719,956
Series 2016-79 JS 3.959% (6.05% minus LIBOR01M, Cap 6.05%) 11/25/46 S•		6,252,102		1,288,668
Series 2016-85 SA 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 11/25/46 S•		5,036,100		1,033,086
Series 2016-95 IO 3.00% 12/25/46 S		87,498		15,959
Series 2016-99 DI 3.50% 1/25/46 S		1,375,212		257,655
Series 2016-105 SA 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/47 S•		3,161,819		610,777
Series 2017-1 EI 3.50% 9/25/35 S		1,074,784		174,970
Series 2017-4 AI 3.50% 5/25/41 S		2,510,361		307,244
Series 2017-4 BI 3.50% 5/25/41 S		1,466,428		229,790
Series 2017-6 NI 3.50% 3/25/46 S		291,705		54,320
Series 2017-8 BZ 3.00% 2/25/47		2,608,402		2,306,794
Series 2017-8 SG 3.909% (6.00% minus LIBOR01M, Cap 6.00%) 2/25/47 S•		4,170,535		806,216
Series 2017-11 EI 3.00% 3/25/42 S		4,130,471		616,422
Series 2017-12 JI 3.50% 5/25/40 S		1,254,170		184,490
Series 2017-15 NZ 3.50% 3/25/47		309,072		301,868
Series 2017-16 SM 3.959% (6.05% minus LIBOR01M, Cap 6.05%) 3/25/47 S•		5,078,748		984,732
Series 2017-16 WI 3.00% 1/25/45 S		909,711		139,514
Series 2017-16 YT 3.00% 7/25/46		682,000		664,858
Series 2017-16 YW 3.00% 3/25/47		1,019,748		952,063
Series 2017-21 ZD 3.50% 4/25/47		987,199		954,905
Series 2017-24 AI 3.00% 8/25/46 S		1,554,972		258,554
Series 2017-25 BL 3.00% 4/25/47		389,000		366,266
Series 2017-26 VZ 3.00% 4/25/47		2,271,502		2,051,549
Series 2017-39 CY 3.50% 5/25/47		2,227,000		2,201,350
Series 2017-40 GZ 3.50% 5/25/47		841,626		828,670
Series 2017-45 JZ 3.00% 6/25/47		292,337		256,746
Series 2017-45 ZK 3.50% 6/25/47		628,345		609,149
Series 2017-46 VG 3.50% 4/25/38		494,000		488,442
Series 2017-61 SB 4.059% (6.15% minus LIBOR01M, Cap 6.15%) 8/25/47 S•		7,013,943		1,406,632

Diversified Income Series-4

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2017-69 SG 4.059% (6.15% minus LIBOR01M, Cap 6.15%) 9/25/47 S•		3,567,518	$	705,042
Series 2017-77 HZ 3.50% 10/25/47		1,203,126		1,179,737
Series 2017-88 EI 3.00% 11/25/47 S		2,983,129		577,899
Series 2017-94 CZ 3.50% 11/25/47		754,373		733,221
Series 2017-96 EZ 3.50% 12/25/47		1,334,940		1,303,079
Series 2017-99 IE 3.00% 12/25/47 S		2,293,684		470,808
Series 2018-8 MU 3.00% 2/25/48		2,170,000		2,027,053
Series 2018-21 IO 3.00% 4/25/48 S		5,568,135		1,101,536
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		13,745		14,878
Series 2326 ZQ 6.50% 6/15/31		14,169		15,870
Series 3123 HT 5.00% 3/15/26		23,639		24,550
Series 3290 PE 5.50% 3/15/37		22,671		25,163
Series 3656 PM 5.00% 4/15/40		1,588,268		1,699,760
Series 3662 ZB 5.50% 8/15/36		47,360		51,390
Series 3939 EI 3.00% 3/15/26 S		847,615		47,029
Series 4030 IL 3.50% 4/15/27 S		32,582		3,154
Series 4050 EI 4.00% 2/15/39 S		2,438,344		256,697
Series 4065 DE 3.00% 6/15/32		350,000		340,946
Series 4097 VY 1.50% 8/15/42		50,000		41,981
Series 4101 WI 3.50% 8/15/32 S		1,356,704		236,950
Series 4102 KG 2.50% 9/15/42		12,000		9,853
Series 4109 AI 3.00% 7/15/31 S		4,999,321		620,035
Series 4120 IK 3.00% 10/15/32 S		4,327,448		622,287
Series 4122 LI 3.00% 10/15/27 S		46,045		4,492
Series 4135 AI 3.50% 11/15/42 S		2,451,395		518,605
Series 4139 IP 3.50% 4/15/42 S		929,930		121,618
Series 4142 HA 2.50% 12/15/32		43,644		42,571
Series 4142 IO 3.00% 12/15/27 S		1,672,932		151,677
Series 4146 AI 3.00% 12/15/27 S		1,945,170		169,164
Series 4146 IA 3.50% 12/15/32 S		2,196,373		345,755
Series 4150 PQ 2.50% 1/15/43		6,412		5,730
Series 4150 UI 3.50% 8/15/32 S		3,969,713		439,473
Series 4153 IB 2.50% 1/15/28 S		1,199,209		94,787
Series 4156 AI 3.00% 10/15/31 S		1,180,411		131,736
Series 4159 KS 4.077% (6.15% minus LIBOR01M, Cap 6.15%) 1/15/43 S•		2,010,640		401,933
Series 4161 IM 3.50% 2/15/43 S		867,375		198,227
Series 4171 MN 3.00% 2/15/43		27,000		25,259
Series 4171 Z 3.00% 2/15/43		19,335		17,829
Series 4180 ZB 3.00% 3/15/43		10,101		9,614
Series 4181 DI 2.50% 3/15/33 S		1,355,309		167,869
Series 4184 GS 4.047% (6.12% minus LIBOR01M, Cap 6.12%) 3/15/43 S•		2,259,422		440,392
Series 4185 LI 3.00% 3/15/33 S		1,529,775		222,972
Series 4186 IB 3.00% 3/15/33 S		2,305,130		302,314
Series 4188 JI 3.00% 4/15/33 S		3,234,453		377,418
Series 4191 CI 3.00% 4/15/33 S		597,900		85,392
Series 4210 Z 3.00% 5/15/43		43,334		39,606

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs Series 4216 KI 3.50% 6/15/28 S		3,023,028	$	304,902
Series 4217 HI 2.50% 6/15/28 S		95,276		8,084
Series 4226 GZ 3.00% 7/15/43		110,078		101,350
Series 4251 KI 2.50% 4/15/28 S		59,567		2,715
Series 4278 HI 4.00% 12/15/28 S		155,109		16,035
Series 4342 CI 3.00% 11/15/33 S		800,621		98,834
Series 4391 GZ 2.50% 12/15/40		32,945		30,468
Series 4433 DI 3.00% 8/15/32 S		50,020		4,996
Series 4435 DY 3.00% 2/15/35		2,810,000		2,740,331
Series 4448 TS 1.521% 5/15/40 S•		8,325,985		629,958
Series 4449 PI 4.00% 11/15/43 S		70,741		13,756
Series 4453 DI 3.50% 11/15/33 S		966,447		132,000
Series 4457 KZ 3.00% 4/15/45		2,217,749		2,019,067
Series 4464 DA 2.50% 1/15/43		1,962,611		1,784,213
Series 4494 SA 4.107% (6.18% minus LIBOR01M, Cap 6.18%) 7/15/45 S•		643,907		122,611
Series 4504 IO 3.50% 5/15/42 S		1,152,996		135,056
Series 4527 CI 3.50% 2/15/44 S		3,258,741		579,755
Series 4531 PZ 3.50% 11/15/45		488,141		482,075
Series 4543 HI 3.00% 4/15/44 S		1,276,541		204,127
Series 4574 AI 3.00% 4/15/31 S		2,700,453		341,414
Series 4581 LI 3.00% 5/15/36 S		1,118,764		155,866
Series 4592 WT 5.50% 6/15/46		3,858,744		4,221,261
Series 4594 SG 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 6/15/46 S•		6,357,291		1,368,422
Series 4601 IN 3.50% 7/15/46 S		12,366,857		2,761,966
Series 4609 QZ 3.00% 8/15/46		960,330		846,400
Series 4610 IB 3.00% 6/15/41 S		7,574,289		943,883
Series 4614 HB 2.50% 9/15/46		1,330,000		1,183,173
Series 4618 SA 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S•		1,687,558		378,227
Series 4623 LZ 2.50% 10/15/46		1,172,814		974,781
Series 4623 MS 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 10/15/46 S•		3,651,542		719,563
Series 4623 MW 2.50% 10/15/46		1,330,000		1,190,926
Series 4625 BI 3.50% 6/15/46 S		4,571,094		971,303
Series 4625 PZ 3.00% 6/15/46		687,488		622,545
Series 4627 PI 3.50% 5/15/44 S		4,344,215		633,941
Series 4631 GS 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/46 S•		4,624,806		836,221
Series 4631 LJ 3.00% 3/15/41		412,000		395,383
Series 4636 NZ 3.00% 12/15/46		1,540,713		1,393,114
Series 4644 GI 3.50% 5/15/40 S		1,863,721		265,426
Series 4648 MZ 3.00% 6/15/46		297,358		271,519
Series 4648 ND 3.00% 9/15/46		221,000		204,360
Series 4648 SA 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S•		3,548,658		748,164
Series 4650 JE 3.00% 7/15/46		273,000		259,532
Series 4655 WI 3.50% 8/15/43 S		1,451,633		248,719
Series 4656 HI 3.50% 5/15/42 S		70,983		10,954

Diversified Income Series-5

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs Series 4657 JZ 3.50% 2/15/47		332,121	$	321,060
Series 4657 NW 3.00% 4/15/45		349,000		334,728
Series 4657 PS 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 2/15/47 S•		3,681,651		715,283
Series 4660 GI 3.00% 8/15/43 S		1,099,521		178,576
Series 4663 AI 3.00% 3/15/42 S		2,609,227		369,721
Series 4663 HZ 3.50% 3/15/47		393,835		383,821
Series 4664 ZC 3.00% 9/15/45		285,495		250,575
Series 4665 NI 3.50% 7/15/41 S		7,669,601		1,008,466
Series 4673 WI 3.50% 9/15/43 S		1,888,560		296,252
Series 4675 KS 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 4/15/47 S•		3,018,296		571,025
Series 4676 KZ 2.50% 7/15/45		833,948		697,453
Series 4681 WI 1.306% 8/15/33 S•		9,226,440		546,607
Series 4690 WI 3.50% 12/15/43 S		2,495,172		401,952
Series 4691 LI 3.50% 1/15/41 S		1,825,134		269,761
Series 4693 EI 3.50% 8/15/42 S		1,313,911		201,503
Series 4700 WI 3.50% 1/15/44 S		2,204,773		363,725
Series 4703 CI 3.50% 7/15/42 S		3,925,425		537,575
Freddie Mac Strips Series 267 S5 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 8/15/42 S•		2,710,914		479,215
Series 299 S1 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/43 S•		2,115,618		351,490
Series 304 C38 3.50% 12/15/27 S		1,832,497		167,749
Series 319 S2 3.927% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/43 S•		1,053,868		196,471
Series 350 S5 1.281% 9/15/40 S•		4,255,468		246,722
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-DNA3 M2 4.941% (LIBOR01M + 2.85%) 4/25/28 •		887,373		919,798
Series 2015-HQA1 M2 4.741% (LIBOR01M + 2.65%) 3/25/28 •		504,126		513,474
Series 2016-DNA3 M2 4.091% (LIBOR01M + 2.00%) 12/25/28 •		619,023		627,899
Series 2016-DNA4 M2 3.391% (LIBOR01M + 1.30%, Floor 1.30%) 3/25/29 •		575,000		581,163
Series 2016-HQA2 M2 4.341% (LIBOR01M + 2.25%) 11/25/28 •		662,053		677,761
Series 2017-DNA1 M2 5.341% (LIBOR01M + 3.25%, Floor 3.25%) 7/25/29 •		2,250,000		2,424,760
Series 2017-DNA3 M2 4.591% (LIBOR01M + 2.50%) 3/25/30 •		6,530,000		6,726,945
Series 2017-HQA3 M2 4.441% (LIBOR01M + 2.35%) 4/25/30 •		4,685,000		4,790,577

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2018-DNA1 M2 3.891% (LIBOR01M + 1.80%) 7/25/30 •		2,555,000	$	2,512,622
Series 2018-HQA1 M2 4.391% (LIBOR01M + 2.30%) 9/25/30 •		2,495,000		2,487,389
Freddie Mac Structured Pass Through Certificates Series T-54 2A 6.50% 2/25/43 ◆		10,180		11,514
Series T-58 2A 6.50% 9/25/43 ◆		3,806		4,301
GNMA Series 2010-113 KE 4.50% 9/20/40		4,012,777		4,249,421
Series 2011-157 SG 4.516% (6.60% minus LIBOR01M, Cap 6.60%) 12/20/41 S•		2,366,623		470,133
Series 2012-136 MX 2.00% 11/20/42		520,000		449,002
Series 2012-145 PY 2.00% 12/20/42		20,000		17,297
Series 2013-113 AZ 3.00% 8/20/43		4,332,052		4,149,524
Series 2013-113 LY 3.00% 5/20/43		378,000		368,603
Series 2015-64 GZ 2.00% 5/20/45		1,400,700		1,079,183
Series 2015-74 CI 3.00% 10/16/39 S		2,507,668		300,257
Series 2015-76 MZ 3.00% 5/20/45		1,100,077		1,052,905
Series 2015-111 IH 3.50% 8/20/45 S		3,933,939		553,181
Series 2015-127 LM 3.00% 9/20/45		296,000		273,967
Series 2015-133 AL 3.00% 5/20/45		3,715,000		3,527,192
Series 2015-142 AI 4.00% 2/20/44 S		734,505		96,611
Series 2015-157 HZ 3.00% 10/20/45		58,970		51,922
Series 2016-75 JI 3.00% 9/20/43 S		10,217,346		1,500,949
Series 2016-80 JZ 3.00% 6/20/46		28,667		25,062
Series 2016-89 QS 3.966% (6.05% minus LIBOR01M, Cap 6.05%) 7/20/46 S•		2,531,464		529,511
Series 2016-108 SK 3.966% (6.05% minus LIBOR01M, Cap 6.05%) 8/20/46 S•		3,802,212		755,893
Series 2016-108 YL 3.00% 8/20/46		3,164,000		3,018,816
Series 2016-111 PB 2.50% 8/20/46		1,230,000		1,084,370
Series 2016-115 SA 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 8/20/46 S•		7,078,729		1,360,047
Series 2016-116 GI 3.50% 11/20/44 S .		4,552,293		802,560
Series 2016-118 DI 3.50% 3/20/43 S		5,153,084		727,206
Series 2016-118 ES 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S•		2,872,215		597,177
Series 2016-120 NS 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S•		5,445,702		1,107,810

Diversified Income Series-6

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA Series 2016-121 JS 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S•		3,975,748	$	802,610
Series 2016-126 NS 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S•		2,789,899		572,140
Series 2016-134 MW 3.00% 10/20/46		213,000		207,964
Series 2016-134 MZ 3.00% 10/20/46		1,534,760		1,412,152
Series 2016-147 ST 3.966% (6.05% minus LIBOR01M, Cap 6.05%) 10/20/46 S•		2,645,591		534,046
Series 2016-149 GI 4.00% 11/20/46 S		2,511,513		574,298
Series 2016-156 PB 2.00% 11/20/46		794,000		630,219
Series 2016-160 GI 3.50% 11/20/46 S		3,191,562		753,922
Series 2016-160 GS 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 11/20/46 S•		7,266,474		1,505,568
Series 2016-160 VZ 2.50% 11/20/46		433,819		352,597
Series 2016-163 MI 3.50% 11/20/46 S		2,346,656		303,647
Series 2016-163 PI 3.50% 5/20/43 S		6,535,040		1,085,890
Series 2016-163 XI 3.00% 10/20/46 S		3,596,749		501,989
Series 2016-171 IO 3.00% 7/20/44 S		5,917,723		803,845
Series 2016-171 IP 3.00% 3/20/46 S		3,470,874		550,809
Series 2017-4 BW 3.00% 1/20/47		255,000		244,055
Series 2017-4 WI 4.00% 2/20/44 S		1,583,053		319,042
Series 2017-10 IB 4.00% 1/20/47 S		3,104,129		692,201
Series 2017-10 KZ 3.00% 1/20/47		302,575		277,575
Series 2017-18 GM 2.50% 2/20/47		222,000		199,058
Series 2017-18 QI 4.00% 3/16/41 S		2,660,069		498,718
Series 2017-18 QS 4.015% (6.10% minus LIBOR01M, Cap 6.10%) 2/16/47 S•		3,227,846		614,651
Series 2017-25 CZ 3.50% 2/20/47		1,127,327		1,116,099
Series 2017-25 WZ 3.00% 2/20/47		1,555,934		1,464,334
Series 2017-26 SA 4.016% (6.10% minus LIBOR01M, Cap 6.10%) 2/20/47 S•		3,074,893		581,255
Series 2017-34 DY 3.50% 3/20/47		2,067,000		2,067,412
Series 2017-56 JZ 3.00% 4/20/47		693,835		626,843
Series 2017-56 QS 4.066% (6.15% minus LIBOR01M, Cap 6.15%) 4/20/47 S•		4,278,966		797,788
Series 2017-68 SB 4.066% (6.15% minus LIBOR01M, Cap 6.15%) 5/20/47 S•		6,466,632		1,109,966
Series 2017-80 AS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 5/20/47 S•		4,829,504		921,180

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA Series 2017-91 SM 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 6/20/47 S•		2,922,126	$	572,068
Series 2017-101 AI 4.00% 7/20/47 S		2,056,095		405,549
Series 2017-101 KS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 7/20/47 S•		3,339,137		629,831
Series 2017-101 SK 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 7/20/47 S•		8,332,667		1,571,372
Series 2017-101 TI 4.00% 3/20/44 S		3,140,272		512,844
Series 2017-107 QZ 3.00% 8/20/45		551,953		484,736
Series 2017-107 T 3.00% 1/20/47		1,508,000		1,464,149
Series 2017-113 LB 3.00% 7/20/47		1,465,000		1,369,739
Series 2017-114 IK 4.00% 10/20/44 S		4,507,724		972,528
Series 2017-117 SD 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 8/20/47 S•		2,836,657		556,805
Series 2017-120 QS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 8/20/47 S•		3,627,460		728,316
Series 2017-130 YJ 2.50% 8/20/47		665,000		596,908
Series 2017-134 ES 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S•		2,024,149		374,796
Series 2017-134 KI 4.00% 5/20/44 S		2,595,303		454,593
Series 2017-134 SD 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S•		2,628,851		530,280
Series 2017-137 CZ 3.00% 9/20/47		4,075,564		3,913,418
Series 2017-137 IO 3.00% 6/20/45 S		4,786,219		772,711
Series 2017-141 JS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S•		3,130,003		632,837
Series 2017-144 EI 3.00% 12/20/44 S		4,474,605		697,293
Series 2017-149 QS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 10/20/47 S•		6,652,377		1,179,377
Series 2017-156 LP 2.50% 10/20/47		389,000		337,423
Series 2017-163 HS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 11/20/47 S•		7,421,688		1,350,619
Series 2017-170 SQ 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 11/20/47 S•		10,941,733		1,707,920
Series 2017-174 HI 3.00% 7/20/45 S		4,023,720		655,635
Series 2017-184 AL 3.00% 6/20/47		828,000		810,374

Diversified Income Series-7

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA Series 2018-1 ST 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S•		6,539,888	$	1,325,550
Series 2018-8 VZ 3.00% 3/20/47		1,103,693		1,081,600
Series 2018-11 AI 3.00% 1/20/46 S		2,709,928		469,207
Series 2018-13 PZ 3.00% 1/20/48		536,658		497,780
Series 2018-22 LZ 3.00% 2/20/48		363,614		318,771
Series 2018-24 HZ 3.00% 2/20/48		274,730		247,987
Series 2018-34 TY 3.50% 3/20/48		476,000		458,298
Series 2018-37 SA 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S•		2,216,889		426,423
Series 2018-46 AS 4.116% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S•		7,785,192		1,607,452
Series 2018-63 BZ 3.00% 4/20/48		1,171,837		1,046,926
Total Agency Collateralized Mortgage Obligations (cost $233,558,570)				230,183,787
Agency Commercial Mortgage-Backed Securities – 1.02%
Freddie Mac Multifamily Structured Pass Through Certificates Series X3FX A2FX 3.00% 6/25/27 ◆		2,545,000		2,464,475
FREMF Mortgage Trust Series 2010-K8 B 144A 5.444% 9/25/43 #•		2,040,000		2,119,405
Series 2011-K14 B 144A 5.358% 2/25/47 #•		820,000		861,120
Series 2011-K15 B 144A 5.116% 8/25/44 #•		195,000		203,344
Series 2011-K704 B 144A 4.634% 10/25/30 #•		905,000		904,224
Series 2012-K22 B 144A 3.811% 8/25/45 #•		1,730,000		1,740,786
Series 2013-K28 B 144A 3.61% 6/25/46 #•		2,400,000		2,390,388
Series 2013-K28 C 144A 3.61% 6/25/46 #•		750,000		739,782
Series 2013-K33 B 144A 3.616% 8/25/46 #•		1,315,000		1,301,194
Series 2013-K33 C 144A 3.616% 8/25/46 #•		715,000		702,660
Series 2013-K712 B 144A 3.477% 5/25/45 #•		990,000		992,272
Series 2013-K713 B 144A 3.262% 4/25/46 #•		605,000		604,555
Series 2013-K713 C 144A 3.262% 4/25/46 #•		2,275,000		2,263,354

	Principal amount°		Value (US $)
Agency Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust Series 2014-K717 B 144A 3.752% 11/25/47 #•		3,205,000	$	3,221,562
Series 2014-K717 C 144A 3.752% 11/25/47 #•		1,055,000		1,048,612
Series 2016-K53 B 144A 4.156% 3/25/49 #•		530,000		527,843
Series 2016-K722 B 144A 3.966% 7/25/49 #•		580,000		574,911
Series 2016-K723 B 144A 3.703% 11/25/23 #•		1,500,000		1,466,120
Series 2017-K71 B 144A 3.882% 11/25/50 #•		1,175,000		1,122,986
Total Agency Commercial Mortgage-Backed Securities (cost $25,442,790)				25,249,593
Agency Mortgage-Backed Securities – 6.13%
Fannie Mae ARM 2.903% (LIBOR12M + 1.60%, Cap 7.903%) 7/1/45 •		487,791		485,778
2.939% (LIBOR12M + 1.56%, Cap 7.938%) 12/1/45 •		581,195		580,524
3.181% (LIBOR12M + 1.52%, Cap 8.181%) 3/1/44 •		1,126,960		1,133,722
3.45% (LIBOR12M + 1.70%, Cap 11.097%) 8/1/37 •		51,568		51,336
3.607% (LIBOR12M + 1.83%, Cap 10.178%) 8/1/35 •		12,150		12,775
Fannie Mae S.F. 30 yr 4.50% 11/1/39		803,436		846,687
4.50% 6/1/40		901,480		947,679
4.50% 7/1/40		966,383		1,008,098
4.50% 8/1/40		220,836		231,004
4.50% 8/1/41		2,259,038		2,381,806
4.50% 10/1/43		5,133,493		5,400,212
4.50% 10/1/44		610,957		641,031
4.50% 3/1/46		3,087,241		3,231,445
4.50% 5/1/46		1,956,918		2,048,011
4.50% 7/1/46		2,246,972		2,345,856
4.50% 8/1/47		10,633,155		11,100,914
5.00% 6/1/44		2,499,672		2,693,501
5.50% 1/1/38		47,134		51,543
5.50% 3/1/38		239,536		259,654
5.50% 12/1/38		536,896		593,754
5.50% 6/1/39		558,945		608,898
5.50% 7/1/40		568,063		617,036
5.50% 6/1/41		1,560,362		1,697,803
5.50% 9/1/41		1,136,927		1,259,685

Diversified Income Series-8

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 5.50% 5/1/44		18,427,547	$	20,016,648
6.00% 9/1/36		272,963		306,215
6.00% 12/1/36		53,937		59,445
6.00% 6/1/37		28,607		31,589
6.00% 7/1/37		22,013		24,229
6.00% 10/1/38		235,844		260,097
6.00% 11/1/38		127,428		141,073
6.00% 10/1/39		1,937,117		2,142,507
6.00% 11/1/40		83,526		92,398
6.00% 7/1/41		690,573		764,560
Fannie Mae S.F. 30 yr TBA 3.50% 7/1/48		11,869,000		11,809,571
4.50% 7/1/48		3,840,000		3,998,175
6.00% 7/1/48		16,795,660		18,521,073
Freddie Mac ARM 2.57% (LIBOR12M + 1.63%, Cap 7.571%) 10/1/46 •		1,558,737		1,526,553
2.735% (LIBOR12M + 1.62%, Cap 7.736%) 10/1/45 •		485,419		484,563
2.918% (LIBOR12M + 1.63%, Cap 7.918%) 10/1/45 •		881,288		877,211
2.97% (LIBOR12M + 1.62%, Cap 7.971%) 11/1/45 •		756,248		753,854
Freddie Mac S.F. 30 yr 4.50% 4/1/39		133,482		139,698
4.50% 7/1/42		1,202,974		1,265,091
4.50% 12/1/43		1,119,158		1,170,792
4.50% 8/1/44		1,575,740		1,649,731
4.50% 7/1/45		7,433,247		7,832,042
4.50% 11/1/45		2,369,840		2,469,427
4.50% 9/1/46		1,879,290		1,956,900
5.00% 6/1/36		1,206,353		1,288,128
5.00% 5/1/41		988,805		1,058,782
5.00% 12/1/41		918,042		984,512
5.00% 4/1/44		1,078,548		1,154,920
5.00% 12/1/44		1,383,896		1,482,766
5.50% 3/1/34		64,623		70,002
5.50% 12/1/34		58,382		63,277
5.50% 12/1/35		55,769		60,354
5.50% 11/1/36		68,428		74,166
5.50% 12/1/36		14,899		16,127
5.50% 9/1/37		72,253		78,074
5.50% 4/1/38		257,157		277,891
5.50% 6/1/38		38,927		41,976
5.50% 7/1/38		253,620		273,719
5.50% 1/1/39		257,903		278,172
5.50% 6/1/39		317,027		342,561
5.50% 3/1/40		173,871		187,985
5.50% 4/1/40		543,003		587,258
5.50% 8/1/40		130,176		140,711
5.50% 1/1/41		175,605		189,782

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr 5.50% 6/1/41		6,200,631	$	6,718,965
5.50% 9/1/41		1,774,096		1,897,924
6.00% 9/1/37		151,668		167,354
6.00% 6/1/38		190,072		209,605
6.00% 8/1/38		307,532		340,665
6.00% 5/1/40		3,522,050		3,881,516
6.00% 7/1/40		959,762		1,058,726
6.50% 8/1/38		17,059		18,999
GNMA I S.F. 30 yr 5.00% 10/15/39		1,899,230		2,021,451
5.50% 2/15/41		530,001		573,007
7.00% 12/15/34		94,047		106,903
GNMA II S.F. 30 yr 5.00% 9/20/46		2,833,842		3,016,757
5.50% 5/20/37		306,487		326,310
6.00% 2/20/39		326,803		353,014
6.00% 10/20/39		1,398,424		1,509,654
6.00% 2/20/40		1,490,555		1,616,392
6.00% 4/20/46		421,622		457,256
Total Agency Mortgage-Backed Securities (cost $154,762,997)				151,447,855
Collateralized Debt Obligations – 4.94%
AMMC CLO 21 Series 2017-21A A 144A 3.613% (LIBOR03M + 1.25%) 11/2/30 #•		1,250,000		1,259,077
AMMC CLO 22 Series 2018-22A A 144A 3.37% (LIBOR03M + 1.03%, Floor 1.03%) 4/25/31 #•		2,600,000		2,584,600
AMMC CLO XIII Series 2013-13A A1LR 144A 3.619% (LIBOR03M + 1.26%) 7/24/29 #•		2,500,000		2,519,490
Apex Credit CLO Series 2017-1A A1 144A 3.829% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #•		3,405,000		3,417,513
Apex Credit CLO 2018 Series 2018-1A A2 144A 3.325% (LIBOR03M + 1.03%) 4/25/31 #•		6,200,000		6,163,296
Atlas Senior Loan Fund X
Series 2018-10A A 144A 3.438% (LIBOR03M + 1.09%) 1/15/31 #•		3,400,000		3,395,192
Battalion CLO Series 2018-12A A1 144A 3.40% (LIBOR03M + 1.07%, Floor 1.07%) 5/17/31 #•		2,600,000		2,599,821

Diversified Income Series-9

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Benefit Street Partners CLO II Series 2013-IIA A1R 144A 3.598% (LIBOR03M + 1.25%) 7/15/29 #•		3,000,000	$	3,004,614
Benefit Street Partners CLO IV Series 2014-IVA A1R 144A 3.849% (LIBOR03M + 1.49%) 1/20/29 #•		5,900,000		5,916,679
Black Diamond CLO Series 2015-1A A2R 144A 3.386% (LIBOR03M + 1.05%, Floor 1.05%) 10/3/29 #•		2,000,000		2,000,000
Series 2017-1A A1A 144A 3.649% (LIBOR03M + 1.29%) 4/24/29 #•		2,000,000		2,007,152
BlueMountain CLO Series 2015-2A A1 144A 3.785% (LIBOR03M + 1.43%, Floor 1.43%) 7/18/27 #•		1,090,000		1,090,000
Cedar Funding IV CLO Series 2014-4A AR 144A 3.592% (LIBOR03M + 1.23%) 7/23/30 #•		3,000,000		3,010,026
Cedar Funding VI CLO Series 2016-6A A1 144A 3.829% (LIBOR03M + 1.47%) 10/20/28 #•		2,400,000		2,404,056
Cedar Funding VIII CLO Series 2017-8A A1 144A 3.603% (LIBOR03M + 1.25%) 10/17/30 #•		2,420,000		2,423,691
CFIP CLO Series 2017-1A A 144A 3.575% (LIBOR03M + 1.22%) 1/18/30 #•		6,300,000		6,295,823
ECP CLO Series 2015-7A A1R 144A 3.499% (LIBOR03M + 1.14%) 4/22/30 #•		8,200,000		8,188,602
Galaxy XXI CLO Series 2015-21A AR 144A 3.379% (LIBOR03M + 1.02%) 4/20/31 #•		3,000,000		2,995,830
GoldenTree Loan Management US CLO 1 Series 2017-1A A 144A 3.579% (LIBOR03M + 1.22%) 4/20/29 #•		2,630,000		2,640,239
Hull Street CLO Series 2014-1A AR 144A 3.575% (LIBOR03M + 1.22%) 10/18/26 #•		2,000,000		1,999,254
KKR Financial CLO Series 2013-1A A1R 144A 3.638% (LIBOR03M + 1.29%) 4/15/29 #•		3,000,000		3,020,964
Mariner CLO 5 Series 2018-5A A 144A 3.324% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #•		4,600,000		4,584,153

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Midocean Credit CLO VIII Series 2018-8A A1 144A 3.036% (LIBOR03M + 1.15%) 2/20/31 #•		3,000,000	$	3,000,300
MP CLO IV Series 2013-2A ARR 144A 3.64% (LIBOR03M + 1.28%) 7/25/29 #•		2,000,000		2,000,018
Northwoods Capital XV Series 2017-15A A 144A 3.625% (LIBOR03M + 1.30%) 6/20/29 #•		2,500,000		2,511,670
Northwoods Capital XVII Series 2018-17A A 144A 3.308% (LIBOR03M + 1.06%, Floor 1.06%) 4/22/31 #•		4,500,000		4,493,335
OCP CLO Series 2017-13A A1A 144A 3.608% (LIBOR03M + 1.26%) 7/15/30 #•		2,500,000		2,504,977
OZLM XVIII Series 2018-18A A 144A 3.35% (LIBOR03M + 1.02%, Floor 1.02%) 4/15/31 #•		3,600,000		3,574,624
Saranac CLO VII Series 2014-2A A1AR 144A 3.561% (LIBOR03M + 1.23%) 11/20/29 #•		3,000,000		2,994,048
Shackleton CLO Series 2013-3A AR 144A 2.842% (LIBOR03M + 1.12%, Floor 1.12%) 7/15/30 #•		3,000,000		3,001,629
Sound Point CLO II Series 2013-1A A1R 144A 3.432% (LIBOR03M + 1.07%, Floor 1.07%) 1/26/31 #•		1,800,000		1,794,645
Steele Creek CLO Series 2017-1A A 144A 2.884% (LIBOR03M + 1.25%) 1/15/30 #•		2,000,000		2,000,474
TIAA CLO II Series 2017-1A A 144A 3.639% (LIBOR03M + 1.28%) 4/20/29 #•		2,200,000		2,207,324
Venture 31 CLO Series 2018-31A A1 144A 3.342% (LIBOR03M + 1.03%, Floor 1.03%) 4/20/31 #•		4,200,000		4,167,862
Venture CDO Series 2016-25A A1 144A 3.849% (LIBOR03M + 1.49%) 4/20/29 #•		980,000		983,336
Venture XXII CLO Series 2015-22A AR 144A 3.428% (LIBOR03M + 1.08%) 1/15/31 #•		5,000,000		4,993,685

Diversified Income Series-10

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Venture XXIV CLO Series 2016-24A A1D 144A 3.779% (LIBOR03M + 1.42%) 10/20/28 #•		2,390,000	$	2,393,308
Venture XXVIII CLO Series 2017-28A A2 144A 3.469% (LIBOR03M + 1.11%) 7/20/30 #•		4,000,000		3,995,868
Zais CLO 6 Series 2017-1A A1 144A 3.718% (LIBOR03M + 1.37%) 7/15/29 #•		2,000,000		2,006,558
Total Collateralized Debt Obligations (cost $122,115,482)				122,143,733
Convertible Bonds – 3.11%
Aerojet Rocketdyne Holdings 2.25% exercise price $26.00, maturity date 12/15/23		627,000		812,078
Ares Capital 3.75% exercise price $19.39, maturity date 2/1/22		544,000		547,385
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		2,402,000		2,857,474
Blackstone Mortgage Trust 4.375% exercise price $35.67, maturity date 5/5/22		1,099,000		1,082,928
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23		709,000		690,691
Blackstone Mortgage Trust 5.25% exercise price $27.36, maturity date 12/1/18		2,269,000		2,597,329
Booking Holdings 0.35% exercise price $1,315.10, maturity date 6/15/20		1,129,000		1,750,680
Cemex 3.72% exercise price $11.01, maturity date 3/15/20		2,025,000		2,032,614
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #		1,978,000		2,413,378
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45		3,305,000		2,633,090
Ciena 3.75% exercise price $20.17, maturity date 10/15/18		632,000		837,800
CSG Systems International 4.25% exercise price $57.12, maturity date 3/15/36		931,000		983,687
DISH Network 2.375% exercise price $82.22, maturity date 3/15/24		1,045,000		924,154
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26		2,448,000		2,377,243
Empire State Realty OP 144A 2.625% exercise price $19.32, maturity date 8/15/19 #		1,451,000		1,480,748

	Principal amount°		Value (US $)
Convertible Bonds (continued)
GAIN Capital Holdings 144A 5.00% exercise price $8.20, maturity date 8/15/22 #		1,874,000	$	2,170,144
GCI Liberty 144A 1.75% exercise price $370.52, maturity date 9/30/46 #		2,058,000		2,127,861
Helix Energy Solutions Group 4.125% exercise price $9.47, maturity date 9/15/23		91,000		107,498
Helix Energy Solutions Group 4.25% exercise price $13.89, maturity date 5/1/22		1,985,000		2,077,070
Huron Consulting Group 1.25% exercise price $79.89, maturity date 10/1/19		1,185,000		1,118,107
IAC FinanceCo. 144A 0.875% exercise price $152.18, maturity date 10/1/22 #		1,280,000		1,492,864
Insulet 1.25% exercise price $58.37, maturity date 9/15/21		619,000		942,286
Insulet 144A 1.375% exercise price $93.18, maturity date 11/15/24 #		1,121,000		1,261,986
Kaman 3.25% exercise price $65.26, maturity date 5/1/24		530,000		641,830
Knowles 3.25% exercise price $18.43, maturity date 11/1/21		1,276,000		1,424,697
Liberty Media 2.25% exercise price $35.35, maturity date 9/30/46		233,000		122,959
Ligand Pharmaceuticals 144A 0.75% exercise price $248.48, maturity date 5/15/23 #		1,071,000		1,110,414
Medicines 2.75% exercise price $48.97, maturity date 7/15/23		2,380,000		2,404,942
Microchip Technology 1.625% exercise price $98.47, maturity date 2/15/27		1,703,000		1,987,626
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24		1,636,000		2,365,219
New Mountain Finance 5.00% exercise price $15.80, maturity date 6/15/19		1,131,000		1,152,309
Novellus Systems 2.625% exercise price $33.18, maturity date 5/15/41		341,000		1,770,786
NRG Energy 144A 2.75% exercise price $47.74, maturity date 6/1/48 #		1,893,000		1,833,181
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		678,000		893,659
Pacira Pharmaceuticals 2.375% exercise price $66.89, maturity date 4/1/22		2,171,000		2,023,083
Paratek Pharmaceuticals 144A 4.75% exercise price $15.90, maturity date 5/1/24 #		2,040,000		1,978,051
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21		1,806,000		1,895,484
PROS Holdings 144A 2.00% exercise price $48.63, maturity date 6/1/47 #		2,013,000		1,991,710

Diversified Income Series-11

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Convertible Bonds (continued)
Quotient Technology 144A 1.75% exercise price $17.36, maturity date 12/1/22 #		1,419,000	$	1,470,847
RPM International 2.25% exercise price $52.19, maturity date 12/15/20		1,104,000		1,345,906
Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18		246,000		497,308
Spirit Realty Capital 3.75% exercise price $11.51, maturity date 5/15/21		844,000		848,787
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22		1,542,000		1,530,709
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		739,000		694,689
Team 144A 5.00% exercise price $21.70, maturity date 8/1/23 #		1,522,000		1,947,629
Tesla Energy Operations 1.625% exercise price $759.35, maturity date 11/1/19		1,567,000		1,461,978
Vector Group 1.75% exercise price $22.35, maturity date 4/15/20 •		1,318,000		1,392,028
Vector Group 2.50% exercise price $14.50, maturity date 1/15/19 •		1,836,000		2,448,042
VEREIT 3.75% exercise price $14.99, maturity date 12/15/20		1,180,000		1,194,421
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		2,090,000		2,061,666
Vishay Intertechnology 144A 2.25% exercise price $31.49, maturity date 6/15/25 #		1,124,000		1,105,526
Total Convertible Bonds
(cost $73,202,994)				76,914,581
Corporate Bonds – 37.50%
Automotive – 0.04%
American Axle & Manufacturing 6.25% 3/15/26		920,000		899,300
				899,300
Banking – 8.34%
Akbank Turk 144A 7.20% 3/16/27 #µ		1,915,000		1,748,864
ANZ New Zealand International 144A 2.60% 9/23/19 #		500,000		497,454
Banco de Credito e Inversiones 144A 3.50% 10/12/27 #		1,255,000		1,134,991
Banco do Brasil 144A 4.875% 4/19/23 #		1,960,000		1,878,660
Banco Santander 3.848% 4/12/23		3,600,000		3,523,400
Banco Santander Mexico 144A 4.125% 11/9/22 #		1,915,000		1,889,147

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD		763,000	$	576,803
Bank of America 3.30% 8/5/21	AUD		660,000		492,267
3.97% 3/5/29 µ			3,525,000		3,472,172
5.625% 7/1/20			785,000		821,650
6.50% µy			4,065,000		4,324,144
Bank of China 144A 5.00% 11/13/24 #			1,970,000		2,016,183
Bank of Georgia 144A 6.00% 7/26/23 #			1,625,000		1,624,410
Bank of Montreal 3.803% 12/15/32 µ			3,680,000		3,413,421
Bank of New York Mellon 2.20% 3/4/19			4,805,000		4,791,873
4.625% µy			3,365,000		3,200,956
Barclays 8.25% µy			3,910,000		3,979,571
BBVA Bancomer 144A 7.25% 4/22/20 #			765,000		802,294
Branch Banking & Trust 2.25% 6/1/20			2,490,000		2,448,885
2.85% 4/1/21			1,475,000		1,459,907
Citigroup 3.75% 10/27/23	AUD		1,493,000		1,114,592
Citizens Bank 2.55% 5/13/21			840,000		819,801
Citizens Financial Group 2.375% 7/28/21			345,000		333,809
4.30% 12/3/25			2,050,000		2,039,383
Compass Bank 2.875% 6/29/22			3,505,000		3,385,807
3.875% 4/10/25			2,280,000		2,201,505
Cooperatieve Rabobank 2.50% 9/4/20	NOK		5,290,000		664,826
3.375% 2/2/23	NZD		1,600,000		1,092,594
Credit Suisse Group 144A 4.207% 6/12/24 #µ			905,000		906,352
144A 6.25% #µy			5,560,000		5,449,100
DBS Group Holdings 144A 4.52% 12/11/28 #µ			2,350,000		2,371,559
Development Bank of Japan 144A 2.625% 9/1/27 #			2,514,000		2,386,487
Fifth Third Bancorp 2.60% 6/15/22			1,290,000		1,249,586
3.95% 3/14/28			5,520,000		5,453,646
Fifth Third Bank 2.30% 3/15/19			2,165,000		2,157,889
Goldman Sachs Group 3.234% (BBSW3M + 1.30%) 8/21/19 •	AUD		550,000		409,328
3.55% 2/12/21	CAD		400,000		309,284
4.223% 5/1/29 µ			3,815,000		3,764,399
5.15% 5/22/45			725,000		722,560
5.20% 12/17/19	NZD		616,000		430,594
6.00% 6/15/20			6,485,000		6,823,087
HSBC Holdings 3.95% 5/18/24 µ			2,490,000		2,484,716
6.50% µy			2,260,000		2,172,425
Huntington Bancshares 2.30% 1/14/22 .			1,595,000		1,532,588

Diversified Income Series-12

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Huntington National Bank 2.50% 8/7/22			1,505,000	$	1,450,807
ICICI Bank 144A 4.00% 3/18/26 #			2,230,000		2,107,100
JPMorgan Chase & Co. 3.50% 12/18/26	GBP		264,000		375,067
3.559% 4/23/24 µ			360,000		356,732
4.005% 4/23/29 µ			1,820,000		1,798,635
6.75% µy			4,480,000		4,877,600
KeyBank 2.30% 9/14/22			1,990,000		1,899,890
3.40% 5/20/26			3,545,000		3,378,872
6.95% 2/1/28			4,255,000		5,061,486
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD		1,803,000		1,365,906
Lloyds Banking Group 7.50% µy			4,310,000		4,387,580
Morgan Stanley 3.125% 8/5/21	CAD		972,000		743,412
3.737% 4/24/24 µ			6,575,000		6,540,587
5.00% 9/30/21	AUD		1,096,000		859,069
5.00% 11/24/25			2,725,000		2,828,287
5.50% 1/26/20			1,565,000		1,619,684
Nationwide Building Society 144A 4.125% 10/18/32 #µ			4,450,000		4,081,818
Nederlandse Waterschapsbank 144A 2.361% (LIBOR03M + 0.02%) 3/15/19 #•			1,215,000		1,215,229
PNC Bank 3.50% 6/8/23			1,150,000		1,152,035
PNC Financial Services Group 5.00% µy			2,680,000		2,663,250
Popular 7.00% 7/1/19			1,500,000		1,530,000
Regions Financial 2.75% 8/14/22			1,180,000		1,139,271
Royal Bank of Scotland Group 3.875% 9/12/23			1,370,000		1,332,196
4.892% 5/18/29 µ			1,265,000		1,261,150
8.625% µy			4,440,000		4,729,710
Santander UK 3.40% 6/1/21			435,000		434,895
144A 5.00% 11/7/23 #			5,380,000		5,477,200
State Street 3.10% 5/15/23			1,360,000		1,341,552
SunTrust Banks 2.45% 8/1/22			1,830,000		1,757,446
2.70% 1/27/22			2,525,000		2,461,580
3.00% 2/2/23			1,595,000		1,561,587
3.30% 5/15/26			1,245,000		1,176,392
4.00% 5/1/25			250,000		251,365
SVB Financial Group 3.50% 1/29/25			1,350,000		1,309,142
Swiss Insured Brazil Power Finance 144A 9.85% 7/16/32 #	BRL		10,200,000		2,447,526
Turkiye Garanti Bankasi 144A 5.25% 9/13/22 #			1,400,000		1,322,251
144A 6.25% 4/20/21 #			1,350,000		1,351,446

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Turkiye Is Bankasi 144A 7.00% 6/29/28 #µ			1,310,000	$	1,123,666
UBS Group Funding Switzerland 144A 4.125% 9/24/25 #			2,265,000		2,250,562
6.875% µy			2,945,000		2,973,085
US Bancorp 2.375% 7/22/26			3,520,000		3,205,047
2.625% 1/24/22			1,970,000		1,929,401
3.10% 4/27/26			195,000		184,046
3.15% 4/27/27			4,990,000		4,773,526
3.60% 9/11/24			2,640,000		2,609,052
USB Capital IX 3.50% (LIBOR03M + 1.02%) y•			7,185,000		6,520,388
Wells Fargo & Co. 3.00% 7/27/21	AUD		1,795,000		1,327,554
3.50% 9/12/29	GBP		654,000		915,584
Wells Fargo Capital X 5.95% 12/15/36			175,000		189,179
Westpac Banking 5.00% µy			755,000		652,144
Woori Bank 144A 4.75% 4/30/24 #			1,550,000		1,549,582
Zions Bancorporation 4.50% 6/13/23			1,895,000		1,916,838
					206,140,378
Basic Industry – 3.74%
Allegheny Technologies 7.875% 8/15/23			525,000		567,000
Anglo American Capital 144A 4.75% 4/10/27 #			8,035,000		7,930,389
144A 4.875% 5/14/25 #			1,980,000		1,991,437
Barrick North America Finance 5.75% 5/1/43			5,420,000		6,066,576
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ			6,170,000		6,468,088
BMC East 144A 5.50% 10/1/24 #			645,000		627,263
Boise Cascade 144A 5.625% 9/1/24 #			2,270,000		2,287,025
Braskem Netherlands Finance 144A 3.50% 1/10/23 #			285,000		269,382
144A 4.50% 1/10/28 #			2,765,000		2,547,256
Builders FirstSource 144A 5.625% 9/1/24 #			1,665,000		1,629,619
Chemours 5.375% 5/15/27			655,000		635,350
CSN Resources 144A 7.625% 2/13/23 #			2,010,000		1,816,537
Cydsa 144A 6.25% 10/4/27 #			2,090,000		1,894,585
Dow Chemical 8.55% 5/15/19			9,161,000		9,603,549
First Quantum Minerals 144A 7.25% 4/1/23 #			1,925,000		1,929,813
FMG Resources August 2006 144A 4.75% 5/15/22 #			585,000		566,719
144A 5.125% 5/15/24 #			1,645,000		1,570,975
Freeport-McMoRan 4.55% 11/14/24			1,640,000		1,566,200
6.875% 2/15/23			980,000		1,037,526

Diversified Income Series-13

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Georgia-Pacific 8.00% 1/15/24		5,305,000	$	6,407,523
Hudbay Minerals 144A 7.25% 1/15/23 #		20,000		20,700
144A 7.625% 1/15/25 #		775,000		815,687
Israel Chemicals 144A 6.375% 5/31/38 #		2,440,000		2,417,137
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		440,000		485,100
Koppers 144A 6.00% 2/15/25 #		150,000		150,375
Kraton Polymers 144A 7.00% 4/15/25 #		305,000		317,200
Mexichem 144A 5.50% 1/15/48 #		2,120,000		1,855,127
Nexa Resources 144A 5.375% 5/4/27 #		1,335,000		1,298,288
NOVA Chemicals 144A 5.00% 5/1/25 #		1,247,000		1,184,650
144A 5.25% 6/1/27 #		460,000		429,813
Novelis 144A 6.25% 8/15/24 #		640,000		641,600
Novolipetsk Steel Via Steel Funding DAC 144A 4.00% 9/21/24 #		1,865,000		1,743,126
OCP 144A 4.50% 10/22/25 #		2,575,000		2,458,038
144A 6.875% 4/25/44 #		640,000		674,601
Olin 5.125% 9/15/27		885,000		862,875
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #		1,765,000		1,610,164
Phosagro OAO Via Phosagro Bond Funding DAC 144A 3.95% 11/3/21 #		2,440,000		2,380,332
PolyOne 5.25% 3/15/23		1,357,000		1,387,533
PulteGroup 5.00% 1/15/27		202,000		192,657
Standard Industries 144A 5.00% 2/15/27 #		1,355,000		1,266,925
Suzano Austria 144A 7.00% 3/16/47 #		1,840,000		1,902,100
Syngenta Finance 144A 3.933% 4/23/21 #		1,615,000		1,611,849
144A 4.441% 4/24/23 #		2,285,000		2,273,894
144A 5.182% 4/24/28 #		3,225,000		3,119,502
Tronox Finance 144A 5.75% 10/1/25 #		750,000		730,313
US Concrete 6.375% 6/1/24		1,195,000		1,200,975
Vedanta Resources 144A 7.125% 5/31/23 #		1,345,000		1,271,025
WR Grace & Co.-Conn 144A 5.625% 10/1/24 #		464,000		485,460
Zekelman Industries 144A 9.875% 6/15/23 #		230,000		252,425
				92,452,283
Brokerage – 0.54%
Charles Schwab 3.25% 5/21/21		1,220,000		1,225,274
3.85% 5/21/25		1,300,000		1,315,422
5.00% µy		975,000		934,781
E*TRADE Financial 3.80% 8/24/27		1,790,000		1,716,122

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Brokerage (continued)
E*TRADE Financial 5.30% µy			60,000	$	58,725
5.875% µy			2,610,000		2,662,200
Jefferies Group 4.15% 1/23/30			2,135,000		1,887,307
6.45% 6/8/27			893,000		964,861
6.50% 1/20/43			750,000		779,557
Lazard Group 3.625% 3/1/27			475,000		445,715
3.75% 2/13/25			1,495,000		1,449,441
					13,439,405
Capital Goods – 1.35%
Ardagh Packaging Finance 144A 6.00% 2/15/25 #			1,220,000		1,191,025
144A 7.25% 5/15/24 #			400,000		417,500
BWAY Holding 144A 5.50% 4/15/24 #			1,210,000		1,182,775
CCL Industries 144A 3.25% 10/1/26 #			1,570,000		1,448,113
Crane 4.20% 3/15/48			1,510,000		1,440,032
General Electric 2.10% 12/11/19			795,000		786,406
5.55% 5/4/20			1,295,000		1,350,241
6.00% 8/7/19			2,675,000		2,762,985
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 #			1,905,000		1,866,900
Harris 4.40% 6/15/28			1,830,000		1,847,859
L3 Technologies 3.85% 6/15/23			1,085,000		1,083,582
Lennox International 3.00% 11/15/23			3,725,000		3,549,129
Martin Marietta Materials 4.25% 12/15/47			1,860,000		1,617,012
New Enterprise Stone & Lime 144A 10.125% 4/1/22 #			1,010,000		1,078,175
Northrop Grumman 2.55% 10/15/22			3,740,000		3,604,956
3.25% 8/1/23			1,325,000		1,311,029
Nvent Finance 144A 4.55% 4/15/28 #			5,990,000		5,886,390
TransDigm 6.375% 6/15/26			915,000		910,425
					33,334,534
Communications – 4.09%
American Tower Trust #1 144A 3.07% 3/15/23 #			3,070,000		3,014,913
AT&T 144A 4.30% 2/15/30 #			1,255,000		1,189,281
144A 5.15% 11/15/46 #			625,000		590,491
5.25% 3/1/37			1,455,000		1,437,652
Bell Canada 3.35% 3/22/23	CAD		773,000		593,281
Charter Communications Operating 5.375% 4/1/38			1,100,000		1,041,553
5.75% 4/1/48			2,690,000		2,611,445
Comunicaciones Celulares 144A 6.875% 2/6/24 #			1,970,000		2,026,293

Diversified Income Series-14

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Crown Castle International 3.80% 2/15/28			5,075,000	$	4,756,004
5.25% 1/15/23			2,190,000		2,296,363
Crown Castle Towers 144A 4.241% 7/15/28 #			1,180,000		1,188,069
144A 4.883% 8/15/20 #			9,630,000		9,881,475
Deutsche Telekom International Finance
1.25% 10/6/23	GBP		982,000		1,257,647
144A 1.95% 9/19/21 #			1,360,000		1,297,393
144A 4.375% 6/21/28 #			5,285,000		5,251,569
6.50% 4/8/22	GBP		416,000		645,614
Digicel Group 144A 7.125% 4/1/22 #			2,285,000		1,513,813
144A 8.25% 9/30/20 #			1,125,000		853,594
Discovery Communications 5.20% 9/20/47			5,370,000		5,223,835
Equinix 5.375% 5/15/27			850,000		850,000
GTP Acquisition Partners I 144A 2.35% 6/15/20 #			1,095,000		1,074,933
Level 3 Financing 5.375% 5/1/25			2,294,000		2,213,710
Myriad International Holdings 144A 4.85% 7/6/27 #			1,365,000		1,339,450
SBA Communications 4.875% 9/1/24			1,225,000		1,174,824
SBA Tower Trust 144A 2.898% 10/8/19 #			1,300,000		1,291,790
Sprint 7.125% 6/15/24			325,000		328,929
7.875% 9/15/23			1,295,000		1,345,991
Sprint Communications 7.00% 8/15/20			140,000		145,250
Sprint Spectrum 144A 4.738% 3/20/25 #			1,930,000		1,919,964
Telecom Italia 144A 5.303% 5/30/24 #			655,000		648,450
Telefonica Emisiones 4.895% 3/6/48			7,600,000		7,026,176
TELUS 4.60% 11/16/48			3,665,000		3,594,872
Time Warner Cable 7.30% 7/1/38			5,775,000		6,560,350
Time Warner Entertainment 8.375% 3/15/23			2,495,000		2,905,367
T-Mobile USA 6.375% 3/1/25			130,000		135,200
6.50% 1/15/26			920,000		949,624
VEON Holdings 144A 5.95% 2/13/23 #			2,180,000		2,202,890
Verizon Communications 3.25% 2/17/26	EUR		971,000		1,289,684
4.125% 8/15/46			3,425,000		2,934,819
4.50% 8/17/27	AUD		2,370,000		1,786,906
4.50% 8/10/33			4,955,000		4,813,568
Viacom 4.375% 3/15/43			3,185,000		2,653,318
Vodafone Group 3.75% 1/16/24			1,405,000		1,394,188
4.375% 5/30/28			2,655,000		2,625,684
Zayo Group 144A 5.75% 1/15/27 #			1,065,000		1,049,025

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Zayo Group 6.375% 5/15/25			270,000	$	276,075
					101,201,322
Consumer Cyclical – 1.55%
Alibaba Group Holding 4.00% 12/6/37			1,825,000		1,698,104
AMC Entertainment Holdings 6.125% 5/15/27			1,055,000		1,028,625
Atento Luxco 1 144A 6.125% 8/10/22 #			1,715,000		1,654,117
Boyd Gaming 6.375% 4/1/26			715,000		725,725
Daimler 2.75% 12/10/18	NOK		5,560,000		688,270
Daimler Finance North America 144A 3.35% 2/22/23 #			3,360,000		3,303,051
Dollar Tree 3.70% 5/15/23			2,835,000		2,811,704
4.00% 5/15/25			1,890,000		1,849,502
Ford Motor Credit 4.14% 2/15/23			1,745,000		1,743,952
General Motors 6.75% 4/1/46			670,000		744,688
General Motors Financial 4.35% 4/9/25			3,265,000		3,221,601
5.25% 3/1/26			700,000		726,471
GLP Capital 5.375% 4/15/26			735,000		729,487
Hyundai Capital America 144A 2.55% 2/6/19 #			685,000		682,575
144A 3.00% 3/18/21 #			965,000		947,696
JD.com 3.125% 4/29/21			2,985,000		2,911,895
KFC Holding 144A 5.25% 6/1/26 #			1,091,000		1,077,363
Lithia Motors 144A 5.25% 8/1/25 #			900,000		879,750
Live Nation Entertainment 144A 5.625% 3/15/26 #			560,000		557,200
Lowe’s 4.05% 5/3/47			825,000		781,640
Marriott International 4.50% 10/1/34			410,000		409,734
MGM Resorts International 5.75% 6/15/25			700,000		702,625
New Red Finance 144A 5.00% 10/15/25 #			825,000		784,740
Penn National Gaming 144A 5.625% 1/15/27 #			1,299,000		1,227,555
Penske Automotive Group 5.50% 5/15/26			520,000		510,900
Royal Caribbean Cruises 3.70% 3/15/28			3,875,000		3,584,525
Scientific Games International 10.00% 12/1/22			1,505,000		1,608,469
Toyota Motor Credit 2.95% 4/13/21			685,000		681,939
					38,273,903
Consumer Non-Cyclical – 2.19%
Abbott Laboratories 3.75% 11/30/26			330,000		324,827
Air Medical Group Holdings 144A 6.375% 5/15/23 #			290,000		271,150
Amgen 4.00% 9/13/29	GBP		341,000		502,710

Diversified Income Series-15

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
BAT Capital 144A 3.222% 8/15/24 #		3,805,000	$	3,607,637
144A 4.54% 8/15/47 #		1,045,000		978,810
Bayer US Finance II 144A 4.25% 12/15/25 #		1,050,000		1,057,681
144A 4.375% 12/15/28 #		2,075,000		2,082,405
Campbell Soup 3.65% 3/15/23		3,885,000		3,817,400
CK Hutchison International 17 144A 2.875% 4/5/22 #		2,605,000		2,540,512
Cott Holdings 144A 5.50% 4/1/25 #		645,000		628,875
CVS Health 3.70% 3/9/23		2,370,000		2,348,372
4.10% 3/25/25		3,680,000		3,665,169
4.30% 3/25/28		3,430,000		3,388,704
4.78% 3/25/38		2,580,000		2,558,298
ESAL 144A 6.25% 2/5/23 #		1,160,000		1,086,050
General Mills 3.20% 4/16/21		615,000		612,170
3.70% 10/17/23		2,440,000		2,417,121
JBS USA 144A 5.75% 6/15/25 #		200,000		187,000
144A 6.75% 2/15/28 #		1,220,000		1,154,059
Kernel Holding 144A 8.75% 1/31/22 #		1,990,000		1,961,692
Maple Escrow Subsidiary 144A 4.057% 5/25/23 #		1,350,000		1,356,512
Marfrig Holdings Europe 144A 8.00% 6/8/23 #		2,155,000		2,190,019
MHP 144A 6.95% 4/3/26 #		1,085,000		1,018,235
144A 7.75% 5/10/24 #		1,430,000		1,436,349
Mylan 144A 4.55% 4/15/28 #		1,920,000		1,879,254
New York and Presbyterian Hospital 4.063% 8/1/56		1,630,000		1,612,258
Pernod Ricard 144A 4.45% 1/15/22 #		1,780,000		1,831,225
Rede D’or Finance 144A 4.95% 1/17/28 #		2,470,000		2,206,019
Teva Pharmaceutical Finance Netherlands III 6.75% 3/1/28		1,785,000		1,821,838
Zimmer Biomet Holdings 4.625% 11/30/19		3,645,000		3,718,706
				54,261,057
Electric – 3.55%
AES Gener 144A 8.375% 12/18/73 #µ		1,835,000		1,888,857
Ameren Illinois 9.75% 11/15/18		5,900,000		6,051,561
American Transmission Systems 144A 5.25% 1/15/22 #		5,410,000		5,691,237
Ausgrid Finance Pty 144A 3.85% 5/1/23 #		2,455,000		2,462,010
144A 4.35% 8/1/28 #		1,795,000		1,806,314
Avangrid 3.15% 12/1/24		1,090,000		1,049,544

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Berkshire Hathaway Energy 3.75% 11/15/23			3,280,000	$	3,322,279
Cleveland Electric Illuminating 5.50% 8/15/24			365,000		400,669
CMS Energy 6.25% 2/1/20			2,210,000		2,311,105
ComEd Financing III 6.35% 3/15/33			2,055,000		2,183,437
Dominion Energy 3.625% 12/1/24			1,645,000		1,615,398
DTE Energy 3.30% 6/15/22			1,810,000		1,789,794
Emera 6.75% 6/15/76 µ			4,545,000		4,749,525
Enel 144A 8.75% 9/24/73 #µ			3,502,000		3,909,107
Enel Finance International 144A 3.625%
5/25/27 #			6,830,000		6,256,795
Entergy Louisiana 4.05% 9/1/23			4,045,000		4,130,172
4.95% 1/15/45			545,000		551,259
Exelon 3.497% 6/1/22			2,700,000		2,673,177
3.95% 6/15/25			1,045,000		1,039,954
Great Plains Energy 4.85% 6/1/21			1,195,000		1,227,395
Israel Electric 144A 4.25% 8/14/28 #			1,870,000		1,803,836
Kallpa Generacion 144A 4.125% 8/16/27 #			2,485,000		2,267,563
Kansas City Power & Light 3.65% 8/15/25			3,445,000		3,407,027
LG&E & KU Energy 4.375% 10/1/21			3,765,000		3,859,859
Mississippi Power 3.95% 3/30/28			2,170,000		2,152,152
National Rural Utilities Cooperative Finance 4.75% 4/30/43 µ			2,830,000		2,883,576
5.25% 4/20/46 µ			990,000		1,018,422
Nevada Power 2.75% 4/15/20			2,355,000		2,352,378
New York State Electric & Gas 144A 3.25% 12/1/26 #			2,495,000		2,396,536
Newfoundland & Labrador Hydro 3.60% 12/1/45	CAD		400,000		324,031
NV Energy 6.25% 11/15/20			2,380,000		2,543,005
Pennsylvania Electric 5.20% 4/1/20			220,000		226,075
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #			475,000		439,526
144A 5.25% 5/15/47 #			1,455,000		1,320,585
PSEG Power 3.85% 6/1/23			2,680,000		2,669,762
Public Service Co. of Oklahoma 5.15% 12/1/19			1,705,000		1,750,673
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #			1,190,000		1,187,558
					87,712,153
Energy – 5.10%
Abu Dhabi Crude Oil Pipeline 144A 3.65% 11/2/29 #			1,575,000		1,461,168
144A 4.60% 11/2/47 #			1,800,000		1,654,740
Alta Mesa Holdings 7.875% 12/15/24			190,000		202,350

Diversified Income Series-16

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
AmeriGas Partners 5.875% 8/20/26		1,610,000	$	1,577,800
Andeavor Logistics 4.25% 12/1/27		4,205,000		4,053,246
Cheniere Corpus Christi Holdings 5.875% 3/31/25		710,000		741,063
Concho Resources 4.30% 8/15/28		2,730,000		2,731,896
Crestwood Midstream Partners 5.75% 4/1/25		1,050,000		1,052,625
Diamond Offshore Drilling 7.875% 8/15/25		740,000		769,600
Diamondback Energy 4.75% 11/1/24		1,565,000		1,531,744
Ecopetrol 5.875% 9/18/23		805,000		855,313
7.375% 9/18/43		690,000		762,623
Enbridge 3.70% 7/15/27		2,640,000		2,505,467
4.00% 10/1/23		1,445,000		1,450,850
6.00% 1/15/77 µ		1,585,000		1,497,825
6.25% 3/1/78 µ		1,150,000		1,084,593
Enbridge Energy Partners 4.375% 10/15/20		480,000		488,708
5.20% 3/15/20		250,000		257,172
5.50% 9/15/40		725,000		756,347
Energy Transfer Equity 5.50% 6/1/27		120,000		120,300
7.50% 10/15/20		1,105,000		1,180,969
Energy Transfer Partners 4.20% 9/15/23		585,000		584,664
4.95% 6/15/28		910,000		908,585
6.00% 6/15/48		605,000		605,157
6.125% 12/15/45		2,925,000		2,933,010
6.625% µy		3,355,000		3,067,728
9.70% 3/15/19		2,189,000		2,290,150
EnLink Midstream Partners 6.00% µy		1,120,000		960,380
Ensco 7.75% 2/1/26		740,000		701,853
Frontera Energy 144A 9.70% 6/25/23 #		1,460,000		1,452,700
Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 #		2,440,000		2,358,443
Genesis Energy 6.75% 8/1/22		1,815,000		1,842,225
Geopark 144A 6.50% 9/21/24 #		1,640,000		1,581,468
Gulfport Energy 6.625% 5/1/23		595,000		602,437
KazMunayGas National 144A 6.375% 10/24/48 #		1,865,000		1,888,079
KazTransGas 144A 4.375% 9/26/27 #		1,465,000		1,366,113
Kunlun Energy 144A 2.875% 5/13/20 #		850,000		840,387
Laredo Petroleum 6.25% 3/15/23		700,000		704,375
Marathon Oil 5.20% 6/1/45		1,975,000		2,085,333
MPLX 4.00% 3/15/28		1,790,000		1,705,896
4.50% 4/15/38		470,000		435,208
4.875% 12/1/24		4,195,000		4,328,872
Murphy Oil 6.875% 8/15/24		1,480,000		1,557,700

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Energy (continued)
Murphy Oil USA 5.625% 5/1/27		360,000	$	353,250
6.00% 8/15/23		2,150,000		2,209,125
Nabors Industries 144A 5.75% 2/1/25 #		850,000		805,375
Newfield Exploration 5.75% 1/30/22		680,000		711,450
NiSource 144A 5.65% #µy		2,460,000		2,444,625
Noble Energy 4.95% 8/15/47		305,000		306,251
5.05% 11/15/44		665,000		666,489
NuStar Logistics 5.625% 4/28/27		745,000		723,581
Oasis Petroleum 144A 6.25% 5/1/26 #		655,000		662,369
Occidental Petroleum 4.20% 3/15/48		3,795,000		3,786,895
ONEOK 4.55% 7/15/28		1,945,000		1,965,172
7.50% 9/1/23		3,525,000		4,042,999
Pertamina Persero 144A 4.875% 5/3/22 #		320,000		325,731
144A 5.625% 5/20/43 #		860,000		818,106
Perusahaan Gas Negara Persero 144A 5.125% 5/16/24 #		1,410,000		1,432,007
Petrobras Global Finance 7.25% 3/17/44		1,035,000		961,256
7.375% 1/17/27		1,250,000		1,251,563
Petroleos Mexicanos 6.50% 3/13/27		865,000		885,976
6.75% 9/21/47		1,099,000		1,047,347
Precision Drilling 144A 7.125% 1/15/26 #		420,000		432,390
7.75% 12/15/23		625,000		660,937
QEP Resources 5.25% 5/1/23		1,350,000		1,326,375
5.625% 3/1/26		295,000		282,831
Rio Energy 144A 6.875% 2/1/25 #		2,205,000		1,841,175
Sabine Pass Liquefaction 5.625% 3/1/25		4,245,000		4,520,124
5.75% 5/15/24		3,700,000		3,955,379
5.875% 6/30/26		1,840,000		1,975,788
Sempra Energy 3.80% 2/1/38		1,845,000		1,679,605
Shell International Finance 4.375% 5/11/45		469,000		481,495
Southwestern Energy 4.10% 3/15/22		555,000		532,800
6.70% 1/23/25		235,000		230,887
Summit Midstream Holdings 5.75% 4/15/25		1,100,000		1,050,500
Targa Resources Partners 5.375% 2/1/27		1,715,000		1,667,838
Tecpetrol 144A 4.875% 12/12/22 #		3,140,000		2,911,408
Transcanada Trust 5.875% 8/15/76 µ		1,475,000		1,463,938
Transcontinental Gas Pipe Line 144A 4.00% 3/15/28 #		1,090,000		1,061,008
144A 4.60% 3/15/48 #		1,295,000		1,249,429

Diversified Income Series-17

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Transocean 144A 9.00% 7/15/23 #		170,000	$	183,600
Transocean Proteus 144A 6.25% 12/1/24 #		671,500		680,733
Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		1,305,000		1,200,600
Tullow Oil 144A 7.00% 3/1/25 #		2,375,000		2,250,313
Williams 4.55% 6/24/24		1,445,000		1,452,225
Williams Partners 3.75% 6/15/27		1,110,000		1,049,657
4.85% 3/1/48		2,115,000		2,021,120
YPF 144A 7.00% 12/15/47 #		1,410,000		1,071,600
144A 26.563% (BADLARPP + 4.00%) 7/7/20 #•		3,175,000		1,801,813
				125,972,297
Finance Companies – 1.25%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ		3,920,000		4,057,200
AerCap Ireland Capital 3.65% 7/21/27		7,800,000		7,111,905
Air Lease 3.00% 9/15/23		4,220,000		3,999,583
3.625% 4/1/27		3,080,000		2,828,047
Aviation Capital Group 144A 3.50% 11/1/27 #		985,000		903,319
144A 4.875% 10/1/25 #		2,480,000		2,579,480
BOC Aviation 144A 2.375% 9/15/21 #		2,120,000		2,030,390
Equate Petrochemical 144A 3.00% 3/3/22 #		1,370,000		1,314,352
GE Capital International Funding Co. Unlimited 4.418% 11/15/35		755,000		732,287
International Lease Finance 8.625% 1/15/22		3,390,000		3,891,306
Temasek Financial I 144A 2.375% 1/23/23 #		1,615,000		1,553,063
				31,000,932
Healthcare – 0.51%
DaVita 5.00% 5/1/25		1,401,000		1,322,194
Encompass Health 5.75% 11/1/24		1,960,000		1,968,487
5.75% 9/15/25		610,000		619,150
HCA 5.375% 2/1/25		1,295,000		1,278,424
7.58% 9/15/25		80,000		86,800
Hill-Rom Holdings 144A 5.00% 2/15/25 #		595,000		580,125
144A 5.75% 9/1/23 #		765,000		782,213
MPH Acquisition Holdings 144A 7.125% 6/1/24 #		855,000		878,513
Tenet Healthcare 144A 5.125% 5/1/25 #		3,125,000		2,982,422

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Teva Pharmaceutical Finance Netherlands III 6.00% 4/15/24		1,640,000	$	1,639,726
Universal Health Services 144A 5.00% 6/1/26 #		485,000		474,694
				12,612,748
Insurance – 1.28%
Acrisure 144A 7.00% 11/15/25 #		2,566,000		2,341,475
AssuredPartners 144A 7.00% 8/15/25 #		2,844,000		2,744,460
AXA Equitable Holdings 144A 4.35% 4/20/28 #		980,000		938,317
144A 5.00% 4/20/48 #		1,605,000		1,483,034
HUB International 144A 7.00% 5/1/26 #		215,000		212,850
MetLife 3.60% 4/10/24		2,525,000		2,505,203
6.40% 12/15/36		110,000		116,875
144A 9.25% 4/8/38 #		2,655,000		3,610,800
NFP 144A 6.875% 7/15/25 #		2,645,000		2,605,325
Nuveen Finance 144A 2.95% 11/1/19 #		1,885,000		1,878,202
144A 4.125% 11/1/24 #		1,615,000		1,607,661
Prudential Financial 4.50% 11/15/20		795,000		818,834
5.375% 5/15/45 µ		1,730,000		1,725,675
USIS Merger Sub 144A 6.875% 5/1/25 #		3,663,000		3,653,843
Voya Financial 144A 4.70% 1/23/48 #µ		2,160,000		1,925,100
XLIT 4.805% (LIBOR03M + 2.46%) y•		1,325,000		1,305,125
5.50% 3/31/45		1,980,000		2,061,329
				31,534,108
Media – 0.78%
Altice France 144A 6.25% 5/15/24 #		1,880,000		1,833,000
AMC Networks 4.75% 8/1/25		1,140,000		1,098,686
CCO Holdings 144A 5.125% 5/1/27 #		720,000		674,100
144A 5.75% 2/15/26 #		200,000		197,000
144A 5.875% 5/1/27 #		150,000		146,813
Cequel Communications Holdings I 144A 7.75% 7/15/25 #		1,080,000		1,134,000
Gray Television 144A 5.875% 7/15/26 #		1,095,000		1,044,356
Nexstar Broadcasting 144A 5.625% 8/1/24 #		850,000		821,313
Nielsen Co. Luxembourg 144A 5.00% 2/1/25 #		1,885,000		1,800,175
Sirius XM Radio 144A 5.00% 8/1/27 #		510,000		478,125
144A 5.375% 4/15/25 #		2,706,000		2,675,557
Tribune Media 5.875% 7/15/22		622,000		630,864
UPCB Finance IV 144A 5.375% 1/15/25 #		1,198,000		1,144,210

Diversified Income Series-18

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Media (continued)
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		2,095,000	$	1,945,731
VTR Finance 144A 6.875% 1/15/24 #		3,610,000		3,640,505
				19,264,435
Real Estate Investment Trusts – 0.85%
Alexandria Real Estate Equities 4.70% 7/1/30		640,000		645,208
Corporate Office Properties 3.60% 5/15/23		1,750,000		1,694,785
5.25% 2/15/24		1,755,000		1,817,569
CubeSmart 3.125% 9/1/26		1,825,000		1,680,858
Education Realty Operating Partnership 4.60% 12/1/24		2,190,000		2,201,105
ESH Hospitality 144A 5.25% 5/1/25 #		690,000		667,575
Growthpoint Properties International 144A 5.872% 5/2/23 #		1,520,000		1,546,419
Hospitality Properties Trust 4.50% 3/15/25		2,025,000		1,984,015
Host Hotels & Resorts 3.75% 10/15/23		710,000		696,450
3.875% 4/1/24		890,000		868,442
4.50% 2/1/26		1,680,000		1,680,854
Hudson Pacific Properties 3.95% 11/1/27		515,000		482,278
Kilroy Realty 3.45% 12/15/24		1,960,000		1,883,500
Life Storage 3.50% 7/1/26		1,620,000		1,519,340
WP Carey 4.60% 4/1/24		1,680,000		1,698,960
				21,067,358
Services – 0.28%
Advanced Disposal Services 144A 5.625% 11/15/24 #		200,000		199,500
Avis Budget Car Rental 144A 6.375% 4/1/24 #		605,000		595,925
Covanta Holding 5.875% 7/1/25		600,000		580,500
GEO Group 5.125% 4/1/23		390,000		384,150
6.00% 4/15/26		130,000		126,750
Herc Rentals 144A 7.75% 6/1/24 #		497,000		533,033
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		995,000		950,225
KAR Auction Services 144A 5.125% 6/1/25 #		468,000		448,110
Prime Security Services Borrower 144A 9.25% 5/15/23 #		1,112,000		1,189,840
United Rentals North America 5.50% 5/15/27		1,865,000		1,813,713
				6,821,746
Technology – 1.22%
Baidu 4.375% 3/29/28		2,085,000		2,061,256
Broadcom 3.50% 1/15/28		6,145,000		5,604,950

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
CDK Global 4.875% 6/1/27		1,105,000	$	1,064,944
5.00% 10/15/24		2,050,000		2,101,250
CDW Finance 5.00% 9/1/25		800,000		790,000
CommScope Technologies 144A 5.00% 3/15/27 #		1,860,000		1,755,375
Corning 4.375% 11/15/57		1,105,000		966,639
Dell International 144A 6.02% 6/15/26 #		5,055,000		5,322,368
First Data 144A 5.75% 1/15/24 #		1,195,000		1,198,705
Genesys Telecommunications Laboratories 144A 10.00% 11/30/24 #		50,000		55,931
Infor US 6.50% 5/15/22		170,000		171,487
Marvell Technology Group 4.875% 6/22/28		2,080,000		2,067,736
Microchip Technology 144A 3.922% 6/1/21 #		810,000		811,837
144A 4.333% 6/1/23 #		880,000		882,166
MSCI 144A 5.375% 5/15/27 #		635,000		636,587
NXP 144A 4.625% 6/1/23 #		1,580,000		1,602,436
Solera 144A 10.50% 3/1/24 #		120,000		133,876
Symantec 144A 5.00% 4/15/25 #		805,000		781,654
Tencent Holdings 144A 3.925% 1/19/38 #		1,880,000		1,716,376
Trimble 4.15% 6/15/23		420,000		420,974
				30,146,547
Transportation – 0.61%
Adani Abbot Point Terminal 144A 4.45% 12/15/22 #		3,550,000		3,241,445
FedEx 4.05% 2/15/48		690,000		621,142
Penske Truck Leasing 144A 4.20% 4/1/27 #		1,915,000		1,889,994
Transnet SOC 144A 4.00% 7/26/22 #		1,358,000		1,289,687
Union Pacific 3.50% 6/8/23		1,790,000		1,792,623
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 u		703,806		707,315
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 u		1,221,643		1,216,003
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 u		1,080,712		1,026,577
United Parcel Service 5.125% 4/1/19		2,180,000		2,219,544
XPO Logistics 144A 6.125% 9/1/23 #		958,000		981,672
				14,986,002
Utilities – 0.23%
Aegea Finance 144A 5.75% 10/10/24 #		2,145,000		1,993,777
AES Andres 144A 7.95% 5/11/26 #		1,960,000		2,028,600
Calpine 144A 5.25% 6/1/26 #		670,000		633,987
5.75% 1/15/25		815,000		747,253

Diversified Income Series-19

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Vistra Energy 144A 8.00% 1/15/25 #		362,000	$	390,399
				5,794,016
Total Corporate Bonds (cost $949,852,177)				926,914,524
Loan Agreements – 9.53%
Acrisure Tranche B 1st Lien 6.609% (LIBOR03M + 4.25%) 11/22/23 •		2,049,674		2,055,311
AI Ladder Luxembourg Subco Tranche B 1st Lien 6.59% (LIBOR03M + 4.50%) 5/4/25 •		702,000		702,000
Air Medical Group Holdings Tranche B 1st Lien 5.28% (LIBOR03M + 3.25%) 4/28/22 •		1,964,989		1,910,952
Albertson’s Tranche B4 1st Lien 4.844% (LIBOR03M + 2.75%) 8/25/21 •		2,805,874		2,780,666
Alpha 3 Tranche B1 1st Lien 5.334% (LIBOR03M + 3.00%) 1/31/24 •		931,288		934,780
Altice France Tranche B11 1st Lien 4.844% (LIBOR03M + 2.75%) 7/18/25 •		2,341,350		2,304,279
Altice France Tranche B12 1st Lien 5.348% (LIBOR03M + 3.00%) 1/31/26 •		1,017,218		1,002,596
American Airlines Tranche B 1st Lien 4.073% (LIBOR03M + 2.00%) 12/14/23 •		2,048,480		2,030,555
Applied Systems 2nd Lien 9.334% (LIBOR03M + 7.00%) 9/19/25 •		2,085,000		2,157,106
Aramark Services Tranche B3 1st Lien 4.084% (LIBOR03M + 1.75%) 3/11/25 •		1,047,375		1,048,030
AssuredPartners Tranche B 1st Lien 5.344% (LIBOR03M + 3.25%) 10/22/24 •		2,730,866		2,724,721
ATI Holdings Acquisition Tranche B 1st Lien 5.546% (LIBOR03M + 3.50%) 5/10/23 •		1,608,539		1,610,298
ATS Consolidated Tranche B 1st Lien 5.844% (LIBOR03M + 3.75%) 2/28/25 •		1,607,663		1,612,686
Avis Budget Car Rental Tranche B 1st Lien 4.34% (LIBOR03M + 2.00%) 2/13/25 •		1,522,350		1,525,204
Banff Merger Sub Tranche B 1st Lien 6.59% (LIBOR03M + 4.25%) 6/28/25 •		1,865,000		1,854,813
Blue Ribbon 1st Lien 6.085% (LIBOR03M + 4.00%) 11/13/21 •		2,435,623		2,408,222

	Principal amount°		Value (US $)
Loan Agreements (continued)
Bombardier Recreational Products Tranche B 1st Lien 4.09% (LIBOR03M + 2.00%) 5/7/25 •		1,860,000	$	1,848,375
Builders FirstSource 1st Lien 5.334% (LIBOR03M + 3.00%) 2/29/24 •		2,946,460		2,951,458
BWAY Holding Tranche B 1st Lien 5.587% (LIBOR03M + 3.25%) 4/3/24 •		1,836,450		1,840,468
Casablanca US Holdings Tranche B 1st Lien 6.099% (LIBOR03M + 4.00%) 3/1/24 •		2,014,950		2,014,950
CH Hold 2nd Lien 9.344% (LIBOR03M + 7.25%) 2/1/25 •		403,000		409,549
Change Healthcare Holdings Tranche B 1st Lien 4.844% (LIBOR03M + 2.75%) 3/1/24 •		2,415,233		2,410,251
Charter Communications Operating Tranche B 1st Lien 4.10% (LIBOR03M + 2.00%) 4/30/25 •		1,452,700		1,453,030
Chemours Tranche B2 1st Lien 3.74% (LIBOR03M + 1.75%) 4/3/25 •		3,153,344		3,125,752
Chesapeake Energy 1st Lien 9.594% (LIBOR03M + 7.50%) 8/23/21 •		3,660,000		3,836,138
CityCenter Holdings Tranche B 1st Lien 4.344% (LIBOR03M + 2.25%) 4/18/24 •		2,482,803		2,473,751
Community Health Systems Tranche G 1st Lien 5.307% (LIBOR03M + 3.00%) 12/31/19 •		1,181,190		1,178,311
Community Health Systems Tranche H 1st Lien 5.557% (LIBOR03M + 3.25%) 1/27/21 •		590,595		577,368
Constellis Holdings 1st Lien 7.334% (LIBOR03M + 5.00%) 4/21/24 •		534,100		537,104
Constellis Holdings 2nd Lien 11.334% (LIBOR03M + 9.00%) 4/21/25 •		350,000		353,354
Core & Main Tranche B 1st Lien 5.211% (LIBOR03M + 3.00%) 8/1/24 •		1,506,216		1,512,492
CROWN Americas Tranche B 1st Lien 4.312% (LIBOR03M + 2.00%) 1/29/25 •		1,555,000		1,558,995
CSC Holdings 1st Lien 4.323% (LIBOR03M + 2.25%) 7/17/25 •		801,900		797,081
CSC Holdings Tranche B 1st Lien 4.573% (LIBOR03M + 2.50%) 1/25/26 •		800,000		798,700
Dakota Holdings Tranche B 1st Lien 5.584% (LIBOR03M + 3.25%) 2/13/25 •		345,000		344,138

Diversified Income Series-20

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Loan Agreements (continued)
DaVita Tranche B 1st Lien 4.844% (LIBOR03M + 2.75%) 6/24/21 •		338,958	$	340,258
Deck Chassis Acquisition 2nd Lien 8.094% (LIBOR03M + 6.00%) 6/15/23 •		155,000		156,744
Delek US Holdings Tranche B 1st Lien 4.594% (LIBOR03M + 2.50%) 3/30/25 •		907,725		905,456
DG Investment Intermediate Holdings 2 1st Lien 5.094% (LIBOR03M + 3.00%) 1/29/25 •		763,976		759,201
DG Investment Intermediate Holdings 2 Tranche DD 1st Lien 5.094% (LIBOR03M + 3.00%) 1/29/25 •		147,581		146,658
Digicel International Finance Tranche B 1st Lien 5.61% (LIBOR03M + 3.25%) 5/10/24 •		2,562,096		2,469,220
Energy Transfer Equity Tranche B 1st Lien 4.091% (LIBOR03M + 2.00%) 2/2/24 •		905,000		898,354
ESH Hospitality Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 8/30/23 •		1,631,410		1,626,651
ExamWorks Group Tranche B1 1st Lien 5.344% (LIBOR03M + 3.25%) 7/27/23 •		2,011,069		2,016,410
First Data 1st Lien 4.091% (LIBOR03M + 2.00%) 4/26/24 •		4,207,574		4,187,588
4.091% (LIBOR03M + 2.00%) 7/10/22 •		995,180		990,453
First Eagle Holdings Tranche B 1st Lien 5.334% (LIBOR03M + 3.00%) 12/1/22 •		782,762		788,242
Flex Acquisition 1st Lien 5.337% (LIBOR03M + 3.00%) 12/29/23 •		1,024,650		1,022,912
Flying Fortress Holdings Tranche B 1st Lien 4.084% (LIBOR03M + 1.75%) 10/30/22 •		902,500		905,320
Frontier Communications Tranche A-DD 1st Lien 4.844% (LIBOR03M + 2.75%) 3/31/21 •		670,000		661,206
Frontier Communications Tranche B1 1st Lien 5.85% (LIBOR03M + 3.75%) 6/15/24 •		1,243,344		1,238,294
Gardner Denver Tranche B1 1st Lien 4.844% (LIBOR03M + 2.75%) 7/30/24 •		2,702,642		2,710,075

	Principal amount°		Value (US $)
Loan Agreements (continued)
Gates Global Tranche B2 1st Lien 5.084% (LIBOR03M + 2.75%) 3/31/24 •		1,548,874	$	1,550,488
Genoa Healthcare 1st Lien 5.344% (LIBOR03M + 3.25%) 10/28/23 •		1,793,199		1,797,309
Gentiva Health Services 1st Lien 5.461% (LIBOR03M + 3.75%) 7/2/25 •		1,563,077		1,566,985
Gentiva Health Services Tranche DD 1st Lien 5.461% (LIBOR03M + 3.75%) 7/2/25 •		976,923		979,365
GEO Group Tranche B 1st Lien 4.10% (LIBOR03M + 2.00%) 3/23/24 •		458,838		457,548
Gopher Resource 1st Lien 5.344% (LIBOR03M + 3.25%) 2/9/25 •		902,225		905,608
Gray Television Tranche B2 1st Lien 4.251% (LIBOR03M + 2.25%) 2/7/24 •		1,691,414		1,688,243
Greeneden US Holdings II Tranche B3 1st Lien 5.834% (LIBOR03M + 3.50%) 12/1/23 •		1,694,329		1,698,212
Greenhill & Co. Tranche B 1st Lien 5.797% (LIBOR03M + 3.75%) 10/12/22 •		890,397		898,188
GVC Holdings Tranche B2 1st Lien 4.602% (LIBOR03M + 2.50%) 3/16/24 •		1,447,373		1,448,578
HCA Tranche B10 1st Lien 4.094% (LIBOR03M + 2.00%) 3/13/25 •		3,619,713		3,635,096
Hearthside Group Holdings 1st Lien 5.091% (LIBOR03M + 3.00%) 5/25/25 •		1,463,000		1,452,332
Heartland Dental 1st Lien 5.844% (LIBOR03M + 3.75%) 4/30/25 •		1,679,130		1,673,883
Heartland Dental Tranche DD 1st Lien 1.875% (LIBOR03M + 3.72%) 4/30/25 •		251,870		251,082
Hilton Worldwide Finance Tranche B2 1st Lien 3.841% (LIBOR03M + 1.75%) 10/25/23 •		791,908		792,361
Hoya Midco Tranche B 1st Lien 5.594% (LIBOR03M + 3.50%) 6/30/24 •		1,242,450		1,263,675
HUB International Tranche B 1st Lien 5.36% (LIBOR03M + 3.00%) 4/25/25 •		2,000,000		1,989,510
HVSC Merger Sub 2nd Lien 10.347% (LIBOR03M + 8.25%) 10/26/25 •		715,000		720,363
HVSC Merger Sub Tranche B 1st Lien 6.094% (LIBOR03M + 4.00%) 10/20/24 •		1,348,225		1,358,899

Diversified Income Series-21

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Loan Agreements (continued)
Hyperion Insurance Group Tranche B 1st Lien 5.625% (LIBOR03M + 3.50%) 12/20/24 •		2,150,195	$	2,156,108
INEOS US Finance Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 3/31/24 •		1,915,375		1,911,270
IQVIA Tranche B3 1st Lien 4.084% (LIBOR03M + 1.75%) 6/8/25 •		1,485,000		1,490,260
Iron Mountain Tranche B 1st Lien 3.844% (LIBOR03M + 1.75%) 1/2/26 •		3,650,850		3,577,833
JBS USA Tranche B 1st Lien 4.678% (LIBOR03M + 2.178%) 10/30/22 •		480,000		477,950
4.835% (LIBOR03M + 2.50%) 10/30/22 •		2,143,409		2,134,254
Jeld-Wen Tranche B4 1st Lien 4.334% (LIBOR03M + 2.00%) 12/14/24 •		833,094		831,142
Kraton Polymers Tranche B 1st Lien 4.401% (LIBOR03M + 2.50%) 3/8/25 •		573,944		573,944
Kronos 2nd Lien 10.608% (LIBOR03M + 8.25%) 11/1/24 •		207,000		214,504
Kronos Tranche B 1st Lien 5.358% (LIBOR03M + 3.00%) 11/1/23 •		878,914		878,814
Lucid Energy Group II Borrower 1st Lien 5.085% (LIBOR03M + 3.00%) 2/18/25 •		2,523,675		2,504,747
LUX HOLDCO III 1st Lien 5.099% (LIBOR03M + 3.00%) 3/28/25 •		608,175		608,555
Marketo Tranche B 1st Lien 5.613% (LIBOR03M + 3.25%) 2/7/25 •		307,000		304,826
MGM Growth Properties Operating Partnership Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 3/25/25 •		1,502,316		1,502,628
Microchip Technology 1st Lien 4.10% (LIBOR03M + 2.00%) 5/29/25 •		2,375,000		2,380,938
MPH Acquisition Holdings Tranche B 1st Lien 5.084% (LIBOR03M + 2.75%) 6/7/23 •		3,263,672		3,251,178
NCI Building Systems Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 2/8/25 •		1,571,063		1,567,625
NFP Tranche B 1st Lien 5.094% (LIBOR03M + 3.00%) 1/8/24 •		1,641,667		1,633,458
Nielsen Finance Tranche B4 1st Lien 4.046% (LIBOR03M + 2.00%) 10/4/23 •		1,526,146		1,526,909

	Principal amount°		Value (US $)
Loan Agreements (continued)
OCI Partners 1st Lien 6.334% (LIBOR03M + 4.00%) 3/13/25 •		450,000	$	452,813
ON Semiconductor Tranche B 1st Lien 3.844% (LIBOR03M + 1.75%) 3/31/23 •		1,413,927		1,414,908
Panda Hummel Tranche B1 1st Lien 8.094% (LIBOR03M + 6.00%) 10/27/22 •		288,000		282,000
Panda Stonewall Tranche B1 1st Lien 7.834% (LIBOR03M + 5.50%) 11/13/21 =•		490,759		485,851
Penn National Gaming Tranche B 1st Lien 4.594% (LIBOR03M + 2.50%) 1/19/24 •		1,874,275		1,882,475
PharMerica Tranche B 2nd Lien 9.796% (LIBOR03M + 7.75%) 12/7/25 •		750,000		749,063
Phoenix Services Merger Sub Tranche B 1st Lien 5.751% (LIBOR03M + 3.75%) 3/1/25 •		912,713		918,987
Pisces Midco Tranche B 1st Lien 6.089% (LIBOR03M + 3.75%) 4/12/25 •		1,326,000		1,326,414
Plastipak Holdings Tranche B 1st Lien 4.60% (LIBOR03M + 2.50%) 10/14/24 •		1,517,375		1,512,158
PQ Tranche B 1st Lien 4.594% (LIBOR03M + 2.50%) 2/8/25 •		2,890,131		2,888,024
Prestige Brands Tranche B5 1st Lien 3.98% (LIBOR03M + 2.00%) 1/26/24 •		1,404,595		1,401,669
Radiate Holdco Tranche B 1st Lien 5.094% (LIBOR03M + 3.00%) 2/1/24 •		3,101,125		3,053,551
Republic of Angola 8.747% (LIBOR06M + 6.25%) 12/16/23 =•		3,014,688		2,728,293
Ring Container Technologies Group 1st Lien 4.844% (LIBOR03M + 2.75%) 10/31/24 •		585,541		583,346
Russell Investments US Institutional Holdco Tranche B 1st Lien 5.552% (LIBOR03M + 3.25%) 6/1/23 •		3,846,110		3,863,417
Sable International Finance Tranche B4 1st Lien 5.344% (LIBOR03M + 3.25%) 1/31/26 •		475,000		475,923
SBA Senior Finance II Tranche B 1st Lien 4.10% (LIBOR03M + 2.00%) 4/11/25 •		1,935,000		1,928,607
Scientific Games International Tranche B5 1st Lien 4.921% (LIBOR03M + 2.75%) 8/14/24 •		4,286,532		4,275,280

Diversified Income Series-22

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Loan Agreements (continued)
Sigma US Tranche B2 1st Lien 5.05% (LIBOR03M + 3.00%) 3/7/25 •		2,028,000	$	2,032,437
Sinclair Television Group Tranche B 1st Lien 4.594% (LIBOR03M + 2.50%) 1/31/25 •		1,190,000		1,189,697
Sinclair Television Group Tranche B2 1st Lien 4.35% (LIBOR03M + 2.25%) 1/3/24 •		1,219,991		1,219,839
SMG US Midco 2 1st Lien 5.344% (LIBOR03M + 3.25%) 1/23/25 •		603,488		604,619
SMG US Midco 2 2nd Lien 9.094% (LIBOR03M + 7.00%) 1/23/26 •		605,000		614,075
Solenis International 1st Lien 6.073% (LIBOR03M + 4.00%) 12/18/23 •		930,000		929,031
Sonicwall US Holdings 1st Lien 5.834% (LIBOR03M + 3.50%) 5/16/25 •		620,000		618,450
Sonicwall US Holdings 2nd Lien 9.834% (LIBOR03M + 7.50%) 5/18/26 •		310,000		308,321
Sprint Communications Tranche B 1st Lien 4.625% (LIBOR03M + 2.50%) 2/2/24 •		3,176,177		3,163,275
SS&C European Holdings Tranche B4 1st Lien 4.594% (LIBOR03M + 2.50%) 4/16/25 •		927,680		929,652
SS&C Technologies Tranche B3 1st Lien 4.594% (LIBOR03M + 2.50%) 4/16/25 •		2,452,149		2,457,360
StandardAero Aviation Holdings 1st Lien 5.84% (LIBOR03M + 3.75%) 7/7/22 •		937,131		940,411
Staples 1st Lien 6.358% (LIBOR03M + 4.00%) 9/12/24 •		1,491,450		1,472,289
Stars Group Holdings Tranche B 1st Lien 5.094% (LIBOR03M + 3.00%) 4/6/25 •		3,591,000		3,597,234
5.834% (LIBOR03M + 2.33%) 7/29/25 •		2,415,000		2,402,925
Summit Materials Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 11/10/24 •		1,432,800		1,429,669
Summit Midstream Partners Holdings Tranche B 1st Lien 8.094% (LIBOR03M + 6.00%) 5/21/22 •		1,500,963		1,520,663
Surgery Center Holdings 1st Lien 5.35% (LIBOR03M + 3.25%) 8/31/24 •		2,835,018		2,834,133
Syneos Health Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 8/1/24 •		1,334,302		1,330,609
Telenet Financing USD Tranche AN 1st Lien 4.323% (LIBOR03M + 2.25%) 8/15/26 •		1,480,000		1,471,444

	Principal amount°		Value (US $)
Loan Agreements (continued)
Tenneco Tranche B 1st Lien 4.929% (LIBOR03M + 2.75%) 6/18/25 •		1,260,000	$	1,250,708
Terraform Power Operating Tranche B 1st Lien 4.094% (LIBOR03M + 2.00%) 11/8/22 •		1,502,450		1,501,511
Titan Acquisition Tranche B 1st Lien 5.094% (LIBOR03M + 3.00%) 3/28/25 •		1,190,400		1,175,520
TMS International Tranche B2 1st Lien 4.847% (LIBOR03M + 2.75%) 8/14/24 •		601,975		604,609
TransDigm Tranche F 1st Lien 4.594% (LIBOR03M + 2.50%) 6/9/23 •		2,989,742		2,981,335
Tribune Media Tranche B 1st Lien 4.98% (LIBOR03M + 3.00%) 12/27/20 •		65,997		65,941
Tribune Media Tranche C 1st Lien 5.094% (LIBOR03M + 3.00%) 1/27/24 •		822,568		825,006
Trident TPI Holdings 1st Lien 5.23% (LIBOR03M + 3.25%) 10/5/24 •		761,213		757,406
5.23% (LIBOR03M + 3.25%) 10/5/24 •		380,000		378,100
Tronox Blocked Borrower Tranche B 1st Lien 5.094% (LIBOR03M + 3.00%) 9/22/24 •		336,912		337,368
Tronox Finance Tranche B 1st Lien 5.094% (LIBOR03M + 3.00%) 9/22/24 •		777,488		778,541
Unitymedia Finance Tranche D 1st Lien 4.323% (LIBOR03M + 2.25%) 1/15/26 •		575,000		572,844
Unitymedia Finance Tranche E 1st Lien 4.073% (LIBOR03M + 2.00%) 6/1/23 •		2,585,000		2,573,368
Univision Communications Tranche C5 1st Lien 4.844% (LIBOR03M + 2.75%) 3/15/24 •		1,617,634		1,566,216
UPC Financing Partnership Tranche AR 1st Lien 4.573% (LIBOR03M + 2.50%) 1/15/26 •		560,000		554,610
USI Tranche B 1st Lien 5.334% (LIBOR03M + 3.00%) 5/16/24 •		4,482,110		4,461,380
USIC Holdings 1st Lien 5.344% (LIBOR03M + 3.25%) 12/9/23 •		2,385,163		2,400,070
Utz Quality Foods 1st Lien 5.591% (LIBOR03M + 3.50%) 11/21/24 •		897,750		900,742
Valeant Pharmaceuticals International Tranche B 1st Lien 4.982% (LIBOR03M + 3.00%) 5/30/25 •		1,466,014		1,463,089

Diversified Income Series-23

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Loan Agreements (continued)
Virgin Media Bristol Tranche K 1st Lien 4.573% (LIBOR03M + 2.50%) 1/15/26 •		855,000	$	849,923
Vistra Operations Tranche B3 1st Lien 4.057% (LIBOR03M + 2.00%) 12/1/25 •		2,870,000		2,853,185
Visual Comfort Group 2nd Lien 10.094% (LIBOR03M + 8.00%) 2/28/25 =•		150,714		152,410
Western Digital Tranche B4 1st Lien 3.844% (LIBOR03M + 1.75%) 4/29/23 •		476,686		477,233
WideOpenWest Finance Tranche B 1st Lien 5.335% (LIBOR03M + 3.25%) 8/19/23 •		289,203		277,364
Wink Holdco 2nd Lien 8.85% (LIBOR03M + 6.75%) 12/1/25 •		71,000		71,089
Wyndham Hotels & Resorts Tranche B 1st Lien 3.726% (LIBOR03M + 1.75%) 5/30/25 •		1,155,000		1,155,842
XPO Logistics Tranche B 1st Lien 4.091% (LIBOR03M + 2.00%) 2/24/25 •		3,030,000		3,012,762
Zayo Group Tranche B2 1st Lien 4.344% (LIBOR03M + 2.25%) 1/19/24 •		1,886,757		1,890,127
Zekelman Industries 1st Lien 4.582% (LIBOR03M + 2.25%) 6/14/21 •		2,117,730		2,118,724
Total Loan Agreements (cost $235,527,522)				235,457,129
Municipal Bonds – 0.14%
Buckeye, Ohio Tobacco Settlement Financing Authority (Asset-Backed Senior Turbo) Series A-2 5.875% 6/1/47		405,000		406,733
Commonwealth of Massachusetts Series C 5.00% 10/1/25		120,000		141,152
South Carolina Public Service Authority Series D 4.77% 12/1/45		340,000		360,716
State of California Various Purposes (Taxable Build America Bonds) 7.55% 4/1/39		925,000		1,367,400
Texas Water Development Board (2016 State Water Implementation) Series A 5.00% 10/15/45		290,000		328,492
(Water Implementation Revenue) Series B 5.00% 10/15/46		795,000		905,815
Total Municipal Bonds (cost $3,593,827)				3,510,308

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities – 1.76%
American Express Credit Account Master Trust Series 2017-2 A 2.523% (LIBOR01M + 0.45%) 9/16/24 •		1,500,000	$	1,513,263
Series 2017-5 A 2.453% (LIBOR01M + 0.38%) 2/18/25 •		1,025,000		1,028,978
Series 2018-3 A 2.393% (LIBOR01M + 0.32%) 10/15/25 •		1,745,000		1,744,731
Series 2018-5 A 2.413% (LIBOR01M + 0.34%) 12/15/25 •		960,000		962,209
Avis Budget Rental Car Funding AESOP Series 2014-1A A 144A 2.46% 7/20/20 #		1,440,000		1,433,597
Barclays Dryrock Issuance Trust Series 2017-1 A 2.403% (LIBOR01M + 0.33%, Floor 0.33%) 3/15/23 •		540,000		540,800
Chase Issuance Trust Series 2017-A1 A 2.373% (LIBOR01M + 0.30%) 1/18/22 •		1,745,000		1,748,986
Citibank Credit Card Issuance Trust Series 2017-A5 A5 2.704% (LIBOR01M + 0.62%, Floor 0.62%) 4/22/26 •		1,620,000		1,641,351
Series 2018-A2 A2 2.414% (LIBOR01M + 0.33%) 1/21/25 •		2,250,000		2,252,016
Discover Card Execution Note Trust Series 2017-A7 A7 2.433% (LIBOR01M + 0.36%) 4/15/25 •		1,525,000		1,529,084
Ford Credit Floorplan Master Owner Trust A Series 2017-1 A2 2.493% (LIBOR01M + 0.42%) 5/15/22 •		630,000		631,815
Golden Credit Card Trust Series 2014-2A A 144A 2.523% (LIBOR01M + 0.45%) 3/15/21 #•		1,195,000		1,197,373
Hertz Vehicle Financing Series 2018-2A A 144A 3.65% 6/27/22 #		1,000,000		999,997
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		3,746,250		3,656,902
Hyundai Auto Lease Securitization Trust Series 2018-A A3 144A 2.81% 4/15/21 #		2,000,000		1,994,717
Mercedes-Benz Master Owner Trust Series 2018-BA A 144A 2.274% (LIBOR01M + 0.34%) 5/15/23 #•		1,000,000		1,000,495

Diversified Income Series-24

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 3.441% (LIBOR01M + 1.35%) 9/27/21 #•		1,125,000	$	1,127,781
PFS Financing Series 2018-A A 144A 2.319% (LIBOR01M + 0.40%) 2/15/22 #•		1,085,000		1,083,979
PSNH Funding 3 Series 2018-1 A3 3.814% 2/1/35		1,675,000		1,688,675
Towd Point Mortgage Trust Series 2015-5 A1B 144A 2.75% 5/25/55 #•		947,434		933,887
Series 2016-1 A1B 144A 2.75% 2/25/55 #•		605,194		597,827
Series 2016-2 A1 144A 3.00% 8/25/55 #•		626,733		618,659
Series 2016-3 A1 144A 2.25% 4/25/56 #•		862,253		842,205
Series 2017-1 A1 144A 2.75% 10/25/56 #•		745,596		729,973
Series 2017-2 A1 144A 2.75% 4/25/57 #•		410,902		404,166
Series 2017-4 M1 144A 3.25% 6/25/57 #•		1,505,000		1,421,422
Series 2018-1 A1 144A 3.00% 1/25/58 #•		709,057		698,163
Trafigura Securitisation Finance Series 2017-1A A1 144A 2.923% (LIBOR01M + 0.85%) 12/15/20 #•		1,800,000		1,802,074
Verizon Owner Trust Series 2016-2A A 144A 1.68% 5/20/21 #		1,490,000		1,474,666
Series 2017-1A A 144A 2.06% 9/20/21 #		1,620,000		1,601,584
Volvo Financial Equipment Master Owner Trust Series 2017-A A 144A 2.573% (LIBOR01M + 0.50%) 11/15/22 #•		3,500,000		3,506,545
Wendys Funding Series 2018-1A A2I 144A 3.573% 3/15/48 #		1,169,125		1,136,997
Total Non-Agency Asset-Backed Securities (cost $43,766,844)				43,544,917
Non-Agency Collateralized Mortgage Obligations – 1.88%
Banc of America Alternative Loan Trust Series 2005-1 2A1 5.50% 2/25/20		39,932		38,254

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Banc of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		29,698	$	28,059
Citicorp Mortgage Securities Trust Series 2006-3 1A9 5.75% 6/25/36		71,549		71,598
Citicorp Residential Mortgage Trust Series 2006-3 A5 5.351% 11/25/36 •		1,800,000		1,854,324
Flagstar Mortgage Trust Series 2018-1 A5 144A 3.50% 3/25/48 #•		1,496,006		1,476,254
Galton Funding Mortgage Trust Series 2018-1 A43 144A 3.50% 11/25/57 #•		1,176,515		1,175,438
JPMorgan Mortgage Trust Series 2014-2 B1 144A 3.419% 6/25/29 #•		711,293		700,226
Series 2014-2 B2 144A 3.419% 6/25/29 #•		265,871		260,083
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #•		1,050,000		1,051,037
Series 2015-4 B1 144A 3.624% 6/25/45 #•		1,072,613		1,047,345
Series 2015-4 B2 144A 3.624% 6/25/45 #•		769,483		736,571
Series 2016-4 B1 144A 3.902% 10/25/46 #•		522,804		517,313
Series 2016-4 B2 144A 3.902% 10/25/46 #•		896,920		882,329
Series 2017-1 B2 144A 3.551% 1/25/47 #•		1,690,186		1,621,859
Series 2017-2 A3 144A 3.50% 5/25/47 #•		809,084		793,408
Series 2017-6 B1 144A 3.854% 12/25/48 #•		1,144,950		1,117,506
Series 2018-3 A5 144A 3.50% 9/25/48 #•		2,674,383		2,640,744
Series 2018-4 A15 144A 3.50% 10/25/48 #•		1,823,866		1,815,110
Series 2018-6 1A4 144A 3.50% 12/25/48 #•		1,160,000		1,152,108
Series 2018-7FRB A2 144A 2.841% (LIBOR01M + 0.75%) 4/25/46 #=•		1,490,000		1,490,894
JPMorgan Trust Series 2015-1 B1 144A 2.91% 12/25/44 #•		1,415,537		1,410,820
Series 2015-1 B2 144A 2.91% 12/25/44 #•		1,309,493		1,302,213
Series 2015-5 B2 144A 2.972% 5/25/45 #•		1,215,451		1,196,464
Series 2015-6 B1 144A
3.614% 10/25/45 #•		742,026		728,901

Diversified Income Series-25

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Trust Series 2015-6 B2 144A 3.614% 10/25/45 #•		718,837	$	700,831
New Residential Mortgage Loan Trust Series 2018-RPL1 A1 144A 3.50% 12/25/57 #•		987,779		981,669
Permanent Master Issuer Series 2018-1A 1A1 144A 2.747% (LIBOR03M + 0.38%) 7/15/58 #•		1,000,000		1,000,886
Sequoia Mortgage Trust Series 2014-2 A4 144A 3.50% 7/25/44 #•		647,973		642,304
Series 2015-1 B2 144A 3.875% 1/25/45 #•		826,831		826,262
Series 2015-2 B2 144A 3.743% 5/25/45 #•		5,084,794		4,999,750
Series 2017-4 A1 144A 3.50% 7/25/47 #•		861,880		846,797
Series 2017-5 B1 144A 3.882% 8/25/47 #•		3,652,683		3,605,207
Series 2018-5 A4 144A 3.50% 5/25/48 #•		1,493,572		1,478,075
Silverstone Master Issuer Series 2018-1A 1A 144A 2.75% (LIBOR03M + 0.39%) 1/21/70 #•		4,000,000		4,003,376
Towd Point Mortgage Trust Series 2015-6 A1B 144A 2.75% 4/25/55 #•		1,059,857		1,042,688
Washington Mutual Mortgage Pass Through Certificates Trust Series 2005-1 5A2 6.00% 3/25/35 ◆		31,998		6,952
Wells Fargo Mortgage-Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36		142,808		139,356
Series 2006-3 A11 5.50% 3/25/36		221,852		226,621
Series 2006-AR5 2A1 4.181% 4/25/36 •		180,413		171,255
Series 2007-AR10 2A1 3.746% 1/25/38 •		768,212		751,620
Total Non-Agency Collateralized Mortgage Obligations (cost $46,707,117)				46,532,507
Non-Agency Commercial Mortgage-Backed Securities – 5.98%
Banc of America Commercial Mortgage Trust Series 2017-BNK3 C 4.352% 2/15/50 •		805,000		788,712

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
BANK Series 2017-BNK5 A5 3.39% 6/15/60		3,645,000	$	3,550,610
Series 2017-BNK5 B 3.896% 6/15/60 •		1,500,000		1,471,550
Series 2017-BNK7 A5 3.435% 9/15/60		1,755,000		1,723,421
Series 2017-BNK8 A4 3.488% 11/15/50		1,265,000		1,240,200
BENCHMARK Mortgage Trust Series 2018-B1 A5 3.666% 1/15/51 •		270,000		269,055
CCUBS Commercial Mortgage Trust Series 2017-C1 A4 3.544% 11/15/50		1,000,000		979,261
CD Mortgage Trust Series 2016-CD2 A3 3.248% 11/10/49		12,150,000		11,831,437
Series 2016-CD2 A4 3.526% 11/10/49 •		1,365,000		1,351,775
CFCRE Commercial Mortgage Trust Series 2011-C2 C 144A 5.947% 12/15/47 #•		880,000		930,318
Series 2016-C7 A3 3.839% 12/10/54		2,695,000		2,700,349
Citigroup Commercial Mortgage Trust Series 2014-GC25 A4 3.635% 10/10/47		1,935,000		1,942,985
Series 2015-GC27 A5 3.137% 2/10/48		5,210,000		5,074,913
Series 2016-P3 A4 3.329% 4/15/49		3,100,000		3,035,728
Series 2017-C4 A4 3.471% 10/12/50		1,560,000		1,527,109
Series 2018-C5 A4 4.228% 6/10/51		2,100,000		2,175,495
COMM Mortgage Trust Series 2013-CR6 AM 144A 3.147% 3/10/46 #		1,765,000		1,729,185
Series 2013-WWP A2 144A 3.424% 3/10/31 #		2,540,000		2,557,176
Series 2014-CR19 A5 3.796% 8/10/47		9,707,000		9,836,897
Series 2014-CR20 AM 3.938% 11/10/47		7,775,000		7,839,632
Series 2015-3BP A 144A 3.178% 2/10/35 #		3,960,000		3,852,623
Series 2015-CR23 A4 3.497% 5/10/48		1,910,000		1,896,836
DB-JPM Mortgage Trust Series 2016-C1 A4 3.276% 5/10/49		4,915,000		4,791,813
Series 2016-C3 A5 2.89% 9/10/49		1,985,000		1,872,763
DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.884% 11/10/46 #•		2,040,000		2,133,330

Diversified Income Series-26

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
GRACE Mortgage Trust Series 2014-GRCE B 144A 3.52% 6/10/28 #		1,765,000	$	1,760,696
GS Mortgage Securities Trust Series 2010-C1 C 144A 5.635% 8/10/43 #•		1,010,000		1,033,127
Series 2015-GC32 A4 3.764% 7/10/48		1,240,000		1,252,961
Series 2017-GS5 A4 3.674% 3/10/50		2,980,000		2,969,265
Series 2017-GS5 XA 0.968% 3/10/50 •		33,038,926		1,950,027
Series 2017-GS6 A3 3.433% 5/10/50		4,410,000		4,310,799
Series 2018-GS9 A4 3.992% 3/10/51 •		1,370,000		1,392,644
Series 2018-GS9 C 4.51% 3/10/51 •		400,000		398,622
JPM-BB Commercial Mortgage Securities Trust Series 2015-C31 A3 3.801% 8/15/48		1,610,000		1,626,864
Series 2015-C33 A4 3.77% 12/15/48		4,160,000		4,191,069
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		3,385,000		3,256,981
Series 2017-C7 A5 3.409% 10/15/50		3,425,000		3,336,056
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-CB11 E 5.718% 8/12/37 •		600,000		620,444
Series 2013-LC11 B 3.499% 4/15/46		2,445,000		2,392,214
Series 2015-JP1 A5 3.914% 1/15/49		1,590,000		1,615,663
Series 2016-JP2 A4 2.822% 8/15/49		4,995,000		4,688,848
Series 2016-JP2 AS 3.056% 8/15/49		3,095,000		2,908,833
Series 2016-JP3 B 3.397% 8/15/49 •		700,000		663,867
Series 2016-WIKI A 144A 2.798% 10/5/31 #		1,610,000		1,576,282
Series 2016-WIKI B 144A 3.201% 10/5/31 #		1,490,000		1,461,136
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 •		1,669,141		1,264,641
Morgan Stanley BAML Trust Series 2014-C17 A5 3.741% 8/15/47		1,640,000		1,654,972
Series 2015-C26 A5 3.531% 10/15/48		1,970,000		1,954,984
Series 2016-C29 A4 3.325% 5/15/49		1,620,000		1,576,485
Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41 •		2,310,000		2,185,386
Series 2006-T21 B 144A 5.216% 10/12/52 #•		800,000		798,464

		Principal amount°		Value (US $)
Non-Agency Commercial
Mortgage-Backed
Securities (continued)
UBS Commercial Mortgage Trust Series 2012-C1 A3 3.40% 5/10/45			1,327,634	$	1,330,267
Series 2018-C9 A4 4.117% 3/15/51 •			2,365,000		2,419,084
UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B 144A 3.649% 3/10/46 #•			1,000,000		988,413
Wells Fargo Commercial Mortgage Trust Series 2014-LC18 A5 3.405% 12/15/47			1,175,000		1,161,879
Series 2015-C30 XA 1.092% 9/15/58 •			16,103,722		850,085
Series 2015-NXS3 A4 3.617% 9/15/57			1,250,000		1,248,773
Series 2016-BNK1 A3 2.652% 8/15/49			2,575,000		2,392,923
Series 2017-C38 A5 3.453% 7/15/50			2,240,000		2,190,500
Series 2017-RB1 XA 1.44% 3/15/50 • .			20,535,702		1,786,842
WF-RBS Commercial Mortgage Trust
Series 2012-C10 A3 2.875% 12/15/45			3,605,000		3,534,946
Total Non-Agency Commercial Mortgage-Backed Securities (cost $154,468,722)					147,848,215
Regional Bonds – 0.54% D
Argentina – 0.09%
Provincia de Cordoba 144A 7.125% 8/1/27 #			1,575,000		1,293,469
144A 7.45% 9/1/24 #			920,000		828,377
					2,121,846
Australia – 0.11%
New South Wales Treasury 4.00% 5/20/26	AUD		1,094,900		879,562
Queensland Treasury 144A 2.75% 8/20/27 #	AUD		1,254,000		906,734
144A 3.25% 7/21/28 #	AUD		1,298,000		973,533
					2,759,829
Canada – 0.34%
Province of Ontario Canada 2.60% 6/2/27	CAD		630,000		471,289
3.45% 6/2/45	CAD		1,488,000		1,223,122
Province of Quebec Canada 1.65% 3/3/22	CAD		2,281,000		1,696,648
2.75% 4/12/27			4,915,000		4,733,359
6.00% 10/1/29	CAD		224,000		221,287
					8,345,705
Total Regional Bonds (cost $14,094,760)					13,227,380

Diversified Income Series-27

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

		Principal amount°		Value (US $)
Sovereign Bonds – 2.89% D
Angola – 0.06%
Angolan Government International Bond 144A 9.375% 5/8/48 #			1,370,000	$	1,386,984
					1,386,984
Argentina – 0.34%
Argentine Bonos del Tesoro 16.00% 10/17/23	ARS		52,592,000		1,684,126
21.20% 9/19/18	ARS		83,566,000		2,969,952
Argentine Republic Government International Bond 5.625% 1/26/22			2,185,000		2,047,345
6.875% 1/11/48			2,275,000		1,724,473
					8,425,896
Australia – 0.00%
Australia Government Bond 3.75% 4/21/37	AUD		33,000		27,331
					27,331
Bermuda – 0.06%
Bermuda Government International Bond 144A 3.717% 1/25/27 #			1,600,000		1,490,400
					1,490,400
Brazil – 0.09%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/23	BRL		9,102,000		2,300,809
					2,300,809
Canada – 0.02%
Canadian Government Bond 2.75% 12/1/48	CAD		496,000		422,976
					422,976
Colombia – 0.56%
Colombian TES 7.00% 6/30/32	COP		40,796,000,000		13,883,000
					13,883,000
Egypt – 0.10%
Egypt Government International Bond 144A 5.577% 2/21/23 #			1,200,000		1,140,000
144A 7.903% 2/21/48 #			1,300,000		1,187,316
					2,327,316
Indonesia – 0.02%
Indonesia Government International Bond 144A 5.125% 1/15/45 #			600,000		591,070
					591,070
Ivory Coast – 0.12%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #			3,400,000		3,005,991
					3,005,991
Jordan – 0.09%
Jordan Government International Bond 144A 5.75% 1/31/27 #			2,400,000		2,235,096
					2,235,096

		Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Mexico – 0.13%
Mexican Bonos 6.50% 6/9/22	MXN		21,417,000	$	1,035,487
Mexico Government International Bond 4.15% 3/28/27			525,000		518,175
4.35% 1/15/47			1,700,000		1,523,200
					3,076,862
Mongolia – 0.10%
Mongolia Government International Bond 144A 5.625% 5/1/23 #			2,710,000		2,571,747
					2,571,747
Nigeria – 0.09%
Nigeria Government International Bond 144A 7.875% 2/16/32 #			2,300,000		2,262,188
					2,262,188
Peru – 0.16%
Peruvian Government International Bond 144A 6.85% 2/12/42 #	PEN		12,570,000		4,054,931
					4,054,931
Poland – 0.05%
Republic of Poland Government Bond 2.50% 1/25/23	PLN		1,554,000		417,080
3.25% 7/25/25	PLN		3,319,000		902,000
					1,319,080
Qatar – 0.08%
Qatar Government International Bond 144A 3.875% 4/23/23 #			1,993,000		1,995,264
					1,995,264
Republic of Korea – 0.14%
Export-Import Bank of Korea 4.00% 6/7/27	AUD		530,000		393,440
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		3,425,942,927		3,107,089
					3,500,529
Romania – 0.06%
Romanian Government International Bond 144A 5.125% 6/15/48 #			1,382,000		1,337,024
					1,337,024
Senegal – 0.08%
Senegal Government International Bond 144A 6.75% 3/13/48 #			2,380,000		2,043,861
					2,043,861
South Africa – 0.28%
Republic of South Africa Government Bond 8.75% 1/31/44	ZAR		75,627,000		5,044,413
Republic of South Africa Government International Bond 5.875% 6/22/30			1,950,000		1,938,659
					6,983,072

Diversified Income Series-28

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

		Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Sri Lanka – 0.05%
Sri Lanka Government International Bond 144A 5.75% 1/18/22 #			1,205,000	$	1,186,770
					1,186,770
Turkey – 0.03%
Turkey Government Bond 8.00% 3/12/25	TRY		4,262,000		624,384
					624,384
Ukraine – 0.15%
Ukraine Government International Bond 144A 7.375% 9/25/32 #			2,210,000		1,900,708
144A 7.75% 9/1/26 #			2,000,000		1,860,290
					3,760,998
United Kingdom – 0.03%
United Kingdom Gilt 3.50% 1/22/45	GBP		340,300		614,186
					614,186
Total Sovereign Bonds (cost $79,899,639)					71,427,765
Supranational Banks – 1.52%
Asian Development Bank 3.50% 5/30/24	NZD		2,708,000		1,877,605
Banque Ouest Africaine de Developpement 144A 5.00% 7/27/27 #			2,320,000		2,217,630
European Bank for Reconstruction & Development 6.00% 5/4/20	INR		223,300,000		3,173,992
European Investment Bank 1.00% 9/21/26	GBP		982,000		1,239,663
Inter-American Development Bank 5.50% 8/23/21	INR		370,000,000		5,104,353
6.25% 6/15/21	IDR		106,600,000,000		7,093,958
7.875% 3/14/23	IDR		88,730,000,000		6,268,035
International Bank for Reconstruction &
Development 2.155% (LIBOR01M + 0.07%) 4/17/19 •			1,507,000		1,507,705
2.50% 11/25/24			1,507,000		1,467,966
3.00% 2/2/23	NZD		2,193,000		1,496,716
3.375% 1/25/22	NZD		720,000		499,973
4.625% 10/6/21	NZD		1,123,000		809,375
International Finance 3.625% 5/20/20	NZD		472,000		327,485
3.75% 8/9/27	NZD		790,000		543,189
7.00% 7/20/27	MXN		80,090,000		3,825,883
Total Supranational Banks (cost $40,826,902)					37,453,528

	Principal amount°		Value (US $)
US Treasury Obligations – 8.45%
US Treasury Inflation Indexed Note 0.125% 4/15/22 ¥		25,389,772	$	24,875,233
US Treasury Notes 1.25% 6/30/19		24,095,000		23,832,873
2.25% 11/15/27		1,440,000		1,368,562
2.625% 6/30/23		59,805,000		59,502,470
2.875% 5/15/28		86,600,000		86,747,151
3.125% 5/15/48		12,165,000		12,493,597
Total US Treasury Obligations (cost $208,819,868)				208,819,886
	Number of shares
Common Stock – 0.00%
Adelphia Recovery Trust =†		1		0
Century Communications =†		2,500,000		0
Total Common Stock (cost $75,684)				0
Convertible Preferred Stock – 0.88%
A Schulman 6.00% exercise price $52.33 y		2,649		2,781,524
AMG Capital Trust II 5.15% exercise price $200.00, maturity date 10/15/37 .		28,129		1,684,224
Assurant 6.50% exercise price $106.91, maturity date 3/15/21		20,438		2,289,669
Bank of America 7.25% exercise price $50.00 y		1,140		1,425,570
Becton Dickinson 6.125% exercise price $211.80, maturity date 5/1/20		26,215		1,621,398
Crown Castle International 6.875% exercise price $115.20, maturity date 8/1/20		990		1,063,584
DTE Energy 6.50% exercise price $116.31, maturity date 10/1/19		24,034		1,242,317
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		37,033		1,759,067
Electronics For Imaging 0.75% exercise price $52.72, maturity date 9/1/19		1,317,000		1,303,800
Kinder Morgan 9.75% exercise price $32.38, maturity date 10/26/18		62,885	$	2,180,223
QTS Realty Trust 6.50% exercise price $47.03 y		18,173		1,826,568
Wells Fargo & Co. 7.50% exercise price $156.71 y		829		1,044,092
Welltower 6.50% exercise price $57.42 y		25,809		1,534,345
Total Convertible Preferred Stock (cost $21,504,140)				21,756,381

Diversified Income Series-29

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Preferred Stock – 0.15%
General Electric 5.00% µy		1,146,000	$	1,131,961
Morgan Stanley 5.55% µy		2,085,000		2,151,616
USB Realty 144A 3.495% (LIBOR03M + 1.15%) #y•		300,000		272,625
Total Preferred Stock (cost $3,542,934)				3,556,202
	Principal amount°
Short-Term Investments –5.25%
Discount Notes – 2.03% ≠
Federal Home Loan Bank 0.763% 7/2/18		46,248,702		46,248,702
1.375% 7/6/18		3,918,669		3,917,858
				50,166,560
Repurchase Agreements – 3.22%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $10,742,329 (collateralized by US government obligations 0.00% 7/5/18; market value $10,955,338)		10,740,521		10,740,521
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $32,226,853 (collateralized by US government obligations 0.00%-3.75% 7/19/18-2/15/48; market value $32,865,995)		32,221,563		32,221,563
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $36,723,880 (collateralized by US government obligations 0.00%-8.75% 8/31/18-8/15/46; market value $37,452,115).		36,717,760		36,717,760
				79,679,844
Total Short-Term Investments (cost $129,844,356)				129,846,404
Total Value of Securities –100.99% (cost $2,541,784,755)			$	2,496,024,531

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2018, the aggregate value of Rule 144A securities was $648,286,153, which represents 26.23% of the Series’ net assets. See Note 9 in “Notes to financial statements.”

◆ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

D Securities have been classified by country of origin.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2018. Rate will reset at a future date.

S Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

y No contractual maturity date.

† Non-income producing security.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

¥ Fully or partially pledged as collateral for futures contracts.

Diversified Income Series-30

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at June 30, 2018:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation			Unrealized Depreciation
BAML	AUD	(6,388,116	)	USD	4,726,375			8/10/18		$	—		$	(1,840	)
BAML	CAD	(5,372,803	)	USD	4,037,121			8/10/18			—			(52,797	)
BAML	EUR	317,148		USD	(372,294	)		8/10/18			—			(743	)
BAML	JPY	(713,145,320	)	USD	6,531,173			8/10/18			71,010			—
BAML	NZD	(6,975,118	)	USD	4,805,507			8/10/18			81,093			—
BNP	AUD	(1,819,586	)	USD	1,346,557			8/10/18			—			(224	)
BNP	INR	(236,836,757	)	USD	3,416,079			8/10/18			—			(22,717	)
BNP	JPY	(110,144,246	)	USD	1,008,951			8/10/18			11,189			—
BNP	MXN	9,816,327		USD	(484,472	)		8/10/18			6,429			—
BNP	NOK	(12,297,628	)	USD	1,517,073			8/10/18			4,511			—
HSBC	EUR	(1,205,061	)	USD	1,414,465			8/10/18			2,689			—
HSBC	GBP	(5,453,438	)	USD	7,251,436			8/10/18			40,195			—
JPMC	KRW	(3,480,705,620	)	USD	3,121,233			8/10/18			—			(7,575	)
JPMC	PLN	(3,466,675	)	USD	933,684			8/10/18			7,592			—
TD	COP	(12,976,537,496	)	USD	4,413,863			8/10/18			—			(4,936	)
TD	IDR	(115,108,334,621	)	USD	8,044,273			8/10/18			44,251			—
TD	JPY	1,314,174,734		USD	(12,038,072	)		8/10/18			—			(133,369	)
TD	ZAR	17,452,526		USD	(1,267,606	)		7/2/18			4,199			—
UBS	KRW	(1,579,366,529	)	USD	1,408,451			8/10/18			—			(11,243	)
Total Foreign Currency Exchange Contracts										$	273,158		$	(235,444	)

Futures Contracts

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
(353)	E-mini S&P 500 Index	$	(48,036,240	)	$	(47,773,962	)		9/22/18	$	—	$	(262,278	)	$	(37,065	)
3,040	US Treasury 10 yr Notes		365,370,000			364,912,764			9/20/18		457,236		—			(13,462	)
667	US Treasury Long Bond		96,715,000			96,998,282			9/20/18		—		(283,282	)		20,844
Total Futures Contracts					$	414,137,084				$	457,236	$	(545,560	)	$	(29,683	)

Diversified Income Series-31

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

Swap Contracts

CDS Contracts²

												Variation
Counterparty/												Margin
Reference Obligation/			Annual					Upfront				Due from
Termination Date/	Notional		Protection					Payments		Unrealized		(Due to)
Payment Frequency	Amount3		Payments			Value		Paid (Received)		Appreciation4		Brokers
Centrally Cleared/ Protection Purchased:
CDX.EM.295 6/20/23 – Quarterly		86,555,000		1.00	%	$	3,435,802	$	3,214,880	$	220,922	$	54,895
CDX.NA.HY.306 6/20/23 – Quarterly		74,660,000		5.00	%		(4,355,128)		(4,608,281)		253,153		50,926
ITRX.EUR7 6/20/23 – Quarterly		6,240,000		1.00	%		279,587		279,399		188		276,882
							(639,739)		(1,114,002)		474,263		382,703
Over-The-Counter/ Protection Sold/ Moody’s Ratings:
MSC-CMBX.NA.BBB-.68 5/11/63 – Monthly		13,275,000		3.00	%		(1,377,119)		(1,560,402)		183,283		—
							(1,377,119)		(1,560,402)		183,283		—
Total CDS Contracts						$	(2,016,858)	$	(2,674,404)	$	657,546	$	382,703

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts and foreign currency exchange contracts presented above represent the Series’ total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Series’ net assets.

¹See Note 6 in “Notes to financial statements.”

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

³Notional amount shown is stated in US Dollars unless noted that the swap is denominated in another currency.

⁴Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(89,578).

⁵Markit’s CDX.EM Index is composed of 15 sovereign issuers from the following countries: Argentina, Brazil, Chile, China, Colombia, Indonesia, Malaysia, Mexico, Panama, Peru, Philippines, Russia, South Africa, Turkey, and Venezuela, which have S&P credit quality ratings of CCC and above.

⁶Markit’s CDX.NA.HY Index is composed of 100 liquid North American entities with high yield credit ratings that trade is in the CDS market.

⁷The ITRX.EUR indices trade 3-, 5-, 7- and 10-year maturities, and a new series is determined on the basis of liquidity every six months. The benchmark iTraxx Europe Indices comprises 125 equally-weighted European names.

⁸Markit’s CMBX.NA Index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to BB (lowest). US Agency and US Agency mortgage-backed securities appear under US Government.

Diversified Income Series-32

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

ARS – Argentine Peso

AUD – Australian Dollar

BADLARPP – Argentina Term Deposit Rate

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

BBSW3M – Bank Bill Swap 3 Months

BNP – BNP Paribas

BRL – Brazilian Real

CAD – Canadian Dollar

CDO – Collateralized Debt Obligation

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Market

CDX.NA.HY – Credit Default Swap Index North American High Yield

CLO – Collateralized Loan Obligation

CMBX.NA – Commercial Mortgaged-Backed Securities Index North America

COP – Colombian Peso

DB – Deutsche Bank

EUR – European Monetary Unit

FREMF – Freddie Mac Multifamily

GBP – British Pound Sterling

GNMA – Government National Mortgage Association

GS – Goldman Sachs

GSC – Goldman Sachs Capital

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange

IDR – Indonesian Rupiah

INR – Indian Rupee

ITRX.EUR – European iTraxx Indices

JPM – JPMorgan

JPMC – JPMorgan Chase

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Nuevo Sol

PLN – Polish Zloty

RBS – Royal Bank of Scotland

Diversified Income Series-33

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

Summary of abbreviations (continued):

REMIC – Real Estate Mortgage Investment Conduit

S&P – Standard & Poor’s Financial Services LLC

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

TRY – Turkish Lira

USD – US Dollar

WF – Wells Fargo

yr – Year

ZAR – South African Rand

See accompanying notes, which are an integral part of the financial statements.

Diversified Income Series-34

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Statement of assets and liabilities                                                             June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	2,496,024,531
Foreign currencies, at value2		8,219,401
Cash collateral due from brokers		6,514,676
Cash		3,132,271
Receivable for securities sold		60,670,616
Dividends and interest receivables		19,761,875
Upfront payments paid on credit default swap contracts		3,494,279
Variation margin due from brokers on centrally cleared default swap contracts		382,703
Receivable for series shares sold		274,457
Unrealized appreciation on foreign currency exchange contracts		273,158
Unrealized appreciation on credit default swap contracts		183,283
Swap payments receivable		2,223
Other assets3		1,305,392
Total assets		2,600,238,865
Liabilities:
Payable for securities purchased		114,107,582
Upfront payments received on credit default swap contracts		6,168,683
Contingent liabilities3		4,351,308
Cash collateral due to brokers		1,430,000
Management fees payable to affiliates		1,179,617
Distribution fees payable to affiliates		529,734
Other accrued expenses payable		351,942
Unrealized depreciation on foreign currency exchange contracts		235,444
Swap payments payable		135,859
Payable for series shares redeemed		105,908
Variation margin due to broker on futures contracts		29,683
Audit and tax fees payable		24,217
Dividend disbursing and transfer agent fees and expenses payable to affiliates		15,245
Accounting and administration expenses payable to affiliates		7,972
Trustees’ fees and expenses payable to affiliates		7,406
Legal fees payable to affiliates		4,313
Reports and statements to shareholders expenses payable to affiliates		1,547
Total liabilities		128,686,460
Total Net Assets	$	2,471,552,405

Diversified Income Series-35

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Statement of assets and liabilities (continued)

Net Assets Consist of:
Paid-in capital	$	2,554,809,998
Undistributed net investment income		39,092,010
Accumulated net realized loss		(76,915,172	)
Net unrealized depreciation of investments		(45,760,224	)
Net unrealized depreciation of foreign currencies		(191,565	)
Net unrealized appreciation of foreign currency exchange contracts		37,714
Net unrealized depreciation of futures contracts		(88,324	)
Net unrealized appreciation of swap contracts		567,968
Total Net Assets	$	2,471,552,405
Net Asset Value:
Standard Class:
Net assets	$	325,747,743
Shares of beneficial interest outstanding, unlimited authorization, no par		32,651,988
Net asset value per share	$	9.98
Service Class:
Net assets	$	2,145,804,662
Shares of beneficial interest outstanding, unlimited authorization, no par		216,415,204
Net asset value per share	$	9.92
1Investments, at cost	$	2,541,784,755
2Foreign currencies, at cost		8,296,823
3See Note 11 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

Diversified Income Series-36

Delaware VIP^® Trust —

Delaware VIP Diversified Income Series Statement of operations

Six months ended June 30, 2018 (Unaudited)

Investment Income:
Interest	$	50,024,541
Dividends		610,681
Foreign tax withheld		(47,002	)
		50,588,220
Expenses:
Management fees		7,197,133
Distribution expenses – Service Class		3,237,851
Reports and statements to shareholders expenses		242,322
Accounting and administration expenses		235,751
Dividend disbursing and transfer agent fees and expenses		104,281
Custodian fees		81,871
Legal fees		78,176
Trustees’ fees and expenses		58,594
Audit and tax fees		25,358
Registration fees		311
Other		83,000
		11,344,648
Less waived distribution expenses – Service Class		(356,987	)
Less expenses paid indirectly		(19,981	)
Total operating expenses		10,967,680
Net Investment Income		39,620,540
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(23,827,435	)
Foreign currencies		(9,113,435	)
Foreign currency exchange contracts		(13,609	)
Futures contracts		3,585,920
Options purchased		256,129
Swap contracts		(82,945	)
Net realized loss		(29,195,375	)
Net change in unrealized appreciation (depreciation) of:
Investments		(72,273,762	)
Foreign currencies		(237,093	)
Foreign currency exchange contracts		661,504
Futures contracts		610,069
Options purchased		232,248
Swap contracts		1,430,195
Net change in unrealized appreciation (depreciation)		(69,576,839	)
Net Realized and Unrealized Loss		(98,772,214	)
Net Decrease in Net Assets Resulting from Operations	$	(59,151,674	)

Delaware VIP Trust —

Delaware VIP Diversified Income Series

Statements of changes in net assets

	Six months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	39,620,540		$	72,163,413
Net realized loss		(29,195,375	)		(661,170	)
Net change in unrealized appreciation (depreciation)		(69,576,839	)		42,690,012
Net increase (decrease) in net assets resulting from operations		(59,151,674	)		114,192,255
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(10,363,469	)		(8,640,054	)
Service Class		(64,115,915	)		(49,949,320	)
		(74,479,384	)		(58,589,374	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		12,614,439			26,291,205
Service Class		72,145,086			209,535,772
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		10,363,469			8,640,054
Service Class		64,115,915			49,949,320
		159,238,909			294,416,351
Cost of shares redeemed:
Standard Class		(12,721,107	)		(31,933,271	)
Service Class		(59,774,561	)		(36,521,555	)
		(72,495,668	)		(68,454,826	)
Increase in net assets derived from capital share transactions		86,743,241			225,961,525
Net Increase (Decrease) in Net Assets		(46,887,817	)		281,564,406
Net Assets:
Beginning of period		2,518,440,222			2,236,875,816
End of period	$	2,471,552,405		$	2,518,440,222
Undistributed net investment income	$	39,092,010		$	73,950,854

See accompanying notes, which are an integral part of the financial statements.

Diversified Income Series-37

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

				Delaware VIP Diversified Income Series Standard Class
	Six months ended 6/30/181 (Unaudited)			12/31/17			12/31/16			Year ended 12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	10.54		$	10.29		$	10.29		$	10.84		$	10.53		$	11.07
Income (loss) from investment operations:
Net investment income2		0.17			0.34			0.27			0.35			0.33			0.33
Net realized and unrealized gain (loss)		(0.40	)		0.19			0.09			(0.45	)		0.22			(0.46	)
Total from investment operations		(0.23	)		0.53			0.36			(0.10	)		0.55			(0.13	)
Less dividends and distributions from:
Net investment income		(0.33	)		(0.28	)		(0.36	)		(0.33	)		(0.24	)		(0.26	)
Net realized gain		—			—			—			(0.12	)		—			(0.15	)
Total dividends and distributions		(0.33	)		(0.28	)		(0.36	)		(0.45	)		(0.24	)		(0.41	)
Net asset value, end of period	$	9.98		$	10.54		$	10.29		$	10.29		$	10.84		$	10.53
Total return3		(2.22%	)		5.22%			3.52%			(1.08%	)		5.32%			(1.26%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	325,748		$	333,226		$	322,535		$	339,023		$	473,568		$	489,953
Ratio of expenses to average net assets		0.65%			0.66%			0.67%			0.67%			0.67%			0.67%
Ratio of net investment income to average net assets4		3.42%			3.22%			2.63%			3.29%			3.09%			3.10%
Portfolio turnover		70%			145%			247%			250%			252%			260%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Diversified Income Series-38

Delaware VIP^® Diversified Income Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

				Delaware VIP Diversified Income Series Service Class
	Six months ended 6/30/181 (Unaudited)			12/31/17			12/31/16			Year ended 12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	10.46		$	10.22		$	10.22		$	10.77		$	10.47		$	11.00
Income (loss) from investment operations:
Net investment income2		0.16			0.31			0.25			0.32			0.31			0.30
Net realized and unrealized gain (loss)		(0.40	)		0.18			0.08			(0.45	)		0.21			(0.45	)
Total from investment operations		(0.24	)		0.49			0.33			(0.13	)		0.52			(0.15	)
Less dividends and distributions from:
Net investment income		(0.30	)		(0.25	)		(0.33	)		(0.30	)		(0.22	)		(0.23	)
Net realized gain		—			—			—			(0.12	)		—			(0.15	)
Total dividends and distributions		(0.30	)		(0.25	)		(0.33	)		(0.42	)		(0.22	)		(0.38	)
Net asset value, end of period	$	9.92		$	10.46		$	10.22		$	10.22		$	10.77		$	10.47
Total return3		(2.39%	)		4.89%			3.28%			(1.34%	)		4.98%			(1.42%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,145,804		$	2,185,214		$	1,914,341		$	1,831,388		$	1,819,811		$	1,536,240
Ratio of expenses to average net assets		0.92%			0.91%			0.92%			0.92%			0.92%			0.92%
Ratio of expenses to average net assets prior to fees waived4		0.95%			0.96%			0.97%			0.97%			0.97%			0.97%
Ratio of net investment income to average net assets		3.15%			2.97%			2.38%			3.04%			2.84%			2.85%
Ratio of net investment income to average net assets prior to fees waived4		3.12%			2.92%			2.33%			2.99%			2.79%			2.80%
Portfolio turnover		70%			145%			247%			250%			252%			260%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Diversified Income Series-39

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Diversified Income Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek maximum long-term total return consistent with reasonable risk.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 30, 2018, and matured on the next business day.

To Be Announced Trades (TBA) — The Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series’ ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Series to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the

Diversified Income Series-40

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

securities are delivered or the transaction is completed; however, the market value may change prior to delivery. At June 30, 2018, the Series received $120,000 in cash as collateral for open TBA transactions as of June 30, 2018, which is included under “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), which is due to changes to foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes and reclaims on foreign interest have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $19,980 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset shown under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended June 30, 2018, the Series was charged $48,861 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $93,110 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

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Notes to financial statements (continued)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $29,310 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	621,760,221
Purchases of US government securities		1,119,306,013
Sales other than US government securities		489,227,165
Sales of US government securities		1,209,098,298

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

Cost of Investments and Derivatives	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Depreciation of Investments
$2,541,784,755	$24,996,831	$(70,150,119)	$(45,153,288)

Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. At Dec. 31, 2017, capital loss carryforwards available to offset future realized gains were as follows:

Loss carryforward character
Short-term	No Expiration Long-term		Total
$22,152,596	$	21,564,502	$	43,717,098

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below and on the next page.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

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3. Investments (continued)

Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	–	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

	Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency, Asset- & Mortgage-Backed Securities1	$	—		$	643,505,816		$	1,490,894	$	644,996,710
Collateralized Debt Obligations		—			122,143,733			—		122,143,733
Corporate Debt		—			1,003,829,105			—		1,003,829,105
Foreign Debt		—			122,108,673			—		122,108,673
Municipal Bonds		—			3,510,308			—		3,510,308
Loan Agreements1		—			232,090,575			3,366,554		235,457,129
US Treasury Obligations		—			208,819,886			—		208,819,886
Common Stock		—			—			—		—
Convertible Preferred Stock1		14,227,766			7,528,615			—		21,756,381
Preferred Stock		—			3,556,202			—		3,556,202
Short-Term Investments		—			129,846,404			—		129,846,404
Total Value of Securities	$	14,227,766		$	2,476,939,317		$	4,857,448	$	2,496,024,531
Derivatives:2
Assets:
Foreign Currency Exchange Contracts	$	—		$	273,158		$	—	$	273,158
Futures Contracts		457,236			—					457, 236
Swap Contracts		—			657,546			—		657,546
Liabilities:
Foreign Currency Exchange Contracts		—			(235,444	)		—		(235,444	)
Futures Contracts		(545,560	)		—			—		(545,560	)

The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in this table.

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total value of these security types:

	Level 1		Level 2		Level 3		Total
Agency, Asset- & Mortgage-Backed Securities		—		99.77%		0.23%		100.00%
Loan Agreements		—		98.57%		1.43%		100.00%
Convertible Preferred Stock		65.40%		34.60%		—		100.00%

²Foreign Currency Exchange contracts, Futures Contracts and Swap Contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

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Notes to financial statements (continued)

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of period in relation to the Series’ net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Series’ net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		1,223,848			2,521,490
Service Class		7,019,798			20,249,530
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,031,191			841,290
Service Class		6,418,009			4,887,409
		15,692,846			28,499,719
Shares redeemed:
Standard Class		(1,232,249	)		(3,067,813	)
Service Class		(5,906,809	)		(3,519,410	)
		(7,139,058	)		(6,587,223	)
Net increase		8,553,788			21,912,496

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amount outstanding as of June 30, 2018, or at any time during the period then ended.

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — The Series may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Series may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Series may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Series may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Series could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Series’ maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the

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Notes to financial statements (continued)

6. Derivatives (continued)

counterparty. The risk is generally mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty. At June 30, 2018, the Series posted $252,000 in security as collateral for open foreign currency exchange contracts.

During the six months ended June 30, 2018, the Series entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owned that are denominated in foreign currencies.

Futures Contracts – A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2018, the Series posted $6,695,505 in security as collateral for open futures contracts. Security collateral is presented on the “Schedule of investments.”

During the six months ended June 30, 2018, the Series entered into futures contracts to hedge the Series’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts – The Series may enter into options contracts in the normal course of pursuing its investment objective. The Series may buy or write options contracts for any number of reasons, including without limitation: to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Series’ overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Series may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Series buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Series writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Series on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Series has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Series. The Series, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Series is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

During the six months ended June 30, 2018, the Series entered into option contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions.

Swap Contracts – The Series may enter into interest rate swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Series may invest in interest rate swap contracts to manage the Series’ sensitivity to interest rates or to hedge against changes in interest rates. The Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Series will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC. (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Series from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Series receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Series’ sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Series’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap

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Notes to financial statements (continued)

6. Derivatives (continued)

contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2018, the Series entered into interest rate swap contracts to manage the Series’ sensitivity to interest rate or to hedge against changes in interest rates.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2018, the Series entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin is posted to central counterparties for central cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedule of investments,” at June 30, 2018, the notional value of the protection sold was $13,275,000, which reflects the maximum potential amount the Series would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2018, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Series and other third parties which the Series can obtain occurrence of a credit event. At June 30, 2018, the net unrealized appreciation of the protection sold was $183,283.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series’ maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2018, the Series entered into CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Series terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

At June 30, 2018, the Series posted $5,044,676 in cash as collateral for certain open centrally cleared swap contracts, which is included under “Cash collateral due from brokers” on the “Statement of assets and liabilities.” At June 30, 2018, for bilateral open derivatives contracts, the Series posted

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Notes to financial statements (continued)

6. Derivatives (continued)

$1,470,000 in cash as collateral, which is included under “Cash collateral due from brokers” on the “Statement of assets and liabilities.” At June 30, 2018, the Series received $1,310,000 in cash as collateral for certain open derivatives, which is included under “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

Fair values of derivative instruments as of June 30, 2018 were as follows:

	Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts		Credit Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	273,158	$	—	$	—	$	273,158
Variation margin due to broker on futures contracts*		—		457,236		—		457,236
Variation margin due from brokers on centrally cleared credit default swap contracts**		—		—		474,263		474,263
Unrealized appreciation on credit default swap contracts		—		—		183,283		183,283
Total	$	273,158	$	457,236	$	657,546	$	1,387,940

	Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts		Equity Contracts		Interest Rate Contracts		Total
Unrealized depreciation on foreign currency exchange contracts	$	235,444	$	—	$	—	$	235,444
Variation margin due to broker on futures contracts*		—		262,278		283,282		545,560
Total	$	235,444	$	262,278	$	283,282	$	781,004

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2018. Only current day variation margin is reported on the “Statement of assets and liabilities.”

**Includes cumulative appreciation (depreciation) of centrally cleared credit default swap contracts from the date the contracts were opened through June 30, 2018. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2018 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts					Futures Contracts			Options Purchased			Swap Contracts			Total
Currency contracts		$	(13,609	)				$	(411,218	)	$	—		$	(424,827	)
Equity contracts			—			299,821			—			—			299,821
Interest rate contracts			—			3,286,099			667,347			303,871			4,257,317
Credit contracts			—			—			—			(386,816	)		(386,816	)
Total		$	(13,609	)	$	3,585,920		$	256,129		$	(82,945	)	$	3,745,495
			Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts					Futures Contracts			Options Purchased			Swaps Contracts			Total
Currency contracts		$	661,504		$	—		$	232,248		$	—		$	893,752
Equity contracts			—			(262,278	)		—			—			(262,278	)
Interest rate contracts			—			872,347			—			298,700			1,171,047
Credit contracts			—			—			—			1,131,495			1,131,495
Total		$	661,504		$	610,069		$	232,248		$	1,430,195		$	2,934,016

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Notes to financial statements (continued)

6. Derivatives (continued)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2018:

	Long Derivatives Volume		Short Derivatives Volume
Foreign currency exchange contracts (average cost)	USD	61,606,276		USD       89,106,437
Futures contracts (average notional value)		152,132,555		80,900,537
Options contracts (average value)		73,753		—
CDS contracts (average notional value)*		30,051,186		13,227,480
CDS contracts (average notional value)*	EUR	49,920		—
Interest rate swap contracts (average notional value)**	USD	—		6,834,720

* Long represents buying protection and short represents selling protection.

**Long represents receiving fixed interest payments and short represents paying fixed interest payments.

7. Offsetting

The Series entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Series mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Series and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Series may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Series does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At June 30, 2018, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability				Net Position(a)
Bank of America Merrill Lynch		$152,103		$	(55,380	)		$	96,723
BNP Paribas		22,129			(22,941	)			(812	)
Hong Kong Shanghai Bank		42,884			—				42,884
JPMorgan Chase		7,592			(7,575	)			17
Morgan Stanley Capital		183,283							183,283
Toronto Dominion Bank		48,450			(138,305	)			(89,855	)
UBS		—			(11,243	)			(11,243	)
Total		$456,441		$	(235,444	)		$	220,997

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Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

7. Offsetting (continued)

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities (continued)

Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received				Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure(a)
Bank of America Merrill Lynch		$	96,723				—		$	(96,723	)		$	—		$	—		$	—
BNP Paribas			(812	)			—							—			—			(812	)
Hong Kong Shanghai Bank			42,884				—			(42,884	)			—			—			—
JPMorgan Chase			17				—			(17	)			—			—			—
Morgan Stanley Capital			183,283				—			—				—			—			183,283
Toronto Dominion Bank			(89,855	)			—			—				—			—			(89,855	)
UBS			(11,243	)			—			—				—			—			(11,243	)
Total		$	220,997			$	—		$	(139,624	)		$	—		$	—		$	81,373

Master Repurchase Agreements

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral  Received(b)				Cash Collateral Received			Net Collateral Received				Net Exposure(a)
Bank of America Merrill Lynch		$	10,740,521			$(10,740,521)			$	—		$	(10,740,521	)		$	—
Bank of Montreal			32,221,563			(32,221,563	)			—			(32,221,563	)			—
BNP Paribas			36,717,760			(36,717,760	)			—			(36,717,760	)			—
Total		$	79,679,844		$	(79,679,844	)		$	—		$	(79,679,844	)		$	—

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

^(b)The value of the related collateral received exceeded the value of the net position and repurchase agreements as of June 30, 2018.

8. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day, the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral

Diversified Income Series-49

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

8. Securities Lending (continued)

received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent, and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

9. Credit and Market Risk

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

The Series invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Series more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Series may involve revolving credit facilities or other standby financing commitments that obligate the Series to pay additional cash on a certain date or on demand. These commitments may require the Series to increase its investment in a company at a time when the Series might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Series is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Series may pay an assignment fee. On an ongoing basis, the Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Series may be required to rely upon another lending institution to collect and pass on to the Series amounts payable with respect to the loan and to enforce the Series’ rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Series from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Series.

The Series invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages or consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which

Diversified Income Series-50

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

9. Credit and Market Risk (continued)

provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Series’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Series may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Series invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Series invests in certain obligations that may have liquidity protection to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.” Restricted securities are valued to the securities valuation procedures noted in Note 1.

10. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

11. General Motors Term Loan Litigation

The Series received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Series in 2009. We believe the matter subject to the litigation notice will likely lead to a recovery from the Series of certain amounts received by the Series because a US Court of Appeals has ruled that the Series and similarly situated investors were unsecured creditors rather than secured lenders of G.M. as a result of an erroneous Uniform Commercial Code filing made by a third-party. The Series received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon the court ruling the estate is seeking to recover such amounts arguing that, as unsecured creditors, the Series should not have received payment in full. Based upon currently available information related to the litigation and the Series’ potential exposure, the Series recorded a contingent liability of $4,351,308 and an asset of $1,305,392 based on the expected recoveries to unsecured creditors as of June 30, 2018 that resulted in a net decrease in the Series’ NAV to reflect this potential recovery.

12. Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (ASU) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

Diversified Income Series-51

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Diversified Income Series at a meeting held November 15-16, 2017

At a meeting held on Nov. 15-16, 2017, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Europe Limited (“MIMEL”) and Macquarie Investment Management Global Limited (“MIMGL”) for Delaware VIP Diversified Income Series (the “Series”). MIMEL and MIMGL may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMEL and MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMEL and MIMGL, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMEL and MIMGL; information concerning MIMEL’s and MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMEL’s and MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL and MIMGL; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMEL and MIMGL each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMEL and MIMGL in connection with DMC’s collaboration with MIMEL and MIMGL in managing the Series, and the qualifications and experience of MIMEL and MIMGL’s fixed income teams with regard to implementing the Series’ investment mandates. The Board considered MIMEL and MIMGL’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMEL and MIMGL, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMEL and MIMGL to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMEL and MIMGL, as well as MIMEL and MIMGL’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is more like a collaborative effort between the advisor and sub-advisors and a cross-pollination of investment ideas. Moreover, the Board noted the advisor’s and sub-advisors’ stated intention that the former retain the decision-making authority with respect to purchases and sales of securities in the sub-advised Series.

Sub-advisory fees. The Board considered that DMC would not pay MIMEL and MIMGL fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMEL and MIMGL would provide investment advice and recommendations, including with respect to specific securities, for consideration and evaluation by DMC’s portfolio managers, but that DMC’s portfolio managers for the Series would retain final portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMEL or MIMGL fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by marketing a global approach to the portfolio management of its fixed income investment strategies.

Diversified Income Series-52

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov

Diversified Income Series-53

SA-VIPDIVINC 21924 (8/18) (559967)

Delaware VIP^® Trust

Delaware VIP Emerging Markets Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / country and sector allocations	2
Schedule of investments	3
Statement of assets and liabilities	6
Statement of operations	7
Statements of changes in net assets	7
Financial highlights	8
Notes to financial statements	10
Other Series information	18

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Emerging Markets Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	906.00		1.35	%		$	6.38
Service Class			1,000.00			904.70		1.62	%			7.65
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,018.10		1.35	%		$	6.76
Service Class			1,000.00			1,016.76		1.62	%			8.10

^*  “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Emerging Markets Series-1

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Security type / country and sector allocations

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / country	Percentage of net assets
Common Stock by Country		89.55	%
Argentina		3.09	%
Bahrain		0.13	%
Brazil		11.91	%
Chile		0.80	%
China/Hong Kong		21.36	%
India		8.65	%
Japan		0.57	%
Malaysia		1.31	%
Mexico		4.81	%
Peru		0.29	%
Republic of Korea		18.25	%
Russia		6.47	%
South Africa		0.47	%
Taiwan		6.23	%
Thailand		1.08	%
Turkey		0.82	%
United Kingdom		1.32	%
United States		1.99	%
Exchange-Traded Fund		0.72	%
Preferred Stock by Country		6.43	%
Brazil		1.60	%
Republic of Korea		3.11	%
Russia		1.72	%
Participation Notes		0.00	%
Short-Term Investments		3.02	%
Total Value of Securities		99.72	%
Receivables and Other Assets Net of Liabilities		0.28	%
Total Net Assets		100.00	%

Common stock, preferred stock, and participation notes by sector²	Percentage of net assets
Consumer Discretionary		8.29	%
Consumer Staples		7.30	%
Energy		15.79	%
Financials		8.54	%
Healthcare		1.72	%
Industrials		1.52	%
Information Technology1		35.86	%
Materials		4.66	%
Real Estate		2.38	%
Telecommunication Services		9.26	%
Utilities		0.66	%
Total		95.98	%

²Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

¹ To monitor compliance with the Series’ concentration guidelines, the Information Technology sector (as disclosed herein for financial reporting purposes) is divided into various sub-categories or “industries,” in this case, Internet, semiconductors, and electronics. As of June 30, 2018, such amounts, as a percentage of total net assets, were 20.54%, 14.33%, and 0.99%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentage in the “Information Technology sector” for financial reporting purposes may exceed 25%.

Emerging Markets Series-2

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 89.55% D
Argentina – 3.09%
Arcos Dorados Holdings Class A		449,841		$	3,126,395
Cablevision Holding GDR †		262,838			2,742,268
Cresud ADR		328,977			4,875,439
Grupo Clarin GDR 144A #†		77,680			285,412
IRSA Inversiones y Representaciones ADR		430,000			7,434,700
					18,464,214
Bahrain – 0.13%
Aluminium Bahrain GDR 144A #		91,200			765,223
					765,223
Brazil – 11.91%
AES Tiete Energia		330,193			826,388
Atacadao Distribuicao Comercio e Industria		532,600			2,044,788
B2W Cia Digital †		2,553,158			17,654,553
Banco Bradesco ADR		798,600			5,478,396
Banco Santander Brasil ADR		53,466			400,995
BRF ADR †		341,500			1,598,220
Centrais Eletricas Brasileiras †		711,800			2,262,627
Cia Brasileira de Distribuicao ADR		300,000			5,994,000
Gerdau ADR		444,900			1,574,946
Hypera		553,000			3,929,464
Itau Unibanco Holding ADR		699,550			7,261,329
Petroleo Brasileiro ADR		488,906			4,903,727
Rumo †		234,448			846,874
Telefonica Brasil ADR		392,181			4,655,188
TIM Participacoes ADR		350,000			5,901,000
Vale		457,197			5,825,037
					71,157,532
Chile – 0.80%
Sociedad Quimica y Minera de Chile ADR		100,000			4,805,000
					4,805,000
China/Hong Kong – 21.36%
Alibaba Group Holding ADR †		75,000			13,914,750
Baidu ADR †		49,200			11,955,600
China Mengniu Dairy †		1,448,000			4,909,350
China Mobile ADR		200,000			8,878,000
China Petroleum & Chemical		2,260,000			2,019,297
China Petroleum & Chemical ADR		42,234			3,794,303
Ctrip.com International ADR †		130,000			6,191,900
JD.com ADR †		91,700			3,571,715
Kunlun Energy		4,622,900			4,048,043
PetroChina Class H		3,000,000			2,282,808
SINA †		200,000			16,938,000
Sohu.com ADR †		491,279			17,440,405
Tencent Holdings		412,500			20,704,917
Tianjin Development Holdings		35,950			14,984
Tingyi Cayman Islands Holding		1,706,000			3,957,530
Tsingtao Brewery Class H		500,000			2,746,762
Weibo ADR †		40,000			3,550,400

	Number of shares		Value (US $)
Common Stock D (continued)
China/Hong Kong (continued)
ZhongAn Online P&C Insurance Class H 144A #†		109,400		$	690,931
					127,609,695
India – 8.65%
Indiabulls Real Estate GDR †		44,628			101,752
Natco Pharma		200,000			2,351,894
RattanIndia Infrastructure GDR †		131,652			7,302
Reliance Industries		1,600,000			22,709,188
Reliance Industries GDR 144A #		860,000			24,166,000
Sify Technologies ADR		91,200			167,808
Tata Motors ADR †		110,000			2,150,500
					51,654,444
Japan – 0.57%
Renesas Electronics †		350,000			3,433,139
					3,433,139
Malaysia – 1.31%
Hong Leong Bank		1,549,790			6,982,591
UEM Sunrise		4,748,132			834,552
					7,817,143
Mexico – 4.81%
America Movil Class L ADR		213,289			3,553,395
Cemex ADR †		506,188			3,320,593
Fomento Economico Mexicano ADR		98,307			8,630,371
Grupo Financiero Banorte Class O		754,700			4,437,702
Grupo Lala		606,200			625,727
Grupo Televisa ADR		432,500			8,195,875
					28,763,663
Peru – 0.29%
Cia de Minas Buenaventura ADR		125,440			1,709,747
					1,709,747
Republic of Korea – 18.25%
Hite Jinro		150,000			2,644,684
KB Financial Group ADR		90,000			4,183,200
LG Display ADR		188,309			1,551,666
LG Electronics		62,908			4,684,939
LG Uplus		500,000			6,280,843
Lotte †		69,206			3,558,101
Lotte Chilsung Beverage		1,421			1,959,692
Lotte Confectionery		8,599			1,396,518
NCSoft		7,931			2,640,109
Samsung Electronics		982,700			41,133,202
Samsung Life Insurance		71,180			6,284,533
SK Hynix		180,000			13,841,184
SK Telecom		16,491			3,447,647
SK Telecom ADR		660,000			15,391,200
					108,997,518
Russia – 6.47%
Enel Russia PJSC GDR		15,101			15,365
Etalon Group GDR 144A #		354,800			972,152
Gazprom PJSC ADR		783,900			3,449,944

Emerging Markets Series-3

Delaware VIP^® Emerging Markets Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock D (continued)
Russia (continued)
LUKOIL PJSC ADR (London International Exchange)		133,500		$	9,128,730
MegaFon PJSC GDR		234,178			2,072,475
Mobile TeleSystems PJSC ADR		154,402			1,363,370
Sberbank of Russia PJSC		3,308,402			11,484,352
Surgutneftegas OJSC ADR		294,652			1,313,559
T Plus =†		25,634			0
VEON ADR		692,688			1,648,597
Yandex Class A †		200,000			7,180,000
					38,628,544
South Africa – 0.47%
ArcelorMittal South Africa †		374,610			57,895
Impala Platinum Holdings †		500,000			738,108
Sun International †		210,726			938,455
Tongaat Hulett		182,915			1,067,021
					2,801,479
Taiwan – 6.23%
Hon Hai Precision Industry		1,605,706			4,381,808
MediaTek		1,045,000			10,282,566
President Chain Store		500,000			5,666,071
Taiwan Semiconductor Manufacturing		2,375,864			16,871,101
					37,201,546
Thailand – 1.08%
Bangkok Bank-Foreign		638,091			3,823,153
PTT Exploration & Production -Foreign		617,051			2,616,833
					6,439,986
Turkey – 0.82%
Turkcell Iletisim Hizmetleri		730,024			1,933,975
Turkiye Sise ve Cam Fabrikalari		3,243,612			2,986,706
					4,920,681
United Kingdom – 1.32%
Anglo American ADR		92,815			1,049,738
Griffin Mining †		1,642,873			2,851,159
Hikma Pharmaceuticals		200,000			3,961,889
					7,862,786

	Number of shares		Value (US $)
Common Stock D (continued)
United States – 1.99%
Altaba †		157,300		$	11,515,933
Avon Products †		241,200			390,744
					11,906,677
Total Common Stock (cost $486,852,897)					534,939,017
Exchange-Traded Fund – 0.72%
iShares MSCI Turkey ETF		143,000			4,321,460
Total Exchange-Traded Fund (cost $5,709,139)					4,321,460
Preferred Stock – 6.43% D
Brazil – 1.60%
Braskem Class A 6.28%		288,768			3,753,630
Centrais Eletricas Brasileiras Class B †		233,700			827,289
Gerdau 0.93%		389,400			1,391,522
Petroleo Brasileiro Class A ADR 0.25%		403,795			3,569,548
					9,541,989
Republic of Korea – 3.11%
CJ 2.36%		28,030			1,702,675
Samsung Electronics 2.50%		499,750			16,882,537
					18,585,212
Russia – 1.72%
Transneft PJSC 7.05%		3,887			10,299,107
					10,299,107
Total Preferred Stock (cost $25,904,201)					38,426,308
Participation Notes – 0.00%
Lehman Indian Oil CW 12 LEPO 144A =†		100,339			0
Lehman Oil & Natural Gas CW 12 LEPO =†		146,971			0
Total Participation Notes (cost $4,952,197)					0

Emerging Markets Series-4

Delaware VIP^® Emerging Markets Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Short-Term Investments – 3.02%
Discount Note – 1.11% ≠
Federal Home Loan Bank 0.763% 7/2/18		6,613,957		$	6,613,958
					6,613,958
Repurchase Agreements – 1.91%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $1,536,260 (collateralized by US government obligations 0.00% 7/05/18; market value $1,566,722)		1,536,001			1,536,001
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $4,608,760 (collateralized by US government obligations 0.00%-3.75% 7/19/18-2/15/48; market value $4,700,163)		4,608,003			4,608,003

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $5,251,879 (collateralized by US government obligations 0.00%-8.75% 8/31/18-8/15/46; market value $5,356,024)		5,251,004		$	5,251,004
					11,395,008
Total Short-Term Investments (cost $18,008,685)					18,008,966

Total Value of Securities – 99.72%
(cost $541,427,119) $595,695,751

#  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2018, the aggregate value of Rule 144A securities was $26,879,718, which represents 4.50% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

=  The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

≠  The rate shown is the effective yield at the time of purchase.

°  Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

D  Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 2 in “Security type / country and sector allocations.”

†  Non-income producing security.

Summary of Abbreviations:

ADR – American Depositary Receipt

ETF – Exchange Traded Fund

GDR – Global Depositary Receipt

LEPO – Low Exercise Price Option

OJSC – Open Joint Stock Company

PJSC – Public Joint Stock Company

See accompanying notes, which are an integral part of the financial statements.

Emerging Markets Series-5

Delaware VIP^® Trust —  Delaware VIP Emerging Markets Series     Statement of assets and liabilities     June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	595,695,751
Foreign currencies, at value2		509,418
Cash		1,860
Dividends and interest receivable		2,239,286
Receivable for series shares sold		338,369
Foreign tax reclaims receivable		15,987
Total assets		598,800,671
Liabilities:
Payable for series shares redeemed		495,300
Investment management fees payable		622,236
Other accrued expenses		189,257
Distribution fees payable to affiliates		88,842
Audit and tax fees payable		18,026
Dividend disbursing and transfer agent fees and expenses payable to affiliates		3,761
Accounting and administration expenses payable to affiliates		2,214
Trustees’ fees and expenses payable		1,817
Legal fees payable to affiliates		1,448
Reports and statements to shareholders expenses payable to affiliates		374
Total liabilities		1,423,275
Total Net Assets	$	597,377,396
Net Assets Consist of:
Paid-in capital	$	536,275,238
Distributions in excess of net investment income		(8,347,989	)
Accumulated net realized gain on investments		15,203,007
Net unrealized appreciation of investments		54,268,632
Net unrealized depreciation of foreign currencies		(21,492	)
Total Net Assets	$	597,377,396
Standard Class:
Net assets	$	246,856,977
Shares of beneficial interest outstanding, unlimited authorization, no par		11,269,193
Net asset value per share	$	21.91
Service Class:
Net assets	$	350,520,419
Shares of beneficial interest outstanding, unlimited authorization, no par		16,044,836
Net asset value per share	$	21.85
1Investments, at cost	$	541,427,119
2Foreign currencies, at cost		522,846

See accompanying notes, which are an integral part of the financial statements.

Emerging Markets Series-6

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series Statement of operations Six months ended June 30, 2018 (Unaudited) Delaware VIP Trust — Delaware VIP Emerging Markets Series Statements of changes in net assets

Investment Income:
Dividends	$	7,346,825
Interest		29,158
Foreign tax withheld		(940,227	)
		6,435,756
Expenses:
Management fees		4,028,570
Distribution expenses - Service Class		572,159
Custodian fees		136,923
Accounting and administration expenses		72,399
Reports and statements to shareholders		45,674
Dividend disbursing and transfer agent fees and expenses		27,477
Audit and tax		26,338
Legal fees		21,194
Trustees’ fees and expenses		15,350
Registration fees		222
Other		11,827
		4,958,133
Less waived distribution expenses - Service Class		(64,203	)
Less expenses paid indirectly		(1	)
Total operating expenses		4,893,929
Net Investment Income		1,541,827
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		15,981,630
Foreign currencies		(21,107	)
Foreign currency exchange contracts		16,835
Net realized gain		15,977,358
Net change in unrealized appreciation (depreciation) of:
Investments*		(77,206,103	)
Foreign currencies		(77,675	)
Net change in unrealized appreciation (depreciation)		(77,283,778	)
Net Realized and Unrealized Loss		(61,306,420	)
Net Decrease in Net Assets Resulting from Operations	$	(59,764,593	)

* Includes $1,952,376 decrease in capital gains tax accrued.

	Six months ended 6/30/18 (Unaudited)				Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	1,541,827			$	13,736,754
Net realized gain			15,977,358				10,440,357
Net change in unrealized appreciation (depreciation)			(77,283,778	)			175,201,769
Net increase (decrease) in net assets resulting from operations			(59,764,593	)			199,378,880
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class			(8,231,564	)			(1,380,619	)
Service Class			(11,419,770	)			(1,408,749	)
Net realized gain:
Standard Class			(823,156	)			—
Service Class			(1,232,904	)			—
			(21,707,394	)			(2,789,368	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class			30,725,673				44,659,187
Service Class			23,327,232				25,104,978
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class			9,054,720				1,380,619
Service Class			12,652,674				1,408,749
			75,760,299				72,553,533
Cost of shares redeemed:
Standard Class			(51,736,651	)			(30,228,125	)
Service Class			(22,400,001	)			(68,865,323	)
			(74,136,652	)			(99,093,448	)
Increase (decrease) in net assets derived from capital share transactions			1,623,647				(26,539,915	)
Net Increase (Decrease) in Net Assets			(79,848,340	)			170,049,597
Net Assets:
Beginning of period			677,225,736				507,176,139
End of period		$	597,377,396			$	677,225,736
Undistributed (distributions in excess of) net investment income		$	(8,347,989	)		$	9,761,518

See accompanying notes, which are an integral part of the financial statements.

Emerging Markets Series-7

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Emerging Markets Series Standard Class
	Six months ended 6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	25.06			$	17.94			$	16.27			$	19.54			$	21.47			$	19.84
Income (loss) from investment operations:
Net investment income2			0.08				0.53				0.09				0.13				0.13				0.14
Net realized and unrealized gain (loss)			(2.35	)			6.72				2.15				(2.86	)			(1.84	)			1.84
Total from investment operations			(2.27	)			7.25				2.24				(2.73	)			(1.71	)			1.98
Less dividends and distributions from:
Net investment income			(0.80	)			(0.13	)			(0.19	)			(0.16	)			(0.14	)			(0.35	)
Net realized gain			(0.08	)			—				(0.38	)			(0.38	)			(0.08	)			—
Total dividends and distributions			(0.88	)			(0.13	)			(0.57	)			(0.54	)			(0.22	)			(0.35	)
Net asset value, end of period		$	21.91			$	25.06			$	17.94			$	16.27			$	19.54			$	21.47
Total return3			(9.40%)				40.55%				13.93%				(14.51%)				(8.06%)				10.14%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	246,857			$	291,019			$	196,918				$172,098			$	172,200			$	175,134
Ratio of expenses to average net assets			1.35%				1.36%				1.37%				1.37%				1.38%				1.41%
Ratio of expenses to average net assets prior to fees waived4			1.35%				1.38%				1.40%				1.37%				1.38%				1.41%
Ratio of net investment income to average net assets			0.63%				2.40%				0.53%				0.70%				0.62%				0.68%
Ratio of net investment income to average net assets prior to fees waived4			0.63%				2.38%				0.50%				0.70%				0.62%				0.68%
Portfolio turnover			3%				6%				8%				6%				5%				16%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Emerging Markets Series-8

Delaware VIP^® Emerging Markets Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Emerging Markets Series Service Class
	Six months ended 6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	24.97			$	17.88			$	16.21			$	19.48			$	21.40			$	19.78
Income (loss) from investment operations:
Net investment income2			0.04				0.48				0.05				0.08				0.08				0.09
Net realized and unrealized gain (loss)			(2.34	)			6.69				2.14				(2.86	)			(1.84	)			1.83
Total from investment operations			(2.30	)			7.17				2.19				(2.78	)			(1.76	)			1.92
Less dividends and distributions from:
Net investment income			(0.74	)			(0.08	)			(0.14	)			(0.11	)			(0.08	)			(0.30	)
Net realized gain			(0.08	)			—				(0.38	)			(0.38	)			(0.08	)			—
Total dividends and distributions			(0.82	)			(0.08	)			(0.52	)			(0.49	)			(0.16	)			(0.30	)
Net asset value, end of period		$	21.85			$	24.97			$	17.88			$	16.21			$	19.48			$	21.40
Total return3			(9.53%)				40.22%				13.68%				(14.77%)				(8.26%)				9.86%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	350,520			$	386,207			$	310,258				$310,063			$	362,469			$	406,571
Ratio of expenses to average net assets			1.62%				1.61%				1.62%				1.62%				1.63%				1.66%
Ratio of expenses to average net assets prior to fees waived4			1.65%				1.68%				1.70%				1.67%				1.68%				1.71%
Ratio of net investment income to average net assets			0.36%				2.15%				0.28%				0.45%				0.37%				0.43%
Ratio of net investment income to average net assets prior to fees waived4			0.33%				2.08%				0.20%				0.40%				0.32%				0.38%
Portfolio turnover			3%				6%				8%				6%				5%				16%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Emerging Markets Series-9

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Emerging Markets Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek long-term capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of operations. During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally does not bifurcate that portion of

Emerging Markets Series-10

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. The realized gains and losses are included on the “Statement of operations” under “Net realized and unrealized gain (loss) on investments.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes.

The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series received no earnings credits under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

During the six months ended June 30, 2018, the Series frequently maintained a negative cash balance with its custodian, which is considered a form of borrowing or leverage. If the Series maintains a negative cash balance and the Series’ investments decrease in value, the Series’ losses will be greater than if the Series did not maintain a negative cash balance. The Series is required to pay interest to the custodian on negative cash balances. During the six months ended June 30, 2018, the Series had an average outstanding overdraft balance equal to 0.26% of its average net assets for which it was charged interest of $17,129, which is included on the “Statement of operations” under “Custodian fees.” The average borrowing rate charged on the overdraft was 2.04%.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 1.25% on the first $500 million of average daily and paid monthly net assets of the Series, 1.20% on the next $500 million, 1.15% on the next $1.5 billion, and 1.10% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Series to the extent necessary to ensure that annual operating expenses (excluding any 12b-1 fees, 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), do not exceed 1.36% of the Series’ average daily net assets. These expense waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

Emerging Markets Series-11

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. For the six months ended June 30, 2018, the Series was charged $14,270 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $24,404 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid directly by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. The fee is calculated daily and paid monthly. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The waiver was calculated daily and received monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. These amounts are included on the “Statement of operations” under “Legal fees.” For the six months ended June 30, 2018, the Series was charged $8,372 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees.

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$17,094,446
Sales	45,605,127

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments			Aggregate Unrealized Depreciation of Investments				Net Unrealized Appreciation of Investments
$541,427,119		$	196,648,357		$	(142,379,725	)		$	54,268,632

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below and on the next page.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Emerging Markets Series-12

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

3. Investments (continued)

Level 2 –

Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –

Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1			Level 2			Level 3			Total
Assets:
Common Stock
Argentina		$	18,178,802		$	285,412		$	—		$	18,464,214
Bahrain			—			765,223			—			765,223
Brazil			71,157,532			—			—			71,157,532
Chile			4,805,000			—			—			4,805,000
China/Hong Kong			127,609,695			—			—			127,609,695
India			51,647,142			7,302			—			51,654,444
Japan			3,433,139			—			—			3,433,139
Malaysia			7,817,143			—			—			7,817,143
Mexico			28,763,663			—			—			28,763,663
Peru			1,709,747			—			—			1,709,747
Republic of Korea			108,997,518			—			—			108,997,518
Russia			26,156,675			12,471,869			—			38,628,544
South Africa			2,801,479			—			—			2,801,479
Taiwan			37,201,546			—			—			37,201,546
Thailand			6,439,986			—			—			6,439,986
Turkey			4,920,681			—			—			4,920,681
United Kingdom			7,862,786			—			—			7,862,786
United States			11,906,677			—			—			11,906,677
Exchange-Traded Fund			4,321,460			—			—			4,321,460
Preferred Stock			38,426,308			—			—			38,426,308
Participation Notes			—			—			—			—
Short-Term Investments			—			18,008,966			—			18,008,966
Total Value of Securities		$	564,156,979		$	31,538,772		$	—		$	595,695,751

As a result of utilizing international fair value pricing at June 30, 2018, a portion of the common stock in the portfolio was categorized as Level 2.

The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in this table.

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. This does not include transfers between Level 1 investments and Level 2 investments due to the Series utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Series’ NAV is determined) are established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Series’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

Emerging Markets Series-13

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Series’ net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		1,277,715			1,945,012
Service Class		960,049			1,134,174
Shares issued upon reinvestment of dividends and distributions:
Standard Class		373,545			67,183
Service Class		523,054			68,686
		3,134,363			3,215,055
Shares redeemed:
Standard Class		(1,995,527	)		(1,376,945	)
Service Class		(906,943	)		(3,087,084	)
		(2,902,470	)		(4,464,029	)
Net increase (decrease)		231,893			(1,248,974	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018 or at any time during the period then ended.

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts

The Series may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Series may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Series may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Series may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Series could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Series’ maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the

Emerging Markets Series-14

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

6. Derivatives (continued)

counterparty. The risk is generally mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty.

During the six months ended June 30, 2018, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

At June 30, 2018, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed as “Net realized gain on foreign currency exchange contracts” on the “Statement of operations.”

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2018.

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (average cost)		$	115,242		$	101,872

7. Offsetting

The Series entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of their derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Series mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Series and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Series may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Series does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At June 30, 2018, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Master Repurchase Agreements

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Master Repurchase Agreements Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	1,536,001		$	(1,536,001	)		$	—		$	(1,536,001	)		$	—
Bank of Montreal			4,608,003			(4,608,003	)			—			(4,608,003	)			—
BNP Paribas			5,251,004			(5,251,004	)			—			(5,251,004	)			—
Total		$	11,395,008		$	(11,395,008	)		$	—		$	(11,395,008	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June. 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

Emerging Markets Series-15

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

8. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities that are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned securities is determined by the security lending agent.

Cash collateral received by each series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and are subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

9. Credit and Market Risk

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

Emerging Markets Series-16

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

10. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

Emerging Markets Series-17

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Emerging Markets Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP Emerging Markets Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL or MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

Emerging Markets Series-18

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPEM 21925 (8/18) (559967) Emerging Markets Series-19

Delaware VIP^® Trust

Delaware VIP Smid Cap Core Series

June 30, 2018

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation and top 10 equity holdings	2
	Schedule of investments	3
	Statement of assets and liabilities	6
	Statement of operations	7
	Statements of changes in net assets	7
	Financial highlights	8
	Notes to financial statements	10
	Other Series information	16

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Smid Cap Core Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	1,043.00		0.81	%		$4.10
Service Class			1,000.00			1,041.50		1.08	%		5.47
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,020.78		0.81	%		$4.06
Service Class			1,000.00			1,019.44		1.08	%		5.41

^* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^† Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Smid Cap Core Series-1

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock	97.74%
Basic Materials	9.25%
Business Services	5.00%
Capital Goods	10.24%
Communications Services	0.90%
Consumer Discretionary	3.51%
Consumer Services	1.86%
Consumer Staples	2.23%
Credit Cyclicals	1.84%
Energy	5.07%
Financial Services	16.57%
Healthcare	12.38%
Media	1.14%
Real Estate Investment Trusts	7.95%
Technology	14.07%
Transportation	2.48%
Utilities	3.25%
Short-Term Investments	2.06%
Total Value of Securities	99.80%
Receivables and Other Assets Net of Liabilities	0.20%
Total Net Assets	100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
Diamondback Energy	1.63%
GrubHub	1.40%
DexCom	1.23%
Spire	1.22%
Huntsman	1.20%
Reliance Steel & Aluminum	1.19%
Steven Madden	1.18%
Western Alliance Bancorp	1.16%
Great Western Bancorp	1.14%
Encompass Health	1.13%

Smid Cap Core Series-2

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of       shares		Value (US $)
Common Stock – 97.74%
Basic Materials – 9.25%
Balchem		69,282	$	6,799,335
Continental Building Products †		226,637		7,150,397
Eastman Chemical		69,761		6,973,309
Huntsman		271,545		7,929,114
Kaiser Aluminum		47,770		4,973,335
Minerals Technologies		88,122		6,639,993
Neenah		85,178		7,227,353
Reliance Steel & Aluminum		89,868		7,867,045
Worthington Industries		131,000		5,498,070
				61,057,951
Business Services – 5.00%
ABM Industries		142,400		4,155,232
Aramark		187,199		6,945,083
ASGN †		56,610		4,426,336
Convergys		101,781		2,487,528
Gartner †		49,373		6,561,672
US Ecology		84,600		5,389,020
WageWorks †		60,265		3,013,250
				32,978,121
Capital Goods – 10.24%
Barnes Group		80,544		4,744,042
Belden		75,325		4,603,864
BWX Technologies		61,650		3,842,028
Columbus McKinnon		23,925		1,037,388
ESCO Technologies		57,253		3,303,498
Federal Signal		49,725		1,158,095
Gates Industrial †		127,900		2,080,933
Graco		107,309		4,852,513
Granite Construction		90,418		5,032,666
Kadant		69,225		6,655,984
KLX †		59,343		4,266,762
Lincoln Electric Holdings		62,335		5,470,520
MasTec †		19,675		998,506
Oshkosh		57,425		4,038,126
Quanta Services †		88,125		2,943,375
Spirit AeroSystems Holdings Class A		41,450		3,560,969
Tetra Tech		20,550		1,202,175
United Rentals †		33,075		4,882,531
Woodward		37,200		2,859,192
				67,533,167
Communications Services – 0.90%
InterXion Holding †		95,238		5,944,756
				5,944,756
Consumer Discretionary – 3.51%
Five Below †		55,976		5,469,415
Malibu Boats Class A †		125,066		5,245,268
Steven Madden		147,086		7,810,267
Tractor Supply		60,567		4,632,770
				23,157,720

	Number of       shares		Value (US $)
Common Stock (continued)
Consumer Services – 1.86%
Cheesecake Factory		67,353	$	3,708,456
Chuy’s Holdings †		77,184		2,369,549
Del Frisco’s Restaurant Group †		96,527		1,216,240
Hawaiian Holdings		40,179		1,444,435
Jack in the Box		41,425		3,526,096
				12,264,776
Consumer Staples – 2.23%
Casey’s General Stores		55,960		5,880,277
J&J Snack Foods		24,853		3,789,337
Pinnacle Foods		77,927		5,069,931
				14,739,545
Credit Cyclicals – 1.84%
BorgWarner		108,000		4,661,280
Tenneco		102,414		4,502,119
Toll Brothers		79,800		2,951,802
				12,115,201
Energy – 5.07%
Carrizo Oil & Gas †		135,017		3,760,223
Diamondback Energy		81,667		10,744,926
Parsley Energy Class A †		205,277		6,215,787
Patterson-UTI Energy		149,728		2,695,104
SRC Energy †		448,003		4,936,993
Superior Energy Services †		282,810		2,754,569
US Silica Holdings		90,114		2,315,029
				33,422,631
Financial Services – 16.57%
Arthur J Gallagher & Co.		87,419		5,706,712
CenterState Bank		121,000		3,608,220
East West Bancorp		94,216		6,142,883
Essent Group †		150,158		5,378,660
First Financial Bancorp		135,090		4,140,509
Great Western Bancorp		179,212		7,525,112
Independent Bank Group		64,400		4,301,920
Lazard Class A		151,290		7,399,594
MGIC Investment †		543,490		5,826,213
Primerica		64,639		6,438,044
Prosperity Bancshares		66,817		4,567,610
Reinsurance Group of America		55,410		7,396,127
Selective Insurance Group		66,279		3,645,345
Sterling Bancorp		258,828		6,082,458
Stifel Financial		123,154		6,434,797
Umpqua Holdings		224,480		5,071,003
Webster Financial		110,064		7,011,077
Western Alliance Bancorp †		134,972		7,640,765
WSFS Financial		93,343		4,975,182
				109,292,231
Healthcare – 12.38%
ABIOMED †		10,053		4,112,180
Alkermes †		85,227		3,507,943
Bio-Techne		40,075		5,929,096

Smid Cap Core Series-3

Delaware VIP^® Smid Cap Core Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock (continued)
Healthcare (continued)
Catalent †		145,470	$	6,093,738
DexCom †		85,484		8,119,270
Encompass Health		110,039		7,451,841
Exact Sciences †		95,843		5,730,453
ICON (Ireland) †		43,351		5,745,308
Ligand Pharmaceuticals Class B †		35,229		7,298,392
Medicines †		121,077		4,443,526
Neurocrine Biosciences †		71,995		7,072,789
TESARO †		59,600		2,650,412
WellCare Health Plans †		29,887		7,359,375
West Pharmaceutical Services		62,351		6,190,831
				81,705,154
Media – 1.14%
Cinemark Holdings		78,299		2,746,729
Interpublic Group of Cos		202,528		4,747,256
				7,493,985
Real Estate Investment Trusts – 7.95%
Apartment Investment & Management		130,246		5,509,406
Brixmor Property Group		312,652		5,449,524
DCT Industrial Trust		55,753		3,720,398
EPR Properties		97,501		6,317,090
Equity Commonwealth †		101,750		3,205,125
First Industrial Realty Trust		137,435		4,582,083
Gramercy Property Trust		128,983		3,523,815
Kite Realty Group Trust		328,260		5,606,681
Mack-Cali Realty		164,675		3,339,609
Pebblebrook Hotel Trust		129,522		5,025,454
Ramco-Gershenson Properties Trust		469,168		6,197,709
				52,476,894
Technology – 14.07%
Arista Networks †		10,919		2,811,533
Blackbaud		28,580		2,928,021
ExlService Holdings †		73,066		4,136,266
GrubHub †		87,781		9,209,105
Guidewire Software †		62,579		5,555,764
II-VI †		91,118		3,959,077
j2 Global		62,741		5,433,998
KeyW Holding †		158,283		1,383,393
LendingTree †		17,132		3,662,822
MACOM Technology Solutions Holdings †		69,016		1,590,129
MaxLinear Class A †		238,161		3,712,930
NETGEAR †		64,392		4,024,500
Paycom Software †		34,852		3,444,423
Proofpoint †		62,729		7,233,281
PTC †		61,024		5,724,661
Semtech †		116,936		5,501,839
SS&C Technologies Holdings		103,951		5,395,057
Tyler Technologies †		30,658		6,809,142

	Number of shares		Value (US $)
Common Stock (continued)
Technology (continued)
WNS Holdings ADR †		138,001	$	7,200,892
Yelp †		80,181		3,141,492
				92,858,325
Transportation – 2.48%
Genesee & Wyoming †		81,012		6,587,896
Knight-Swift Transportation Holdings		98,200		3,752,222
XPO Logistics †		60,027		6,013,505
				16,353,623
Utilities – 3.25%
NorthWestern		124,416		7,122,816
South Jersey Industries		187,714		6,282,788
Spire		113,751		8,036,508
				21,442,112
Total Common Stock (cost $552,955,760)				644,836,192
	Principal amount°
Short-Term Investments – 2.06%
Discount Notes – 0.81% ≠
Federal Home Loan Bank 0.763% 7/2/18		4,788,165		4,788,166
1.375% 7/6/18		549,309		549,195
				5,337,361
Repurchase Agreement – 1.25%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $1,112,158 (collateralized by US government obligations 0.00% 7/5/18; market value $1,134,211)		1,111,971		1,111,971
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $3,336,460 (collateralized by US government obligations 0.00%-3.75% 7/19/18-2/15/48; market value $3,402,631)		3,335,912		3,335,912
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $3,802,039 (collateralized by US government obligations 0.00%-8.75% 8/31/18-8/15/46; market value $3,877,434)		3,801,406		3,801,406
				8,249,289
Total Short-Term Investments (cost $13,586,435)				13,586,650

Smid Cap Core Series-4

Delaware VIP^® Smid Cap Core Series

Schedule of investments (continued)

  Total Value of Securities – 99.80%
(cost $566,542,195) $ 658,422,842

≠  The rate shown is the effective yield at the time of purchase.

°  Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

†  Non-income producing security.

ADR – American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

Smid Cap Core Series-5

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series Statement of assets and liabilities June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	658,422,842
Cash		221,323
Receivables for securities sold		978,419
Dividends and interest receivable		632,551
Foreign tax reclaims receivable		275,110
Receivable for series shares sold		22,855
Total assets		660,553,100
Liabilities:
Investment management fees payable to affiliates		409,308
Payable for series shares redeemed		199,108
Other accrued expenses		66,472
Distribution fees payable to affiliates		61,073
Payable for securities purchased		34,789
Audit and tax fees payable		16,810
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,165
Accounting and administration expenses payable to affiliates		2,417
Trustees’ fees and expenses payable		1,980
Legal fees payable to affiliates		1,150
Reports and statements to shareholders expenses payable to affiliates		413
Total liabilities		797,685
Total Net Assets	$	659,755,415
Net Assets Consist of:
Paid-in capital	$	549,134,883
Undistributed net investment income		533,911
Accumulated net realized gain on investments		18,213,282
Net unrealized appreciation of investments		91,880,647
Net unrealized depreciation of foreign currencies		(7,308	)
Total Net Assets	$	659,755,415
Net Asset Value
Standard Class:
Net assets	$	417,903,808
Shares of beneficial interest outstanding, unlimited authorization, no par		18,604,128
Net asset value per share	$	22.46
Service Class:
Net assets	$	241,851,607
Shares of beneficial interest outstanding, unlimited authorization, no par		11,611,481
Net asset value per share	$	20.83

¹ Investments, at cost $       566,542,195

See accompanying notes, which are an integral part of the financial statements.

Smid Cap Core Series-6

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series Statement of operations Six months ended June 30, 2018 (Unaudited) Delaware VIP Trust — Delaware VIP Smid Cap Core Series Statements of changes in net assets

Investment Income:
Dividends	$	3,399,330
Interest		84,284
		3,483,614
Expenses:
Management fees		2,400,195
Distribution expenses – Service Class		359,896
Accounting and administration expenses		72,354
Reports and statements to shareholders expenses		51,390
Dividend disbursing and transfer agent fees and expenses		27,621
Legal fees		19,451
Audit and tax fees		16,833
Trustees’ fees and expenses		15,053
Custodian fees		8,054
Registration fees		5,584
Other		7,721
	2,984,152
Less waived distribution expenses — Service Class		(39,198	)
Less expenses paid indirectly		(8	)
Total operating expenses		2,944,946
Net Investment Income		538,668
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		18,908,195
Foreign currencies		(1,069	)
Net realized gain		18,907,126
Net change in unrealized appreciation (depreciation) of:
Investments		7,900,707
Foreign currencies		(5,561	)
Net change in unrealized appreciation (depreciation)		7,895,146
Net Realized and Unrealized Gain		26,802,272
Net Increase in Net Assets Resulting from Operations	$	27,340,940

	Six months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	538,668		$	822,867
Net realized gain		18,907,126			202,041,167
Net change in unrealized appreciation (depreciation)		7,895,146			(92,287,653	)
Net increase in net assets resulting from operations		27,340,940			110,576,381
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(618,291	)		(1,250,888	)
Service Class		—			(211,590	)
Net realized gain:
Standard Class		(125,512,973	)		(26,972,718	)
Service Class		(76,399,191	)		(16,605,555	)
		(202,530,455	)		(45,040,751	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		6,001,707			11,760,208
Service Class		6,371,255			10,399,175
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		126,131,263			28,223,606
Service Class		76,399,191			16,817,145
		214,903,416			67,200,134
Cost of shares redeemed:
Standard Class		(16,699,839	)		(65,731,640	)
Service Class		(14,264,128	)		(42,232,683	)
		(30,963,967	)		(107,964,323	)
Increase (Decrease) in net assets derived from capital share transactions		183,939,449			(40,764,189	)
Net Increase in Net Assets		8,749,934			24,771,441
Net Assets:
Beginning of Period		651,005,481			626,234,040
End of Period	$	659,755,415		$	651,005,481
Undistributed net investment income	$	533,911		$	613,534

See accompanying notes, which are an integral part of the financial statements.

Smid Cap Core Series-7

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Smid Cap Core Series Standard Class
	Six Months Ended 6/30/181		Year ended
	(Unaudited)		12/31/172		12/31/16		12/31/15		12/31/14		12/31/13
Net asset value, beginning of period	$	30.98	$	28.08	$	29.79	$	30.20	$	32.39	$	24.37
Income from investment operations:
Net investment income3		0.04		0.06		0.09		0.07		0.12		0.04
Net realized and unrealized gain		1.03		4.89		2.15		2.21		0.62		9.55
Total from investment operations		1.07		4.95		2.24		2.28		0.74		9.59
Less dividends and distributions from:
Net investment income		(0.05)		(0.09)		(0.07)		(0.12)		(0.02)		(0.01)
Net realized gain		(9.54)		(1.96)		(3.88)		(2.57)		(2.91)		(1.56)
Total dividends and distributions		(9.59)		(2.05)		(3.95)		(2.69)		(2.93)		(1.57)
Net asset value, end of period	$	22.46	$	30.98	$	28.08	$	29.79	$	30.20	$	32.39
Total return4		4.30%		18.65%		8.29%		7.54%		3.15%		41.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	417,903	$	411,087	$	394,898	$	394,406	$	386,290	$	422,823
Ratio of expenses to average net assets5		0.81%		0.81%		0.82%		0.83%		0.83%		0.83%
Ratio of net investment income to average net assets5		0.26%		0.22%		0.33%		0.24%		0.40%		0.14%
Portfolio turnover		8%		112%		15%		23%		18%		19%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective April 28, 2017, Jackson Square Partners, LLC no longer serves as sub-advisor to the Series. The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2017.

³  The average shares outstanding method has been applied for per share information.

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁵  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Smid Cap Core Series-8

Delaware VIP^® Smid Cap Core Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Smid Cap Core Series Service Class
	Six Months Ended 6/30/181				Year ended
	(Unaudited)				12/31/172				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	29.41			$	26.75			$	28.56			$	29.06			$	31.33			$	23.67
Income (loss) from investment operations:
Net investment income (loss)3			—				(0.01	)			0.02				—	4			0.04				(0.03	)
Net realized and unrealized gain			0.96				4.66				2.05				2.12				0.60				9.25
Total from investment operations			0.96				4.65				2.07				2.12				0.64				9.22
Less dividends and distributions from:
Net investment income			—				(0.03	)			—				(0.05	)			—				—
Net realized gain			(9.54	)			(1.96	)			(3.88	)			(2.57	)			(2.91	)			(1.56	)
Total dividends and distributions			(9.54	)			(1.99	)			(3.88	)			(2.62	)			(2.91	)			(1.56	)
Net asset value, end of period		$	20.83			$	29.41			$	26.75			$	28.56			$	29.06			$	31.33
Total return5			4.15%				18.38%				8.02%				7.31%				2.87%				40.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	241,852			$	239,918			$	231,336			$	230,085			$	203,931			$	227,831
Ratio of expenses to average net assets			1.08%				1.06%				1.07%				1.08%				1.08%				1.08%
Ratio of expenses to average net assets prior to fees waived6			1.11%				1.11%				1.12%				1.13%				1.13%				1.13%
Ratio of net investment income (loss) to average net assets			(0.01%	)			(0.03%	)			0.08%				(0.01%	)			0.15%				(0.11%	)
Ratio of net investment income (loss) to average net assets prior to fees waived6			(0.04%	)			(0.08%	)			0.03%				(0.06%	)			0.10%				(0.16%	)
Portfolio turnover			8%				112%				15%				23%				18%				19%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective April 28, 2017, Jackson Square Partners, LLC no longer serves as sub-advisor to the Series. The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2017.

³  The average shares outstanding method has been applied for per share information.

⁴  The amount is less than $0.005 per share.

⁵  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁶ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Smid Cap Core Series-9

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Smid Cap Core Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek long-term capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the board.

Federal and Foreign Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018, and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the “Statement of operations” under “Net realized and unrealized gain (loss) on investments.” The Series reports certain

Smid Cap Core Series-10

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

1. Significant Accounting Policies (continued)

foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Series may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Series in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Series on the transaction. There were no commission rebates for the six months ended June 30, 2018.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June. 30, 2018, the Series earned $7 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset shown under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.75% on the first $500 million of average daily net assets of the Series, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each Fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each Fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. For the six months ended June 30, 2018, the Series was charged $14,261 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $24,388 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Smid Cap Core Series-11

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $7,584 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	48,213,710
Sales		61,039,987

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$566,542,195	$119,516,955	$(27,636,308)	$91,880,647

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

Smid Cap Core Series-12

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

	Level 1		Level 2		Total
Securities
Assets:
Common Stock	$	644,836,192	$	—	$	644,836,192
Short-Term Investments		—		13,586,650		13,586,650
Total Value of Securities	$	644,836,192	$	13,586,650	$	658,422,842

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. This does not include transfers between Level 1 investments and Level 2 investments due to the Series utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Series occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Series’ NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Series’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the series’ net assets. During the six months ended June 30, 2018, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		201,195			409,851
Service Class		248,542			382,148
Shares issued upon reinvestment of dividends and distributions:
Standard Class		5,769,957			1,036,495
Service Class		3,767,218			649,561
		9,986,912			2,478,055
Shares redeemed:
Standard Class		(634,348	)		(2,241,995	)
Service Class		(563,266	)		(1,521,019	)
		(1,197,614	)		(3,763,014	)
Net increase (decrease)		8,789,298			(1,284,959	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the period then ended.

Smid Cap Core Series-13

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

6. Offsetting

Master Repurchase Agreements

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	1,111,971		$	(1,111,971	)		$	—		$	(1,111,971	)		$	—
Bank of Montreal			3,335,912			(3,335,912	)			—			(3,335,912	)			—
BNP Paribas			3,801,406			(3,801,406	)			—			(3,801,406	)			—
Total		$	8,249,289		$	(8,249,289	)		$	—		$	(8,249,289	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

7. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities that are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities or establishments; obligations of supranational organizations, commercial paper, notes, bonds and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

Smid Cap Core Series-14

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

7. Securities Lending (continued)

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

8. Credit and Market Risk

The Series invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2018. The Series’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2018, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

Smid Cap Core Series-15

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Smid Cap Core Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP Smid Cap Core Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL or MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

Smid Cap Core Series-16

Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov

SA-VIPSCC 21931 (8/18) (559967) Smid Cap Core Series-17

Delaware VIP^® Trust

Delaware VIP High Yield Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation	2
Schedule of investments	3
Statement of assets and liabilities	7
Statement of operations	8
Statements of changes in net assets	8
Financial highlights	9
Notes to financial statements	11
Other Series information	18

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP High Yield Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP High Yield Series

Disclosure of Series expenses

For the six-month period January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	983.90		0.75	%		$	3.69
Service Class			1,000.00			983.10		1.02	%			5.02
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,021.08		0.75	%		$	3.76
Service Class			1,000.00			1,019.74		1.02	%			5.11

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

High Yield Series-1

Delaware VIP^® Trust — Delaware VIP High Yield Series

Security type / sector allocation

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Corporate Bonds		89.57	%
Banking		4.33	%
Basic Industry		11.64	%
Capital Goods		3.88	%
Consumer Cyclical		6.36	%
Consumer Non-Cyclical		2.85	%
Energy		16.18	%
Healthcare		10.09	%
Insurance		5.22	%
Media		9.28	%
Services		6.85	%
Technology & Electronics		5.77	%
Telecommunications		5.00	%
Utilities		2.12	%
Loan Agreements		6.24	%
Common Stock		0.00	%
Short-Term Investments		3.70	%
Total Value of Securities		99.51	%
Receivables and Other Assets Net of Liabilities		0.49	%
Total Net Assets		100.00	%

High Yield Series-2

Delaware VIP^® Trust — Delaware VIP High Yield Series

Schedule of investments

June 30, 2018 (Unaudited)

	Principal       amount°		Value (US $)
Corporate Bonds – 89.57%
Banking – 4.33%
Banco Bilbao Vizcaya Argentaria 6.125%µy		1,200,000	$	1,062,000
Credit Suisse Group 144A 6.25%#µy		1,315,000		1,288,771
HSBC Holdings 6.50%µy		2,350,000		2,258,937
Lloyds Banking Group 7.50%µy		1,705,000		1,735,690
Royal Bank of Scotland Group 8.625%µy		1,555,000		1,656,464
UBS Group Funding Switzerland 6.875%µy		2,275,000		2,258,040
				10,259,902
Basic Industry – 11.64%
BMC East 144A 5.50% 10/1/24 #		855,000		831,487
Boise Cascade 144A 5.625% 9/1/24 #		945,000		952,087
Cleveland-Cliffs 5.75% 3/1/25		1,540,000		1,464,925
First Quantum Minerals 144A 6.50% 3/1/24 #		1,090,000		1,054,575
144A 6.875% 3/1/26 #		510,000		489,600
144A 7.25% 5/15/22 #		610,000		619,150
Freeport-McMoRan 6.875% 2/15/23		945,000		1,000,471
Hudbay Minerals 144A 7.25% 1/15/23 #		140,000		144,900
144A 7.625% 1/15/25 #		1,150,000		1,210,375
IAMGOLD 144A 7.00% 4/15/25 #		860,000		881,242
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		1,715,000		1,890,787
M/I Homes 5.625% 8/1/25		1,145,000		1,076,300
New Enterprise Stone & Lime 144A 10.125% 4/1/22 #		1,630,000		1,740,025
NOVA Chemicals 144A 5.25% 6/1/27 #		2,535,000		2,368,641
Novelis 144A 6.25% 8/15/24 #		1,795,000		1,799,487
Platform Specialty Products 144A 5.875% 12/1/25 #		1,240,000		1,213,650
Standard Industries 144A 6.00% 10/15/25 #		2,690,000		2,710,175
Tronox 144A 6.50% 4/15/26 #		735,000		732,244
Tronox Finance 144A 5.75% 10/1/25 #		1,950,000		1,898,813
William Lyon Homes 144A 6.00% 9/1/23 #		1,180,000		1,170,808
Zekelman Industries 144A 9.875% 6/15/23 #		2,140,000		2,348,650
				27,598,392
Capital Goods – 3.88%
Ardagh Packaging Finance 144A 6.00% 2/15/25 #		1,790,000		1,747,487
BWAY Holding 144A 7.25% 4/15/25 #		1,010,000		987,275
BWX Technologies 144A 5.375% 7/15/26 #		635,000		644,525
Titan Acquisition 144A 7.75% 4/15/26 #		380,000		355,300
Titan International 144A 6.50% 11/30/23 #		1,780,000		1,780,000

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Capital Goods (continued)
TransDigm 6.375% 6/15/26		1,790,000	$	1,781,050
Trident Merger Sub 144A 6.625% 11/1/25 #		1,935,000		1,891,463
				9,187,100
Consumer Cyclical – 6.36%
AMC Entertainment Holdings 6.125% 5/15/27		1,950,000		1,901,250
Boyd Gaming 144A 6.00% 8/15/26 #		1,695,000		1,680,169
Eagle Intermediate Global Holding 144A 7.50% 5/1/25 #		985,000		986,231
ESH Hospitality 144A 5.25% 5/1/25 #		1,370,000		1,325,475
Golden Nugget 144A 8.75% 10/1/25 #		1,981,000		2,039,856
MGM Resorts International 5.75% 6/15/25		1,130,000		1,134,237
Penn National Gaming 144A 5.625% 1/15/27 #		1,240,000		1,171,800
Penske Automotive Group 5.50% 5/15/26		1,285,000		1,262,513
Scientific Games International 10.00% 12/1/22		2,745,000		2,933,719
Staples 144A 8.50% 9/15/25 #		690,000		645,150
				15,080,400
Consumer Non-Cyclical – 2.85%
Dean Foods 144A 6.50% 3/15/23 #		940,000		910,625
JBS USA 144A 5.75% 6/15/25 #		905,000		846,175
144A 6.75% 2/15/28 #		1,085,000		1,026,356
Minerva Luxembourg 144A 6.50% 9/20/26 #		640,000		588,800
Pilgrim’s Pride 144A 5.75% 3/15/25 #		945,000		909,563
Prestige Brands 144A 6.375% 3/1/24 #		1,180,000		1,174,100
Tempur Sealy International 5.50% 6/15/26		1,330,000		1,290,100
				6,745,719
Energy – 16.18%
Alta Mesa Holdings 7.875% 12/15/24		1,900,000		2,023,500
AmeriGas Partners 5.625% 5/20/24		1,270,000		1,255,713
5.875% 8/20/26		1,205,000		1,180,900
Cheniere Corpus Christi Holdings 7.00% 6/30/24		1,035,000		1,132,031
Cheniere Energy Partners 144A 5.25% 10/1/25 #		1,580,000		1,545,161
Chesapeake Energy 8.00% 1/15/25		1,215,000		1,240,454
Crestwood Midstream Partners 5.75% 4/1/25		1,325,000		1,328,313
Diamond Offshore Drilling 7.875% 8/15/25		1,765,000		1,835,600
Ensco 7.75% 2/1/26		1,890,000		1,792,571
Genesis Energy 6.50% 10/1/25		2,115,000		2,040,975

High Yield Series-3

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Gulfport Energy 6.375% 5/15/25		610,000	$	595,513
6.375% 1/15/26		2,065,000		1,987,563
Laredo Petroleum 6.25% 3/15/23		2,420,000		2,435,125
Murphy Oil 6.875% 8/15/24		2,865,000		3,015,412
Murphy Oil USA 5.625% 5/1/27		1,380,000		1,354,125
Oasis Petroleum 144A 6.25% 5/1/26 #		1,320,000		1,334,850
Precision Drilling 144A 7.125% 1/15/26 #		2,505,000		2,578,897
Southwestern Energy 7.75% 10/1/27		2,895,000		3,010,800
Summit Midstream Holdings 5.75% 4/15/25		900,000		859,500
Targa Resources Partners 5.375% 2/1/27		1,345,000		1,308,013
144A 5.875% 4/15/26 #		975,000		983,531
Transocean 144A 9.00% 7/15/23 #		1,560,000		1,684,800
Whiting Petroleum 144A 6.625% 1/15/26 #		1,765,000		1,822,363
				38,345,710
Healthcare – 10.09%
Air Medical Group Holdings 144A 6.375% 5/15/23 #		2,305,000		2,155,175
Charles River Laboratories International 144A 5.50% 4/1/26 #		2,939,000		2,952,813
CHS 6.25% 3/31/23		1,955,000		1,798,600
Encompass Health 5.75% 11/1/24		790,000		793,421
5.75% 9/15/25		1,920,000		1,948,800
HCA 5.375% 2/1/25		1,435,000		1,416,632
5.875% 2/15/26		1,425,000		1,441,031
7.58% 9/15/25		580,000		629,300
Hill-Rom Holdings 144A 5.00% 2/15/25 #		535,000		521,625
144A 5.75% 9/1/23 #		860,000		879,350
MPH Acquisition Holdings 144A 7.125% 6/1/24 #		1,735,000		1,782,713
Polaris Intermediate 144A PIK 8.50% 12/1/22 #T		610,000		631,350
Surgery Center Holdings 144A 6.75% 7/1/25 #		505,000		481,644
144A 8.875% 4/15/21 #		1,840,000		1,902,100
Tenet Healthcare 144A 5.125% 5/1/25 #		610,000		582,169
8.125% 4/1/22		2,035,000		2,131,663
Teva Pharmaceutical Finance Netherlands III 6.00% 4/15/24		1,870,000		1,869,688
				23,918,074
Insurance – 5.22%
Acrisure 144A 7.00% 11/15/25 #		1,305,000		1,190,813
AmWINS Group 144A 7.75% 7/1/26 #		380,000		386,650

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
AssuredPartners 144A 7.00% 8/15/25 #		2,390,000	$	2,306,350
HUB International 144A 7.00% 5/1/26 #		3,100,000		3,069,000
NFP 144A 6.875% 7/15/25 #		2,425,000		2,388,625
USIS Merger Sub 144A 6.875% 5/1/25 #		3,045,000		3,037,387
				12,378,825
Media – 9.28%
Altice France 144A 6.00% 5/15/22 #		635,000		639,763
Altice Luxembourg 144A 7.75% 5/15/22 #		2,015,000		1,957,069
CCO Holdings 144A 5.50% 5/1/26 #		160,000		155,552
144A 5.75% 2/15/26 #		2,065,000		2,034,025
144A 5.875% 5/1/27 #		2,010,000		1,967,287
Cequel Communications Holdings I 144A 7.50% 4/1/28 #		1,840,000		1,871,648
144A 7.75% 7/15/25 #		530,000		556,500
CSC Holdings 6.75% 11/15/21		2,290,000		2,404,500
144A 10.875% 10/15/25 #		1,080,000		1,247,724
Gray Television 144A 5.875% 7/15/26 #		1,245,000		1,187,419
Nexstar Broadcasting 144A 5.625% 8/1/24 #		1,310,000		1,265,787
Radiate Holdco 144A 6.625% 2/15/25 #		1,380,000		1,266,150
Sirius XM Radio 144A 5.375% 4/15/25 #		1,955,000		1,933,006
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		2,525,000		2,345,094
VTR Finance 144A 6.875% 1/15/24 #		1,170,000		1,179,887
				22,011,411
Services – 6.85%
Advanced Disposal Services 144A 5.625% 11/15/24 #		1,245,000		1,241,887
Avis Budget Car Rental 144A 6.375% 4/1/24 #		1,490,000		1,467,650
Covanta Holding 5.875% 7/1/25		1,345,000		1,301,287
GEO Group 5.875% 10/15/24		210,000		207,900
6.00% 4/15/26		1,005,000		979,875
Herc Rentals 144A 7.75% 6/1/24 #		834,000		894,465
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		1,005,000		959,775
Prime Security Services Borrower 144A 9.25% 5/15/23 #		1,851,000		1,980,570
Sigma Holdco 144A 7.875% 5/15/26 #		1,815,000		1,710,637
TMS International 144A 7.25% 8/15/25 #		870,000		891,750
United Rentals North America 5.50% 5/15/27		1,890,000		1,838,025
5.875% 9/15/26		1,025,000		1,036,531
WeWork 144A 7.875% 5/1/25 #		1,785,000		1,718,063
				16,228,415

High Yield Series-4

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal       amount°		Value (US $)
Corporate Bonds (continued)
Technology & Electronics – 5.77%
CDK Global 5.875% 6/15/26		3,635,000	$	3,721,331
CommScope Technologies 144A 5.00% 3/15/27 #		2,529,000		2,386,744
144A 6.00% 6/15/25 #		590,000		605,487
First Data 144A 7.00% 12/1/23 #		2,130,000		2,223,890
Genesys Telecommunications
Laboratories 144A 10.00% 11/30/24 # .		1,285,000		1,437,433
Infor US 6.50% 5/15/22		1,210,000		1,220,587
RP Crown Parent 144A 7.375% 10/15/24 #		1,045,000		1,078,649
Solera 144A 10.50% 3/1/24 #		910,000		1,015,223
				13,689,344
Telecommunications – 5.00%
CenturyLink 6.75% 12/1/23		1,285,000		1,294,637
Level 3 Financing 5.375% 5/1/25		2,315,000		2,233,975
Sprint 7.125% 6/15/24		1,225,000		1,239,810
7.625% 3/1/26		605,000		617,856
7.875% 9/15/23		1,650,000		1,714,969
T-Mobile USA 6.375% 3/1/25		710,000		738,400
6.50% 1/15/26		1,580,000		1,630,876
Zayo Group 6.375% 5/15/25		2,330,000		2,382,425
				11,852,948
Utilities – 2.12%
Calpine 5.75% 1/15/25		4,200,000		3,850,875
144A 5.875% 1/15/24 #		1,180,000		1,171,150
				5,022,025
Total Corporate Bonds (cost $215,618,925)				212,318,265
Loan Agreements – 6.24%
AI Ladder Luxembourg Subco Tranche B 1st Lien 6.59% (LIBOR03M + 4.50%) 5/4/25 •		1,051,000		1,051,000
Applied Systems 2nd Lien 9.334% (LIBOR03M + 7.00%) 9/19/25 •		2,320,000		2,400,233
Blue Ribbon 1st Lien 6.085% (LIBOR03M + 4.00%) 11/13/21 •		683,818		676,125
CH Hold 2nd Lien 9.344% (LIBOR03M + 7.25%) 2/1/25 •		340,000		345,525
Deck Chassis Acquisition 2nd Lien 8.094% (LIBOR03M + 6.00%) 6/15/23 •		600,000		606,750
DG Investment Intermediate Holdings 2nd Lien 9.104% (LIBOR03M + 6.75%) 2/1/26 •		175,000		177,188

	Principal       amount°		Value (US $)
Loan Agreements (continued)
Frontier Communications Tranche B1 1st Lien 5.85% (LIBOR03M + 3.75%) 6/15/24 •		1,223,819	$	1,218,848
HVSC Merger Sub 2nd Lien 10.347% (LIBOR03M + 8.25%) 10/26/25 •		570,000		574,275
HVSC Merger Sub Tranche B 1st Lien 6.094% (LIBOR03M + 4.00%) 10/20/24 •		616,900		621,784
Kronos 2nd Lien 10.608% (LIBOR03M + 8.25%) 11/1/24 •		1,320,000		1,367,850
Marketo Tranche B 1st Lien 5.613% (LIBOR03M + 3.25%) 2/7/25 •		1,310,000		1,300,721
PharMerica Tranche B 2nd Lien 9.796% (LIBOR03M + 7.75%) 12/7/25 •		175,000		174,781
Russell Investments US Institutional Holdco Tranche B 1st Lien 5.552% (LIBOR03M + 3.25%) 6/1/23 •		1,196,088		1,201,471
Solenis International 2nd Lien 10.679% (LIBOR03M + 8.50%) 6/18/24 •		1,560,000		1,541,475
Summit Midstream Partners Holdings Tranche B 1st Lien 8.094% (LIBOR03M + 6.00%) 5/21/22 •		569,500		576,975
Utz Quality Foods 1st Lien 5.591% (LIBOR03M + 3.50%) 11/21/24 •		618,450		620,511
Visual Comfort Group 2nd Lien 10.094% (LIBOR03M + 8.00%) 2/28/25 =•		222,857		225,364
WideOpenWest Finance Tranche B 1st Lien 5.335% (LIBOR03M + 3.25%) 8/19/23 •		113,124		108,493
Total Loan Agreements (cost $14,681,676)				14,789,369
	Number of
	shares
Common Stock – 0.00%
Century Communications =†		2,820,000		0
Total Common Stock (cost $85,371)				0
	Principal
	amount°
Short-Term Investments – 3.70%
Discount Note – 1.36% ≠
Federal Home Loan Bank 0.763% 7/2/18		3,224,341		3,224,341
				3,224,341

High Yield Series-5

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal       amount°		Value (US $)
Short-Term Investments (continued)
Repurchase Agreements – 2.34%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $748,935 (collateralized by US government obligations 0.00% 7/5/18; market value $763,786)		748,809	$	748,809
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $2,246,796 (collateralized by US government obligations 0.00%–3.75% 7/19/18–2/15/48; market value $2,291,356)		2,246,427		2,246,427

	Principal       amount°		Value (US $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $2,560,320 (collateralized by US government obligations 0.00%–8.75% 8/31/18–8/15/46; market value $2,611,092)		2,559,894	$	2,559,894
				5,555,130
Total Short-Term Investments (cost $8,779,334)				8,779,471

Total Value of Securities – 99.51% (cost $239,165,306) $235,887,105

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2018, the aggregate value of Rule 144A securities was $120,663,467, which represents 50.90% of the Series’ net assets. See Note 8 in “Notes to financial statements.”

T PIK. 100% of the income received was in the form of cash.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2018. Rate will reset at a future date.

y No contractual maturity date.

† Non-income producing security.

• Variable rate investment. Rates reset periodically. Rates shown reflect the rate in effect at June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

Summary of abbreviations:

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

USD – US dollar

See accompanying notes, which are an integral part of the financial statements.

High Yield Series-6

Delaware VIP^® Trust — Delaware VIP High Yield Series Statement of assets and liabilities June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	235,887,105
Cash		134,695
Dividend and interest receivable		3,697,906
Receivable for securities sold		1,315,503
Other assets2		920,913
Receivable for series shares sold		11,801
Total assets		241,967,923
Liabilities:
Contingent liabilities2		3,069,708
Payable for securities purchased		1,607,050
Investment management fees payable to affiliates		127,750
Other accrued expenses		41,333
Distribution fees payable to affiliates		34,922
Audit and tax fees payable		20,554
Payable for series shares redeemed		8,054
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,476
Accounting and administration expenses payable to affiliates		1,069
Trustees’ fees and expenses payable		715
Legal fees payable to affiliates		415
Reports and statements to shareholders expenses payable to affiliates		148
Total liabilities		4,913,194
Total Net Assets	$	237,054,729
Net Assets Consist of:
Paid-in capital	$	265,908,696
Undistributed net investment income		6,466,499
Accumulated net realized loss on investments		(32,042,265	)
Net unrealized depreciation of investments		(3,278,201	)
Total Net Assets	$	237,054,729
Net Asset Value:
Standard Class:
Net assets	$	97,236,855
Shares of beneficial interest outstanding, unlimited authorization, no par		20,199,288
Net asset value per share	$	4.81
Service Class:
Net assets	$	139,817,874
Shares of beneficial interest outstanding, unlimited authorization, no par		29,126,746
Net asset value per share	$	4.80
1 Investments, at cost	$	239,165,306

² See Note 10 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

High Yield Series-7

Delaware VIP^® Trust — Delaware VIP High Yield Series Statement of operations Six months ended June 30, 2018 (Unaudited) Delaware VIP Trust — Delaware VIP High Yield Series Statements of changes in net assets

Investment Income:
Interest	$	7,552,904
Dividends		29,202
		7,582,106
Expenses:
Management fees		790,562
Distribution expenses – Service Class		217,163
Accounting and administration expenses		36,066
Reports and statements to shareholders expenses		28,918
Audit and tax fees		20,669
Dividend disbursing and transfer agent fees and expenses		10,256
Legal fees		6,777
Custodian fees		4,405
Trustees’ fees and expenses		5,696
Registration fees		223
Other		9,573
		1,130,308
Less expenses waived		(670	)
Less waived distribution expenses – Service Class		(24,082	)
Less expenses paid indirectly		(413	)
Total operating expenses		1,105,143
Net Investment Income		6,476,963
Net Realized and Unrealized Loss:
Net realized loss on investments		(689,443	)
Net change in unrealized appreciation (depreciation) of investments		(9,882,981	)
Net Realized and Unrealized Loss		(10,572,424	)
Net Decrease in Net Assets Resulting from Operations	$	(4,095,461	)

	Six  months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,476,963		$	13,979,544
Net realized gain (loss)		(689,443	)		6,015,882
Net change in unrealized appreciation (depreciation)		(9,882,981	)		(856,110	)
Net increase (decrease) in net assets resulting from operations		(4,095,461	)		19,139,316
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(5,963,938	)		(6,549,527	)
Service Class		(8,454,447	)		(9,180,849	)
		(14,418,385	)		(15,730,376	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		14,322,043			10,888,207
Service Class		10,738,828			5,659,487
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		5,963,938			6,549,527
Service Class		8,454,447			9,180,849
	39,479,256			32,278,070
Cost of shares redeemed:
Standard Class		(17,888,648	)		(29,111,594	)
Service Class		(17,997,024	)		(28,045,480	)
		(35,885,672	)		(57,157,074	)
Increase (decrease) in net assets derived from capital share transactions		3,593,584			(24,879,004	)
Net Decrease in Net Assets		(14,920,262	)		(21,470,064	)
Net Assets:
Beginning of period		251,974,991			273,445,055
End of period	$	237,054,729		$	251,974,991
Undistributed net investment income	$	6,466,499		$	14,407,921

See accompanying notes, which are an integral part of the financial statements.

High Yield Series-8

Delaware VIP^® Trust – Delaware VIP High Yield Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

				Delaware VIP High Yield Series Standard Class
	Six months ended 6/30/181
				Year ended
	(unaudited)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	5.20		$	5.14		$	4.89		$	5.67		$	6.19		$	6.11
Income (loss) from investment operations:
Net investment income2		0.14			0.28			0.29			0.34			0.34			0.39
Net realized and unrealized gain (loss)		(0.22	)		0.09			0.32			(0.67	)		(0.34	)		0.15
Total from investment operations		(0.08	)		0.37			0.61			(0.33	)		—			0.54
Less dividends and distributions from:
Net investment income		(0.31	)		(0.31	)		(0.36	)		(0.37	)		(0.42	)		(0.46	)
Net realized gain		—			—			—			(0.08	)		(0.10	)		—
Total dividends and distributions		(0.31	)		(0.31	)		(0.36	)		(0.45	)		(0.52	)		(0.46	)
Net asset value, end of period	$	4.81		$	5.20		$	5.14		$	4.89		$	5.67		$	6.19
Total return3		(1.61%)			7.49%			13.16%			(6.60%	)		(0.29%	)		9.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	97,237		$	102,359		$	112,614		$	111,748		$	139,666		$	151,253
Ratio of expenses to average net assets		0.75%			0.75%			0.74%			0.75%			0.75%			0.74%
Ratio of expenses to average net assets prior to fees waived4		0.75%			0.75%			0.75%			0.76%			0.75%			0.74%
Ratio of net investment income to average net assets		5.48%			5.35%			5.95%			6.25%			5.67%			6.34%
Ratio of net investment income to average net assets prior to fees waived4		5.48%			5.35%			5.94%			6.24%			5.67%			6.34%
Portfolio turnover		68%			86%			112%			99%			103%			88%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

High Yield Series-9

Delaware VIP^® High Yield Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

					Delaware VIP High Yield Series Service Class
	Six months   ended   6/30/181
					Year ended
	(unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	5.18			$	5.12			$	4.87			$	5.65			$	6.17			$	6.09
Income (loss) from investment operations:
Net investment income2			0.13				0.26				0.28				0.32				0.33				0.37
Net realized and unrealized gain (loss)			(0.21	)			0.10				0.32				(0.66	)			(0.34	)			0.16
Total from investment operations			(0.08	)			0.36				0.60				(0.34	)			(0.01	)			0.53
Less dividends and distributions from:
Net investment income			(0.30	)			(0.30	)			(0.35	)			(0.36	)			(0.41	)			(0.45	)
Net realized gain			—				—				—				(0.08	)			(0.10	)			—
Total dividends and distributions			(0.30	)			(0.30	)			(0.35	)			(0.44	)			(0.51	)			(0.45	)
Net asset value, end of period		$	4.80			$	5.18			$	5.12			$	4.87			$	5.65			$	6.17
Total return3			(1.69%	)			7.26%				12.91%				(6.87%	)			(0.54%	)			8.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	139,818			$	149,616			$	160,831			$	162,513			$	208,177			$	250,979
Ratio of expenses to average net assets			1.02%				1.00%				0.99%				1.00%				1.00%				0.99%
Ratio of expenses to average net assets prior to fees waived4			1.05%				1.05%				1.05%				1.06%				1.05%				1.04%
Ratio of net investment income to average net assets			5.21%				5.10%				5.70%				6.00%				5.42%				6.09%
Ratio of net investment income to average net assets prior to fees waived4			5.18%				5.05%				5.64%				5.94%				5.37%				6.04%
Portfolio turnover			68%				86%				112%				99%				103%				88%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

High Yield Series-10

Delaware VIP^® Trust — Delaware VIP High Yield Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP High Yield Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek total return and, as a secondary objective, high current income.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial

High Yield Series-11

Delaware VIP^® High Yield Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively over the lives of the respective securities using the effective interest method. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Fund earned $412 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fee, acquired fund fees and expenses, taxes, interest, short sale and dividend 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 annual series operating expenses from exceeding 0.75% of the Series’ average daily net assets from Jan. 1, 2018 through June 30, 2018.* The waiver and reimbursement are accrued daily and received monthly. This waiver and reimbursement may only be terminated by agreement of DMC and the Series.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. For the six months ended June 30, 2018, the Series was charged $6,576 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $9,122 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $2,860 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

Cross trades for the six months ended June 30, 2018 were executed by the Series pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between series of investment companies, or

High Yield Series-12

Delaware VIP^® High Yield Series

Notes to financial statements (continued)

between a series of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended June 30, 2018, the Series engaged in securities purchases of $864,485.

*The aggregate contractual waiver period covering this report is from May 1, 2017 through May 1, 2019.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	162,083,754
Sales		166,460,751

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Depreciation of Investments
$239,388,842	$1,513,081	$(5,014,818)	$(3,501,737)

Under the Regulated Investment Company Modernization Act (Act), net capital losses recognized for the tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. The Series has capital loss carryovers available to offset future realized gains as of Dec. 31, 2017 as follows:

Loss carryforward character No Expiration
Short-term	Long-term	Total
$10,457,065	$18,667,998	$29,125,063

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

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Delaware VIP^® High Yield Series

Notes to financial statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporate Debt		$	—		$	212,318,265		$	—		$	212,318,265
Loan Agreements1			—			14,564,005			225,364			14,789,369
Common Stock			—			—			—			—
Short-Term Investments			—			8,779,471			—			8,779,471
Total Value of Securities		$	—		$	235,661,741		$	225,364		$	235,887,105

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments and Level 2 investments represent investments with observable inputs or matrix priced investments, while Level 3 investments represent investments without observable inputs. The amount attributed to Level 1 investments, Level 2 investments and Level 3 investments represents the following percentages of the total market value of the security type for the Series.

	Level 1		Level 2			Level 3			Total
Loan Agreements		—		98.48	%		1.52	%		100.00	%

The security that has been valued at zero on the “Schedule of investments” is considered to be a Level 3 investment in this table.

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Series’ net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 Investments inputs since the Level 3 investments are not considered significant to the Series’ net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		2,905,388			2,099,882
Service Class		2,083,480			1,099,990
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,229,678			1,315,166
Service Class		1,746,786			1,847,253
		7,965,332			6,362,291
Shares redeemed:
Standard Class		(3,622,428	)		(5,642,605	)
Service Class		(3,597,571	)		(5,468,226	)
		(7,219,999	)		(11,110,831	)
Net increase (decrease)		745,333			(4,748,540	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets

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Delaware VIP^® High Yield Series

Notes to financial statements (continued)

5. Line of Credit (continued)

of each Participant. The Participants are permitted to borrow up to a maximum of one third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the period then ended.

6. Offsetting

Master Repurchase Agreements

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	748,809		$	(748,809	)		$	—		$	(748,809	)		$	—
Bank of Montreal			2,246,427			(2,246,427	)			—			(2,246,427	)			—
BNP Paribas			2,559,894			(2,559,894	)			—			(2,559,894	)			—
Total		$	5,555,130		$	(5,555,130	)		$	—		$	(5,555,130	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

7. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities that are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to

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Delaware VIP^® High Yield Series

Notes to financial statements (continued)

7. Securities Lending (continued)

changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

8. Credit and Market Risk

The Series invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and lower than Baa3 by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Series invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

The Series invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Series more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Series may involve revolving credit facilities or other standby financing commitments that obligate the Series to pay additional cash on a certain date or on demand. These commitments may require the Series to increase its investment in a company at a time when the Series might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Series is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Series may pay an assignment fee. On an ongoing basis, the Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

As the Series may be required to rely upon another lending institution to collect and pass on to the Series amounts payable with respect to the loan and to enforce the Series’ rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Series from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Series.

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

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Delaware VIP^® High Yield Series

Notes to financial statements (continued)

10. General Motors Term Loan Litigation

The Series received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Series in 2009. We believe the matter subject to the litigation notice may lead to a recovery from the Series of certain amounts received by the Series because a US Court of Appeals has ruled that the Series and similarly situated investors were unsecured creditors rather than secured lenders of G.M. as a result of an erroneous Uniform Commercial Code filing made by a third party. The Series received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon the court ruling the estate is seeking to recover such amounts arguing that, as unsecured creditors, the Series should not have received payment in full. Based upon currently available information related to the litigation and the Series’ potential exposure, the Series recorded a contingent liability of $3,069,708 and an asset of $920,913 based on the expected recoveries to unsecured creditors as of June 30, 2018 that resulted in a net decrease in the Series’ NAV to reflect this potential recovery.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

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Delaware VIP^® Trust — Delaware VIP High Yield Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® High Yield Series at a meeting held November 15-16, 2017

At a meeting held on Nov. 15-16, 2017, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Europe Limited (“MIMEL”) and Macquarie Investment Management Global Limited (“MIMGL”) for Delaware VIP High Yield Series (the “Series”). MIMEL and MIMGL may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMEL and MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMEL and MIMGL, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMEL and MIMGL; information concerning MIMEL’s and MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMEL’s and MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL and MIMGL; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMEL and MIMGL each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMEL and MIMGL in connection with DMC’s collaboration with MIMEL and MIMGL in managing the Series, and the qualifications and experience of MIMEL and MIMGL’s fixed income teams with regard to implementing the Series’ investment mandates. The Board considered MIMEL and MIMGL’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMEL and MIMGL, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMEL and MIMGL to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMEL and MIMGL, as well as MIMEL and MIMGL’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is more like a collaborative effort between the advisor and sub-advisors and a cross-pollination of investment ideas. Moreover, the Board noted the advisor’s and sub-advisors’ stated intention that the former retain the decision-making authority with respect to purchases and sales of securities in the sub-advised Series.

Sub-advisory fees. The Board considered that DMC would not pay MIMEL and MIMGL fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMEL and MIMGL would provide investment advice and recommendations, including with respect to specific securities, for consideration and evaluation by DMC’s portfolio managers, but that DMC’s portfolio managers for the Series would retain final portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMEL or MIMGL fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by marketing a global approach to the portfolio management of its fixed income investment strategies.

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Delaware VIP^® Trust — Delaware VIP High Yield Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/ vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPHY 21926 (8/18) (559967) High Yield Series-19

        Delaware VIP^® Trust

        Delaware VIP International Value Equity Series

        June 30, 2018

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	6
	Statement of operations	7
	Statements of changes in net assets	7
	Financial highlights	8
	Notes to financial statements	10
	Other Series information	18
	Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date. The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested. Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of (MIMBT) and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. This material may be used in conjunction with the offering of shares in Delaware VIP International Value Equity Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus. © 2018 Macquarie Management Holdings, Inc. All third-party marks cited are the property of their respective owners.

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18	Ending Account Value 6/30/18	Annualized Expense Ratio	Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class	$1,000.00	$   937.90	1.13%	$5.43
Service Class	1,000.00	936.90	1.40%	6.72
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,019.19	1.13%	$5.66
Service Class	1,000.00	1,017.85	1.40%	7.00

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

International Value Equity Series-1

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

Security type / country and sector allocations

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock by Country		98.90	%
Australia		0.48	%
Canada		5.36	%
China/Hong Kong		7.42	%
Denmark		2.40	%
France		18.84	%
Germany		4.74	%
Indonesia		2.04	%
Italy		3.29	%
Japan		20.57	%
Netherlands		5.31	%
Republic of Korea		2.26	%
Russia		1.01	%
Singapore		1.00	%
Spain		1.96	%
Sweden		3.67	%
Switzerland		2.77	%
United Kingdom		15.78	%
Short-Term Investments		0.53	%
Securities Lending Collateral		0.00	%
Total Value of Securities		99.43	%
Obligation to Return Securities Lending Collateral		0.00	%
Receivables and Other Assets Net of Liabilities		0.57	%
Total Net Assets		100.00	%

Common stock by sector	Percentage of net assets
Consumer Discretionary		20.60	%
Consumer Staples		8.82	%
Energy		6.47	%
Financials		19.32	%
Healthcare		9.80	%
Industrials		20.76	%
Information Technology		4.75	%
Materials		3.14	%
Telecommunication Services		4.76	%
Utilities		0.48	%
Total		98.90	%

International Value Equity Series-2

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 98.90% D
Australia – 0.48%
Coca-Cola Amatil		34,536	$	235,137
				235,137
Canada – 5.36%
Alamos Gold		40,868		232,839
CGI Group Class A †		19,214		1,217,600
Suncor Energy		24,900		1,013,312
Yamana Gold		54,783		159,601
				2,623,352
China/Hong Kong – 7.42%
CNOOC		553,000		954,372
Sinopharm Group		29,598		119,024
Techtronic Industries		206,859		1,153,523
Yue Yuen Industrial Holdings		498,000		1,405,973
				3,632,892
Denmark – 2.40%
Carlsberg Class B		9,971		1,174,649
				1,174,649
France – 18.84%
AXA		49,516		1,215,188
Cie Generale des Etablissements
Michelin		7,015		854,438
Kering		2,257		1,274,636
Publicis Groupe		6,056		416,835
Rexel		16,567		238,258
Sanofi		9,073		727,378
Teleperformance		6,303		1,113,665
TOTAL		19,652		1,198,199
Valeo		12,934		707,185
Vinci		15,330		1,474,440
				9,220,222
Germany – 4.74%
Bayerische Motoren Werke		10,945		992,233
Deutsche Post		36,334		1,186,791
Puma		244		142,757
				2,321,781
Indonesia – 2.04%
Bank Rakyat Indonesia Persero		5,024,075		995,699
				995,699
Italy – 3.29%
Leonardo		60,376		596,913
UniCredit		60,698		1,013,345
				1,610,258
Japan – 20.57%
East Japan Railway		11,056		1,060,014
ITOCHU		107,635		1,951,653
Matsumotokiyoshi Holdings		23,600		1,060,471
MINEBEA MITSUMI		98,900		1,674,015
Mitsubishi UFJ Financial Group		236,835		1,350,012
Nippon Telegraph & Telephone		28,718		1,306,271

		Number of shares		Value (US $)
Common Stock  D (continued)	��
Japan (continued)
Nitori Holdings			858	$	133,914
Toyota Motor			23,643		1,531,141
					10,067,491
Netherlands – 5.31%
ING Groep			75,691		1,089,696
Koninklijke Philips			35,486		1,509,472
					2,599,168
Republic of Korea – 2.26%
Samsung Electronics			26,450		1,107,126
					1,107,126
Russia – 1.01%
Mobile TeleSystems ADR			55,700		491,831
					491,831
Singapore – 1.00%
United Overseas Bank			24,900		489,045
					489,045
Spain – 1.96%
Banco Santander			179,149		960,693
					960,693
Sweden – 3.67%
Nordea Bank			131,223		1,264,066
Tele2 Class B			45,337		533,004
					1,797,070
Switzerland – 2.77%
Novartis			17,821		1,354,706
					1,354,706
United Kingdom – 15.78%
Imperial Brands			49,630		1,848,387
Meggitt			132,730		864,116
National Grid			21,272		235,370
Playtech			147,630		1,467,105
Rio Tinto			20,647		1,144,725
Shire			19,292		1,085,895
Standard Chartered			118,143		1,079,897
					7,725,495
Total Common Stock (cost $44,758,002)					48,406,615
		Principal amount°
Short-Term Investments – 0.53%
Discount Notes – 0.21% ≠
Federal Home Loan Bank 0.765% 7/2/18			91,280		91,280
1.375% 7/6/18			10,472		10,470
					101,750

International Value Equity Series-3

Delaware VIP^® International Value Equity Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Repurchase Agreements – 0.32%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $21,202 (collateralized by US government obligations 0.00% 7/5/18; market value $21,622)		21,198	$	21,198
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $63,605 (collateralized by US government obligations 0.00%–3.75% 7/19/18–2/15/48; market value $64,867)		63,595		63,595
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $72,481 (collateralized by US government obligations 0.00%–8.75% 8/31/18-8/15/46; market value $73,918)		72,469		72,469
				157,262
Total Short-Term Investments (cost $259,008)				259,012
Total Value of Securities Before Securities Lending Collateral – 99.43% (cost $45,017,010)				48,665,627
Securities Lending Collateral – 0.00% **
Repurchase Agreements – 0.00%
Bank of Montreal 2.03%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $3 (collateralized by US government obligations 0.00%–3.75% 8/15/18–1/31/23; market value $3		3		3

	Principal amount°		Value (US $)
Securities Lending Collateral ** (continued)
Repurchase Agreements (continued)
Bank of Nova Scotia 2.10%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $13 (collateralized by US government obligations 0.125%–1.875% 3/31/19–5/15/23; market value $13)		13	$	13
Credit Agricole 2.07%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $13 (collateralized by US government obligations 4.00% 8/15/18; market value $13)		13		13
JP Morgan Securities 2.10%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $13 (collateralized by US government obligations 0.125%–1.875% 7/15/19–7/15/22; market value $13)		13		13
Merrill Lynch, Pierce, Fenner & Smith 2.08%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $13 (collateralized by US government obligations 4.00% 8/15/18; market value $13)		13		13
				55
Total Securities Lending Collateral (cost $55)				55

Total Value of Securities – 99.43%
(cost $45,017,065)     $48,665,682

** See Note 10 in “Notes to financial statements” for additional information on securities lending collateral.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

D Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 2 in “Security type / country and sector allocations.”

† Non-income producing security.

International Value Equity Series-4

Delaware VIP^® International Value Equity Series

Schedule of investments (continued)

The following foreign currency exchange contracts were outstanding at June 30, 2018:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)				In Exchange For			Settlement Date		Unrealized Appreciation	Unrealized Depreciation
BNYM		EUR	(297,633	)		USD	344,144		7/2/18	$    —		$(3,504)
BNYM		EUR	(44,217	)		USD	51,446		7/3/18	—		(206)
BNYM		JPY	12,754,807			USD	(115,746)		7/3/18	—		(512)
BNYM		SGD	662,966			USD	(485,095)		7/3/18	1,522		—
Total Foreign Currency Exchange Contracts										$1,522		$(4,222)

¹See Note 6 in “Notes to financial statements.”

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts presented above represent the Series’ total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Series’ net assets.

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – BNY Mellon

EUR – European Monetary Unit

JPY – Japanese Yen

SGD – Singapore Dollar

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

International Value Equity Series-5

Delaware VIP® Trust — Delaware VIP International Value Equity Series
Statement of assets and liabilities	June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	48,665,627
Short-term investments held as collateral for loaned securities, at value2		55
Foreign currencies, at value3		141,764
Cash		121,415
Foreign tax reclaims receivable		231,266
Receivable for securities sold		592,325
Dividends and interest receivable		44,281
Receivable for series shares sold		32,410
Unrealized appreciation on foreign currency exchange contracts		1,522
Securities lending income receivable		45
Total assets		49,830,710
Liabilities:
Payable for securities purchased		794,896
Investment management fees payable to affiliates		34,324
Other accrued expenses		30,008
Audit and tax fees payable		18,477
Unrealized depreciation on foreign currency exchange contracts		4,222
Payable for series shares redeemed		964
Accounting and administration expenses payable to affiliates		484
Legal fees payable to affiliates		478
Dividend disbursing and transfer agent fees and expenses payable to affiliates		310
Trustees’ fees and expenses payable		150
Distribution fees payable to affiliates		112
Obligation to return securities lending collateral		55
Reports and statements to shareholders expenses payable to affiliates		31
Total liabilities		884,511
Total Net Assets	$	48,946,199
Net Assets Consist of:
Paid-in capital	$	44,677,582
Undistributed net investment income		850,191
Accumulated net realized loss on investments		(227,893	)
Net unrealized appreciation of investments		3,648,617
Net unrealized appreciation of foreign currencies		402
Net unrealized depreciation of foreign currency exchange contracts		(2,700	)
Total Net Assets	$	48,946,199
Net Assets Value:
Standard Class:
Net assets	$	48,488,784
Shares of beneficial interest outstanding, unlimited authorization, no par		3,967,075
Net asset value per share	$	12.22
Service Class:
Net assets	$	457,415
Shares of beneficial interest outstanding, unlimited authorization, no par		37,469
Net asset value per share	$	12.21

1Investments, at cost	$	45,017,010
2Short-term investments held as collateral for loaned securities, at cost		55
3Foreign currencies, at cost		144,338

See accompanying notes, which are an integral part of the financial statements.

International Value Equity Series-6

Delaware VIP^® Trust —

Delaware VIP International Value Equity Series

Statement of operations

Six months ended June 30, 2018 (Unaudited)

Investment Income:
Dividends	$	1,297,802
Interest		5,332
Securities lending income		1,575
Foreign tax withheld		(162,025	)
		1,142,684
Expenses:
Management fees		217,983
Audit and tax fees		19,001
Accounting and administration expenses		18,954
Reports and statements to shareholders expenses		12,545
Custodian fees		9,947
Legal fees		2,423
Dividend disbursing and transfer agent fees and expenses		2,180
Trustees’ fees and expenses		1,200
Registration fees		311
Distribution expenses – Service Class		635
Other		5,579
		290,758
Less expenses waived		(1,432	)
Less waived distribution expenses - Service Class		(67	)
Less expenses paid indirectly		(10	)
Total operating expenses		289,249
Net Investment Income		853,435
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		682,759
Foreign currencies		3,660
Foreign currency exchange contracts		(14,317	)
Net realized gain		672,102
Net change in unrealized appreciation (depreciation) of:
Investments		(4,762,011	)
Foreign currencies		(6,752	)
Foreign currency exchange contracts		(3,866	)
Net change in unrealized appreciation (depreciation)		(4,772,629	)
Net Realized and Unrealized Loss		(4,100,527	)
Net Decrease in Net Assets Resulting from Operations	$	(3,247,092	)

Delaware VIP Trust —

Delaware VIP International Value Equity Series

Statements of changes in net assets

	Six months ended 6/30/18   (Unaudited)			Year ended   12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	853,435		$	1,400,760
Net realized gain		672,102			5,489,673
Net change in unrealized appreciation (depreciation)		(4,772,629	)		7,738,626
Net increase (decrease) in net assets resulting from operations		(3,247,092	)		14,629,059
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(1,385,108	)		(1,129,739	)
Service Class		(11,061	)		(6,001	)
		(1,396,169	)		(1,135,740	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		1,655,157			6,665,216
Service Class		150,720			749,808
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		1,385,108			1,129,739
Service Class		11,061			6,001
		3,202,046			8,550,764
Cost of shares redeemed:
Standard Class		(1,563,449	)		(35,220,387	)
Service Class		(23,498	)		(811,874	)
		(1,586,947	)		(36,032,261	)
Increase (Decrease) in net assets derived from capital share transactions		1,615,099			(27,481,497	)
Net Decrease in Net Assets		(3,028,162	)		(13,988,178	)
Net Assets:
Beginning of period		51,974,361			65,962,539
End of period	$	48,946,199		$	51,974,361
Undistributed net investment income	$	850,191		$	850,191

See accompanying notes, which are an integral part of the financial statements.

International Value Equity Series-7

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP International Value Equity Series Standard Class
	Six months ended 6/30/181 (Unaudited)			12/31/17			12/31/16			Year ended 12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	13.39		$	11.11		$	10.84		$	10.99		$	12.19		$	10.09
Income (loss) from investment operations:
Net investment income2		0.22			0.25			0.19			0.19			0.25			0.18
Net realized and unrealized gain (loss)		(1.03	)		2.22			0.26			(0.11	)		(1.29	)		2.09
Total from investment operations		(0.81	)		2.47			0.45			0.08			(1.04	)		2.27
Less dividends and distributions from:
Net investment income		(0.36	)		(0.19	)		(0.18	)		(0.23	)		(0.16	)		(0.17	)
Total dividends and distributions		(0.36	)		(0.19	)		(0.18	)		(0.23	)		(0.16	)		(0.17	)
Net asset value, end of period	$	12.22		$	13.39		$	11.11		$	10.84		$	10.99		$	12.19
Total return3		(6.21%	)		22.51%			4.19%			0.49%			(8.67%	)		22.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	48,489		$	51,613		$	65,633		$	62,285		$	57,986		$	57,733
Ratio of expenses to average net assets4		1.13%			1.06%			1.02%			1.04%			1.07%			1.09%
Ratio of net investment income to average net assets4		3.33%			2.00%			1.78%			1.66%			2.13%			1.59%
Portfolio turnover		9%			15%			19%			11%			27%			28%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

International Value Equity Series-8

Delaware VIP^® International Value Equity Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

		Delaware VIP International Value Equity Series Service Class
	Six months ended 6/30/181 (Unaudited)			12/31/17			12/31/16			Year ended 12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	13.36		$	11.09		$	10.82		$	10.97		$	12.16		$	10.07
Income (loss) from investment operations:
Net investment income2		0.20			0.22			0.16			0.16			0.22			0.15
Net realized and unrealized gain (loss)		(1.02	)		2.21			0.26			(0.11	)		(1.28	)		2.09
Total from investment operations		(0.82	)		2.43			0.42			0.05			(1.06	)		2.24
Less dividends and distributions from:
Net investment income		(0.33	)		(0.16	)		(0.15	)		(0.20	)		(0.13	)		(0.15	)
Total dividends and distributions		(0.33	)		(0.16	)		(0.15	)		(0.20	)		(0.13	)		(0.15	)
Net asset value, end of period	$	12.21		$	13.36		$	11.09		$	10.82		$	10.97		$	12.16
Total return3		(6.31%	)		22.18%			3.92%			0.24%			(8.82%	)		22.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	457		$	361		$	330		$	147		$	156		$	25
Ratio of expenses to average net assets		1.40%			1.31%			1.27%			1.29%			1.32%			1.34%
Ratio of expenses to average net assets prior to fees waived4		1.43%			1.36%			1.32%			1.34%			1.37%			1.39%
Ratio of net investment income to average net assets		3.06%			1.75%			1.53%			1.41%			1.88%			1.34%
Ratio of net investment income to average net assets prior to fees waived4		3.03%			1.70%			1.48%			1.36%			1.83%			1.29%
Portfolio turnover		9%			15%			19%			11%			27%			28%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

International Value Equity Series-9

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP International Value Equity Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek long-term growth without undue risk to principal.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment company securities are valued at net asset value (NAV) per share, as reported by the underlying investment company. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Series.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or

International Value Equity Series-10

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the “Statement of operations” under “Net realized and unrealized gain (loss) on investments.” The Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates.

The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $9 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expense paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.85% on the first $500 million of average daily net assets of the Series, 0.80% on the next $500 million, 0.75% on the next $1.5 billion, and 0.70% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fee, acquired fund fees and expenses, taxes, interest, short sale and dividend 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 annual series operating expenses from exceeding 1.04% of the Series’ average daily net assets from May 1, 2018 through June 30, 2018.* The waiver and reimbursement are accrued daily and paid monthly. This waiver and reimbursement may only be terminated by agreement of DMC and the Series.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended June 30, 2018, the Series was charged $2,952 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

International Value Equity Series-11

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $1,923 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $1,391 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

*The aggregate contractual waiver period covering this report is from May 1, 2018 through May 1, 2019.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$7,339,857
Sales	4,730,680

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives in the Series were as follows:

Cost of Investments and Derivatives	Aggregate Unrealized Appreciation of Investments and Derivatives	Aggregate Unrealized Depreciation of Investments and Derivatives	Net Unrealized Appreciation of Investments and Derivatives
$45,017,065	$8,419,543	$(4,773,626)	$3,645,917

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below and on the next page.

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	–	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

International Value Equity Series-12

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

3. Investments (continued)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1		Level 2			Total
Assets:
Common Stock
Australia	$	235,137	$	—		$	235,137
Canada		2,623,352		—			2,623,352
China/Hong Kong		3,632,892		—			3,632,892
Denmark		1,174,649		—			1,174,649
France		9,220,222		—			9,220,222
Germany		2,179,024		142,757			2,321,781
Indonesia		995,699		—			995,699
Italy		1,610,258		—			1,610,258
Japan		10,067,491		—			10,067,491
Netherlands		2,599,168		—			2,599,168
Republic of Korea		1,107,126		—			1,107,126
Russia		491,831		—			491,831
Singapore		489,045		—			489,045
Spain		960,693		—			960,693
Sweden		1,797,070		—			1,797,070
Switzerland		1,354,706		—			1,354,706
United Kingdom		7,725,495		—			7,725,495
Securities Lending Collateral		—		55			55
Short-Term Investments		—		259,012			259,012
Total Value of Securities	$	48,263,858	$	401,824		$	48,665,682
Derivatives*
Assets:
Foreign Currency Exchange Contracts	$	—	$	1,522		$	1,522
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(4,222	)	$	(4,222	)

*Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. This does not include transfers between Level 1 investments and Level 2 investments due to the Series utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Series’ occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Series’ NAV is determined) are established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Series’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the six months ended June 30, 2018, there were no Level 3 investments.

International Value Equity Series-13

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		126,923			536,097
Service Class		11,471			59,256
Shares issued upon reinvestment of dividends and distributions:
Standard Class		107,041			97,814
Service Class		856			520
		246,291			693,687
Shares redeemed:
Standard Class		(120,389	)		(2,686,700	)
Service Class		(1,874	)		(62,462	)
		(122,263	)		(2,749,162	)
Net increase (decrease)		124,028			(2,055,475	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the period then ended.

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts

The Series may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Series may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Series may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Series may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Series could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Series’ maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty.

During the six months ended June 30, 2018, the Series entered into foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date and to facilitate or expedite the settlement of portfolio transactions.

During the six months ended June 30, 2018, the Series experienced net realized gains or losses attributable to foreign currency holdings, which is disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

International Value Equity Series-14

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

6. Derivatives (continued)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2018.

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (Average cost)		$	74,893		$	55,829

7. Offsetting

The Series entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Series mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Series and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Series may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Series does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At June 30, 2018, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivatives Assets and Liabilities

Counterparty	Gross Value of Derivative Asset	Gross Value of Derivative Liability	Net Position
BNY Mellon	$1,522	$(4,222)	$(2,700)

Counterparty	Net Position	Fair Value of Non-Cash Collateral  Received(a)	Cash Collateral Received	Fair Value of Non-Cash Collateral Pledged	Cash Collateral Pledged	Net Exposure(b)
BNY Mellon	$(2,700)	$—	$—	$—	$—	$(2,700)

Master Repurchase Agreements

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	21,198		$	(21,198	)		$	—		$	(21,198	)		$	—
Bank of Montreal			63,595			(63,595	)			—			(63,595	)			—
BNP Paribas			72,469			(72,469	)			—			(72,469	)			—
Total		$	157,262		$	(157,262	)		$	—		$	(157,262	)		$	—

International Value Equity Series-15

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

7. Offsetting (continued)

Securities Lending

Securities lending transactions are entered into by the Series under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Series, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MLSA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral, or, upon an event of default, resell, or re-pledge the collateral (see also Note 8).

As of June 30, 2018, the Series did not have any security lending agreement by counterparty that is subject to offset.

^(a)The value of the related collateral received exceeded the value of the net position and repurchase agreements, as applicable, as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day, the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities as disclosed on the “Schedule of Investments.” Securities purchased with cash collateral are valued at the market value. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

International Value Equity Series-16

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

8. Securities Lending (continued)

The following table reflects a breakdown of transactions in securities lending collateral accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2018:

Remaining Contractual Maturity of the Agreements as of June 30, 2018

Securities Lending Transactions	Overnight and Continuous	Under 30 days	Between 30 and 90 days	Over 90 days	Total
Repurchase Agreements	$55	$—	$—	$—	$55

At June 30, 2018, there were no securities on loan. At June 30, 2018, the value of invested collateral was $55. Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”

9. Credit and Market Risk

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2018, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

10. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

International Value Equity Series-17

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® International Value Equity Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP International Value Equity Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL or MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

International Value Equity Series-18

Delaware VIP^® Trust — Delaware VIP International Value Equity Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/ vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPIVE 21927 (8/18) (559967) International Value Equity Series-19

Delaware VIP^® Trust

Delaware VIP Limited-Term Diversified Income Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation	2
Schedule of investments	3
Statement of assets and liabilities	13
Statement of operations	14
Statements of changes in net assets	14
Financial highlights	15
Notes to financial statements	17
Other Series information	25

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Limited-Term Diversified Income Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	994.20		0.54	%		$2.67
Service Class			1,000.00			993.80		0.81	%		4.00
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,022.12		0.54	%		$2.71
Service Class			1,000.00			1,020.78		0.81	%		4.06

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Limited-Term Diversified Income Series-1

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

Security type / sector allocation

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Agency Asset-Backed Security		0.00	%
Agency Collateralized Mortgage Obligations		1.08	%
Agency Commercial Mortgage-Backed Securities		0.37	%
Agency Mortgage-Backed Securities		19.06	%
Corporate Bonds		35.68	%
Banking		13.52	%
Basic Industry		1.35	%
Brokerage		0.80	%
Capital Goods		1.24	%
Communications		3.39	%
Consumer Cyclical		1.84	%
Consumer Non-Cyclical		3.13	%
Electric		6.21	%
Energy		1.67	%
Finance Companies		0.97	%
Insurance		0.33	%
Natural Gas		0.16	%
REITs		0.12	%
Technology		0.57	%
Transportation		0.38	%
Municipal Bonds		0.31	%
Non-Agency Asset-Backed Securities		29.87	%
Non-Agency Collateralized Mortgage Obligations		0.16	%
Non-Agency Commercial Mortgage-Backed Security		0.06	%
Sovereign Bond		1.02	%
Supranational Bank		0.76	%
US Treasury Obligation		10.30	%
Preferred Stock		0.27	%
Short-Term Investments		6.71	%
Total Value of Securities		105.65	%
Liabilities Net of Receivables and Other Assets		(5.65	%)
Total Net Assets		100.00	%

Limited-Term Diversified Income Series-2

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

Schedule of investments

June 30, 2018 (Unaudited)

	Principal amount°		Value (US $)
Agency Asset-Backed Security – 0.00%
Fannie Mae Grantor Trust
Series 2003-T4 2A5 4.715% 9/26/33 •		14,193	$	15,125
Total Agency Asset-Backed Security (cost $14,078)				15,125
Agency Collateralized Mortgage Obligations – 1.08%
Fannie Mae Connecticut Avenue Securities
Series 2016-C03 1M1 4.091% (LIBOR01M + 2.00%) 10/25/28 •		854,319		865,964
Series 2016-C04 1M1 3.541% (LIBOR01M + 1.45%) 1/25/29 •		537,635		541,782
Series 2017-C01 1M1 3.391% (LIBOR01M + 1.30%) 7/25/29 •		564,716		568,922
Fannie Mae Grantor Trust Series 2001-T5 A2 7.00% 6/19/41 •		11,580		12,710
Fannie Mae REMICs
Series 2002-90 A1 6.50% 6/25/42		360		403
Series 2003-120 BL 3.50% 12/25/18		2,774		2,773
Series 2004-49 EB 5.00% 7/25/24		6,407		6,695
Series 2005-66 FD 2.391% (LIBOR01M + 0.30%, Cap 7.25%, Floor 0.30%) 7/25/35 •		177,551		177,952
Series 2005-110 MB 5.50% 9/25/35		1,271		1,302
Series 2011-88 AB 2.50% 9/25/26		2,426		2,424
Series 2011-113 MC 4.00% 12/25/40		47,738		48,299
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		10,260		11,492
Series 3016 FL 2.463% (LIBOR01M + 0.39%, Cap 6.50%, Floor 0.39%) 8/15/35 •		6,651		6,660
Series 3027 DE 5.00% 9/15/25		7,497		7,865
Series 3067 FA 2.423% (LIBOR01M + 0.35%, Cap 7.00%, Floor 0.35%) 11/15/35 •		719,510		718,485
Series 3232 KF 2.523% (LIBOR01M + 0.45%, Cap 6.75%, Floor 0.45%) 10/15/36 •		22,345		22,446
Series 3297 BF 2.313% (LIBOR01M + 0.24%, Cap 7.00%, Floor 0.24%) 4/15/37 •		268,659		268,304
Series 3737 NA 3.50% 6/15/25		31,178		31,434
Series 3800 AF 2.573% (LIBOR01M + 0.50%, Cap 7.00%, Floor 0.50%) 2/15/41 •		1,467,450		1,476,194
Series 4163 CW 3.50% 4/15/40		878,121		882,128
Freddie Mac Strips Series 19 F 2.181% 6/1/28 •		894		895

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-DNA3 M2 4.941% (LIBOR01M + 2.85%) 4/25/28 •		570,897	$	591,758
Series 2015-HQA1 M2 4.741% (LIBOR01M + 2.65%) 3/25/28 •		318,937		324,851
Series 2016-DNA3 M2 4.091% (LIBOR01M + 2.00%) 12/25/28 •		396,562		402,248
Series 2016-DNA4 M2 3.391% (LIBOR01M + 1.30%, Floor 1.30%) 3/25/29 •		500,000		505,359
Series 2016-HQA2 M2 4.341% (LIBOR01M + 2.25%) 11/25/28 •		429,440		439,629
Series 2017-DNA3 M2 4.591% (LIBOR01M + 2.50%) 3/25/30 •		450,000		463,572
Freddie Mac Structured Pass Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		727		822
Series T-58 2A 6.50% 9/25/43 ◆		16,176		18,281
NCUA Guaranteed Notes Trust Series 2011-R2 1A 2.413% (LIBOR01M + 0.40%, Cap 8.00%, Floor 0.40%) 2/6/20 •		1,108,904		1,110,902
Silverstone Master Issuer Series 2018-1A 1A 144A 2.75% (LIBOR03M + 0.39%) 1/21/70 #•		5,500,000		5,504,642
Total Agency Collateralized Mortgage Obligations (cost $14,958,386)				15,017,193
Agency Commercial Mortgage-Backed Securities – 0.37%
FREMF Mortgage Trust
Series 2011-K15 B 144A 5.116% 8/25/44 #•		125,000		130,349
Series 2012-K22 B 144A 3.811% 8/25/45 #•		1,115,000		1,121,952
Series 2013-K28 C 144A 3.61% 6/25/46 #•		150,000		147,956
Series 2013-K33 C 144A 3.616% 8/25/46 #•		150,000		147,411
Series 2013-K712 B 144A 3.477% 5/25/45 #•		625,000		626,434
Series 2014-K717 B 144A 3.752% 11/25/47 #•		635,000		638,281
Series 2014-K717 C 144A 3.752% 11/25/47 #•		215,000		213,698
Series 2016-K722 B 144A 3.966% 7/25/49 #•		535,000		530,306

Limited-Term Diversified Income Series-3

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Commercial Mortgage-Backed Securities (continued)
NCUA Guaranteed Notes Trust Series 2011-C1 2A 2.617% (LIBOR01M + 0.53%, Cap 8.00%, Floor 0.53%) 3/9/21 •		1,602,221	$	1,599,535
Total Agency Commercial Mortgage-Backed Securities (cost $5,206,649)				5,155,922
Agency Mortgage-Backed Securities – 19.06%
Fannie Mae ARM 2.959% (LIBOR12M + 1.61%, Cap 7.959%) 4/1/46 •		3,518,198		3,492,555
3.202% (LIBOR12M + 1.55%, Cap 8.186%) 4/1/44 •		262,193		263,860
3.336% (LIBOR12M + 1.59%, Cap 9.688%) 9/1/38 •		351,720		367,424
3.392% (H15T1Y + 2.13%, Cap 9.968%) 12/1/33 •		4,758		5,043
3.413% (LIBOR12M + 1.66%, Cap 10.786%) 8/1/37 •		49,057		51,180
3.45% (LIBOR12M + 1.70%, Cap 11.097%) 8/1/37 •		25,012		24,900
3.469% (LIBOR12M + 1.68%, Cap 9.839%) 9/1/35 •		63,963		66,690
3.478% (LIBOR12M + 1.53%, Cap 9.533%) 8/1/34 •		5,572		5,826
3.505% (LIBOR12M + 1.77%, Cap 8.505%) 1/1/41 •		60,027		61,459
3.517% (LIBOR12M + 1.77%, Cap 11.394%) 7/1/36 •		10,092		10,597
3.585% (LIBOR12M + 1.59%, Cap 11.220%) 8/1/36 •		7,020		7,432
3.607% (LIBOR12M + 1.83%, Cap 10.178%) 8/1/35 •		1,703		1,791
3.609% (LIBOR12M + 1.86%, Cap 10.109%) 7/1/36 •		1,801		1,898
3.759% (LIBOR12M + 1.71%, Cap 11.272%) 6/1/36 •		11,218		11,773
3.879% (LIBOR12M + 1.75%, Cap 11.211%) 4/1/36 •		2,782		2,911
4.163% (LIBOR12M + 1.78%, Cap 9.021%) 6/1/34 •		3,006		3,165
Fannie Mae FHAVA 4.50% 7/1/40		611,157		637,538
Fannie Mae S.F. 30 yr 4.50% 11/1/39		535,721		564,560
4.50% 8/1/40		143,143		149,734
4.50% 8/1/41		1,430,821		1,508,579

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 4.50% 10/1/43		1,674,410	$	1,761,406
4.50% 10/1/44		115,496		121,381
4.50% 2/1/46		42,206,662		44,398,065
4.50% 3/1/46		11,647,803		12,249,267
4.50% 5/1/46		1,130,664		1,183,295
4.50% 7/1/46		1,420,177		1,482,678
4.50% 10/1/46		6,530,229		6,804,202
4.50% 7/1/47		12,019,095		12,523,353
4.50% 11/1/47		12,167,889		12,802,225
5.00% 6/1/35		740,005		792,359
5.00% 3/1/39		592,688		635,279
5.00% 6/1/39		2,019,597		2,162,314
5.00% 12/1/39		206,574		221,687
5.00% 1/1/40		51,195		54,929
5.00% 6/1/44		1,428,384		1,539,143
5.00% 8/1/44		15,319,738		16,359,066
5.00% 7/1/45		1,799,497		1,928,886
5.00% 7/1/47		13,255,025		14,182,988
5.50% 4/1/34		1,397,084		1,521,183
5.50% 3/1/35		36,988		39,627
5.50% 10/1/35		115,676		125,493
5.50% 8/1/37		430,440		467,718
5.50% 1/1/38		599,005		646,861
5.50% 3/1/38		516,833		563,993
5.50% 8/1/38		88,960		96,730
5.50% 6/1/39		366,073		398,789
5.50% 8/1/41		996,810		1,080,833
5.50% 9/1/41		682,953		756,694
5.50% 5/1/44		59,643,534		64,784,686
6.00% 9/1/36		177,471		199,090
6.00% 10/1/39		1,290,429		1,427,252
6.00% 7/1/41		7,063,253		7,788,859
Fannie Mae S.F. 30 yr TBA 4.50% 7/1/48		1,567,000		1,631,547
Freddie Mac ARM 2.57% (LIBOR12M + 1.63%, Cap 7.571%) 10/1/46 •		1,065,757		1,043,753
2.907% (LIBOR12M + 1.611%, Cap 7.908%) 11/1/44 •		159,391		159,901
3.114% (LIBOR12M + 1.62%, Cap 8.114%) 3/1/46 •		857,671		857,057
3.291% (H15T1Y + 2.14%, Cap 10.88%) 10/1/36 •		2,113		2,217
3.525% (LIBOR12M + 1.78%, Cap 11.228%) 10/1/37 •		35,250		36,824
3.635% (LIBOR12M + 1.89%, Cap 10.044%) 7/1/38 •		270,426		284,749
4.37% (H15T1Y + 2.37%, Cap 10.87%) 6/1/37 •		56,825		59,006

Limited-Term Diversified Income Series-4

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac ARM
5.037% (LIBOR12M + 1.93%, Cap 10.037%) 8/1/38 •		2,613	$	2,722
Freddie Mac S.F. 30 yr
4.50% 4/1/39		84,981		88,938
4.50% 5/1/40		3,432,579		3,600,416
4.50% 3/1/42		984,751		1,035,728
4.50% 8/1/42		9,782,479		10,263,255
4.50% 12/1/43		361,833		378,527
4.50% 8/1/44		277,766		291,404
4.50% 7/1/45		1,943,945		2,048,238
4.50% 12/1/45		2,227,213		2,320,951
5.00% 6/1/36		781,471		834,444
5.00% 5/1/41		599,441		641,864
5.00% 12/1/41		546,300		585,854
5.00% 4/1/44		2,137,279		2,289,657
5.00% 12/1/44		773,946		829,239
5.50% 12/1/35		38,334		41,486
5.50% 5/1/37		203,419		221,009
5.50% 3/1/40		118,909		128,561
5.50% 4/1/40		306,028		330,969
5.50% 8/1/40		401,220		433,580
5.50% 6/1/41		5,430,565		5,879,260
5.50% 9/1/41		993,938		1,063,313
6.00% 3/1/36		240,040		264,505
6.00% 6/1/38		123,235		135,899
6.00% 8/1/38		547,065		606,005
6.00% 7/1/39		293,260		323,580
6.00% 5/1/40		2,063,341		2,273,939
6.00% 7/1/40		321,130		354,246
GNMA I S.F. 30 yr
5.50% 2/15/41		332,791		359,795
7.00% 12/15/34		11,756		13,363
GNMA II S.F. 30 yr
5.00% 9/20/46		681,146		725,112
5.50% 5/20/37		199,413		212,311
6.00% 2/20/39		209,744		226,567
6.00% 10/20/39		858,841		927,153
6.00% 2/20/40		949,804		1,029,989
6.00% 4/20/46		272,298		295,311
6.50% 6/20/39		734,649		806,936
Total Agency Mortgage-Backed Securities (cost $271,399,068)				264,278,426
Corporate Bonds – 35.68%
Banking – 13.52%
Banco Santander 3.50% 4/11/22		3,800,000		3,708,895
Bank of America
3.97% 3/5/29 µ		3,165,000		3,117,567
4.183% 11/25/27		2,855,000		2,784,741
5.625% 7/1/20		7,475,000		7,823,991
Bank of Montreal 3.10% 4/13/21		5,170,000		5,154,567

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Banking (continued)
Bank of New York Mellon
2.20% 3/4/19		15,000	$	14,959
2.95% 1/29/23		2,945,000		2,881,358
3.409% (LIBOR03M + 1.05%) 10/30/23 •		4,255,000		4,328,299
Barclays
3.20% 8/10/21		1,970,000		1,931,949
8.25%µy		2,085,000		2,122,098
Citizens Bank
2.30% 12/3/18		5,285,000		5,278,247
2.45% 12/4/19		5,065,000		5,019,422
Commonwealth Bank of Australia
2.40% 11/2/20		8,600,000		8,421,148
Compass Bank 2.875% 6/29/22		7,155,000		6,911,682
Credit Suisse Group 144A
4.207% 6/12/24 #µ		4,595,000		4,601,864
Credit Suisse Group Funding Guernsey 3.80% 6/9/23		2,640,000		2,608,687
Fifth Third Bancorp 2.60% 6/15/22		1,150,000		1,113,972
Fifth Third Bank
2.30% 3/15/19		200,000		199,343
3.85% 3/15/26		1,190,000		1,171,957
Goldman Sachs Group
4.223% 5/1/29 µ		3,135,000		3,093,418
6.00% 6/15/20		7,860,000		8,269,771
HSBC Holdings 3.95% 5/18/24 µ		4,305,000		4,295,864
Huntington Bancshares 2.30% 1/14/22		2,670,000		2,565,524
Huntington National Bank 2.50% 8/7/22		1,400,000		1,349,588
JPMorgan Chase & Co.
3.559% 4/23/24 µ		2,605,000		2,581,349
4.005% 4/23/29 µ		2,485,000		2,455,828
4.35% 8/15/21		3,870,000		3,981,263
KeyBank
2.30% 9/14/22		1,245,000		1,188,625
2.40% 6/9/22		2,725,000		2,617,221
3.18% 5/22/22		940,000		928,095
3.375% 3/7/23		2,395,000		2,380,329
Lloyds Banking Group
2.907% 11/7/23 µ		5,325,000		5,075,375
Manufacturers & Traders Trust
2.05% 8/17/20		4,255,000		4,158,724
2.50% 5/18/22		1,445,000		1,398,611
Morgan Stanley
2.75% 5/19/22		260,000		251,942
3.625% 1/20/27		2,145,000		2,065,889
3.772% 1/24/29 µ		1,055,000		1,017,851
5.00% 11/24/25		4,055,000		4,208,699
5.50% 1/26/20		5,300,000		5,485,193
PNC Bank
2.45% 11/5/20		3,635,000		3,573,709
2.70% 11/1/22		505,000		485,589
PNC Financial Services Group 5.00%µy		2,705,000		2,688,094

Limited-Term Diversified Income Series-5

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Banking (continued)
Regions Financial 2.75% 8/14/22		1,090,000	$	1,052,377
Royal Bank of Canada 2.75% 2/1/22		4,095,000		4,022,901
Royal Bank of Scotland Group
3.875% 9/12/23		4,160,000		4,045,209
8.625%µy		2,095,000		2,231,699
Santander UK
2.125% 11/3/20		6,250,000		6,068,851
144A 5.00% 11/7/23 #		2,050,000		2,087,037
Skandinaviska Enskilda Banken 144A 2.375% 3/25/19 #		7,410,000		7,387,837
SunTrust Banks 4.00% 5/1/25		1,825,000		1,834,961
Toronto-Dominion Bank 2.25% 11/5/19		6,935,000		6,882,447
UBS Group Funding Switzerland
144A 2.65% 2/1/22 #		1,795,000		1,729,723
144A 3.00% 4/15/21 #		5,915,000		5,826,480
US Bancorp
2.35% 1/29/21		3,365,000		3,304,343
2.375% 7/22/26		1,230,000		1,119,945
3.90% 4/26/28		765,000		777,656
USB Capital IX 3.50% (LIBOR03M + 1.02%)y•		2,220,000		2,014,650
Zions Bancorporation 4.50% 6/13/23		1,770,000		1,790,398
				187,487,811
Basic Industry –1.35%
Dow Chemical 8.55% 5/15/19		7,185,000		7,532,092
Georgia-Pacific
144A 2.539% 11/15/19 #		4,000,000		3,975,055
144A 5.40% 11/1/20 #		2,365,000		2,478,154
Syngenta Finance
144A 3.933% 4/23/21 #		1,445,000		1,442,181
144A 4.441% 4/24/23 #		3,315,000		3,298,888
				18,726,370
Brokerage – 0.80%
Charles Schwab
3.25% 5/21/21		1,515,000		1,521,550
3.85% 5/21/25		1,605,000		1,624,040
E*TRADE Financial 5.30%µy		4,765,000		4,663,744
Jefferies Group 5.125% 1/20/23		3,115,000		3,246,241
				11,055,575
Capital Goods – 1.24%
Allegion US Holding 3.20% 10/1/24		1,500,000		1,422,150
General Dynamics
3.00% 5/11/21		1,000,000		997,119
3.375% 5/15/23		3,665,000		3,673,581
General Electric 2.743% (LIBOR03M + 0.38%) 5/5/26 •		305,000		294,311
L3 Technologies 3.85% 6/15/23		970,000		968,732
Nvent Finance Sarl 144A 3.95% 4/15/23 #		9,970,000		9,874,294
				17,230,187

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Communications – 3.39%
American Tower Trust I 144A 3.07% 3/15/23 #		1,575,000	$	1,546,739
AT&T 144A 4.30% 2/15/30 #		1,125,000		1,066,089
Charter Communications Operating 4.50% 2/1/24		8,670,000		8,668,793
Crown Castle International 5.25% 1/15/23		2,095,000		2,196,749
Crown Castle Towers 144A 3.663% 5/15/25 #		3,785,000		3,707,067
Deutsche Telekom International Finance 144A 4.375% 6/21/28 #		6,825,000		6,781,827
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		1,080,000		1,060,208
SBA Tower Trust 144A 2.898% 10/8/19 #		1,520,000		1,510,401
Sprint Spectrum 144A 4.738% 3/20/25 #		1,745,000		1,735,926
Time Warner Entertainment 8.375% 3/15/23		8,635,000		10,055,247
Verizon Communications 2.625% 2/21/20		3,990,000		3,978,309
Vodafone Group
3.75% 1/16/24		3,005,000		2,981,876
4.375% 5/30/28		1,820,000		1,799,904
				47,089,135
Consumer Cyclical – 1.84%
Alibaba Group Holding 2.80% 6/6/23		3,360,000		3,236,245
Dollar Tree
3.70% 5/15/23		4,090,000		4,056,391
4.00% 5/15/25		2,615,000		2,558,967
Ford Motor Credit
3.336% 3/18/21		720,000		713,913
4.14% 2/15/23		4,045,000		4,042,570
General Motors Financial
3.45% 1/14/22		3,095,000		3,053,065
4.15% 6/19/23		1,290,000		1,290,904
4.35% 4/9/25		2,145,000		2,116,488
Hyundai Capital America
144A 2.55% 2/6/19 #		3,000,000		2,989,379
144A 3.00% 3/18/21 #		150,000		147,310
Toyota Motor Credit 2.95% 4/13/21		1,285,000		1,279,258
				25,484,490
Consumer Non-Cyclical – 3.13%
Anheuser-Busch InBev Finance 3.30% 2/1/23		7,600,000		7,541,950
Bayer US Finance II 144A 4.25% 12/15/25 #		2,795,000		2,815,447
Becton Dickinson 3.363% 6/6/24		3,000,000		2,884,399
Celgene 3.25% 2/20/23		3,965,000		3,876,083

Limited-Term Diversified Income Series-6

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
CVS Health
3.35% 3/9/21		4,795,000	$	4,792,438
3.70% 3/9/23		2,135,000		2,115,517
4.10% 3/25/25		2,530,000		2,519,804
General Mills
3.20% 4/16/21		1,475,000		1,468,213
3.70% 10/17/23		990,000		980,717
Maple Escrow Subsidiary
144A 3.551% 5/25/21 #		2,550,000		2,553,802
144A 4.057% 5/25/23 #		1,215,000		1,220,861
144A 4.417% 5/25/25 #		1,375,000		1,383,604
Molson Coors Brewing 2.10% 7/15/21		3,845,000		3,689,459
Shire Acquisitions Investments Ireland 1.90% 9/23/19		5,675,000		5,589,900
				43,432,194
Electric – 6.21%
AEP Texas 2.40% 10/1/22		5,720,000		5,497,221
Arizona Public Service 2.20% 1/15/20		8,255,000		8,152,709
Ausgrid Finance 144A 3.85% 5/1/23 #		2,265,000		2,271,467
Avangrid 3.15% 12/1/24		3,335,000		3,211,219
Cleveland Electric Illuminating 5.50% 8/15/24		5,210,000		5,719,137
CMS Energy 6.25% 2/1/20		2,945,000		3,079,730
DTE Energy 2.40% 12/1/19		3,350,000		3,311,817
Duke Energy 1.80% 9/1/21		5,640,000		5,399,885
Enel Finance International 144A 2.875% 5/25/22 #		7,275,000		6,936,176
Entergy 4.00% 7/15/22		5,797,000		5,872,698
Entergy Louisiana 4.05% 9/1/23		480,000		490,107
Exelon 2.85% 6/15/20		3,500,000		3,470,339
Exelon Generation 4.25% 6/15/22		1,675,000		1,715,445
Fortis 2.10% 10/4/21		6,715,000		6,412,135
IPALCO Enterprises 3.45% 7/15/20		4,765,000		4,768,240
ITC Holdings 2.70% 11/15/22		7,410,000		7,138,192
LG&E & KU Energy 3.75% 11/15/20		470,000		473,698
National Rural Utilities Cooperative Finance 5.25% 4/20/46 µ		1,000,000		1,028,709
Nevada Power 2.75% 4/15/20		2,110,000		2,107,651
NV Energy 6.25% 11/15/20		2,350,000		2,510,950
PSEG Power 3.85% 6/1/23		2,400,000		2,390,831
Sempra Energy 2.90% 2/1/23		4,240,000		4,119,155
				86,077,511
Energy – 1.67%
Enbridge Energy Partners
4.375% 10/15/20		1,095,000		1,114,864
5.20% 3/15/20		225,000		231,455
Energy Transfer Partners 4.20% 9/15/23		1,715,000		1,714,016
Kinder Morgan Energy Partners 9.00% 2/1/19		2,215,000		2,289,993
Marathon Oil 2.80% 11/1/22		2,310,000		2,216,451

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
MPLX 4.875% 12/1/24		3,885,000	$	4,008,979
ONEOK 7.50% 9/1/23		4,745,000		5,442,278
Sabine Pass Liquefaction
5.625% 3/1/25		2,865,000		3,050,685
5.875% 6/30/26		1,650,000		1,771,766
Williams 4.55% 6/24/24		1,295,000		1,301,475
				23,141,962
Finance Companies – 0.97%
Air Lease 3.00% 9/15/23		2,375,000		2,250,950
Aviation Capital Group 144A 2.875% 1/20/22 #		5,430,000		5,255,073
International Lease Finance 8.625% 1/15/22		5,230,000		6,003,401
				13,509,424
Insurance – 0.33%
AXA Equitable Holdings 144A 3.90% 4/20/23 #		1,985,000		1,970,841
Nuveen Finance 144A 2.95% 11/1/19 #		2,620,000		2,610,552
				4,581,393
Natural Gas – 0.16%
NiSource 144A 5.65%#µy		2,205,000		2,191,219
				2,191,219
REITs – 0.12%
Kilroy Realty 3.45% 12/15/24		1,790,000		1,720,135
				1,720,135
Technology – 0.57%
Analog Devices 2.95% 1/12/21		625,000		620,011
Microchip Technology
144A 3.922% 6/1/21 #		1,675,000		1,678,800
144A 4.333% 6/1/23 #		1,815,000		1,819,467
NXP
144A 4.125% 6/1/21 #		2,140,000		2,140,000
144A 4.625% 6/1/23 #		385,000		390,467
Trimble 4.15% 6/15/23		1,195,000		1,197,771
				7,846,516
Transportation – 0.38%
CH Robinson Worldwide 4.20% 4/15/28		710,000		698,566
Penske Truck Leasing 144A 4.20% 4/1/27 #		2,290,000		2,260,098
Union Pacific 3.50% 6/8/23		1,605,000		1,607,352
United Airlines 2015-1 Class AA
Pass-Through Trust 3.45% 12/1/27 t		668,439		646,751
				5,212,767
Total Corporate Bonds (cost $499,431,600)				494,786,689

Limited-Term Diversified Income Series-7

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Municipal Bonds – 0.31%
Commonwealth of Massachusetts 5.00% 10/1/25		355,000	$	417,576
County of Baltimore, Maryland 5.00% 2/1/26		3,320,000		3,927,394
Total Municipal Bonds (cost $4,514,027)				4,344,970
Non-Agency Asset-Backed Securities – 29.87%
Ally Master Owner Trust
Series 2015-2 A1 2.643% (LIBOR01M + 0.57%, Floor 0.57%) 1/15/21 ·		1,600,000		1,603,263
American Express Credit Account Master Trust
Series 2014-1 A 2.443% (LIBOR01M + 0.37%, Floor 0.37%) 12/15/21 ·		6,925,000		6,942,310
Series 2017-2 A 2.523% (LIBOR01M + 0.45%) 9/16/24 ●		10,260,000		10,350,720
Series 2017-5 A 2.453% (LIBOR01M + 0.38%) 2/18/25 ●		2,425,000		2,434,412
Series 2018-5 A 2.413% (LIBOR01M + 0.34%) 12/15/25 ●		13,040,000		13,070,008
Avis Budget Rental Car Funding AESOP Series 2013-2A A 144A 2.97% 2/20/20 #		8,750,000		8,755,340
BA Credit Card Trust Series 2014-A1 A 2.453% (LIBOR01M + 0.38%, Floor 0.38%) 6/15/21 ●		8,559,000		8,572,695
Series 2017-A1 A1 1.95% 8/15/22		3,300,000		3,249,668
Barclays Dryrock Issuance Trust Series 2017-1 A 2.403% (LIBOR01M + 0.33%, Floor 0.33%) 3/15/23 ●		6,410,000		6,419,498
BMW Floorplan Master Owner Trust Series 2018-1 A2 144A 2.35% (LIBOR01M + 0.32%) 5/15/23 #●		2,200,000		2,199,997
BMW Vehicle Lease Trust Series 2016-2 A3 1.43% 9/20/19		986,785		982,928
Cabela’s Credit Card Master Note Trust Series 2014-2 A 2.523% (LIBOR01M + 0.45%, Floor 0.45%) 7/15/22 ●		3,750,000		3,759,303
Series 2015-1A A1 2.26% 3/15/23		5,805,000		5,735,089
Series 2016-1 A1 1.78% 6/15/22		6,684,000		6,613,525
CarMax Auto Owner Trust Series 2018-1 A2B 2.223% (LIBOR01M + 0.15%) 5/17/21 ●		3,690,000		3,688,628
Chase Issuance Trust Series 2013-A9 A 2.493% (LIBOR01M + 0.42%, Floor 0.42%) 11/16/20 ●		560,000		560,707
Series 2014-A5 A5 2.443% (LIBOR01M + 0.37%, Floor 0.37%) 4/15/21 ●		7,882,000		7,895,377

	Principal amount°		Value (US $)
Non-Agency Asset-Backed
Securities (continued)
Chase Issuance Trust Series 2016-A1 A 2.483% (LIBOR01M + 0.41%, Floor 0.41%) 5/17/21 ●		7,390,000	$	7,409,712
Series 2016-A3 A3 2.623% (LIBOR01M + 0.55%, Floor 0.55%) 6/15/23 ●		15,735,000		15,899,014
Series 2017-A1 A 2.373% (LIBOR01M + 0.30%) 1/18/22 ●		2,650,000		2,656,053
Series 2017-A2 A 2.473% (LIBOR01M + 0.40%) 3/15/24 ●		4,555,000		4,579,474
Series 2018-A1 A1 2.273% (LIBOR01M + 0.20%) 4/17/23 ●		3,040,000		3,039,088
Chesapeake Funding II Series 2017-2A A2 144A 2.523% (LIBOR01M + 0.45%, Floor 0.45%) 5/15/29 #●		3,008,946		3,009,031
Series 2017-4A A2 144A 2.413% (LIBOR01M + 0.34%) 11/15/29 #●		4,970,000		4,964,621
Citibank Credit Card Issuance Trust Series 2016-A3 A3 2.515% (LIBOR01M + 0.49%) 12/7/23 ●		15,395,000		15,508,086
Series 2017-A5 A5 2.704% (LIBOR01M + 0.62%, Floor 0.62%) 4/22/26 ●		17,100,000		17,325,369
Series 2017-A7 A7 2.40% (LIBOR01M + 0.37%) 8/8/24 ●		19,325,000		19,358,676
Series 2018-A2 A2 2.414% (LIBOR01M + 0.33%) 1/21/25 ●		9,955,000		9,963,922
Series 2018-A4 A4 2.37% (LIBOR01M + 0.34%) 6/9/25 ●		9,000,000		8,988,300
Discover Card Execution Note Trust Series 2014-A1 A1 2.503% (LIBOR01M + 0.43%, Floor 0.43%) 7/15/21 ●		5,934,000		5,943,939
Series 2017-A1 A1 2.563% (LIBOR01M + 0.49%) 7/15/24 ●		14,770,000		14,889,398
Series 2017-A3 A3 2.303% (LIBOR01M + 0.23%) 10/17/22 ●		9,025,000		9,032,137
Series 2017-A5 A5 2.673% (LIBOR01M + 0.60%) 12/15/26 ●		7,315,000		7,390,141
Series 2017-A7 A7 2.433% (LIBOR01M + 0.36%) 4/15/25 ●		10,490,000		10,518,090
Series 2018-A2 A2 2.403% (LIBOR01M + 0.33%) 8/15/25 ●		9,375,000		9,379,610
Series 2018-A3 A3 2.328% (LIBOR01M + 0.23%) 12/15/23 ●		6,920,000		6,915,865
Ford Credit Auto Owner Trust Series 2016-C A2B 2.213% (LIBOR01M + 0.14%) 9/15/19 ●		166,829		166,835

Limited-Term Diversified Income Series-8

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal  amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Ford Credit Floorplan Master Owner Trust A
Series 2015-2 A2 2.643% (LIBOR01M + 0.57%, Floor 0.57%) 1/15/22 ●		26,214,000	$	26,343,597
Series 2017-1 A2 2.493% (LIBOR01M + 0.42%) 5/15/22 ●		425,000		426,224
Series 2017-2 A2 2.423% (LIBOR01M + 0.35%, Floor 0.62%) 9/15/22 ●		17,200,000		17,230,119
Series 2018-1 A2 2.177% (LIBOR01M + 0.28%) 5/15/23 ●		1,225,000		1,224,999
GMF Floorplan Owner Revolving Trust Series 2017-1 A2 144A 2.643% (LIBOR01M + 0.57%) 1/18/22 #●		500,000		502,118
Golden Credit Card Trust Series 2014-2A A 144A 2.523% (LIBOR01M + 0.45%) 3/15/21 #●		920,000		921,827
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		337,625		329,573
Hyundai Auto Lease Securitization Trust
Series 2016-C A3 144A 1.49% 2/18/20 #		3,035,139		3,027,045
Series 2017-C A3 144A 2.12% 2/16/21 #		2,500,000		2,474,655
Series 2018-A A3 144A 2.81% 4/15/21 #		1,300,000		1,296,566
Invitation Homes Trust Series 2018-SFR1 A 144A 2.785% (LIBOR01M + 0.70%) 3/17/37 #●		3,438,469		3,429,020
Mercedes-Benz Master Owner Trust
Series 2016-BA A 144A 2.773% (LIBOR01M + 0.70%, Floor 0.75%) 5/17/21 #●		2,280,000		2,290,835
Series 2017-AA A 144A 2.373% (LIBOR01M + 0.30%) 5/16/21 #●		1,000,000		1,001,431
Series 2017-BA A 144A 2.493% (LIBOR01M + 0.42%) 5/16/22 #●		6,000,000		6,015,539
Series 2018-BA A 144A 2.274% (LIBOR01M + 0.34%) 5/15/23 #●		2,400,000		2,401,189
MMAF Equipment Finance Series 2015-AA A5 144A 2.49% 2/19/36 #		1,595,000		1,571,782
Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 3.441% (LIBOR01M + 1.35%) 9/27/21 #●		715,000		716,768
Series 2017-1 A 144A 2.871% (LIBOR01M + 0.78%) 6/27/22 #●		1,900,000		1,908,175

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Nissan Master Owner Trust Receivables
Series 2016-A A1 2.713% (LIBOR01M + 0.64%, Floor 0.65%) 6/15/21 ●		2,790,000	$	2,800,045
Series 2017-B A 2.503% (LIBOR01M + 0.43%) 4/18/22 ●		2,170,000		2,175,762
Series 2017-C A 2.393% (LIBOR01M + 0.32%) 10/17/22 ●		3,720,000		3,722,229
PFS Financing Series 2018-A A 144A 2.319% (LIBOR01M + 0.40%) 2/15/22 #●		610,000		609,426
Series 2018-C A 144A 2.553% (LIBOR01M + 0.48%) 4/15/22 #●		1,900,000		1,901,997
Popular ABS Mortgage Pass Through Trust Series 2006-C A4 2.341% (LIBOR01M + 0.25%, Cap 14.00%, Floor 0.25%) 7/25/36 ◆●		930,329		922,085
Tesla Auto Lease Trust Series 2018-A A 144A 2.32% 12/20/19 #		2,870,102		2,860,740
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		599,449		590,877
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		670,580		659,717
Toyota Auto Receivables Owner Trust
Series 2017-A A2B 2.143% (LIBOR01M + 0.07%) 9/16/19 ●		335,247		335,263
Series 2018-A A2B 2.143% (LIBOR01M + 0.07%) 10/15/20 ●		6,125,000		6,125,274
Trafigura Securitisation Finance Series 2017-1A A1 144A 2.923% (LIBOR01M + 0.85%) 12/15/20 #●		7,415,000		7,423,542
Verizon Owner Trust
Series 2016-2A A 144A 1.68% 5/20/21 #		3,500,000		3,463,980
Series 2017-1A A 144A 2.06% 9/20/21 #		4,780,000		4,725,662
Series 2017-3A A1B 144A 2.354% (LIBOR01M + 0.27%) 4/20/22 #●		11,825,000		11,829,648
Series 2018-1A A1B 144A 2.344% (LIBO R01M + 0.26%) 9/20/22 #●		5,070,000		5,070,986
Volkswagen Auto Loan Enhanced Trust Series 2018-1 A2B 2.285% (LIBOR01M + 0.18%) 7/20/21 ●		1,135,000		1,135,000

Limited-Term Diversified Income Series-9

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Volvo Financial Equipment Master Owner Trust
Series 2017-A A 144A 2.573% (LIBOR01M + 0.50%) 11/15/22 #•		15,000,000	$	15,028,049
Total Non-Agency Asset-Backed Securities (cost $414,562,423)				414,262,573
Non-Agency Collateralized Mortgage Obligations – 0.16%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		5,590		5,282
Galton Funding Mortgage Trust
Series 2018-1 A43 144A 3.50% 11/25/57 #•		662,304		661,697
JPMorgan Mortgage Trust
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #•		650,000		650,642
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #•		399,083		395,591
Series 2017-4 A1 144A 3.50% 7/25/47 #•		504,940		496,103
Total Non-Agency Collateralized Mortgage Obligations (cost $2,222,277)				2,209,315
Non-Agency Commercial Mortgage-Backed Security – 0.06%
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 •		1,082,497		820,165
Total Non-Agency Commercial Mortgage-Backed Security (cost $1,147,983)				820,165
Sovereign Bond – 1.02%
Japan – 1.02%
Japan Bank for International Cooperation 2.90% (LIBOR03M + 0.57%) 2/24/20 •		14,030,000		14,127,977
Total Sovereign Bond (cost $14,136,025)				14,127,977
Supranational Bank – 0.76%
Inter-American Development Bank 2.087% (LIBOR01M + 0.00%) 10/9/20 •		10,530,000		10,528,742
Total Supranational Bank (cost $10,517,860)				10,528,742

		Principal amount°		Value (US $)
US Treasury Obligations – 10.30%
US Treasury Bills
2.25% 11/15/27			12,960,000	$	12,317,062
2.625% 6/30/23			72,575,000		72,207,872
2.75% 2/15/28	��		805,000		797,925
2.875% 5/15/28			395,000		395,671
US Treasury Floating Rate Note 1.95% (USBMMY03M + 0.00%) 1/31/20 •			43,195,000		43,191,350
1.983% (LIBOR01M + 0.033%) 4/30/20 •			13,965,000		13,965,046
Total US Treasury Obligations (cost $143,135,411)					142,874,926
		Number of
		shares
Preferred Stock – 0.27%
General Electric 5.00% µy			1,027,000		1,014,419
Morgan Stanley 5.55% µy			2,500,000		2,579,875
USB Realty 144A 3.495% (LIBOR03M + 1.147%)#y•			200,000		181,750
Total Preferred Stock (cost $3,717,821)					3,776,044
		Principal amount°
Short-Term Investments – 6.71%
Discount Notes – 2.64% ≠
Federal Home Loan Bank
0.763% 7/2/18			32,785,858		32,785,858
1.375% 7/6/18			3,761,268		3,760,489
					36,546,347
Repurchase Agreements – 4.07%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $7,615,246 (collateralized by US government obligations 0.00% 7/5/18; market value $7,766,248)			7,613,964		7,613,964
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $22,845,642 (collateralized by US government obligations 0.00%–3.75% 7/19/18–2/15/48; market value $23,298,730)			22,841,892		22,841,892

Limited-Term Diversified Income Series-10

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $26,033,588 (collateralized by US government obligations 0.00%–8.75% 8/31/18–8/15/46; market value $26,549,834)		26,029,249	$	26,029,249
				56,485,105
Total Short-Term Investments (cost $93,029,978)				93,031,452

Total Value of Securities – 105.65%
(cost $1,477,993,586) $1,465,229,519

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2018, the aggregate value of Rule 144A securities was $213,171,281, which represents 15.37% of the Series’ net assets. See Note 8 in “Notes to financial statements.”

◆ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2018. Rate will reset at a future date.

y No contractual maturity date.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

The following swap contract was outstanding at June 30, 2018:¹

Swap Contract

CDS Contract²

Reference Obligation/ Termination Date/ Payment Frequency	Notional       Amount3		Annual Protection     Payments			Value		Upfront Payments  Paid (Received)		Unrealized   Appreciation4		Variation Margin Due from (Due to) Brokers
Centrally Cleared/ Protection Purchased:
CDX.NA.HY.295 12/20/22 - Quarterly		42,000,000		5.00	%		$(2,606,633)		$(2,626,796)		$20,163		$31,757

The use of swaps contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represents the Series’ total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Series’ net assets.

¹See Note 6 in “Notes to financial statements.”

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

³Notional amount shown is stated in US Dollars unless noted that the swap is denominated in another currency.

Limited-Term Diversified Income Series-11

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

⁴Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(35,021).

⁵Markit’s CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

BA – Bank of America

CDS – Credit Default Swap

CDX.NA.HY – Credit Default Swap Index North America High Yield

FHAVA – Federal Housing Administration and Veterans Administration

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

H15T1Y – US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

ICE – Intercontinental Exchange

LB – Lehman Brothers

LIBOR – London Interbank Exchange

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR12M – ICE LIBOR USD 1 Year

NCUA – National Credit Union Administration

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

USBMMY03M – US Treasury 3 Months Bill Money Market Yield

USD – United States Dollar

yr – Year

See accompanying notes, which are an integral part of the financial statements.

Limited-Term Diversified Income Series-12

Delaware VIP® Trust — Delaware VIP Limited-Term Diversified Income Series
Statement of assets and liabilities	June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	1,465,229,519
Cash		62,329
Receivable for securities sold		9,156,382
Interest receivable		6,364,459
Cash collateral due from broker		3,867,339
Variation margin due from broker on centrally cleared credit default swap contracts		31,757
Receivable for series shares sold		1,175
Total assets		1,484,712,960
Liabilities:
Payable for securities purchased		92,829,570
Upfront payments received on credit default swaps contracts		2,626,796
Payable for series shares redeemed		680,004
Distribution payable		573,895
Investment management fees payable to affiliates		543,535
Distribution fees payable to affiliates		316,003
Other accrued expenses		134,753
Swaps payments payable		64,167
Audit and tax fees payable		24,217
Dividend disbursing and transfer agent fees and expenses payable to affiliates		8,545
Accounting and administration expenses payable to affiliates		4,613
Trustees’ fees and expenses payable		4,143
Legal fees payable to affiliates		2,411
Reports and statements to shareholders expenses payable to affiliates		869
Total liabilities		97,813,521
Total Net Assets	$	1,386,899,439
Net Assets Consist of:
Paid-in capital	$	1,431,043,001
Distributions in excess of net investment income		(3,572,537	)
Accumulated net realized loss on investments		(27,792,100	)
Net unrealized depreciation of investments		(12,764,067	)
Net unrealized depreciation of swap contracts		(14,858	)
Total Net Assets	$	1,386,899,439
Net Asset Value
Standard Class:
Net assets	$	104,754,233
Shares of beneficial interest outstanding, unlimited authorization, no par		10,854,847
Net asset value per share	$	9.65
Service Class:
Net assets	$	1,282,145,206
Shares of beneficial interest outstanding, unlimited authorization, no par		133,752,328
Net asset value per share	$	9.59
1Investments, at cost	$	1,477,993,586

See accompanying notes, which are an integral part of the financial statements.

Limited-Term Diversified Income Series-13

Delaware VIP^® Trust—

Delaware VIP Limited-Term Diversified Income Series

Statement of operations

Six months ended June 30, 2018 (Unaudited)

Investment Income:
Interest	$	17,416,039
Expenses:
Management fees		3,323,328
Distribution expenses – Service Class		1,940,838
Accounting and administration expenses		138,700
Reports and statements to shareholders expenses		94,204
Dividend disbursing and transfer agent fees and expenses		58,588
Legal fees		45,356
Trustees’ fees and expenses		32,731
Audit and tax fees		24,859
Custodian fees		18,991
Registration fees		218
Other		31,958
		5,709,771
Less waived distribution expenses – Service Class		(214,316	)
Less expenses paid indirectly		(3,982	)
Total operating expenses		5,491,473
Net Investment Income		11,924,566
Net Realized and Unrealized Gain (Loss):
Net realized loss on:
Investments		(7,670,286	)
Swap contracts		(770,514	)
Net realized loss		(8,440,800	)
Net change in unrealized appreciation (depreciation) of:
Investments		(13,687,791	)
Swap contracts		610,964
Net change in unrealized appreciation (depreciation)		(13,076,827	)
Net Realized and Unrealized Loss		(21,517,627	)
Net Decrease in Net Assets Resulting from Operations	$	(9,593,061	)

Delaware VIP Trust—

Delaware VIP Limited-Term Diversified Income Series

Statements of changes in net assets

	Six months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	11,924,566		$	17,757,791
Net realized gain (loss)		(8,440,800	)		4,592,083
Net change in unrealized appreciation (depreciation)		(13,076,827	)		4,850,124
Net increase (decrease) in net assets resulting from operations		(9,593,061	)		27,199,998
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(1,290,115	)		(1,916,055	)
Service Class		(14,802,485	)		(23,867,534	)
		(16,092,600	)		(25,783,589	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		17,348,740			29,332,842
Service Class		27,592,140			54,140,719
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		1,277,395			1,915,246
Service Class		14,710,048			23,934,377
		60,928,323			109,323,184
Cost of shares redeemed:
Standard Class		(10,938,028	)		(13,776,255	)
Service Class		(55,469,260	)		(86,289,865	)
		(66,407,288	)		(100,066,120	)
Increase (decrease) in net assets derived from capital share transactions		(5,478,965	)		9,257,064
Net Increase (Decrease) in Net Assets		(31,164,626	)		10,673,473
Net Assets:
Beginning of period		1,418,064,065			1,407,390,592
End of period	$	1,386,899,439		$	1,418,064,065
Undistributed (distributions in excess of) net investment income	$	(3,572,537	)	$	595,497

See accompanying notes, which are an integral part of the financial statements.

Limited-Term Diversified Income Series-14

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Limited-Term Diversified Income Series Standard Class
	Six Months Ended 6/30/181			Year ended
	(Unaudited)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	9.83		$	9.82		$	9.78		$	9.87		$	9.86		$	10.12
Income (loss) from investment operations:
Net investment income2		0.09			0.15			0.11			0.13			0.12			0.09
Net realized and unrealized gain (loss)		(0.15	)		0.06			0.09			(0.05	)		0.05			(0.20	)
Total from investment operations		(0.06	)		0.21			0.20			0.08			0.17			(0.11	)
Less dividends and distributions from:
Net investment income		(0.12	)		(0.20	)		(0.16	)		(0.17	)		(0.16	)		(0.14	)
Net realized gain		—			—			—			—			—			(0.01	)
Return of capital		—			—			—			—			—			—	3
Total dividends and distributions		(0.12	)		(0.20	)		(0.16	)		(0.17	)		(0.16	)		(0.15	)
Net asset value, end of period	$	9.65		$	9.83		$	9.82		$	9.78		$	9.87		$	9.86
Total return4		(0.58%	)		2.17%			2.09%			0.78%			1.69%			(1.06%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	104,754		$	98,895		$	81,412		$	62,646		$	59,362		$	50,161
Ratio of expenses to average net assets5		0.54%			0.55%			0.55%			0.56%			0.56%			0.56%
Ratio of net investment income to average net assets5		1.96%			1.49%			1.15%			1.36%			1.22%			0.92%
Portfolio turnover		73%			135%			143%			128%			113%			236%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  For the year ended Dec. 31, 2013, return of capital distributions of $18,022, were made by the Series’ Standard Class, which calculated to a de minimis amount of $0.004 per share.

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁵  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Limited-Term Diversified Income Series-15

Delaware VIP^® Limited-Term Diversified Income Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Limited-Term Diversified Income Series Service Class
	Six Months Ended 6/30/181			Year ended
	(Unaudited)			12/31/17			12/31/16			12/31/15			12/31/14			12/31/13
Net asset value, beginning of period		$        9.76		$	9.75		$	9.72		$	9.80		$	9.79		$	10.05
Income (loss) from investment operations:
Net investment income2		0.08			0.12			0.09			0.11			0.10			0.07
Net realized and unrealized gain (loss)		(0.14	)		0.07			0.08			(0.05	)		0.04			(0.20	)
Total from investment operations		(0.06	)		0.19			0.17			0.06			0.14			(0.13	)
Less dividends and distributions from:
Net investment income		(0.11	)		(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.12	)
Net realized gain		—			—			—			—			—			(0.01	)
Return of capital		—			—			—			—			—			—	3
Total dividends and distributions		(0.11	)		(0.18	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)
Net asset value, end of period		$9.59		$	9.76		$	9.75		$	9.72		$	9.80		$	9.79
Total return4		(0.62%	)		1.92%			1.73%			0.62%			1.44%			(1.33%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,282,145		$	1,319,169		$	1,325,979		$	1,370,899		$	1,405,542		$	1,331,406
Ratio of expenses to average net assets		0.81%			0.80%			0.80%			0.81%			0.81%			0.81%
Ratio of expenses to average net assets prior to fees waived5		0.84%			0.85%			0.85%			0.86%			0.86%			0.86%
Ratio of net investment income to average net assets		1.69%			1.24%			0.90%			1.11%			0.97%			0.67%
Ratio of net investment income to average net assets prior to fees waived5		1.66%			1.19%			0.85%			1.06%			0.92%			0.62%
Portfolio turnover		73%			135%			143%			128%			113%			236%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ For the year ended Dec. 31, 2013, return of capital distributions of $481,548, were made by the Series’ Service Class, which calculated to a de minimis amount of $0.004 per share.

⁴ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁵ Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30,2018 are reflected on the“Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Limited-Term Diversified Income Series-16

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Limited-Term Diversified Income Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek maximum total return, consistent with reasonable risk.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of a trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018, and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income and common expenses are allocated to the classes of the Series on the basis of “settled shares” of each class in relation to the net assets of the Series. Realized and unrealized gain (loss) on investments is allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

To Be Announced Trades (TBA) – The Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series’ ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Series to purchase or sell securities for a

Limited-Term Diversified Income Series-17

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income. The Series declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $3,981 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.50% on the first $500 million of average daily net assets of the Series, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and dividend 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 annual Series operating expenses from exceeding 0.75% of the Series’ average daily net assets from May 1, 2018 through June 30, 2018.* The waivers and reimbursements are accrued daily and received monthly. This waiver and reimbursement may only be terminated by agreement of DMC and the Series.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative Net Asset Value (NAV) basis. For the six months ended June 30, 2018, the Series was charged $28,309 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $52,289 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

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Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $16,430 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

Cross trades for the six months ended June 30, 2018 were executed by the Series pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended June 30, 2018, the Series engaged in securities sales of $17,891 which did not result a realized gain loss. For the six months ended June 30, 2018, the Series did not engage in any securities purchases under Rule 17a-7.

*The aggregate contractual waiver period covering this report is from May 1, 2018 through May 1, 2019.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	447,818,216
Purchases of US government securities		568,656,363
Sales other than US government securities		406,610,308
Sales of US government securities		610,401,298

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

Cost of Investments and Derivatives	Aggregate Unrealized Appreciation of Investments  and Derivatives	Aggregate Unrealized Depreciation of Investments  and Derivatives	Net Unrealized Depreciation of Investments and  Derivatives
$1,482,736,049	$1,658,264	$(19,144,631)	$(17,486,367)

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

The Series has capital loss carryforwards available to offset future realized capital gains as follows:

Loss carryforward character
Short-term	Long-term
$5,322,219	$8,604,477

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized on the next page.

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Notes to financial statements (continued)

3. Investments (continued)

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 – Other observable inputs, including but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 – Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

		Level 2
Securities:
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	701,758,719
Corporate Debt		494,786,689
Foreign Debt		24,656,719
Municipal Bonds		4,344,970
US Treasury Obligations		142,874,926
Preferred Stock		3,776,044
Short-Term Investments		93,031,452
Total Value of Securities	$	1,465,229,519
Derivatives:*
Assets:
Swap Contracts	$	20,163

*Swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. At June 30, 2018, there were no Level 3 investments.

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Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		1,786,539			2,976,250
Service Class		2,849,737			5,533,204
Shares issued upon reinvestment of dividends and distributions:
Standard Class		131,931			194,233
Service Class		1,528,791			2,443,899
		6,296,998			11,147,586
Shares redeemed:
Standard Class		(1,126,897	)		(1,399,543	)
Service Class		(5,762,606	)		(8,808,321	)
		(6,889,503	)		(10,207,864	)
Net increase (decrease)		(592,505	)		939,722

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018 or at any time during the period then ended.

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Swap Contracts

The Series may enter into CDS contracts in the normal course of pursuing its investment objective. The Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Series will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2018, the Series entered into CDS contracts as a purchaser of protection. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial

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Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

6. Derivatives (continued)

margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2018, the Series did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Series’ maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) For bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series’ exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2018, the Series entered in to CDS contracts to hedge against credit events.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Series terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

At June 30, 2018, the Series experienced net realized and unrealized gains or losses attributable to credit contracts which are disclosed on the “Statement of asset and liabilities” as “Variation margin due to brokers on centrally cleared credit default swap contracts” and on the “Statement of operations” as “Net realized loss on swap contracts.”

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2018.

	Long Derivative Volume		Short Derivative Volume
CDS contracts (average notional value)*	$	42,000,000	$—

*Long represents buying protection and short represents selling protection.

7. Offsetting

The Series entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Series mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Series and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Series may, under certain circumstances, offset with the counterparty certain derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Series does not offset derivative assets and derivatives liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At June 30, 2018, the Series had no open derivatives subject to offsetting provisions.

Master Repurchase Agreements

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law

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Notes to financial statements (continued)

7. Offsetting (continued)

to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	7,613,964		$	(7,613,964	)		$	—		$	(7,613,964	)		$	—
Bank of Montreal			22,841,892			(22,841,892	)			—			(22,841,892	)			—
BNP Paribas			22,029,249			(22,029,249	)			—			(22,029,249	)			—
Total		$	52,485,105		$	(52,485,105	)		$	—		$	(52,485,105	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities that are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series of is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

9. Credit and Market Risk

The Series invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception

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Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

9. Credit and Market Risk (continued)

of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Series’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Series may fail to recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Series invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and lower than Baa3 by Moody’s Investors Service, Inc. or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Series invests in certain obligations held by the Series that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies or letter of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. As of June 30, 2018, Rule 144A securities have been identified on the “Schedule of investments.”

10. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

11. Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (ASU) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

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Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Limited-Term Diversified Income Series at a meeting held

November 15-16, 2017

At a meeting held on Nov. 15-16, 2017, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Europe Limited (“MIMEL”) and Macquarie Investment Management Global Limited (“MIMGL”) for Delaware VIP Limited-Term Diversified Income Series (the “Series”). MIMEL and MIMGL may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMEL and MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMEL and MIMGL, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMEL and MIMGL; information concerning MIMEL’s and MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMEL’s and MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMEL and MIMGL; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMEL and MIMGL each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMEL and MIMGL in connection with DMC’s collaboration with MIMEL and MIMGL in managing the Series, and the qualifications and experience of MIMEL and MIMGL’s fixed income teams with regard to implementing the Series’ investment mandates. The Board considered MIMEL and MIMGL’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMEL and MIMGL, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMEL and MIMGL to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMEL and MIMGL, as well as MIMEL and MIMGL’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is more like a collaborative effort between the advisor and sub-advisors and a cross-pollination of investment ideas. Moreover, the Board noted the advisor’s and sub-advisors’ stated intention that the former retain the decision-making authority with respect to purchases and sales of securities in the sub-advised Series.

Sub-advisory fees. The Board considered that DMC would not pay MIMEL and MIMGL fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance and fall-out benefits. In evaluating performance, the Board considered that MIMEL and MIMGL would provide investment advice and recommendations, including with respect to specific securities, for consideration and evaluation by DMC’s portfolio managers, but that DMC’s portfolio managers for the Series would retain final portfolio management discretion over the Series.

Economies of scale. The Board noting that DMC would not pay MIMEL or MIMGL fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by marketing a global approach to the portfolio management of its fixed income investment strategies.

Limited-Term Diversified Income Series-25

Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPLTD 21928 (8/18) (559967) Limited-Term Diversified Income Series-26

Delaware VIP^® Trust

Delaware VIP REIT Series

June 30, 2018

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation and top 10 equity holdings	2
	Schedule of investments	3
	Statement of assets and liabilities	5
	Statement of operations	6
	Statements of changes in net assets	6
	Financial highlights	7
	Notes to financial statements	9
	Other Series information	15

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP REIT Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

^© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP REIT Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/18 to
	1/1/18		6/30/18		Ratio		6/30/18*
Actual Series return†
Standard Class		$1,000.00		$   997.50		0.83%		$4.11
Service Class		1,000.00		996.00		1.10%		5.44
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.68		0.83%		$4.16
Service Class		1,000.00		1,019.34		1.10%		5.51

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

REIT Series-1

Delaware VIP^® Trust — Delaware VIP REIT Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage of
Security type / sector	net assets
Common Stock		99.17%
Diversified REITs		4.31%
Healthcare		4.76%
Healthcare REITs		6.01%
Hotel REITs		8.13%
Industrial REITs		10.10%
Information Technology REITs		8.43%
Mall REIT		7.14%
Manufactured Housing REITs		3.90%
Mixed REIT		1.20%
Multifamily REITs		15.67%
Office REITs		9.61%
Self-Storage REITs		7.93%
Shopping Center REITs		4.75%
Single Tenant REITs		4.42%
Specialty REITs		2.81%
Short-Term Investments		0.29%
Total Value of Securities		99.46%
Receivables and Other Assets Net of Liabilities		0.54%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Simon Property Group		7.14%
Prologis		5.27%
Equinix		4.86%
Brookdale Senior Living		4.76%
AvalonBay Communities		4.11%
Equity Residential		3.40%
Duke Realty		3.24%
Host Hotels & Resorts		3.16%
Vornado Realty Trust		2.89%
Extra Space Storage		2.86%

REIT Series-2

Delaware VIP^® Trust — Delaware VIP REIT Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 99.17%
Diversified REITs – 4.31%
Cousins Properties		260,075	$	2,520,127
Forest City Realty Trust Class A		105,225		2,400,182
JBG SMITH Properties		34,275		1,250,009
Spirit MTA REIT †		1		5
Vornado Realty Trust		169,618		12,538,162
				18,708,485
Healthcare – 4.76%
Brookdale Senior Living †		2,272,490		20,656,934
				20,656,934
Healthcare REITs – 6.01%
HCP		284,175		7,337,399
Omega Healthcare Investors		103,375		3,204,625
Sabra Health Care REIT		197,625		4,294,391
Welltower		179,500		11,252,855
				26,089,270
Hotel REITs – 8.13%
Host Hotels & Resorts		649,668		13,688,505
MGM Growth Properties Class A		143,700		4,377,102
Park Hotels & Resorts		186,925		5,725,513
RLJ Lodging Trust		208,075		4,588,054
Sunstone Hotel Investors		413,626		6,874,464
				35,253,638
Industrial REITs – 10.10%
DCT Industrial Trust		28,591		1,907,877
Duke Realty		484,675		14,070,115
Prologis		347,972		22,858,281
Rexford Industrial Realty		157,950		4,958,051
				43,794,324
Information Technology REITs – 8.43%
American Tower		42,325		6,101,995
Digital Realty Trust		37,825		4,220,513
Equinix		49,025		21,075,357
SBA Communications †		31,150		5,143,488
				36,541,353
Mall REIT – 7.14%
Simon Property Group		181,853		30,949,562
				30,949,562
Manufactured Housing REITs – 3.90%
Equity LifeStyle Properties		118,328		10,874,343
Sun Communities		61,750		6,044,090
				16,918,433
Mixed REIT – 1.20%
Liberty Property Trust		117,675		5,216,533
				5,216,533
Multifamily REITs – 15.67%
Apartment Investment & Management		164,500		6,958,350
AvalonBay Communities		103,764		17,835,994
Camden Property Trust		117,500		10,707,775
Education Realty Trust		60,625		2,515,937

	Number of		Value
	shares		(US $)
Common Stock (continued)
Multifamily REITs (continued)
Equity Residential		231,325	$	14,733,089
Essex Property Trust		27,371		6,543,585
UDR		230,775		8,663,293
				67,958,023
Office REITs – 9.61%
Alexandria Real Estate Equities		45,500		5,740,735
Boston Properties		39,890		5,003,004
Columbia Property Trust		365,625		8,303,344
Hudson Pacific Properties		119,925		4,248,943
Kilroy Realty		109,675		8,295,817
SL Green Realty		100,275		10,080,646
				41,672,489
Self-Storage REITs – 7.93%
CubeSmart		328,575		10,586,687
Extra Space Storage		124,425		12,418,859
Public Storage		50,111		11,368,181
				34,373,727
Shopping Center REITs – 4.75%
DDR		237,962		4,259,520
Kimco Realty		76,750		1,303,983
Regency Centers		85,260		5,292,941
Retail Properties of America		284,775		3,639,425
Urban Edge Properties		88,830		2,031,542
Weingarten Realty Investors		132,207		4,073,298
				20,600,709
Single Tenant REITs – 4.42%
National Retail Properties		166,761		7,330,813
Spirit Realty Capital		309,150		2,482,475
STORE Capital		341,075		9,345,455
				19,158,743
Specialty REITs – 2.81%
GEO Group		152,950		4,212,243
Invitation Homes		345,600		7,969,536
				12,181,779
Total Common Stock (cost $413,244,240)				430,074,002
	Principal         amount°
Short-Term Investments – 0.29%
Discount Notes – 0.11% ≠
Federal Home Loan Bank
0.763% 7/2/18		444,419		444,419
1.376% 7/6/18		50,985		50,974
				495,393

REIT Series-3

Delaware VIP^® REIT Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Short-Term Investments (continued)
Repurchase Agreements – 0.18%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $103,226 (collateralized by US government obligations 0.00% 7/5/18; market value $105,273)		103,209	$	103,209
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $309,677 (collateralized by US government obligations 0.00%–3.75% 7/19/18–2/15/48; market value $315,819)		309,626		309,626

	Principal		Value
	amount°		(US $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $352,891 (collateralized by US government obligations 0.00%–8.75% 8/31/18–8/15/46; market value $359,888)		352,832	$	352,832
				765,667
Total Short-Term Investments (cost $1,261,040)				1,261,060

Total Value of Securities – 99.46%
(cost $414,505,280) $ 431,335,062

≠ The rate shown is the effective yield at the time of purchase.

°  Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

†  Non-income producing security.

REIT – Real Estate Investment Trust

See accompanying notes, which are an integral part of the financial statements.

REIT Series-4

Delaware VIP® Trust — Delaware VIP REIT Series
Statement of assets and liabilities	June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	431,335,062
Cash		374,911
Receivable for securities sold		2,001,200
Dividends and interest receivable		1,697,178
Receivable for series shares sold		6
Total assets		435,408,357
Liabilities:
Payable for securities purchased		1,000,650
Payable for series shares redeemed		317,339
Management fees payable to affiliates		264,259
Other accrued expenses		59,137
Distribution fees payable to affiliates		49,310
Audit and tax fees payable		17,298
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,642
Accounting and administration expenses payable to affiliates		1,654
Trustees’ fees and expenses payable to affiliates		1,257
Legal fees payable to affiliates		735
Reports and statements to shareholders expenses payable to affiliates		272
Total liabilities		1,714,553
Total Net Assets	$	433,693,804
Net Assets Consist of:
Paid-in capital	$	449,082,782
Undistributed net investment income		5,707,256
Accumulated net realized loss on investments		(37,926,016	)
Net unrealized appreciation of investments		16,829,782
Total Net Assets	$	433,693,804
Net Asset Value
Standard Class:
Net assets	$	231,801,962
Shares of beneficial interest outstanding, unlimited authorization, no par		18,195,826
Net asset value per share	$	12.74
Service Class:
Net assets	$	201,891,842
Shares of beneficial interest outstanding, unlimited authorization, no par		15,860,066
Net asset value per share	$	12.73

¹Investments, at cost $  414,505,280

See accompanying notes, which are an integral part of the financial statements.

REIT Series-5

Delaware VIP^® Trust —

Delaware VIP REIT Series

Statement of operations

Six months ended June 30, 2018 (Unaudited)

Investment Income:
Dividends	$	7,493,356
Interest		68,755
		7,562,111
Expenses:
Management fees		1,546,978
Distribution expenses – Service Class		291,874
Accounting and administration expenses		51,154
Reports and statements to shareholders expenses		39,682
Dividend disbursing and transfer agent fees and expenses		17,364
Audit and tax fees		17,297
Legal fees		12,921
Custodian fees		10,114
Trustees’ fees and expenses		9,665
Registration fees		223
Other		5,557
		2,002,829
Less waived distribution expenses – Service Class		(31,852	)
Less expenses paid indirectly		(350	)
Total operating expenses		1,970,627
Net Investment Income		5,591,484
Net Realized and Unrealized Gain (Loss):
Net realized loss on investments		(22,473,554	)
Net change in unrealized appreciation (depreciation) of investments		15,043,608
Net Realized and Unrealized Loss		(7,429,946	)
Net Decrease in Net Assets Resulting from Operations	$	(1,838,462	)

Delaware VIP Trust —

Delaware VIP REIT Series

Statements of changes in net assets

	Six months
	ended			Year
	6/30/18			ended
	(Unaudited)			12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,591,484		$	8,414,262
Net realized gain (loss)		(22,473,554	)		4,670,385
Net change in unrealized appreciation (depreciation)		15,043,608			(6,503,693	)
Net increase (decrease) in net assets resulting from operations		(1,838,462	)		6,580,954
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(4,662,301	)		(3,825,327	)
Service Class		(3,632,834	)		(2,986,473	)
Net realized gain:
Standard Class		(6,695,485	)		(32,530,954	)
Service Class		(6,007,544	)		(30,228,934	)
		(20,998,164	)		(69,571,688	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		6,077,864			7,634,252
Service Class		5,381,156			10,486,423
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		11,357,786			36,356,281
Service Class		9,640,378			33,215,407
		32,457,184			87,692,363
Cost of shares redeemed:
Standard Class		(9,007,014	)		(27,074,042	)
Service Class		(14,442,814	)		(33,249,113	)
		(23,449,828	)		(60,323,155	)
Increase in net assets derived from capital share transactions		9,007,356			27,369,208
Net Decrease in Net Assets		(13,829,270	)		(35,621,526	)
Net Assets:
Beginning of period		447,523,074			483,144,600
End of period	$	433,693,804		$	447,523,074
Undistributed net investment income	$	5,707,256		$	8,410,907

See accompanying notes, which are an integral part of the financial statements.

REIT Series-6

Delaware VIP^® Trust — Delaware VIP REIT Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

					Delaware VIP REIT Series Standard Class
	Six months
	ended
	6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	13.49			$	15.57			$	15.89			$	15.50			$	12.14			$	12.06
Income (loss) from investment operations:
Net investment income2			0.17				0.27				0.22				0.21				0.20				0.18
Net realized and unrealized gain (loss)			(0.27	)			(0.03	)			0.67				0.37				3.35				0.10
Total from investment operations			(0.10	)			0.24				0.89				0.58				3.55				0.28
Less dividends and distributions from:
Net investment income			(0.27	)			(0.24	)			(0.21	)			(0.19	)			(0.19	)			(0.20	)
Net realized gain			(0.38	)			(2.08	)			(1.00	)			—				—				—
Total dividends and distributions			(0.65	)			(2.32	)			(1.21	)			(0.19	)			(0.19	)			(0.20	)
Net asset value, end of period		$	12.74			$	13.49			$	15.57			$	15.89			$	15.50			$	12.14
Total return3			(0.25%	)			1.54%				5.87%				3.75%				29.46%				2.14%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	231,802			$	235,390			$	251,083			$	244,618			$	260,182			$	198,950
Ratio of expenses to average net assets4			0.83%				0.84%				0.83%				0.85%				0.84%				0.84%
Ratio of net investment income to average net assets4			2.84%				1.94%				1.39%				1.32%				1.41%				1.42%
Portfolio turnover			79%				173%				130%				75%				84%				97%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

REIT Series-7

Delaware VIP^® REIT Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

						Delaware VIP REIT Series Service Class
	Six months				��
	ended
	6/30/181					Year ended
	(Unaudited)					12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	13.46				$	15.54			$	15.86			$	15.47			$	12.12			$	12.04
Income (loss) from investment operations:
Net investment income2			0.16					0.24				0.18				0.17				0.16				0.15
Net realized and unrealized gain (loss)			(0.28	)				(0.03	)			0.67				0.37				3.35				0.10
Total from investment operations			(0.12	)				0.21				0.85				0.54				3.51				0.25
Less dividends and distributions from:
Net investment income			(0.23	)				(0.21	)			(0.17	)			(0.15	)			(0.16	)			(0.17	)
Net realized gain			(0.38	)				(2.08	)			(1.00	)			—				—				—
Total dividends and distributions			(0.61	)				(2.29	)			(1.17	)			(0.15	)			(0.16	)			(0.17	)
Net asset value, end of period		$	12.73				$	13.46			$	15.54			$	15.86			$	15.47			$	12.12
Total return3			(0.40%	)				1.27%				5.62%				3.52%				29.12%				1.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	201,892				$	212,133			$	232,062			$	238,103			$	251,743			$	198,530
Ratio of expenses to average net assets			1.10%					1.09%				1.08%				1.10%				1.09%				1.09%
Ratio of expenses to average net assets prior to fees waived4			1.13%					1.14%				1.13%				1.15%				1.14%				1.14%
Ratio of net investment income to average net assets			2.57%					1.69%				1.14%				1.07%				1.16%				1.17%
Ratio of net investment income to average net assets prior to fees waived4			2.54%					1.64%				1.09%				1.02%				1.11%				1.12%
Portfolio turnover			79%					173%				130%				75%				84%				97%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

REIT Series-8

Delaware VIP^® Trust — Delaware VIP REIT Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP REIT Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objectives of the Series are to seek maximum long-term total return, with capital appreciation as a secondary objective.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of

REIT Series-9

Delaware VIP^® REIT Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

the character of such distributions by the issuer. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Series may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Series in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Series on the transaction. There were no commission rebates for the six months ended June 30, 2018.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $349 under this agreement

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this agreement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.75% on the first $500 million of average daily net assets of the Series, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended June 30, 2018, the Series was charged $9,771 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $15,470 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $5,732 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

REIT Series-10

Delaware VIP^® REIT Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	327,563,407
Sales		327,026,488

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

		Aggregate	Aggregate
		Unrealized	Unrealized	Net Unrealized
Cost of		Appreciation	Depreciation	Appreciation
Investments		of Investments	of Investments	of Investments
$	414,505,280	$22,500,826	$(5,671,044)	$16,829,782

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 – Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 – Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3  investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1		Level 2		Total
Assets:
Common Stock	$	430,074,002	$	—	$	430,074,002
Short-Term Investments		—		1,261,060		1,261,060
Total Value of Securities	$	430,074,002	$	1,261,060	$	431,335,062

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2018, there were no Level 3 investments.

REIT Series-11

Delaware VIP^® REIT Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		494,016			537,806
Service Class		435,334			743,348
Shares issued upon reinvestment of dividends and distributions:
Standard Class		985,064			2,695,054
Service Class		836,112			2,464,051
		2,750,526			6,440,259
Shares redeemed:
Standard Class		(732,504	)		(1,910,638	)
Service Class		(1,172,954	)		(2,383,545	)
		(1,905,458	)		(4,294,183	)
Net increase		845,068			2,146,076

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the period then ended.

6. Offsetting

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

				Fair Value of
	Repurchase			Non-Cash				Cash Collateral			Net Collateral
Counterparty	Agreements			Collateral Received(a)				Received			Received				Net Exposure(b)
Bank of America Merrill Lynch		$	103,209		$	(103,209	)		$	—		$	(103,209	)		$	—
Bank of Montreal			309,626			(309,626	)			—			(309,626	)			—
BNP Paribas			352,832			(352,832	)			—			(352,832	)			—
Total		$	765,667		$	(765,667	)		$	—		$	(765,667	)		$	—

^(a) The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b) Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

REIT Series-12

Delaware VIP^® REIT Series

Notes to financial statements (continued)

7. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day, the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

8. Credit and Market Risk

The Series concentrates its investments in the real estate industry and is subject to the risks associated with that industry. If the Series holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. The Series is also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. Its investments may also tend to fluctuate more widely than that of a fund that invests in a broader range of industries.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2018, there were no Rule 144A securities held by the Series. Restricted securities are valued to the security valuation procedures in Note 1.

REIT Series-13

Delaware VIP^® REIT Series

Notes to financial statements (continued)

9. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

REIT Series-14

Delaware VIP^® Trust — Delaware VIP REIT Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® REIT Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP REIT Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL and MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

REIT Series-15

Delaware VIP^® Trust — Delaware VIP REIT Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPREIT 21929 (8/18) (559967) REIT Series-16

Delaware VIP^® Trust

Delaware VIP Small Cap Value Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	5
Statement of operations	6
Statements of changes in net assets	6
Financial highlights	7
Notes to financial statements	9
Other Series information	15

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Small Cap Value Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	1,016.60		0.77	%		$	3.85
Service Class			1,000.00			1,015.40		1.04	%			5.20
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,020.98		0.77	%		$	3.86
Service Class			1,000.00			1,019.64		1.04	%			5.21

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†  Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Series’ expenses reflected above, the Series also indirectly bears its portion of the fees and expenses of the business development corporation (Underlying Fund) in which it invests. The table above does not reflect the expenses of the Underlying Fund.

Small Cap Value Series-1

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock²		99.30	%
Basic Industry		8.42	%
Business Services		1.04	%
Capital Spending		8.73	%
Consumer Cyclical		3.65	%
Consumer Services		9.09	%
Consumer Staples		2.38	%
Energy		7.60	%
Financial Services1		28.46	%
Healthcare		4.30	%
Real Estate		8.20	%
Technology		12.78	%
Transportation		2.05	%
Utilities		2.60	%
Short-Term Investments		0.69	%
Total Value of Securities		99.99	%
Receivables and Other Assets Net of Liabilities		0.01	%
Total Net Assets		100.00	%

^² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

¹  To monitor compliance with the Series’ concentration guidelines as described in the Series’ Prospectus and Statement of Additional Information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of banks, diversified financial services, insurance, and investment companies. As of June 30, 2018, such amounts, as percentage of total net assets, were 21.53%, 1.81%, 4.55%, and 0.57%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Financial Services sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
East West Bancorp		2.90	%
Synopsys		2.12	%
Webster Financial		2.09	%
MasTec		2.05	%
ITT		1.88	%
Hancock Whitney		1.77	%
Selective Insurance Group		1.73	%
Olin		1.66	%
Berry Global Group		1.58	%
Trinseo		1.52	%

Small Cap Value Series-2

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 99.30% ²
Basic Industry – 8.42%
Berry Global Group †		437,400	$	20,094,156
HB Fuller		318,200		17,080,976
Minerals Technologies		85,478		6,440,768
Olin		736,100		21,140,792
Trinseo		271,500		19,262,925
USG †		393,900		16,984,968
Venator Materials †		364,300		5,959,948
				106,964,533
Business Services – 1.04%
Deluxe		116,300		7,700,223
WESCO International †		96,000		5,481,600
				13,181,823
Capital Spending – 8.73%
Altra Industrial Motion		231,870		9,993,597
Atkore International Group †		350,200		7,273,654
EnPro Industries		108,800		7,610,560
H&E Equipment Services		273,200		10,275,052
ITT		457,600		23,918,752
KLX †		139,200		10,008,480
MasTec †		513,346		26,052,310
Primoris Services		356,200		9,699,326
Rexnord †		209,800		6,096,788
				110,928,519
Consumer Cyclical – 3.65%
Barnes Group		191,500		11,279,350
Knoll		374,693		7,797,361
Meritage Homes †		343,900		15,114,405
Standard Motor Products		87,701		4,239,466
Tenneco		180,200		7,921,592
				46,352,174
Consumer Services – 9.09%
Asbury Automotive Group †		78,300		5,367,465
Cable One		15,200		11,146,008
Caleres		149,700		5,148,183
Cheesecake Factory		170,200		9,371,212
Choice Hotels International		170,000		12,852,000
Cinemark Holdings		267,913		9,398,388
International Speedway Class A		212,100		9,480,870
Meredith		166,150		8,473,650
Sonic		257,400		8,859,708
Steven Madden		188,700		10,019,970
Texas Roadhouse		101,800		6,668,918
UniFirst		52,800		9,340,320
Wolverine World Wide		267,600		9,304,452
				115,431,144
Consumer Staples – 2.38%
Core-Mark Holding		190,869		4,332,726
J&J Snack Foods		63,700		9,712,339
Pinnacle Foods		142,100		9,245,026
Scotts Miracle-Gro Class A		83,600		6,952,176
				30,242,267

	Number of shares		Value (US $)
Common Stock ² (continued)
Energy – 7.60%
Delek US Holdings		252,300	$	12,657,891
Dril-Quip †		130,300		6,697,420
Helix Energy Solutions Group †		852,000		7,097,160
Oasis Petroleum †		875,100		11,350,047
Patterson-UTI Energy		765,100		13,771,800
Rowan Class A †		642,400		10,419,728
SM Energy		554,300		14,239,967
Southwest Gas Holdings		175,600		13,393,012
Whiting Petroleum †		129,825		6,844,374
				96,471,399
Financial Services – 28.46%
American Equity Investment Life Holding		503,700		18,133,200
Bank of Hawaii		193,400		16,133,428
Bank of NT Butterfield & Son		70,100		3,204,972
Boston Private Financial Holdings		641,900		10,206,210
Community Bank System		229,100		13,532,937
East West Bancorp		564,636		36,814,267
First Financial Bancorp		533,200		16,342,580
First Interstate BancSystem		279,600		11,799,120
First Midwest Bancorp		525,700		13,389,579
FNB		561,800		7,539,356
Great Western Bancorp		426,200		17,896,138
Hancock Whitney		482,400		22,503,960
Hanover Insurance Group		147,700		17,659,012
Legg Mason		232,000		8,057,360
Main Street Capital (BDC)		188,800		7,185,728
NBT Bancorp		286,900		10,945,235
Prosperity Bancshares		188,200		12,865,352
S&T Bancorp		227,642		9,843,240
Selective Insurance Group		400,100		22,005,500
Stifel Financial		286,800		14,985,300
Umpqua Holdings		729,300		16,474,887
Valley National Bancorp		1,162,100		14,131,136
Webster Financial		417,300		26,582,010
WesBanco		294,700		13,273,288
				361,503,795
Healthcare – 4.30%
Avanos Medical †		201,700		11,547,325
Catalent †		221,300		9,270,257
Haemonetics †		69,700		6,250,696
Service Corp. International		213,200		7,630,428
STERIS		161,698		16,979,907
Teleflex		11,100		2,977,131
				54,655,744
Real Estate – 8.20%
Brandywine Realty Trust		843,033		14,230,397
Education Realty Trust		159,200		6,606,800
Healthcare Realty Trust		322,600		9,381,208
Highwoods Properties		271,500		13,773,195
Lexington Realty Trust		1,052,100		9,184,833
Life Storage		104,000		10,120,240
Outfront Media		660,500		12,846,725

Small Cap Value Series-3

Delaware VIP^® Small Cap Value Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock ² (continued)
Real Estate (continued)
Ramco-Gershenson Properties Trust		573,600	$	7,577,256
Summit Hotel Properties		661,900		9,471,789
Washington Real Estate Investment Trust		362,400		10,991,592
				104,184,035
Technology – 12.78%
Cirrus Logic †		150,700		5,776,332
CommScope Holding †		420,645		12,284,936
MaxLinear Class A †		308,500		4,809,515
NCR †		235,799		7,069,254
NetScout Systems †		302,963		8,998,001
ON Semiconductor †		631,900		14,050,297
PTC †		95,500		8,958,855
Super Micro Computer †		383,300		9,065,045
Synopsys †		314,200		26,886,094
Tech Data †		132,129		10,850,433
Teradyne		398,300		15,163,281
Tower Semiconductor †		432,700		9,523,727
TTM Technologies †		442,712		7,805,013
Viavi Solutions †		536,600		5,494,784
Vishay Intertechnology		673,800		15,632,160
				162,367,727
Transportation – 2.05%
Kirby †		72,600		6,069,360
Saia †		93,750		7,579,688
Werner Enterprises		330,000		12,391,500
				26,040,548
Utilities – 2.60%
ALLETE		119,700		9,265,977
Black Hills		203,100		12,431,751
El Paso Electric		191,000		11,288,100
				32,985,828
Total Common Stock (cost $841,453,309)				1,261,309,536

	Principal amount°		Value (US $)
Short-Term Investments – 0.69%
Discount Notes – 0.27% ≠
Federal Home Loan Bank
0.763% 7/2/18		3,115,515	$	3,115,515
1.375% 7/6/18		357,419		357,345
				3,472,860
Repurchase Agreements – 0.42%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $723,648 (collateralized by US government obligations 0.00% 7/5/18; market value $737,997)		723,526		723,526
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $2,170,934 (collateralized by US government obligations 0.00%-3.75% 7/19/18-2/15/48; market value $2,213,989)		2,170,577		2,170,577
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $2,473,872 (collateralized by US government obligations 0.00%-8.75% 8/31/18-8/15/46; market value $2,522,929)		2,473,460		2,473,460
				5,367,563
Total Short-Term Investments (cost $8,840,283)				8,840,423

Total Value of Securities – 99.99%
(cost $850,293,592) $1,270,149,959

^◇   Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

≠  The rate shown is the effective yield at the time of purchase.

°  Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

†  Non-income producing security.

BDC – Business Development Corporation

See accompanying notes, which are an integral part of the financial statements.

Small Cap Value Series-4

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series     Statement of assets and liabilities     June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	1,270,149,959
Cash		766,688
Dividends and interest receivable		1,282,983
Receivable for series shares sold		262,370
Total assets		1,272,462,000
Liabilities:
Payable for securities purchased		887,460
Investment management fees payable to affiliates		755,331
Payable for series shares redeemed		243,297
Distribution fees payable to affiliates		212,924
Other accrued expenses		93,457
Audit and tax fees payable		16,628
Dividend disbursing and transfer agent fees and expenses payable to affiliates		8,004
Accounting and administration expenses payable to affiliates		4,342
Trustees’ fees and expenses payable to affiliates		3,817
Legal fees payable to affiliates		2,222
Reports and statements to shareholders expenses payable to affiliates		795
Total liabilities		2,228,277
Total Net Assets	$	1,270,233,723
Net Assets Consist of:
Paid-in capital	$	789,729,028
Undistributed net investment income		4,502,242
Accumulated net realized gain on investments		56,146,086
Net unrealized appreciation of investments		419,856,367
Total Net Assets	$	1,270,233,723
Net Asset Value:
Standard Class:
Net assets	$	425,019,885
Shares of beneficial interest outstanding, unlimited authorization, no par		10,627,668
Net asset value per share	$	39.99
Service Class:
Net assets	$	845,213,838
Shares of beneficial interest outstanding, unlimited authorization, no par		21,223,140
Net asset value per share	$	39.83

¹ Investments, at cost $ 850,293,592

See accompanying notes, which are an integral part of the financial statements.

Small Cap Value Series-5

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series Statement of operations Six months ended June 30, 2018 (Unaudited) Delaware VIP Trust — Delaware VIP Small Cap Value Series Statements of changes in net assets

Investment Income:
Dividends	$	10,394,064
Interest		81,741
		10,475,805
Expenses:
Management fees		4,474,216
Distribution expenses – Service Class		1,255,475
Accounting and administration expenses		126,900
Reports and statements to shareholders expenses		73,924
Dividends disbursing and transfer agent fees and expenses		53,122
Legal fees		35,835
Trustees’ fees and expenses		29,171
Audit and tax fees		16,684
Custodian fees		7,895
Registration fees		311
Other		12,163
		6,085,696
Less waived distribution expenses – Service Class		(136,773	)
Less expenses paid indirectly		(398	)
Total operating expenses		5,948,525
Net Investment Income		4,527,280
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		56,696,724
Net change in unrealized appreciation (depreciation) of investments		(41,054,991	)
Net Realized and Unrealized Gain		15,641,733
Net Increase in Net Assets Resulting from Operations	$	20,169,013

	Six months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,527,280		$	8,460,681
Net realized gain		56,696,724			89,307,889
Net change in unrealized appreciation (depreciation)		(41,054,991	)		42,498,525
Net increase in net assets resulting from operations		20,169,013			140,267,095
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(3,516,774	)		(3,678,580	)
Service Class		(4,967,400	)		(5,192,797	)
Net realized gain:
Standard Class		(29,907,526	)		(14,799,129	)
Service Class		(59,410,892	)		(27,668,494	)
		(97,802,592	)		(51,339,000	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		19,238,390			48,898,580
Service Class		32,421,101			83,357,127
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		33,424,300			18,477,709
Service Class		64,378,292			32,861,291
		149,462,083			183,594,707
Cost of shares repurchased:
Standard Class		(41,015,972	)		(87,811,487	)
Service Class		(53,236,405	)		(116,009,390	)
		(94,252,377	)		(203,820,877	)
Increase (decrease) in net assets derived from capital share transactions		55,209,706			(20,226,170	)
Net Increase (Decrease) in Net Assets		(22,423,873	)		68,701,925
Net Assets:
Beginning of period		1,292,657,596			1,223,955,671
End of period	$	1,270,233,723		$	1,292,657,596
Undistributed net investment income	$	4,502,242		$	8,459,136

See accompanying notes, which are an integral part of the financial statements.

Small Cap Value Series-6

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Small Cap Value Series Standard Class
	Six months ended 6/30/181				Year ended
	(unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	42.73			$	39.84			$	33.72			$	40.23			$	41.72			$	33.14
Income (loss) from investment operations:
Net investment income2			0.18				0.34				0.36				0.33				0.27				0.24
Net realized and unrealized gain (loss)			0.43				4.30				9.38				(2.43	)			2.06				10.37
Total from investment operations			0.61			��	4.64				9.74				(2.10	)			2.33				10.61
Less dividends and distributions from:
Net investment income			(0.35	)			(0.35	)			(0.35	)			(0.28	)			(0.23	)			(0.28	)
Net realized gain			(3.00	)			(1.40	)			(3.26	)			(4.13	)			(3.59	)			(1.75	)
Total dividends and distributions			(3.35	)			(1.75	)			(3.62	)			(4.41	)			(3.82	)			(2.03	)
Net asset value, end of period		$	39.99			$	42.73			$	39.84			$	33.72			$	40.23			$	41.72
Total return3			1.66%				12.05%				31.41%				(6.22%)				5.86%				33.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	425,020			$	439,612			$	429,275			$	343,847			$	379,542			$	354,211
Ratio of expenses to average net assets4,5			0.77%				0.78%				0.79%				0.80%				0.80%				0.80%
Ratio of net investment income to average net assets5			0.89%				0.85%				1.05%				0.90%				0.68%				0.64%
Portfolio turnover			6%				14%				11%				18%				16%				23%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expense ratios do not include expenses of the Underlying Fund in which the Series invests.

⁵  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Small Cap Value Series-7

Delaware VIP^® Small Cap Value Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Small Cap Value Series Service Class
	Six months ended 6/30/181				Year ended
	(unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	42.52			$	39.67			$	33.58			$	40.08			$	41.58			$	33.04
Income (loss) from investment operations:
Net investment income2			0.13				0.24				0.27				0.24				0.17				0.14
Net realized and unrealized gain (loss)			0.43				4.27				9.34				(2.43	)			2.06				10.34
Total from investment operations			0.56				4.51				9.61				(2.19	)			2.23				10.48
Less dividends and distributions from:
Net investment income			(0.25	)			(0.26	)			(0.26	)			(0.18	)			(0.14	)			(0.20	)
Net realized gain			(3.00	)			(1.40	)			(3.26	)			(4.13	)			(3.59	)			(1.74	)
Total dividends and distributions			(3.25	)			(1.66	)			(3.52	)			(4.31	)			(3.73	)			(1.94	)
Net asset value, end of period		$	39.83			$	42.52			$	39.67			$	33.58			$	40.08			$	41.58
Total return3			1.54%				11.76%				31.09%				(6.46%)				5.62%				33.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	845,214			$	853,046			$	794,681			$	621,022			$	719,263			$	722,548
Ratio of expenses to average net assets4			1.04%				1.03%				1.04%				1.05%				1.05%				1.05%
Ratio of expenses to average net assets prior to fees waived4,5			1.07%				1.08%				1.09%				1.10%				1.10%				1.10%
Ratio of net investment income to average net assets			0.62%				0.60%				0.80%				0.65%				0.43%				0.39%
Ratio of net investment income to average net assets prior to fees waived5			0.59%				0.55%				0.75%				0.60%				0.38%				0.34%
Portfolio turnover			6%				14%				11%				18%				16%				23%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expense ratios do not include expenses of the Underlying Fund in which the Series invests.

⁵  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Small Cap Value Series-8

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Small Cap Value Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq) are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Underlying Funds — The Series may invest in other investment companies (Underlying Fund) to the extent permitted by the 1940 Act. The Underlying Fund in which the Series invests include business development corporations (BDC) and ETFs. The Series will indirectly bear the investment management fees and other expenses of the Underlying Fund.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Use of Estimates — The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial

Small Cap Value Series-9

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Series may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Series in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Series on the transaction. There were no commission rebates for the six months ended June 30, 2018.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $396 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $2 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie investments Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.75% on the first $500 million of average daily net assets of the Series, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees were calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended June 30, 2018, the Series was charged $25,812 for these services. This amount is included on the “Statement of operations” under “Accounting and administrative expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $47,334 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $14,691 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

Small Cap Value Series-10

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the Underlying Fund. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Fund and the amount of shares that are owned of the Underlying Fund at different times.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	80,737,920
Sales		114,090,348

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$850,293,592	$448,628,055	$(28,771,688)	$419,856,367

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1			Level 2			Total
Assets:
Common Stock		$	1,261,309,536		$	—		$	1,261,309,536
Short-Term Investments			—			8,840,423			8,840,423
Total Value of Securities		$	1,261,309,536		$	8,840,423		$	1,270,149,959

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

Small Cap Value Series-11

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2018, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		464,283			1,225,082
Service Class		781,423			2,075,925
Shares issued upon reinvestment of dividends and distributions:
Standard Class		859,678			474,031
Service Class		1,661,804			845,632
		3,767,188			4,620,670
Shares redeemed:
Standard Class		(984,312	)		(2,185,399	)
Service Class		(1,283,442	)		(2,892,751	)
		(2,267,754	)		(5,078,150	)
Net increase (decrease)		1,499,434			(457,480	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the period then ended.

6. Offsetting

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty.

Small Cap Value Series-12

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

6. Offsetting (continued)

As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	723,526		$	(723,526	)		$	—		$	(723,526	)		$	—
Bank of Montreal			2,170,577			(2,170,577	)			—			(2,170,577	)			—
BNP Paribas			2,473,460			(2,473,460	)			—			(2,473,460	)			—
Total		$	5,367,563		$	(5,367,563	)		$	—		$	(5,367,563	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

7. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day, the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

8. Credit and Market Risk

The Series invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.

Small Cap Value Series-13

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

8. Credit and Market Risk (continued)

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2018. The Series’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2018, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

Small Cap Value Series-14

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Small Cap Value Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP Small Cap Value Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL and MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

Small Cap Value Series-15

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov

SA-VIPSCV 21930 (8/18) (559967) Small Cap Value Series-16

Delaware VIP^® Trust

Delaware VIP U.S. Growth Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	5
Statement of operations	6
Statements of changes in net assets	6
Financial highlights	7
Notes to financial statements	9
Other Series information	15

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP U.S. Growth Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees, or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	1,053.10		0.73	%		$	3.72
Service Class			1,000.00			1,051.80		1.00	%			5.09
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,021.17		0.73	%		$	3.66
Service Class			1,000.00			1,019.84		1.00	%			5.01

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^† Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

U.S. Growth Series-1

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock²		96.96	%
Consumer Discretionary		15.50	%
Financial Services1		32.18	%
Healthcare		14.73	%
Industrials		3.64	%
Technology1		30.91	%
Short-Term Investments		3.39	%
Total Value of Securities		100.35	%
Liabilities Net of Receivables and Other Assets		(0.35	)%
Total Net Assets		100.00	%

_² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

¹  To monitor compliance with the Series’ concentration guidelines as described in the Series’ prospectus and statement of additional information, the Financial Services and Technology sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of commercial services, diversified financial services, and real estate investment trusts. As of June 30, 2018, such amounts, as a percentage of total net assets, were 6.64%, 20.94%, and 4.60%, respectively. The Technology sector consisted of Internet, semiconductors, software, and telecommunications. As of June 30, 2018, such amounts, as a percentage of total net assets, were 7.45%, 4.32%, 17.06% and 2.08%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Financial Services and Technology sectors for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage     of net assets
Microsoft		7.12	%
PayPal Holdings		6.64	%
Visa Class A		6.26	%
Mastercard Class A		5.82	%
Alphabet Class A & Class C		5.59	%
Biogen		3.81	%
IQVIA Holdings		3.81	%
FedEx		3.64	%
Take-Two Interactive Software		3.62	%
Liberty Global Class A & Class C		3.61	%

U.S. Growth Series-2

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 96.96% ²
Consumer Discretionary – 15.50%
Dollar General		123,142	$	12,141,801
Domino’s Pizza		19,966		5,633,806
eBay †		327,214		11,864,780
Hasbro		36,216		3,343,099
Liberty Global Class A †		94,099		2,591,487
Liberty Global Class C †		411,170		10,941,234
TripAdvisor †		207,802		11,576,649
				58,092,856
Financial Services – 32.18%
Charles Schwab		220,314		11,258,045
CME Group		53,493		8,768,573
Crown Castle International		97,783		10,542,963
Equinix		15,625		6,717,031
Intercontinental Exchange		178,898		13,157,948
Mastercard Class A		111,097		21,832,783
PayPal Holdings †		298,760		24,877,745
Visa Class A		177,214		23,471,994
				120,627,082
Healthcare – 14.73%
Biogen †		49,257		14,296,352
DENTSPLY SIRONA		164,226		7,188,172
Illumina †		30,270		8,454,108
IQVIA Holdings †		143,177		14,291,928
UnitedHealth Group		44,868		11,007,915
				55,238,475
Industrials – 3.64%
FedEx		60,036		13,631,774
				13,631,774
Technology – 30.91%
Alibaba Group Holding ADR †		37,652		6,985,576
Alphabet Class A †		12,222		13,800,960
Alphabet Class C †		6,406		7,146,854
Applied Materials		208,654		9,637,728
Arista Networks †		30,270		7,794,222
ASML Holding (New York Shares)		33,175		6,567,655
Autodesk †		80,723		10,581,978
Electronic Arts †		93,046		13,121,347
Microsoft		270,730		26,696,685

	Number of shares		Value (US $)
Common Stock ² (continued)
Technology (continued)
Take-Two Interactive Software †		114,529	$	13,555,653
				115,888,658
Total Common Stock
(cost $249,505,110)				363,478,845
	Principal amount°
Short-Term Investments – 3.39%
Discount Notes – 1.33% ≠
Federal Home Loan Bank 0.763% 7/2/18		4,475,909		4,475,909
1.375% 7/6/18		513,486		513,380
				4,989,289
Repurchase Agreements – 2.06%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $1,039,630 (collateralized by US government obligations 0.00% 7/05/18; market value $1,060,244)		1,039,455		1,039,455
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $3,118,876 (collateralized by US government obligations 0.00%-3.75% 7/19/18-2/15/48; market value $3,180,731)		3,118,364		3,118,364
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $3,554,093 (collateralized by US government obligations 0.00%-8.75% 8/31/18-8/15/46; market value $3,624,570)		3,553,500		3,553,500
				7,711,319
Total Short-Term Investments (cost $12,700,407)				12,700,608

Total Value of Securities – 100.35%
(cost $262,205,517) $376,179,453

U.S. Growth Series-3

Delaware VIP^® U.S. Growth Series

Schedule of investments (continued)

_²  Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

≠  The rate shown is the effective yield at the time of purchase.

°  Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

†  Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

U.S. Growth Series-4

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series Statement of assets and liabilities June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	376,179,453
Cash		165,208
Dividends and interest receivable		54,246
Foreign tax reclaims receivable		37,096
Receivable for series shares sold		22
Total assets		376,436,025
Liabilities:
Payable for securities purchased		1,001,893
Payable for series shares redeemed		198,137
Investment management fees payable to affiliates		205,851
Distribution fees payable to affiliates		82,586
Other accrued expenses		56,210
Audit and tax fees payable to affiliates		16,628
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,375
Accounting and administration expenses payable to affiliates		1,520
Trustees’ fees and expenses payable		1,115
Legal fees payable to affiliates		650
Reports and statements to shareholders expense payable to affiliates		235
Total liabilities		1,567,200
Total Net Assets	$	374,868,825
Net Assets Consist of:
Paid-in capital	$	239,572,699
Distributions in excess of net investment income		(488,077	)
Accumulated net realized gain		21,810,267
Net unrealized appreciation of investments		113,973,936
Total Net Assets	$	374,868,825
Net Asset Value:
Standard Class:
Net assets	$	48,643,199
Shares of beneficial interest outstanding, unlimited authorization, no par		4,680,265
Net asset value per share	$	10.39
Service Class:
Net assets	$	326,225,626	��
Shares of beneficial interest outstanding, unlimited authorization, no par		32,459,793
Net asset value per share	$	10.05
1Investments, at cost	$	262,205,517

See accompanying notes, which are an integral part of the financial statements.

U.S. Growth Series-5

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series Statement of operations Six months ended June 30, 2018 (Unaudited) Delaware VIP Trust — Delaware VIP U.S. Growth Series Statements of changes in net assets

Investment Income:
Dividends	$	1,319,803
Interest		37,656
Foreign tax withheld		(8,636	)
		1,348,823
Expenses:
Management fees		1,236,266
Distribution expenses – Service Class		498,732
Accounting and administration expenses		48,291
Reports and statements to shareholders		42,278
Audit and tax fees		16,643
Dividend disbursing and transfer agent fees and expenses		15,953
Legal fees		11,632
Custodian fees		8,896
Trustees’ fees and expenses		8,884
Registration fees		222
Other		4,154
		1,891,951
Less waived distribution expenses – Service Class		(55,021	)
Less expenses paid indirectly		(30	)
Total operating expenses		1,836,900
Net Investment Loss		(488,077	)
Net Realized and Unrealized Gain (Loss):
Net realized gain		24,413,459
Net change in unrealized appreciation (depreciation) of investments		(4,062,031	)
Net Realized and Unrealized Gain		20,351,428
Net Increase in Net Assets Resulting from Operations	$	19,863,351

	Six months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(488,077	)	$	(644,685	)
Net realized gain		24,413,459			48,033,890
Net change in unrealized appreciation (depreciation)		(4,062,031	)		47,537,885
Net increase in net assets resulting from operations		19,863,351			94,927,090
Dividends and Distributions to Shareholders from:
Net realized gain:
Standard Class		(6,179,560	)		(539,552	)
Service Class		(42,785,737	)		(3,478,091	)
		(48,965,297	)		(4,017,643	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		2,316,946			4,844,072
Service Class		1,088,904			1,440,957
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		6,179,560			539,552
Service Class		42,785,737			3,478,091
		52,371,147			10,302,672
Cost of shares redeemed:
Standard Class		(3,068,032	)		(18,216,062	)
Service Class		(28,916,527	)		(63,378,600	)
		(31,984,559	)		(81,594,662	)
Increase (decrease) in net assets derived from capital share transactions		20,386,588			(71,291,990	)
Net Increase (Decrease) in Net Assets		(8,715,358	)		19,617,457
Net Assets:
Beginning of period		383,584,183			363,966,726
End of period	$	374,868,825		$	383,584,183
Distribution in excess of net investment income	$	(488,077	)	$	—

See accompanying notes, which are an integral part of the financial statements.

U.S. Growth Series-6

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

					Delaware VIP U.S. Growth Series Standard Class
	Six months ended 6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	11.31			$	8.91			$	13.31			$	13.75			$	13.14			$	10.17
Income (loss) from investment operations:
Net investment income2			—	3			0.01				0.02				0.08				0.08				0.03
Net realized and unrealized gain (loss)			0.56				2.49				(0.75	)			0.66				1.49				3.40
Total from investment operations			0.56				2.50				(0.73	)			0.74				1.57				3.43
Less dividends and distributions from:
Net investment income			—				—				(0.08	)			(0.08	)			(0.03	)			(0.04	)
Net realized gain			(1.48	)			(0.10	)			(3.59	)			(1.10	)			(0.93	)			(0.42	)
Total dividends and distributions			(1.48	)			(0.10	)			(3.67	)			(1.18	)			(0.96	)			(0.46	)
Net asset value, end of period		$	10.39			$	11.31			$	8.91			$	13.31			$	13.75			$	13.14
Total return4			5.31%				28.28%				(5.17%	)			5.39%				12.78%				34.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	48,643			$	46,908			$	47,773			$	50,055			$	160,730			$	145,086
Ratio of expenses to average net assets5			0.73%				0.74%				0.74%				0.75%				0.74%				0.74%
Ratio of net investment income (loss) to average net assets5			(0.02%	)			0.05%				0.22%				0.56%				0.58%				0.27%
Portfolio turnover			17%				25%				22%				39%				26%				20%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  The amount is less than $0.005 per share.

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁵  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

U.S. Growth Series-7

Delaware VIP^® U.S. Growth Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

					Delaware VIP U.S. Growth Series Service Class
	Six months ended 6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	11.00			$	8.68			$	13.07			$	13.53			$	12.94			$	10.03
Income (loss) from investment operations:
Net investment income (loss)2			(0.02	)			(0.02	)			—	3			0.04				0.04				—	3
Net realized and unrealized gain (loss)			0.55				2.44				(0.75	)			0.65				1.48				3.34
Total from investment operations			0.53				2.42				(0.75	)			0.69				1.52				3.34
Less dividends and distributions from:
Net investment income			—				—				(0.05	)			(0.05	)			—	3			(0.01	)
Net realized gain			(1.48	)			(0.10	)			(3.59	)			(1.10	)			(0.93	)			(0.42	)
Total dividends and distributions			(1.48	)			(0.10	)			(3.64	)			(1.15	)			(0.93	)			(0.43	)
Net asset value, end of period		$	10.05			$	11.00			$	8.68			$	13.07			$	13.53			$	12.94
Total return4			5.18%				28.10%				(5.50%)				5.08%				12.48%				34.44%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	326,226			$	336,676			$	316,194			$	361,691			$	365,985			$	343,295
Ratio of expenses to average net assets			1.00%				0.99%				0.99%				1.00%				0.99%				0.99%
Ratio of expenses to average net assets prior to fees waived and expenses paid indirectly5			1.03%				1.04%				1.04%				1.05%				1.04%				1.04%
Ratio of net investment income (loss) to average net assets			(0.29%	)			(0.20%	)			(0.03%	)			0.31%				0.33%				0.02%
Ratio of net investment income (loss) to average net assets prior to fees waived and expenses paid indirectly5			(0.32%)				(0.25%)				(0.08%)				0.26%				0.28%				(0.03%)
Portfolio turnover			17%				25%				22%				39%				26%				20%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Amount is less than $0.005 per share.

⁴  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁵  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

U.S. Growth Series-8

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP U.S. Growth Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek long-term capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq) are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018 and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018 and matured on the next business day.

Use of Estimates — The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial

U.S. Growth Series-9

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Series may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Series in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Series on the transaction. There were no commission rebates for the six months ended June 30, 2018.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Fund earned $30 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned less than one dollar under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

Jackson Square Partners, LLC (JSP), a related party of DMC, furnishes investment sub-advisory services to the Series. For these services, DMC, not the Series, pays JSP fees based on the aggregate average daily net assets of the Series at the following annual rate: 0.39% of the first $500 million; 0.36% of the next $500 million; 0.33% of the next $1.5 billion; and 0.30% of aggregate average daily net assets in excess of $2.5 billion.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all series within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended June 30, 2018, the Series was charged $9,165 for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $14,265 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit the 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $4,432 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

U.S. Growth Series-10

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	62,330,759
Sales		97,754,874

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:

	Aggregate	Aggregate
	Unrealized	Unrealized	Net Unrealized
Cost of	Appreciation	Depreciation	Appreciation
Investments	of Investments	of Investments	of Investments
$262,205,517	$122,121,492	$(8,147,556)	$113,973,936

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –  Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 –  Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –  Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments) (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1		Level 2		Total
Assets:
Common Stock		$363,478,845		$              —		$363,478,845
Short-Term Investments		—		12,700,608		12,700,608
Total Value of Securities		$363,478,845		$12,700,608		$376,179,453

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

U.S. Growth Series-11

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2018, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		202,240			477,561
Service Class		104,201			152,259
Shares issued upon reinvestment of dividends and distributions:
Standard Class		609,424			57,035
Service Class		4,361,441			377,643
		5,277,306			1,064,498
Shares redeemed:
Standard Class		(278,224	)		(1,751,708	)
Service Class		(2,613,272	)		(6,329,532	)
		(2,891,496	)		(8,081,240	)
Net increase (decrease)		2,385,810			(7,016,742	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the period then ended.

6. Offsetting

Repurchase agreements are entered into by the Series under Master Repurchase Agreements (each, an MRA). The MRA permits the Series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Series receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Series would recognize a liability with respect to such excess collateral. The liability reflects the Series’ obligation under bankruptcy law to return the excess to the counterparty.

U.S. Growth Series-12

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

6. Offsetting (continued)

As of June 30, 2018, the following table is a summary of the Series’ repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral  Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	1,039,455		$	(1,039,455	)		$	—		$	(1,039,455	)		$	—
Bank of Montreal			3,118,364			(3,118,364	)			—		$	(3,118,364	)			—
BNP Paribas			3,553,500			(3,553,500	)			—		$	(3,553,500	)			—
Total		$	7,711,319		$	(7,711,319	)		$	—		$	(7,711,319	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

7. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day, the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

8. Credit and Market Risk

The Series invests in growth stocks (such as those in the financial services sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.

U.S. Growth Series-13

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

8. Credit and Market Risk (continued)

The Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 15% limit on investments in illiquid securities. As of June 30, 2018, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

U.S. Growth Series-14

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® U.S. Growth Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP U.S. Growth Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL or MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

U.S. Growth Series-15

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPUSG 21932 (8/18) (559967) U.S. Growth Series-16

Delaware VIP^® Trust

Delaware VIP Value Series

June 30, 2018

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	5
Statement of operations	6
Statements of changes in net assets	6
Financial highlights	7
Notes to financial statements	9
Other Series information	15

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2018, and subject to change for events occurring after such date.

The Series is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DLLP), an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

This material may be used in conjunction with the offering of shares in Delaware VIP Value Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2018 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Value Series

Disclosure of Series expenses

For the six-month period from January 1, 2018 to June 30, 2018 (Unaudited)

As a shareholder of the Series, you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Series expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Series and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Jan. 1, 2018 to June 30, 2018.

Actual expenses

The first section of the table shown, “Actual Series return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Series and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. As a shareholder of the Series, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. Also, the fees related to the variable annuity investment or the deferred sales charge that could apply have not been included. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Series’ actual expenses shown in the table reflect fee waivers in effect for Service Class shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Annualized Expense Ratio			Expenses Paid During Period 1/1/18 to 6/30/18*
Actual Series return†
Standard Class		$	1,000.00		$	1,011.90		0.69	%		$	3.44
Service Class			1,000.00			1,010.60		0.96	%			4.79
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,021.37		0.69	%		$	3.46
Service Class			1,000.00			1,020.03		0.96	%			4.81

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Value Series-1

Delaware VIP^® Trust — Delaware VIP Value Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2018 (Unaudited)

Sector designations may be different than the sector designations presented in other Series materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Common Stock		98.70	%
Consumer Discretionary		5.75	%
Consumer Staples		6.06	%
Energy		12.55	%
Financials		14.96	%
Healthcare		23.98	%
Industrials		8.67	%
Information Technology		12.14	%
Materials		2.88	%
Real Estate		2.99	%
Telecommunications		5.92	%
Utilities		2.80	%
Short-Term Investments		1.53	%
Total Value of Securities		100.23	%
Liabilities Net of Receivables and Other Assets		(0.23	%)
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 equity holdings	Percentage of net assets
ConocoPhillips		3.30	%
Marathon Oil		3.24	%
Cisco Systems		3.23	%
Occidental Petroleum		3.18	%
Merck & Co.		3.18	%
Abbott Laboratories		3.14	%
CA		3.14	%
Verizon Communications		3.10	%
BB&T		3.09	%
Marsh & McLennan		3.08	%

Value Series-2

Delaware VIP^® Trust — Delaware VIP Value Series

Schedule of investments

June 30, 2018 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 98.70%
Consumer Discretionary – 5.75%
Dollar Tree †		254,400		$	21,624,000
Lowe’s		244,300			23,347,751
					44,971,751
Consumer Staples – 6.06%
Archer-Daniels-Midland		511,500			23,442,045
Mondelez International		583,100			23,907,100
					47,349,145
Energy – 12.55%
ConocoPhillips		370,400			25,787,248
Halliburton		491,300			22,137,978
Marathon Oil		1,214,657			25,337,745
Occidental Petroleum		297,500			24,894,800
					98,157,771
Financials – 14.96%
Allstate		240,500			21,950,435
American International Group		439,600			23,307,592
Bank of New York Mellon		436,400			23,535,052
BB&T		478,800			24,150,672
Marsh & McLennan		293,700			24,074,589
					117,018,340
Healthcare – 23.98%
Abbott Laboratories		403,000			24,578,971
Cardinal Health		440,500			21,509,615
CVS Health		346,300			22,284,405
Express Scripts Holding †		311,450			24,047,055
Johnson & Johnson		188,200			22,836,188
Merck & Co.		409,800			24,874,860
Pfizer		650,441			23,597,999
Quest Diagnostics		216,500			23,802,010
					187,531,103
Industrials – 8.67%
Northrop Grumman		73,300			22,554,410
Raytheon		111,500			21,539,570
Waste Management		291,400			23,702,476
					67,796,456
Information Technology – 12.14%
CA		689,216			24,570,550
Cisco Systems		587,800			25,293,034
Intel		459,600			22,846,716
Oracle		504,000			22,206,240
					94,916,540
Materials – 2.88%
DowDuPont		342,156			22,554,923
					22,554,923
Real Estate – 2.99%
Equity Residential		366,800			23,361,492
					23,361,492

	Number of shares		Value (US $)
Common Stock (continued)
Telecommunications – 5.92%
AT&T		687,124		$	22,063,552
Verizon Communications		481,800			24,239,358
					46,302,910
Utilities – 2.80%
Edison International		346,336			21,912,679
					21,912,679
Total Common Stock (cost $468,592,982)					771,873,110
	Principal amount°
Short-Term Investments – 1.53%
Discount Notes – 0.60% ≠
Federal Home Loan Bank
0.763% 7/2/18		4,209,469			4,209,469
1.375% 7/6/18		482,920			482,820
					4,692,289
Repurchase Agreements – 0.93%
Bank of America Merrill Lynch 2.02%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $977,743 (collateralized by US government obligations 0.00% 7/05/18; market value $997,131)		977,578			977,578
Bank of Montreal 1.97%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $2,933,217 (collateralized by US government obligations 0.00%–3.75% 7/19/18–2/15/48; market value $2,991,390)		2,932,735			2,932,735
BNP Paribas 2.00%, dated 6/29/18, to be repurchased on 7/2/18, repurchase price $3,342,526 (collateralized by US government obligations 0.00%–8.75% 8/31/18–08/15/46; market value $3,408,809)		3,341,969			3,341,969
					7,252,282
Total Short-Term Investments (cost $11,944,381)					11,944,571

Value Series-3

Delaware VIP^® Value Series

Schedule of investments (continued)

Total Value of Securities – 100.23%
(cost $480,537,363) $783,817,681

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.

† Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

Value Series-4

Delaware VIP^® Trust — Delaware VIP Value Series Statement of assets and liabilities June 30, 2018 (Unaudited)

Assets:
Investments, at value1	$	783,817,681
Cash		1,424
Dividends and interest receivable		1,278,232
Receivable for series shares sold		197,052
Total assets		785,294,389
Liabilities:
Payable for securities purchased		1,828,386
Payable for series shares redeemed		836,223
Investment management fees payable to affiliates		413,261
Distribution fees payable to affiliates		90,825
Other accrued expenses		62,964
Audit and tax fees payable		16,627
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,909
Accounting and administration expenses payable to affiliates		2,790
Trustees’ fees and expenses payable		2,349
Legal fees payable to affiliates		1,366
Reports and statements to shareholders expenses payable to affiliates		490
Total liabilities		3,260,190
Total Net Assets	$	782,034,199
Net Assets Consist of:
Paid-in capital	$	447,097,672
Undistributed net investment income		6,407,457
Accumulated net realized gain on investments		25,248,752
Net unrealized appreciation of investments		303,280,318
Total Net Assets	$	782,034,199
Net Asset Value:
Standard Class:
Net assets	$	418,456,103
Shares of beneficial interest outstanding, unlimited authorization, no par		14,211,004
Net asset value per share	$	29.45
Service Class:
Net assets	$	363,578,096
Shares of beneficial interest outstanding, unlimited authorization, no par		12,376,847
Net asset value per share	$	29.38

¹Investments, at cost $ 480,537,363

See accompanying notes, which are an integral part of the financial statements.

Value Series-5

Delaware VIP^® Trust — Delaware VIP Value Series Statement of operations Six months ended June 30, 2018 (unaudited) Delaware VIP Trust — Delaware VIP Value Series Statements of changes in net assets

Investment Income:
Dividends	$	9,585,147
Interest		64,797
		9,649,944
Expenses:
Management fees		2,498,459
Distribution expenses–Service Class		549,623
Accounting and administration expenses		84,940
Reports and statements to shareholders expenses		37,939
Dividend disbursing and transfer agent fees and expenses		33,223
Legal fees		26,645
Trustees’ fees and expenses		18,595
Audit and tax fees		16,627
Custodian fees		9,971
Registration fees		1,221
Other		9,465
	3,286,708
Less waived distribution expenses-Service Class		(60,382	)
Less expenses paid indirectly		(275	)
Total operating expenses		3,226,051
Net Investment Income		6,423,893
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		30,089,879
Net change in unrealized appreciation (depreciation) of investments		(27,244,761	)
Net Realized and Unrealized Gain		2,845,118
Net Increase in Net Assets Resulting from Operations	$	9,269,011

	Six months ended 6/30/18 (Unaudited)			Year ended 12/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,423,893		$	12,276,547
Net realized gain		30,089,879			46,724,022
Net change in unrealized appreciation (depreciation)		(27,244,761	)		43,743,221
Net increase in net assets resulting from operations		9,269,011			102,743,790
Dividends and Distributions to Shareholders from:
Net investment income:
Standard Class		(7,076,095	)		(7,573,948	)
Service Class		(5,211,421	)		(5,452,064	)
Net realized gain:
Standard Class		(26,286,431	)		(15,221,859	)
Service Class		(22,778,395	)		(12,692,702	)
		(61,352,342	)		(40,940,573	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		3,199,410			12,865,735
Service Class		9,986,068			16,646,009
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		33,362,525			22,795,807
Service Class		27,989,817			18,144,766
		74,537,820			70,452,317
Cost of shares redeemed:
Standard Class		(21,868,059	)		(76,487,482	)
Service Class		(23,002,444	)		(56,438,162	)
		(44,870,503	)		(132,925,644	)
Increase (decrease) in net assets derived from capital share transactions		29,667,317			(62,473,327	)
Net Decrease in Net Assets		(22,416,014	)		(670,110	)
Net Assets:
Beginning of period		804,450,213			805,120,323
End of period	$	782,034,199		$	804,450,213
Undistributed net investment income	$	6,407,457		$	12,271,080

See accompanying notes, which are an integral part of the financial statements.

Value Series-6

Delaware VIP^® Trust — Delaware VIP Value Series

Financial highlights

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Value Series Standard Class
	Six months ended 6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	31.57			$	29.25			$	28.64			$	29.24			$	26.09			$	19.88
Income (loss) from investment operations:
Net investment income2			0.27				0.48				0.52				0.55				0.48				0.45
Net realized and unrealized gain (loss)			0.12				3.38				3.39				(0.65	)			3.12				6.17
Total from investment operations			0.39				3.86				3.91				(0.10	)			3.60				6.62
Less dividends and distributions from:
Net investment income			(0.53	)			(0.51	)			(0.59	)			(0.50	)			(0.45	)			(0.41	)
Net realized gain			(1.98	)			(1.03	)			(2.71	)			—				—				—
Total dividends and distributions			(2.51	)			(1.54	)			(3.30	)			(0.50	)			(0.45	)			(0.41	)
Net asset value, end of period		$	29.45			$	31.57			$	29.25			$	28.64			$	29.24			$	26.09
Total return3			1.19%				13.80%				14.65%				(0.41%)				14.00%				33.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	418,456			$	431,874			$	439,265			$	389,570			$	523,240			$	473,403
Ratio of expenses to average net assets4			0.69%				0.70%				0.70%				0.71%				0.71%				0.71%
Ratio of net investment income to average net assets4			1.75%				1.64%				1.87%				1.88%				1.74%				1.94%
Portfolio turnover			6%				11%				17%				17%				12%				14%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Value Series-7

Delaware VIP^® Value Series

Financial highlights (continued)

Selected data for each share of the Series outstanding throughout each period were as follows:

	Delaware VIP Value Series Service Class
	Six months ended 6/30/181				Year ended
	(Unaudited)				12/31/17				12/31/16				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	31.46			$	29.15			$	28.56			$	29.16			$	26.03			$	19.84
Income (loss) from investment operations:
Net investment income2			0.23				0.41				0.45				0.47				0.41				0.39
Net realized and unrealized gain (loss)			0.12				3.37				3.37				(0.64	)			3.12				6.16
Total from investment operations			0.35				3.78				3.82				(0.17	)			3.53				6.55
Less dividends and distributions from:
Net investment income			(0.45	)			(0.44	)			(0.52	)			(0.43	)			(0.40	)			(0.36	)
Net realized gain			(1.98	)			(1.03	)			(2.71	)			—				—				—
Total dividends and distributions			(2.43	)			(1.47	)			(3.23	)			(0.43	)			(0.40	)			(0.36	)
Net asset value, end of period		$	29.38			$	31.46			$	29.15			$	28.56			$	29.16			$	26.03
Total return3			1.06%				13.53%				14.32%				(0.64%)				13.70%				33.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	363,578			$	372,576			$	365,855			$	304,570			$	330,528			$	285,695
Ratio of expenses to average net assets			0.96%				0.95%				0.95%				0.96%				0.96%				0.96%
Ratio of expenses to average net assets prior to fees waived4			0.99%				1.00%				1.00%				1.01%				1.01%				1.01%
Ratio of net investment income to average net assets			1.48%				1.39%				1.62%				1.63%				1.49%				1.69%
Ratio of net investment income to average net assets prior to fees waived4			1.45%				1.34%				1.57%				1.58%				1.44%				1.64%
Portfolio turnover			6%				11%				17%				17%				12%				14%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the distributor. Performance would have been lower had the waiver not been in effect. Total investment return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.

⁴  Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the year ended June 30, 2018 are reflected on the “Statement of operations.”

See accompanying notes, which are an integral part of the financial statements.

Value Series-8

Delaware VIP^® Trust — Delaware VIP Value Series

Notes to financial statements

June 30, 2018 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 10 series: Delaware VIP Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP High Yield Series, Delaware VIP International Value Equity Series, Delaware VIP Limited-Term Diversified Income Series, Delaware VIP REIT Series, Delaware VIP Small Cap Value Series, Delaware VIP Smid Cap Core Series, Delaware VIP U.S. Growth Series, and Delaware VIP Value Series. These financial statements and the related notes pertain to Delaware VIP Value Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the Investment Company Act of 1940, as amended, and offers Standard Class and Service Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee and the Service Class shares carry a 12b-1 fee. The shares of the Series are sold only to separate accounts of life insurance companies.

The investment objective of the Series is to seek long-term capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes – No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series’ tax positions taken or expected to be taken on the Series’ federal income tax returns through the six months ended June 30, 2018, and for all open tax years (years ended Dec. 31, 2014–Dec. 31, 2017), and has concluded that no provision for federal income tax is required in the Series’ financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the six months ended June 30, 2018, the Series did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements – The Series may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Series’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 29, 2018, and matured on the next business day.

Use of Estimates – The Series is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, the Series follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other – Expenses directly attributable to the Series are charged directly to the Series. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. The Series declares

Value Series-9

Delaware VIP^® Value Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

and pays distributions from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Series may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Series in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Series on the transaction. There were no commission rebates for the six months ended June 30, 2018.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the “Statement of operations” under “Custodian fees” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $275 under this arrangement.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expense paid under this arrangement is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2018, the Series earned $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.65% on the first $500 million of average daily net assets of the Series, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rate: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds then pays its portion of the remainder of the Total Fee on a relative NAV basis. For the six months ended June 30, 2018, the Series was charged $16,926, for these services. This amount is included on the “Statement of operations” under “Accounting and administration expenses.”

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2018, the Series was charged $29,681 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Series. Sub-transfer agency fees are paid by the Series and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.”

Pursuant to a distribution agreement and distribution plan, the Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.30% of the average daily net assets of the Service Class shares. Prior to May 1, 2018, DDLP had contracted to waive 12b-1 fees in order to limit 12b-1 fees of the Service Class shares to 0.25% of average daily net assets. The fees are calculated daily and paid monthly. Standard Class shares pay no 12b-1 fees.

As provided in the investment management agreement, the Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Series. For the six months ended June 30, 2018, the Series was charged $9,273 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

3. Investments

For the six months ended June 30, 2018, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	46,093,708
Sales		74,427,509

Value Series-10

Delaware VIP^® Value Series

Notes to financial statements (continued)

3. Investments (continued)

At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2018, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$480,537,363	$304,378,744	$(1,098,426)	$303,280,318

US GAAP defines fair value as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Series’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2018:

Securities	Level 1			Level 2			Total
Assets:
Common Stock		$	771,873,110		$	—		$	771,873,110
Short-Term Investments			—			11,944,571			11,944,571
Total Value of Securities		$	771,873,110		$	11,944,571		$	783,817,681

During the six months ended June 30, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Series. The Series’ policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Series’ net assets. During the six months ended June 30, 2018, there were no Level 3 investments.

Value Series-11

Delaware VIP^® Value Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/18			Year ended 12/31/17
Shares sold:
Standard Class		103,200			434,236
Service Class		324,232			570,285
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,124,453			804,085
Service Class		944,963			641,158
		2,496,848			2,449,764
Shares redeemed:
Standard Class		(698,515	)		(2,575,412	)
Service Class		(736,140	)		(1,916,541	)
		(1,434,655	)		(4,491,953	)
Net increase (decrease)		1,062,193			(2,042,189	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $155,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is generally allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expires on Nov. 5, 2018.

The Series had no amounts outstanding as of June 30, 2018, or at any time during the year then ended.

6. Offsetting

Master Repurchase Agreements

Repurchase agreements are entered into by the series under Master Repurchase Agreements (each, an MRA). The MRA permits the series, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral. The liability reflects the Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2018, the following table is a summary of the Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received(a)				Cash Collateral Received			Net Collateral Received				Net Exposure(b)
Bank of America Merrill Lynch		$	977,579		$	(977,579	)		$	—		$	(977,579	)		$	—
Bank of Montreal			2,932,735			(2,932,735	)			—			(2,932,735	)			—
BNP Paribas			3,341,969			(3,341,969	)			—			(3,341,969	)			—
Total		$	7,252,283		$	(7,252,283	)		$	—		$	(7,252,283	)		$	—

^(a)The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

^(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

Value Series-12

Delaware VIP^® Value Series

Notes to financial statements (continued)

7. Securities Lending

The Series, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities that are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the discretion of the lending agent, replace the loaned securities. The Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Series, the security lending agent, and the borrower. The Series records security lending income net of allocations to the security lending agent and the borrower.

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Series’ cash collateral account may be less than the amount the Series would be required to return to the borrowers of the securities and the Series would be required to make up for this shortfall.

During the six months ended June 30, 2018, the Series had no securities out on loan.

8. Credit and Market Risk

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Series’ Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2018, there were no Rule 144A securities held by the Series. Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

9. Contractual Obligations

The Series enters into contracts in the normal course of business that contain a variety of indemnifications. The Series’ maximum exposure under these arrangements is unknown. However, the Series has not had prior claims or losses pursuant to these contracts. Management has reviewed the Series’ existing contracts and expects the risk of loss to be remote.

Value Series-13

Delaware VIP^® Value Series

Notes to financial statements (continued)

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in the Series’ financial statements.

Value Series-14

Delaware VIP^® Trust — Delaware VIP Value Series

Other Series information (Unaudited)

Board consideration of sub-advisory agreements for Delaware VIP^® Value Series at a meeting held May 16-17, 2018

At a meeting held on May 16-17, 2018, the Board of Trustees (“Board”) of Delaware VIP Trust, including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and each of Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) for Delaware VIP Value Series (the “Series”). MIMGL and MFMHK may also be referenced as “sub-advisor(s)” below.

In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about each of MIMGL and MFMHK, including its personnel, operations, and financial condition, which had been provided by MIMGL and MFMHK, respectively. The Board also reviewed material furnished by DMC, including: a memorandum from DMC reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by MIMGL and MFMHK; information concerning MIMGL’s and MFMHK’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s and MFMHK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL and MFMHK; and a copy of the Sub-Advisory Agreements.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. The materials prepared by Management in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, quality, and extent of services. The Board considered the nature, quality, and extent of services that MIMGL and MFMHK each would provide as a sub-advisor to the Series. The Trustees considered the investment process to be employed by MIMGL and MFMHK in connection with DMC’s collaboration with MIMGL and MFMHK in managing the Series, and the qualifications and experience of MIMGL and MFMHK’s equity teams with regard to implementing the Series’ investment mandate. The Board considered MIMGL and MFMHK’s organization, personnel, and operations. The Trustees also considered Management’s review and recommendation process with respect to MIMGL and MFMHK, and Management’s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMGL and MFMHK to the Series. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMGL and MFMHK, as well as MIMGL and MFMHK’s ability to render such services based on its experience, organization and resources, were appropriate for the Series, in light of the Series’ investment objective, strategies, and policies.

In discussing the nature of the services proposed to be provided by the sub-advisors, several Board members observed that, unlike traditional sub-advisors, who make the investment-related decisions with respect to the sub-advised portfolio, the relationship contemplated in this case is limited to access to the additional quantitative investment resources, related technology support, and trading capabilities of MIMGL and MFMHK.

Sub-advisory fees. The Board considered that DMC would not pay MIMGL and MFMHK fees in conjunction with the services that would be rendered to the sub-advised Series. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between the advisor and sub-advisors, the proposed fee arrangement was understandable and reasonable.

Investment performance. In evaluating performance, the Board considered that MIMGL and MFMHK would provide trade execution support, but that DMC’s portfolio managers for the Series would retain portfolio management discretion over the Series.

Economies of scale and fall-out benefits. The Board noting that DMC would not pay MIMGL and MFMHK fees in conjunction with their services, concluded that analysis of economies of scale would be moot. The Board also considered that DMC and its affiliates may benefit by leveraging the global resources of its affiliates.

Value Series-15

Delaware VIP^® Trust — Delaware VIP Value Series

Other Series information (Unaudited)

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q, as well as a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Series’ most recent Form N-Q are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

SA-VIPV 21933 (8/18) (559967) Value Series-16

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE VIP^® TRUST

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 6, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 6, 2018

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	September 6, 2018