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:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2020

Item 1. Reports to Stockholders

Delaware VIP^® Trust

Delaware VIP Diversified Income Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	25
	Statement of operations	26
	Statements of changes in net assets	26
	Financial highlights	27
	Notes to financial statements	29
	Other Series information	42

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Annualized Expense Ratio	Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class	$1,000.00	$1,057.50	0.60%	$3.07
Service Class	1,000.00	1,054.80	0.90%	4.60
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.88	0.60%	$3.02
Service Class	1,000.00	1,020.39	0.90%	4.52

*“ExpensesPaid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^†Becauseactual 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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Diversified Income Series-1

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Security type / sector allocation

As of June 30, 2020 (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		1.82	%
Agency Commercial Mortgage-Backed Securities		0.77	%
Agency Mortgage-Backed Securities		15.26	%
Collateralized Debt Obligations		1.90	%
Corporate Bonds		51.65	%
Banking		8.95	%
Basic Industry		4.00	%
Brokerage		0.37	%
Capital Goods		3.58	%
Communications		7.84	%
Consumer Cyclical		2.75	%
Consumer Non-Cyclical		5.94	%
Electric		5.42	%
Energy		5.24	%
Finance Companies		0.97	%
Insurance		0.90	%
Natural Gas		0.37	%
Real Estate Investment Trusts		0.69	%
Technology		2.84	%
Transportation		1.40	%
Utilities		0.39	%
Loan Agreements		4.24	%
Municipal Bonds		0.08	%
Non-Agency Asset-Backed Securities		1.81	%
Non-Agency Collateralized Mortgage Obligations		1.64	%
Non-Agency Commercial Mortgage-Backed Securities		8.29	%
Sovereign Bonds		2.23	%
Supranational Banks		0.05	%

Security type / sector	Percentage of net assets
US Treasury Obligations		9.14	%
Common Stock		0.00	%
Preferred Stock		0.01	%
Short-Term Investments		1.91	%
Total Value of Securities		100.80	%
Liabilities Net of Receivables and Other Assets		(0.80	%)
Total Net Assets		100.00	%

Diversified Income Series-2

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal amount°		Value (US $)
Agency Asset-Backed Security – 0.00%
Fannie Mae REMIC Trust
Series 2002-W11 AV1 0.525% (LIBOR01M + 0.34%, Floor 0.17%) 11/25/32 •		592	$	580
Total Agency Asset-Backed Security (cost $592)				580
Agency Collateralized Mortgage Obligations – 1.82%
Fannie Mae Connecticut Avenue Securities
Series 2017-C03 1M2 3.185% (LIBOR01M + 3.00%) 10/25/29 •		3,000,000		3,017,155
Series 2017-C04 2M2 3.035% (LIBOR01M + 2.85%) 11/25/29 •		947,194		930,577
Series 2018-C01 1M2 2.435% (LIBOR01M + 2.25%, Floor 2.25%) 7/25/30 •		2,383,541		2,325,729
Series 2018-C02 2M2 2.385% (LIBOR01M + 2.20%, Floor 2.20%) 8/25/30 •		1,191,567		1,164,725
Series 2018-C03 1M2 2.335% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 •		1,645,255		1,616,849
Series 2018-C05 1M2 2.535% (LIBOR01M + 2.35%, Floor 2.35%) 1/25/31 •		1,186,779		1,160,342
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 •		229		252
Series 2004-T1 1A2 6.50% 1/25/44		3,228		3,813
Fannie Mae REMIC Trust
Series 2002-W6 2A1 7.00% 6/25/42 •		10,715		12,255
Series 2004-W11 1A2 6.50% 5/25/44		17,733		21,040
Fannie Mae REMICs
Series 2010-116 Z 4.00% 10/25/40		19,567		21,654
Series 2013-44 Z 3.00% 5/25/43		94,242		96,007
Series 2017-40 GZ 3.50% 5/25/47		902,559		1,002,172
Series 2017-77 HZ 3.50% 10/25/47		1,290,231		1,419,239
Series 2017-94 CZ 3.50% 11/25/47		808,989		881,320
Freddie Mac REMICs
Series 4676 KZ 2.50% 7/15/45		876,659		919,110
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-DNA3 M2 3.035% (LIBOR01M + 2.85%) 4/25/28 •		97,384		97,525
Series 2016-DNA4 M2 1.485% (LIBOR01M + 1.30%, Floor 1.30%) 3/25/29 •		37,928		37,886

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-DNA1 M2 3.435% (LIBOR01M + 3.25%, Floor 3.25%) 7/25/29 •		2,250,000	$	2,269,652
Series 2017-DNA3 M2 2.685% (LIBOR01M + 2.50%) 3/25/30 •		6,530,000		6,562,136
Series 2017-HQA2 M2AS 1.235% (LIBOR01M + 1.05%) 12/25/29 •		621,617		621,192
Series 2018-HQA1 M2 2.485% (LIBOR01M + 2.30%) 9/25/30 •		1,603,002		1,579,661
Freddie Mac Structured Agency Credit Risk REMIC Trust
Series 2019-DNA4 M2 144A 2.135% (LIBOR01M + 1.95%) 10/25/49 #•		3,283,917		3,218,535
Series 2019-HQA4 M2 144A 2.235% (LIBOR01M + 2.05%) 11/25/49 #•		4,000,000		3,879,779
Series 2020-DNA2 M1 144A 0.935% (LIBOR01M + 0.75%, Floor 0.75%) 2/25/50 #•		2,431,829		2,409,529
Series 2020-DNA2 M2 144A 2.035% (LIBOR01M + 1.85%, Floor 1.85%) 2/25/50 #•		1,700,000		1,611,777
Series 2020-HQA2 M1 144A 1.285% (LIBOR01M + 1.10%) 3/25/50 #•		3,451,553		3,437,275
Freddie Mac Structured Agency Credit Risk Trust
Series 2018-HQA2 M1 144A 0.935% (LIBOR01M + 0.75%) 10/25/48 #•		463,715		462,992
Freddie Mac Structured Pass Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		8,535		10,465
Series T-58 2A 6.50% 9/25/43 ◆		2,789		3,248
GNMA
Series 2013-113 LY 3.00% 5/20/43		378,000		412,401
Series 2017-34 DY 3.50% 3/20/47		2,067,000		2,341,554
Series 2017-107 QZ 3.00% 8/20/45		586,041		631,128
Series 2017-130 YJ 2.50% 8/20/47		665,000		725,523
Series 2018-34 TY 3.50% 3/20/48		476,000		519,833
Total Agency Collateralized Mortgage Obligations (cost $43,631,146)				45,424,330
Agency Commercial Mortgage-Backed Securities – 0.77%
Freddie Mac Multifamily Structured Pass Through Certificates
Series X3FX A2FX 3.00% 6/25/27 ◆		2,545,000		2,724,670
FREMF Mortgage Trust
Series 2011-K15 B 144A 5.129% 8/25/44 #•		195,000		201,065

Diversified Income Series-3

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Agency Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust
Series 2012-K18 B 144A 4.394% 1/25/45 #•		2,000,000	$	2,072,866
Series 2012-K22 B 144A 3.81% 8/25/45 #•		1,730,000		1,772,248
Series 2013-K25 C 144A 3.744% 11/25/45 #•		1,500,000		1,531,972
Series 2013-K28 B 144A 3.609% 6/25/46 #•		2,400,000		2,507,058
Series 2014-K37 B 144A 4.715% 1/25/47 #•		1,500,000		1,639,823
Series 2014-K717 B 144A 3.754% 11/25/47 #•		3,205,000		3,272,805
Series 2014-K717 C 144A 3.754% 11/25/47 #•		1,055,000		1,061,705
Series 2016-K53 B 144A 4.158% 3/25/49 #•		530,000		566,320
Series 2016-K722 B 144A 3.975% 7/25/49 #•		580,000		607,075
Series 2017-K71 B 144A 3.882% 11/25/50 #•		1,175,000		1,249,391
Total Agency Commercial Mortgage-Backed Securities (cost $18,565,462)				19,206,998
Agency Mortgage-Backed Securities – 15.26%
Fannie Mae S.F. 30 yr
3.00% 10/1/46		13,311,243		14,135,197
3.00% 4/1/47		1,703,314		1,803,120
3.00% 11/1/48		8,719,094		9,199,850
3.00% 10/1/49		8,188,173		8,627,139
3.00% 12/1/49		19,999,616		21,246,492
3.00% 1/1/50		14,609,675		15,392,896
3.50% 7/1/47		7,862,071		8,508,789
3.50% 2/1/48		5,391,406		5,856,089
3.50% 3/1/48		8,702,063		9,202,542
3.50% 7/1/48		16,578,001		17,464,691
3.50% 11/1/48		7,175,184		7,596,708
3.50% 11/1/49		13,876,057		14,585,955
3.50% 1/1/50		12,277,784		12,911,536
3.50% 2/1/50		9,982,307		10,493,370
3.50% 3/1/50		5,088,656		5,585,427
4.00% 4/1/47		2,211,750		2,444,933
4.00% 4/1/48		15,741,612		16,755,454
4.00% 9/1/48		1,717,306		1,849,495
4.00% 10/1/48		9,873,379		10,908,671
4.00% 4/1/49		14,129,657		14,970,755
4.50% 6/1/40		738,498		820,803
4.50% 7/1/40		653,058		721,708
4.50% 2/1/41		2,395,846		2,665,720

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
4.50% 8/1/41		1,630,684	$	1,852,391
4.50% 5/1/46		897,796		996,594
4.50% 4/1/48		732,833		815,730
4.50% 12/1/48		528,657		567,903
4.50% 1/1/49		15,744,491		17,411,356
4.50% 11/1/49		6,119,961		6,570,104
4.50% 1/1/50		4,544,289		4,938,841
5.00% 6/1/44		1,670,723		1,921,739
5.00% 7/1/49		4,866,441		5,361,836
5.50% 5/1/44		17,420,915		20,001,438
6.00% 6/1/41		3,697,366		4,312,816
6.00% 7/1/41		18,884,534		22,024,624
6.00% 1/1/42		3,143,924		3,666,860
Freddie Mac S.F. 30 yr
3.00% 11/1/49		10,973,430		11,561,712
3.00% 12/1/49		4,343,652		4,601,530
3.00% 1/1/50		3,212,939		3,407,382
3.50% 11/1/48		6,029,237		6,587,395
4.00% 12/1/45		2,990,455		3,298,650
4.00% 7/1/47		1,031,496		1,099,323
4.00% 10/1/47		9,025,104		9,600,125
4.00% 10/1/48		219,433		232,393
4.50% 7/1/45		5,129,979		5,706,290
4.50% 3/1/49		3,722,629		4,034,498
4.50% 4/1/49		4,455,374		4,876,532
4.50% 8/1/49		7,706,171		8,540,770
5.50% 6/1/41		3,226,274		3,706,594
5.50% 9/1/41		5,828,062		6,699,288
GNMA I S.F. 30 yr 3.00% 3/15/50		3,129,874		3,331,301
GNMA II S.F. 30 yr 5.50% 5/20/37		206,531		235,957
Total Agency Mortgage-Backed Securities (cost $369,373,133)				381,709,312
Collateralized Debt Obligations – 1.90%
Apex Credit CLO
Series 2017-1A A1 144A 2.49% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #•		3,379,836		3,326,066
Series 2018-1A A2 144A 2.021% (LIBOR03M + 1.03%) 4/25/31 #•		6,200,000		5,919,903
Atlas Senior Loan Fund X
Series 2018-10A A 144A 2.309% (LIBOR03M + 1.09%) 1/15/31 #•		3,374,907		3,276,148
CFIP CLO
Series 2017-1A A 144A 2.355% (LIBOR03M + 1.22%) 1/18/30 #•		6,300,000		6,192,969

Diversified Income Series-4

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Galaxy XXI CLO Series 2015-21A AR 144A 2.155% (LIBOR03M + 1.02%) 4/20/31 #•		3,000,000	$	2,896,176
KKR Financial CLO Series 2013-1A A1R 144A 2.509% (LIBOR03M + 1.29%) 4/15/29 #•		3,000,000		2,933,286
Man GLG US CLO Series 2018-1A A1R 144A 2.275% (LIBOR03M + 1.14%) 4/22/30 #•		8,200,000		7,891,787
Mariner CLO 5 Series 2018-5A A 144A 2.101% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #•		4,600,000		4,495,023
Midocean Credit CLO IX Series 2018-9A A1 144A 2.285% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/31 #•		3,000,000		2,934,606
Midocean Credit CLO VIII Series 2018-8A A1 144A 1.527% (LIBOR03M + 1.15%) 2/20/31 #•		3,000,000		2,939,829
Saranac CLO VII Series 2014-2A A1AR 144A 1.607% (LIBOR03M + 1.23%) 11/20/29 #•		2,975,936		2,906,388
Steele Creek CLO Series 2017-1A A 144A 2.469% (LIBOR03M + 1.25%) 10/15/30 #•		2,000,000		1,935,342
Total Collateralized Debt Obligations (cost $49,034,143)				47,647,523
Corporate Bonds – 51.65%
Banking – 8.95%
Akbank T.A.S. 144A 6.80% 2/6/26 #		1,135,000		1,134,887
144A 7.20% 3/16/27 #µ		595,000		577,150
Banco de Credito del Peru 144A 2.70% 1/11/25 #		1,500,000		1,505,347
Banco del Estado de Chile 144A 2.704% 1/9/25 #		530,000		545,569
Banco General 144A 4.125% 8/7/27 #		976,000		1,039,264
Banco Mercantil del Norte 144A 6.75% #µy		700,000		663,009
Banco Santander Mexico 144A 5.375% 4/17/25 #		520,000		570,063
144A 5.95% 10/1/28 #µ		660,000		678,850
Bancolombia 3.00% 1/29/25		1,215,000		1,191,964
4.625% 12/18/29 µ		1,185,000		1,119,825
Bangkok Bank 144A 3.733% 9/25/34 #µ		1,255,000		1,201,170

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank Leumi Le-Israel 144A 3.275% 1/29/31 #µ		3,290,000	$	3,205,694
Bank of America 2.496% 2/13/31 µ		8,530,000		8,952,528
2.592% 4/29/31 µ		1,730,000		1,833,891
2.676% 6/19/41 µ		2,990,000		3,082,297
3.458% 3/15/25 µ		8,325,000		9,034,384
4.083% 3/20/51 µ		2,025,000		2,538,568
Bank of China 144A 5.00% 11/13/24 #		1,120,000		1,249,872
Bank of Georgia 144A 6.00% 7/26/23 #		1,360,000		1,355,085
Bank of Montreal 1.85% 5/1/25		4,960,000		5,138,638
Bank of New York Mellon 4.70% µy		1,800,000		1,876,500
Barclays Bank 1.70% 5/12/22		1,960,000		1,995,040
BBVA Bancomer 144A 5.125% 1/18/33 #µ		1,104,000		1,030,965
144A 6.75% 9/30/22 #		610,000		651,062
BBVA USA 2.875% 6/29/22		3,505,000		3,588,574
3.875% 4/10/25		2,530,000		2,674,429
Citizens Financial Group 5.65% µy		2,015,000		2,047,744
Credit Suisse Group 144A 2.593% 9/11/25 #µ		5,300,000		5,484,410
144A 4.194% 4/1/31 #µ		3,035,000		3,470,538
144A 6.25%#µy		8,870,000		9,278,712
144A 7.25%#µy		2,585,000		2,657,884
DBS Group Holdings 144A 4.52% 12/11/28 #µ		1,175,000		1,271,879
Development Bank of Mongolia 144A 7.25% 10/23/23 #		1,310,000		1,275,362
Emirates NBD Bank 2.625% 2/18/25		930,000		940,044
Fifth Third Bancorp 2.55% 5/5/27		3,205,000		3,431,660
3.65% 1/25/24		820,000		895,038
3.95% 3/14/28		2,985,000		3,495,699
Goldman Sachs Group 2.60% 2/7/30		1,915,000		2,001,660
3.50% 4/1/25		3,640,000		3,995,613
ICICI Bank 144A 4.00% 3/18/26 #		1,180,000		1,222,805
Itau Unibanco Holding 144A 3.25% 1/24/25 #		1,330,000		1,310,050
JPMorgan Chase & Co. 2.522% 4/22/31 µ		2,905,000		3,074,681
3.109% 4/22/41 µ		1,290,000		1,393,857
3.109% 4/22/51 µ		1,935,000		2,092,829
3.702% 5/6/30 µ		230,000		264,355
4.023% 12/5/24 µ		8,915,000		9,828,138
4.60%µy		2,405,000		2,147,304
5.00%µy		2,495,000		2,401,879
Morgan Stanley 1.668% (LIBOR03M + 1.22%) 5/8/24 •		3,945,000		3,975,255

Diversified Income Series-5

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Morgan Stanley 2.188% 4/28/26 µ		6,680,000	$	6,955,229
3.622% 4/1/31 µ		1,835,000		2,100,174
5.00% 11/24/25		6,125,000		7,162,659
NBK Tier 1 Financing 2 144A 4.50% #µy		660,000		628,980
Northern Trust 1.95% 5/1/30		3,135,000		3,229,615
PNC Bank 2.70% 11/1/22		490,000		512,855
4.05% 7/26/28		4,705,000		5,518,455
PNC Financial Services Group 2.60% 7/23/26		5,655,000		6,140,376
Popular 6.125% 9/14/23		680,000		689,279
QNB Finance 3.50% 3/28/24		1,175,000		1,243,870
Royal Bank of Scotland Group 8.625% µy		6,095,000		6,350,807
Shinhan Financial Group 144A 3.34% 2/5/30 #µ		890,000		930,044
Truist Bank 2.25% 3/11/30		4,195,000		4,242,046
2.636% 9/17/29 µ		10,165,000		10,204,575
Truist Financial 4.95% µy		2,145,000		2,198,625
Turkiye Garanti Bankasi 144A 5.25% 9/13/22 #		595,000		596,047
144A 5.875% 3/16/23 #		585,000		586,907
UBS Group 144A 4.125% 9/24/25 #		5,765,000		6,542,142
6.875%µy		5,110,000		5,185,040
7.125%µy		785,000		802,375
US Bancorp 1.45% 5/12/25		2,975,000		3,066,466
3.00% 7/30/29		2,380,000		2,586,202
3.10% 4/27/26		195,000		216,685
3.375% 2/5/24		4,245,000		4,642,872
3.60% 9/11/24		2,640,000		2,946,324
3.95% 11/17/25		4,130,000		4,772,495
US Bank 3.40% 7/24/23		2,360,000		2,553,721
USB Capital IX 3.50% (LIBOR03M + 1.02%) y•		2,690,000		2,226,634
Wells Fargo & Co. 3.068% 4/30/41 µ		1,325,000		1,383,848
Woori Bank 144A 4.75% 4/30/24 #		1,250,000		1,366,976
				223,974,344
Basic Industry – 4.00%
Air Products and Chemicals 1.50% 10/15/25		460,000		476,040
1.85% 5/15/27		5,120,000		5,368,846
2.05% 5/15/30		1,735,000		1,825,535
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		6,170,000		6,211,308
Bioceanico Sovereign Certificate 144A 2.884% 6/5/34 #^		1,435,821		1,015,843

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Chemours 7.00% 5/15/25		2,306,000	$	2,208,733
Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 #		525,000		547,205
144A 4.25% 7/17/42 #		200,000		220,298
CSN Islands XI 144A 6.75% 1/28/28 #		760,000		651,700
CSN Resources 144A 7.625% 2/13/23 #		350,000		325,937
144A 7.625% 4/17/26 #		240,000		207,900
Equate Petrochemical 144A 3.00% 3/3/22 #		695,000		704,139
First Quantum Minerals 144A 7.50% 4/1/25 #		685,000		656,994
Freeport-McMoRan 4.125% 3/1/28		2,445,000		2,377,359
4.25% 3/1/30		2,451,000		2,379,774
5.45% 3/15/43		1,105,000		1,086,640
Georgia-Pacific 144A 1.75% 9/30/25 #		1,770,000		1,827,339
144A 2.10% 4/30/27 #		1,405,000		1,460,175
144A 2.30% 4/30/30 #		3,765,000		3,927,395
8.00% 1/15/24		5,305,000		6,635,044
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 #		1,755,000		2,011,757
Hudbay Minerals 144A 7.625% 1/15/25 #		395,000		379,241
Inversiones 144A 3.85% 1/13/30 #		695,000		710,766
Israel Chemicals 6.375% 5/31/38 #		2,630,000		3,145,956
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		440,000		450,729
Klabin Austria 144A 7.00% 4/3/49 #		1,010,000		1,054,187
LYB International Finance III 2.875% 5/1/25		5,939,000		6,331,557
MEGlobal Canada 144A 5.875% 5/18/30 #		640,000		725,549
Methanex 5.25% 12/15/29		5,515,000		4,880,665
Metinvest 144A 8.50% 4/23/26 #		695,000		683,776
Minera Mexico 144A 4.50% 1/26/50 #		1,445,000		1,443,078
Newmont 2.25% 10/1/30		4,215,000		4,280,193
2.80% 10/1/29		7,585,000		8,013,405
Nexa Resources 144A 6.50% 1/18/28 #		635,000		644,843
Novolipetsk Steel Via Steel Funding DAC 144A 4.00% 9/21/24 #		1,865,000		1,979,977
Nutrien 2.95% 5/13/30		2,120,000		2,251,182
OCP 144A 4.50% 10/22/25 #		2,064,000		2,156,620
Olin 5.00% 2/1/30		3,705,000		3,287,502
5.625% 8/1/29		1,415,000		1,303,604
Phosagro OAO Via Phosagro Bond Funding DAC 144A 3.95% 11/3/21 #		407,000		418,565
PolyOne 144A 5.75% 5/15/25 #		3,214,000		3,312,429

Diversified Income Series-6

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Sasol Financing USA
5.875% 3/27/24		5,525,000	$	4,944,875
6.50% 9/27/28		595,000		529,050
Sociedad Quimica y Minera de Chile 144A 3.625% 4/3/23 #		665,000		688,371
Steel Dynamics 5.50% 10/1/24		595,000		611,734
Syngenta Finance
144A 3.933% 4/23/21 #		1,615,000		1,630,979
144A 4.441% 4/24/23 #		960,000		1,008,348
Vedanta Resources Finance II 144A 9.25% 4/23/26 #		1,345,000		958,985
				99,952,127
Brokerage – 0.37%
Charles Schwab 5.375% µy		4,755,000		5,091,749
Jefferies Group
4.15% 1/23/30		2,135,000		2,319,735
6.45% 6/8/27		893,000		1,048,337
6.50% 1/20/43		750,000		873,526
				9,333,347
Capital Goods – 3.58%
Amphenol 2.05% 3/1/25		1,150,000		1,201,632
Ashtead Capital 144A 5.25% 8/1/26 #		885,000		932,569
BMC East 144A 5.50% 10/1/24 #		645,000		652,189
Boise Cascade 144A 5.625% 9/1/24 #		265,000		267,953
Bombardier 144A 6.00% 10/15/22 #		685,000		481,178
Caterpillar
2.60% 4/9/30		4,740,000		5,160,739
3.25% 4/9/50		2,335,000		2,620,499
Cemex 144A 7.375% 6/5/27 #		1,680,000		1,711,080
Covanta Holding 5.875% 7/1/25		600,000		609,687
EnPro Industries 5.75% 10/15/26		240,000		240,854
General Dynamics
3.25% 4/1/25		2,920,000		3,240,467
4.25% 4/1/40		3,030,000		3,781,665
4.25% 4/1/50		1,755,000		2,290,114
General Electric
3.45% 5/1/27		1,490,000		1,529,756
3.625% 5/1/30		2,435,000		2,442,188
4.35% 5/1/50		4,675,000		4,640,805
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 #		855,000		864,529
HTA Group 144A 7.00% 12/18/25 #		1,395,000		1,415,862
Hutama Karya Persero 144A 3.75% 5/11/30 #		4,760,000		5,010,200
L3Harris Technologies
2.90% 12/15/29		4,525,000		4,881,576
3.85% 6/15/23		1,425,000		1,550,392
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #		3,435,000		3,381,285
Otis Worldwide 144A 2.056% 4/5/25 #		1,680,000		1,762,572

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Otis Worldwide
144A 2.565% 2/15/30 #		11,370,000	$	11,947,934
144A 3.112% 2/15/40 #		1,725,000		1,775,030
144A 3.362% 2/15/50 #		1,035,000		1,100,708
Roper Technologies
2.35% 9/15/24		1,415,000		1,492,229
2.95% 9/15/29		5,240,000		5,733,805
Standard Industries 144A 5.00% 2/15/27 #		2,100,000		2,132,351
TransDigm 144A 6.25% 3/15/26 #		3,738,000		3,742,112
United Rentals North America 5.50% 5/15/27		1,470,000		1,519,884
Waste Management
2.95% 6/15/24		900,000		921,864
3.45% 6/15/29		1,556,000		1,611,272
4.15% 7/15/49		739,000		927,894
WESCO Distribution 144A 7.125% 6/15/25 #		405,000		428,166
144A 7.25% 6/15/28 #		5,285,000		5,586,615
				89,589,655
Communications – 7.84%
Altice Financing 144A 5.00% 1/15/28 #		3,175,000		3,158,982
Altice France Holding
144A 6.00% 2/15/28 #		2,400,000		2,283,012
144A 10.50% 5/15/27 #		3,665,000		4,053,215
Amazon.com
1.20% 6/3/27		1,155,000		1,164,228
1.50% 6/3/30		1,865,000		1,895,618
2.50% 6/3/50		2,700,000		2,744,962
AMC Networks 4.75% 8/1/25		750,000		738,079
America Movil 2.875% 5/7/30		830,000		877,663
AT&T
2.30% 6/1/27		1,575,000		1,628,654
3.50% 6/1/41		1,260,000		1,328,097
3.65% 6/1/51		850,000		890,838
4.35% 3/1/29		1,642,000		1,915,481
4.50% 3/9/48		1,285,000		1,510,383
4.90% 8/15/37		3,115,000		3,740,161
C&W Senior Financing 144A 7.50% 10/15/26 #		570,000		584,481
Charter Communications Operating
2.80% 4/1/31		1,135,000		1,153,146
3.70% 4/1/51		2,025,000		1,980,562
4.464% 7/23/22		5,555,000		5,924,786
4.80% 3/1/50		1,635,000		1,860,769
4.908% 7/23/25		760,000		872,084
5.05% 3/30/29		5,770,000		6,811,041
Clear Channel Worldwide Holdings 9.25% 2/15/24		1,780,000		1,655,818
Comcast 3.20% 7/15/36		3,455,000		3,849,963

Diversified Income Series-7

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Comcast
3.70% 4/15/24		7,050,000	$	7,827,669
3.75% 4/1/40		835,000		985,666
Connect Finco 144A 6.75% 10/1/26 #		3,520,000		3,333,088
Crown Castle International
3.80% 2/15/28		5,075,000		5,710,630
4.30% 2/15/29		2,155,000		2,502,088
5.25% 1/15/23		2,190,000		2,437,822
CSC Holdings
5.875% 9/15/22		1,118,000		1,170,798
144A 7.75% 7/15/25 #		1,080,000		1,126,451
Digicel Group 0.5 PIK 10.00% 4/1/24 T		709,514		493,077
Discovery Communications
4.125% 5/15/29		11,195,000		12,788,937
5.20% 9/20/47		2,760,000		3,214,783
Frontier Communications 144A 8.00% 4/1/27 #‡		5,289,000		5,377,221
Gray Television 144A 5.875% 7/15/26 #		885,000		883,730
IHS Netherlands Holdco 144A 7.125% 3/18/25 #		1,275,000		1,300,500
Millicom International Cellular 144A 6.25% 3/25/29 #		1,365,000		1,456,885
Netflix 144A 3.625% 6/15/25 #		3,445,000		3,485,909
Ooredoo International Finance 144A 5.00% 10/19/25 #		605,000		693,340
Sable International Finance 144A 5.75% 9/7/27 #		545,000		556,685
Sirius XM Radio 144A 4.625% 7/15/24 #		3,160,000		3,249,870
Sprint Spectrum 144A 4.738% 3/20/25 #		2,130,000		2,313,489
Telefonica Celular del Paraguay 144A 5.875% 4/15/27 #		870,000		909,150
Terrier Media Buyer 144A 8.875% 12/15/27 #		2,175,000		2,090,719
Time Warner Cable 7.30% 7/1/38		5,775,000		8,014,216
Time Warner Entertainment 8.375% 3/15/23		2,495,000		2,925,838
T-Mobile USA
144A 1.50% 2/15/26 #		1,520,000		1,523,694
144A 3.50% 4/15/25 #		1,750,000		1,910,816
144A 3.75% 4/15/27 #		2,405,000		2,671,354
144A 3.875% 4/15/30 #		6,025,000		6,726,581
144A 4.375% 4/15/40 #		1,305,000		1,515,229
6.50% 1/15/26		1,110,000		1,161,265
Turk Telekomunikasyon 144A 6.875% 2/28/25 #		1,720,000		1,817,613
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 #		1,300,000		1,293,227
VEON Holdings 144A 4.00% 4/9/25 #		1,482,000		1,534,752

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications
3.15% 3/22/30		955,000	$	1,081,701
4.00% 3/22/50		650,000		822,101
4.50% 8/10/33		12,400,000		15,457,412
ViacomCBS
4.375% 3/15/43		5,775,000		6,045,623
4.95% 1/15/31		4,620,000		5,413,823
Vodafone Group
4.25% 9/17/50		2,090,000		2,459,679
4.875% 6/19/49		8,605,000		10,827,707
VTR Comunicaciones 144A 5.125% 1/15/28 #		615,000		630,683
VTR Finance 144A 6.375% 7/15/28 #		445,000		458,915
Weibo 3.375% 7/8/30		4,030,000		4,003,281
Zayo Group Holdings 144A 6.125% 3/1/28 #		1,465,000		1,427,232
				196,253,272
Consumer Cyclical – 2.75%
Allison Transmission 144A 5.875% 6/1/29 #		335,000		349,373
Aramark Services 144A 5.00% 2/1/28 #		2,365,000		2,252,178
Boyd Gaming 144A 4.75% 12/1/27 #		1,635,000		1,406,656
CK Hutchison International 20 144A 2.50% 5/8/30 #		1,430,000		1,467,931
Colt Merger Sub 144A 6.25% 7/1/25 #		2,670,000		2,655,849
Costco Wholesale
1.60% 4/20/30		2,540,000		2,571,838
1.75% 4/20/32		805,000		820,210
El Puerto de Liverpool 144A 3.95% 10/2/24 #		1,170,000		1,197,793
Ford Motor Credit 4.542% 8/1/26		4,740,000		4,544,475
Future Retail 144A 5.60% 1/22/25 #		1,250,000		827,674
General Motors
5.00% 10/1/28		2,289,000		2,432,445
5.40% 10/2/23		1,300,000		1,409,314
6.125% 10/1/25		1,300,000		1,462,580
General Motors Financial
5.20% 3/20/23		2,455,000		2,628,395
5.25% 3/1/26		2,986,000		3,256,557
Home Depot
2.70% 4/15/30		1,535,000		1,688,738
3.35% 4/15/50		1,345,000		1,541,308
Kia Motors 144A 3.00% 4/25/23 #		535,000		552,035
Lowe’s
4.05% 5/3/47		925,000		1,085,933
4.55% 4/5/49		8,649,000		10,969,932
5.125% 4/15/50		3,635,000		5,039,387
MGM China Holdings 144A 5.25% 6/18/25 #		1,055,000		1,081,375
MGM Resorts International 5.75% 6/15/25		2,242,000		2,223,806

Diversified Income Series-8

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Murphy Oil USA 5.625% 5/1/27		775,000	$	802,947
Prime Security Services Borrower 144A 5.75% 4/15/26 #		185,000		192,139
144A 6.25% 1/15/28 #		4,610,000		4,355,021
Resorts World Las Vegas 144A 4.625% 4/16/29 #		800,000		784,995
Sands China 144A 3.80% 1/8/26 #		750,000		774,383
144A 4.375% 6/18/30 #		940,000		982,601
Scientific Games International 144A 8.25% 3/15/26 #		480,000		426,818
Shimao Group Holdings 5.60% 7/15/26		1,315,000		1,386,503
TJX 3.875% 4/15/30		1,870,000		2,201,552
4.50% 4/15/50		1,000,000		1,284,328
VF 2.40% 4/23/25		2,015,000		2,123,628
				68,780,697
Consumer Non-Cyclical – 5.94%
AbbVie 144A 2.95% 11/21/26 #		5,100,000		5,585,287
144A 4.05% 11/21/39 #		6,371,000		7,399,208
Amgen 2.20% 2/21/27		1,070,000		1,129,987
Anheuser-Busch InBev Worldwide 3.65% 2/1/26		5,540,000		6,225,159
4.15% 1/23/25		5,315,000		6,034,766
Bausch Health 144A 5.50% 11/1/25 #		2,669,000		2,730,547
144A 6.25% 2/15/29 #		3,316,000		3,338,797
Biogen 2.25% 5/1/30		3,210,000		3,246,325
3.15% 5/1/50		7,485,000		7,240,755
BRF 144A 4.875% 1/24/30 #		880,000		830,500
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		7,560,000		8,187,603
Centene 3.375% 2/15/30		1,980,000		2,002,325
144A 5.375% 8/15/26 #		1,645,000		1,717,832
Charles River Laboratories International 144A 5.50% 4/1/26 #		795,000		829,109
Cigna 2.109% (LIBOR03M + 0.89%) 7/15/23 •		1,770,000		1,779,734
2.40% 3/15/30		1,360,000		1,412,776
3.20% 3/15/40		1,295,000		1,376,312
4.125% 11/15/25		6,384,000		7,342,063
Coca-Cola 1.45% 6/1/27		815,000		837,829
2.50% 6/1/40		940,000		974,971
Cott Holdings 144A 5.50% 4/1/25 #		645,000		649,963

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
CVS Health 3.75% 4/1/30		1,535,000	$	1,768,666
4.30% 3/25/28		16,475,000		19,273,315
4.78% 3/25/38		2,055,000		2,555,951
5.05% 3/25/48		65,000		84,688
DP World Crescent 144A 3.908% 5/31/23 #		400,000		416,560
Encompass Health 4.50% 2/1/28		2,065,000		1,984,073
4.75% 2/1/30		545,000		521,396
5.75% 9/15/25		610,000		629,145
Gilead Sciences 4.15% 3/1/47		8,220,000		10,483,964
HCA 5.875% 2/15/26		1,225,000		1,346,232
7.58% 9/15/25		80,000		92,400
JBS Investments II 144A 5.75% 1/15/28 #		845,000		836,761
144A 7.00% 1/15/26 #		815,000		857,197
JBS USA LUX 144A 5.75% 6/15/25 #		1,015,000		1,030,225
Kernel Holding 144A 6.50% 10/17/24 #		855,000		851,794
144A 8.75% 1/31/22 #		785,000		813,660
Kroger 2.20% 5/1/30		1,365,000		1,422,420
MHP 144A 7.75% 5/10/24 #		965,000		1,013,250
New York and Presbyterian Hospital 4.063% 8/1/56		1,630,000		2,035,613
Pfizer 2.55% 5/28/40		1,610,000		1,674,799
Post Holdings 144A 5.75% 3/1/27 #		720,000		747,292
Rede D’or Finance 144A 4.50% 1/22/30 #		1,245,000		1,100,655
Stryker 1.95% 6/15/30		4,058,000		4,080,480
Takeda Pharmaceutical 2.05% 3/31/30		1,120,000		1,110,999
3.025% 7/9/40		1,845,000		1,865,903
3.175% 7/9/50		1,845,000		1,861,036
Tenet Healthcare 5.125% 5/1/25		3,982,000		3,847,448
Teva Pharmaceutical Finance
Netherlands III 6.75% 3/1/28		2,071,000		2,192,578
Universal Health Services 144A 5.00% 6/1/26 #		485,000		498,706
Upjohn 144A 1.65% 6/22/25 #		595,000		607,287
144A 2.30% 6/22/27 #		495,000		511,827
144A 2.70% 6/22/30 #		3,640,000		3,747,766
144A 4.00% 6/22/50 #		845,000		908,436
US Foods 144A 6.25% 4/15/25 #		4,813,000		4,918,284
				148,562,654
Electric – 5.42%
Adani Electricity Mumbai 144A 3.949% 2/12/30 #		980,000		915,965
AEP Texas 3.45% 1/15/50		685,000		744,875

Diversified Income Series-9

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Electric (continued)
AES Gener 144A 7.125% 3/26/79 #µ		1,115,000	$	1,153,206
American Transmission Systems 144A 5.25% 1/15/22 #		3,930,000		4,164,470
Appalachian Power 3.70% 5/1/50		835,000		919,678
Berkshire Hathaway Energy 144A 4.25% 10/15/50 #		1,645,000		2,069,739
Calpine 144A 4.50% 2/15/28 #		896,000		879,585
144A 5.25% 6/1/26 #		649,000		657,187
CenterPoint Energy 3.85% 2/1/24		1,645,000		1,800,609
4.25% 11/1/28		5,198,000		6,046,884
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #		226,000		221,367
144A 4.625% 2/4/30 #		950,000		909,031
CLP Power Hong Kong Financing 2.875% 4/26/23		545,000		564,108
Comision Federal de Electricidad 144A 4.875% 1/15/24 #		251,000		265,092
Duke Energy 4.875% µy		3,655,000		3,655,791
Duke Energy Indiana 2.75% 4/1/50		4,280,000		4,327,369
3.25% 10/1/49		2,480,000		2,753,241
Emera 6.75% 6/15/76 µ		484,000		524,295
Engie Energia Chile 144A 4.50% 1/29/25 #		710,000		768,582
Entergy Arkansas 4.20% 4/1/49		1,930,000		2,442,367
Entergy Louisiana 4.95% 1/15/45		545,000		594,243
Entergy Mississippi 3.85% 6/1/49		3,060,000		3,663,609
Entergy Texas 3.55% 9/30/49		1,380,000		1,526,188
Evergy 4.85% 6/1/21		535,000		549,776
Evergy Kansas Central 3.45% 4/15/50		3,265,000		3,630,999
Evergy Metro 3.65% 8/15/25		3,445,000		3,886,593
Exelon 3.497% 6/1/22		2,700,000		2,819,275
3.95% 6/15/25		1,045,000		1,175,297
FirstEnergy Transmission 144A 4.55% 4/1/49 #		1,675,000		2,037,890
Interstate Power and Light 4.10% 9/26/28		6,990,000		8,105,669
Israel Electric 144A 5.00% 11/12/24 #		1,110,000		1,247,379
Kallpa Generacion 144A 4.125% 8/16/27 #		1,894,000		1,936,274
Listrindo Capital 144A 4.95% 9/14/26 #		1,190,000		1,201,900
Louisville Gas and Electric 4.25% 4/1/49		5,265,000		6,415,896
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #		1,897,000		1,917,261
National Rural Utilities Cooperative Finance 4.75% 4/30/43 µ		1,090,000		1,093,213
Nevada Power 3.125% 8/1/50		3,029,000		3,292,162

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital Holdings 2.90% 4/1/22		5,230,000	$	5,445,434
3.15% 4/1/24		2,530,000		2,747,484
NV Energy 6.25% 11/15/20		1,860,000		1,900,241
Pacific Gas and Electric 2.10% 8/1/27		925,000		915,815
2.50% 2/1/31		1,365,000		1,337,837
3.30% 8/1/40		580,000		565,819
PacifiCorp 2.70% 9/15/30		575,000		628,742
3.30% 3/15/51		795,000		879,814
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		475,000		501,629
144A 5.25% 5/15/47 #		528,000		596,268
PG&E 5.25% 7/1/30		3,735,000		3,763,013
Saudi Electricity Global Sukuk Co. 4 4.222% 1/27/24		1,135,000		1,217,905
Southern California Edison 3.65% 2/1/50		3,245,000		3,580,900
4.00% 4/1/47		1,745,000		1,996,001
4.875% 3/1/49		4,680,000		6,061,612
Southwestern Electric Power 4.10% 9/15/28		8,995,000		10,233,914
Vistra Operations 144A 5.50% 9/1/26 #		3,547,000		3,639,382
Xcel Energy 2.60% 12/1/29		845,000		910,091
3.40% 6/1/30		1,230,000		1,418,087
3.50% 12/1/49		5,630,000		6,306,529
				135,523,582
Energy – 5.24%
Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #		780,000		925,373
AES Andres 144A 7.95% 5/11/26 #		1,535,000		1,558,025
Bayan Resources 144A 6.125% 1/24/23 #		565,000		532,204
BP Capital Markets 4.875% µy		4,840,000		5,009,400
Chevron 2.236% 5/11/30		1,765,000		1,849,972
Crestwood Midstream Partners 6.25% 4/1/23		1,030,000		919,383
Ecopetrol 5.375% 6/26/26		445,000		467,668
6.875% 4/29/30		1,375,000		1,586,063
Energy Transfer Operating 5.25% 4/15/29		3,485,000		3,805,723
6.25% 4/15/49		8,255,000		8,760,303
Equinor 1.75% 1/22/26		1,235,000		1,265,994
Gazprom via Gaz Finance 144A 3.25% 2/25/30 #		1,395,000		1,391,513
Geopark 144A 5.50% 1/17/27 #		1,195,000		1,030,699
144A 6.50% 9/21/24 #		330,000		304,605

Diversified Income Series-10

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Energy (continued)
Gran Tierra Energy 144A 7.75% 5/23/27 #		1,420,000	$	645,213
Greenko Solar Mauritius 144A 5.95% 7/29/26 #		1,185,000		1,172,879
KazMunayGas National JSC 144A 6.375% 10/24/48 #		481,000		608,220
KazTransGas JSC 144A 4.375% 9/26/27 #		3,125,000		3,375,937
Lukoil Securities 144A 3.875% 5/6/30 #		3,090,000		3,225,187
Marathon Oil 4.40% 7/15/27		9,190,000		9,024,380
MPLX
4.00% 3/15/28		720,000		759,077
4.125% 3/1/27		3,915,000		4,180,153
5.50% 2/15/49		6,320,000		7,181,716
Murphy Oil 5.875% 12/1/27		3,362,000		2,961,720
Noble Energy
3.25% 10/15/29		3,785,000		3,424,608
3.90% 11/15/24		2,320,000		2,339,794
4.20% 10/15/49		5,680,000		4,720,274
4.95% 8/15/47		3,145,000		2,807,278
5.05% 11/15/44		665,000		605,095
NuStar Logistics 5.625% 4/28/27		420,000		406,923
Oil and Gas Holding 144A 7.625% 11/7/24 #		404,000		438,803
ONEOK 7.50% 9/1/23		5,305,000		6,074,874
Pertamina Persero 144A 3.65% 7/30/29 #		410,000		430,481
Petrobras Global Finance
144A 5.093% 1/15/30 #		4,854,000		4,844,292
6.75% 6/3/50		520,000		536,120
6.90% 3/19/49		223,000		235,377
7.25% 3/17/44		615,000		670,811
Petroleos Mexicanos
6.50% 3/13/27		244,000		220,574
6.50% 1/23/29		3,984,000		3,479,785
6.75% 9/21/47		1,433,000		1,104,313
Petronas Capital 144A 3.50% 4/21/30 #		500,000		556,726
Precision Drilling 144A 7.125% 1/15/26 #		420,000		257,695
PTTEP Treasury Center 144A 2.587% 6/10/27 #		4,563,000		4,676,514
ReNew Power 144A 5.875% 3/5/27 #		925,000		898,165
Sabine Pass Liquefaction 5.625% 3/1/25		3,420,000		3,911,140
5.75% 5/15/24		5,868,000		6,611,523
Saudi Arabian Oil 144A 2.875% 4/16/24 #		1,030,000		1,071,867
144A 4.25% 4/16/39 #		1,280,000		1,428,194
Schlumberger Holdings 144A 4.30% 5/1/29 #		4,475,000		4,948,889

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Energy (continued)
Sinopec Group Overseas Development 2018 144A 2.50% 8/8/24 #		600,000	$	623,197
Southwestern Energy 7.75% 10/1/27		2,790,000		2,436,102
Targa Resources Partners 5.375% 2/1/27		855,000		827,054
Tecpetrol 144A 4.875% 12/12/22 #		1,680,000		1,586,063
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		3,528,000		3,622,229
Transocean Proteus 144A 6.25% 12/1/24 #		513,500		474,987
Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		880,000		753,399
Tullow Oil 144A 7.00% 3/1/25 #		815,000		513,951
YPF 144A 8.50% 6/27/29 #		1,245,000		923,248
				131,001,752
Finance Companies – 0.97%
AerCap Ireland Capital DAC
3.65% 7/21/27		5,100,000		4,514,712
6.50% 7/15/25		1,125,000		1,179,830
Air Lease
3.00% 2/1/30		3,525,000		3,273,228
3.375% 7/1/25		1,255,000		1,256,109
Ally Financial 5.75% 11/20/25		3,090,000		3,304,873
China Overseas Finance Cayman V 3.95% 11/15/22		870,000		914,482
GE Capital Funding 144A 3.45% 5/15/25 #		2,975,000		3,118,952
International Lease Finance 8.625% 1/15/22		6,210,000		6,674,426
				24,236,612
Insurance – 0.90%
AIA Group
3.125% 3/13/23		890,000		927,197
144A 3.20% 3/11/25 #		210,000		224,422
144A 3.375% 4/7/30 #		705,000		771,086
American International Group 3.40% 6/30/30		2,765,000		3,001,386
Aon 2.80% 5/15/30		295,000		316,005
AssuredPartners 144A 7.00% 8/15/25 #		569,000		570,772
Brighthouse Financial 5.625% 5/15/30		1,610,000		1,787,262
HUB International 144A 7.00% 5/1/26 #		2,490,000		2,492,502
MetLife 144A 9.25% 4/8/38 #		2,655,000		3,686,640
Prudential Financial 3.70% 3/13/51		3,275,000		3,620,298
5.375% 5/15/45 µ		2,755,000		2,916,904
USI 144A 6.875% 5/1/25 #		2,183,000		2,208,901
				22,523,375
Natural Gas – 0.37%
Brooklyn Union Gas 144A 3.865% 3/4/29 #		6,330,000		7,274,240

Diversified Income Series-11

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Natural Gas (continued)
NiSource 5.65% µy		2,080,000	$	1,987,419
				9,261,659
Real Estate Investment Trusts – 0.69%
American Tower Trust #1 144A 3.07% 3/15/23 #		3,070,000		3,147,544
Arabian Centres Sukuk 144A 5.375% 11/26/24 #		810,000		717,255
Corporate Office Properties
3.60% 5/15/23		1,750,000		1,782,076
5.25% 2/15/24		1,755,000		1,881,540
CubeSmart
3.00% 2/15/30		3,415,000		3,629,176
3.125% 9/1/26		1,825,000		1,943,690
Kaisa Group Holdings 9.375% 6/30/24		1,180,000		1,083,997
MGM Growth Properties Operating Partnership 5.75% 2/1/27		265,000		272,040
Regency Centers 3.70% 6/15/30		2,715,000		2,924,440
				17,381,758
Technology – 2.84%
Apple 1.65% 5/11/30		1,855,000		1,919,569
Baidu 3.875% 9/29/23		1,415,000		1,509,235
Broadcom
144A 3.15% 11/15/25 #		1,610,000		1,711,431
144A 4.15% 11/15/30 #		2,169,000		2,364,885
144A 4.70% 4/15/25 #		1,724,000		1,943,085
144A 5.00% 4/15/30 #		2,770,000		3,189,210
CDK Global
5.00% 10/15/24		1,870,000		1,988,016
5.875% 6/15/26		1,268,000		1,319,906
CommScope Technologies 144A 5.00% 3/15/27 #		374,000		337,988
Equinix 5.375% 5/15/27		850,000		929,318
Fiserv 2.65% 6/1/30		2,190,000		2,315,286
Global Payments
2.65% 2/15/25		4,950,000		5,260,364
2.90% 5/15/30		2,685,000		2,811,678
3.20% 8/15/29		3,600,000		3,863,075
International Business Machines
1.95% 5/15/30		2,085,000		2,136,766
3.00% 5/15/24		9,490,000		10,282,409
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		682,000		687,838
Microchip Technology 144A 4.25% 9/1/25 #		1,580,000		1,594,526
NXP 144A 2.70% 5/1/25 #		345,000		362,971
144A 3.40% 5/1/30 #		670,000		722,435
144A 4.125% 6/1/21 #		4,875,000		5,021,572
144A 4.30% 6/18/29 #		739,000		839,875
144A 4.875% 3/1/24 #		6,435,000		7,190,413
Oracle 2.95% 4/1/30		2,665,000		2,975,134

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
PayPal Holdings 1.65% 6/1/25		2,340,000	$	2,424,936
2.30% 6/1/30		2,255,000		2,348,469
Tencent Holdings 144A 3.28% 4/11/24 #		1,305,000		1,387,883
Xilinx 2.375% 6/1/30		1,565,000		1,615,574
				71,053,847
Transportation – 1.40%
Aeropuertos Argentina 2000 144A PIK 9.375% 2/1/27 #T		1,321,774		1,040,897
Aerovias de Mexico 144A 7.00% 2/5/25 #‡		1,265,000		300,437
ASG Finance Designated Activity 144A 7.875% 12/3/24 #		1,201,000		852,710
Autoridad del Canal de Panama 144A 4.95% 7/29/35 #		1,127,000		1,289,632
Azul Investments 144A 5.875% 10/26/24 #		1,495,000		702,867
Delta Air Lines 144A 7.00% 5/1/25 #		11,085,000		11,454,340
FedEx 4.05% 2/15/48		9,855,000		10,140,957
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		1,100,000		1,176,087
Rumo Luxembourg 144A 5.25% 1/10/28 #		1,395,000		1,395,000
Rutas 2 and 7 Finance 144A 3.314% 9/30/36 #^		1,240,000		812,200
Southwest Airlines 5.125% 6/15/27		2,515,000		2,611,134
Union Pacific 3.25% 2/5/50		2,910,000		3,197,704
				34,973,965
Utilities – 0.39%
Aegea Finance 144A 5.75% 10/10/24 #		855,000		868,984
Empresas Publicas de Medellin 144A 4.25% 7/18/29 #		1,345,000		1,352,310
Essential Utilities 2.704% 4/15/30		1,345,000		1,408,875
3.351% 4/15/50		1,315,000		1,376,697
Grupo Energia Bogota 144A 4.875% 5/15/30 #		1,165,000		1,225,434
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #		290,000		285,232
144A 4.875% 1/14/48 #		1,280,000		1,218,298
Sempra Energy 4.875% µy		1,970,000		1,974,925
				9,710,755
Total Corporate Bonds (cost $1,232,526,665)				1,292,113,401
Loan Agreements – 4.24%
Acrisure Tranche B 3.678% (LIBOR01M + 3.50%) 2/15/27 •		1,327,299		1,257,616

Diversified Income Series-12

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Loan Agreements (continued)
American Airlines Tranche B 2.185% (LIBOR01M + 2.00%) 12/14/23 •		1,054,070	$	859,820
Applied Systems 1st Lien TBD 9/19/24 X		1,586,000		1,552,297
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 •		3,109,023		3,116,796
Aramark Services Tranche B-3 1.928% (LIBOR03M + 1.75%) 3/11/25 •		979,296		928,862
AssuredPartners 3.678% (LIBOR01M + 3.50%) 2/12/27 •		308,914		296,171
AthenaHealth Tranche B 1st Lien 4.818% (LIBOR03M + 4.50%) 2/11/26 •		948,000		918,770
Ball Metalpack Finco 2nd Lien 9.75% (LIBOR03M + 8.75%) 7/24/26 •		213,000		171,465
Bausch Health 3.19% (LIBOR01M + 3.00%) 6/2/25 •		658,071		639,872
Berry Global Tranche W 2.177% (LIBOR01M + 2.00%) 10/1/22 •		2,175,000		2,124,703
Berry Global Tranche Y 2.177% (LIBOR01M + 2.00%) 7/1/26 •		1,543,410		1,482,225
Blue Ribbon 1st Lien 5.00% (LIBOR03M + 4.00%) 11/15/21 •		629,896		541,710
Boxer Parent 4.428% (LIBOR01M + 4.25%) 10/2/25 •		1,015,384		963,890
Buckeye Partners 2.923% (LIBOR01M + 2.75%) 11/1/26 •		1,052,789		1,015,152
BWay Holding 4.561% (LIBOR03M + 3.25%) 4/3/24 •		483,606		436,696
Caesars Resort Collection Tranche B-1 TBD 7/21/25 X		1,105,000		1,042,055
Calpine
2.43% (LIBOR01M + 2.25%) 1/15/24 •		712,666		689,356
2.43% (LIBOR01M + 2.25%) 4/5/26 •		594,000		574,377
Carnival TBD 6/30/25 X		950,000		921,500
Change Healthcare Holdings 3.50% (LIBOR03M + 2.50%) 3/1/24 •		530,370		510,703
Charter Communications Operating Tranche B2 1.93% (LIBOR01M + 1.75%) 2/1/27 •		1,158,417		1,116,585
Chemours Tranche B-2 1.93% (LIBOR01M + 1.75%) 4/3/25 •		1,826,430		1,736,630
CityCenter Holdings 3.00% (LIBOR01M + 2.25%) 4/18/24 •		1,361,449		1,241,188
Connect US Finco 5.50% (LIBOR03M + 4.50%) 12/12/26 •		1,305,728		1,233,260
Core & Main 3.75% (LIBOR03M + 2.75%) 8/1/24 •		1,475,940		1,411,367
CPI Holdco 1st Lien 4.428% (LIBOR01M + 4.25%) 11/4/26 •		311,220		301,105

	Principal		Value
	amount°		(US $)
Loan Agreements (continued)
CSC Holdings
2.435% (LIBOR01M + 2.25%) 7/17/25 •		785,700	$	747,201
2.685% (LIBOR01M + 2.50%) 4/15/27 •		788,025		751,382
DaVita Tranche B-1 1.928% (LIBOR01M + 1.75%) 8/12/26 •		1,628,713		1,583,109
Edgewater Generation 3.928% (LIBOR01M + 3.75%) 12/15/25 •		265,094		253,827
Ensemble RCM 4.437% (LIBOR03M + 3.75%) 8/1/26 •		782,090		763,515
ESH Hospitality 2.178% (LIBOR01M + 2.00%) 9/18/26 •		845,088		806,003
ExamWorks Group Tranche B-1 4.322% (LIBOR03M + 3.25%) 7/27/23 •		1,970,981		1,932,793
Frontier Communications Tranche B-1 5.352% (LIBOR03M + 3.75%) 6/17/24 •		1,450,272		1,419,816
Garda World Security Tranche B 1st Lien 4.93% (LIBOR01M + 4.75%) 10/30/26 •		383,943		378,184
Gardner Denver Tranche B-1 1.928% (LIBOR01M + 1.75%) 3/1/27 •		1,494,988		1,423,976
Gentiva Health Services Tranche B 3.438% (LIBOR01M + 3.25%) 7/2/25 •		1,959,360		1,905,478
Granite US Holdings Tranche B 6.322% (LIBOR06M + 5.25%) 9/30/26 •		278,264		244,872
Gray Television Tranche B-2 2.423% (LIBOR01M + 2.25%) 2/7/24 •		1,592,396		1,541,307
GVC Holdings Tranche B3 3.308% (LIBOR06M + 2.25%) 3/29/24 •		1,418,353		1,368,710
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 •		1,745,000		1,707,191
HCA Tranche B-12 1.928% (LIBOR01M + 1.75%) 3/13/25 •		3,012,577		2,959,857
Hilton Worldwide Finance Tranche B-2 1.935% (LIBOR01M + 1.75%) 6/22/26 •		188,754		176,957
HUB International 4.02% (LIBOR02M + 3.00%) 4/25/25 •		1,960,000		1,874,250
Ineos US Finance 2.178% (LIBOR01M + 2.00%) 4/1/24 •		721,685		684,248
Informatica 3.428% (LIBOR01M + 3.25%) 2/25/27 •		2,515,513		2,526,519
Invictus US 1st Lien 4.779% (LIBOR03M + 3.00%) 3/28/25 •		598,232		557,851
IQVIA Tranche B-3 2.058% (LIBOR03M + 1.75%) 6/11/25 •		1,455,300		1,413,460

Diversified Income Series-13

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Loan Agreements (continued)
Iron Mountain Information Management Tranche B 1.928% (LIBOR01M + 1.75%) 1/2/26 •		1,934,422	$	1,860,370
JBS USA LUX 3.072% (LIBOR06M + 2.00%) 5/1/26 •		385,125		369,239
Kronos 3.179% (LIBOR01M + 3.00%) 11/1/23 •		2,453,505		2,451,204
Merrill Communications Tranche B 1st Lien 6.195% (LIBOR06M + 5.00%) 10/5/26 •		424,865		418,492
Microchip Technology 2.18% (LIBOR01M + 2.00%) 5/29/25 •		1,351,108		1,311,700
Mileage Plus Holdings TBD 0.00% 6/25/27 X		2,150,000		2,138,291
NFP 3.428% (LIBOR01M + 3.25%) 2/15/27 •		604,649		565,347
Numericable US Tranche B-11 TBD 7/31/25 X		865,123		821,867
Numericable US Tranche B-13 4.185% (LIBOR01M + 4.00%) 8/14/26 •		349,675		337,611
ON Semiconductor Tranche B-4 TBD 9/16/26 X		1,695,620		1,631,328
Penn National Gaming Tranche B-1 3.00% (LIBOR03M + 2.25%) 10/15/25 •		1,403,625		1,310,986
PQ Tranche B 2.428% (LIBOR01M + 2.25%) 2/8/27 •		2,172,180		2,121,173
PQ Tranche B TBD 2/7/27 X		750,000		735,937
Prestige Brands Tranche B-4 2.178% (LIBOR01M + 2.00%) 1/26/24 •		949,374		936,320
Prime Security Services Borrower Tranche B-1 4.25% (LIBOR03M + 3.25%) 9/23/26 •		918,579		885,281
Radiate Holdco 3.75% (LIBOR01M + 3.00%) 2/1/24 •		434,877		416,817
Russell Investments US Institutional Holdco 3.822% (LIBOR03M + 2.75%) 6/1/23 •		447,494		436,120
Scientific Games International Tranche B-5 3.476% (LIBOR03M + 2.75%) 8/14/24 •		2,439,485		2,162,603
Sinclair Television Group Tranche B 2.43% (LIBOR01M + 2.25%) 1/3/24 •		1,195,220		1,145,418
Solenis International 1st Lien 4.363% (LIBOR03M + 4.00%) 6/26/25 •		1,193,909		1,147,147
SS&C Technologies Tranche B-3 1.928% (LIBOR01M + 1.75%) 4/16/25 •		700,373		670,983

	Principal		Value
	amount°		(US $)
Loan Agreements (continued)
SS&C Technologies Tranche B-4 1.928% (LIBOR01M + 1.75%) 4/16/25 •		492,061	$	471,412
Stars Group Holdings 3.808% (LIBOR03M + 3.50%) 7/10/25 •		485,310		483,617
Surf Holdings 1st Lien 3.827% (LIBOR03M + 3.50%) 3/5/27 •		650,000		625,760
Tecta America TBD 11/20/25 X		490,337		456,014
Telenet Financing Tranche AR 2.185% (LIBOR01M + 2.00%) 4/30/28 •		1,480,000		1,399,922
Terrier Media Buyer 4.428% (LIBOR01M + 4.25%) 12/17/26 •		941,270		901,266
Titan Acquisition 4.45% (LIBOR06M + 3.00%) 3/28/25 •		139,436		127,793
T-Mobile USA 3.178% (LIBOR01M + 3.00%) 4/1/27 •		1,135,000		1,135,000
Transdigm Tranche F 2.428% (LIBOR01M + 2.25%) 12/9/25 •		1,767,789		1,604,637
Trident TPI Holdings Tranche B-1 4.072% (LIBOR03M + 3.00%) 10/17/24 •		650,019		623,408
Ultimate Software Group 1st Lien 3.928% (LIBOR01M + 3.75%) 5/4/26 •		3,995,617		3,876,464
Ultimate Software Group TBD 5/4/26 X		6,495,000		6,431,791
United Rentals (North America) 1.928% (LIBOR01M + 1.75%) 10/31/25 •		122,813		119,512
US Foods Tranche B 3.072% (LIBOR01M + 2.00%) 9/13/26 •		1,642,588		1,550,192
USI 4.308% (LIBOR03M + 4.00%) 12/2/26 •		345,336		335,623
USI Tranche B 3.308% (LIBOR03M + 3.00%) 5/16/24 •		2,862,487		2,725,088
USIC Holdings Tranche B 4.25% (LIBOR01M + 3.25%) 12/8/23 •		401,279		383,723
Vertical Midco Tranche B TBD 6/30/27 X		2,220,000		2,175,600
Vistra Operations 1.931% (LIBOR01M + 1.75%) 12/31/25 •		1,992,123		1,792,911
Zekelman Industries 2.43% (LIBOR01M + 2.25%) 1/24/27 •		558,600		537,652
Zelis Cost Management Buyer 4.928% (LIBOR01M + 4.75%) 9/30/26 •		452,924		445,281
Total Loan Agreements (cost $109,063,865)				106,181,577
Municipal Bonds – 0.08%
South Carolina Public Service Authority Series D 4.77% 12/1/45		340,000		423,477

Diversified Income Series-14

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Municipal Bonds (continued)
State of California Various Purposes (Taxable Build America Bonds) 7.55% 4/1/39		925,000	$	1,651,208
Total Municipal Bonds (cost $1,753,066)				2,074,685
Non-Agency Asset-Backed Securities – 1.81%
Chesapeake Funding II Series 2017-3A A2 144A 0.525% (LIBOR01M + 0.34%) 8/15/29 #•		846,662		845,659
Citicorp Residential Mortgage Trust Series 2006-3 A5 5.14% 11/25/36 •		1,492,289		1,540,087
CNH Equipment Trust Series 2019-B A2 2.55% 9/15/22		2,035,567		2,048,954
Ford Credit Auto Owner Trust Series 2020-A A2 1.03% 10/15/22		2,500,000		2,511,227
Hardee’s Funding
Series 2018-1A A2I 144A 4.25% 6/20/48 #		1,793,063		1,822,271
Series 2018-1A A2II 144A 4.959% 6/20/48 #		1,228,125		1,215,770
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		4,336,500		3,947,603
Mercedes-Benz Auto Lease Trust
Series 2019-B A2 2.01% 12/15/21		847,172		851,263
Series 2020-A A2 1.82% 3/15/22		1,150,000		1,156,301
Mercedes-Benz Master Owner Trust
Series 2018-BA A 144A 0.525% (LIBOR01M + 0.34%) 5/15/23 #•		1,000,000		984,314
Series 2019-AA A 144A 0.535% (LIBOR01M + 0.35%) 5/15/23 #•		5,675,000		5,654,949
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1 A 144A 0.815% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #•		950,000		946,523
Nissan Master Owner Trust Receivables Series 2019-B A 0.615% (LIBOR01M + 0.43%) 11/15/23 •		1,250,000		1,242,750
PFS Financing Series 2018-E A 144A 0.635% (LIBOR01M + 0.45%) 10/17/22 #•		5,500,000		5,465,536
Taco Bell Funding Series 2016-1A A2II 144A 4.377% 5/25/46 #		1,697,500		1,702,881
Towd Point Mortgage Trust Series 2015-5 A1B 144A 2.75% 5/25/55 #•		394,992		397,639

	Principal		Value
	amount°		(US $)
Non-Agency Asset-Backed Securities (continued)
Towd Point Mortgage Trust
Series 2015-6 A1B 144A 2.75% 4/25/55 #•		541,465	$	550,649
Series 2016-1 A1B 144A 2.75% 2/25/55 #•		286,478		289,880
Series 2016-2 A1 144A 3.00% 8/25/55 #•		362,461		371,857
Series 2016-3 A1 144A 2.25% 4/25/56 #•		436,923		439,414
Series 2017-1 A1 144A 2.75% 10/25/56 #•		455,733		466,332
Series 2017-2 A1 144A 2.75% 4/25/57 #•		247,478		251,835
Series 2017-4 M1 144A 3.25% 6/25/57 #•		1,505,000		1,549,717
Series 2018-1 A1 144A 3.00% 1/25/58 #•		479,583		496,826
Trafigura Securitisation Finance Series 2018-1A A1 144A 0.915% (LIBOR01M + 0.73%) 3/15/22 #•		3,340,000		3,328,624
Vantage Data Centers Issuer Series 2018-1A A2 144A 4.072% 2/16/43 #		561,583		577,143
Volvo Financial Equipment Master Owner Trust Series 2017-A A 144A 0.685% (LIBOR01M + 0.50%) 11/15/22 #•		3,500,000		3,497,886
Wendy’s Funding Series 2018-1A A2I 144A 3.573% 3/15/48 #		1,145,625		1,187,383
Total Non-Agency Asset-Backed Securities (cost $45,434,152)				45,341,273
Non-Agency Collateralized Mortgage Obligations – 1.64%
Chase Home Lending Mortgage Trust Series 2019-ATR2 A3 144A 3.50% 7/25/49 #•		842,457		862,840
Citicorp Mortgage Securities Trust Series 2006-3 1A9 5.75% 6/25/36		47,434		47,193
Connecticut Avenue Securities Trust
Series 2018-R07 1M2 144A 2.585% (LIBOR01M + 2.40%) 4/25/31 #•		1,540,798		1,523,427
Series 2019-R01 2M2 144A 2.635% (LIBOR01M + 2.45%) 7/25/31 #•		951,447		928,193
Series 2019-R02 1M2 144A 2.485% (LIBOR01M + 2.30%, Floor 2.30%) 8/25/31 #•		3,437,095		3,385,394

Diversified Income Series-15

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Flagstar Mortgage Trust Series 2018-5 A7 144A 4.00% 9/25/48 #•		235,299	$	237,278
Galton Funding Mortgage Trust Series 2018-1 A43 144A 3.50% 11/25/57 #•		421,241		425,453
Holmes Master Issuer Series 2018-2A A2 144A 1.639% (LIBOR03M + 0.42%) 10/15/54 #•		959,103		957,433
JPMorgan Mortgage Trust
Series 2014-2 B1 144A 3.396% 6/25/29 #•		502,318		501,897
Series 2014-2 B2 144A 3.396% 6/25/29 #•		187,760		187,505
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #•		987,412		999,772
Series 2015-1 B2 144A 2.241% 12/25/44 #•		1,242,837		1,200,543
Series 2015-4 B1 144A 3.617% 6/25/45 #•		1,011,878		1,026,273
Series 2015-4 B2 144A 3.617% 6/25/45 #•		725,912		733,487
Series 2015-5 B2 144A 2.755% 5/25/45 #•		1,174,486		1,193,707
Series 2015-6 B1 144A 3.591% 10/25/45 #•		692,700		704,470
Series 2015-6 B2 144A 3.591% 10/25/45 #•		671,053		678,688
Series 2016-4 B1 144A 3.885% 10/25/46 #•		493,493		513,478
Series 2016-4 B2 144A 3.885% 10/25/46 #•		846,634	��	866,030
Series 2017-1 B3 144A 3.52% 1/25/47 #•		1,664,285		1,653,810
Series 2017-2 A3 144A 3.50% 5/25/47 #•		537,707		550,165
Series 2020-1 A4 144A 3.50% 6/25/50 #•		2,978,141		3,037,018
Series 2020-2 A3 144A 3.50% 7/25/50 #•		1,185,487		1,213,338
New Residential Mortgage Loan Trust Series 2018-RPL1 A1 144A 3.50% 12/25/57 #•		728,632		777,338
Permanent Master Issuer Series 2018-1A 1A1 144A 1.599% (LIBOR03M + 0.38%) 7/15/58 #•		500,000		499,697
Sequoia Mortgage Trust Series 2014-2 A4 144A 3.50% 7/25/44 #•		347,584		357,892

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Sequoia Mortgage Trust
Series 2015-1 B2 144A 3.87% 1/25/45 #•		720,535	$	729,449
Series 2015-2 B2 144A 3.738% 5/25/45 #•		4,651,253		4,734,599
Series 2017-4 A1 144A 3.50% 7/25/47 #•		482,595		497,815
Series 2017-5 B1 144A 3.839% 8/25/47 #•		3,469,499		3,578,998
Series 2018-5 A4 144A 3.50% 5/25/48 #•		595,219		603,489
Series 2020-3 A1 144A 3.00% 4/25/50 #•		1,517,457		1,577,498
Silverstone Master Issuer Series 2018-1A 1A 144A 1.499% (LIBOR03M + 0.39%) 1/21/70 #•		2,240,000		2,230,238
Washington Mutual Mortgage Pass Through Certificates Trust Series 2005-1 5A2 6.00% 3/25/35 ◆		3,009		168
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR5 2A1 3.995% 4/25/36 •		89,445		83,052
Series 2007-AR10 2A1 4.31% 1/25/38 •		476,343		415,496
Series 2020-1 A1 144A 3.00% 12/25/49 #•		1,359,127		1,405,837
Total Non-Agency Collateralized Mortgage Obligations (cost $40,413,886)				40,918,958
Non-Agency Commercial Mortgage-Backed Securities – 8.29%
BANK
Series 2017-BNK5 A5 3.39% 6/15/60		3,645,000		4,050,382
Series 2017-BNK5 B 3.896% 6/15/60 •		1,500,000		1,517,452
Series 2017-BNK7 A5 3.435% 9/15/60		2,645,000		2,956,193
Series 2019-BN20 A3 3.011% 9/15/62		1,850,000		2,048,225
Series 2019-BN21 A5 2.851% 10/17/52		5,000,000		5,470,029
Series 2020-BN25 A5 2.649% 1/15/63		13,000,000		14,060,223
Benchmark Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 •		1,270,000		1,438,309
Series 2018-B3 A5 4.025% 4/10/51		1,075,000		1,247,689
Series 2019-B9 A5 4.016% 3/15/52		8,710,000		10,212,080

Diversified Income Series-16

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Benchmark Mortgage Trust Series 2020-B17 A5 2.289% 3/15/53		1,400,000	$	1,466,583
Cantor Commercial Real Estate Lending
Series 2019-CF1 A5 3.786% 5/15/52		5,060,000		5,813,229
Series 2019-CF2 A5 2.874% 11/15/52		6,500,000		6,717,454
Series 2019-CF3 A4 3.006% 1/15/53		1,500,000		1,638,331
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		12,150,000		13,087,352
Series 2019-CD8 A4 2.912% 8/15/57		2,650,000		2,890,330
CFCRE Commercial Mortgage Trust
Series 2011-C2 C 144A 5.93% 12/15/47 #•		880,000		899,676
Series 2016-C7 A3 3.839% 12/10/54		5,695,000		6,356,150
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		1,935,000		2,091,819
Series 2015-GC27 A5 3.137% 2/10/48		2,780,000		2,951,907
Series 2016-P3 A4 3.329% 4/15/49		3,100,000		3,368,073
Series 2017-C4 A4 3.471% 10/12/50		1,560,000		1,735,127
Series 2018-C5 A4 4.228% 6/10/51 •		725,000		846,414
Series 2019-C7 A4 3.102% 12/15/72		1,450,000		1,615,516
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #		3,050,000		3,100,172
Series 2013-WWP A2 144A 3.424% 3/10/31 #		2,540,000		2,698,865
Series 2014-CR19 A5 3.796% 8/10/47		9,707,000		10,570,624
Series 2014-CR20 AM 3.938% 11/10/47		7,775,000		8,213,991
Series 2015-3BP A 144A 3.178% 2/10/35 #		3,960,000		4,189,945
Series 2015-CR23 A4 3.497% 5/10/48		1,910,000		2,075,117
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		1,790,000		1,944,721
Series 2016-C3 A5 2.89% 8/10/49		1,985,000		2,127,067
DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.876% 11/10/46 #•		1,265,000		1,272,489
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #•		1,010,000		1,002,958
Series 2015-GC32 A4 3.764% 7/10/48		1,240,000		1,365,716
Series 2017-GS5 A4 3.674% 3/10/50		2,980,000		3,312,916
Series 2017-GS6 A3 3.433% 5/10/50		4,410,000		4,904,947

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust
Series 2018-GS9 A4 3.992% 3/10/51 •		1,370,000	$	1,563,747
Series 2019-GC39 A4 3.567% 5/10/52		820,000		933,199
Series 2019-GC42 A4 3.001% 9/1/52		3,750,000		4,130,078
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48		3,395,000		3,744,419
Series 2015-C33 A4 3.77% 12/15/48		4,710,000		5,215,626
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		2,080,000		2,246,182
Series 2017-C7 A5 3.409% 10/15/50		3,425,000		3,809,399
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46		2,445,000		2,353,109
Series 2015-JP1 A5 3.914% 1/15/49		1,590,000		1,773,457
Series 2016-JP2 A4 2.822% 8/15/49		4,995,000		5,317,468
Series 2016-JP2 AS 3.056% 8/15/49		3,095,000		3,164,477
Series 2016-WIKI A 144A 2.798% 10/5/31 #		1,610,000		1,600,056
Series 2016-WIKI B 144A 3.201% 10/5/31 #		1,490,000		1,468,582
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 •		1,015,520		587,532
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		1,640,000		1,769,279
Series 2015-C26 A5 3.531% 10/15/48		1,970,000		2,152,831
Series 2016-C29 A4 3.325% 5/15/49		1,620,000		1,764,747
Morgan Stanley Capital I Trust
Series 2006-HQ10 B 5.448% 11/12/41 •		1,604,590		1,581,692
Series 2006-T21 B 144A 5.682% 10/12/52 #•		639,984		637,169
Series 2019-L3 A4 3.127% 11/15/52		2,400,000		2,675,755
UBS Commercial Mortgage Trust
Series 2012-C1 A3 3.40% 5/10/45		2,498,820		2,574,042
Series 2018-C9 A4 4.117% 3/15/51 •		2,365,000		2,694,107
UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B 144A 3.649% 3/10/46 #•		1,000,000		991,993
Wells Fargo Commercial Mortgage Trust Series 2014-LC18 A5 3.405% 12/15/47		1,175,000		1,225,756

Diversified Income Series-17

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

		Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS3 A4 3.617% 9/15/57			1,250,000	$	1,365,997
Series 2016-BNK1 A3 2.652% 8/15/49			2,575,000		2,699,224
Series 2017-C38 A5 3.453% 7/15/50			2,240,000		2,501,551
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45			3,605,000		3,696,540
Total Non-Agency Commercial Mortgage-Backed Securities (cost $197,528,796)					207,496,085
Sovereign Bonds – 2.23% D
Albania – 0.02%
Albania Government International Bond 144A 3.50% 6/16/27 #	EUR		350,000		391,918
					391,918
Angola – 0.01%
Angolan Government International Bond 8.25% 5/9/28			353,000		292,212
					292,212
Argentina – 0.06%
Argentine Republic Government International Bond
5.625% 1/26/22			3,252,000		1,359,385
6.875% 1/11/48			328,000		128,986
					1,488,371
Azerbaijan – 0.04%
Republic of Azerbaijan International Bond 144A 4.75% 3/18/24 #			861,000		919,402
					919,402
Bahrain – 0.03%
Bahrain Government International Bond 144A 7.375% 5/14/30 #			600,000		685,020
					685,020
Belarus – 0.01%
Republic of Belarus International Bond 144A 6.20% 2/28/30 #			200,000		191,764
					191,764
Brazil – 0.03%
Brazilian Government International Bond
3.875% 6/12/30			200,000		193,210
4.75% 1/14/50			525,000		494,616
					687,826

	Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Chile – 0.03%
Chile Government International Bond 3.50% 1/25/50		701,000	$	789,684
				789,684
Colombia – 0.05%
Colombia Government International Bond
4.00% 2/26/24		732,000		768,831
5.00% 6/15/45		442,000		498,043
				1,266,874
Dominican Republic – 0.07%
Dominican Republic International Bond
144A 4.50% 1/30/30 #		544,000		494,768
144A 6.00% 7/19/28 #		1,176,000		1,187,243
				1,682,011

Diversified Income Series-18

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Ecuador – 0.02%
Ecuador Government International Bond 144A 10.65% 1/31/29 #		1,237,000	$	513,664
				513,664
Egypt – 0.29%
Egypt Government International Bond
144A 5.577% 2/21/23 #		5,915,000		6,062,875
144A 5.75% 5/29/24 #		275,000		276,222
144A 8.70% 3/1/49 #		879,000		865,301
				7,204,398
El Salvador – 0.02%
El Salvador Government International Bond 144A 7.125% 1/20/50 #		609,000		498,467
				498,467
Gabon – 0.01%
Gabon Government International Bond 144A 6.625% 2/6/31 #		275,000		246,391
				246,391
Ghana – 0.03%
Ghana Government International Bond 144A 7.875% 3/26/27 #		752,000		747,519
				747,519
Guatemala – 0.02%
Guatemala Government Bond 144A 4.875% 2/13/28 #		387,000		414,090
				414,090
Honduras – 0.02%
Honduras Government International Bond 144A 5.625% 6/24/30 #		600,000		611,700
				611,700
Indonesia – 0.02%
Indonesia Government International Bond
144A 3.375% 4/15/23 #		250,000		260,721
144A 4.625% 4/15/43 #		230,000		264,562
				525,283
Ivory Coast – 0.04%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		892,000		892,410
				892,410
Jordan – 0.01%
Jordan Government International Bond 144A 5.75% 1/31/27 #		244,000		253,789
				253,789
Kenya – 0.08%
Kenya Government International Bond
144A 6.875% 6/24/24 #		523,000		532,767
144A 8.00% 5/22/32 #		1,585,000		1,569,657
				2,102,424

		Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Lebanon – 0.01%
Lebanon Government International Bond 6.25% 5/27/22 ‡			1,351,000	$	259,054
					259,054
Mexico – 0.03%
Mexico Government International Bond
3.25% 4/16/30			500,000		495,975
4.60% 2/10/48			378,000		393,798
					889,773
Mongolia – 0.03%
Mongolia Government International Bond 144A 5.625% 5/1/23 #			769,000		771,884
					771,884
Nigeria – 0.03%
Nigeria Government International Bond 144A 7.875% 2/16/32 #			852,000		806,222
					806,222
North Macedonia – 0.01%
North Macedonia Government International Bond 144A 3.675% 6/3/26 #	EUR		250,000		286,071
					286,071
Oman – 0.02%
Oman Government International Bond 144A 6.75% 1/17/48 #			630,000		547,627
					547,627
Panama – 0.07%
Panama Government International Bond
144A 3.75% 4/17/26 #			1,411,000		1,478,679
4.50% 5/15/47			218,000		267,986
					1,746,665
Paraguay – 0.31%
Paraguay Government International Bond
144A 4.95% 4/28/31 #			6,500,000		7,271,875
144A 5.40% 3/30/50 #			445,000		516,999
					7,788,874
Peru – 0.04%
Peruvian Government International Bond
2.844% 6/20/30			644,000		692,983
5.625% 11/18/50			182,000		287,887
					980,870
Philippines – 0.04%
Philippine Government International Bond
2.457% 5/5/30			200,000		210,182
5.50% 3/30/26			762,000		916,440
					1,126,622

Diversified Income Series-19

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

		Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Qatar – 0.12%
Qatar Government International Bond
144A 3.40% 4/16/25 #			1,170,000	$	1,275,305
144A 4.00% 3/14/29 #			1,205,000		1,388,930
144A 4.40% 4/16/50 #			200,000		248,036
					2,912,271
Republic of Vietnam – 0.01%
Vietnam Government International Bond 144A 4.80% 11/19/24 #			200,000		219,497
					219,497
Romania – 0.02%
Romanian Government International Bond 144A 3.375% 1/28/50 #			478,000		522,819
					522,819
Russia – 0.09%
Russian Foreign Bond - Eurobond 144A 4.25% 6/23/27 #			1,600,000		1,792,000
144A 5.25% 6/23/47 #			400,000		529,000
					2,321,000
Saudi Arabia – 0.05%
Saudi Government International Bond
144A 2.90% 10/22/25 #			500,000		531,475
144A 3.625% 3/4/28 #			730,000		803,956
					1,335,431
Senegal – 0.03%
Senegal Government International Bond 144A 6.75% 3/13/48 #			873,000		846,264
					846,264
Serbia – 0.02%
Serbia International Bond 144A 3.125% 5/15/27 #	EUR		400,000		471,331
					471,331
South Africa – 0.01%
Republic of South Africa Government International Bond 5.75% 9/30/49			413,000		360,264
					360,264
Sri Lanka – 0.04%
Sri Lanka Government International Bond
144A 5.875% 7/25/22 #			409,000		319,020
144A 6.20% 5/11/27 #			742,000		487,904
144A 7.55% 3/28/30 #			200,000		131,515
					938,439
Trinidad & Tobago – 0.01%
Trinidad & Tobago Government International Bond 144A 4.50% 6/26/30 #			250,000		246,250
					246,250

	Principal amount°		Value (US $)
Sovereign Bonds D (continued)
Turkey – 0.05%
Turkey Government International Bond
5.75% 5/11/47		220,000	$	180,306
7.625% 4/26/29		922,000		973,013
				1,153,319
Ukraine – 0.13%
Ukraine Government International Bond
144A 7.75% 9/1/26 #		1,720,000		1,797,751
144A 9.75% 11/1/28 #		1,220,000		1,393,945
				3,191,696
Uruguay – 0.10%
Uruguay Government International Bond
4.375% 1/23/31		2,017,110		2,363,196
4.50% 8/14/24		120,000		131,689
				2,494,885
Uzbekistan – 0.05%
Republic of Uzbekistan Bond 144A 5.375% 2/20/29 #		1,094,000		1,198,160
				1,198,160
Total Sovereign Bonds (cost $55,921,089)				55,820,505
Supranational Banks – 0.05%
Banque Ouest Africaine de Developpement
144A 4.70% 10/22/31 #		508,000		513,740
144A 5.00% 7/27/27 #		589,000		616,006
Total Supranational Banks (cost $1,085,656)				1,129,746
US Treasury Obligations – 9.14%
US Treasury Inflation Indexed Notes
0.125% 10/15/24		12,131,624		12,722,242
0.125% 1/15/30		128,461,393		138,956,920
US Treasury Note 0.375% 4/30/25		49,675,000		49,906,883

Diversified Income Series-20

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
US Treasury Obligations (continued)
US Treasury Strip Principal 2.26% 5/15/44 ^		38,400,000	$	27,177,888
Total US Treasury Obligations (cost $217,126,884)				228,763,933
	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
Preferred Stock – 0.01%
USB Realty 144A 2.366% (LIBOR03M + 1.147%) #•		300,000		239,774
Total Preferred Stock (cost $241,347)				239,774
Short-Term Investments – 1.91%
Money Market Mutual Funds – 1.91%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		9,560,013		9,560,013

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		9,560,013	$	9,560,013
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		9,560,013		9,560,013
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		9,560,013		9,560,013
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		9,560,013		9,560,013
Total Short-Term Investments (cost $47,800,065)				47,800,065

Total Value of Securities – 100.80%
(cost $2,429,575,631) $ 2,521,868,745

Diversified Income Series-21

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $626,134,919, which represents 25.03% of the Fund’s 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.

T PIK. The first payment of cash and/or principal will be made after Oct. 1, 2020.

= 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.”

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

‡ Non-income producing security. Security is currently in default.

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, 2020. Rate will reset at a future date.

y No contractual maturity date.

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

† Non-income producing security.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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.

X This loan will settle after June 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at June 30, 2020:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation
JPMCB	EUR	(1,375,000)	USD	1,564,189	9/25/20	$16,804

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) Broker
(885)	US Treasury 10 yr Notes	$	(123,167,110)		$	(122,909,103	)		9/21/20	$	—	$	(258,007	)	$	138,281
231	US Treasury 10 yr Ultra Notes		36,378,892			36,280,204			9/21/20		98,688		—			(57,750	)
(21)	US Treasury 10 yr Ultra Notes		(3,307,172	)		(3,297,881	)		9/21/20		—		(9,291	)		5,250
428	US Treasury Long Bonds		76,424,750			76,479,328			9/21/20		—		(54,578	)		(200,625	)
Total Futures Contracts					$	(13,447,452	)			$	98,688	$	(321,876	)	$	(114,844	)

Diversified Income Series-22

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount3		Annual Protection Payments		Value		Upfront Payments Paid (Received)		Unrealized Depreciation4		Variation Margin Due from (Due to) Brokers
Over-The-Counter/ Protection  Purchases Moody’s Ratings:
JPMCB-Mexico 6/20/25 – Quarterly		6,339,000		1.00%		$172,894		$450,877		$(277,983)		$—

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) and variation margin 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 CDS agreement.

³Notional amount shown is stated in USD 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 $(9,815).

Summary of abbreviations:

BB – Barclays Bank

CDS – Credit Default Swap

CLO – Collateralized Loan Obligation

DB – Deutsche Bank

EUR – European Monetary Unit

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

GS – Goldman Sachs

ICE – Intercontinental Exchange

JPM – JPMorgan

JPMCB – JPMorgan Chase Bank, National Association

LB – Lehman Brothers

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR02M – ICE LIBOR USD 2 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

RBS – Royal Bank of Scotland

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBD – To be determined

Diversified Income Series-23

Delaware VIP^® Diversified Income Series

Schedule of investments (continued)

Summary of abbreviations (continued):

USD – US Dollar

WF – Wells Fargo

yr – Year

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

Diversified Income Series-24

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Statement of assets and liabilities

Assets:
Investments, at value1	$	2,521,868,745
Cash		1,537,616
Foreign currencies, at value2		30,431
Cash collateral due from brokers		2,060,234
Receivable for securities sold		18,459,591
Dividends and interest receivable		16,231,914
Receivable for series shares sold		2,286,368
Upfront payments paid on over the counter credit default swap contracts		450,877
Unrealized appreciation on foreign currency exchange contracts		16,804
Swap payments receivable		877
Total assets		2,562,943,457
Liabilities:
Payable for securities purchased		58,136,860
Management fees payable to affiliates		1,075,220
Other accrued expenses payable		613,190
Distribution fees payable to affiliates		523,315
Unrealized depreciation on over the counter credit default swap contracts		277,983
Variation margin due to broker on futures contracts		114,844
Audit and tax fees payable		29,430
Trustees’ fees and expenses payable to affiliates		18,648
Dividend disbursing and transfer agent fees and expenses payable to affiliates		15,257
Accounting and administration expenses payable to affiliates		7,355
Legal fees payable to affiliates		5,534
Reports and statements to shareholders expenses payable to affiliates		4,175
Payable for series shares redeemed		1,039
Cash collateral due to brokers		200,000
Total liabilities		61,022,850
Total Net Assets	$	2,501,920,607
Net Assets Consist of:
Paid-in capital	$	2,348,058,411
Total distributable earnings (loss)		153,862,196
Total Net Assets	$	2,501,920,607
Net Asset Value:
Standard Class:
Net assets	$	355,948,396
Shares of beneficial interest outstanding, unlimited authorization, no par		32,342,688
Net asset value per share	$	11.01
Service Class:
Net assets	$	2,145,972,211
Shares of beneficial interest outstanding, unlimited authorization, no par		196,290,933
Net asset value per share	$	10.93
1 Investments, at cost	$	2,429,575,631
2 Foreign currencies, at cost		32,166

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

Diversified Income Series-25

Delaware VIP^® Trust —

Delaware VIP Diversified Income Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	37,424,798
Dividends		249,499
		37,674,297
Expenses:
Management fees		7,272,639
Distribution expenses – Service Class		3,245,349
Accounting and administration expenses		230,965
Reports and statements to shareholders expenses		199,958
Dividend disbursing and transfer agent fees and expenses		104,664
Trustees’ fees and expenses		73,789
Legal fees		46,355
Custodian fees		36,717
Audit and tax fees		27,642
Registration fees		4
Other		68,556
		11,306,638
Less expenses waived		(506,027	)
Less expenses paid indirectly		(17,734	)
Total operating expenses		10,782,877
Net Investment Income		26,891,420
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments1		38,532,069
Foreign currencies		(16,569	)
Foreign currency exchange contracts		(26,565	)
Futures contracts		14,371,075
Swap contracts		512,292
Net realized gain		53,372,302
Net change in unrealized appreciation (depreciation) of:
Investments		48,400,870
Foreign currencies		10,197
Foreign currency exchange contracts		16,804
Futures contracts		2,585,304
Swap contracts		(287,798	)
Net change in unrealized appreciation (depreciation)		50,725,377
Net Realized and Unrealized Gain		104,097,679
Net Increase in Net Assets Resulting from Operations	$	130,989,099

Delaware VIP Trust —

Delaware VIP Diversified Income Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase in Net Assets from Operations:
Net investment income	$	26,891,420		$	65,350,737
Net realized gain		53,372,302			83,911,177
Net change in unrealized appreciation (depreciation)		50,725,377			85,133,119
Net increase in net assets resulting from operations		130,989,099			234,395,033
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(9,603,347	)		(9,363,664	)
Service Class		(53,757,035	)		(55,710,819	)
		(63,360,382	)		(65,074,483	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		20,875,602			37,866,692
Service Class		71,967,159			127,564,154
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		9,603,347			9,363,664
Service Class		53,757,035			55,710,819
		156,203,143			230,505,329
Cost of shares redeemed:
Standard Class		(32,232,913	)		(44,539,571	)
Service Class		(237,549,533	)		(164,435,773	)
		(269,782,446	)		(208,975,344	)
Increase (Decrease) in net assets derived from capital share transactions		(113,579,303	)		21,529,985
Net Increase (Decrease) in Net Assets		(45,950,586	)		190,850,535
Net Assets:
Beginning of period		2,547,871,193			2,357,020,658
End of period	$	2,501,920,607		$	2,547,871,193

¹ Includes $97,784 capital gains taxes paid.

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

Diversified Income Series-26

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 6/30/201			Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	10.71		$	9.99		$	10.54		$	10.29		$	10.29		$	10.84
Income (loss) from investment operations:
Net investment income2		0.13			0.31			0.34			0.34			0.27			0.35
Net realized and unrealized gain (loss)		0.48			0.71			(0.56	)		0.19			0.09			(0.45	)
Total from investment operations		0.61			1.02			(0.22	)		0.53			0.36			(0.10	)
Less dividends and distributions from:
Net investment income		(0.31	)		(0.30	)		(0.33	)		(0.28	)		(0.36	)		(0.33	)
Net realized gain		—			—			—			—			—			(0.12	)
Total dividends and distributions		(0.31	)		(0.30	)		(0.33	)		(0.28	)		(0.36	)		(0.45	)
Net asset value, end of period	$	11.01		$	10.71		$	9.99		$	10.54		$	10.29		$	10.29
Total return3		5.75%4			10.43%4,5			(2.12%)			5.22%			3.52%			(1.08%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$355,949		$	348,697			$323,184			$333,226			$322,535			$339,023
Ratio of expenses to average net assets6		0.60%			0.62%			0.65%			0.66%			0.67%			0.67%
Ratio of expenses to average net assets prior to fees waived6		0.64%			0.64%			0.65%			0.66%			0.67%			0.67%
Ratio of net investment income to average net assets		2.40%			2.92%			3.38%			3.22%			2.63%			3.29%
Ratio of net investment income to average net assets prior to fees waived		2.36%			2.90%			3.38%			3.22%			2.63%			3.29%
Portfolio turnover		79%			171%			143%			145%			247%			250%

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 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.13% lower. See Note 11 in “Notes to financial statements.”

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Diversified Income Series-27

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 6/30/201			Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	10.63		$	9.92		$	10.46		$	10.22		$	10.22		$	10.77
Income (loss) from investment operations:
Net investment income2		0.11			0.27			0.31			0.31			0.25			0.32
Net realized and unrealized gain (loss)		0.46			0.71			(0.55	)		0.18			0.08			(0.45	)
Total from investment operations		0.57			0.98			(0.24	)		0.49			0.33			(0.13	)
Less dividends and distributions from:
Net investment income		(0.27	)		(0.27	)		(0.30	)		(0.25	)		(0.33	)		(0.30	)
Net realized gain		—			—			—			—			—			(0.12	)
Total dividends and distributions		(0.27	)		(0.27	)		(0.30	)		(0.25	)		(0.33	)		(0.42	)
Net asset value, end of period	$	10.93		$	10.63		$	9.92		$	10.46		$	10.22		$	10.22
Total return3		5.48%			10.08%4			(2.29%)			4.89%			3.28%			(1.34%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,145,972			$2,199,174			$2,033,837			$2,185,214			$1,914,341			$1,831,388
Ratio of expenses to average net assets5		0.90%			0.92%			0.93%			0.91%			0.92%			0.92%
Ratio of expenses to average net assets prior to fees waived5		0.94%			0.94%			0.95%			0.96%			0.97%			0.97%
Ratio of net investment income to average net assets		2.10%			2.62%			3.10%			2.97%			2.38%			3.04%
Ratio of net investment income to average net assets prior to fees waived		2.06%			2.60%			3.08%			2.92%			2.33%			2.99%
Portfolio turnover		79%			171%			143%			145%			247%			250%

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 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 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 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  General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.13% lower. See Note 11 in “Notes to financial statements.”

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

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Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

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 deliver 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 securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

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

Diversified Income Series-29

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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), attributable to changes in 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 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 are accreted and amortized 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $17,733 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 rates 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 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 0.60% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* 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.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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Delaware VIP^® Diversified Income 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 administrative 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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $45,186 for these services.

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, 2020, the Series was charged $94,233 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Series pays 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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $43,421 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from May 1, 2019 through April 30, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	764,888,153
Purchases of US government securities		1,202,458,266
Sales other than US government securities		396,186,203
Sales of US government securities		1,604,440,802

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, 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 Appreciation of Investments and Derivatives
$2,429,592,917	$116,361,422	$(24,569,960)	$91,791,462

At Dec. 31, 2019, capital loss carryforwards available to offset future realized gains were as follows:

Loss carryforward character
No Expiration
Short-term	Long-term	Total
$—	$19,106,100	$19,106,100

Diversified Income Series-31

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

3. Investments (continued)

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, and 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, and 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 and 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.

Diversified Income Series-32

Delaware VIP^® Diversified Income 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, 2020:

	Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	—		$	740,097,536			$—	$	740,097,536
Collateralized Debt Obligations		—			47,647,523			—		47,647,523
Corporate Debt		—			1,292,113,401			—		1,292,113,401
Foreign Debt		—			56,950,251			—		56,950,251
Municipal Bonds		—			2,074,685			—		2,074,685
Loan Agreements		—			106,181,577			—		106,181,577
US Treasury Obligations		—			228,763,933			—		228,763,933
Common Stock		—			—			—		—
Preferred Stock		—			239,774			—		239,774
Short-Term Investments		47,800,065			—			—		47,800,065
Total Value of Securities	$	47,800,065		$	2,474,068,680			$—	$	2,521,868,745
Derivatives:1
Foreign Currency Exchange Contracts	$	—		$	16,804			$—	$	16,804
Futures Contracts		98,688			—			—		98,688
Liabilities:
Futures Contracts		(321,876	)		—			—		(321,876	)
Swap Contracts		—			(277,983	)		—		(277,983	)

¹Foreign currency exchange Contracts, Futures Contracts, and Swap Contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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 inputs since the Level 3 investments were not considered significant to the Series’ net assets at the end of the period.

Diversified Income Series-33

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		1,912,926			3,615,992
Service Class		6,668,174			12,272,389
Shares issued upon reinvestment of dividends and distributions:
Standard Class		904,270			927,095
Service Class		5,090,628			5,548,886
		14,575,998			22,364,362
Shares redeemed:
Standard Class		(3,028,034	)		(4,329,285	)
Service Class		(22,414,781	)		(15,958,571	)
		(25,442,815	)		(20,287,856	)
Net increase (decrease)		(10,866,817	)		2,076,506

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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, 2020, the Series entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Diversified Income Series-34

Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

6. Derivatives (continued)

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, 2020, the Fund posted $2,060,234 in cash as margin for open futures contracts, which is included in ”Cash collateral due from brokers“ on the ”Statement of assets and liabilities.“

During the six months ended June 30, 2020, 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.

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 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 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, 2020, the Series did not enter into interest rate swap contracts.

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, 2020, the Series entered into CDS contracts as a purchaser of protection. 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 are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2020, 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

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Notes to financial statements (continued)

6. Derivatives (continued)

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, 2020, the Series entered into CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

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, 2020, the Fund received $200,000 in cash collateral for open over-the-counter credit default swap contracts, which is included in “Cash collateral due to brokers” on the ”Statement of assets and liabilities.“

Fair values of derivative instruments as of June 30, 2020 were as follows:

	Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Total
Unrealized appreciation on foreign currency exchange contracts	$	16,804		$	—		$	16,804
Variation margin due from broker on futures contracts*		—			98,688			98,688
Total	$	16,804		$	98,688		$	115,492
	Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Interest Rate Contracts			Credit Contracts			Total
Variation margin due to broker on futures contracts*	$	(321,876	)	$	—		$	(321,876	)
Unrealized depreciation on over the counter credit default swap contracts		—			(277,983	)		(277,983	)
Total	$	(321,876	)	$	(277,983	)	$	(599,859	)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2020. Only current day variation margin is reported on the “Statement of assets and liabilities.”

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Notes to financial statements (continued)

6. Derivatives (continued)

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts		Futures Contracts			Swaps Contracts				Total
Currency contracts		$(26,565)		$	—		$	—			$	(26,565	)
Interest rate contracts		—			14,371,075			—				14,371,075
Credit contracts		—			—			512,292				512,292
Total		$(26,565)		$	14,371,075		$	512,292			$	14,856,802
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts		Futures Contracts			Swaps Contracts				Total
Currency contracts		$16,804		$	—		$	—			$	16,804
Interest rate contracts		—			2,585,304			—				2,585,304
Credit contracts		—			—			(287,798	)			(287,798	)
Total		$16,804		$	2,585,304		$	(287,798	)		$	2,314,310

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2020:

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (average notional value)		USD	24,694		USD	526,188
Futures contracts (average notional value)			146,491,607			75,971,712
CDS contracts (average notional value)*			4,372,536			—

* 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 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.”

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Delaware VIP^® Diversified Income Series

Notes to financial statements (continued)

7. Offsetting (continued)

At June 30, 2020, 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
JPMorgan Chase Bank	$16,804	$(277,983)	$(261,179)

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)
JPMorgan Chase Bank	$(261,179)	$—	$—	$—	$—	$(261,179)

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an 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 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 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. The 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, 2020, the Series had no securities out on loan.

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Notes to financial statements (continued)

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 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.

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Notes to financial statements (continued)

9. Credit and Market Risk (continued)

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.”

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. Because it was believed that the Series was a secured creditor, the Series received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust sought to recover such amounts arguing that the Series was an unsecured creditor and, as an unsecured creditor, the Series should not have received payment in full. Based on available information related to the litigation and the Series’ potential exposure, the Series previously recorded a contingent liability of $4,351,308 and an asset of $1,305,392 based on the potential recoveries by the estate that resulted in a net decrease in the Series’ NAV to reflect this potential recovery.

The plaintiff and the term loan lenders, which included the Series, reached an agreement that resolved the disputes. The parties agreed to terms of a settlement agreement and presented the settlement agreement to the court for approval at a hearing on June 12, 2019. The court approved the settlement documentation and dismissed the case on July 2, 2019. The court’s approval of the settlement and dismissal of the case with prejudice became final on July 16, 2019.

The contingent liability and other asset were removed in connection with the case being settled, which resulted in the Series recognizing a gain in the amount of the liability reversed.

12. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

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Notes to financial statements (continued)

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Diversified Income Series-41

Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPDIVINC 22628 (8/20) (1268922) Diversified Income Series-42

Delaware VIP^® Trust

Delaware VIP Emerging Markets Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	17

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Annualized Expense Ratio	Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class	$1,000.00	$ 934.50	1.28%	$6.16
Service Class	1,000.00	933.00	1.58%	7.59
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,018.50	1.28%	$6.42
Service Class	1,000.00	1,017.01	1.58%	7.92

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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, 2020 (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		95.03	%
Argentina		0.66	%
Bahrain		0.06	%
Brazil		9.68	%
Chile		0.42	%
China/Hong Kong		34.18	%
India		9.72	%
Indonesia		0.36	%
Japan		0.29	%
Malaysia		0.08	%
Mexico		3.10	%
Peru		0.57	%
Republic of Korea		17.57	%
Russia		5.55	%
South Africa		0.04	%
Taiwan		11.89	%
Turkey		0.71	%
United Kingdom		0.15	%
United States		0.00	%
Convertible Preferred Stock		0.03	%
Preferred Stock by Country		5.28	%
Brazil		0.75	%
Republic of Korea		3.34	%
Russia		1.19	%
Participation Notes		0.00	%
Total Value of Securities		100.34	%
Liabilities Net of Receivables and Other Assets		(0.34	%)
Total Net Assets		100.00	%

Common stock, convertible preferred stock, preferred stock, and participation notes by sector²	Percentage of net assets
Communication Services		20.41	%
Consumer Discretionary		11.59	%
Consumer Staples		11.68	%
Energy		15.40	%
Financials		4.04	%
Healthcare		1.05	%
Industrials		0.99	%
Information Technology1		31.80	%
Materials		2.05	%
Real Estate		0.56	%
Utilities		0.77	%
Total		100.34	%

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, the Information Technology sector (as disclosed herein for financial reporting purposes) is divided into various sub-categories or “industries,” in this case, Electronics, Internet and Semiconductors. As of June 30, 2020, such amounts, as a percentage of total net assets, were 2.15%, 5.58%, and 24.07%, 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, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 95.03% D
Argentina – 0.66%
Cablevision Holding GDR		262,838	$	1,523,886
Cresud ADR †		352,234		1,042,613
Grupo Clarin GDR Class B 144A #=†		77,680		68,135
IRSA Inversiones y Representaciones ADR †		430,000		1,302,900
IRSA Propiedades Comerciales ADR		16,271		103,484
				4,041,018
Bahrain – 0.06%
Aluminium Bahrain GDR 144A #		91,200		399,100
				399,100
Brazil – 9.68%
AES Tiete Energia		334,917		961,991
Arcos Dorados Holdings Class A Class A		449,841		1,884,834
B2W Cia Digital †		1,700,000		33,886,836
Banco Bradesco ADR		789,888		3,009,473
Banco Santander Brasil ADR		53,466		279,093
BRF ADR †		788,900		3,131,933
Itau Unibanco Holding ADR		1,049,325		4,921,334
Petroleo Brasileiro ADR		83,906		693,903
Rumo †		234,448		971,747
Telefonica Brasil ADR		294,192		2,606,541
TIM Participacoes ADR		264,100		3,417,454
Vale		161,197		1,665,000
Vale ADR †		197,300		2,034,163
				59,464,302
Chile – 0.42%
Sociedad Quimica y Minera de Chile ADR		100,000		2,607,000
				2,607,000
China/Hong Kong – 34.18%
Alibaba Group Holding ADR †		137,900		29,745,030
Baidu ADR †		53,600		6,426,104
BeiGene †		182,800		2,689,301
BeiGene ADR †		11,002		2,072,777
China Mengniu Dairy		780,000		2,990,973
China Mobile ADR		425,200		14,303,728
China Petroleum & Chemical ADR		42,234		1,772,139
CNOOC		3,334,000		3,741,842
iQIYI ADR †		59,542		1,380,779
JD.com ADR †		350,000		21,063,000
Kunlun Energy		3,622,900		2,372,736
Kweichow Moutai Class A		120,613		25,047,423
Ping An Insurance Group Co. of China Class H		324,000		3,229,953
SINA †		200,000		7,182,000
Sohu.com ADR †		491,279		4,524,680
Tencent Holdings		720,000		46,136,097
Tencent Music Entertainment Group ADR †		159		2,140

	Number of shares		Value (US $)
Common Stock D (continued)
China/Hong Kong (continued)
Tianjin Development Holdings		35,950	$	8,109
Tingyi Cayman Islands Holding		1,706,000		2,657,547
Trip.com Group ADR †		130,000		3,369,600
Tsingtao Brewery Class H		1,243,429		9,279,916
Uni-President China Holdings		2,800,000		2,800,856
Weibo ADR †		40,000		1,344,000
Wuliangye Yibin Class A		630,892		15,328,745
ZhongAn Online P&C Insurance Class H 144A #†		109,400		545,699
				210,015,174
India – 9.72%
Indiabulls Real Estate GDR †		44,628		29,455
Natco Pharma		200,000		1,681,159
Reliance Industries		1,012,000		23,019,377
Reliance Industries GDR 144A #		756,027		34,944,930
Sify Technologies ADR †		91,200		70,862
				59,745,783
Indonesia – 0.36%
Astra International		6,500,000		2,198,544
				2,198,544
Japan – 0.29%
Renesas Electronics †		350,000		1,799,141
				1,799,141
Malaysia – 0.08%
UEM Sunrise †		4,748,132		486,747
				486,747
Mexico – 3.10%
America Movil ADR Class L		213,289		2,706,637
Banco Santander Mexico ADR		276,900		999,609
Becle		1,571,000		3,019,721
Cemex ADR		506,188		1,457,821
Coca-Cola Femsa ADR		81,700		3,582,545
Fomento Economico Mexicano ADR		25,684		1,592,665
Grupo Financiero Banorte Class O		475,400		1,644,959
Grupo Lala		606,200		322,294
Grupo Televisa ADR †		707,700		3,708,348
				19,034,599
Peru – 0.57%
Cia de Minas Buenaventura ADR		384,440		3,513,782
				3,513,782
Republic of Korea – 17.57%
KB Financial Group ADR		42,000		1,168,440
LG Display ADR †		188,309		909,533
LG Electronics		62,908		3,333,854
LG Uplus		270,507		2,764,372
Lotte		46,206		1,221,989
Lotte Chilsung Beverage		14,210		1,210,880
Lotte Confectionery		8,599		760,732
Samsung Electronics		907,636		40,178,897
Samsung Life Insurance		71,180		2,676,241

Emerging Markets Series-3

Delaware VIP^® Emerging Markets Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock D (continued)
Republic of Korea (continued)
SK Hynix		360,000	$	25,703,465
SK Telecom		52,491		9,244,629
SK Telecom ADR		971,935		18,777,784
				107,950,816
Russia – 5.55%
ENEL RUSSIA PJSC GDR		15,101		10,596
Etalon Group GDR 144A #=		354,800		480,754
Gazprom PJSC ADR		1,043,900		5,636,990
LUKOIL PJSC ADR (London International Exchange)		72,953		5,422,900
Mobile TeleSystems PJSC ADR		53,402		490,764
Rosneft Oil PJSC GDR		1,449,104		7,282,781
Sberbank of Russia PJSC		2,219,648		6,325,143
Surgutneftegas PJSC ADR		294,652		1,588,002
T Plus PJSC =		25,634		0
VEON ADR		756,988		1,362,578
Yandex Class A †		109,855		5,494,947
				34,095,455
South Africa – 0.04%
Sun International †		210,726		204,017
Tongaat Hulett †		182,915		57,449
				261,466
Taiwan – 11.89%
Hon Hai Precision Industry		4,184,564		12,286,530
MediaTek		1,045,000		20,660,307
Taiwan Semiconductor Manufacturing		3,756,864		40,121,505
				73,068,342
Turkey – 0.71%
Turkcell Iletisim Hizmetleri		730,024		1,740,459
Turkiye Sise ve Cam Fabrikalari		3,243,612		2,631,266
				4,371,725
United Kingdom – 0.15%
Griffin Mining †		1,642,873		905,879
				905,879
United States – 0.00%
Legend Biotech ADR †		293		12,465
				12,465
Total Common Stock (cost $518,050,607)				583,971,338

	Number of shares		Value (US $)
Convertible Preferred Stock – 0.03%
CJ y		KRW    4,204		208,984
Total Convertible Preferred Stock (cost $470,722)				208,984
Preferred Stock – 5.28% D
Brazil – 0.75%
Centrais Eletricas Brasileiras Class B 5.18%		233,700		1,379,913
Petroleo Brasileiro ADR 4.59%		403,795		3,218,246
				4,598,159
Republic of Korea – 3.34%
CJ 4.21%		28,030		1,046,042
Samsung Electronics 2.23%		499,750		19,467,414
				20,513,456
Russia – 1.19%
Transneft PJSC 7.80%		3,887		7,326,955
				7,326,955
Total Preferred Stock (cost $19,715,786)				32,438,570
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

Total Value of Securities – 100.34%
(cost $543,189,312) $ 616,618,892

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $36,438,618, which represents 5.93% of the Fund’s net assets. See Note 8 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.”

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

y Exercise price and conversion date to be announced.

Emerging Markets Series-4

Delaware VIP^® Emerging Markets Series

Schedule of investments (continued)

† Non-income producing security.

Summary of Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

GS – Goldman Sachs

KRW – South Korean Won

LEPO – Low Exercise Price Option

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, 2020 (Unaudited)

Assets:
Investments, at value1	$	616,618,892
Foreign currencies, at value2		1,396,762
Dividends and interest receivable		2,520,317
Receivable for securities sold		2,397,038
Foreign tax reclaims receivable		49,093
Receivable for series shares sold		5,116
Total assets		622,987,218
Liabilities:
Cash due to custodian		4,626,503
Payable for series shares redeemed		1,608,678
Investment management fees payable		581,913
Other accrued expenses		277,752
Distribution fees payable to affiliates		78,045
Audit and tax fees payable		23,190
Trustees’ fees and expenses payable		4,320
Dividend disbursing and transfer agent fees and expenses payable to affiliates		3,758
Accounting and administration expenses payable to affiliates		2,059
Reports and statements to shareholders expenses payable to affiliates		997
Unrealized loss on foreign currency exchange contracts		154
Capital gains tax payable		1,267,053
Total liabilities		8,474,422
Total Net Assets	$	614,512,796
Net Assets Consist of:
Paid-in capital	$	546,673,914
Total distributable earnings (loss)		67,838,882
Total Net Assets	$	614,512,796
Standard Class:
Net assets	$	294,992,172
Shares of beneficial interest outstanding, unlimited authorization, no par		13,418,264
Net asset value per share	$	21.98
Service Class:
Net assets	$	319,520,624
Shares of beneficial interest outstanding, unlimited authorization, no par		14,566,995
Net asset value per share	$	21.93
1 Investments, at cost	$	543,189,312
2 Foreign currencies, at cost		1,366,999

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, 2020 (Unaudited) Delaware VIP Trust — Delaware VIP Emerging Markets Series Statements of changes in net assets

Investment Income:
Dividends	$	5,804,803
Foreign tax withheld		(712,542	)
		5,092,261
Expenses:
Management fees		3,665,119
Distribution expenses - Service Class		460,345
Custodian fees		195,805
Accounting and administration expenses		68,655
Reports and statements to shareholders		40,347
Dividend disbursing and transfer agent fees and expenses		24,593
Audit and tax		23,000
Legal fees		18,717
Trustees’ fees and expenses		17,116
Registration fees		4
Other		12,954
		4,526,655
Less expenses waived		(291,320	)
Less expenses paid indirectly		(2	)
Total operating expenses		4,235,333
Net Investment Income		856,928
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,148,666
Foreign currencies		(155,957	)
Foreign currency exchange contracts		(31,709	)
Net realized gain		4,961,000
Net change in unrealized appreciation (depreciation) of:
Investments*		(49,588,737	)
Foreign currencies		(300,331	)
Foreign currency exchange contracts		(154	)
Net change in unrealized appreciation (depreciation)		(49,889,222	)
Net Realized and Unrealized Loss		(44,928,222	)
Net Decrease in Net Assets Resulting from Operations	$	(44,071,294	)

*Includes $1,721,827 increase in capital gains taxes accrued.

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	856,928		$	4,376,258
Net realized gain		4,961,000			12,238,870
Net change in unrealized appreciation
(depreciation)		(49,889,222	)		110,762,472
Net increase (decrease) in net assets resulting from operations		(44,071,294	)		127,377,600
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(8,232,867	)		(8,257,932	)
Service Class		(7,811,796	)		(8,689,861	)
		(16,044,663	)		(16,947,793	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		17,923,115			70,533,764
Service Class		12,110,394			23,247,432
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		8,232,867			8,257,932
Service Class		7,811,796			8,689,861
		46,078,172			110,728,989
Cost of shares redeemed:
Standard Class		(29,874,774	)		(36,839,690	)
Service Class		(28,263,663	)		(57,751,699	)
		(58,138,437	)		(94,591,389	)
Increase (decrease) in net assets derived from capital share transactions		(12,060,265	)		16,137,600
Net Increase (Decrease) in Net Assets		(72,176,222	)		126,567,407
Net Assets:
Beginning of period		686,689,018			560,121,611
End of period	$	614,512,796		$	686,689,018

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 6/30/201				Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	24.27			$	20.36			$	25.06			$	17.94			$	16.27			$	19.54
Income (loss) from investment operations:
Net investment income2			0.05				0.19				0.16				0.53				0.09				0.13
Net realized and unrealized gain (loss)			(1.74	)			4.35				(3.98	)			6.72				2.15				(2.86	)
Total from investment operations			(1.69	)			4.54				(3.82	)			7.25				2.24				(2.73	)
Less dividends and distributions from:
Net investment income			(0.18	)			(0.15	)			(0.80	)			(0.13	)			(0.19	)			(0.16	)
Net realized gain			(0.42	)			(0.48	)			(0.08	)			—				(0.38	)			(0.38	)
Total dividends and distributions			(0.60	)			(0.63	)			(0.88	)			(0.13	)			(0.57	)			(0.54	)
Net asset value, end of period		$	21.98			$	24.27			$	20.36			$	25.06			$	17.94			$	16.27
Total return3			(6.55%	)4			22.63%	4			(15.81%	)			40.55%	4			13.93%	4			(14.51%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	294,992			$	328,524			$	236,592			$	291,019			$	196,918			$	172,098
Ratio of expenses to average net assets			1.28%				1.30%				1.34%				1.36%				1.37%				1.37%
Ratio of expenses to average net assets prior to fees waived			1.38%				1.34%				1.34%				1.38%				1.40%				1.37%
Ratio of net investment income to average net assets			0.45%				0.86%				0.71%				2.40%				0.53%				0.70%
Ratio of net investment income to average net assets prior to fees waived			0.35%				0.82%				0.71%				2.38%				0.50%				0.70%
Portfolio turnover			2%				20%				11%				6%				8%				6%

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 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 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  Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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 6/30/201				Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	24.17			$	20.28			$	24.97			$	17.88			$	16.21			$	19.48
Income (loss) from investment operations:
Net investment income2			—	3			0.12				0.10				0.48				0.05				0.08
Net realized and unrealized gain (loss)			(1.71	)			4.34				(3.97	)			6.69				2.14				(2.86	)
Total from investment operations			(1.71	)			4.46				(3.87	)			7.17				2.19				(2.78	)
Less dividends and distributions from:
Net investment income			(0.11	)			(0.09	)			(0.74	)			(0.08	)			(0.14	)			(0.11	)
Net realized gain			(0.42	)			(0.48	)			(0.08	)			—				(0.38	)			(0.38	)
Total dividends and distributions			(0.53	)			(0.57	)			(0.82	)			(0.08	)			(0.52	)			(0.49	)
Net asset value, end of period		$	21.93			$	24.17			$	20.28			$	24.97			$	17.88			$	16.21
Total return4			(6.70%	)			22.25%				(16.03%	)			40.22%				13.68%				(14.77%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	319,521			$	358,165			$	323,530			$	386,207			$	310,258			$	310,063
Ratio of expenses to average net assets			1.58%				1.60%				1.62%				1.61%				1.62%				1.62%
Ratio of expenses to average net assets prior to fees waived			1.68%				1.64%				1.64%				1.68%				1.70%				1.67%
Ratio of net investment income to average net assets			0.15%				0.56%				0.43%				2.15%				0.28%				0.45%
Ratio of net investment income to average net assets prior to fees waived			0.05%				0.52%				0.41%				2.08%				0.20%				0.40%
Portfolio turnover			2%				20%				11%				6%				8%				6%

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 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 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 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.

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, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. 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 companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

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 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 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

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Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates 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 all or a portion 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 1.28% of the Series’ average daily net assets from April 30, 2019 through June 30, 2020.*

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative 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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $12,112 for these services.

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, 2020, the Series was charged $22,130 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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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. The fees are calculated daily and paid monthly. Standard Class shares do not pay 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. For the six months ended June 30, 2020, the Series was charged $11,212 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, 2019 through April 30, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	11,581,703
Sales		44,872,421

At June 30, 2020, 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, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$543,189,312	$240,607,870	$(167,178,444)	$73,429,426

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, and 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, and 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 and 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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Notes to financial statements (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of June 30, 2020:

Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stock
Argentina	$	2,448,997	$	1,523,886	$	68,135	$	4,041,018
Bahrain		—		399,100		—		399,100
Brazil		59,464,302		—		—		59,464,302
Chile		2,607,000		—		—		2,607,000
China/Hong Kong		93,185,977		116,829,197		—		210,015,174
India		100,317		59,645,466		—		59,745,783
Indonesia		—		2,198,544		—		2,198,544
Japan		—		1,799,141		—		1,799,141
Malaysia		—		486,747		—		486,747
Mexico		19,034,599		—		—		19,034,599
Peru		3,513,782		—		—		3,513,782
Republic of Korea		20,855,757		87,095,059		—		107,950,816
Russia		7,348,289		26,266,412		480,754		34,095,455
South Africa		261,466		—		—		261,466
Taiwan		—		73,068,342		—		73,068,342
Turkey		—		4,371,725		—		4,371,725
United Kingdom		905,879		—		—		905,879
United States		12,465		—		—		12,465
Convertible Preferred Stock		—		208,984		—		208,984
Preferred Stock1		4,598,159		27,840,411		—		32,438,570
Participation Notes		—		—		—		—
Total Value of Securities	$	214,336,989	$	401,733,014	$	548,889	$	616,618,892

¹Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 14.17% and 85.83%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

As a result of utilizing international fair value pricing at June 30, 2020, 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, 2020, there were no transfers into or out of Level 3 investments. 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 into or out of Level 3 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. 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.

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Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		878,840			3,214,805
Service Class		640,669			1,082,423
Shares issued upon reinvestment of dividends and distributions:
Standard Class		432,398			373,662
Service Class		410,931			394,098
		2,362,838			5,064,988
Shares redeemed:
Standard Class		(1,426,943	)		(1,672,952	)
Service Class		(1,303,332	)		(2,612,730	)
		(2,730,275	)		(4,285,682	)
Net increase (decrease)		(367,437	)		779,306

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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 enter 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. No foreign currency exchange contracts and foreign cross currency contracts were outstanding at June 30, 2020.

During the six months ended June 30, 2020, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Emerging Markets Series-14

Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

6. Derivatives (continued)

At June 30, 2020, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of assets and liabilities” and “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, 2020.

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (average cost)		$	—		$	79,418

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 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 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. The 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, 2020, the Series had no securities out on loan.

8. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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Delaware VIP^® Emerging Markets Series

Notes to financial statements (continued)

8. Credit and Market Risk (continued)

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. Rule 144A securities have been identified on the “Schedule of investments.”

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. Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Emerging Markets Series-16

Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22629 (8/20) (1268922) Emerging Markets Series-17

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Delaware VIP^® Trust

Delaware VIP High Yield Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	8
	Statement of operations	9
	Statements of changes in net assets	9
	Financial highlights	10
	Notes to financial statements	12
	Other Series information	19

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Annualized Expense Ratio		Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$1,000.00		$   965.10		0.74%		$3.62
Service Class		1,000.00		963.70		1.04%		5.08
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,021.18		0.74%		$3.72
Service Class		1,000.00		1,019.69		1.04%		5.22

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

High Yield Series-1

Delaware VIP^® Trust — Delaware VIP High Yield Series

Security type / sector allocation

As of June 30, 2020 (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
Convertible Bond		0.55	%
Corporate Bonds		88.61	%
Banking		4.27	%
Basic Industry		9.78	%
Capital Goods		6.42	%
Communications		11.67	%
Consumer Cyclical		6.06	%
Consumer Non-Cyclical		4.26	%
Energy		10.19	%
Financial Services		2.35	%
Healthcare		6.96	%
Insurance		1.84	%
Media		8.74	%
Real Estate		0.75	%
Services		4.32	%
Technology & Electronics		5.66	%
Transportation		1.78	%
Utilities		3.56	%
Loan Agreements		8.32	%
Common Stock		0.00	%
Short-Term Investments		3.35	%
Total Value of Securities		100.83	%
Liabilities Net of Receivables and Other Assets		(0.83	)%
Total Net Assets		100.00	%

High Yield Series-2

Delaware VIP^® Trust — Delaware VIP High Yield Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal		Value
	amount°		(US $)
Convertible Bond – 0.55%
Cheniere Energy 144A 4.875% exercise price $93.64, maturity date 5/28/21 #T		965,000	$	979,185
Total Convertible Bond (cost $965,000)				979,185
Corporate Bonds – 88.61%
Banking – 4.27%
Ally Financial 8.00% 11/1/31		770,000		995,301
Citizens Financial Group 5.65%µy		790,000		802,838
Credit Suisse Group 144A 6.25%#µy		635,000		664,260
Deutsche Bank 6.00%µy		1,200,000		993,240
Popular 6.125% 9/14/23		2,360,000		2,392,203
Royal Bank of Scotland Group 8.625%µy		1,385,000		1,443,128
Truist Financial 4.95%µy		400,000		410,000
				7,700,970
Basic Industry – 9.78%
Allegheny Technologies 5.875% 12/1/27		1,385,000		1,290,439
Blue Cube Spinco 10.00% 10/15/25		340,000		354,414
BMC East 144A 5.50% 10/1/24 #		855,000		864,529
Boise Cascade 144A 5.625% 9/1/24 #		289,000		292,221
Cemex 144A 7.375% 6/5/27 #		520,000		529,620
First Quantum Minerals
144A 7.25% 4/1/23 #		865,000		831,537
144A 7.50% 4/1/25 #		745,000		714,541
Freeport-McMoRan 5.45% 3/15/43		1,873,000		1,841,880
Hudbay Minerals 144A 7.625% 1/15/25 #		455,000		436,848
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		487,000		498,876
Kraton Polymers 144A 7.00% 4/15/25 #		960,000		968,170
M/I Homes 4.95% 2/1/28		1,193,000		1,189,272
Mattamy Group
144A 4.625% 3/1/30 #		290,000		278,899
144A 5.25% 12/15/27 #		775,000		773,547
New Gold
144A 6.375% 5/15/25 #		210,000		212,865
144A 7.50% 7/15/27 #		340,000		352,050
Novelis 144A 5.875% 9/30/26 #		700,000		700,819
Olin 5.00% 2/1/30		460,000		408,165
PolyOne 144A 5.75% 5/15/25 #		1,287,000		1,326,414
PowerTeam Services 144A 9.033% 12/4/25 #		1,185,000		1,213,884
Standard Industries 144A 4.375% 7/15/30 #		370,000		367,110
Tronox 144A 6.50% 4/15/26 #		670,000		628,058
WESCO Distribution 144A 7.25% 6/15/28 #		1,145,000		1,210,345

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Basic Industry (continued)
WR Grace & Co. 144A 4.875% 6/15/27 #		340,000	$	346,130
				17,630,633
Capital Goods – 6.42%
ARD Finance 144A PIK 6.50% 6/30/27 #T		820,000		812,673
Ardagh Packaging Finance 144A 5.25% 8/15/27 #		590,000		580,153
Berry Global 144A 5.625% 7/15/27 #		1,160,000		1,195,560
Bombardier
144A 7.50% 3/15/25 #		615,000		403,271
144A 7.875% 4/15/27 #		505,000		331,626
EnPro Industries 5.75% 10/15/26		940,000		943,346
Gates Global 144A 6.25% 1/15/26 #		634,000		628,979
Griffon 5.75% 3/1/28		975,000		965,250
Intertape Polymer Group 144A 7.00% 10/15/26 #		760,000		783,758
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #		334,000		328,777
Terex 144A 5.625% 2/1/25 #		500,000		457,500
Titan Acquisition 144A 7.75% 4/15/26 #		335,000		317,967
TransDigm
5.50% 11/15/27		1,025,000		897,608
144A 6.25% 3/15/26 #		1,354,000		1,355,489
144A 8.00% 12/15/25 #		170,000		179,412
United Rentals North America 5.25% 1/15/30		950,000		983,074
Vertical Holdco 144A 7.625% 7/15/28 #		200,000		200,000
Vertical US Newco 144A 5.25% 7/15/27 #		205,000		205,000
				11,569,443
Communications – 11.67%
Altice France Holding
144A 6.00% 2/15/28 #		1,230,000		1,170,044
144A 10.50% 5/15/27 #		904,000		999,756
C&W Senior Financing 144A 6.875% 9/15/27 #		1,221,000		1,212,935
CenturyLink 144A 5.125% 12/15/26 #		1,470,000		1,468,611
Cincinnati Bell 144A 7.00% 7/15/24 #		1,140,000		1,166,351
Connect Finco 144A 6.75% 10/1/26 #		1,990,000		1,884,331
Consolidated Communications 6.50% 10/1/22		1,592,000		1,471,605
Frontier Communications 144A 8.00% 4/1/27 #‡		1,976,000		2,008,960
Level 3 Financing 144A 4.25% 7/1/28 #		1,045,000		1,048,846
Sprint
7.125% 6/15/24		405,000		458,031
7.625% 3/1/26		555,000		656,390
7.875% 9/15/23		1,650,000		1,860,367
Sprint Capital 8.75% 3/15/32		200,000		286,098

High Yield Series-3

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA
6.00% 4/15/24		685,000	$	701,998
6.50% 1/15/26		1,189,000		1,243,914
Uniti Group 144A 7.875% 2/15/25 #		1,031,000		1,048,151
Vodafone Group 7.00% 4/4/79 µ		725,000		850,396
Zayo Group Holdings 144A 6.125% 3/1/28 #		1,540,000		1,500,299
				21,037,083
Consumer Cyclical – 6.06%
Allison Transmission 144A 5.875% 6/1/29 #		785,000		818,680
Boyd Gaming
144A 4.75% 12/1/27 #		965,000		830,228
144A 8.625% 6/1/25 #		365,000		382,109
Colt Merger Sub
144A 6.25% 7/1/25 #		935,000		930,046
144A 8.125% 7/1/27 #		995,000		970,125
Ford Motor
8.50% 4/21/23		680,000		720,375
9.00% 4/22/25		210,000		227,456
Ford Motor Credit
4.542% 8/1/26		510,000		488,963
5.584% 3/18/24		460,000		465,412
5.875% 8/2/21		425,000		429,981
L Brands
144A 6.875% 7/1/25 #		660,000		683,100
144A 9.375% 7/1/25 #		385,000		386,444
MGM Growth Properties Operating Partnership 5.75% 2/1/27		600,000		615,939
MGM Resorts International 5.75% 6/15/25		1,166,000		1,156,538
Scientific Games International 144A 8.25% 3/15/26 #		778,000		691,801
William Carter 144A 5.625% 3/15/27 #		1,090,000		1,125,866
				10,923,063
Consumer Non-Cyclical – 4.26%
JBS USA LUX
144A 5.50% 1/15/30 #		525,000		539,012
144A 6.50% 4/15/29 #		720,000		765,763
Kraft Heinz Foods
144A 3.875% 5/15/27 #		835,000		873,693
5.00% 7/15/35		460,000		506,510
5.20% 7/15/45		765,000		830,519
Pilgrim’s Pride 144A 5.75% 3/15/25 #		945,000		943,620
Post Holdings 144A 5.50% 12/15/29 #		1,035,000		1,072,063
Spectrum Brands
144A 5.00% 10/1/29 #		995,000		986,105
144A 5.50% 7/15/30 #		255,000		255,956
US Foods 144A 6.25% 4/15/25 #		888,000		907,425
				7,680,666

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Energy – 10.19%
Continental Resources 5.00% 9/15/22		970,000	$	955,998
Crestwood Midstream Partners 144A 5.625% 5/1/27 #		1,140,000		954,003
DCP Midstream Operating 5.125% 5/15/29		1,085,000		1,038,009
EQM Midstream Partners 144A 6.50% 7/1/27 #		675,000		693,110
Genesis Energy 6.50% 10/1/25		1,480,000		1,270,010
Murphy Oil 5.875% 12/1/27		1,410,000		1,242,125
Murphy Oil USA
4.75% 9/15/29		435,000		445,795
5.625% 5/1/27		855,000		885,831
NuStar Logistics 6.00% 6/1/26		1,340,000		1,315,498
Occidental Petroleum
2.70% 8/15/22		1,095,000		1,021,411
2.70% 2/15/23		1,010,000		925,413
3.50% 8/15/29		510,000		375,309
PDC Energy 6.125% 9/15/24		941,000		878,560
Precision Drilling 144A 7.125% 1/15/26 #		1,725,000		1,058,391
Southwestern Energy 7.75% 10/1/27		1,150,000		1,004,128
Targa Resources Partners
5.375% 2/1/27		925,000		894,766
5.875% 4/15/26		775,000		769,064
Transocean 144A 7.25% 11/1/25 #		720,000		403,200
Western Midstream Operating 4.75% 8/15/28		935,000		899,938
WPX Energy
5.25% 10/15/27		1,025,000		959,274
5.875% 6/15/28		390,000		374,400
				18,364,233
Financial Services – 2.35%
AerCap Holdings 5.875% 10/10/79 µ		620,000		441,003
AerCap Ireland Capital DAC 6.50% 7/15/25		910,000		954,351
DAE Funding
144A 4.50% 8/1/22 #		250,000		238,904
144A 5.75% 11/15/23 #		1,675,000		1,601,543
Stena International 144A 6.125% 2/1/25 #		330,000		316,181
VistaJet Malta Finance 144A 10.50% 6/1/24 #		750,000		676,954
				4,228,936
Healthcare – 6.96%
Bausch Health 144A 6.25% 2/15/29 #		1,310,000		1,319,006
Centene 4.625% 12/15/29		615,000		652,681
CHS 144A 8.00% 3/15/26 #		1,030,000		974,586
Encompass Health 4.75% 2/1/30		1,269,000		1,214,040
Hadrian Merger Sub 144A 8.50% 5/1/26 #		920,000		836,225

High Yield Series-4

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Healthcare (continued)
HCA
5.375% 2/1/25		925,000	$	993,501
5.875% 2/1/29		460,000		521,316
7.58% 9/15/25		580,000		669,900
Jaguar Holding II
144A 4.625% 6/15/25 #		465,000		474,102
144A 5.00% 6/15/28 #		850,000		871,781
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 #		950,000		967,219
Surgery Center Holdings 144A 10.00% 4/15/27 #		450,000		451,602
Tenet Healthcare
5.125% 5/1/25		455,000		439,626
144A 6.25% 2/1/27 #		935,000		930,905
6.875% 11/15/31		415,000		372,902
8.125% 4/1/22		815,000		857,217
				12,546,609
Insurance – 1.84%
GTCR AP Finance 144A 8.00% 5/15/27 #		368,000		380,118
HUB International 144A 7.00% 5/1/26 #		1,325,000		1,326,332
USI 144A 6.875% 5/1/25 #		1,585,000		1,603,806
				3,310,256
Media – 8.74%
Altice Financing 144A 5.00% 1/15/28 #		620,000		616,872
CCO Holdings
144A 4.50% 8/15/30 #		2,040,000		2,089,276
144A 5.375% 6/1/29 #		995,000		1,050,859
Clear Channel Worldwide Holdings 9.25% 2/15/24		1,011,000		940,468
CSC Holdings
144A 5.75% 1/15/30 #		2,065,000		2,159,773
144A 7.50% 4/1/28 #		945,000		1,033,976
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		945,000		874,564
Gray Television 144A 7.00% 5/15/27 #		900,000		924,885
LCPR Senior Secured Financing 144A 6.75% 10/15/27 #		580,000		592,580
Netflix
144A 4.875% 6/15/30 #		520,000		556,951
144A 5.375% 11/15/29 #		365,000		401,398
Nexstar Broadcasting 144A 5.625% 7/15/27 #		1,290,000		1,293,264
Radiate Holdco 144A 6.625% 2/15/25 #		960,000		958,901
Sirius XM Radio 144A 4.125% 7/1/30 #		850,000		841,679
Terrier Media Buyer 144A 8.875% 12/15/27 #		845,000		812,256
VTR Finance 144A 6.875% 1/15/24 #		585,000		598,408
				15,746,110

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Real Estate – 0.75%
HAT Holdings I 144A 5.25% 7/15/24 #		1,330,000	$	1,359,233
				1,359,233
Services – 4.32%
Clean Harbors 144A 5.125% 7/15/29 #		610,000		634,458
Covanta Holding 6.00% 1/1/27		1,015,000		1,031,402
Gartner 144A 4.50% 7/1/28 #		765,000		775,863
GFL Environmental 144A 4.25% 6/1/25 #		870,000		879,244
Iron Mountain 144A 5.25% 7/15/30 #		595,000		584,483
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		500,000		504,280
Prime Security Services Borrower
144A 5.75% 4/15/26 #		1,030,000		1,069,748
144A 6.25% 1/15/28 #		1,270,000		1,199,756
Tms International Holding 144A 7.25% 8/15/25 #		560,000		459,200
United Rentals North America 5.875% 9/15/26		610,000		639,960
				7,778,394
Technology & Electronics – 5.66%
Banff Merger Sub 144A 9.75% 9/1/26 #		1,025,000		1,033,774
Camelot Finance 144A 4.50% 11/1/26 # .		855,000		854,863
CommScope Technologies 144A 5.00% 3/15/27 #		847,000		765,442
Microchip Technology 144A 4.25% 9/1/25 #		1,365,000		1,377,549
Open Text 144A 3.875% 2/15/28 #		295,000		284,536
Open Text Holdings 144A 4.125% 2/15/30 #		1,280,000		1,260,602
RP Crown Parent 144A 7.375% 10/15/24 #		1,638,000		1,639,876
Science Applications International 144A 4.875% 4/1/28 #		920,000		918,694
SS&C Technologies 144A 5.50% 9/30/27 #		1,024,000		1,047,496
Verscend Escrow 144A 9.75% 8/15/26 #		950,000		1,026,309
				10,209,141
Transportation – 1.78%
Delta Air Lines
144A 7.00% 5/1/25 #		865,000		893,821
7.375% 1/15/26		1,230,000		1,191,224
Mileage Plus Holdings 144A 6.50% 6/20/27 #		595,000		597,975
Southwest Airlines 5.125% 6/15/27		510,000		529,494
				3,212,514
Utilities – 3.56%
Calpine 144A 5.25% 6/1/26 #		965,000		977,173
Pacific Gas and Electric 6.05% 3/1/34 ‡		1,550,000		1,850,661
PG&E 5.25% 7/1/30		1,870,000		1,884,025

High Yield Series-5

Delaware VIP^® High Yield Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Corporate Bonds (continued)
Utilities (continued)
Vistra Operations
144A 5.00% 7/31/27 #		494,000	$	502,769
144A 5.50% 9/1/26 #		570,000		584,846
144A 5.625% 2/15/27 #		605,000		622,206
				6,421,680
Total Corporate Bonds (cost $160,883,248)				159,718,964
Loan Agreements – 8.32%
Air Medical Group Holdings 4.25% (LIBOR03M + 3.25%) 4/28/22 •		1,029,861		993,816
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 •		1,940,398		1,945,250
Apro 5.00% (LIBOR01M + 4.00%) 11/14/26 •		410,430		403,247
Blue Ribbon 1st Lien 5.00% (LIBOR03M + 4.00%) 11/15/21 •		357,005		307,024
Boxer Parent TBD 10/2/25 X		282,996		268,644
BW Gas & Convenience Holdings 6.43% (LIBOR01M + 6.25%) 11/18/24 •		199,885		195,887
BWay Holding 4.561% (LIBOR03M + 3.25%) 4/3/24 •		593,470		535,904
Calpine 2.43% (LIBOR01M + 2.25%) 1/15/24 •		128,076		123,887
Granite US Holdings Tranche B 6.322% (LIBOR06M + 5.25%) 9/30/26 •		955,109		840,496
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 •		970,000		948,983
Informatica 2nd Lien 7.125% (LIBOR03M + 7.125%) 2/14/25 •		1,046,000		1,001,545
Kronos 2nd Lien 9.25% (LIBOR01M + 8.25%) 11/1/24 •		1,002,000		1,002,537
LCPR Loan Financing 5.185% (LIBOR01M + 5.00%) 10/15/26 •		396,000		395,010
Merrill Communications Tranche B 1st Lien 6.195% (LIBOR06M + 5.00%) 10/5/26 •		731,325		720,355
Scientific Games International Tranche B-5 3.476% (LIBOR03M + 2.75%) 8/14/24 •		515,846		457,297
Stars Group Holdings 3.808% (LIBOR03M + 3.50%) 7/10/25 •		547,128		545,219

	Principal		Value
	amount°		(US $)
Loan Agreements (continued)
Surgery Center Holdings 4.25% (LIBOR01M + 3.25%) 9/2/24 •		1,034,341	$	917,331
Terrier Media Buyer 4.428% (LIBOR01M + 4.25%) 12/17/26 •		994,005		951,760
The Ultimate Software Group TBD 5/3/27 X		1,320,000		1,345,575
Vantage Specialty Chemicals 2nd Lien 9.25% (LIBOR03M + 8.25%) 10/20/25 •		570,000		410,400
Verscend Holding Tranche B 4.678% (LIBOR01M + 4.50%) 8/27/25 •		707,825		690,129
Total Loan Agreements (cost $15,368,128)				15,000,296
	Number of shares
Common Stock – 0.00%
Century Communications =†		2,820,000		0
Total Common Stock (cost $85,371)				0
Short-Term Investments – 3.35%
Money Market Mutual Funds – 3.35%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		1,208,128		1,208,128
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		1,208,128		1,208,128
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		1,208,128		1,208,128
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		1,208,128		1,208,128
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		1,208,127		1,208,127
Total Short-Term Investments (cost $6,040,639)				6,040,639

Total Value of Securities – 100.83% (cost $183,342,386) $ 181,739,084

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $101,378,199, which represents 56.24% of the Fund’s net assets. See Note 7 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.”

High Yield Series-6

Delaware VIP^® High Yield Series

Schedule of investments (continued)

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

‡ Non-income producing security. Security is currently in default.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2020. Rate will reset at a future date.

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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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.

X This loan will settle after June 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

Summary of abbreviations:

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

PIK – Payment-in-kind

TBD – To be determined

USD – US dollar

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 assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	181,739,084
Cash		107,037
Receivable for securities sold		2,955,332
Dividend and interest receivable		2,465,150
Receivable for series shares sold		41,980
Total assets		187,308,583
Liabilities:
Payable for securities purchased		6,707,016
Payable for series shares redeemed		123,227
Other accrued expenses		108,789
Investment management fees payable to affiliates		93,312
Distribution fees payable to affiliates		27,712
Trustees’ fees and expenses payable		1,392
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,138
Accounting and administration expenses payable to affiliates		852
Legal fees payable to affiliates		383
Reports and statements to shareholders expenses payable to affiliates		307
Total liabilities		7,064,128
Total Net Assets	$	180,244,455
Net Assets Consist of:
Paid-in capital	$	217,231,029
Total distributable earnings (loss)		(36,986,574	)
Total Net Assets	$	180,244,455
Net Asset Value:
Standard Class:
Net assets	$	71,816,334
Shares of beneficial interest outstanding, unlimited authorization, no par		15,639,577
Net asset value per share	$	4.59
Service Class:
Net assets	$	108,428,121
Shares of beneficial interest outstanding, unlimited authorization, no par		23,671,388
Net asset value per share	$	4.58
1 Investments, at cost	$	183,342,386

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

High Yield Series-8

Delaware VIP^® Trust —

Delaware VIP High Yield Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	5,503,396
Dividends		39,460
		5,542,856
Expenses:
Management fees		601,629
Distribution expenses – Service Class		167,895
Accounting and administration expenses		34,896
Reports and statements to shareholders expenses		23,086
Audit and tax fees		21,353
Dividend disbursing and transfer agent fees and expenses		7,733
Trustees’ fees and expenses		5,444
Custodian fees		4,239
Legal fees		2,050
Registration fees		4
Other		12,392
		880,721
Less expenses waived		(27,774	)
Less expenses paid indirectly		(429	)
Total operating expenses		852,518
Net Investment Income		4,690,338
Net Realized and Unrealized Loss:
Net realized loss on investments		(3,444,253	)
Net change in unrealized appreciation (depreciation) of:
Investments		(8,838,668	)
Foreign currencies		(1,410	)
Net change in unrealized appreciation (depreciation)		(8,840,078	)
Net Realized and Unrealized Loss		(12,284,331	)
Net Decrease in Net Assets Resulting from Operations	$	(7,593,993	)

Delaware VIP Trust —

Delaware VIP High Yield Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,690,338		$	10,476,624
Net realized loss		(3,444,253	)		(1,923,638	)
Net change in unrealized appreciation (depreciation)		(8,840,078	)		21,590,972
Net increase (decrease) in net assets resulting from operations		(7,593,993	)		30,143,958
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(4,405,630	)		(5,240,447	)
Service Class		(6,607,380	)		(8,090,946	)
		(11,013,010	)		(13,331,393	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		4,861,448			5,881,247
Service Class		13,394,498			14,379,364
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		4,405,630			5,240,447
Service Class		6,607,380			8,090,946
		29,268,956			33,592,004
Cost of shares redeemed:
Standard Class		(9,356,139	)		(13,886,413	)
Service Class		(24,211,242	)		(27,423,040	)
		(33,567,381	)		(41,309,453	)
Decrease in net assets derived from capital share transactions		(4,298,425	)		(7,717,449	)
Net Increase (Decrease) in Net Assets		(22,905,428	)		9,095,116
Net Assets:
Beginning of period		203,149,883			194,054,767
End of period	$	180,244,455		$	203,149,883

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

High Yield Series-9

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 6/30/201 (unaudited)			Year ended
				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	5.08		$	4.67		$	5.20		$	5.14		$	4.89		$	5.67
Income (loss) from investment operations:
Net investment income2		0.12			0.26			0.28			0.28			0.29			0.34
Net realized and unrealized gain (loss)		(0.31	)		0.48			(0.50	)		0.09			0.32			(0.67	)
Total from investment operations		(0.19	)		0.74			(0.22	)		0.37			0.61			(0.33	)
Less dividends and distributions from:
Net investment income		(0.30	)		(0.33	)		(0.31	)		(0.31	)		(0.36	)		(0.37	)
Net realized gain		—			—			—			—			—			(0.08	)
Total dividends and distributions		(0.30	)		(0.33	)		(0.31	)		(0.31	)		(0.36	)		(0.45	)
Net asset value, end of period	$	4.59		$	5.08		$	4.67		$	5.20		$	5.14		$	4.89
Total return3		(3.49%	)4		16.43%	4,5		(4.47%	)		7.49%			13.16%	4		(6.60%	)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	71,816		$	79,463		$	75,568		$	102,359		$	112,614		$	111,748
Ratio of expenses to average net assets6		0.74%			0.74%			0.75%			0.75%			0.74%			0.75%
Ratio of expenses to average net assets prior to fees waived6		0.77%			0.76%			0.75%			0.75%			0.75%			0.76%
Ratio of net investment income to average net assets		5.25%			5.32%			5.60%			5.35%			5.95%			6.25%
Ratio of net investment income to average net assets prior to fees waived		5.22%			5.30%			5.60%			5.35%			5.94%			6.24%
Portfolio turnover		74%			87%			96%			86%			112%			99%

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 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 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  Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 1.11% lower. See Note 9 in “Notes to financial statements.”

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

High Yield Series-10

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 6/30/201 (unaudited)			Year ended
				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	5.06		$	4.65		$	5.18		$	5.12		$	4.87		$	5.65
Income (loss) from investment operations:
Net investment income2		0.12			0.25			0.26			0.26			0.28			0.32
Net realized and unrealized gain (loss)		(0.32	)		0.48			(0.49	)		0.10			0.32			(0.66	)
Total from investment operations		(0.20	)		0.73			(0.23	)		0.36			0.60			(0.34	)
Less dividends and distributions from:
Net investment income		(0.28	)		(0.32	)		(0.30	)		(0.30	)		(0.35	)		(0.36	)
Net realized gain		—			—			—			—			—			(0.08	)
Total dividends and distributions		(0.28	)		(0.32	)		(0.30	)		(0.30	)		(0.35	)		(0.44	)
Net asset value, end of period	$	4.58		$	5.06		$	4.65		$	5.18		$	5.12		$	4.87
Total return3		(3.63%	)		16.12%	4		(4.76%	)		7.26%			12.91%			(6.87%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	108,428		$	123,687		$	118,487		$	149,616		$	160,831		$	162,513
Ratio of expenses to average net assets5		1.04%			1.04%			1.03%			1.00%			0.99%			1.00%
Ratio of expenses to average net assets prior to fees waived5		1.07%			1.06%			1.05%			1.05%			1.05%			1.06%
Ratio of net investment income to average net assets		4.95%			5.02%			5.32%			5.10%			5.70%			6.00%
Ratio of net investment income to average net assets prior to fees waived		4.92%			5.00%			5.30%			5.05%			5.64%			5.94%
Portfolio turnover		74%			87%			96%			86%			112%			99%

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 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 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 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  General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 1.11% lower. See Note 9 in “Notes to financial statements.”

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

High Yield Series-11

Delaware VIP^® Trust — Delaware VIP High Yield Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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, 2020, 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.

Use of Estimates — 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 are accreted and amortized 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $428 under this arrangement.

High Yield Series-12

Delaware VIP^® High Yield Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates 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 0.74% of the Series’ average daily net assets from Jan. 31, 2020 through June 30, 2020.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $5,168 for these services.

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, 2020, the Series was charged $6,942 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $2,936 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from May 1, 2019 through April 30, 2021.

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Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	130,551,802
Sales		135,629,192

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, 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
$183,705,744	$3,121,365	$(5,088,025)	$(1,966,660)

At Dec. 31, 2019, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
	No Expiration
Short-term	Long-term	Total
$13,574,333	$22,159,206	$35,733,539

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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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, 2020:

Securities	Level 1			Level 2			Level 3		Total
Assets:
Corporate Debt		$	—		$	160,698,149		$—		$	160,698,149
Loan Agreements1			—			15,000,296		—			15,000,296
Common Stock			—			—		—			—
Short-Term Investments			6,040,639			—		—			6,040,639
Total Value of Securities		$	6,040,639		$	175,698,445		$—		$	181,739,084

¹Loan agreements are valued across Level 2 and Level 3.

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

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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 inputs since the Level 3 investments were 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 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		1,006,817			1,198,436
Service Class		2,828,338			2,929,268
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,008,153			1,103,252
Service Class		1,515,454			1,706,951
		6,358,762			6,937,907
Shares redeemed:
Standard Class		(2,024,392	)		(2,832,201	)
Service Class		(5,136,558	)		(5,651,948	)
		(7,160,950	)		(8,484,149	)
Net decrease		(802,188	)		(1,546,242	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

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Notes to financial statements (continued)

6. 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 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. The 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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,

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Notes to financial statements (continued)

7. Credit and Market Risk (continued)

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.”

8. 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.

9. 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. Because it was believed that the Series was a secured creditor, the Series received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust sought to recover such amounts arguing that the Series was an unsecured creditor and, as an unsecured creditor, the Series should not have received payment in full. Based on available information related to the litigation and the Series’ potential exposure, the Series previously recorded a contingent liability of $3,069,708 and an asset of $920,913 based on the potential recoveries by the estate that resulted in a net decrease in the Series’ NAV to reflect this potential recovery.

The plaintiff and the term loan lenders, which included the Series, reached an agreement that resolved the disputes. The parties agreed to terms of a settlement agreement and presented the settlement agreement to the court for approval at a hearing on June 12, 2019. The court approved the settlement documentation and dismissed the case on July 2, 2019. The court’s approval of the settlement and dismissal of the case with prejudice became final on July 16, 2019.

The contingent liability and other asset were removed in connection with the case being settled, which resulted in the Series recognizing a gain in the amount of the liability reversed.

10. Recent Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers

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Notes to financial statements (continued)

10. Recent Accounting Pronouncements (continued)

between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, 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)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22630 (8/20) (1268922) High Yield Series-19

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Delaware VIP^® Trust

Delaware VIP International Value Equity Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	17
	Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A. 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, 2020, 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 MIMBT, a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. 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. © 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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			1/1/20 to
	1/1/20			6/30/20			Ratio			6/30/20*
Actual Series return†
Standard Class		$	1,000.00		$	915.10		1.04	%		$	4.95
Service Class			1,000.00			913.70		1.34	%			6.38
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,019.69		1.04	%		$	5.22
Service Class			1,000.00			1,018.20		1.34	%			6.72

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Fund.

International Value Equity Series-1

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

Security type / country and sector allocations

As of June 30, 2020 (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		97.34	%
Denmark		7.53	%
France		22.17	%
Germany		9.54	%
Ireland		1.55	%
Japan		21.43	%
Netherlands		7.11	%
Sweden		4.43	%
Switzerland		15.90	%
United Kingdom		7.68	%
Exchange-Traded Fund		2.27	%
Short-Term Investments		0.15	%
Securities Lending Collateral		0.00	%
Total Value of Securities		99.76	%
Obligation to Return Securities Lending Collateral		0.00	%
Receivables and Other Assets Net of Liabilities		0.24	%
Total Net Assets		100.00	%
Common stock by sector	Percentage of  net assets
Consumer Discretionary		22.45	%
Consumer Staples1		37.13	%
Healthcare		21.05	%
Industrials		10.48	%
Materials		6.23	%
Total		97.34	%

¹ To monitor compliance with the Series’ concentration guidelines, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is divided into various sub-categories or “industries,” in this case, Beverages, Cosmetics/Personal Care, Food, and Retail. As of June 30, 2020, such amounts, as a percentage of total net assets, were 7.37%, 1.86%, 25.73%, and 2.17%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentage in the “Consumer Staples sector” for financial reporting purposes may exceed 25%.

International Value Equity Series-2

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

Schedule of investments

June 30, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 97.34% D
Denmark – 7.53%
Novo Nordisk Class B		52,910	$	3,446,967
				3,446,967
France – 22.17%
Air Liquide		19,740		2,854,145
Danone †		39,440		2,737,656
Orange		128,140		1,532,294
Publicis Groupe		53,730		1,745,420
Sodexo		18,840		1,277,502
				10,147,017
Germany – 9.54%
adidas AG †		5,570		1,468,541
Fresenius Medical Care AG & Co. †		33,660		2,895,766
				4,364,307
Ireland – 1.55%
Kerry Group Class A		5,710		709,338
				709,338
Japan – 21.43%
Asahi Group Holdings		30,800		1,081,766
Kao *		10,700		849,129
KDDI		68,500		2,043,845
Kirin Holdings		28,700		604,989
Lawson		19,700		990,920
Makita		37,800		1,374,576
Secom		8,000		701,942
Seven & i Holdings		66,100		2,162,364
				9,809,531
Netherlands – 7.11%
Koninklijke Ahold Delhaize		119,400		3,254,136
				3,254,136
Sweden – 4.43%
Hennes & Mauritz Class B		32,900		480,218
Securitas Class B †		114,360		1,546,401
				2,026,619
Switzerland – 15.90%
Nestle		26,310		2,917,006
Roche Holding		9,500		3,291,271
Swatch Group		5,330		1,069,794
				7,278,071
United Kingdom – 7.68%
Diageo		50,680		1,684,469
G4S		830,460		1,174,856
Next		10,840		656,307
				3,515,632
Total Common Stock (cost $47,096,864)				44,551,618

	Number of		Value
	shares		(US $)
Exchange-Traded Funds – 2.27%
iShares MSCI EAFE ETF*		2,710	$	164,958
Vanguard FTSE Developed Markets ETF		22,520		873,551
Total Exchange-Traded Funds (cost $1,063,764)				1,038,509
Short-Term Investments – 0.15%
Money Market Mutual Funds – 0.15%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		13,315		13,315
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		13,314		13,314
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		13,314		13,314
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		13,314		13,314
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		13,314		13,314
Total Short-Term Investments (cost $66,572)				66,571
Total Value of Securities Before Securities Lending Collateral – 99.76% (cost $48,227,200)				45,656,698
	Principal
	amount°
Securities Lending Collateral – 0.00% **
Repurchase Agreements – 0.00%
Bank of Montreal 0.07%, dated 06/30/20, to be repurchased on 7/1/20, repurchase price $1 (collateralized by US government obligations 0.00%-2.875% 7/15/20-5/31/25; market value $1)		1		1
Bank of Nova Scotia 0.07%, dated 06/30/20, to be repurchased on 7/1/20, repurchase price $12 (collateralized by US government obligations 0.00%-2.75% 7/7/20-3/31/25; market value $12)		12		12

International Value Equity Series-3

Delaware VIP^® International Value Equity Series

Schedule of investments (continued)

	Principal		Value
	amount°		(US $)
Securities Lending Collateral ** (continued)
Repurchase Agreements (continued)
BofA Securities 0.07%, dated 06/30/20, to be repurchased on 7/1/20, repurchase price $12 (collateralized by US government obligations 2.125% 6/30/22; market value $12)		12	$	12
Credit Agricole 0.07%, dated 06/30/20, to be repurchased on 7/1/20, repurchase price $12 (collateralized by US government obligations 1.50% 10/31/24; market value $12)		12		12

	Principal		Value
	amount°		(US $)
Securities Lending Collateral ** (continued)
Repurchase Agreements (continued)
JP Morgan Securities 0.07%, dated 06/30/20, to be repurchased on 7/1/20, repurchase price $12 (collateralized by US government obligations 0.125% 5/31/22; market value $12)		12	$	12
				49
Total Securities Lending Collateral (cost $49)				49

Total Value of Securities – 99.76%
(cost $48,227,249) $ 45,656,747∎

 * Fully or partially on loan.

** See Note 8 in “Notes to financial statements” for additional information on securities lending collateral.

∎ Includes $960,551 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $1,008,008.

 ° Principal amount shown is stated in USD 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:

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

USD – US Dollar

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

International Value Equity Series-4

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

Statement of assets and liabilities June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	45,656,698
Short-term investments held as collateral for loaned securities, at value2		49
Foreign currencies, at value3		67,892
Foreign tax reclaims receivable		191,850
Dividends and interest receivable		25,995
Unrealized appreciation on foreign currency exchange contracts		364
Securities lending income receivable		217
Total assets		45,943,065
Liabilities:
Payable for securities purchased		45,053
Payable for series shares redeemed		37,346
Investment management fees payable to affiliates		28,691
Audit and tax fees payable		23,655
Accounting and administration expenses payable to non-affiliates		19,663
Reports and statements to shareholders payable to non-affiliates		8,728
Custody fees payable		7,369
Other accrued expenses		3,395
Accounting and administration expenses payable to affiliates		459
Trustees’ fees and expenses payable		341
Dividend disbursing and transfer agent fees and expenses payable to affiliates		285
Distribution fees payable to affiliates		187
Legal fees payable to affiliates		94
Due to brokers		77
Other liabilities		50
Total liabilities		175,393
Total Net Assets	$	45,767,672
Net Assets Consist of:
Paid-in capital	$	48,206,634
Total distributable earnings (loss)		(2,438,962	)
Total Net Assets	$	45,767,672
Net Assets Value:
Standard Class:
Net assets	$	44,984,914
Shares of beneficial interest outstanding, unlimited authorization, no par		4,279,637
Net asset value per share	$	10.51
Service Class:
Net assets	$	782,758
Shares of beneficial interest outstanding, unlimited authorization, no par		74,664
Net asset value per share	$	10.48

1Investments, at cost	$	48,227,200
2Short-term investments held as collateral for loaned securities, at cost		49
3Foreign currencies, at cost		67,956

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, 2020 (Unaudited)

Investment Income:
Dividends	$	601,757
Securities lending income		1,400
Interest		491
Foreign tax withheld		(80,712	)
		522,936
Expenses:
Management fees		193,850
Accounting and administration expenses		23,231
Audit and tax fees		19,254
Custodian fees		10,148
Reports and statements to shareholders expenses		6,021
Dividend disbursing and transfer agent fees and expenses		1,958
Legal fees		1,394
Trustees’ fees and expenses		1,351
Distribution expenses – Service Class		1,007
Registration fees		4
Other		3,723
		261,941
Less expenses waived		(23,940	)
Less expenses paid indirectly		(1	)
Total operating expenses		238,000
Net Investment Income		284,936
Net Realized and Unrealized Loss:
Net realized loss on:
Investments		(88,802	)
Foreign currencies		(8,366	)
Foreign currency exchange contracts		(5,118	)
Net realized loss		(102,286	)
Net change in unrealized appreciation (depreciation) of:
Investments		(4,514,470	)
Foreign currencies		3,486
Foreign currency exchange contracts		357
Net change in unrealized appreciation (depreciation)		(4,510,627	)
Net Realized and Unrealized Loss		(4,612,913	)
Net Decrease in Net Assets Resulting from Operations	$	(4,327,977	)

Delaware VIP Trust —

Delaware VIP International Value Equity Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	284,936		$	866,498
Net realized gain (loss)		(102,286	)		2,770,230
Net change in unrealized appreciation (depreciation)		(4,510,627	)		4,854,662
Net increase (decrease) in net assets resulting from operations		(4,327,977	)		8,491,390
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(2,822,596	)		(1,885,628	)
Service Class		(42,149	)		(27,349	)
		(2,864,745	)		(1,912,977	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		1,617,064			3,001,321
Service Class		185,386			272,794
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		2,822,595			1,885,628
Service Class		42,149			27,348
		4,667,194			5,187,091
Cost of shares redeemed:
Standard Class		(2,864,999	)		(4,312,975	)
Service Class		(42,382	)		(201,163	)
		(2,907,381	)		(4,514,138	)
Increase in net assets derived from capital share transactions		1,759,813			672,953
Net Increase (Decrease) in Net Assets		(5,432,909	)		7,251,366
Net Assets:
Beginning of period		51,200,581			43,949,215
End of period	$	45,767,672		$	51,200,581

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 6/30/201				Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	12.31			$	10.73			$	13.39			$	11.11			$	10.84			$	10.99
Income (loss) from investment operations:
Net investment income2			0.07				0.21				0.27				0.25				0.19				0.19
Net realized and unrealized gain (loss)			(1.17	)			1.83				(2.57	)			2.22				0.26				(0.11	)
Total from investment operations			(1.10	)			2.04				(2.30	)			2.47				0.45				0.08
Less dividends and distributions from:
Net investment income			(0.20	)			(0.26	)			(0.36	)			(0.19	)			(0.18	)			(0.23	)
Net realized gain			(0.50	)			(0.20	)			—				—				—				—
Total dividends and distributions			(0.70	)			(0.46	)			(0.36	)			(0.19	)			(0.18	)			(0.23	)
Net asset value, end of period		$	10.51			$	12.31			$	10.73			$	13.39			$	11.11			$	10.84
Total return3			(8.49%	)4			19.31%	4			(17.64%	)4			22.51%				4.19%				0.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	44,985			$	50,496			$	43,416			$	51,613			$	65,633			$	62,285
Ratio of expenses to average net assets5			1.04%				1.04%				1.06%				1.06%				1.02%				1.04%
Ratio of expenses to average net assets prior to fees waived5			1.14%				1.15%				1.10%				1.06%				1.02%				1.04%
Ratio of net investment income to average net assets			1.25%				1.77%				2.21%				2.00%				1.78%				1.66%
Ratio of net investment income to average net assets prior to fees waived			1.15%				1.66%				2.17%				2.00%				1.78%				1.66%
Portfolio turnover			7%				137%6				13%				15%				19%				11%

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 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 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  Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁶  The Fund’s portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Fund’s portfolio managers and associated repositioning.

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 6/30/201				Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	12.26			$	10.70			$	13.36			$	11.09			$	10.82			$	10.97
Income (loss) from investment operations:
Net investment income2			0.05				0.17				0.24				0.22				0.16				0.16
Net realized and unrealized gain (loss)			(1.16	)			1.83				(2.57	)			2.21				0.26				(0.11	)
Total from investment operations			(1.11	)			2.00				(2.33	)			2.43				0.42				0.05
Less dividends and distributions from:
Net investment income			(0.17	)			(0.24	)			(0.33	)			(0.16	)			(0.15	)			(0.20	)
Net realized gain			(0.50	)			(0.20	)			—				—				—				—
Total dividends and distributions			(0.67	)			(0.44	)			(0.33	)			(0.16	)			(0.15	)			(0.20	)
Net asset value, end of period		$	10.48			$	12.26			$	10.70			$	13.36			$	11.09			$	10.82
Total return3			(8.63%	)			18.95%				(17.90%	)			22.18%				3.92%				0.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	783			$	705			$	533			$	361			$	330			$	147
Ratio of expenses to average net assets4			1.34%				1.34%				1.35%				1.31%				1.27%				1.29%
Ratio of expenses to average net assets prior to fees waived4			1.44%				1.45%				1.40%				1.36%				1.32%				1.34%
Ratio of net investment income to average net assets			0.95%				1.47%				1.92%				1.75%				1.53%				1.41%
Ratio of net investment income to average net assets prior to fees waived			0.85%				1.36%				1.87%				1.70%				1.48%				1.36%
Portfolio turnover			7%				137%5				13%				15%				19%				11%

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 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 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 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 Funds in which the Series invests.

⁵  The Fund’s portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Fund’s portfolio managers and associated repositioning.

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, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Open-end investment companies are valued at their published net asset value (NAV). 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 4:00 pm 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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 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, 2020, 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 gain (loss) on investments.” The Series reports certain foreign currency

International Value Equity Series-10

Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2020.

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 rates 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 Jan. 1, 2020 through June 30, 2020.* This waiver and reimbursement may only be terminated by agreement of DMC and the Series. The waiver and reimbursement are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative 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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $2,772 for these services.

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

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Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

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

transfer agent fees and expenses.” For the six months ended June 30, 2020, the Series was charged $1,710 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $724 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.

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 investment companies (Underlying Funds) in which it invests. 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 number of shares that are owned of the Underlying Fund at different times.

*The aggregate contractual waiver period covering this report is from May 1, 2019 through April 30, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	3,437,574
Sales		4,339,086

At June 30, 2020, 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, 2020, the cost and unrealized appreciation (depreciation) of investments in the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments			Aggregate Unrealized Depreciation of Investments				Net Unrealized Depreciation of Investments
$48,227,200		$	3,941,166		$	(6,511,668	)		$	(2,570,502	)

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, and 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, and 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 and 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, 2020:

Securities	Level 1		Level 2		Total
Assets:
Common Stock
Denmark		—		3,446,967		3,446,967
France		—		10,147,017		10,147,017
Germany		—		4,364,307		4,364,307
Ireland		—		709,338		709,338
Japan		—		9,809,531		9,809,531
Netherlands		—		3,254,136		3,254,136
Sweden		—		2,026,619		2,026,619
Switzerland		—		7,278,071		7,278,071
United Kingdom		—		3,515,632		3,515,632
Exchange-Traded Funds		1,038,509		—		1,038,509
Securities Lending Collateral		—		49		49
Short-Term Investments		66,571		—		66,571
Total Value of Securities	$	1,105,080	$	44,551,667	$	45,656,747

As a result of utilizing international fair value pricing at June 30, 2020, a portion of the common stock in the portfolio was categorized as Level 2.

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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 year in relation to net assets. During the six months ended June 30, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		143,538			259,029
Service Class		16,851			22,673
Shares issued upon reinvestment of dividends and distributions:
Standard Class		286,558			161,718
Service Class		4,288			2,350
		451,235			445,770
Shares redeemed:
Standard Class		(252,192	)		(365,370	)
Service Class		(3,914	)		(17,369	)
		(256,106	)		(382,739	)
Net increase		195,129			63,031

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Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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 enter 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. No foreign currency exchange contracts and foreign cross currency contracts were outstanding at June 30, 2020.

During the six months ended June 30, 2020, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

During the six months ended June 30, 2020, 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.”

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2020.

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (Average cost)		$	13,863		$	21,915

7. Offsetting

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).

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Delaware VIP^® International Value Equity Series

Notes to financial statements (continued)

7. Offsetting (continued)

As of June 30, 2020, the following table is a summary of the Series securities lending agreement by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value			Cash Collateral Received - Invested in Securities(a)			Fair Value of Non-Cash Collateral Received			Net Collateral Received			Net Exposure(b)
BNY Mellon		$	960,551		$	—		$	960,551		$	960,551		$	—

^(a)The value of the related collateral received exceeded the value of the securities loaned at value, as applicable, as of June 30, 2020.

^(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 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 as disclosed on the “Schedule of Investments.” Securities purchased with cash collateral are valued at the market value. The 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.

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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, 2020:

Remaining Contractual Maturity of the Agreements as of June 30, 2020

Securities Lending Transactions	Overnight and Continuous			Under 30 days			Between 30 and 90 days			Over 90 days			Total
Repurchase Agreements		$	49		$	—		$	—		$	—		$	49

At June 30, 2020, the value of securities on loan was $960,551 for which the Series received cash collateral of $49 and non-cash collateral of $1,008,008. At June 30, 2020, the value of invested collateral was $49. Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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, 2020, there were no Rule 144A securities held by the Series.

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 August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

International Value Equity Series-16

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

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22631 (8/20) (1268922) International Value Equity Series-17

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Delaware VIP^® Trust

Delaware VIP Limited-Term Diversified Income Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	10
	Statement of operations	11
	Statements of changes in net assets	11
	Financial highlights	12
	Notes to financial statements	14
	Other Series information	20

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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		1/1/20 to
	1/1/20		6/30/20		Ratio		6/30/20*
Actual Series return†
Standard Class		$1,000.00		$1,028.80		0.54%		$2.72
Service Class		1,000.00		1,027.40		0.84%		4.23
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,022.18		0.54%		$2.71
Service Class		1,000.00		1,020.69		0.84%		4.22

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Limited-Term Diversified Income Series-1

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

Security type / sector allocation

As of June 30, 2020 (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
Agency Collateralized Mortgage Obligations		0.23%
Agency Commercial Mortgage-Backed Securities		0.28%
Agency Mortgage-Backed Securities		8.91%
Corporate Bonds		38.37%
Banking		13.46%
Basic Industry		2.11%
Capital Goods		2.17%
Communications		2.95%
Consumer Cyclical		0.99%
Consumer Non-Cyclical		5.06%
Electric		4.30%
Energy		2.87%
Finance Companies		1.57%
Insurance		0.47%
Natural Gas		0.13%
Technology		1.79%
Transportation		0.50%
Non-Agency Asset-Backed Securities		16.38%
Non-Agency Collateralized Mortgage Obligations		0.34%
Non-Agency Commercial Mortgage-Backed Security		0.03%
Supranational Bank		0.80%
US Treasury Obligations		31.84%
Preferred Stock		0.19%
Short-Term Investments		1.86%
Total Value of Securities		99.23%
Receivables and Other Assets Net of Liabilities		0.77%
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, 2020 (Unaudited)

	Principal		Value
	amount°		(US $)
Agency Collateralized Mortgage Obligations – 0.23%
Fannie Mae Grantor Trust Series 2001-T5 A2 6.978% 6/19/41 ●		9,243	$	10,926
FDIC Guaranteed Notes Trust Series 2010-S2 1A 144A 0.673% (LIBOR01M + 0.50%, Cap 10.00%, Floor 0.45%) 11/29/37 #●		23,642		23,642
Freddie Mac REMICs
Series 3067 FA 0.535% (LIBOR01M + 0.35%, Cap 7.00%, Floor 0.35%) 11/15/35 ●		516,797		515,930
Series 3800 AF 0.685% (LIBOR01M + 0.50%, Cap 7.00%, Floor 0.50%) 2/15/41 ●		1,072,894		1,077,940
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-DNA3 M2 3.035% (LIBOR01M + 2.85%) 4/25/28 ●		62,652		62,744
Series 2016-DNA4 M2 1.485% (LIBOR01M + 1.30%, Floor 1.30%) 3/25/29 ●		32,981		32,945
Series 2017-DNA3 M2 2.685% (LIBOR01M + 2.50%) 3/25/30 ●		450,000		452,215
Series 2017-HQA2 M2AS 1.235% (LIBOR01M + 1.05%) 12/25/29 ●		888,024		887,417
Freddie Mac Structured Pass Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		610		748
Series T-58 2A 6.50% 9/25/43 ◆		11,855		13,803
Total Agency Collateralized Mortgage Obligations (cost $3,065,035)				3,078,310
Agency Commercial Mortgage-Backed Securities – 0.28%
FREMF Mortgage Trust
Series 2011-K15 B 144A 5.129% 8/25/44 #●		125,000		128,888
Series 2012-K22 B 144A 3.81% 8/25/45 #●		1,115,000		1,142,229
Series 2014-K717 B 144A 3.754% 11/25/47 #●		635,000		648,434
Series 2014-K717 C 144A 3.754% 11/25/47 #●		215,000		216,367
Series 2016-K722 B 144A 3.975% 7/25/49 #●		535,000		559,974

	Principal		Value
	amount°		(US $)
Agency Commercial Mortgage-Backed Securities (continued)
NCUA Guaranteed Notes Trust Series 2011-C1 2A 0.704% (LIBOR01M + 0.53%, Cap 8.00%, Floor 0.53%) 3/9/21 ●		1,041,799	$	1,035,832
Total Agency Commercial Mortgage-Backed Securities (cost $3,715,568)				3,731,724
Agency Mortgage-Backed Securities – 8.91%
Fannie Mae ARM 3.858%(LIBOR12M + 1.608%, Cap 9.751%, Floor 1.608%) 9/1/38 ●		114,489		115,093
Fannie Mae S.F. 30 yr
4.50% 7/1/40		413,005		456,420
4.50% 8/1/41		1,032,837		1,173,261
4.50% 2/1/46		9,326,137		10,371,800
4.50% 5/1/46		1,273,768		1,415,038
4.50% 11/1/47		10,031,999		11,235,861
4.50% 4/1/48		4,804,893		5,348,421
5.00% 6/1/44		954,699		1,098,136
5.00% 8/1/48		22,815,782		25,516,068
5.00% 12/1/48		9,990,695		11,147,387
5.50% 5/1/44		34,430,287		39,525,921
6.00% 1/1/42		1,732,543		2,020,720
Freddie Mac ARM
4.555% (LIBOR12M + 1.93%, Cap 10.015%, Floor 1.93%) 8/1/38 ●		1,550		1,556
4.65% (LIBOR12M + 1.775%, Cap 11.228%, Floor 1.775%) 10/1/37 ●		33,030		33,384
Freddie Mac S.F. 30 yr
4.50% 3/1/42		621,977		687,087
4.50% 7/1/45		1,341,594		1,492,311
5.50% 6/1/41		1,797,021		2,064,558
5.50% 9/1/41		3,081,743		3,542,426
GNMA II S.F. 30 yr
5.50% 5/20/37		134,377		153,524
6.50% 6/20/39		457,292		526,257
Total Agency Mortgage-Backed Securities (cost $112,873,188)				117,925,229
Corporate Bonds – 38.37%
Banking – 13.46%
Ally Financial 5.75% 11/20/25		3,745,000		4,005,420
Banco Santander 3.50% 4/11/22		4,800,000		4,993,613
Bank of America
3.458% 3/15/25 µ		3,825,000		4,150,933
5.625% 7/1/20		7,475,000		7,475,000
Bank of Montreal 1.85% 5/1/25		1,785,000		1,849,288
Bank of New York Mellon 1.60% 4/24/25		6,845,000		7,100,635

Limited-Term Diversified Income Series-3

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Barclays Bank 1.70% 5/12/22		5,170,000	$	5,262,427
BBVA USA 2.875% 6/29/22		7,470,000		7,648,116
Citigroup 4.044% 6/1/24 µ		8,670,000		9,417,460
Citizens Bank 1.144% (LIBOR03M + 0.72%) 2/14/22 ●		7,515,000		7,517,443
Citizens Financial Group 2.85% 7/27/26 .		4,550,000		4,930,699
Commonwealth Bank of Australia 2.40% 11/2/20		8,600,000		8,658,968
Credit Agricole 144A 1.907% 6/16/26 #µ.		1,895,000		1,923,321
Credit Suisse Group
144A 2.593% 9/11/25 #µ		4,680,000		4,842,837
144A 4.207% 6/12/24 #µ		2,935,000		3,157,358
144A 7.25%#µy		2,425,000		2,493,373
Credit Suisse Group Funding Guernsey 3.80% 6/9/23		1,640,000		1,767,434
Goldman Sachs Group 3.50% 4/1/25		950,000		1,042,811
JPMorgan Chase & Co.
4.023% 12/5/24 µ		13,570,000		14,959,936
4.60%µy		620,000		553,567
5.00%µy		1,050,000		1,010,811
Lloyds Banking Group 2.907% 11/7/23 µ		5,980,000		6,228,800
Morgan Stanley
1.668% (LIBOR03M + 1.22%) 5/8/24 ●		6,010,000		6,056,092
2.188% 4/28/26 µ		2,150,000		2,238,584
2.75% 5/19/22		3,335,000		3,468,301
3.622% 4/1/31 µ		1,605,000		1,836,937
PNC Bank 2.70% 11/1/22		505,000		528,555
Regions Financial
2.75% 8/14/22		1,090,000		1,135,719
3.80% 8/14/23		1,975,000		2,149,008
Royal Bank of Scotland Group 8.625%µy		2,095,000		2,182,927
Santander UK
2.125% 11/3/20		3,250,000		3,268,143
144A 5.00% 11/7/23 #		1,314,000		1,435,795
Truist Bank
2.15% 12/6/24		4,955,000		5,212,782
2.636% 9/17/29 µ		9,026,000		9,061,141
UBS 144A 1.75% 4/21/22 #		925,000		942,704
UBS Group
144A 2.65% 2/1/22 #		1,795,000		1,849,299
144A 3.00% 4/15/21 #		5,915,000		6,032,307
6.875%µy		390,000		395,727
US Bancorp 3.375% 2/5/24		2,330,000		2,548,385
US Bank
2.05% 10/23/20		14,455,000		14,512,729
3.40% 7/24/23		1,340,000		1,449,994

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
USB Capital IX 3.50% (LIBOR03M + 1.02%)y●		1,030,000	$	852,577
				178,147,956
Basic Industry – 2.11%
Air Products and Chemicals
1.50% 10/15/25		390,000		403,597
1.85% 5/15/27		500,000		524,301
DuPont de Nemours 2.169% 5/1/23		4,900,000		4,993,929
Georgia-Pacific
144A 1.75% 9/30/25 #		1,505,000		1,553,754
144A 2.10% 4/30/27 #		1,195,000		1,241,928
144A 5.40% 11/1/20 #		2,365,000		2,402,748
LYB International Finance III 2.875% 5/1/25		1,175,000		1,252,665
Nutrien 1.90% 5/13/23		3,505,000		3,619,523
PolyOne 144A 5.75% 5/15/25 #		3,276,000		3,376,327
Steel Dynamics 2.80% 12/15/24		6,000,000		6,251,990
Syngenta Finance
144A 3.933% 4/23/21 #		1,445,000		1,459,297
144A 4.441% 4/24/23 #		845,000		887,556
				27,967,615
Capital Goods – 2.17%
General Dynamics 3.00% 5/11/21		6,425,000		6,573,897
General Electric 3.45% 5/1/27		1,275,000		1,309,020
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #		4,073,000		4,009,308
Otis Worldwide 144A 2.056% 4/5/25 #		2,570,000		2,696,315
Roper Technologies 2.35% 9/15/24		6,670,000		7,034,043
Standard Industries 144A 6.00% 10/15/25 #		3,200,000		3,303,632
Waste Management 2.95% 6/15/24		2,240,000		2,294,417
WESCO Distribution 144A 7.125% 6/15/25 #		1,424,000		1,505,453
				28,726,085
Communications – 2.95%
American Tower Trust #1 144A 3.07% 3/15/23 #		1,575,000		1,614,783
AT&T 1.498% (LIBOR03M + 1.18%) 6/12/24 ●		7,300,000		7,317,253
Charter Communications Operating 4.908% 7/23/25		4,810,000		5,519,371
Crown Castle International 5.25% 1/15/23		3,755,000		4,179,918
Fox 4.03% 1/25/24		4,025,000		4,464,445
Sprint Spectrum 144A 4.738% 3/20/25 #		1,745,000		1,895,323
Time Warner Entertainment 8.375% 3/15/23		8,635,000		10,126,096

Limited-Term Diversified Income Series-4

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA
144A 1.50% 2/15/26 #		1,275,000	$	1,278,098
144A 3.50% 4/15/25 #		1,515,000		1,654,221
Verizon Communications 3.15% 3/22/30		815,000		923,127
				38,972,635
Consumer Cyclical – 0.99%
General Motors Financial
3.45% 4/10/22		2,145,000		2,187,745
4.15% 6/19/23		1,290,000		1,348,899
5.10% 1/17/24		4,880,000		5,219,525
Mastercard 3.30% 3/26/27		870,000		986,660
Prime Security Services Borrower 144A 5.25% 4/15/24 #		1,445,000		1,481,277
VF 2.40% 4/23/25		1,715,000		1,807,455
				13,031,561
Consumer Non-Cyclical – 5.06%
AbbVie 144A 2.60% 11/21/24 #		7,125,000		7,591,918
Amgen 2.20% 2/21/27		3,620,000		3,822,947
Anheuser-Busch InBev Finance 3.30% 2/1/23		4,485,000		4,745,110
Anheuser-Busch InBev Worldwide 3.65% 2/1/26		6,240,000		7,011,731
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		5,320,000		5,761,647
Cigna
2.109% (LIBOR03M + 0.89%) 7/15/23 ●		6,130,000		6,163,711
3.75% 7/15/23		1,084,000		1,177,527
Coca-Cola 1.45% 6/1/27		3,935,000		4,045,223
CVS Health 3.70% 3/9/23		9,115,000		9,797,684
Diageo Capital 1.375% 9/29/25		2,275,000		2,316,223
Molson Coors Beverage 2.10% 7/15/21 .		3,845,000		3,892,936
Mondelez International
1.50% 5/4/25		3,950,000		4,030,223
2.125% 4/13/23		1,680,000		1,741,174
Upjohn
144A 1.65% 6/22/25 #		500,000		510,325
144A 2.30% 6/22/27 #		415,000		429,108
US Foods 144A 6.25% 4/15/25 #		3,819,000		3,902,541
				66,940,028
Electric – 4.30%
AEP Texas 2.40% 10/1/22		5,720,000		5,943,311
Avangrid 3.20% 4/15/25		2,630,000		2,877,171
CenterPoint Energy 3.85% 2/1/24		5,050,000		5,527,706
Cleveland Electric Illuminating 5.50% 8/15/24		4,805,000		5,671,784
Duke Energy
1.80% 9/1/21		7,330,000		7,427,405
4.875%µy		3,805,000		3,805,823

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Entergy 4.00% 7/15/22		4,727,000	$	5,019,130
Entergy Louisiana 4.05% 9/1/23		480,000		525,546
NextEra Energy Capital Holdings 3.15% 4/1/24		6,070,000		6,591,791
NRG Energy 144A 3.75% 6/15/24 #		3,960,000		4,188,177
NV Energy 6.25% 11/15/20		2,350,000		2,400,843
Pacific Gas and Electric 2.10% 8/1/27		780,000		772,255
Vistra Operations 144A 3.55% 7/15/24 # .		5,945,000		6,139,580
				56,890,522
Energy – 2.87%
Cheniere Corpus Christi Holdings 7.00% 6/30/24		4,455,000		5,073,718
Continental Resources 3.80% 6/1/24		1,640,000		1,551,571
Energy Transfer Operating 5.25% 4/15/29		3,645,000		3,980,448
Marathon Oil 2.80% 11/1/22		3,980,000		3,985,777
MPLX 4.875% 12/1/24		6,200,000		6,890,049
ONEOK 7.50% 9/1/23		4,745,000		5,433,606
Sabine Pass Liquefaction 5.75% 5/15/24		4,250,000		4,788,509
Schlumberger Holdings 144A 3.75% 5/1/24 #		5,865,000		6,321,320
				38,024,998
Finance Companies – 1.57%
Aviation Capital Group 144A 2.875% 1/20/22 #		5,430,000		5,190,773
Avolon Holdings Funding 144A 3.95% 7/1/24 #		1,690,000		1,479,891
GE Capital Funding 144A 3.45% 5/15/25 #		2,530,000		2,652,419
International Lease Finance 8.625% 1/15/22		6,480,000		6,964,618
National Securities Clearing 144A 1.20% 4/23/23 #		2,700,000		2,742,786
USAA Capital 144A 1.50% 5/1/23 #		1,720,000		1,765,421
				20,795,908
Insurance – 0.47%
Equitable Holdings 3.90% 4/20/23		5,760,000		6,167,882
				6,167,882
Natural Gas – 0.13%
NiSource 5.65%µy		1,850,000		1,767,656
				1,767,656
Technology – 1.79%
Broadcom
144A 3.15% 11/15/25 #		1,365,000		1,450,996
144A 4.70% 4/15/25 #		865,000		974,924
Global Payments 2.65% 2/15/25		2,055,000		2,183,848
International Business Machines 3.00% 5/15/24		3,825,000		4,144,385

Limited-Term Diversified Income Series-5

Delaware VIP^® Limited-Term Diversified Income

Series Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Microchip Technology
3.922% 6/1/21		1,240,000	$	1,264,449
4.333% 6/1/23		2,250,000		2,429,163
NXP
144A 2.70% 5/1/25 #		295,000		310,367
144A 4.875% 3/1/24 #		6,825,000		7,626,196
PayPal Holdings 1.35% 6/1/23		3,230,000		3,299,542
				23,683,870
Transportation – 0.50%
Delta Air Lines 144A 7.00% 5/1/25 #		6,438,000		6,652,507
				6,652,507
Total Corporate Bonds (cost $490,282,531)				507,769,223
Non-Agency Asset-Backed Securities – 16.38%
American Express Credit Account Master Trust
Series 2017-2 A 0.635% (LIBOR01M + 0.45%) 9/16/24 ●		10,260,000		10,299,753
Series 2017-5 A 0.565% (LIBOR01M + 0.38%) 2/18/25 ●		2,425,000		2,434,930
Series 2018-5 A 0.525% (LIBOR01M + 0.34%) 12/15/25 ●		13,040,000		13,028,690
Series 2019-2 A 2.67% 11/15/24		8,000,000		8,329,326
ARI Fleet Lease Trust Series 2018-B A2 144A 3.22% 8/16/27 #		4,704,626		4,760,511
BMW Floorplan Master Owner Trust Series 2018-1 A2 144A 0.505% (LIBOR01M + 0.32%) 5/15/23 #●		2,200,000		2,188,486
Chase Issuance Trust
Series 2016-A3 A3 0.735% (LIBOR01M + 0.55%) 6/15/23 ●		12,935,000		12,981,690
Series 2017-A2 A 0.585% (LIBOR01M + 0.40%) 3/15/24 ●		4,555,000		4,569,265
Chesapeake Funding II
Series 2017-2A A2 144A 0.635% (LIBOR01M + 0.45%, Floor 0.45%) 5/15/29 #●		623,313		622,164
Series 2017-4A A2 144A 0.495% (LIBOR01M + 0.31%) 11/15/29 #●		1,611,658		1,609,650
Citibank Credit Card Issuance Trust
Series 2016-A3 A3 0.665% (LIBOR01M + 0.49%) 12/7/23 ●		15,395,000		15,471,441
Series 2017-A7 A7 0.545% (LIBOR01M + 0.37%) 8/8/24 ●		19,325,000		19,388,717
Series 2018-A1 A1 2.49% 1/20/23		1,485,000		1,502,730
Series 2018-A2 A2 0.52% (LIBOR01M + 0.33%) 1/20/25 ●		3,300,000		3,305,278

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust Series 2018-A4 A4 0.515% (LIBOR01M + 0.34%) 6/7/25 ●		1,990,000	$	1,996,167
CNH Equipment Trust Series 2019-A A2 2.96% 5/16/22		2,032,435		2,043,629
Discover Card Execution Note Trust
Series 2017-A7 A7 0.545% (LIBOR01M + 0.36%) 4/15/25 ●		10,490,000		10,506,727
Series 2018-A2 A2 0.515% (LIBOR01M + 0.33%) 8/15/25 ●		9,375,000		9,404,797
Series 2018-A3 A3 0.415% (LIBOR01M + 0.23%) 12/15/23 ●		6,920,000		6,927,550
Ford Credit Auto Lease Trust Series 2019-B A2A 2.28% 2/15/22		4,416,113		4,441,914
Ford Credit Auto Owner Trust Series 2017-C A3 2.01% 3/15/22		915,777		920,210
Ford Credit Floorplan Master Owner Trust A
Series 2017-2 A2 0.535% (LIBOR01M + 0.35%) 9/15/22 ●		17,200,000		17,198,543
Series 2018-1 A2 0.465% (LIBOR01M + 0.28%) 5/15/23 ●		1,725,000		1,717,190
GreatAmerica Leasing Receivables Funding Series 2019-1 A2 144A 2.97% 6/15/21 #		2,008,605		2,018,201
Harley-Davidson Motorcycle Trust Series 2020-A A2A 1.83% 1/17/23		3,150,000		3,168,993
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		323,025		294,056
Hyundai Auto Lease Securitization Trust Series 2018-A A3 144A 2.81% 4/15/21 #		349,044		349,689
Hyundai Auto Receivables Trust Series 2019-B A2 1.93% 7/15/22		2,741,738		2,761,153
Invitation Homes Trust Series 2018-SFR1 A 144A 0.894% (LIBOR01M + 0.70%) 3/17/37 #●		3,091,276		3,035,125
John Deere Owner Trust Series 2019-B A2 2.28% 5/16/22		2,392,528		2,407,167
Mercedes-Benz Auto Lease Trust Series 2019-B A2 2.01% 12/15/21		847,172		851,263
Mercedes-Benz Master Owner Trust Series 2018-BA A 144A 0.525% (LIBOR01M + 0.34%) 5/15/23 #●		2,400,000		2,362,353
MMAF Equipment Finance Series 2015-AA A5 144A 2.49% 2/19/36 #		1,004,227		1,019,326

Limited-Term Diversified Income Series-6

Delaware VIP^® Limited-Term 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 2018-1 A 144A 0.815% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #●		600,000	$	597,804
Nissan Master Owner Trust Receivables
Series 2019-A A 0.745% (LIBOR01M + 0.56%) 2/15/24 ●		5,000,000		4,970,503
Series 2017-C A 0.505% (LIBOR01M + 0.32%) 10/17/22 ●		3,720,000		3,718,223
PFS Financing Series 2018-E A 144A 0.635% (LIBOR01M + 0.45%) 10/17/22 #●		3,090,000		3,070,637
Popular ABS Mortgage Pass Through Trust Series 2006-C A4 0.435% (LIBOR01M + 0.25%, Cap 14.00%, Floor 0.25%) 7/25/36 ◆ ●		288,292		286,956
Tesla Auto Lease Trust
Series 2018-B A 144A 3.71% 8/20/21 #		2,901,930		2,943,757
Series 2019-A A2 144A 2.13% 4/20/22 #		4,150,000		4,196,507
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #●		249,914		251,589
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		342,589		348,400
Toyota Auto Receivables Owner Trust Series 2018-C A2B 0.305% (LIBOR01M + 0.12%) 8/16/21 ●		302,845		302,874
Trafigura Securitisation Finance Series 2018-1A A1 144A 0.915% (LIBOR01M + 0.73%) 3/15/22 #●		250,000		249,149
Verizon Owner Trust
Series 2017-3A A1A 144A 2.06% 4/20/22 #		1,686,876		1,692,477
Series 2017-3A A1B 144A 0.46% (LIBOR01M + 0.27%) 4/20/22 #●		2,762,260		2,763,599
Series 2019-B A1B 0.64% (LIBOR01M + 0.45%) 12/20/23 ●		1,500,000		1,503,709
Volkswagen Auto Loan Enhanced Trust Series 2018-1 A2B 0.37% (LIBOR01M + 0.18%) 7/20/21 ●		3,348		3,348
Volvo Financial Equipment Master Owner Trust Series 2017-A A 144A 0.685% (LIBOR01M + 0.50%) 11/15/22 #●		15,000,000		14,990,940

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Wheels SPV 2 Series 2018-1A A2 144A 3.06% 4/20/27 #		992,639	$	1,000,414
Total Non-Agency Asset-Backed Securities (cost $216,653,748)				216,807,570
Non-Agency Collateralized Mortgage Obligations – 0.34%
Galton Funding Mortgage Trust Series 2018-1 A43 144A 3.50% 11/25/57 #●		237,132		239,504
JPMorgan Mortgage Trust Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		611,255		618,906
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #●		214,075		220,423
Series 2017-4 A1 144A 3.50% 7/25/47 #●		282,733		291,649
Silverstone Master Issuer Series 2018-1A 1A 144A 1.499% (LIBOR03M + 0.39%) 1/21/70 #●		3,080,000		3,066,578
Total Non-Agency Collateralized Mortgage Obligations (cost $4,414,599)				4,437,060
Non-Agency Commercial Mortgage-Backed Security – 0.03%
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		661,269		382,579
Total Non-Agency Commercial Mortgage-Backed Security (cost $701,236)				382,579
Supranational Bank – 0.80%
Inter-American Development Bank 0.18% (LIBOR01M + 0.00%) 10/9/20 ●		10,530,000		10,527,358
Total Supranational Bank (cost $10,517,860)				10,527,358
US Treasury Obligations – 31.84%
US Treasury Floating Rate Notes
0.264% (USBMMY3M + 0.114%) 4/30/22 ●		26,060,000		26,079,993
0.304% (USBMMY3M + 0.154%) 1/31/22 ●		130,570,000		130,761,651
US Treasury Notes 0.375% 4/30/25		164,575,000		165,343,236

Limited-Term Diversified Income Series-7

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
US Treasury Obligations (continued)
US Treasury Notes
0.625% 5/15/30		75,775,000	$	75,555,965
1.625% 12/31/21		23,090,000		23,595,996
Total US Treasury Obligations (cost $420,122,289)				421,336,841
	Number of shares
Preferred Stock – 0.19%
Morgan Stanley 5.55% µ		2,500,000		2,298,005
USB Realty 144A 2.366% (LIBOR03M + 1.147%)#•		200,000		159,849
Total Preferred Stock (cost $2,655,000)				2,457,854
Short-Term Investments – 1.86%
Money Market Mutual Funds – 1.84%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		4,867,244		4,867,244
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		4,867,244		4,867,244

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		4,867,244	$	4,867,244
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		4,867,244		4,867,244
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		4,867,244		4,867,244
				24,336,220
		Principal amount°
US Treasury Obligation – 0.02% ≠
US Treasury Bill 2.25% 3/31/21		320,000		325,050
				325,050
Total Short-Term Investments (cost $24,655,695)				24,661,270

Total Value of Securities – 99.23%
(cost $1,289,656,749) $ 1,313,115,018

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $176,409,187, which represents 13.33% of the Series’ net assets. See Note 7 in “Notes to financial statements.”

◆ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counter party 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 USD 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, 2020. 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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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:

ARM - Adjustable Rate Mortgage

BA - Bank of America

FDIC - Federal Deposit Insurance Corporation

FREMF - Freddie Mac Multifamily

GNMA - Government National Mortgage Association

GS - Goldman Sachs

ICE - Intercontinental Exchange

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

Limited-Term Diversified Income Series-8

Delaware VIP^® Limited-Term Diversified Income Series

Schedule of investments (continued)

Summary of abbreviations (continued):

LIBOR12M – ICE LIBOR USD 12 Month

NCUA – National Credit Union Administration

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

USD – US Dollar

yr – Year

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

Limited-Term Diversified Income Series-9

Delaware VIP® Trust — Delaware VIP Limited-Term Diversified Income Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	1,313,115,018
Cash		6,594,451
Receivable for series shares sold		5,832,042
Dividends and interest receivable		5,037,056
Receivable for securities sold		840,674
Total assets		1,331,419,241
Liabilities:
Payable for securities purchased		6,625,248
Investment management fees payable to affiliates		494,183
Distribution payable		366,922
Other accrued expenses		311,593
Distribution fees payable to affiliates		284,086
Trustees’ fees and expenses payable to affiliates		9,831
Dividend disbursing and transfer agent fees and expenses payable to affiliates		8,010
Accounting and administration expenses payable to affiliates		4,017
Legal fees payable to affiliates		2,707
Reports and statements to shareholders expenses payable to affiliates		2,201
Payable for series shares redeemed		914
Total liabilities		8,109,712
Total Net Assets	$	1,323,309,529
Net Assets Consist of:
Paid-in capital	$	1,319,679,981
Total distributable earnings (loss)		3,629,548
Total Net Assets	$	1,323,309,529
Net Asset Value
Standard Class:
Net assets	$	151,225,275
Shares of beneficial interest outstanding, unlimited authorization, no par		15,125,150
Net asset value per share	$	10.00
Service Class:
Net assets	$	1,172,084,254
Shares of beneficial interest outstanding, unlimited authorization, no par		118,009,486
Net asset value per share	$	9.93
1 Investments, at cost	$	1,289,656,749

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

Limited-Term Diversified Income Series-10

Delaware VIP^® Trust —

Delaware VIP Limited-Term Diversified Income Series Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	13,288,366
Dividends		84,758
		13,373,124
Expenses:
Management fees		3,171,419
Distribution expenses – Service Class		1,775,039
Accounting and administration expenses		130,621
Reports and statements to shareholders expenses		88,213
Dividend disbursing and transfer agent fees and expenses		55,296
Trustees’ fees and expenses		38,811
Legal fees		36,546
Audit and tax fees		26,387
Custodian fees		19,340
Registration fees		4
Other		29,099
		5,370,775
Less expenses waived		(35,432	)
Less expenses paid indirectly		(1,753	)
Total operating expenses		5,333,590
Net Investment Income		8,039,534
Net Realized and Unrealized Gain:
Net realized gain on investments		17,863,657
Net change in unrealized appreciation (depreciation)		9,169,183
Net Realized and Unrealized Gain		27,032,840
Net Increase in Net Assets Resulting from Operations	$	35,072,374

Delaware VIP Trust —

Delaware VIP Limited-Term Diversified Income Series Statements of changes in net assets

	Six months
	ended
	6/30/20			Year ended
	(Unaudited)			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	8,039,534		$	27,537,963
Net realized gain		17,863,657			12,583,938
Net change in unrealized appreciation (depreciation)		9,169,183			26,463,546
Net increase in net assets resulting from operations		35,072,374			66,585,447
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(1,463,793	)		(4,305,301	)
Service Class		(10,419,603	)		(29,445,479	)
		(11,883,396	)		(33,750,780	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		35,463,890			28,692,698
Service Class		47,549,143			54,182,824
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		1,490,501			4,255,557
Service Class		10,716,828			29,530,672
		95,220,362			116,661,751
Cost of shares redeemed:
Standard Class		(20,255,631	)		(165,315,838	)
Service Class		(123,110,590	)		(116,259,977	)
		(143,366,221	)		(281,575,815	)
Decrease in net assets derived from capital share transactions		(48,145,859	)		(164,914,064	)
Net Decrease in Net Assets		(24,956,881	)		(132,079,397	)
Net Assets:
Beginning of period		1,348,266,410			1,480,345,807
End of period	$	1,323,309,529		$	1,348,266,410

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

Limited-Term Diversified Income Series-11

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
	6/30/201			Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	9.82		$	9.59		$	9.83		$	9.82		$	9.78		$	9.87
Income (loss) from investment operations:
Net investment income2		0.07			0.22			0.21			0.15			0.11			0.13
Net realized and unrealized gain (loss)		0.21			0.27			(0.19	)		0.06			0.09			(0.05	)
Total from investment operations		0.28			0.49			0.02			0.21			0.20			0.08
Less dividends and distributions from:
Net investment income		(0.10	)		(0.26	)		(0.26	)		(0.20	)		(0.16	)		(0.17	)
Total dividends and distributions		(0.10	)		(0.26	)		(0.26	)		(0.20	)		(0.16	)		(0.17	)
Net asset value, end of period	$	10.00		$	9.82		$	9.59		$	9.83		$	9.82		$	9.78
Total return3		2.88%4			5.21%			0.24%			2.17%			2.09%			0.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	151,225		$	131,920		$	260,009		$	98,895		$	81,412		$	62,646
Ratio of expenses to average net assets5		0.54%			0.54%			0.54%			0.55%			0.55%			0.56%
Ratio of expenses to average net assets prior to fees waived5		0.54%			0.54%			0.54%			0.55%			0.55%			0.56%
Ratio of net investment income to average net assets		1.48%			2.27%			2.14%			1.49%			1.15%			1.36%
Ratio of net investment income to average net assets prior to fees waived		1.48%			2.27%			2.14%			1.49%			0.92%			1.36%
Portfolio turnover		97%			97%			125%			135%			143%			128%

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

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

³  Total 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 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  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Limited-Term Diversified Income Series-12

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
	6/30/201			Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	9.75		$	9.53		$	9.76		$	9.75		$	9.72		$	9.80
Income (loss) from investment operations:
Net investment income2		0.06			0.19			0.18			0.12			0.09			0.11
Net realized and unrealized gain (loss)		0.21			0.26			(0.18	)		0.07			0.08			(0.05	)
Total from investment operations		0.27			0.45			—			0.19			0.17			0.06
Less dividends and distributions from:
Net investment income		(0.09	)		(0.23	)		(0.23	)		(0.18	)		(0.14	)		(0.14	)
Total dividends and distributions		(0.09	)		(0.23	)		(0.23	)		(0.18	)		(0.14	)		(0.14	)
Net asset value, end of period	$	9.93		$	9.75		$	9.53		$	9.76		$	9.75		$	9.72
Total return3		2.74%4			4.81%			0.04%4			1.92%4			1.73%4			0.62%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,172,085		$	1,216,346		$	1,220,337		$	1,319,169		$	1,325,979		$	1,370,899
Ratio of expenses to average net assets5		0.84%			0.84%			0.82%			0.80%			0.80%			0.81%
Ratio of expenses to average net assets prior to fees waived5		0.84%			0.84%			0.84%			0.85%			0.85%			0.86%
Ratio of net investment income to average net assets		1.18%			1.97%			1.86%			1.24%			0.90%			1.11%
Ratio of net investment income to average net assets prior to fees waived		1.18%			1.97%			1.84%			1.19%			0.85%			1.06%
Portfolio turnover		97%			97%			125%			135%			143%			128%

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

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

³  Total 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.

⁴  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

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 securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Use of Estimates — 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.

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Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $1,752 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 rates 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 may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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 0.53% of the Series’ average daily net assets from April 29, 2020 through June 30, 2020. From Jan. 1, 2020 to April 28, 2020, the expenses were capped at 0.55% 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.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative 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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $24,799 for these services.

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, 2020, the Series was charged $49,749 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Limited-Term Diversified Income Series-15

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. The fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $21,242 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from May 1, 2019 through April 30, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	259,287,948
Purchases of US government securities		984,074,381
Sales other than US government securities		313,238,985
Sales of US government securities		943,080,385

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

		Aggregate Unrealized	Aggregate Unrealized	Net Unrealized
Cost of		Appreciation	Depreciation	Appreciation
Investments		of Investments	of Investments	of Investments
$	1,295,467,164	$23,016,765	$(5,368,911)	$17,647,854

At Dec. 31, 2019, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term		Long-term	Total
$	5,342,921	$21,913,927	$	27,256,848

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, and 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, and fair valued securities)

Limited-Term Diversified Income Series-16

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

3. Investments (continued)

Level 3 – Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and 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, 2020:

	Level 1		Level 2		Total
Securities:
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	—	$	346,362,472	$	346,362,472
Corporate Debt		—		507,769,223		507,769,223
Foreign Debt		—		10,527,358		10,527,358
US Treasury Obligations		—		421,336,841		421,336,841
Preferred Stock		—		2,457,854		2,457,854
Short-Term Investments1		24,336,220		325,050		24,661,270
Total Value of Securities	$	24,336,220	$	1,288,778,798	$	1,313,115,018

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-price investments. The amounts attributed to Level 1 and Level 2 investments represent 98.68% and 1.32% of the total market value of these types of securities.

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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 ofthe period in relation to the Series’ net assets. During the six months ended June 30, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		3,599,300			2,945,915
Service Class		4,822,959			5,594,251
Shares issued upon reinvestment of dividends and distributions:
Standard Class		151,643			437,511
Service Class		1,097,910			3,049,373
		9,671,812			12,027,050
Shares redeemed:
Standard Class		(2,063,462	)		(17,056,074	)
Service Class		(12,638,406	)		(12,012,320	)
		(14,701,868	)		(29,068,394	)
Net decrease		(5,030,056	)		(17,041,344	)

Limited-Term Diversified Income Series-17

Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020 or at any time during the period then ended.

6. 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 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. The 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 paidbythe 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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Delaware VIP^® Limited-Term Diversified Income Series

Notes to financial statements (continued)

7. Credit and Market Risk (continued)

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 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, 2020, Rule 144A securities have been identified on the “Schedule of investments.”

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluatingthe impact, if any, of applying this ASU.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Limited-Term Diversified Income Series-19

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

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22632 (8/20) (1268922) Limited-Term Diversified Income Series-20

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Delaware VIP^® Trust

Delaware VIP REIT Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	14

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

The investment objectives of the Series are to seek maximum long-term total return, with capital appreciation as a secondary objective.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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		1/1/20 to
	1/1/20		6/30/20		Ratio		6/30/20*
Actual Series return†
Standard Class		$1,000.00		$ 805.50		0.83%		$3.73
Service Class		1,000.00		804.10		1.13%		5.07
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.74		0.83%		$4.17
Service Class		1,000.00		1,019.24		1.13%		5.67

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

REIT Series-1

Delaware VIP^® Trust — Delaware VIP REIT Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (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		96.47%
Healthcare		2.11%
Information Technology		1.35%
REIT Diversified		1.49%
REIT Healthcare		7.89%
REIT Hotel		4.30%
REIT Industrial		13.83%
REIT Information Technology		14.03%
REIT Mall		1.20%
REIT Manufactured Housing		5.89%
REIT Multifamily		15.54%
REIT Office		8.83%
REIT Self-Storage		6.24%
REIT Shopping Center		3.93%
REIT Single Tenant		5.51%
REIT Specialty		4.33%
Short-Term Investments		3.59%
Total Value of Securities		100.06%
Liabilities Net of Receivables and Other Assets		(0.06%)
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
Prologis		10.41%
Equinix		7.58%
Invitation Homes		4.14%
Sun Communities		3.63%
Camden Property Trust		3.33%
AvalonBay Communities		3.26%
UDR		3.19%
Realty Income		3.03%
Alexandria Real Estate Equities		2.97%
Welltower		2.92%

REIT Series-2

Delaware VIP^® Trust — Delaware VIP REIT Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 96.47%
Healthcare – 2.11%
Brookdale Senior Living †		2,564,312	$	7,564,720
				7,564,720
Information Technology – 1.35%
Switch Class A		271,023		4,829,630
				4,829,630
REIT Diversified – 1.49%
Alpine Income Property Trust		20,172		327,997
Lexington Realty Trust		476,142		5,023,298
				5,351,295
REIT Healthcare – 7.89%
Healthcare Trust of America Class A		249,932		6,628,197
Healthpeak Properties		260,030		7,166,427
Sabra Health Care REIT		279,092		4,027,298
Welltower		202,022		10,454,639
				28,276,561
REIT Hotel – 4.30%
Gaming and Leisure Properties		132,526		4,585,400
Host Hotels & Resorts		127,164		1,372,100
Pebblebrook Hotel Trust		156,147		2,132,968
VICI Properties		361,995		7,308,679
				15,399,147
REIT Industrial – 13.83%
Americold Realty Trust		113,308		4,113,080
Prologis		399,348		37,271,149
Rexford Industrial Realty		196,568		8,143,812
				49,528,041
REIT Information Technology – 14.03%
American Tower		38,141		9,860,974
Equinix		38,634		27,132,658
QTS Realty Trust Class A		91,358		5,855,134
SBA Communications		24,848		7,402,716
				50,251,482
REIT Mall – 1.20%
Simon Property Group		62,661		4,284,759
				4,284,759
REIT Manufactured Housing – 5.89%
Equity LifeStyle Properties		129,641		8,099,970
Sun Communities		95,746		12,990,817
				21,090,787
REIT Multifamily – 15.54%
American Homes 4 Rent Class A		221,357		5,954,503
Apartment Investment and Management Class A		14,656		551,652
AvalonBay Communities		75,574		11,686,763
Camden Property Trust		130,839		11,935,134
Equity Residential		73,547		4,326,034
Essex Property Trust		42,649		9,773,871
UDR		305,529		11,420,674
				55,648,631

	Number of		Value
	shares		(US $)
Common Stock (continued)
REIT Office – 8.83%
Alexandria Real Estate Equities		65,446	$	10,618,613
Boston Properties		66,213		5,984,331
Cousins Properties		134,482		4,011,598
Highwoods Properties		132,429		4,943,574
Kilroy Realty		103,083		6,050,973
				31,609,089
REIT Self-Storage – 6.24%
Extra Space Storage		85,513		7,898,836
Life Storage		78,153		7,420,627
Public Storage		36,556		7,014,731
				22,334,194
REIT Shopping Center – 3.93%
Kimco Realty		333,889		4,287,135
Regency Centers		76,215		3,497,506
Retail Opportunity Investments		411,684		4,664,380
Weingarten Realty Investors		85,823		1,624,629
				14,073,650
REIT Single Tenant – 5.51%
Four Corners Property Trust		251,567		6,138,235
Realty Income		182,083		10,833,939
Spirit Realty Capital		78,823		2,747,770
				19,719,944
REIT Specialty – 4.33%
Invitation Homes		539,127		14,842,166
Outfront Media		46,337		656,595
				15,498,761
Total Common Stock (cost $355,006,501)				345,460,691
Short-Term Investments – 3.59%
Money Market Mutual Funds – 3.59%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		2,568,962		2,568,962
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		2,568,962		2,568,962
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		2,568,962		2,568,962
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		2,568,962		2,568,962
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		2,568,961		2,568,961
Total Short-Term Investments (cost $12,844,809)				12,844,809

REIT Series-3

Delaware VIP^® REIT Series

Schedule of investments (continued)

Total Value of Securities – 100.06%
(cost $367,851,310) $ 358,305,500

† Non-income producing security.

Summary of abbreviations:

GS – Goldman Sachs

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, 2020 (Unaudited)

Assets:
Investments, at value1	$	358,305,500
Dividends and interest receivable		1,145,323
Receivable for series shares sold		258
Total assets		359,451,081
Liabilities:
Payable for series shares redeemed		950,328
Management fees payable to affiliates		228,556
Reports and statements to shareholders payable		65,362
Other accrued expenses		47,737
Distribution fees payable to affiliates		41,440
Audit and tax fees payable		20,940
Trustees’ fees and expenses payable to affiliates		2,708
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,257
Legal fees payable to affiliates		2,197
Accounting and administration expenses payable to affiliates		1,367
Reports and statements to shareholders expenses payable to affiliates		603
Total liabilities		1,363,495
Total Net Assets	$	358,087,586
Net Assets Consist of:
Paid-in capital	$	425,056,414
Total distributable earnings (loss)		(66,968,828	)
Total Net Assets	$	358,087,586
Net Asset Value
Standard Class:
Net assets	$	193,489,070
Shares of beneficial interest outstanding, unlimited authorization, no par		17,799,590
Net asset value per share	$	10.87
Service Class:
Net assets	$	164,598,516
Shares of beneficial interest outstanding, unlimited authorization, no par		15,141,490
Net asset value per share	$	10.87

¹ Investments, at cost $ 367,851,310

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, 2020 (Unaudited)

Investment Income:
Dividends	$	2,621,631
Interest		26
		2,621,657
Expenses:
Management fees		1,419,942
Distribution expenses – Service Class		262,174
Accounting and administration expenses		50,972
Reports and statements to shareholders expenses		35,636
Audit and tax fees		17,448
Dividend disbursing and transfer agent fees and expenses		15,769
Legal fees		11,810
Trustees’ fees and expenses		11,152
Custodian fees		8,210
Registration fees		4
Other		5,067
		1,838,184
Less expenses waived		(4,271	)
Less expenses paid indirectly		(102	)
Total operating expenses		1,833,811
Net Investment Income		787,846
Net Realized and Unrealized Loss:
Net realized loss on investments		(48,526,024	)
Net change in unrealized appreciation (depreciation) of investments		(37,436,399	)
Net Realized and Unrealized Loss		(85,962,423	)
Net Decrease in Net Assets Resulting from Operations	$	(85,174,577	)

Delaware VIP Trust —

Delaware VIP REIT Series

Statements of changes in net assets

	Six months
	ended			Year
	6/30/20			ended
	(Unaudited)			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	787,846		$	6,657,060
Net realized gain (loss)		(48,526,024	)		44,240,422
Net change in unrealized appreciation (depreciation)		(37,436,399	)		46,211,888
Net increase (decrease) in net assets resulting from operations		(85,174,577	)		97,109,370
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(14,728,509	)		(4,838,436	)
Service Class		(12,029,202	)		(3,675,428	)
		(26,757,711	)		(8,513,864	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		10,786,196			9,282,515
Service Class		8,172,783			9,638,712
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		14,728,509			4,838,436
Service Class		12,029,202			3,675,428
		45,716,690			27,435,091
Cost of shares redeemed:
Standard Class		(8,171,815	)		(24,026,313	)
Service Class		(8,210,225	)		(23,679,606	)
		(16,382,040	)		(47,705,919	)
Increase (decrease) in net assets derived from capital share transactions		29,334,650			(20,270,828	)
Net Increase (decrease) in Net Assets		(82,597,638	)		68,324,678
Net Assets:
Beginning of period		440,685,224			372,360,546
End of period	$	358,087,586		$	440,685,224

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
	6/30/201												Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	14.69			$	11.85			$	13.49			$	15.57			$	15.89			$	15.50
Income (loss) from investment operations:
Net investment income2			0.03				0.24				0.28				0.27				0.22				0.21
Net realized and unrealized gain (loss)			(2.94	)			2.90				(1.27	)			(0.03	)			0.67				0.37
Total from investment operations			(2.91	)			3.14				(0.99	)			0.24				0.89				0.58
Less dividends and distributions from:
Net investment income			(0.25	)			(0.30	)			(0.27	)			(0.24	)			(0.21	)			(0.19	)
Net realized gain			(0.66	)			—				(0.38	)			(2.08	)			(1.00	)			—
Total dividends and distributions			(0.91	)			(0.30	)			(0.65	)			(2.32	)			(1.21	)			(0.19	)
Net asset value, end of period		$	10.87			$	14.69			$	11.85			$	13.49			$	15.57			$	15.89
Total return3			(19.45%	)4			26.81%				(7.22%	)			1.54%				5.87%				3.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	193,489			$	236,492			$	198,904			$	235,390			$	251,083			$	244,618
Ratio of expenses to average net assets5			0.83%				0.83%				0.83%				0.84%				0.83%				0.85%
Ratio of expenses to average net assets prior to fees waived5			0.83%				0.83%				0.83%				0.84%				0.83%				0.85%
Ratio of net investment income to average net assets			0.55%				1.70%				2.23%				1.94%				1.39%				1.32%
Ratio of net investment income to average net assets prior to fees waived			0.55%				2.38%				2.23%				2.71%				1.39%				1.32%
Portfolio turnover			92%				98%				111%				173%				130%				75%

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 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 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  Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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
	6/30/201												Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	14.66			$	11.82			$	13.46			$	15.54			$	15.86			$	15.47
Income (loss) from investment operations:
Net investment income2			0.02				0.20				0.24				0.24				0.18				0.17
Net realized and unrealized gain (loss)			(2.94	)			2.90				(1.27	)			(0.03	)			0.67				0.37
Total from investment operations			(2.92	)			3.10				(1.03	)			0.21				0.85				0.54
Less dividends and distributions from:
Net investment income			(0.21	)			(0.26	)			(0.23	)			(0.21	)			(0.17	)			(0.15	)
Net realized gain			(0.66	)			—				(0.38	)			(2.08	)			(1.00	)			—
Total dividends and distributions			(0.87	)			(0.26	)			(0.61	)			(2.29	)			(1.17	)			(0.15	)
Net asset value, end of period		$	10.87			$	14.66			$	11.82			$	13.46			$	15.54			$	15.86
Total return3			(19.59%	)4			26.50%				(7.52%	)4			1.27%4				5.62%4				3.52%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	164,599			$	204,193			$	173,457			$	212,133			$	232,062			$	238,103
Ratio of expenses to average net assets5			1.13%				1.13%				1.11%				1.09%				1.08%				1.10%
Ratio of expenses to average net assets prior to fees waived5			1.13%				1.13%				1.13%				1.14%				1.13%				1.15%
Ratio of net investment income to average net assets			0.25%				1.40%				1.95%				1.69%				1.14%				1.07%
Ratio of net investment income to average net assets prior to fees waived			0.25%				1.40%				1.93%				1.64%				1.09%				1.02%
Portfolio turnover			92%				98%				111%				173%				130%				75%

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 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 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  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

Use of Estimates — 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 the character of such distributions by the issuer, which are estimated. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $101 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing

REIT Series-9

Delaware VIP^® REIT Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 rates 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.

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 0.83% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* 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.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $8,480 for these services.

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, 2020, the Series was charged $14,199 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $7,417 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from May 1, 2019 through April 30, 2021.

REIT Series-10

Delaware VIP^® REIT Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	343,736,888
Sales		346,803,390

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

		Aggregate	Aggregate
		Unrealized	Unrealized	Net Unrealized
Cost of		Appreciation	Depreciation	Depreciation
Investments		of Investments	of Investments	of Investments
$	367,262,505	$19,895,521	$(28,852,526)	$(8,957,005)

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, and 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, and 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 and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	345,460,691
Short-Term Investments		12,844,809
Total Value of Securities	$	358,305,500

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, 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 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		929,422			669,647
Service Class		705,055			682,206
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,434,129			373,624
Service Class		1,171,295			283,817
		4,239,901			2,009,294
Shares redeemed:
Standard Class		(657,617	)		(1,734,837	)
Service Class		(663,089	)		(1,709,138	)
		(1,320,706	)		(3,443,975	)
Net increase (decrease)		2,919,195			(1,434,681	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The 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

REIT Series-12

Delaware VIP^® REIT Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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 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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

REIT Series-13

Delaware VIP^® Trust — Delaware VIP REIT Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22633 (8/20) (1268922) REIT Series-14

Delaware VIP^® Trust

Delaware VIP Small Cap Value Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	14

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20			Ending Account Value 6/30/20			Annualized Expense Ratio			Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$	1,000.00		$	740.60		0.78	%		$	3.38
Service Class			1,000.00			739.60		1.08	%			4.67
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,020.98		0.78	%		$	3.92
Service Class			1,000.00			1,019.49		1.08	%			5.42

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

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, 2020 (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 Stock²		97.17%
Basic Industry		6.53%
Business Services		1.29%
Capital Spending		8.96%
Consumer Cyclical		4.25%
Consumer Services		8.57%
Consumer Staples		3.67%
Energy		3.18%
Financial Services1		26.35%
Healthcare		3.17%
Real Estate		9.03%
Technology		13.50%
Transportation		3.79%
Utilities		4.88%
Short-Term Investments		3.02%
Total Value of Securities		100.19%
Liabilities Net of Receivables and Other Assets		(0.19%)
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, and Insurance. As of June 30, 2020, such amounts, as percentage of total net assets, were 18.68%, 2.10%, and 5.57%, 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.

	Percentage
Top 10 equity holdings	of net assets
East West Bancorp		2.77%
ITT		2.34%
MasTec		2.28%
Teradyne		2.15%
Berry Global Group		2.10%
Stifel Financial		1.82%
Louisiana-Pacific		1.62%
Webster Financial		1.58%
Hanover Insurance Group		1.53%
American Equity Investment Life Holding		1.52%

Small Cap Value Series-2

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 97.17% ²
Basic Industry – 6.53%
Ashland Global Holdings		108,500	$	7,497,350
Berry Global Group †		492,300		21,818,736
HB Fuller		313,400		13,977,640
Huntsman		427,200		7,676,784
Louisiana-Pacific		655,300		16,808,445
				67,778,955
Business Services – 1.29%
Deluxe		137,000		3,224,980
PAE †		162,874		1,557,075
WESCO International †		246,400		8,651,104
				13,433,159
Capital Spending – 8.96%
Altra Industrial Motion		468,470		14,925,454
Atkore International Group †		335,100		9,164,985
H&E Equipment Services		261,700		4,836,216
ITT		414,400		24,341,856
MasTec †		528,346		23,706,885
Primoris Services		350,800		6,230,208
Rexnord		336,600		9,811,890
				93,017,494
Consumer Cyclical – 4.25%
Barnes Group		236,600		9,359,896
KB Home		346,900		10,642,892
Knoll		435,393		5,307,441
Meritage Homes †		201,500		15,338,180
Standard Motor Products		84,601		3,485,561
				44,133,970
Consumer Services – 8.57%
Acushnet Holdings		160,800		5,594,232
Asbury Automotive Group †		97,800		7,562,874
Cable One		5,550		9,850,417
Choice Hotels International		148,500		11,716,650
Cracker Barrel Old Country Store		89,100		9,882,081
Steven Madden		284,150		7,015,663
TEGNA		681,100		7,587,454
Texas Roadhouse		150,800		7,927,556
UniFirst		77,700		13,904,415
Wolverine World Wide		335,575		7,990,041
				89,031,383
Consumer Staples – 3.67%
Core-Mark Holding		237,569		5,928,534
J & J Snack Foods		82,600		10,500,938
Performance Food Group †		204,995		5,973,554
Scotts Miracle-Gro		68,500		9,211,195
Spectrum Brands Holdings		142,000		6,517,800
				38,132,021
Energy – 3.18%
CNX Resources †		869,800		7,523,770
Delek US Holdings		347,600		6,051,716
Dril-Quip †		165,600		4,933,224
Helix Energy Solutions Group †		958,300		3,325,301

	Number of shares		Value (US $)
Common Stock ² (continued)
Energy (continued)
Patterson-UTI Energy		919,400	$	3,190,318
WPX Energy †		1,249,800		7,973,724
				32,998,053
Financial Services – 26.35%
American Equity Investment Life Holding		638,900		15,787,219
Bank of NT Butterfield & Son		285,500		6,963,345
East West Bancorp		792,436		28,717,881
First Financial Bancorp		642,500		8,924,325
First Hawaiian		493,800		8,513,112
First Interstate BancSystem Class A		276,300		8,554,248
First Midwest Bancorp		734,300		9,802,905
FNB		1,851,201		13,884,001
Great Western Bancorp		540,000		7,430,400
Hancock Whitney		683,901		14,498,681
Hanover Insurance Group		157,100		15,918,943
Kemper		142,800		10,355,856
Legg Mason		58,300		2,900,425
NBT Bancorp		192,600		5,924,376
Prosperity Bancshares		174,800		10,379,624
S&T Bancorp		217,642		5,103,705
Sandy Spring Bancorp		131,300		3,253,614
Selective Insurance Group		298,790		15,758,185
Stifel Financial		398,500		18,900,855
Umpqua Holdings		1,259,500		13,401,080
Valley National Bancorp		1,460,100		11,417,982
Webster Financial		571,900		16,362,059
WesBanco		292,600		5,942,706
Western Alliance Bancorp		393,400		14,898,058
				273,593,585
Healthcare – 3.17%
Avanos Medical †		278,300		8,179,237
Catalent †		81,200		5,951,960
Integer Holdings †		94,800		6,925,140
Integra LifeSciences Holdings †		100,533		4,724,046
Service Corp. International		183,900		7,151,871
				32,932,254
Real Estate – 9.03%
Brandywine Realty Trust		1,089,533		11,865,014
Highwoods Properties		93,505		3,490,542
Independence Realty Trust		422,249		4,851,641
Kite Realty Group Trust		319,918		3,691,854
Lexington Realty Trust		1,239,000		13,071,450
Life Storage		128,300		12,182,085
National Health Investors		42,131		2,558,194
Outfront Media		800,900		11,348,753
RPT Realty		673,100		4,684,776
Spirit Realty Capital		347,600		12,117,336
STAG Industrial		210,466		6,170,863
Summit Hotel Properties		805,100		4,774,243

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)
Washington Real Estate Investment Trust		134,900	$	2,994,780
				93,801,531
Technology – 13.50%
Cirrus Logic †		177,400		10,959,772
Coherent †		62,600		8,199,348
Diodes †		117,400		5,952,180
Flex †		1,361,057		13,950,834
NCR †		298,321		5,166,920
NetScout Systems †		313,363		8,009,558
ON Semiconductor †		605,100		11,993,082
SYNNEX		80,400		9,629,508
Tech Data †		34,629		5,021,205
Teradyne		263,800		22,293,738
Tower Semiconductor †		563,000		10,747,670
TTM Technologies †		908,712		10,777,324
Viavi Solutions †		833,700		10,621,338
Vishay Intertechnology		446,800		6,822,636
				140,145,113
Transportation – 3.79%
Kirby †		179,000		9,587,240
Saia †		87,750		9,756,045
SkyWest		154,500		5,039,790
Werner Enterprises		343,300		14,943,849
				39,326,924

	Number of shares		Value (US $)
Common Stock ² (continued)
Utilities – 4.88%
ALLETE		148,400	$	8,104,124
Black Hills		213,900		12,119,574
PNM Resources		267,800		10,294,232
South Jersey Industries		274,400		6,857,256
Southwest Gas Holdings		193,300		13,347,365
				50,722,551
Total Common Stock (cost $935,646,086)				1,009,046,993
Short-Term Investments – 3.02%
Money Market Mutual Funds – 3.02%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		6,265,584		6,265,584
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		6,265,584		6,265,584
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		6,265,585		6,265,585
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		6,265,585		6,265,585
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		6,265,585		6,265,585
Total Short-Term Investments (cost $31,327,923)				31,327,923

Total Value of Securities – 100.19%
(cost $966,974,009) $ 1,040,374,916

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

† Non-income producing security.

GS – Goldman Sachs

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, 2020 (Unaudited)

Assets:
Investments, at value1	$	1,040,374,916
Cash		21,838
Dividends and interest receivable		1,187,651
Receivable for securities sold		900,741
Receivable for series shares sold		161,287
Total assets		1,042,646,433
Liabilities:
Payable for securities purchased		2,762,236
Investment management fees payable to affiliates		621,203
Payable for series shares redeemed		401,548
Other accrued expenses		190,258
Distribution fees payable to affiliates		176,101
Audit and tax fees payable		20,235
Trustees’ fees and expenses payable to affiliates		7,722
Dividend disbursing and transfer agent fees and expenses payable to affiliates		6,458
Accounting and administration expenses payable to affiliates		3,302
Legal fees payable to affiliates		2,126
Reports and statements to shareholders expenses payable to affiliates		1,732
Total liabilities		4,192,921
Total Net Assets	$	1,038,453,512
Net Assets Consist of:
Paid-in capital	$	1,002,162,493
Total distributable earnings (loss)		36,291,019
Total Net Assets	$	1,038,453,512
Net Asset Value:
Standard Class:
Net assets	$	327,128,737
Shares of beneficial interest outstanding, unlimited authorization, no par		12,683,008
Net asset value per share	$	25.79
Service Class:
Net assets	$	711,324,775
Shares of beneficial interest outstanding, unlimited authorization, no par		27,685,237
Net asset value per share	$	25.69

¹ Investments, at cost $    966,974,009

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, 2020 (Unaudited)

Investment Income:
Dividends	$	11,317,196
Expenses:
Management fees		3,737,521
Distribution expenses – Service Class		1,060,976
Accounting and administration expenses		105,855
Reports and statements to shareholders expenses		48,888
Dividends disbursing and transfer agent fees and expenses		43,280
Trustees’ fees and expenses		30,812
Legal fees		30,602
Audit and tax fees		16,787
Custodian fees		14,042
Registration fees		4
Other		13,614
		5,102,381
Less expenses paid indirectly		(9	)
Total operating expenses		5,102,372
Net Investment Income		6,214,824
Net Realized and Unrealized Loss:
Net realized loss on investments		(42,951,740	)
Net change in unrealized appreciation (depreciation) of investments		(284,413,282	)
Net Realized and Unrealized Loss		(327,365,022	)
Net Decrease in Net Assets Resulting from Operations	$	(321,150,198	)

Delaware VIP Trust —

Delaware VIP Small Cap Value Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,214,824		$	12,411,834
Net realized gain (loss)		(42,951,740	)		64,457,799
Net change in unrealized appreciation (depreciation)		(284,413,282	)		215,042,792
Net increase (decrease) in net assets resulting from operations		(321,150,198	)		291,912,425
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(25,011,585	)		(35,845,943	)
Service Class		(51,786,059	)		(70,100,727	)
		(76,797,644	)		(105,946,670	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		45,009,600			37,861,588
Service Class		110,485,741			77,024,433
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		25,011,585			35,845,943
Service Class		51,786,059			70,100,726
		232,292,985			220,832,690
Cost of shares redeemed:
Standard Class		(50,435,736	)		(57,886,800	)
Service Class		(60,196,215	)		(92,313,646	)
		(110,631,951	)		(150,200,446	)
Increase in net assets derived from capital share transactions		121,661,034			70,632,244
Net Increase (Decrease) in Net Assets		(276,286,808	)		256,597,999
Net Assets:
Beginning of period		1,314,740,320			1,058,142,321
End of period	$	1,038,453,512		$	1,314,740,320

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
	6/30/201				Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	38.30			$	32.76			$	42.73			$	39.84			$	33.72			$	40.23
Income (loss) from investment operations:
Net investment income2			0.20				0.44				0.41				0.34				0.36				0.33
Net realized and unrealized gain (loss)			(10.50	)			8.48				(7.03	)			4.30				9.37				(2.43	)
Total from investment operations			(10.30	)			8.92				(6.62	)			4.64				9.73				(2.10	)
Less dividends and distributions from:
Net investment income			(0.41	)			(0.40	)			(0.35	)			(0.35	)			(0.35	)			(0.28	)
Net realized gain			(1.80	)			(2.98	)			(3.00	)			(1.40	)			(3.26	)			(4.13	)
Total dividends and distributions			(2.21	)			(3.38	)			(3.35	)			(1.75	)			(3.61	)			(4.41	)
Net asset value, end of period		$	25.79			$	38.30			$	32.76			$	42.73			$	39.84			$	33.72
Total return3			(25.94%	)			28.14%				(16.72%	)			12.05%				31.41%				(6.22%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	327,129			$	435,375			$	357,318			$	439,612			$	429,275			$	343,847
Ratio of expenses to average net assets4			0.78%				0.77%				0.77%				0.78%				0.79%				0.80%
Ratio of net investment income to average net assets			1.40%				1.22%				1.03%				0.85%				1.05%				0.90%
Portfolio turnover			13%				17%				18%				14%				11%				18%

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 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 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 Funds in which the Series invests.

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
	6/30/201				Year ended
	(Unaudited)				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	38.06			$	32.58			$	42.52			$	39.67			$	33.58			$	40.08
Income (loss) from investment operations:
Net investment income2			0.16				0.33				0.29				0.24				0.27				0.24
Net realized and unrealized gain (loss)			(10.41	)			8.42				(6.98	)			4.27				9.34				(2.43	)
Total from investment operations			(10.25	)			8.75				(6.69	)			4.51				9.61				(2.19	)
Less dividends and distributions from:
Net investment income			(0.32	)			(0.29	)			(0.25	)			(0.26	)			(0.26	)			(0.18	)
Net realized gain			(1.80	)			(2.98	)			(3.00	)			(1.40	)			(3.26	)			(4.13	)
Total dividends and distributions			(2.12	)			(3.27	)			(3.25	)			(1.66	)			(3.52	)			(4.31	)
Net asset value, end of period		$	25.69			$	38.06			$	32.58			$	42.52			$	39.67			$	33.58
Total return3			(26.04%	)			27.72%				(16.95%	)4			11.76%	4			31.09%	4			(6.46%	)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	711,325			$	879,365			$	700,824			$	853,046			$	794,681			$	621,022
Ratio of expenses to average net assets5			1.08%				1.07%				1.05%				1.03%				1.04%				1.05%
Ratio of expenses to average net assets prior to fees waived5			1.08%				1.07%				1.07%				1.08%				1.09%				1.10%
Ratio of net investment income to average net assets			1.10%				0.92%				0.74%				0.60%				0.80%				0.65%
Ratio of net investment income to average net assets prior to fees waived			1.10%				0.92%				0.72%				0.55%				0.75%				0.60%
Portfolio turnover			13%				17%				18%				14%				11%				18%

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 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 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  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

Use of Estimates — 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 the character of such distributions by the issuer, which are estimated. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $5 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend

Small Cap Value Series-9

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $4 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 rates 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.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative 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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $19,789 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees were 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, 2020, the Series was charged $38,968 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Series pays 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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $16,439 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	193,854,310
Sales		133,285,950

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Small Cap Value Series-10

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

		Aggregate	Aggregate
		Unrealized	Unrealized	Net Unrealized
Cost of		Appreciation	Depreciation	Appreciation
Investments		of Investments	of Investments	of Investments
	$966,974,009	$224,968,493	$(151,567,586)	$73,400,907

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, and 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, and 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 and 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, 2020:

	Level 1
Securities
Assets:
Common Stock	$	1,009,046,993
Short-Term Investments		31,327,923
Total Value of Securities	$	1,040,374,916

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments 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, 2020, there were no Level 3 investments.

Small Cap Value Series-11

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		1,757,108			1,056,698
Service Class		4,397,929			2,164,927
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,130,212			1,018,930
Service Class		2,347,509			2,000,591
		9,632,758			6,241,146
Shares redeemed:
Standard Class		(1,572,220	)		(1,613,952	)
Service Class		(2,163,191	)		(2,575,610	)
		(3,735,411	)		(4,189,562	)
Net increase		5,897,347			2,051,584

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

Small Cap Value Series-12

Delaware VIP^® Small Cap Value Series

Notes to financial statements (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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.

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly 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, 2020. 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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management is evaluating the implications of these changes on the financial statements.

10.Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Small Cap Value Series-13

Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22634 (8/20) (1268922) Small Cap Value Series-14

Delaware VIP^® Trust

Delaware VIP Smid Cap Core Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ 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		1/1/20 to
	1/1/20		6/30/20		Ratio		6/30/20*
Actual Series return†
Standard Class		$1,000.00	$	858.50		0.81%	$3.74
Service Class		1,000.00		857.20		1.11%	5.13
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00	$	1,020.84		0.81%	$4.07
Service Class		1,000.00		1,019.34		1.11%	5.57

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

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, 2020 (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		97.52%
Basic Materials		7.62%
Business Services		4.27%
Capital Goods		11.76%
Consumer Discretionary		4.17%
Consumer Services		2.27%
Consumer Staples		1.98%
Credit Cyclicals		2.09%
Energy		0.72%
Financial Services		12.66%
Healthcare		16.29%
Media		0.87%
Real Estate Investment Trusts		7.64%
Technology		18.67%
Transportation		2.03%
Utilities		4.48%
Short-Term Investments		3.16%
Total Value of Securities		100.68%
Liabilities Net of Receivables and Other Assets		(0.68%)
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
Neurocrine Biosciences		1.61%
Bio-Techne		1.56%
Paycom Software		1.53%
Tyler Technologies		1.51%
Ultragenyx Pharmaceutical		1.49%
Proofpoint		1.43%
Spire		1.41%
NorthWestern		1.32%
Knight-Swift Transportation Holdings		1.30%
Catalent		1.24%

Smid Cap Core Series-2

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

Schedule of investments

June 30, 2020 (Unaudited)

	Number of     shares		Value (US $)
Common Stock – 97.52%
Basic Materials – 7.62%
Balchem		56,102	$	5,321,836
Eastman Chemical		67,044		4,668,944
Huntsman		297,369		5,343,721
Kaiser Aluminum		67,223		4,948,957
Minerals Technologies		96,535		4,530,388
Neenah		93,293		4,614,272
Reliance Steel & Aluminum		69,439		6,591,844
Worthington Industries		128,242		4,783,427
				40,803,389
Business Services – 4.27%
ABM Industries		116,521		4,229,712
Aramark		157,699		3,559,266
ASGN †		84,851		5,657,865
Casella Waste Systems Class A †		52,324		2,727,127
Mobile Mini		118,937		3,508,641
US Ecology		93,916		3,181,874
				22,864,485
Capital Goods – 11.76%
Barnes Group		59,087		2,337,482
Belden		68,329		2,224,109
BWX Technologies		79,390		4,496,650
Columbus McKinnon		36,657		1,226,177
ESCO Technologies		51,782		4,377,132
Federal Signal		68,260		2,029,370
Gates Industrial †		142,037		1,460,140
Graco		80,359		3,856,428
Jacobs Engineering Group		52,458		4,448,438
Kadant		39,174		3,904,081
KBR		96,749		2,181,690
Lincoln Electric Holdings		59,696		5,028,791
MasTec †		54,624		2,450,979
Oshkosh		63,852		4,573,080
Quanta Services		97,904		3,840,774
Rexnord		138,398		4,034,302
Spirit AeroSystems Holdings Class A		45,988		1,100,953
Tetra Tech		22,891		1,811,136
United Rentals †		29,736		4,431,853
Woodward		41,323		3,204,599
				63,018,164
Consumer Discretionary – 4.17%
American Eagle Outfitters		168,520		1,836,868
Five Below †		50,448		5,393,396
Malibu Boats Class A †		96,588		5,017,746
Steven Madden		170,935		4,220,385
Tractor Supply		44,492		5,863,601
				22,331,996
Consumer Services – 2.27%
Chuy’s Holdings †		64,829		964,656
Jack in the Box		46,762		3,464,597
Texas Roadhouse		35,334		1,857,508

	Number of     shares		Value (US $)
Common Stock (continued)
Consumer Services (continued)
Wendy’s		268,757	$	5,853,527
				12,140,288
Consumer Staples – 1.98%
Casey’s General Stores		43,240		6,465,245
J & J Snack Foods		32,752		4,163,762
				10,629,007
Credit Cyclicals – 2.09%
BorgWarner		113,975		4,023,317
DR Horton		58,133		3,223,475
Toll Brothers		120,329		3,921,522
				11,168,314
Energy – 0.72%
Diamondback Energy		70,254		2,938,022
Patterson-UTI Energy		22,382		77,666
PDC Energy †		66,151		822,918
				3,838,606
Financial Services – 12.66%
Axis Capital Holdings		97,424		3,951,517
East West Bancorp		127,574		4,623,282
Essent Group		138,437		5,021,110
First Financial Bancorp		233,131		3,238,190
Great Western Bancorp		119,241		1,640,756
Hamilton Lane Class A		24,746		1,667,138
Independent Bank Group		65,331		2,647,212
Kemper		48,662		3,528,968
NMI Holdings Class A †		115,718		1,860,745
Primerica		46,253		5,393,100
Reinsurance Group of America		51,229		4,018,403
RLI		35,705		2,931,381
Selective Insurance Group		73,332		3,867,530
South State		52,024		2,479,485
Sterling Bancorp		212,364		2,488,906
Stifel Financial		74,432		3,530,310
Umpqua Holdings		305,880		3,254,563
Valley National Bancorp		367,877		2,876,798
Webster Financial		103,797		2,969,632
Western Alliance Bancorp		73,403		2,779,772
WSFS Financial		107,092		3,073,540
				67,842,338
Healthcare – 16.29%
Agios Pharmaceuticals †		97,028		5,189,057
Bio-Techne		31,640		8,355,175
Catalent †		90,535		6,636,215
DexCom †		11,331		4,593,587
Encompass Health		87,617		5,426,121
Exact Sciences †		60,121		5,226,920
ICON †		34,262		5,771,777
Intercept Pharmaceuticals †		53,510		2,563,664
Ligand Pharmaceuticals †		43,466		4,861,672
Neurocrine Biosciences †		70,524		8,603,928

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)
Quidel †		18,750	$	4,195,125
Repligen †		49,280		6,091,501
Supernus Pharmaceuticals †		113,710		2,700,613
Teladoc Health †		15,625		2,981,875
Ultragenyx Pharmaceutical †		102,166		7,991,424
West Pharmaceutical Services		17,820		4,048,169
Wright Medical Group †		68,243		2,028,182
				87,265,005
Media – 0.87%
Cinemark Holdings		147,932		1,708,615
Interpublic Group of Companies		173,180		2,971,769
				4,680,384
Real Estate Investment Trusts – 7.64%
American Assets Trust		69,751		1,941,868
Apartment Investment and Management Class A		119,109		4,483,263
Brixmor Property Group		164,010		2,102,608
Camden Property Trust		49,194		4,487,477
Cousins Properties		153,474		4,578,129
EastGroup Properties		36,680		4,350,615
EPR Properties		68,777		2,278,582
First Industrial Realty Trust		131,858		5,068,622
Kite Realty Group Trust		186,915		2,156,999
Lexington Realty Trust		275,274		2,904,141
Life Storage		17,079		1,621,651
Mack-Cali Realty		18,996		290,449
Pebblebrook Hotel Trust		111,998		1,529,893
Physicians Realty Trust		90,050		1,577,676
RPT Realty		220,236		1,532,843
				40,904,816
Technology – 18.67%
Blackbaud		31,815		1,816,000
Box Class A †		79,565		1,651,769
Brooks Automation		119,273		5,276,638
Chegg †		51,018		3,431,471
ExlService Holdings †		81,191		5,147,509
Guidewire Software †		58,181		6,449,364
II-VI †		101,197		4,778,522
J2 Global †		70,083		4,429,946
LendingTree †		18,748		5,428,108
MACOM Technology Solutions Holdings †		60,925		2,092,774
MaxLinear †		201,359		4,321,164
Medallia †		74,447		1,879,042

	Number of     shares		Value (US $)
Common Stock (continued)
Technology (continued)
NETGEAR †		86,649	$	2,243,343
Paycom Software †		26,429		8,185,854
Proofpoint †		68,882		7,654,168
PTC †		67,666		5,263,738
Rapid7 †		40,609		2,071,871
Semtech †		107,067		5,591,039
SS&C Technologies Holdings		114,650		6,475,432
Tyler Technologies †		23,357		8,102,076
WNS Holdings ADR †		95,460		5,248,391
Yelp †		106,806		2,470,423
				100,008,642
Transportation – 2.03%
Knight-Swift Transportation Holdings		167,015		6,966,196
Werner Enterprises		89,936		3,914,914
				10,881,110
Utilities – 4.48%
Black Hills		61,737		3,498,018
NorthWestern		130,120		7,094,142
South Jersey Industries		234,155		5,851,533
Spire		114,985		7,555,664
				23,999,357
Total Common Stock (cost $492,086,059)				522,375,901
Short-Term Investments – 3.16%
Money Market Mutual Funds – 3.16%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		3,388,522		3,388,522
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		3,388,521		3,388,521
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		3,388,521		3,388,521
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		3,388,521		3,388,521
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		3,388,521		3,388,521
Total Short-Term Investments (cost $16,942,606)				16,942,606

Total Value of Securities – 100.68%
(cost $509,028,665) $ 539,318,507

† Non-income producing security.

Smid Cap Core Series-4

Delaware VIP^® Smid Cap Core Series

Schedule of investments (continued)

Summary of abbreviations:

ADR – American Depositary Receipt

GS – Goldman Sachs

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, 2020 (Unaudited)

Assets:
Investments, at value1	$	539,318,507
Cash		627,428
Receivables for securities sold		5,264,559
Foreign tax reclaims receivable		488,302
Receivable for series shares sold		170,268
Total assets		545,869,064
Liabilities:
Payable for securities purchased		9,202,153
Payable for series shares redeemed		444,664
Investment management fees payable to affiliates		333,347
Other accrued expenses		154,782
Distribution fees payable to affiliates		49,377
Trustees’ fees and expenses payable to affiliates		4,076
Dividend disbursing and transfer agent fees and expenses payable to affiliates		3,352
Accounting and administration expenses payable to affiliates		1,872
Legal fees payable to affiliates		1,122
Reports and statements to shareholders expenses payable to affiliates		904
Total liabilities		10,195,649
Total Net Assets	$	535,673,415
Net Assets Consist of:
Paid-in capital	$	511,081,358
Total distributable earnings (loss)		24,592,057
Total Net Assets	$	535,673,415
Net Asset Value
Standard Class:
Net assets	$	338,901,135
Shares of beneficial interest outstanding, unlimited authorization, no par		17,724,970
Net asset value per share	$	19.12
Service Class:
Net assets	$	196,772,280
Shares of beneficial interest outstanding, unlimited authorization, no par		11,173,303
Net asset value per share	$	17.61

¹ Investments, at cost $ 509,028,665

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, 2020 (Unaudited)

Investment Income:
Dividends	$	2,350,598
Interest		45
		2,350,643
Expenses:
Management fees		1,981,025
Distribution expenses – Service Class		292,170
Accounting and administration expenses		63,707
Reports and statements to shareholders expenses		41,395
Dividend disbursing and transfer agent fees and expenses		22,132
Audit and tax fees		17,317
Trustees’ fees and expenses		15,679
Legal fees		12,665
Custodian fees		6,093
Registration fees		4
Other		7,246
		2,459,433
Less expenses paid indirectly		(2,364	)
Total operating expenses		2,457,069
Net Investment Loss		(106,426	)
Net Realized and Unrealized Loss:
Net realized loss on Investments		(4,419,113	)
Net change in unrealized appreciation (depreciation) of:
Investments		(81,314,770	)
Foreign currencies		(279	)
Net change in unrealized appreciation (depreciation)		(81,315,049	)
Net Realized and Unrealized Loss		(85,734,162	)
Net Decrease in Net Assets Resulting from Operations	$	(85,840,588	)

Delaware VIP Trust —

Delaware VIP Smid Cap Core Series

Statements of changes in net assets

		Six months
		ended
		6/30/20			Year ended
		(Unaudited)			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(106,426	)	$	2,514,851
Net realized gain (loss)			(4,419,113	)		13,930,353
Net change in unrealized appreciation (depreciation)			(81,315,049	)		137,373,667
Net increase (decrease) in net assets resulting from operations			(85,840,588	)		153,818,871
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class			(10,297,921	)		(23,348,937	)
Service Class	��		(5,875,178	)		(13,628,667	)
			(16,173,099	)		(36,977,604	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class			9,610,432			10,267,377
Service Class			8,454,838			5,225,032
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class			10,297,922			23,348,937
Service Class			5,875,178			13,628,667
			34,238,370			52,470,013
Cost of shares redeemed:
Standard Class			(14,850,825	)		(52,540,344	)
Service Class			(9,446,740	)		(29,941,388	)
			(24,297,565	)		(82,481,732	)
Increase (decrease) in net assets derived from capital share transactions			9,940,805			(30,011,719	)
Net Increase (Decrease) in Net Assets			(92,072,882	)		86,829,548
Net Assets:
Beginning of period			627,746,297			540,916,749
End of period		$	535,673,415		$	627,746,297

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
	6/30/201									Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/172			12/31/16			12/31/15
Net asset value, beginning of period		$    23.09			$    18.92			$    30.98			$    28.08			$    29.79			$    30.20
Income (loss) from investment operations:
Net investment income3		0.01			0.11			0.12			0.06			0.09			0.07
Net realized and unrealized gain (loss)		(3.38	)		5.37			(2.59	)		4.89			2.15			2.21
Total from investment operations		(3.37	)		5.48			(2.47	)		4.95			2.24			2.28
Less dividends and distributions from:
Net investment income		(0.11	)		(0.12	)		(0.05	)		(0.09	)		(0.07	)		(0.12	)
Net realized gain		(0.49	)		(1.19	)		(9.54	)		(1.96	)		(3.88	)		(2.57	)
Total dividends and distributions		(0.60	)		(1.31	)		(9.59	)		(2.05	)		(3.95	)		(2.69	)
Net asset value, end of period		$    19.12			$    23.09			$    18.92			$    30.98			$    28.08			$    29.79
Total return4		(14.15%	)		29.63%			(12.12%	)		18.65%			8.29%			7.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$338,901			$399,267			$343,361			$411,087			$394,898			$394,406
Ratio of expenses to average net assets5		0.81%			0.81%			0.81%			0.81%			0.82%			0.83%
Ratio of net investment income to average net assets		0.07%			0.52%			0.51%			0.22%			0.33%			0.24%
Portfolio turnover		17%			14%			18%			112%			15%			23%

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 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 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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
	6/30/201									Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/172			12/31/16			12/31/15
Net asset value, beginning of period		$    21.28			$    17.52			$    29.41			$    26.75			$    28.56			$    29.06
Income (loss) from investment operations:
Net investment income (loss)3		(0.02	)		0.04			0.05			(0.01	)		0.02			—	4
Net realized and unrealized gain (loss)		(3.11	)		4.97			(2.40	)		4.66			2.05			2.12
Total from investment operations		(3.13	)		5.01			(2.35	)		4.65			2.07			2.12
Less dividends and distributions from:
Net investment income		(0.05	)		(0.06	)		—			(0.03	)		—			(0.05	)
Net realized gain		(0.49	)		(1.19	)		(9.54	)		(1.96	)		(3.88	)		(2.57	)
Total dividends and distributions		(0.54	)		(1.25	)		(9.54	)		(1.99	)		(3.88	)		(2.62	)
Net asset value, end of period		$    17.61			$    21.28			$    17.52			$    29.41			$    26.75			$    28.56
Total return5		(14.28%	)		29.25%			(12.40%	)6		18.38%6			8.02%6			7.31%6
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$196,772			$228,479			$197,556			$239,918			$231,336			$230,085
Ratio of expenses to average net assets7		1.11%			1.11%			1.09%			1.06%			1.07%			1.08%
Ratio of expenses to average net assets prior to fees waived7		1.11%			1.11%			1.11%			1.11%			1.12%			1.13%
Ratio of net investment income (loss) to average net assets		(0.23%	)		0.22%			0.23%			(0.03%	)		0.08%			(0.01%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.23%	)		0.22%			0.21%			(0.08%	)		0.03%			(0.06%	)
Portfolio turnover		17%			14%			18%			112%			15%			23%

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 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 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  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁷  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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 companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

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 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 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

Smid Cap Core Series-10

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

1. Significant Accounting Policies (continued)

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, which are estimated. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $2,362 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates 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.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $11,101 for these services.

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, 2020, the Series was charged $19,931 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $8,383 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.”

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)

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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

Cross trades for the six months ended June 30, 2020 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. During the six months ended June 30, 2020. the Series engaged in securities purchases of $4,765,506 and no securities sales, which did not result in any realized gain (loss).

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	89,908,183
Sales		91,312,131

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes the Series were as follows:

		Aggregate	Aggregate
		Unrealized	Unrealized	Net Unrealized
Cost of		Appreciation	Depreciation	Appreciation
Investments		of Investments	of Investments	of Investments
$	509,028,665	$105,354,350	$(75,064,508)	$30,289,842

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, and 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, and 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 and 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, 2020:

	Level 1
Securities
Assets:
Common Stock	$	522,375,901
Short-Term Investments		16,942,606
Total Value of Securities	$	539,318,507

During the six months ended June 30, 2020, 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		537,832			475,321
Service Class		547,124			267,495
Shares issued upon reinvestment of dividends and distributions:
Standard Class		629,842			1,106,060
Service Class		389,859			698,906
		2,104,657			2,547,782
Shares redeemed:
Standard Class		(735,618	)		(2,434,517	)
Service Class		(500,969	)		(1,502,845	)
		(1,236,587	)		(3,937,362	)
Net increase (decrease)		868,070			(1,389,580	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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. 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. The 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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 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, 2020. 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.

Smid Cap Core Series-14

Delaware VIP^® Smid Cap Core Series

Notes to financial statements

7. Credit and Market Risk (continued)

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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, 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)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22635 (8/20) (1268922) Smid Cap Core Series-16

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Delaware VIP^® Trust

Delaware VIP U.S. Growth Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	8
	Other Series Information	13

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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.

© 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ 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		1/1/20 to
	1/1/20		6/30/20		Ratio		6/30/20*
Actual Series return†
Standard Class		$1,000.00		$1,135.70		0.73%		$3.88
Service Class		1,000.00		1,133.70		1.03%		5.46
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,021.23		0.73%		$3.67
Service Class		1,000.00		1,019.74		1.03%		5.17

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

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, 2020 (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 Stock²		98.05%
Communication Services		8.59%
Consumer Discretionary		15.97%
Financial Services		18.68%
Healthcare		13.32%
Industrials		7.14%
Materials		3.60%
Technology1		30.75%
Short-Term Investments		1.73%
Total Value of Securities		99.78%
Receivables and Other Assets Net of Liabilities		0.22%
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 Technology 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 Technology sector consisted of Software. As of June 30, 2020, such amounts, as a percentage of total net assets, was 30.75%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Technology 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.

	Percentage
Top 10 equity holdings	of net assets
Microsoft		10.67%
Amazon.com		6.31%
Visa Class A		5.31%
PayPal Holdings		4.72%
Mastercard Class A		4.54%
Twilio Class A		4.34%
Charter Communications Class A		4.28%
ServiceNow		4.24%
Alphabet Class A		3.88%
IQVIA Holdings		3.85%

U.S. Growth Series-2

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 98.05% ²
Communication Services – 8.59%
Alphabet Class A †		10,642	$	15,090,888
Match Group †		57,084		6,110,842
Netflix †		26,684		12,142,287
				33,344,017
Consumer Discretionary – 15.97%
Amazon.com †		8,871		24,473,492
Charter Communications Class A †		32,591		16,622,714
NIKE Class B		125,368		12,292,333
Starbucks		117,004		8,610,324
				61,998,863
Financial Services – 18.68%
CME Group		22,865		3,716,477
KKR & Co.		395,179		12,203,127
Mastercard Class A		59,700		17,653,290
PayPal Holdings †		105,219		18,332,306
Visa Class A		106,726		20,616,262
				72,521,462
Healthcare – 13.32%
Illumina †		34,044		12,608,196
Intuitive Surgical †		19,519		11,122,512
IQVIA Holdings †		105,211		14,927,337
UnitedHealth Group		44,340		13,078,083
				51,736,128
Industrials – 7.14%
Uber Technologies †		474,609		14,750,848
Waste Management		122,597		12,984,248
				27,735,096
Materials – 3.60%
Ball		200,900		13,960,541
				13,960,541

	Number of		Value
	shares		(US $)
Common Stock ² (continued)
Technology – 30.75%
Adobe †		20,969	$	9,128,016
Autodesk †		58,002		13,873,498
Coupa Software †		44,831		12,419,980
Microsoft		203,676		41,450,103
Paycom Software †		29,920		9,267,122
ServiceNow †		40,573		16,434,499
Twilio Class A †		76,693		16,827,978
				119,401,196
Total Common Stock (cost $246,274,749)				380,697,303
Short-Term Investments – 1.73%
Money Market Mutual Funds – 1.73%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		1,346,192		1,346,192
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		1,346,193		1,346,193
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		1,346,192		1,346,192
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		1,346,192		1,346,192
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		1,346,192		1,346,192
Total Short-Term Investments (cost $6,730,961)				6,730,961

Total Value of Securities – 99.78%
(cost $253,005,710) $ 387,428,264

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

   †  Non-income producing security.

GS – Goldman Sachs

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

U.S. Growth Series-3

Delaware VIP® Trust — Delaware VIP U.S. Growth Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	387,428,264
Cash		1,818,105
Receivable for securities sold		2,599,126
Receivable for series shares sold		791,432
Foreign tax reclaims receivable		37,096
Dividends and interest receivable		31,703
Total assets		392,705,726
Liabilities:
Payable for securities purchased		3,982,516
Payable for series shares redeemed		27,995
Investment management fees payable to affiliates		205,149
Other accrued expenses		105,687
Distribution fees payable to affiliates		80,863
Audit and tax fees payable		20,235
Trustees’ fees and expenses payable		2,915
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,367
Accounting and administration expenses payable to affiliates		1,418
Legal fees payable to affiliates		803
Reports and statements to shareholders expense payable to affiliates		650
Total liabilities		4,430,598
Total Net Assets	$	388,275,128
Net Assets Consist of:
Paid-in capital	$	232,149,099
Total distributable earnings (loss)		156,126,029
Total Net Assets	$	388,275,128
Net Asset Value:
Standard Class:
Net assets	$	56,494,533
Shares of beneficial interest outstanding, unlimited authorization, no par		5,206,865
Net asset value per share	$	10.85
Service Class:
Net assets	$	331,780,595
Shares of beneficial interest outstanding, unlimited authorization, no par		32,142,288
Net asset value per share	$	10.32

¹Investments, at cost $ 253,005,710

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 operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	1,219,302
Expenses:
Management fees		1,165,296
Distribution expenses – Service Class		459,090
Accounting and administration expenses		49,422
Reports and statements to shareholders		33,358
Audit and tax fees		16,743
Dividend disbursing and transfer agent fees and expenses		14,857
Trustees’ fees and expenses		10,451
Legal fees		9,331
Custodian fees		4,086
Registration fees		4
Other		4,315
		1,766,953
Less expenses paid indirectly		(11	)
Total operating expenses		1,766,942
Net Investment Loss		(547,640	)
Net Realized and Unrealized Gain:
Net realized gain		22,342,605
Net change in unrealized appreciation (depreciation) of investments		25,150,715
Net Realized and Unrealized Gain		47,493,320
Net Increase in Net Assets Resulting from Operations	$	46,945,680

Delaware VIP Trust—

Delaware VIP U.S. Growth Series

Statements of changes in net assets

		Six months
		ended
		6/30/20			Year ended
		(Unaudited)			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment loss		$	(547,640	)	$	(461,994	)
Net realized gain			22,342,605			23,852,476
Net change in unrealized appreciation (depreciation)			25,150,715			62,031,457
Net increase in net assets resulting from operations			46,945,680			85,421,939
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class			(2,919,568	)		(8,687,296	)
Service Class			(17,807,060	)		(54,735,552	)
			(20,726,628	)		(63,422,848	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class	��		1,450,248			6,351,775
Service Class			8,440,316			2,785,831
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class			2,919,569			8,687,296
Service Class			17,807,060			54,735,552
			30,617,193			72,560,454
Cost of shares redeemed:
Standard Class			(5,043,047	)		(8,398,881	)
Service Class			(35,839,196	)		(43,121,049	)
			(40,882,243	)		(51,519,930	)
Increase (Decrease) in net assets derived from capital share transactions			(10,265,050	)		21,040,524
Net Increase in Net Assets			15,954,002			43,039,615
Net Assets:
Beginning of period			372,321,126			329,281,511
End of period		$	388,275,128		$	372,321,126

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

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
	6/30/201									Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	10.15		$	9.57		$	11.31		$	8.91		$	13.31		$	13.75
Income (loss) from investment operations:
Net investment income2		—	3		0.01			0.01			0.01			0.02			0.08
Net realized and unrealized gain (loss)		1.27			2.41			(0.27	)		2.49			(0.75	)		0.66
Total from investment operations		1.27			2.42			(0.26	)		2.50			(0.73	)		0.74
Less dividends and distributions from:
Net investment income		—			—			—			—			(0.08	)		(0.08	)
Net realized gain		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.59	)		(1.10	)
Total dividends and distributions		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.67	)		(1.18	)
Net asset value, end of period	$	10.85		$	10.15		$	9.57		$	11.31		$	8.91		$	13.31
Total return4		13.57%			27.25%			(3.00%	)		28.28%			(5.17%	)		5.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	56,494		$	53,322		$	43,417		$	46,908		$	47,773		$	50,055
Ratio of expenses to average net assets5		0.73%			0.73%			0.73%			0.74%			0.74%			0.75%
Ratio of net investment income (loss) to average net assets		(0.05%	)		0.13%			0.08%			0.05%			0.22%			0.56%
Portfolio turnover		39%			33%			40%			25%			22%			39%

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 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 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

U.S. Growth Series-6

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
	6/30/201									Year ended
	(Unaudited)			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	9.70		$	9.24		$	11.00		$	8.68		$	13.07		$	13.53
Income (loss) from investment operations:
Net investment income (loss)2		(0.02	)		(0.02	)		(0.02	)		(0.02	)		—	3		0.04
Net realized and unrealized gain (loss)		1.21			2.32			(0.26	)		2.44			(0.75	)		0.65
Total from investment operations		1.19			2.30			(0.28	)		2.42			(0.75	)		0.69
Less dividends and distributions from:
Net investment income		—			—			—			—			(0.05	)		(0.05	)
Net realized gain		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.59	)		(1.10	)
Total dividends and distributions		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.64	)		(1.15	)
Net asset value, end of period	$	10.32		$	9.70		$	9.24		$	11.00		$	8.68		$	13.07
Total return4		13.37%			26.88%5			(3.29%	)5		28.10%5			(5.50%	)5		5.08%5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	331,781		$	318,999		$	285,865		$	336,676		$	316,194		$	361,691
Ratio of expenses to average net assets6		1.03%			1.03%			1.01%			0.99%			0.99%			1.00%
Ratio of expenses to average net assets prior to fees waived and expenses paid indirectly6		1.03%			1.03%			1.03%			1.04%			1.04%			1.05%
Ratio of net investment income (loss) to average net assets		(0.35%	)		(0.17%	)		(0.20%	)		(0.20%	)		(0.03%	)		0.31%
Ratio of net investment income (loss) to average net assets prior to fees waived and expenses paid indirectly		(0.35%	)		(0.17%	)		(0.22%	)		(0.25%	)		(0.08%	)		0.26%
Portfolio turnover		39%			33%			40%			25%			22%			39%

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 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 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  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

U.S. Growth Series-7

Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

Use of Estimates — 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. 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.

U.S. Growth Series-8

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $11 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, 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 rates 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 administrative 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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $8,147 for these services.

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, 2020, the Series was charged $13,446 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020 the Series was charged $5,677 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

U.S. Growth Series-9

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	138,658,182
Sales		161,652,104

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, 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
$	253,005,710	$137,041,266	$(2,618,712)	$134,422,554

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, and 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, and fair valued securities)

Level 3 – Significant unobservable inputs, including the Series’ own assumptions used to determine the fair value of investment. (Examples: broker-quoted securities and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	380,697,303
Short-Term Investments		6,730,961
Total Value of Securities	$	387,428,264

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of level 3 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, 2020, there were no Level 3 investments.

U.S. Growth Series-10

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		143,784			639,633
Service Class		851,058			295,305
Shares issued upon reinvestment of dividends and distributions:
Standard Class		319,078			945,299
Service Class		2,044,439			6,219,949
		3,358,359			8,100,186
Shares redeemed:
Standard Class		(509,289	)		(868,468	)
Service Class		(3,641,543	)		(4,564,819	)
		(4,150,832	)		(5,433,287	)
Net increase (decrease)		(792,473	)		2,666,899

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

U.S. Growth Series-11

Delaware VIP^® U.S. Growth Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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.

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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

U.S. Growth Series-12

Delaware VIP^® Trust — Delaware U.S. Growth Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22636 (8/20) (1268922) U.S. Growth Series-13

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Delaware VIP^® Trust

Delaware VIP Value Series

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	8
	Other Series information	13
	Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A. 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, 2020, 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 MIMBT, a US registered investment advisor. The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited. 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. © 2020 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, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Annualized Expense Ratio	Expenses Paid During  Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class	$1,000.00	$849.40	0.70%		$3.22
Service Class	1,000.00	848.10	1.00%		4.60
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.38	0.70%		$3.52
Service Class	1,000.00	1,019.89	1.00%		5.02

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Value Series-1

Delaware VIP^® Trust — Delaware VIP Value Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (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	98.93%
Communication Services	11.49%
Consumer Discretionary	6.74%
Consumer Staples	9.58%
Energy	3.10%
Financials	14.35%
Healthcare	21.16%
Industrials	8.25%
Information Technology	15.64%
Materials	3.35%
Real Estate	2.55%
Utilities	2.72%
Short-Term Investments	1.07%
Total Value of Securities	100.00%
Receivables and Other Assets Net of Liabilities	0.00%
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
Lowe’s	3.46%
Conagra Brands	3.45%
Broadcom	3.41%
CVS Health	3.38%
DuPont de Nemours	3.35%
Dollar Tree	3.28%
Oracle	3.27%
Cardinal Health	3.27%
Marsh & McLennan	3.20%
Cisco Systems	3.17%

Value Series-2

Delaware VIP^® Trust — Delaware VIP Value

Series Schedule of investments

June 30, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock - 98.93%
Communication Services - 11.49%
AT&T		600,924	$	18,165,932
Comcast Class A		482,248		18,798,027
Verizon Communications		388,300		21,406,979
Walt Disney		192,584		21,475,042
				79,845,980
Consumer Discretionary - 6.74%
Dollar Tree †		245,700		22,771,476
Lowe’s		177,800		24,024,336
				46,795,812
Consumer Staples - 9.58%
Archer-Daniels-Midland		536,500		21,406,350
Conagra Brands		680,504		23,933,325
Mondelez International Class A		414,800		21,208,724
				66,548,399
Energy - 3.10%
ConocoPhillips		512,652		21,541,637
				21,541,637
Financials - 14.35%
Allstate		202,000		19,591,980
American International Group		655,500		20,438,490
Bank of New York Mellon		495,300		19,143,345
Marsh & McLennan		206,800		22,204,116
Truist Financial		487,600		18,309,380
				99,687,311
Healthcare - 21.16%
Abbott Laboratories		220,700		20,178,601
Cardinal Health		435,300		22,718,307
Cigna		104,151		19,543,935
CVS Health		361,300		23,473,661
Johnson & Johnson		148,800		20,925,744
Merck & Co.		274,700		21,242,551
Pfizer		577,541		18,885,591
				146,968,390
Industrials - 8.25%
Caterpillar		165,284		20,908,426
Northrop Grumman		57,000		17,524,080
Raytheon Technologies		305,974		18,854,118
				57,286,624
Information Technology - 15.64%
Broadcom		75,000		23,670,750
Cisco Systems		472,800		22,051,392

	Number of shares		Value (US $)
Common Stock (continued)
Information Technology (continued)
Cognizant Technology Solutions Class A		357,522	$	20,314,400
Intel		332,200		19,875,526
Oracle		411,400		22,738,078
				108,650,146
Materials - 3.35%
DuPont de Nemours		438,283		23,285,976
				23,285,976
Real Estate - 2.55%
Equity Residential		300,900		17,698,938
				17,698,938
Utilities - 2.72%
Edison International		348,000		18,899,880
				18,899,880
Total Common Stock (cost $457,088,542)				687,209,093
Short-Term Investments - 1.07%
Money Market Mutual Funds - 1.07%
BlackRock FedFund - Institutional Shares (seven-day effective yield 0.10%)		1,490,304		1,490,303
Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 0.06%)		1,490,304		1,490,304
GS Financial Square Government Fund - Institutional Shares (seven-day effective yield 0.15%)		1,490,304		1,490,304
Morgan Stanley Government Portfolio - Institutional Share Class (seven-day effective yield 0.03%)		1,490,304		1,490,304
State Street Institutional US Government Money Market Fund - Investor Class (seven-day effective yield 0.04%)		1,490,304		1,490,304
Total Short-Term Investments (cost $7,451,519)				7,451,519

Total Value of Securities - 100.00%
(cost $464,540,061) $ 694,660,612

† Non-income producing security.

GS - Goldman Sachs

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

Value Series-3

Delaware VIP® Trust — Delaware VIP Value Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	694,660,612
Dividends and interest receivable		899,083
Receivable for series shares sold		13,127
Total assets		695,572,822
Liabilities:
Investment management fees payable		368,188
Payable for series shares redeemed		285,411
Distribution fees payable to affiliates		82,325
Accounting and Administration expenses payable		65,151
Reports and statements to shareholders payable		51,696
Audit and tax fees payable		20,235
Other accrued expenses		8,559
Trustees’ fees and expenses payable to affiliates		5,406
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,346
Accounting and administration expenses payable to affiliates		2,330
Legal fees payable to affiliates		1,488
Reports and statements to shareholders expenses payable to affiliates		1,187
Total liabilities		896,322
Total Net Assets	$	694,676,500
Net Assets Consist of:
Paid-in capital	$	489,262,245
Total distributable earnings (loss)		205,414,255
Total Net Assets	$	694,676,500
Net Asset Value:
Standard Class:
Net assets	$	367,800,065
Shares of beneficial interest outstanding, unlimited authorization, no par		15,092,564
Net asset value per share	$	24.37
Service Class:
Net assets	$	326,876,435
Shares of beneficial interest outstanding, unlimited authorization, no par		13,445,561
Net asset value per share	$	24.31

¹ Investments, at cost $      464,540,061

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

Value Series-4

Delaware VIP^® Trust —

Delaware VIP Value Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	9,947,455
Expenses:
Management fees		2,270,993
Distribution expenses-Service Class		511,459
Accounting and administration expenses		79,102
Reports and statements to shareholders expenses		30,110
Dividend disbursing and transfer agent fees and expenses		29,738
Trustees’ fees and expenses		20,978
Legal fees		20,796
Audit and tax fees		16,735
Custodian fees		9,320
Registration fees		4
Other		9,107
		2,998,342
Less expenses paid indirectly		(1	)
Total operating expenses		2,998,341
Net Investment Income		6,949,114
Net Realized and Unrealized Loss:
Net realized loss on investments		(27,210,124	)
Net change in unrealized appreciation (depreciation) of investments		(104,185,322	)
Net Realized and Unrealized Loss		(131,395,446	)
Net Decrease in Net Assets Resulting from Operations	$	(124,446,332	)

Delaware VIP Trust —

Delaware VIP Value Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,949,114		$	14,318,954
Net realized gain (loss)		(27,210,124	)		35,858,393
Net change in unrealized appreciation (depreciation)		(104,185,322	)		93,121,390
Net increase (decrease) in net assets resulting from operations		(124,446,332	)		143,298,737
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(26,675,996	)		(36,693,110	)
Service Class		(23,414,377	)		(32,088,566	)
		(50,090,373	)		(68,781,676	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		9,273,187			21,217,326
Service Class		10,264,528			20,861,629
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		26,675,995			36,693,110
Service Class		23,414,377			32,088,566
		69,628,087			110,860,631
Cost of shares redeemed:
Standard Class		(16,822,225	)		(45,148,585	)
Service Class		(23,490,079	)		(37,921,696	)
		(40,312,304	)		(83,070,281	)
Increase in net assets derived from capital share transactions		29,315,783			27,790,350
Net Increase (Decrease) in Net Assets		(145,220,922	)		102,307,411
Net Assets:
Beginning of period		839,897,422			737,590,011
End of period	$	694,676,500		$	839,897,422

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

Value Series-5

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 6/30/201 (Unaudited)
					Year ended
					12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	31.09			$	28.31			$	31.57			$	29.25			$	28.64			$	29.24
Income (loss) from investment operations:
Net investment income2			0.27				0.57				0.54				0.48				0.52				0.55
Net realized and unrealized gain (loss)			(5.08	)			4.87				(1.29	)			3.38				3.39				(0.65	)
Total from investment operations			(4.81	)			5.44				(0.75	)			3.86				3.91				(0.10	)
Less dividends and distributions from:
Net investment income			(0.58	)			(0.54	)			(0.53	)			(0.51	)			(0.59	)			(0.50	)
Net realized gain			(1.33	)			(2.12	)			(1.98	)			(1.03	)			(2.71	)			—
Total dividends and distributions			(1.91	)			(2.66	)			(2.51	)			(1.54	)			(3.30	)			(0.50	)
Net asset value, end of period		$	24.37			$	31.09			$	28.31			$	31.57			$	29.25			$	28.64
Total return3			(15.06%	)			19.97%				(2.73%	)			13.80%				14.65%				(0.41%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	367,800			$	440,587			$	388,644			$	431,874			$	439,265			$	389,570
Ratio of expenses to average net assets4			0.70%				0.69%				0.69%				0.70%				0.70%				0.71%
Ratio of net investment income to average net assets			2.08%				1.92%				1.77%				1.64%				1.87%				1.88%
Portfolio turnover			16%				13%				13%				11%				17%				17%

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 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 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 Funds in which the Series invests.

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

Value Series-6

Delaware VIP^® VIP Value

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 6/30/201 (Unaudited)
					Year ended
					12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	30.95			$	28.20			$	31.46			$	29.15			$	28.56			$	29.16
Income (loss) from investment operations:
Net investment income2			0.23				0.48				0.45				0.41				0.45				0.47
Net realized and unrealized gain (loss)			(5.05	)			4.84				(1.28	)			3.37				3.37				(0.64	)
Total from investment operations			(4.82	)			5.32				(0.83	)			3.78				3.82				(0.17	)
Less dividends and distributions from:
Net investment income			(0.49	)			(0.45	)			(0.45	)			(0.44	)			(0.52	)			(0.43	)
Net realized gain			(1.33	)			(2.12	)			(1.98	)			(1.03	)			(2.71	)			—
Total dividends and distributions			(1.82	)			(2.57	)			(2.43	)			(1.47	)			(3.23	)			(0.43	)
Net asset value, end of period		$	24.31			$	30.95			$	28.20			$	31.46			$	29.15			$	28.56
Total return3			(15.19%	)			19.60%				(3.00%	)4			13.53%	4			14.32%	4			(0.64%	)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	326,877			$	399,310			$	348,946			$	372,576			$	365,855			$	304,570
Ratio of expenses to average net assets5			1.00%				0.99%				0.97%				0.95%				0.95%				0.96%
Ratio of expenses to average net assets prior to fees waived5			1.00%				0.99%				0.99%				1.00%				1.00%				1.01%
Ratio of net investment income to average net assets			1.78%				1.62%				1.49%				1.39%				1.62%				1.63%
Ratio of net investment income to average net assets prior to fees waived			1.78%				1.62%				1.47%				1.34%				1.57%				1.58%
Portfolio turnover			16%				13%				13%				11%				17%				17%

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 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 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  Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Value Series-7

Delaware VIP^® Trust — Delaware VIP Value Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust and offers 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). 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 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.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020, and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the year ended June 30, 2020, 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.

Use of Estimates – 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 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.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earning credits for the six months ended June 30, 2020.

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $1 under this arrangement.

Value Series-8

Delaware VIP^® Value Series

Notes to financial statements (continued)

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 rates 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 may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $14,262 for these services.

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, 2020, the Series was charged $26,833 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not 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, 2020, the Series was charged $11,289 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	111,047,379
Sales		124,307,817

At June 30, 2020, 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, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of Investments	Aggregate Unrealized Appreciation of Investments	Aggregate Unrealized Depreciation of Investments	Net Unrealized Appreciation of Investments
$464,540,061	$240,083,537	$(9,962,986)	$230,120,551

Value Series-9

Delaware VIP^® Value Series

Notes to financial statements (continued)

3. Investments (continued)

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, 2020:

	Level 1
Securities
Assets:
Common Stock	$	687,209,093
Short-Term Investments		7,451,519
Total Value of Securities	$	694,660,612

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

Value Series-10

Delaware VIP^® Value Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		378,992			709,070
Service Class		431,931			699,745
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,170,000			1,274,509
Service Class		1,028,751			1,117,290
		3,009,674			3,800,614
Shares redeemed:
Standard Class		(629,713	)		(1,536,732	)
Service Class		(917,067	)		(1,287,594	)
		(1,546,780	)		(2,824,326	)
Net increase		1,462,894			976,288

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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. The 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

Value Series-11

Delaware VIP^® Value Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Value Series-12

Delaware VIP^® Trust — Delaware VIP Value Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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 22637 (8/20) (1268922) Value Series-13

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Delaware VIP^® Trust

Delaware VIP Covered Call Strategy Series

(formerly, First Investors Life Series Covered Call Strategy Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	9
	Other Series information	15

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

This material may be used in conjunction with the offering of shares in Delaware VIP^® Covered Call Strategy Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Annualized Expense Ratio	Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$1,000.00		$   862.70	0.90%	$4.17
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.39	0.90%	$4.52

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above does not reflect the expenses of the Underlying Funds.

Covered Call Strategy Series-1

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (Unaudited)

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

Security type / sector	Percentage of net assets
Common Stock		103.25%
Communication Services		8.73%
Consumer Discretionary		9.60%
Consumer Staples		11.23%
Energy		2.98%
Financials		7.45%
Healthcare		11.96%
Industrials		14.16%
Information Technology1		35.85%
Materials		1.29%
Exchange-Traded Fund		1.03%
Short-Term Investments		2.22%
Total Value of Securities Before Options Written		106.50%
Options Written		(6.24)%
Liabilities Net of Receivables and Other Assets		(0.26%)
Total Net Assets		100.00%

¹  To monitor compliance with the Series’ concentration guidelines as described in the Series’ Prospectus and Statement of Additional Information, the Information Technology 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 Information Technology sector consisted of Computers, Diversified Financial Services, Semiconductors, Software, and Telecommunications. As of June 30, 2020, such amounts, as a percentage of total net assets, were 7.09%, 6.75%, 7.99%, 11.70%, and 2.32%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Information Technology 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
Microsoft		7.92%
Apple		7.10%
Home Depot		5.71%
Mastercard Class A		4.60%
BlackRock		4.23%
Broadcom		4.04%
Texas Instruments		3.95%
Alphabet Class A		3.94%
Costco Wholesale		3.88%
Oracle		3.78%

Covered Call Strategy Series-2

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of     shares		Value (US $)
Common Stock – 103.25%
Communication Services – 8.73%
Alphabet Class A †~		500	$	709,025
AT&T ~		6,700		202,541
Facebook Class A †~		2,900		658,503
				1,570,069
Consumer Discretionary – 9.60%
Home Depot ~		4,100		1,027,091
TJX ~		6,400		323,584
Whirlpool ~		2,900		375,637
				1,726,312
Consumer Staples – 11.23%
Constellation Brands Class A ~		2,200		384,890
Costco Wholesale ~		2,300		697,383
Mondelez International Class A ~		11,200		572,656
Sysco ~		6,700		366,222
				2,021,151
Energy – 2.98%
Chevron ~		6,000		535,380
				535,380
Financials – 7.45%
BlackRock ~		1,400		761,726
Blackstone Group Class A ~		10,200		577,932
				1,339,658
Healthcare – 11.96%
Bristol-Myers Squibb ~		11,100		652,680
Medtronic ~		7,000		641,900
Merck & Co. ~		6,200		479,446
Stryker ~		2,100		378,399
				2,152,425
Industrials – 14.16%
Boeing ~		2,800		513,240
Caterpillar ~		2,900		366,850
Lockheed Martin ~		1,700		620,364
Raytheon Technologies ~		8,000		492,960
Union Pacific ~		1,700		287,419
United Parcel Service Class B ~		2,400		266,832
				2,547,665
Information Technology – 35.85%
Apple ~		3,500		1,276,800
Broadcom ~		2,300		725,903
Corning ~		16,100		416,990
Mastercard Class A ~		2,800		827,960
Microsoft ~		7,000		1,424,570
Oracle ~		12,300		679,821
Texas Instruments ~		5,600		711,032
Visa Class A ~		2,000		386,340
				6,449,416

	Number of     shares			Value (US $)
Common Stock (continued)
Materials – 1.29%
Nucor ~		5,600		$	231,896
					231,896
Total Common Stock (cost $15,852,266)					18,573,972
Exchange-Traded Fund – 1.03%
SPDR S&P 500 ETF Trust~		600			185,016
Total Exchange-Traded Fund (cost $151,308)					185,016
Short-Term Investments – 2.22%
Money Market Mutual Funds – 2.22%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		79,973			79,973
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		79,972			79,972
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		79,973			79,973
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		79,973			79,973
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		79,972			79,972
Total Short-Term Investments (cost $399,863)					399,863
Total Value of Securities Before Options Written – 106.50% (cost $16,403,437)					19,158,851
	Number of contracts
Options Written – (6.24%)
Equity Call Options – (6.24%)
Alphabet strike price $1,375, expiration date 1/15/21, notional amount ($275,000)		(2	)		(30,520	)
Alphabet strike price $1,500, expiration date 9/18/20, notional amount ($450,000)		(3	)		(13,905	)
Apple strike price $340, expiration date 7/17/20, notional amount ($1,190,000)		(35	)		(93,275	)

Covered Call Strategy Series-3

Delaware VIP^® Covered Call Strategy Series

Schedule of investments (continued)

	Number of     contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
AT&T strike price $34, expiration date 1/15/21, notional amount ($227,800)		(67	)	$	(5,628	)
BlackRock strike price $560, expiration date 7/24/20, notional amount ($392,000)		(7	)		(7,070	)
BlackRock strike price $580, expiration date 9/18/20, notional amount ($406,000)		(7	)		(11,690	)
Blackstone Group strike price $60, expiration date 9/18/20, notional amount ($192,000)		(32	)		(8,240	)
Blackstone Group strike price $60, expiration date 1/15/21, notional amount ($420,000)		(70	)		(32,375	)
Boeing strike price $200, expiration date 10/16/20, notional amount ($240,000)		(12	)		(25,500	)
Boeing strike price $250, expiration date 10/16/20, notional amount ($400,000)		(16	)		(15,080	)
Bristol-Myers Squibb strike price $60, expiration date 9/18/20, notional amount ($174,000)		(29	)		(8,178	)
Bristol-Myers Squibb strike price $65, expiration date 9/18/20, notional amount ($533,000)		(82	)		(8,077	)
Broadcom strike price $300, expiration date 1/15/21, notional amount ($690,000)		(23	)		(94,645	)
Caterpillar strike price $115, expiration date 8/21/20, notional amount ($333,500)		(29	)		(41,252	)
Chevron strike price $90, expiration date 9/18/20, notional amount ($540,000)		(60	)		(36,150	)
Constellation Brands strike price $180, expiration date 10/16/20, notional amount ($90,000)		(5	)		(6,100	)
Constellation Brands strike price $200, expiration date 10/16/20, notional amount ($340,000)		(17	)		(7,098	)
Corning strike price $25, expiration date 8/21/20, notional amount ($95,000)		(38	)		(8,265	)
Corning strike price $29, expiration date 11/20/20, notional amount ($356,700)		(123	)		(16,912	)
Costco Wholesale strike price $320, expiration date 7/17/20, notional amount ($736,000)		(23	)		(1,484	)
Facebook strike price $240, expiration date 1/15/21, notional amount ($696,000)		(29	)		(59,087	)

	Number of     contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Home Depot strike price $260, expiration date 11/20/20, notional amount ($1,066,000)		(41	)	$	(60,885	)
Lockheed Martin strike price $420, expiration date 1/15/21, notional amount ($714,000)		(17	)		(20,570	)
Mastercard strike price $310, expiration date 1/15/21, notional amount ($868,000)		(28	)		(64,470	)
Medtronic strike price $110, expiration date 1/15/21, notional amount ($770,000)		(70	)		(13,615	)
Merck & Co. strike price $85, expiration date 10/16/20, notional amount ($527,000)		(62	)		(8,959	)
Microsoft strike price $192.50, expiration date 7/24/20, notional amount ($673,750)		(35	)		(45,587	)
Microsoft strike price $210, expiration date 9/18/20, notional amount ($735,000)		(35	)		(29,575	)
Mondelez International strike price $55, expiration date 9/18/20, notional amount ($616,000)		(112	)		(8,848	)
Nucor strike price $40, expiration date 10/16/20, notional amount ($224,000)		(56	)		(25,620	)
Oracle strike price $55, expiration date 9/18/20, notional amount ($495,000)		(90	)		(28,575	)
Oracle strike price $57.50, expiration date 9/18/20, notional amount ($189,750)		(33	)		(6,749	)
Raytheon Technologies strike price $70, expiration date 8/21/20, notional amount ($560,000)		(80	)		(11,200	)
SPDR S&P 500 ETF Trust strike price $314, expiration date 7/17/20, notional amount ($188,400)		(6	)		(2,184	)
Stryker strike price $185, expiration date 1/15/21, notional amount ($388,500)		(21	)		(35,910	)
Sysco strike price $60, expiration date 11/20/20, notional amount ($402,000)		(67	)		(30,485	)
Texas Instruments strike price $120, expiration date 9/18/20, notional amount ($672,000)		(56	)		(66,640	)
TJX strike price $60, expiration date 7/17/20, notional amount ($384,000)		(64	)		(640	)
Union Pacific strike price $180, expiration date 1/15/21, notional amount ($306,000)		(17	)		(19,380	)

Covered Call Strategy Series-4

Delaware VIP^® Covered Call Strategy Series

Schedule of investments (continued)

	Number of     contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
United Parcel Service strike price $100, expiration date 7/17/20, notional amount ($240,000)		(24	)	$	(28,380	)
Visa strike price $185, expiration date 1/15/21, notional amount ($370,000)		(20	)		(44,450	)
Whirlpool strike price $135, expiration date 1/15/21, notional amount ($391,500)		(29	)		(39,368	)
Total Options Written (premium received $887,587)					(1,122,621	)

† Non-income producing security.

~ All or portion of the security has been pledged as collateral with outstanding options written.

Summary of abbreviations:

ETF – Exchange-Traded Fund

GS – Goldman Sachs

S&P – Standard & Poor’s

SPDR – S&P Depositary Receipts

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

Covered Call Strategy Series-5

Delaware VIP® Trust — Delaware VIP Covered Call Strategy Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	19,158,851
Dividends and interest receivable		15,138
Receivable for series shares sold		2,023
Foreign tax reclaims receivable		1,015
Other assets		327
Total assets		19,177,354
Liabilities:
Options written, at value2		1,122,621
Other accrued expenses		42,751
Payable for series shares redeemed		16,116
Investment management fees payable		5,050
Accounting and administration expenses payable to affiliates		379
Distribution payable		268
Trustees’ fees and expenses payable		136
Dividend disbursing and transfer agent fees and expenses payable to affiliates		111
Legal fees payable to affiliates		38
Reports and statements to shareholders expenses payable to affiliates		30
Total liabilities		1,187,500
Total Net Assets	$	17,989,854
Net Assets Consist of:
Paid-in capital	$	18,063,082
Total distributable earnings (loss)		(73,228	)
Total Net Assets	$	17,989,854
Net Asset Value:
Standard Class:
Net assets	$	17,989,854
Shares of beneficial interest outstanding, unlimited authorization, no par		1,705,093
Net asset value per share	$	10.55

1 Investments, at cost	$	16,403,437
2 Premium received		(887,587	)

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

Covered Call Strategy Series-6

Delaware VIP^® Trust —

Delaware VIP Covered Call Strategy Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	239,991
Expenses:
Management fees		69,371
Audit and tax fees		38,261
Accounting and administration expenses		23,297
Reports and statements to shareholders		1,142
Dividend disbursing and transfer agent fees and expenses		805
Trustees’ fees and expenses		541
Legal fees		208
Custodian fees		43
Registration fees		4
Other		1,138
		134,810
Less expenses waived		(51,109	)
Less expenses paid indirectly		(546	)
Total operating expenses		83,155
Net Investment Income		156,836
Net Realized and Unrealized Loss:
Net realized loss on:
Investments		(522,715	)
Options written		(833,250	)
Net realized loss		(1,355,965	)
Net change in unrealized appreciation (depreciation) of:
Investments		(1,486,990	)
Options written		(218,778	)
Net change in unrealized appreciation (depreciation)		(1,705,768	)
Net Realized And Unrealized Loss		(3,061,733	)
Net Decrease in Net Assets Resulting from Operations	$	(2,904,897)

Delaware VIP Trust—

Delaware VIP Covered Call Strategy Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from
Operations:
Net investment income	$	156,836		$	296,574
Net realized loss		(1,355,965	)		(1,244,255	)
Net change in unrealized appreciation (depreciation)		(1,705,768	)		4,830,741
Net increase (decrease) in net assets resulting from operations		(2,904,897	)		3,883,060
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(297,991	)		(214,737	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		675,189			2,910,716
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		297,723			214,737
		972,912			3,125,453
Cost of shares redeemed:
Standard Class		(1,633,962	)		(2,299,235	)
Increase (Decrease) in net assets derived from capital share transactions		(661,050	)		826,218
Net Increase (Decrease) in Net Assets		(3,863,938	)		4,494,541
Net Assets:
Beginning of period		21,853,792			17,359,251
End of period	$	17,989,854		$	21,853,792

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

Covered Call Strategy Series-7

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Financial highlights

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

				Delaware VIP Covered Call Strategy Series Standard Class
	Six months ended 6/30/201 (Unaudited)			Year ended									5/2/163 to 12/31/16
				12/31/192			12/31/18			12/31/17
Net asset value, beginning of period	$	12.45		$	10.37		$	11.65		$	10.53		$	10.00
Income (loss) from investment operations:
Net investment income4		0.09			0.17			0.16			0.14			0.07
Net realized and unrealized gain (loss)		(1.81	)		2.03			(1.31	)		1.02			0.46
Total from investment operations		(1.72	)		2.20			(1.15	)		1.16			0.53
Less dividends and distributions from:
Net investment income		(0.18	)		(0.12	)		(0.13	)		(0.04	)		—
Total dividends and distributions		(0.18	)		(0.12	)		(0.13	)		(0.04	)		—
Net asset value, end of period	$	10.55		$	12.45		$	10.37		$	11.65		$	10.53
Total return5		(13.73%	)6		21.37%	6		(9.99%	)		11.07%			5.30%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,990		$	21,854		$	17,359		$	11,384		$	10,208
Ratio of expenses to average net assets7		0.90%			0.92%			0.98%			1.06%			1.73%
Ratio of expenses to average net assets prior to fees waived7		1.45%			1.09%			0.98%			1.06%			1.73%
Ratio of net investment income to average net assets		1.69%			1.42%			1.44%			1.26%			0.97%
Ratio of net investment income to average net assets prior to fees waived		1.14%			1.25%			1.44%			1.26%			0.97%
Portfolio turnover		42%			56%			87%			143%			96%	8

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

²  On Oct. 4, 2019, the First Investors Life Series Covered Call Strategy Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Covered Call Strategy Fund shares.

³  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁷  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁸  Portfolio turnover is representative of the Series for the entire year.

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

Covered Call Strategy Series-8

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Covered Call Strategy Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Covered Call Strategy Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. 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. Open-end investment companies are valued at their published net asset value (NAV), as reported by the underlying investment company. 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Underlying Funds — The Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Series invests include ETFs. The Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.

Use of Estimates — 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. 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.

Covered Call Strategy Series-9

Delaware VIP^® Covered Call Strategy Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $546 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates of 0.75% on the first $250 million of average daily net assets of the Series, 0.72% on the next $250 million, 0.69% on the next $250 million, 0.66% on the next $500 million, 0.64% on the next $500 million, 0.62% on the next $500 million, and 0.60% on average daily net assets in excess of $2.25 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.90% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

Ziegler Capital Management, LLC (ZCM) furnishes investment sub-advisory services to the Series. For these services, DMC, not the Series, pays ZCM a fee, which is based on the aggregate average daily net assets at the rates of 0.27% on the first $500 million, 0.25% on the next $500 million, and 0.20% on average daily net assets in excess of $1 billion of the Series, Delaware Covered Call Strategy Fund, and Delaware Premium Income Fund.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $2,306 for these services.

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, 2020, the Series was charged $694 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $292 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

Covered Call Strategy Series-10

Delaware VIP^® Covered Call Strategy Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	8,160,914
Sales		9,586,873

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, 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 Appreciation of Investments and Derivatives
$15,515,850	$3,428,284	$(907,904)	$2,520,380

At Dec. 31, 2019, capital loss carryforwards available to offset future realized gains were as follows:

Loss carryforward character
Short-term		Long-term	Total
$	1,367,308	$—	$	1,367,308

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, and 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, and 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 and 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.

Covered Call Strategy Series-11

Delaware VIP^® Covered Call Strategy 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	18,573,972
Exchange-Traded Fund		185,016
Short-Term Investments		399,863
Total Value of Securities	$	19,158,851
Liabilities:
Options Written	$	(1,122,621	)

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		64,826			256,899
Shares issued upon reinvestment of dividends and distributions:
Standard Class		30,504			19,139
		95,330			276,038
Shares redeemed:
Standard Class		(145,594	)		(194,764	)
Net increase (decrease)		(50,264	)		81,274

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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.

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

Covered Call Strategy Series-12

Delaware VIP^® Covered Call Strategy Series

Notes to financial statements (continued)

6. Derivatives (continued)

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, 2020, the Series used options contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions, to protect the value of portfolio securities, and to receive premiums for writing options.

Fair values of derivative instruments as of June 30, 2020 were as follows:

	Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Equity Contracts
Options written, at value	$(1,122,621)

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Options Written
Equity contracts	$(833,250)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Options Written
Equity contracts	$(218,778)

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2020:

	Long Derivatives Volume	Short Derivatives Volume
Options contracts (average notional value)*	$ –	$940,488

*Long represents purchased options and short represents written options.

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 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

Covered Call Strategy Series-13

Delaware VIP^® Covered Call Strategy Series

Notes to financial statements (continued)

7. Securities Lending (continued)

(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. The 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, 2020, the Series had no securities out on loan.

8. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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, 2020, there were no Rule 144A securities held by the Series.

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. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Covered Call Strategy Series-14

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

Covered Call Strategy Series-15

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy Series

Other Series information (Unaudited)

Board consideration of Sub-Advisory Agreements for Delaware VIP^® Covered Call Strategy Series at a meeting held February 26-27, 2020

At a meeting held on Feb. 26-27, 2020, the Board of Trustees (the “Board”) of Delaware VIP Covered Call Strategy Series (the “Fund”), 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 Ziegler Capital Management LLC (“Ziegler”).

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

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. 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, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by Ziegler, the Board specifically considered that the Sub-advisory Agreement contains substantively identical provisions to those in the prior Ziegler sub-advisory agreement for the Fund. The Board reviewed materials provided by Ziegler in response to written questions from the Board regarding, among other things, its experience and the qualifications of its personnel, and placed weight on Ziegler’s representation that there were no planned changes with respect to Ziegler’s personnel responsible for security selection and portfolio management of the Fund’s assets managed by Ziegler as a result of the Transaction.

The quality of the services of Ziegler was also considered primarily in respect to the investment performance of the Fund. The Board was also satisfied with the adherence by Ziegler with the investment policies and restrictions of the Fund, as well as its adherence to various compliance and other procedures for the Fund. Based upon these considerations, the Board determined that the nature, extent, and quality of the services to be provided by Ziegler under the Sub-advisory Agreement would be satisfactory.

Investment performance. With respect to the appointment of Ziegler for the Fund, the Board reviewed information on prior performance for Ziegler. The Board evaluated and found satisfactory the investment performance information provided. As noted above, the Board placed weight on Ziegler’s representation that there are no planned changes with respect to the Ziegler personnel currently responsible for security selection and portfolio management of the Funds in connection with the Transaction. The Board believed such information and analysis evidenced the benefits to the Fund of retaining Ziegler as a sub-advisor and the high quality of portfolio management services expected to be provided by Ziegler under the Sub-advisory Agreement.

Sub-advisory fees. The Board considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by Ziegler. The Board noted that the sub-advisory fees are paid by DMC to Ziegler and are not additional fees borne by the Fund. The Board was provided with a description of the fees to be charged by Ziegler under the Sub-advisory Agreement, which showed them to be identical to the sub-advisory fees from the existing Ziegler sub-advisory agreement for the Fund. The Board was provided with information showing an estimate of the sub-advisory fees to be paid to Ziegler based on a projection of allocations given certain historical investment trends. The Board concluded that, in light of the quality and extent of the services to be provided, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Information about Ziegler’s profitability from its relationship with the Fund was not available because it had just recently begun to provide services to the Fund. The Board noted DMC’s affirmation that its profitability is not expected to be impacted as a result of the new sub-advisory agreement with Ziegler because the fee schedule will be the same as the existing Ziegler sub-advisory agreement. With regard to potential fall-out benefits derived or to be derived by the Ziegler and its affiliates in connection with their relationship to the Fund, the Board considered the potential benefit to DMC and the Ziegler, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds. The Board also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, their effective investment management fee rate declines. Accordingly, the Board did not expect possible fall-out benefits and economies of scale under the Sub-advisory Agreement to be significantly different than those considered when the Board initially appointed Ziegler as the Fund’s sub-advisor.

Covered Call Strategy Series-16

Delaware VIP^® Trust — Delaware VIP Covered Call Strategy 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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPCCS 22638 (8/20) (1273672) Covered Call Strategy Series-17

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Delaware VIP^® Trust

Delaware VIP Equity Income Series

(formerly, First Investors Life Series Equity Income Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	7
	Other Series information	12

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Equity Income Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to seek total return.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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	1/1/20 to
	1/1/20		6/30/20		Ratio	6/30/20*
Actual Series return†
Standard Class		$1,000.00		$   842.80	0.80%	$3.67
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.89	0.80%	$4.02

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Equity Income Series-1

Delaware VIP^® Trust — Delaware VIP Equity Income Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (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		98.95%
Communication Services		11.87%
Consumer Discretionary		6.01%
Consumer Staples		9.31%
Energy		2.85%
Financials		14.96%
Healthcare		20.86%
Industrials		8.83%
Information Technology		15.50%
Materials		3.04%
Real Estate		2.95%
Utilities		2.77%
Short-Term Investments		0.80%
Total Value of Securities		99.75%
Receivables and Other Assets Net of Liabilities		0.25%
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
Oracle		3.22%
Broadcom		3.18%
Archer-Daniels-Midland		3.15%
Verizon Communications		3.14%
Conagra Brands		3.13%
Caterpillar		3.13%
Allstate		3.10%
Merck & Co.		3.10%
Cisco Systems		3.09%
Intel		3.07%

Equity Income Series-2

Delaware VIP^® Trust — Delaware VIP Equity Income Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 98.95%
Communication Services – 11.87%
AT&T		95,100	$	2,874,873
Comcast Class A		76,868		2,996,315
Verizon Communications		58,200		3,208,566
Walt Disney		27,343		3,049,018
				12,128,772
Consumer Discretionary – 6.01%
Dollar Tree †		32,600		3,021,368
Lowe’s		23,100		3,121,272
				6,142,640
Consumer Staples – 9.31%
Archer-Daniels-Midland		80,600		3,215,940
Conagra Brands		91,000		3,200,470
Mondelez International Class A		60,600		3,098,478
				9,514,888
Energy – 2.85%
ConocoPhillips		69,300		2,911,986
				2,911,986
Financials – 14.96%
Allstate		32,700		3,171,573
American International Group		96,000		2,993,280
Bank of New York Mellon		78,100		3,018,565
Marsh & McLennan		28,800		3,092,256
Truist Financial		80,100		3,007,755
				15,283,429
Healthcare – 20.86%
Abbott Laboratories		34,200		3,126,906
Cardinal Health		58,900		3,073,991
Cigna		15,800		2,964,870
CVS Health		47,500		3,086,075
Johnson & Johnson		21,400		3,009,482
Merck & Co.		41,000		3,170,530
Pfizer		88,300		2,887,410
				21,319,264
Industrials – 8.83%
Caterpillar		25,279		3,197,793
Northrop Grumman		9,400		2,889,936
Raytheon Technologies		47,559		2,930,586
				9,018,315
Information Technology – 15.50%
Broadcom		10,300		3,250,783
Cisco Systems		67,700		3,157,528

	Number of		Value
	shares		(US $)
Common Stock (continued)
Information Technology (continued)
Cognizant Technology Solutions Class A		52,920	$	3,006,914
Intel		52,400		3,135,092
Oracle		59,600		3,294,092
				15,844,409
Materials – 3.04%
DuPont de Nemours		58,400		3,102,792
				3,102,792
Real Estate – 2.95%
Equity Residential		51,300		3,017,466
				3,017,466
Utilities – 2.77%
Edison International		52,200		2,834,982
				2,834,982
Total Common Stock (cost $101,313,061)				101,118,943
Short-Term Investments – 0.80%
Money Market Mutual Funds – 0.80%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		164,480		164,480
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		164,481		164,481
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		164,480		164,480
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		164,480		164,480
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		164,480		164,480
Total Short-Term Investments (cost $822,401)				822,401

Total Value of Securities – 99.75%
(cost $102,135,462) $ 101,941,344

† Non-income producing security.

GS – Goldman Sachs

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

Equity Income Series-3

Delaware VIP® Trust — Delaware VIP Equity Income Series
Statement of assets and liabilities	June 30, 2020	(Unaudited)

Assets:
Investments, at value1	$	101,941,344
Receivable for securities sold		409,002
Dividends and interest receivable		137,214
Receivable for series shares sold		3,519
Prepaid expenses		164
Other assets		4,022
Total assets		102,495,265
Liabilities:
Payable for securities purchased		139,190
Investment management fees payable		55,559
Payable for series shares redeemed		40,905
Accounting and administration expenses payable to non-affiliates		23,878
Audit and tax fees payable		19,047
Reports and statements to shareholders payable to non-affiliates		18,110
Trustees’ fees and expenses payable		797
Dividend disbursing and transfer agent fees and expenses payable to affiliates		641
Accounting and administration expenses payable to affiliates		623
Legal fees payable to affiliates		220
Reports and statements to shareholders payable to affiliates		175
Total liabilities		299,145
Total Net Assets	$	102,196,120
Net Assets Consist of:
Paid-in capital	$	105,134,032
Total distributable earnings (loss)		(2,937,912	)
Total Net Assets	$	102,196,120
Net Asset Value:
Standard Class:
Net assets	$	102,196,120
Shares of beneficial interest outstanding, unlimited authorization, no par		7,498,864
Net asset value per share	$	13.63
1 Investments, at cost	$	102,135,462

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

Equity Income Series-4

Delaware VIP^® Trust —

Delaware VIP Equity Income Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	1,531,537
Expenses:
Management fees		347,430
Audit and tax fees		38,726
Accounting and administration expenses		29,164
Reports and statements to shareholders		7,515
Dividend disbursing and transfer agent fees and expenses		4,507
Trustees’ fees and expenses		3,139
Custodian fees		948
Legal fees		800
Registration fees		4
Other		1,537
		433,770
Less expenses waived		(7,505	)
Less expenses paid indirectly		(1,265	)
Total operating expenses		425,000
Net Investment Income		1,106,537
Net Realized and Unrealized Loss:
Net realized loss on investments		(3,765,796	)
Net change in unrealized appreciation (depreciation) of investments		(17,211,169	)
Net Realized And Unrealized Loss		(20,976,965	)
Net Decrease in Net Assets Resulting from Operations	$	(19,870,428	)

Delaware VIP Trust—

Delaware VIP Equity Income Series

Statements of changes in net assets

	Six months
	ended
	6/30/20			Year ended
	(Unaudited)			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,106,537		$	2,436,375
Net realized gain (loss)		(3,765,796	)		24,884,776
Net change in unrealized appreciation (depreciation)		(17,211,169	)		(2,271,056	)
Net increase (decrease) in net assets resulting from operations		(19,870,428	)		25,050,095
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(27,090,760	)		(14,210,932	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		828,981			1,919,221
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		27,090,760			14,210,932
		27,919,741			16,130,153
Cost of shares redeemed:
Standard Class		(7,022,335	)		(12,594,141	)
Increase in net assets derived from capital share transactions		20,897,406			3,536,012
Net Increase (Decrease) in Net Assets		(26,063,782	)		14,375,175
Net Assets:
Beginning of period		128,259,902			113,884,727
End of period	$	102,196,120		$	128,259,902

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

Equity Income Series-5

Delaware VIP^® Trust — Delaware VIP Equity Income Series

Financial highlights

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

	Delaware VIP Equity Income Series Standard Class
	Six months
	ended
	6/30/201									Year ended
	(Unaudited)			12/31/192			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	22.37		$	20.61		$	23.64		$	21.36		$	20.01		$	21.29
Income (loss) from investment operations:
Net investment income3		0.17			0.41			0.66			0.40			0.42			0.40
Net realized and unrealized gain (loss)		(4.01	)		3.94			(2.57	)		2.81			2.03			(0.58	)
Total from investment operations		(3.84	)		4.35			(1.91	)		3.21			2.45			(0.18	)
Less dividends and distributions from:
Net investment income		(0.48	)		(0.68	)		(0.43	)		(0.42	)		(0.40	)		(0.35	)
Net realized gain		(4.42	)		(1.91	)		(0.69	)		(0.51	)		(0.70	)		(0.75	)
Total dividends and distributions		(4.90	)		(2.59	)		(1.12	)		(0.93	)		(1.10	)		(1.10	)
Net asset value, end of period	$	13.63		$	22.37		$	20.61		$	23.64		$	21.36		$	20.01
Total return4		(15.72%	)5		22.71%5			(8.42%	)		15.52%			13.28%			(1.03%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	102,196		$	128,260		$	113,885		$	129,994		$	116,685		$	107,016
Ratio of expenses to average net assets6		0.80%			0.82%			0.81%			0.80%			0.81%			0.81%
Ratio of expenses to average net assets prior to fees waived6		0.81%			0.82%			0.81%			0.80%			0.81%			0.81%
Ratio of net investment income to average net assets		2.07%			1.96%			2.92%			1.81%			2.09%			1.97%
Ratio of net investment income to average net assets prior to fees waived		2.06%			1.96%			2.92%			1.81%			2.09%			1.97%
Portfolio turnover		14%			118%7			50%			18%			20%			24%

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

²  On Oct. 4, 2019, the First Investors Life Series Equity Income Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Equity Income Fund shares.

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

⁴  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁷  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Equity Income Series-6

Delaware VIP^® Trust — Delaware VIP Equity Income Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Equity Income Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Equity Income Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $1,265 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing

Equity Income Series-7

Delaware VIP^® Equity Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2020.

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 rates 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 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 0.80% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $3,822 for these services.

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, 2020, the Series was charged $4,009 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $1,685 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

Equity Income Series-8

Delaware VIP^® Equity Income Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	15,495,579
Sales		19,876,420

At June 30, 2020, 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, 2020, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

		Aggregate	Aggregate
Cost of		Unrealized	Unrealized	Net Unrealized
Investments		Appreciation of Investments	Depreciation of Investments	Appreciation of Investments
$	102,135,462	$8,330,418	$(8,524,536)	$(194,118)

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 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, and 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, and 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 and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	101,118,943
Short-Term Investments		822,401
Total Value of Securities	$	101,941,344

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

Equity Income Series-9

Delaware VIP^® Equity Income Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months			Year
	ended			ended
	6/30/20			12/31/19
Shares sold:
Standard Class		51,078			92,878
Shares issued upon reinvestment of dividends and distributions:
Standard Class		2,118,120			716,277
		2,169,198			809,155
Shares redeemed:
Standard Class		(404,368	)		(599,970	)
Net increase		1,764,830			209,185

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The 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

Equity Income Series-10

Delaware VIP^® Equity Income Series

Notes to financial statements (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Equity Income Series-11

Delaware VIP^® Trust — Delaware VIP Equity Income Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPEI 22639 (8/20) (1273672) Equity Income Series-12

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Delaware VIP^® Trust

Delaware VIP Fund for Income Series

(formerly, First Investors Life Series Fund for Income)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	8
	Statement of operations	9
	Statements of changes in net assets	9
	Financial highlights	10
	Notes to financial statements	11
	Other Series information	17

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to seek high current income.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Annualized Expense Ratio		Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$1,000.00		$973.90		0.83%		$4.07
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.74		0.83%		$4.17

^*  “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Fund for Income Series-1

Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Security type / country and sector allocations

As of June 30, 2020 (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
Convertible Bond		0.88	%
Corporate Bonds		86.41	%
Banking		4.73	%
Basic Industry		9.49	%
Capital Goods		6.34	%
Communications		10.10	%
Consumer Cyclical		7.53	%
Consumer Non-Cyclical		4.47	%
Energy		8.81	%
Financial Services		1.76	%
Healthcare		6.48	%
Insurance		2.03	%
Media		9.26	%
Real Estate Investment Trusts		0.68	%
Services		2.48	%
Technology		6.20	%
Transportation		2.36	%
Utilities		3.69	%
Loan Agreements		7.61	%
Short-Term Investments		5.96	%
Total Value of Securities		100.86	%
Liabilities Net of Receivables and Other Assets		(0.86	%)
Total Net Assets		100.00	%

Fund for Income Series-2

Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal amount°		Value (US $)
Convertible Bond – 0.88%
Energy – 0.88%
Cheniere Energy 144A 4.875% exercise price $93.64, maturity date 5/28/21 #T		815,000	$	826,981
Total Convertible Bond (cost $825,800)				826,981
Corporate Bonds – 86.41%
Banking – 4.73%
Ally Financial 8.00% 11/1/31		450,000		581,669
Citizens Financial Group 5.65%µy		405,000		411,581
Credit Suisse Group
144A 6.25%#µy		200,000		209,216
144A 7.50%#µy		225,000		242,982
Deutsche Bank 6.00%µy		800,000		662,160
Popular 6.125% 9/14/23		1,235,001		1,251,851
Royal Bank of Scotland Group 8.625%µy		825,000		859,625
Truist Financial 4.95%µy		205,000		210,125
				4,429,209
Basic Industry – 9.49%
Allegheny Technologies
5.875% 12/1/27		180,000		167,711
7.875% 8/15/23		475,000		487,519
Blue Cube Spinco 10.00% 10/15/25		175,000		182,419
Cemex 144A 7.375% 6/5/27 #		265,000		269,903
First Quantum Minerals
144A 7.25% 4/1/23 #		300,000		288,395
144A 7.50% 4/1/25 #		520,000		498,740
Freeport-McMoRan 5.45% 3/15/43		983,000		966,667
Hudbay Minerals
144A 7.25% 1/15/23 #		175,000		173,013
144A 7.625% 1/15/25 #		125,000		120,013
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		234,000		239,706
Kraton Polymers 144A 7.00% 4/15/25 #		505,000		509,297
M/I Homes 4.95% 2/1/28		613,000		611,084
Mattamy Group
144A 4.625% 3/1/30 #		145,000		139,449
144A 5.25% 12/15/27 #		405,000		404,241
New Gold
144A 6.375% 5/15/25 #		110,000		111,501
144A 7.50% 7/15/27 #		175,000		181,202
Novelis 144A 5.875% 9/30/26 #		225,000		225,263
Olin 5.00% 2/1/30		240,000		212,956
PolyOne 144A 5.75% 5/15/25 #		682,000		702,886
PowerTeam Services 144A 9.033% 12/4/25 #		620,000		635,112
Standard Industries
144A 4.375% 7/15/30 #		190,000		188,516
144A 5.375% 11/15/24 #		180,000		185,511

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Tms International Holding 144A 7.25% 8/15/25 #		310,000	$	254,200
Tronox 144A 6.50% 4/15/26 #		350,000		328,090
WESCO Distribution 144A 7.25% 6/15/28 #		590,000		623,671
WR Grace & Co. 144A 4.875% 6/15/27 #		175,000		178,155
				8,885,220
Capital Goods – 6.34%
ARD Finance 144A PIK 6.50% 6/30/27 #		425,000		421,203
Ardagh Packaging Finance 144A 5.25% 8/15/27 #		400,000		393,324
Berry Global
144A 4.875% 7/15/26 #		250,000		254,011
144A 5.625% 7/15/27 #		300,000		309,197
Bombardier
144A 7.50% 12/1/24 #		275,000		179,466
144A 7.875% 4/15/27 #		260,000		170,738
Gates Global 144A 6.25% 1/15/26 #		333,000		330,363
Greif 144A 6.50% 3/1/27 #		200,000		204,037
Griffon 5.75% 3/1/28		505,000		499,950
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #		176,000		173,248
Terex 144A 5.625% 2/1/25 #		265,000		242,475
Titan Acquisition 144A 7.75% 4/15/26 #		180,000		170,848
TransDigm
5.50% 11/15/27		535,000		468,507
144A 6.25% 3/15/26 #		706,000		706,777
144A 8.00% 12/15/25 #		90,000		94,983
United Rentals North America 5.25% 1/15/30		885,000		915,811
Vertical Holdco 144A 7.625% 7/15/28 #		200,000		200,000
Vertical US Newco 144A 5.25% 7/15/27 #		200,000		200,000
				5,934,938
Communications – 10.10%
Altice France Holding
144A 6.00% 2/15/28 #		725,000		689,660
144A 10.50% 5/15/27 #		500,000		552,963
C&W Senior Financing 144A 6.875% 9/15/27 #		633,000		628,819
CenturyLink 144A 5.125% 12/15/26 #		765,000		764,277
Cincinnati Bell 144A 7.00% 7/15/24 #		300,000		306,935
Consolidated Communications 6.50% 10/1/22		815,000		753,366
Frontier Communications 144A 8.00% 4/1/27 #‡		1,014,000		1,030,913

Fund for Income Series-3

Delaware VIP^® Fund for Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Level 3 Financing
144A 4.25% 7/1/28 #		535,000	$	536,969
5.375% 8/15/22		63,000		63,050
Qwest 7.25% 9/15/25		225,000		255,526
Sprint
7.625% 3/1/26		450,000		532,208
7.875% 9/15/23		985,000		1,110,583
Sprint Capital 8.75% 3/15/32		175,000		250,336
T-Mobile USA
5.125% 4/15/25		200,000		205,123
6.50% 1/15/24		50,000		51,241
Uniti Group 144A 7.875% 2/15/25 #		538,000		546,950
Vodafone Group 7.00% 4/4/79 µ		355,000		416,401
Zayo Group Holdings 144A 6.125% 3/1/28 #		785,000		764,763
				9,460,083
Consumer Cyclical – 7.53%
Allison Transmission 144A 5.875% 6/1/29 #		410,000		427,591
Boyd Gaming
144A 4.75% 12/1/27 #		505,000		434,472
144A 8.625% 6/1/25 #		190,000		198,906
Colt Merger Sub
144A 6.25% 7/1/25 #		475,000		472,483
144A 8.125% 7/1/27 #		510,000		497,250
Ford Motor
8.50% 4/21/23		350,000		370,781
9.00% 4/22/25		110,000		119,144
Ford Motor Credit
4.542% 8/1/26		270,000		258,863
5.584% 3/18/24		240,000		242,824
5.875% 8/2/21		225,000		227,637
KFC Holding 144A 5.00% 6/1/24 #		150,000		153,203
L Brands
144A 6.875% 7/1/25 #		335,000		346,725
144A 9.375% 7/1/25 #		200,000		200,750
MGM Growth Properties Operating Partnership 5.75% 2/1/27		315,000		323,368
MGM Resorts International
5.75% 6/15/25		415,000		411,632
6.00% 3/15/23		200,000		202,521
Murphy Oil USA 4.75% 9/15/29		1,013,000		1,038,138
Scientific Games International 144A 8.25% 3/15/26 #		460,000		409,034
Stars Group Holdings 144A 7.00% 7/15/26 #		150,000		158,465
William Carter 144A 5.50% 5/15/25 #		545,000		563,053
				7,056,840
Consumer Non-Cyclical – 4.47%
JBS USA LUX 144A 5.50% 1/15/30 #		625,000		641,681

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
JBS USA LUX 144A 5.875% 7/15/24 #		100,000	$	101,531
Kraft Heinz Foods
144A 3.875% 5/15/27 #		440,000		460,389
5.00% 7/15/35		240,000		264,266
5.20% 7/15/45		400,000		434,258
Pilgrim’s Pride 144A 5.875% 9/30/27 #		495,000		496,245
Post Holdings
144A 5.50% 12/15/29 #		250,000		258,953
144A 5.75% 3/1/27 #		400,000		415,162
Spectrum Brands
144A 5.00% 10/1/29 #		520,000		515,351
144A 5.50% 7/15/30 #		130,000		130,487
US Foods 144A 6.25% 4/15/25 #		459,000		469,041
				4,187,364
Energy – 8.81%
Continental Resources 5.00% 9/15/22		505,000		497,710
Crestwood Midstream Partners
5.75% 4/1/25		220,000		190,715
6.25% 4/1/23		250,000		223,151
DCP Midstream Operating
3.875% 3/15/23		250,000		243,277
5.125% 5/15/29		175,000		167,421
EQM Midstream Partners 144A 6.50% 7/1/27 #		345,000		354,256
Genesis Energy
5.625% 6/15/24		100,000		87,365
6.50% 10/1/25		250,000		214,529
Murphy Oil 5.875% 12/1/27		740,000		651,896
NuStar Logistics
5.625% 4/28/27		350,000		339,103
6.00% 6/1/26		350,000		343,600
Occidental Petroleum
2.70% 8/15/22		570,000		531,693
2.70% 2/15/23		525,000		481,031
3.50% 8/15/29		260,000		191,334
PDC Energy 6.125% 9/15/24		488,000		455,619
Precision Drilling
6.50% 12/15/21		40,736		38,032
144A 7.125% 1/15/26 #		150,000		92,034
Southwestern Energy
6.20% 1/23/25		300,000		257,808
7.50% 4/1/26		100,000		87,845
7.75% 10/1/27		335,000		292,507
Sunoco 4.875% 1/15/23		300,000		296,593
Targa Resources Partners
5.375% 2/1/27		325,000		314,377
6.50% 7/15/27		535,000		537,675
Transocean 144A 7.25% 11/1/25 #		365,000		204,400
Western Midstream Operating 4.75% 8/15/28		490,000		471,625

Fund for Income Series-4

Delaware VIP^® Fund for Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
WPX Energy
5.25% 10/15/27		535,000	$	500,694
5.875% 6/15/28		190,000		182,400
				8,248,690
Financial Services – 1.76%
AerCap Holdings 5.875% 10/10/79 µ		315,000		224,058
AerCap Ireland Capital DAC 6.50% 7/15/25		465,000		487,663
DAE Funding
144A 4.50% 8/1/22 #		130,000		124,230
144A 5.75% 11/15/23 #		851,000		813,679
				1,649,630
Healthcare – 6.48%
Bausch Health 144A 6.25% 2/15/29 #		685,000		689,709
Centene 4.625% 12/15/29		305,000		323,687
CHS 144A 8.00% 3/15/26 #		530,000		501,486
Encompass Health 4.75% 2/1/30		670,000		640,982
Hadrian Merger Sub 144A 8.50% 5/1/26 #		504,000		458,106
HCA
5.375% 2/1/25		325,000		349,068
5.875% 2/15/26		125,000		137,371
5.875% 2/1/29		355,000		402,320
Jaguar Holding II
144A 4.625% 6/15/25 #		240,000		244,698
144A 5.00% 6/15/28 #		435,000		446,147
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 #		490,000		498,881
Surgery Center Holdings 144A 10.00% 4/15/27 #		235,000		235,837
Tenet Healthcare
144A 6.25% 2/1/27 #		495,000		492,832
6.875% 11/15/31		220,000		197,683
8.125% 4/1/22		425,000		447,015
				6,065,822
Insurance – 2.03%
GTCR AP Finance 144A 8.00% 5/15/27 #		156,000		161,137
HUB International 144A 7.00% 5/1/26 #		911,000		911,916
USI 144A 6.875% 5/1/25 #		821,000		830,741
				1,903,794
Media – 9.26%
Altice Financing 144A 5.00% 1/15/28 #		320,000		318,386
CCO Holdings
144A 4.50% 8/15/30 #		1,065,000		1,090,725
144A 5.375% 6/1/29 #		480,000		506,947
Clear Channel Worldwide Holdings 9.25% 2/15/24		406,000		377,676
Connect Finco 144A 6.75% 10/1/26 #		1,045,000		989,510

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Media (continued)
CSC Holdings
144A 5.375% 7/15/23 #		750,000	$	761,400
144A 5.75% 1/15/30 #		280,000		292,851
144A 7.50% 4/1/28 #		225,000		246,185
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		535,000		495,124
Gray Television
144A 5.875% 7/15/26 #		275,000		274,605
144A 7.00% 5/15/27 #		210,000		215,807
LCPR Senior Secured Financing 144A 6.75% 10/15/27 #		310,000		316,724
Netflix
4.375% 11/15/26		100,000		104,248
4.875% 4/15/28		300,000		321,270
144A 4.875% 6/15/30 #		60,000		64,264
Nexstar Broadcasting 144A 5.625% 7/15/27 #		660,000		661,670
Radiate Holdco 144A 6.625% 2/15/25 #		475,000		474,456
Sirius XM Radio 144A 4.125% 7/1/30 #		435,000		430,741
Terrier Media Buyer 144A 8.875% 12/15/27 #		440,000		422,950
VTR Finance 144A 6.875% 1/15/24 #		305,000		311,991
				8,677,530
Real Estate Investment Trusts – 0.68%
HAT Holdings I
144A 5.25% 7/15/24 #		200,000		204,396
144A 6.00% 4/15/25 #		410,000		430,244
				634,640
Services – 2.48%
Clean Harbors 144A 5.125% 7/15/29 #		295,000		306,828
Gartner 144A 4.50% 7/1/28 #		395,000		400,609
GFL Environmental 144A 4.25% 6/1/25 #		450,000		454,781
Prime Security Services Borrower
144A 5.75% 4/15/26 #		530,000		550,453
144A 6.25% 1/15/28 #		650,000		614,048
				2,326,719
Technology – 6.20%
Banff Merger Sub 144A 9.75% 9/1/26 #		530,000		534,537
Camelot Finance 144A 4.50% 11/1/26 #		445,000		444,929
CDW 5.00% 9/1/25		250,000		257,839
CommScope Technologies 144A 5.00% 3/15/27 #		430,000		388,595
Iron Mountain
144A 5.25% 3/15/28 #		460,000		458,765
144A 5.25% 7/15/30 #		305,000		299,609
5.75% 8/15/24		225,000		227,861
Microchip Technology 144A 4.25% 9/1/25 #		695,000		701,390
Open Text 144A 3.875% 2/15/28 #		155,000		149,502

Fund for Income Series-5

Delaware VIP^® Fund for Income Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Open Text Holdings 144A 4.125% 2/15/30 #		662,000	$	651,967
Science Applications International 144A 4.875% 4/1/28 #		475,000		474,325
SS&C Technologies 144A 5.50% 9/30/27 #		665,000		680,258
Verscend Escrow 144A 9.75% 8/15/26 #		495,000		534,761
				5,804,338
Transportation – 2.36%
Delta Air Lines
144A 7.00% 5/1/25 #		455,000		470,160
7.375% 1/15/26		630,000		610,139
Mileage Plus Holdings 144A 6.50% 6/20/27 #		310,000		311,550
Southwest Airlines 5.125% 6/15/27		260,000		269,938
Stena International 144A 6.125% 2/1/25 #		200,000		191,625
VistaJet Malta Finance 144A 10.50% 6/1/24 #		400,000		361,042
				2,214,454
Utilities – 3.69%
AES 6.00% 5/15/26		150,000		157,097
Calpine 144A 5.25% 6/1/26 #		505,000		511,371
Pacific Gas and Electric 6.05% 3/1/34 ‡		795,000		949,210
PG&E 5.25% 7/1/30		955,000		962,162
Vistra Operations
144A 5.00% 7/31/27 #		255,000		259,526
144A 5.50% 9/1/26 #		61,000		62,589
144A 5.625% 2/15/27 #		540,000		555,358
				3,457,313
Total Corporate Bonds (cost $81,751,205)				80,936,584
Loan Agreements – 7.61%
Air Medical Group Holdings 4.25% (LIBOR03M + 3.25%) 4/28/22 •		532,589		513,949
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 •		686,000		687,715
Apro 5.00% (LIBOR01M + 4.00%) 11/14/26 •		212,297		208,582
Blue Ribbon 1st Lien 5.00% (LIBOR01M + 4.00%) 11/15/21 •		116,000		99,760
Boxer Parent TBD 10/2/25 X		144,856		137,510
BW Gas & Convenience Holdings 6.43% (LIBOR01M + 6.25%) 11/18/24 •		103,910		101,832
BWay Holding 4.561% (LIBOR03M + 3.25%) 4/3/24 •		314,190		283,714
Calpine 2.43% (LIBOR01M + 2.25%) 1/15/24 •		66,980		64,790

	Principal amount°		Value (US $)
Loan Agreements (continued)
Granite US Holdings Tranche B 6.322% (LIBOR06M + 5.25%) 9/30/26 •		482,614	$	424,700
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/11/27 •		500,000		489,166
Informatica 2nd Lien 7.125% (LIBOR03M + 7.125%) 2/14/25 •		535,000		512,262
Kronos 2nd Lien 9.25% (LIBOR01M + 8.25%) 11/1/24 •		513,000		513,275
LCPR Loan Financing 5.185% (LIBOR01M + 5.00%) 10/15/26 •		207,000		206,482
Merrill Communications Tranche B 1st Lien 6.195% (LIBOR06M + 5.00%) 10/5/26 •		353,225		347,927
Scientific Games International Tranche B-5 3.476% (LIBOR01M + 2.75%) 8/14/24 •		265,406		235,283
Stars Group Holdings 3.808% (LIBOR03M + 3.50%) 7/10/25 •		282,485		281,499
Surgery Center Holdings 4.25% (LIBOR01M + 3.25%) 9/2/24 •		531,633		471,492
Terrier Media Buyer 4.428% (LIBOR01M + 4.25%) 12/17/26 •		513,420		491,600
The Ultimate Software Group Tranche 2 TBD 5/3/27 X		678,000		691,136
Verscend Holding Tranche B 4.678% (LIBOR01M + 4.50%) 8/27/25 •		370,173		360,918
Total Loan Agreements (cost $7,210,698)				7,123,592
	Number of shares
Short-Term Investments – 5.96%
Money Market Mutual Funds – 5.96%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		1,116,241		1,116,241
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		1,116,242		1,116,242
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		1,116,242		1,116,242
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		1,116,242		1,116,242
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		1,116,242		1,116,242
Total Short-Term Investments (cost $5,581,209)				5,581,209

Fund for Income Series-6

Delaware VIP^® Fund for Income Series

Schedule of investments (continued)

Total Value of Securities – 100.86%
(cost $95,368,912) $ 94,468,366

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $50,697,377, which represents 54.13% of the Series’ net assets. See Note 9 in “Notes to financial statements.”

PIK. The first payment of cash and/or principal will be made on June 30, 2020.

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

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

‡ Non-income producing security. Security is currently in default.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2020. 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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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.

X This loan will settle after June 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

Summary of abbreviations:

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

PIK – Payment-in-kind

TBD – To be determined

USD – US Dollar

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

Fund for Income Series-7

Delaware VIP® Trust — Delaware VIP Fund for Income Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	94,468,366
Cash		4,510
Receivable for securities sold		1,786,963
Dividends and interest receivable		1,261,964
Receivable for series shares sold		8,032
Other assets		5,656
Total assets		97,535,491
Liabilities:
Payable for securities purchased		3,734,361
Other accrued expenses		84,955
Investment management fees payable		50,575
Trustees’ fees and expenses payable		715
Accounting and administration expenses payable to affiliates		597
Dividend disbursing and transfer agent fees and expenses payable to affiliates		585
Legal fees payable to affiliates		197
Reports and statements to shareholders expenses payable to affiliates		158
Total liabilities		3,872,143
Total Net Assets	$	93,663,348
Net Assets Consist of:
Paid-in capital	$	101,304,947
Total distributable earnings (loss)		(7,641,599	)
Total Net Assets	$	93,663,348
Net Asset Value:
Standard Class:
Net assets	$	93,663,348
Shares of beneficial interest outstanding, unlimited authorization, no par		16,122,474
Net asset value per share	$	5.81
1Investments, at cost	$	95,368,912

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

Fund for Income Series-8

Delaware VIP^® Trust —

Delaware VIP Fund for Income Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	2,690,600
Dividends		29,408
		2,720,008
Expenses:
Management fees		311,381
Audit and tax fees		46,955
Accounting and administration expenses		28,265
Reports and statements to shareholders		7,460
Dividend disbursing and transfer agent fees and expenses		4,050
Trustees’ fees and expenses		2,826
Legal fees		884
Custodian fees		688
Registration fees		4
Other		13,409
		415,922
Less expenses waived		(15,938	)
Less expenses paid indirectly		(2,709	)
Total operating expenses		397,275
Net Investment Income		2,322,733
Net Realized and Unrealized Loss:
Net realized loss on investments		(1,685,248	)
Net change in unrealized appreciation (depreciation) of investments		(3,750,775	)
Net Realized And Unrealized Loss		(5,436,023	)
Net Decrease in Net Assets Resulting from Operations	$	(3,113,290	)

Delaware VIP Trust—

Delaware VIP Fund for Income Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,322,733		$	5,231,680
Net realized loss		(1,685,248	)		(628,839	)
Net change in unrealized appreciation (depreciation)		(3,750,775	)		7,972,064
Net increase (decrease) in net assets resulting from operations		(3,113,290	)		12,574,905
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(5,678,792	)		(5,659,504	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		750,738			3,411,348
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		5,678,792			5,659,504
		6,429,530			9,070,852
Cost of shares redeemed:
Standard Class		(9,008,844	)		(11,149,960	)
Decrease in net assets derived from capital share transactions		(2,579,314	)		(2,079,108	)
Net Increase (Decrease) in Net Assets		(11,371,396	)		4,836,293
Net Assets:
Beginning of period		105,034,744			100,198,451
End of period	$	93,663,348		$	105,034,744

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

Fund for Income Series-9

Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Financial highlights

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

					Delaware VIP Fund for Income Series Standard Class
	Six months
	ended
	6/30/201				Year ended
	(Unaudited)				12/31/192			12/31/18		12/31/17		12/31/16		12/31/15
Net asset value, beginning of period		$	6.36		$	5.96		$	6.45	$	6.36	$	6.07	$	6.53
Income (loss) from investment operations:
Net investment income3			0.14			0.30			0.30		0.30		0.30		0.30
Net realized and unrealized gain (loss)			(0.32)			0.44			(0.46)		0.12		0.34		(0.40)
Total from investment operations			(0.18)			0.74			(0.16)		0.42		0.64		(0.10)
Less dividends and distributions from:
Net investment income			(0.37)			(0.34)			(0.33)		(0.33)		(0.35)		(0.36)
Total dividends and distributions			(0.37)			(0.34)			(0.33)		(0.33)		(0.35)		(0.36)
Net asset value, end of period		$	5.81		$	6.36		$	5.96	$	6.45	$	6.36	$	6.07
Total return4			(2.61%)	5		12.78%	5		(2.58%)		6.82%		11.12%		(1.85%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	93,663		$	105,035		$	100,198	$	106,011	$	101,427	$	95,033
Ratio of expenses to average net assets6			0.83%			0.85%			0.91%		0.89%		0.89%		0.86%
Ratio of expenses to average net assets prior to fees waived6			0.86%			0.88%			0.91%		0.89%		0.89%		0.86%
Ratio of net investment income to average net assets			4.85%			4.94%			4.93%		4.70%		4.85%		4.86%
Ratio of net investment income to average net assets prior to fees waived			4.82%			4.91%			4.93%		4.70%		4.85%		4.86%
Portfolio turnover			79%			115%			73%		66%		56%		45%

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

²  On Oct. 4, 2019, the First Investors Life Series Fund for Income shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Fund for Income shares.

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

⁴  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Fund for Income Series-10

Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Fund for Income Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Fund for Income, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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 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. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 asset- and mortgage backed securities are classified as interest income. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $2,709 under this arrangement.

Fund for Income Series-11

Delaware VIP^® Fund for Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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 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 0.83% of the Series’ average daily net assets from Jan. 1 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $3,634 for these services.

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, 2020, the Series was charged $3,593 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $1,528 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

Cross trades for the six months ended June 30, 2020 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, 2020, the Series

Fund for Income Series-12

Delaware VIP^® Fund for Income Series

Notes to financial statements (continued)

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

engaged in securities purchases of $511,305. The Series did not engage in Rule 17a-7 securities sales for the six months ended June 30, 2020. There was no realized gain (loss) as a result of 17a-7 securities purchases.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	71,835,094
Sales		75,955,809

At June 30, 2020, 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, 2020, 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
$95,641,894	$1,306,036	$(2,479,564)	$(1,173,528)

At Dec. 31, 2019, capital loss carryforwards available to offset future realized gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,091,891	$5,974,477	$7,066,368

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, and 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, and 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 and 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.

Fund for Income Series-13

Delaware VIP^® Fund for Income 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, 2020:

Securities	Level 1		Level 2		Total
Assets:
Corporate Debt	$	—	$	81,763,565	$	81,763,565
Loan Agreements		—		7,123,592		7,123,592
Short-Term Investments		5,581,209		—		5,581,209
Total Value of Securities	$	5,581,209	$	88,887,157	$	94,468,366

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year          ended        12/31/19
Shares sold:
Standard Class		124,778			555,571
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,025,053			947,991
		1,149,831			1,503,562
Shares redeemed:
Standard Class		(1,529,421	)		(1,801,135	)
Net decrease		(379,590	)		(297,573	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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.

Fund for Income Series-14

Delaware VIP^® Fund for Income Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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. The 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 the 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 a portion of its assets 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 Services, Inc. or similarly rated by another nationally recognized statistical rating organization.

Fund for Income Series-15

Delaware VIP^® Fund for Income Series

Notes to financial statements (continued)

7. Credit and Market Risk (continued)

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 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. Rule 144A securities have been identified on the “Schedule of investments.”

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Fund for Income Series-16

Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPFFI 22640 (8/20) (1273672) Fund for Income Series-17

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Delaware VIP^® Trust

Delaware VIP Government Cash Management Series

(formerly, First Investors Life Series Government Cash Management Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / Sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	7
	Other Series information	12

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

This material may be used in conjunction with the offering of shares in Delaware VIP^® Government Cash Management Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

^© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Government Cash Management Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to earn current income consistent with the preservation of capital and maintenance of liquidity.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Annualized Expense Ratio		Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$1,000.00		$1,001.50		0.38%	$1.89
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,022.97		0.38%	$1.91

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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.

Government Cash Management Series-1

Delaware VIP^® Trust — Delaware VIP Government Cash Management Series

Security type / sector allocation

As of June 30, 2020 (Unaudited)

Security type / Sector	Percentage   of net assets
Agency Obligation		3.15	%
Short-Term Investments		84.28	%
Total Value of Securities		87.43	%
Receivables and Other Assets Net of Liabilities		12.57	%
Total Net Assets		100.00	%

Government Cash Management Series-2

Delaware VIP^® Trust — Delaware VIP Government Cash Management Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal amount°		Value (US $)
Agency Obligation – 3.15%
Federal Farm Credit Bank 0.10% 7/13/20		320,000	$	319,989
Total Agency Obligation (cost $319,989)				319,989
Short-Term Investments – 84.28%
Discount Notes – 72.96% ≠
Federal Home Loan Bank 0.09% 7/6/20		500,000		499,994
0.10% 7/9/20		900,000		899,980
0.10% 7/15/20		400,000		399,984
0.10% 7/16/20		300,000		299,988
0.101% 7/17/20		1,475,000		1,474,934
0.103% 7/2/20		600,000		599,998
0.11% 7/24/20		285,000		284,980
0.111% 7/10/20		1,100,000		1,099,970
0.115% 7/22/20		1,155,000		1,154,922

	Principal amount°		Value (US $)
Short-Term Investments (continued)
Discount Notes≠ (continued)
Federal Home Loan Bank
0.12% 7/20/20		500,000	$	499,968
0.15% 7/23/20		200,000		199,982
				7,414,700
US Treasury Obligations – 11.32%
US Treasury Bills
0.108% 7/2/20		500,000		499,999
0.11% 7/14/20		650,000		649,974
				1,149,973
Total Short-Term Investments (cost $8,564,673)				8,564,673

Total Value of Securities – 87.43%
(cost $8,884,662) $ 8,884,662

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

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

USD – US Dollar

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

Government Cash Management Series-3

Delaware VIP® Trust — Delaware VIP Government Cash Management Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	8,884,662
Cash		1,298,832
Receivable for series shares sold		7,744
Receivable from investment manager		6,797
Prepaid expenses		194
Other assets		327
Total assets		10,198,556
Liabilities:
Audit and tax fees payable		20,397
Accounting and administration fees payable to non-affiliates		13,074
Legal fees payable to affiliates		2,426
Accounting and administration expenses payable to affiliates		357
Distribution payable		129
Trustees’ fees and expenses payable		78
Dividend disbursing and transfer agent fees and expenses payable to affiliates		64
Payable for series shares redeemed		19
Reports and statements to shareholders expenses payable to affiliates		17
Total liabilities		36,561
Total Net Assets	$	10,161,995
Net Assets Consist of:
Paid-in capital	$	10,161,995
Total Net Assets	$	10,161,995
Net Asset Value:
Standard Class:
Net assets	$	10,161,995
Shares of beneficial interest outstanding, unlimited authorization, no par		10,161,995
Net asset value per share	$	1.00
1Investments, at cost	$	8,884,662

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

Government Cash Management Series-4

Delaware VIP^® Trust —

Delaware VIP Government Cash Management Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	32,423
Expenses:
Management fees		22,193
Audit and tax fees		37,205
Accounting and administration expenses		15,250
Reports and statements to shareholders		2,281
Custodian fees		754
Dividend disbursing and transfer agent fees and expenses		439
Trustees’ fees and expenses		287
Legal fees		59
Registration fees		4
Other		806
		79,278
Less expenses waived		(60,820	)
Total operating expenses		18,458
Net Investment Income		13,965
Net Increase in Net Assets Resulting from Operations	$	13,965

Delaware VIP Trust—

Delaware VIP Government Cash Management Series

Statements of changes in net assets

	Six months ended 6/30/20   (Unaudited)			Year ended   12/31/19
Increase in Net Assets from Operations:
Net investment income	$	13,965		$	134,706
Net increase in net assets resulting from operations		13,965			134,706
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(13,965	)		(134,706	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		4,098,157			12,666,759
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		15,439			133,104
		4,113,596			12,799,863
Cost of shares redeemed:
Standard Class		(2,937,885	)		(15,467,714	)
Increase (Decrease) in net assets derived from capital share transactions		1,175,711			(2,667,851	)
Net Increase (Decrease) in Net Assets		1,175,711			(2,667,851	)
Net Assets:
Beginning of period		8,986,284			11,654,135
End of period	$	10,161,995		$	8,986,284

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

Government Cash Management Series-5

Delaware VIP^® Trust — Delaware VIP Government Cash Management Series

Financial highlights

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

		Delaware VIP Government Cash Management Series Standard Class
	Six months
	ended
	6/30/201					Year ended
	(Unaudited)				12/31/192				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
Income from investment operations:
Net investment income3			—	4			0.01				0.01				—				—				—
Total from investment operations			—				0.01				0.01				—				—				—
Less dividends and distributions from:
Net investment income (loss)			—	4			(0.01	)			(0.01	)			—	4			—				—
Total dividends and distributions			—				(0.01	)			(0.01	)			—				—				—
Net asset value, end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
Total return5			0.15%				1.35%				1.24%				0.26%				0.00%				0.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	10,162			$	8,986			$	11,654			$	8,663			$	9,916			$	14,000
Ratio of expenses to average net assets			0.38%				0.84%				0.60%				0.60%				0.38%				0.13%
Ratio of expenses to average net assets prior to fees waived			1.61%				1.25%				1.06%				1.19%				1.15%				1.09%
Ratio of net investment income to average net assets			0.28%				1.37%				1.26%				0.25%				0.00%				0.00%
Ratio of net investment income (loss) to average net assets prior to fees waived			(0.95%	)			0.96%				0.80%				(0.34%	)			(0.78%	)			(0.96%	)

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

²  On Oct. 4, 2019, the First Investors Life Series Government Cash Management Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Government Cash Management Fund shares.

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

⁴  Amount is less than $0.005 per share.

⁵  Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total 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.

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

Government Cash Management Series-6

Delaware VIP^® Trust — Delaware VIP Government Cash Management Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Government Cash Management Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Government Cash Management Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

Security Valuation — Securities are valued at amortized cost, which approximates market value.

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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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. The Series declares and pays dividends daily from net investment income and pays the dividend monthly and declares and pays distributions from net realized gain on investments, if any, annually. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credit for the six months ended June 30, 2020.

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 0.45% of average daily net assets of the Series.

Government Cash Management Series-7

Delaware VIP^® Government Cash Management Series

Notes to financial statements (continued)

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

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.83% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $2,159 for these services.

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, 2020, the Series was charged $370 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $191 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 Oct. 4, 2019 through Oct. 31, 2021.

3. Investments

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, and 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, and 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 and 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,

Government Cash Management Series-8

Delaware VIP^® Government Cash Management Series

Notes to financial statements (continued)

3. Investments (continued)

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, 2020:

Securities	Level 2
Assets:
Agency Obligation	$	319,989
Short-Term Investments		8,564,673
Total Value of Securities	$	8,884,662

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended   12/31/19
Shares sold:
Standard Class		4,098,157			12,666,759
Shares issued upon reinvestment of dividends and distributions:
Standard Class		15,439			133,104
		4,113,596			12,799,863
Shares redeemed:
Standard Class		(2,937,885	)		(15,467,714	)
Net increase (decrease)		1,175,711			(2,667,851	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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

Government Cash Management Series-9

Delaware VIP^® Government Cash Management Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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. The 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

An investment in the Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Series seeks to preserve the value of each investment at $1.00 per share, it is possible to lose money by investing in the Series.

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 may invest up to 5% 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’ 5% limit on investments in illiquid securities. As of June 30, 2020, there were no Rule 144A securities held by the Series.

8. 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.

Government Cash Management Series-10

Delaware VIP^® Government Cash Management Series

Notes to financial statements (continued)

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

10. Subsequent Events

Effective July 2, 2020, the Series is closed to new investors.

Management has determined that no other material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Government Cash Management Series-11

Delaware VIP^® Trust — Delaware VIP Government Cash Management Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPGCM 22641 (8/20) (1273672) Government Cash Management Series-12

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Delaware VIP^® Trust

Delaware VIP Growth and Income Series

(formerly, First Investors Life Series Growth & Income Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	7
	Other Series information	12

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to seek long-term growth of capital and current income.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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	1/1/20 to
	1/1/20		6/30/20		Ratio	6/30/20*
Actual Series return†
Standard Class		$1,000.00		$843.10	0.73%	$3.35
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,021.23	0.73%	$3.67

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Growth and Income Series-1

Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Security type / country and sector allocations

As of June 30, 2020 (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		98.93%
Communication Services		11.92%
Consumer Discretionary		5.94%
Consumer Staples		9.13%
Energy		3.00%
Financials		15.24%
Healthcare		20.92%
Industrials		8.45%
Information Technology		15.30%
Materials		3.36%
Real Estate		2.94%
Utilities		2.73%
Short-Term Investments		0.88%
Total Value of Securities		99.81%
Receivables and Other Assets Net of Liabilities		0.19%
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
DuPont de Nemours		3.36%
CVS Health		3.29%
Marsh & McLennan		3.25%
Oracle		3.19%
Conagra Brands		3.11%
Walt Disney		3.10%
Intel		3.09%
Cisco Systems		3.07%
Truist Financial		3.05%
Verizon Communications		3.04%

Growth and Income Series-2

Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 98.93%
Communication Services – 11.92%
AT&T		384,500	$	11,623,435
Comcast Class A		320,177		12,480,499
Verizon Communications		230,600		12,712,978
Walt Disney		116,247		12,962,703
				49,779,615
Consumer Discretionary – 5.94%
Dollar Tree †		132,400		12,270,832
Lowe’s		92,800		12,539,136
				24,809,968
Consumer Staples – 9.13%
Archer-Daniels-Midland		316,000		12,608,400
Conagra Brands		369,300		12,988,281
Mondelez International Class A		245,400		12,547,302
				38,143,983
Energy – 3.00%
ConocoPhillips		298,100		12,526,162
				12,526,162
Financials – 15.24%
Allstate		128,800		12,492,312
American International Group		393,300		12,263,094
Bank of New York Mellon		325,800		12,592,170
Marsh & McLennan		126,300		13,560,831
Truist Financial		339,500		12,748,225
				63,656,632
Healthcare – 20.92%
Abbott Laboratories		138,900		12,699,627
Cardinal Health		239,000		12,473,410
Cigna		64,000		12,009,600
CVS Health		211,300		13,728,161
Johnson & Johnson		90,000		12,656,700
Merck & Co.		157,600		12,187,208
Pfizer		354,200		11,582,340
				87,337,046
Industrials – 8.45%
Caterpillar		91,661		11,595,117
Northrop Grumman		37,500		11,529,000
Raytheon Technologies		197,340		12,160,091
				35,284,208
Information Technology – 15.30%
Broadcom		40,000		12,624,400
Cisco Systems		275,300		12,839,992

	Number of		Value
	shares		(US $)
Common Stock (continued)
Information Technology (continued)
Cognizant Technology Solutions Class A		214,496	$	12,187,663
Intel		215,800		12,911,314
Oracle		241,200		13,331,124
				63,894,493
Materials – 3.36%
DuPont de Nemours		264,100		14,031,633
				14,031,633
Real Estate – 2.94%
Equity Residential		208,600		12,269,852
				12,269,852
Utilities – 2.73%
Edison International		209,500		11,377,945
				11,377,945
Total Common Stock (cost $414,207,216)				413,111,537
Short-Term Investments – 0.88%
Money Market Mutual Funds – 0.88%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		738,027		738,027
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		738,028		738,027
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		738,028		738,027
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		738,028		738,028
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		738,028		738,028
Total Short-Term Investments (cost $3,690,137)				3,690,137

Total Value of Securities – 99.81%
(cost $417,897,353) $ 416,801,674

  † Non-income producing security.

GS – Goldman Sachs

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

Growth and Income Series-3

Delaware VIP® Trust — Delaware VIP Growth and Income Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	416,801,674
Receivable for securities sold		3,208,464
Dividends and interest receivable		543,273
Receivable for series shares sold		5,378
Other assets		16,185
Total assets		420,574,974
Liabilities:
Payable for securities purchased		2,558,216
Investment management fees payable		226,528
Other accrued expenses		129,819
Payable for series shares redeemed		78,368
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,612
Accounting and administration expenses payable to affiliates		1,531
Legal fees payable to affiliates		892
Reports and statements to shareholders expenses payable to affiliates		712
Total liabilities		2,998,678
Total Net Assets	$	417,576,296
Net Assets Consist of:
Paid-in capital	$	429,126,429
Total distributable earnings (loss)		(11,550,133	)
Total Net Assets	$	417,576,296
Net Asset Value:
Standard Class:
Net assets	$	417,576,296
Shares of beneficial interest outstanding, unlimited authorization, no par		17,502,448
Net asset value per share	$	23.86

¹ Investments, at cost $  417,897,353

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

Growth and Income Series-4

Delaware VIP^® Trust —

Delaware VIP Growth and Income Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	6,211,077
Expenses:
Management fees		1,407,669
Accounting and administration expenses		56,376
Audit and tax fees		48,719
Reports and statements to shareholders		21,900
Dividend disbursing and transfer agent fees and expenses		18,198
Trustees’ fees and expenses		12,727
Custodian fees		7,161
Legal fees		5,112
Registration fees		4
Other		4,172
		1,582,038
Less expenses paid indirectly		(4,575	)
Total operating expenses		1,577,463
Net Investment Income		4,633,614
Net Realized and Unrealized Loss:
Net realized loss on investments		(14,463,694	)
Net change in unrealized appreciation (depreciation) of investments		(70,468,606	)
Net Realized And Unrealized Loss		(84,932,300	)
Net Decrease in Net Assets Resulting from Operations	$	(80,298,686	)

Delaware VIP Trust—

Delaware VIP Growth and Income Series

Statements of changes in net assets

	Six months
	ended
	6/30/20			Year ended
	(Unaudited)			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,633,614		$	8,673,969
Net realized gain (loss)		(14,463,694	)		129,014,509
Net change in unrealized appreciation (depreciation)		(70,468,606	)		(26,372,461	)
Net increase (decrease) in net assets resulting from operations		(80,298,686	)		111,316,017
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(136,194,991	)		(88,019,342	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		1,665,670			3,098,537
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		136,194,991			88,019,342
		137,860,661			91,117,879
Cost of shares redeemed:
Standard Class		(21,833,165	)		(45,347,319	)
Increase in net assets derived from capital share transactions		116,027,496			45,770,560
Net Increase (Decrease) in Net Assets		(100,466,181	)		69,067,235
Net Assets:
Beginning of period		518,042,477			448,975,242
End of period	$	417,576,296		$	518,042,477

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

Growth and Income Series-5

Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Financial highlights

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

	Delaware VIP Growth and Income Series Standard Class
	Six months
	ended
	6/30/201												Year ended
	(Unaudited)				12/31/192				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	43.10			$	41.84			$	49.45			$	44.18			$	43.11			$	47.43
Income (loss) from investment operations:
Net investment income3			0.33				0.71				0.72				0.66				0.69				0.60
Net realized and unrealized gain (loss)			(7.87	)			8.82				(5.48	)			7.09				3.08				(1.87	)
Total from investment operations			(7.54	)			9.53				(4.76	)			7.75				3.77				(1.27	)
Less dividends and distributions from:
Net investment income			(0.75	)			(0.74	)			(0.68	)			(0.71	)			(0.61	)			(0.55	)
Net realized gain			(10.95	)			(7.53	)			(2.17	)			(1.77	)			(2.09	)			(2.50	)
Total dividends and distributions			(11.70	)			(8.27	)			(2.85	)			(2.48	)			(2.70	)			(3.05	)
Net asset value, end of period		$	23.86			$	43.10			$	41.84			$	49.45			$	44.18			$	43.11
Total return4			(15.69%	)			25.60%				(10.17%	)			18.28%				9.88%				(3.12%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	417,576			$	518,042			$	448,975			$	531,695			$	475,019			$	457,087
Ratio of expenses to average net assets5			0.73%				0.76%				0.77%				0.78%				0.79%				0.78%
Ratio of net investment income to average net assets			2.14%				1.75%				1.54%				1.45%				1.67%				1.13%
Portfolio turnover			15%				122%6				58%				17%				21%				23%

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

²  On Oct. 4, 2019, the First Investors Life Series Growth and Income Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Growth and Income Fund shares.

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

⁴  Total 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 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁶  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Growth and Income Series-6

Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Growth and Income Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Growth & Income Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 the character of such distribution by the issuer, which are estimated. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $4,575 under this arrangement.

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Delaware VIP^® Growth and Income Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2020.

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 rates 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 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 0.77% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* 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.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $9,419 for these services.

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, 2020, the Series was charged $16,250 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $6,836 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

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Delaware VIP^® Growth and Income Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	64,220,630
Sales		76,745,860

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

		Aggregate	Aggregate
Cost of		Unrealized	Unrealized	Net Unrealized
Investments		Appreciation of Investments	Depreciation of Investments	Appreciation of Investments
	$417,897,353	$33,452,067	$(34,547,746)	$(1,095,679)

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 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.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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, and 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 and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	413,111,537
Short-Term Investments		3,690,137
Total Value of Securities	$	416,801,674

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

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Delaware VIP^® Growth and Income Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		59,599			75,731
Shares issued upon reinvestment of dividends and distributions:
Standard Class		6,088,287			2,334,731
		6,147,886			2,410,462
Shares redeemed:
Standard Class		(665,227	)		(1,120,847	)
Net increase		5,482,659			1,289,615

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The 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

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Delaware VIP^® Growth and Income Series

Notes to financial statements (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

The Series invests in growth stocks, 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.

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly 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, 2020. 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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

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Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPGI 22642 (8/20) (1273672) Growth and Income Series-12

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Delaware VIP^® Trust

Delaware VIP Growth Equity Series

(formerly, First Investors Life Series Select Growth Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	7
	Other Series information	12

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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	1/1/20 to
	1/1/20		6/30/20		Ratio	6/30/20*
Actual Series return†
Standard Class		$1,000.00		$1,053.50	0.80%	$4.08
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.89	0.80%	$4.02

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Growth Equity Series-1

Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (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 Stock²		99.37%
Communication Services		7.31%
Consumer Discretionary		11.85%
Consumer Staples		5.08%
Energy		0.53%
Financials		3.88%
Healthcare		16.79%
Industrials		10.59%
Information Technology1		43.34%
Short-Term Investments		0.73%
Total Value of Securities		100.10%
Liabilities Net of Receivables and Other Assets		(0.10%)
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 Information Technology 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 Information Technology sector consisted of Commercial Services, Computers, Office/Business Equipments, Semiconductors, Software, and Telecommunications. As of June 30, 2020, such amounts, as a percentage of total net assets, were 4.63%, 11.88%, 3.10%, 2.66%, 18.39%, and 2.68%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Information Technology 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.

	Percentage
Top 10 equity holdings	of net assets
Apple		5.21%
Microsoft		5.16%
Cadence Design Systems		4.92%
PayPal Holdings		4.63%
Amazon.com		4.38%
Adobe		4.24%
Alphabet Class A		3.99%
Fortinet		3.80%
Eli Lilly and Co.		3.39%
Facebook Class A		3.32%

Growth Equity Series-2

Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 99.37% ²
Communication Services – 7.31%
Alphabet Class A †		2,530	$	3,587,666
Facebook Class A †		13,140		2,983,700
				6,571,366
Consumer Discretionary – 11.85%
Amazon.com †		1,430		3,945,113
AutoZone †		1,840		2,075,741
Deckers Outdoor †		13,440		2,639,482
Target		16,701		2,002,951
				10,663,287
Consumer Staples – 5.08%
Procter & Gamble		14,326		1,712,960
TreeHouse Foods †		23,400		1,024,920
Walmart		15,328		1,835,988
				4,573,868
Energy – 0.53%
Chevron		5,360		478,273
				478,273
Financials – 3.88%
Ameriprise Financial		12,400		1,860,496
JPMorgan Chase & Co.		17,300		1,627,238
				3,487,734
Healthcare – 16.79%
Baxter International		24,660		2,123,226
Bristol-Myers Squibb		32,750		1,925,700
Centene †		40,010		2,542,635
Edwards Lifesciences †		26,280		1,816,211
Eli Lilly and Co.		18,586		3,051,449
Hologic †		39,400		2,245,800
Merck & Co.		18,100		1,399,673
				15,104,694
Industrials – 10.59%
Dover		20,920		2,020,035
EMCOR Group		20,980		1,387,617
Huntington Ingalls Industries		9,196		1,604,610
Parker-Hannifin		13,000		2,382,510
Rockwell Automation		10,020		2,134,260
				9,529,032

	Number of shares		Value (US $)
Common Stock ² (continued)
Information Technology – 43.34%
Adobe †		8,760	$	3,813,316
Akamai Technologies †		20,070		2,149,296
Apple		12,850		4,687,680
Cadence Design Systems †		46,130		4,426,635
Ciena †		44,450		2,407,412
EPAM Systems †		10,220		2,575,542
Fortinet †		24,937		3,423,102
Microsoft		22,810		4,642,063
NVIDIA		6,300		2,393,433
Oracle		27,480		1,518,820
PayPal Holdings †		23,910	��	4,165,839
Zebra Technologies Class A †		10,920		2,794,974
				38,998,112
Total Common Stock (cost $63,294,342)				89,406,366
Short-Term Investments – 0.73%
Money Market Mutual Funds – 0.73%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		132,493		132,493
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		132,495		132,495
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		132,494		132,494
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		132,494		132,494
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		132,494		132,494
Total Short-Term Investments (cost $662,470)				662,470

Total Value of Securities – 100.10%
(cost $63,956,812) $ 90,068,836

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

† Non-income producing security.    

GS – Goldman Sachs

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

Growth Equity Series-3

Delaware VIP® Trust — Delaware VIP Growth Equity Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$90,068,836
Dividends and interest receivable	17,202
Receivable for series shares sold	514
Other assets	2,044
Total assets	90,088,596
Liabilities:
Investment management fees payable	47,512
Accounting and administration expenses payable to non-affiliates	22,312
Audit and tax fees payable	19,008
Payable for series shares redeemed	17,290
Other accrued expenses	5,227
Trustees’ fees and expenses payable	676
Accounting and administration expenses payable to affiliates	580
Dividend disbursing and transfer agent fees and expenses payable to affiliates	548
Legal fees payable to affiliates	186
Reports and statements to shareholders expenses payable to affiliates	151
Total liabilities	113,490
Total Net Assets	$89,975,106
Net Assets Consist of:
Paid-in capital	$63,590,611
Total distributable earnings (loss)	26,384,495
Total Net Assets	$89,975,106
Net Asset Value:
Standard Class:
Net assets	$89,975,106
Shares of beneficial interest outstanding, unlimited authorization, no par	5,588,007
Net asset value per share	$         16.10
1 Investments, at cost	$     63,956,812

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

Growth Equity Series-4

Delaware VIP^® Trust —

Delaware VIP Growth Equity Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	386,135
Expenses:
Management fees		276,623
Audit and tax fees		37,125
Accounting and administration expenses		27,368
Reports and statements to shareholders		4,156
Dividend disbursing and transfer agent fees and expenses		3,585
Trustees’ fees and expenses		2,477
Custodian fees		897
Legal fees		290
Registration fees		4
Other		1,563
		354,088
Less expenses waived		(13,574	)
Less expenses paid indirectly		(1,357	)
Total operating expenses		339,157
Net Investment Income		46,978
Net Realized and Unrealized Gain:
Net realized gain on investments		231,408
Net change in unrealized appreciation (depreciation) of investments		4,086,925
Net Realized and Unrealized Gain		4,318,333
Net Increase in Net Assets Resulting from Operations	$	4,365,311

Delaware VIP Trust —

Delaware VIP Growth Equity Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase in Net Assets from Operations:
Net investment income	$	46,978		$	370,036
Net realized gain		231,408			5,687,837
Net change in unrealized appreciation (depreciation)		4,086,925			12,086,317
Net increase in net assets resulting from operations		4,365,311			18,144,190
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(6,063,787	)		(5,077,656	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		724,771			7,067,713
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		6,063,787			5,077,656
		6,788,558			12,145,369
Cost of shares redeemed:
Standard Class		(7,077,351	)		(6,878,222	)
Increase (Decrease) in net assets derived from capital share transactions		(288,793	)		5,267,147
Net Increase (Decrease) in Net Assets		(1,987,269	)		18,333,681
Net Assets:
Beginning of period		91,962,375			73,628,694
End of period	$	89,975,106		$	91,962,375

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

Growth Equity Series-5

Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Financial highlights

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

				Delaware VIP Growth Equity Series Standard Class
	Six months ended 6/30/201 (Unaudited)			Year ended
				12/31/192			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	16.53		$	14.14		$	15.87		$	13.37		$	13.98		$	14.34
Income (loss) from investment operations:
Net investment income3		0.01			0.07			0.05			0.06			0.08			0.09
Net realized and unrealized gain (loss)		0.70			3.28			(0.57	)		3.97			0.36			0.38
Total from investment operations		0.71			3.35			(0.52	)		4.03			0.44			0.47
Less dividends and distributions from:
Net investment income		(0.07	)		(0.05	)		(0.06	)		(0.08	)		(0.09	)		(0.05	)
Net realized gain		(1.07	)		(0.91	)		(1.15	)		(1.45	)		(0.96	)		(0.78	)
Total dividends and distributions		(1.14	)		(0.96	)		(1.21	)		(1.53	)		(1.05	)		(0.83	)
Net asset value, end of period	$	16.10		$	16.53		$	14.14		$	15.87		$	13.37		$	13.98
Total return4		5.35%5			24.35%5			(3.79%	)		32.80%			4.04%			3.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	89,975		$	91,962		$	73,629		$	69,829		$	52,433		$	47,997
Ratio of expenses to average net assets6		0.80%			0.82%			0.81%			0.81%			0.83%			0.83%
Ratio of expenses to average net assets prior to fees waived6		0.83%			0.84%			0.81%			0.81%			0.83%			0.83%
Ratio of net investment income to average net assets		0.11%			0.43%			0.34%			0.40%			0.61%			0.65%
Ratio of net investment income to average net assets prior to fees waived		0.08%			0.41%			0.34%			0.40%			0.61%			0.65%
Portfolio turnover		18%			45%			31%			52%			64%			43%

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

²  On Oct. 4, 2019, the First Investors Life Series Select Growth Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Select Growth Fund shares.

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

⁴  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Growth Equity Series-6

Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Growth Equity Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Select Growth Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 and pays distributions from net investment income and 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $1,357 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing

Growth Equity Series-7

Delaware VIP^® Growth Equity Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2020.

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 rates 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 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 0.80% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

Smith Asset Management Group, L.P. (Smith) furnishes investment sub-advisory services to the Series. For these services, DMC, not the Series, pays Smith a fee, which is based on 0.20% of the aggregate average daily net assets of the Series and Delaware Growth Equity Fund.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $3,450 for these services.

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, 2020, the Series was charged $3,192 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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. For the six months ended June 30, 2020, the Series was charged $1,344 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

Growth Equity Series-8

Delaware VIP^® Growth Equity Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	15,596,677
Sales		22,041,015

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

	Aggregate	Aggregate
Cost of	Unrealized	Unrealized	Net Unrealized
Investments	Appreciation of Investments	Depreciation of Investments	Appreciation of Investments
$63,956,812	$28,166,197	$(2,054,174)	$26,112,023

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.

Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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, and 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 and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	89,406,366
Short-Term Investments		662,470
Total Value of Securities	$	90,068,836

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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 year in relation to the Series’ net assets. During the six months ended June 30, 2020, there were no Level 3 investments.

Growth Equity Series-9

Delaware VIP^® Growth Equity Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		47,256			467,704
Shares issued upon reinvestment of dividends and distributions:
Standard Class		432,819			336,714
		480,075			804,418
Shares redeemed:
Standard Class		(455,701	)		(447,536	)
Net increase		24,374			356,882

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The 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

Growth Equity Series-10

Delaware VIP^® Growth Equity Series

Notes to financial statements (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

The Series invests in growth stocks, 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.

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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Growth Equity Series-11

Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPGE 22643 (8/20) (1273672) Growth Equity Series-12

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Delaware VIP^® Trust

Delaware VIP International Series

(formerly, First Investors Life Series International Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	2
	Schedule of investments	3
	Statement of assets and liabilities	4
	Statement of operations	5
	Statements of changes in net assets	5
	Financial highlights	6
	Notes to financial statements	7
	Other Series information	13

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP International Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and 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	1/1/20 to
	1/1/20		6/30/20		Ratio	6/30/20*
Actual Series return†
Standard Class		$1,000.00	$	915.60	0.86%	$4.10
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00	$	1,020.59	0.86%	$4.32

*“ Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above does not reflect the expenses of the Underlying Funds.

International Series-1

Delaware VIP^® Trust — Delaware VIP International Series

Security type / country and sector allocations

As of June 30, 2020 (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 by Country		98.30%
Denmark		7.55%
France		22.40%
Germany		9.64%
Ireland		1.57%
Japan		21.65%
Netherlands		7.19%
Sweden		4.49%
Switzerland		16.06%
United Kingdom		7.75%
Exchange-Traded Funds		1.36%
Short-Term Investments		0.00%
Total Value of Securities		99.66%
Receivables and Other Assets Net of Liabilities		0.34%
Total Net Assets		100.00%

	Percentage
Common stock by sector²	of net assets
Communication Services		11.74%
Consumer Discretionary		10.94%
Consumer Staples1		37.51%
Healthcare		21.21%
Industrials		10.59%
Materials		6.31%
Total		98.30%

^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 Consumer Staples 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 Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, and Retail. As of June 30, 2020, such amounts, as a percentage of total net assets, were 7.45%, 1.88%, 26.00%, and 2.18%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentages in the Consumer Staples sector for financial reporting purposes may exceed 25%.

International Series-2

Delaware VIP^® Trust – Delaware VIP International Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 98.30% D
Denmark – 7.55%
Novo Nordisk Class B		168,400	$	10,970,876
				10,970,876
France – 22.40%
Air Liquide		63,360		9,161,023
Danone †		126,430		8,775,910
Orange		410,440		4,908,029
Publicis Groupe		172,480		5,603,017
Sodexo		60,460		4,099,668
				32,547,647
Germany – 9.64%
adidas AG †		17,880		4,714,095
Fresenius Medical Care AG & Co. †		107,940		9,286,065
				14,000,160
Ireland – 1.57%
Kerry Group Class A		18,350		2,279,573
				2,279,573
Japan – 21.65%
Asahi Group Holdings		98,800		3,470,080
Kao		34,400		2,729,909
KDDI		219,400		6,546,270
Kirin Holdings		92,600		1,951,986
Lawson		63,000		3,168,932
Makita		121,300		4,411,009
Secom		25,600		2,246,213
Seven & i Holdings		211,600		6,922,181
				31,446,580
Netherlands – 7.19%
Koninklijke Ahold Delhaize		383,340		10,447,575
				10,447,575
Sweden – 4.49%
Hennes & Mauritz Class B		107,000		1,561,804
Securitas Class B †		366,610		4,957,382
				6,519,186
Switzerland – 16.06%
Nestle		84,280		9,344,176

	Number of		Value
	shares		(US $)
Common Stock D (continued)
Switzerland (continued)
Roche Holding		30,450	$	10,549,389
Swatch Group		17,120		3,436,186
				23,329,751
United Kingdom – 7.75%
Diageo		162,730		5,408,714
G4S		2,661,050		3,764,601
Next		34,380		2,081,536
				11,254,851
Total Common Stock (cost $145,893,584)				142,796,199
Exchange-Traded Funds – 1.36%
iShares MSCI EAFE ETF		715		43,522
Vanguard FTSE Developed Markets ETF		49,725		1,928,833
Total Exchange-Traded Funds (cost $1,996,735)				1,972,355
Short-Term Investments – 0.00%
Money Market Mutual Funds – 0.00%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		1,312		1,312
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		1,312		1,312
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		1,311		1,311
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		1,311		1,311
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		1,311		1,311
Total Short-Term Investments (cost $6,557)				6,557

Total Value of Securities – 99.66%
(cost $147,896,876) $ 144,775,111

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:

AG – Aktiengesellschaft

EAFE – Europe, Australasia, and the Far East

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange 100 Index

GS – Goldman Sachs

MSCI – Morgan Stanley Capital International

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

International Series-3

Delaware VIP® Trust — Delaware VIP International Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	144,775,111
Foreign currencies, at value2		214,885
Foreign tax reclaims receivable		354,335
Dividends and interest receivable		83,204
Receivable for series shares sold		9,862
Other assets		4,904
Total assets		145,442,301
Liabilities:
Investment management fees payable		86,543
Accounting and administration fees payable to non-affiliates		26,450
Audit and tax fees payable		20,043
Reports and statements to shareholders expenses payable to non-affiliates		17,635
Custody fees payable		14,174
Other accrued expenses		2,937
Payable for series shares redeemed		1,583
Trustees’ fees and expenses payable		1,087
Dividend disbursing and transfer agent fees and expenses payable to affiliates		906
Accounting and administration expenses payable to affiliates		745
Legal fees payable to affiliates		299
Reports and statements to shareholders expenses payable to affiliates		243
Total liabilities		172,645
Total Net Assets	$	145,269,656
Net Assets Consist of:
Paid-in capital	$	147,373,720
Total distributable earnings (loss)		(2,104,064	)
Total Net Assets	$	145,269,656
Net Asset Value:
Standard Class:
Net assets	$	145,269,656
Shares of beneficial interest outstanding, unlimited authorization, no par		8,874,573
Net asset value per share	$	16.37

1 Investments, at cost	$	147,896,876
2 Foreign currencies, at cost		214,350

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

International Series-4

Delaware VIP^® Trust —

Delaware VIP International Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	1,981,982
Interest		(1,309	)
Foreign tax withheld		(240,762	)
		1,739,911
Expenses:
Management fees		623,431
Audit and tax fees		55,214
Accounting and administration expenses		32,505
Custodian fees		20,370
Reports and statements to shareholders		10,246
Dividend disbursing and transfer agent fees and expenses		6,181
Trustees’ fees and expenses		4,304
Legal fees		972
Registration fees		5
Other		4,921
		758,149
Less expenses waived		(127,897	)
Total operating expenses		630,252
Net Investment Income		1,109,659
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(64,868	)
Foreign currencies		34,621
Foreign currency exchange contracts		(49,715	)
Net realized loss on investments		(79,962	)
Net change in unrealized appreciation (depreciation) of:
Investments		(15,114,899	)
Foreign currencies		2,839
Foreign currency exchange contracts		215
Net change in unrealized appreciation (depreciation)		(15,111,845	)
Net Realized And Unrealized Loss		(15,191,807	)
Net Decrease in Net Assets Resulting from Operations	$	(14,082,148	)

Delaware VIP Trust—

Delaware VIP International Series

Statements of changes in net assets

	Six months
	ended
	6/30/20			Year ended
	(Unaudited)			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,109,659		$	1,207,771
Net realized gain (loss)		(79,962	)		38,346,768
Net change in unrealized appreciation (depreciation)		(15,111,845	)		(4,742,906	)
Net increase (decrease) in net assets resulting from operations		(14,082,148	)		34,811,633
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(39,329,063	)		(14,342,500	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		653,193			3,072,061
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		39,329,063			14,342,500
		39,982,256			17,414,561
Cost of shares redeemed:
Standard Class		(7,510,948	)		(13,922,284	)
Increase in net assets derived from capital share transactions		32,471,308			3,492,277
Net Increase (Decrease) in Net Assets		(20,939,903	)		23,961,410
Net Assets:
Beginning of period		166,209,559			142,248,149
End of period	$	145,269,656		$	166,209,559

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

International Series-5

Delaware VIP^® Trust — Delaware VIP International Series

Financial highlights

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

	Delaware VIP International Series Standard Class
	Six months
	ended
	6/30/201												Year ended
	(Unaudited)				12/31/192				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	25.00			$	22.08			$	26.57			$	20.22			$	21.38			$	20.88
Income (loss) from investment operations:
Net investment income3			0.15				0.18				0.21				0.22				0.27				0.26
Net realized and unrealized gain (loss)			(2.67	)			4.97				(3.29	)			6.38				(1.17	)			0.47
Total from investment operations			(2.52	)			5.15				(3.08	)			6.60				(0.90	)			0.73
Less dividends and distributions from:
Net investment income			—				(0.19	)			(0.21	)			(0.25	)			(0.26	)			(0.23	)
Net realized gain			(6.11	)			(2.04	)			(1.20	)			—				—				—
Total dividends and distributions			(6.11	)			(2.23	)			(1.41	)			(0.25	)			(0.26	)			(0.23	)
Net asset value, end of period		$	16.37			$	25.00			$	22.08			$	26.57			$	20.22			$	21.38
Total return4			(8.44%	)5			24.91%	5			(12.16%	)			32.96%				(4.20%	)			3.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	145,270			$	166,210			$	142,248			$	160,128			$	124,439			$	133,691
Ratio of expenses to average net assets6			0.86%				0.83%				0.86%				0.84%				0.87%				0.87%
Ratio of expenses to average net assets prior to fees waived6			1.03%				0.87%				0.86%				0.84%				0.87%				0.87%
Ratio of net investment income to average net assets			1.51%				0.75%				0.84%				0.90%				1.28%				1.22%
Ratio of net investment income to average net assets prior to fees waived			1.34%				0.71%				0.84%				0.90%				1.28%				1.22%
Portfolio turnover			5%				144%	7			50%				29%				37%				27%

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

²  On Oct. 4, 2019, the First Investors Life Series International Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series International Fund shares.

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

⁴  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁷  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

International Series-6

Delaware VIP^® Trust — Delaware VIP International Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP International Series (Series). The Trust is an open-end investment company. The Series is considered non-diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series International Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. 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 companies are valued at their published 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” 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. During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Underlying Funds — The Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Series may invest include ETFs. The Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.

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 gain (loss) on investments.” The Series reports certain foreign currency

International Series-7

Delaware VIP^® International Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 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 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2020.

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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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 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 0.86% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $4,507 for these services.

International Series-8

Delaware VIP^® International 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, 2020, the Series was charged $5,501 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $2,333 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	6,839,861
Sales		12,818,791

At June 30, 2020, 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, 2020, 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
$	147,896,876	$15,782,923	$(18,904,688)	$(3,121,765)

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 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, and 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, and 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 and fair valued securities)

International Series-9

Delaware VIP^® International 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, 2020:

Securities	Level 1		Level 2		Total
Assets:
Common Stock	$	—	$	142,796,199	$	142,796,199
Exchange-Traded Funds		1,972,355		—		1,972,355
Short-Term Investments		6,557		—		6,557
Total Value of Securities	$	1,978,912	$	142,796,199	$	144,775,111

As a result of utilizing international fair value pricing at June 30, 2020, the common stock in the portfolio was categorized as Level 2.

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/2019
Shares sold:
Standard Class		33,101			132,352
Shares issued upon reinvestment of dividends and distributions:
Standard Class		2,563,824			662,471
		2,596,925			794,823
Shares redeemed:
Standard Class		(371,206	)		(587,301	)
Net increase		2,225,719			207,522

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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.

International Series-10

Delaware VIP^® International Series

Notes to financial statements (continued)

6. Derivatives (continued)

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. No foreign currency exchange contracts and foreign cross currency exchange contracts were outstanding at June 30, 2020.

During the six months ended June 30, 2020, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

At June 30, 2020, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2020:

	Long Derivatives Volume	Short Derivatives Volume
Foreign currency exchange contracts (average notional value)	$44,351	$106,882

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 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. The 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

International Series-11

Delaware VIP^® International Series

Notes to financial statements (continued)

7. Securities Lending (continued)

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, 2020, the Series had no securities out on loan.

8. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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, 2020, there were no Rule 144A securities held by the Series.

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. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

International Series-12

Delaware VIP^® Trust — Delaware VIP International Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPINT 22644 (8/20) (1273672) International Series-13

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Delaware VIP^® Trust

Delaware VIP Investment Grade Series

(formerly, First Investors Life Series Investment Grade Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	8
	Statement of operations	9
	Statements of changes in net assets	9
	Financial highlights	10
	Notes to financial statements	12
	Other Series information	18

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to seek to provide sustainable current income with potential for capital appreciation with moderate investment risk.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Annualized Expense Ratio		Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class	$1,000.00	$1,050.60		0.69%		$3.52
Service Class	1,000.00	1,049.10		0.99%		5.04
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.43		0.69%		$3.47
Service Class	1,000.00	1,019.94		0.99%		4.97

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Investment Grade Series-1

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Security type / sector allocation

As of June 30, 2020 (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
Convertible Bonds		0.36%
Corporate Bonds		97.60%
Banking		18.93%
Basic Industry		4.56%
Brokerage		1.12%
Capital Goods		4.21%
Communications		15.43%
Consumer Cyclical		3.28%
Consumer Non-Cyclical		7.95%
Electric		11.89%
Energy		8.41%
Finance Companies		3.17%
Insurance		1.80%
Natural Gas		1.23%
Real Estate Investment Trusts		1.13%
Technology		12.20%
Transportation		1.54%
Utilities		0.75%
Loan Agreements		0.25%
Preferred Stock		0.58%
Short-Term Investments		1.54%
Total Value of Securities		100.33%
Liabilities Net of Receivables and Other Assets		(0.33%	)
Total Net Assets		100.00%

Investment Grade Series-2

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal amount°		Value (US $)
Convertible Bonds – 0.36%
Cheniere Energy 144A 4.875% exercise price $93.64, maturity date 5/28/21 #T		195,000	$	197,866
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21		15,000		13,965
Total Convertible Bonds (cost $209,330)				211,831
Corporate Bonds – 97.60%
Banking – 18.93%
Bank of America 2.676% 6/19/41 µ		590,000		608,212
Bank of New York Mellon 4.70%µy		145,000		151,163
Bank of Nova Scotia 4.90%µy		130,000		130,081
Barclays 5.20% 5/12/26		523,000		584,816
BBVA USA
2.875% 6/29/22		250,000		255,961
3.875% 4/10/25		250,000		264,272
Citigroup
3.106% 4/8/26 µ		165,000		177,221
4.044% 6/1/24 µ		295,000		320,433
Citizens Financial Group
2.85% 7/27/26		610,000		661,039
5.65%µy		160,000		162,600
Credit Agricole 144A 1.907% 6/16/26 #µ		250,000		253,736
Credit Suisse Group
144A 2.593% 9/11/25 #µ		640,000		662,268
144A 5.10%#µy		335,000		317,831
144A 6.375%#µy		210,000		213,430
Goldman Sachs Group 3.50% 4/1/25		330,000		362,240
JPMorgan Chase & Co.
2.956% 5/13/31 µ		50,000		53,283
3.109% 4/22/41 µ		100,000		108,051
3.109% 4/22/51 µ		155,000		167,643
4.023% 12/5/24 µ		345,000		380,337
5.00%µy		29,000		27,918
Morgan Stanley
1.668% (LIBOR03M + 1.22%) 5/8/24 •		200,000		201,534
3.622% 4/1/31 µ		140,000		160,231
5.00% 11/24/25		450,000		526,236
PNC Bank 4.05% 7/26/28		250,000		293,223
PNC Financial Services Group 2.60% 7/23/26		455,000		494,053
Regions Financial 3.80% 8/14/23		195,000		212,181
Royal Bank of Scotland Group
2.359% 5/22/24 µ		200,000		205,472
3.754% 11/1/29 µ		200,000		207,369
8.625%µy		205,000		213,604
SVB Financial Group 3.125% 6/5/30		160,000		171,698
Truist Bank
2.25% 3/11/30		250,000		252,804
2.636% 9/17/29 µ		695,000		697,706
Truist Financial 4.95%µy		245,000		251,125

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
UBS 7.625% 8/17/22		250,000	$	278,925
UBS Group 6.875%µy		200,000		202,937
US Bancorp 3.00% 7/30/29		865,000		939,943
				11,171,576
Basic Industry – 4.56%
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		545,000		548,649
Chevron Phillips Chemical 144A 5.125% 4/1/25 #		85,000		97,529
Freeport-McMoRan 3.875% 3/15/23		145,000		145,479
Georgia-Pacific
144A 1.75% 9/30/25 #		140,000		144,535
144A 2.10% 4/30/27 #		110,000		114,320
144A 2.30% 4/30/30 #		250,000		260,783
LYB International Finance III 2.875% 5/1/25		110,000		117,271
Newmont
2.25% 10/1/30		110,000		111,701
2.80% 10/1/29		550,000		581,064
Nutrien 2.95% 5/13/30		170,000		180,519
Packaging Corp. of America 3.00% 12/15/29		190,000		206,528
Steel Dynamics
2.40% 6/15/25		60,000		61,867
2.80% 12/15/24		95,000		98,990
WR Grace & Co. 144A 4.875% 6/15/27 #		23,000		23,415
				2,692,650
Brokerage – 1.12%
Charles Schwab 5.375%µy		180,000		192,748
Jefferies Group
4.15% 1/23/30		100,000		108,653
6.50% 1/20/43		90,000		104,823
National Securities Clearing 144A 1.20% 4/23/23 #		250,000		253,962
				660,186
Capital Goods – 4.21%
Berry Global 144A 4.875% 7/15/26 #		70,000		71,123
CCL Industries 144A 3.05% 6/1/30 #		120,000		123,019
General Dynamics 3.25% 4/1/25		30,000		33,292
General Electric 3.625% 5/1/30		445,000		446,314
GFL Environmental 144A 5.125% 12/15/26 #		95,000		98,563
L3Harris Technologies
3.85% 6/15/23		95,000		103,359
4.40% 6/15/28		270,000		319,853
Otis Worldwide
144A 2.056% 4/5/25 #		135,000		141,635
144A 3.112% 2/15/40 #		140,000		144,060
Raytheon Technologies 3.65% 8/16/23		15,000		16,247

Investment Grade Series-3

Delaware VIP^® Investment Grade Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Roper Technologies 2.35% 9/15/24		480,000	$	506,198
Waste Connections
2.60% 2/1/30		255,000		269,559
3.05% 4/1/50		210,000		212,383
				2,485,605
Communications – 15.43%
AMC Networks 4.75% 8/1/25		156,000		153,520
American Tower 3.375% 5/15/24		470,000		510,622
AT&T
2.30% 6/1/27		125,000		129,258
3.50% 6/1/41		165,000		173,917
3.65% 6/1/51		70,000		73,363
4.35% 3/1/29		137,000		159,818
4.50% 3/9/48		120,000		141,047
4.90% 8/15/37		155,000		186,108
Charter Communications Operating
3.70% 4/1/51		225,000		220,062
4.80% 3/1/50		230,000		261,760
Comcast
3.20% 7/15/36		440,000		490,299
3.75% 4/1/40		125,000		147,555
Crown Castle International 5.25% 1/15/23		290,000		322,817
CSC Holdings 144A 4.125% 12/1/30 #		230,000		228,289
Deutsche Telekom 144A 3.625% 1/21/50 #		300,000		333,259
Discovery Communications
4.125% 5/15/29		290,000		331,290
5.00% 9/20/37		305,000		361,315
5.20% 9/20/47		5,000		5,824
Level 3 Financing 144A 4.25% 7/1/28 #		160,000		160,589
Telefonica Emisiones 5.52% 3/1/49		340,000		447,693
Time Warner Cable 7.30% 7/1/38		320,000		444,078
Time Warner Entertainment 8.375% 3/15/23		290,000		340,077
T-Mobile USA
144A 1.50% 2/15/26 #		125,000		125,304
144A 2.55% 2/15/31 #		365,000		367,197
144A 3.75% 4/15/27 #		140,000		155,505
144A 4.375% 4/15/40 #		207,000		240,347
Verizon Communications
3.15% 3/22/30		75,000		84,950
4.00% 3/22/50		50,000		63,239
4.50% 8/10/33		755,000		941,157
ViacomCBS
4.375% 3/15/43		495,000		518,196
4.95% 1/15/31		120,000		140,619
Virgin Media Secured Finance 144A 5.50% 5/15/29 #		200,000		211,139
Vodafone Group
4.25% 9/17/50		140,000		164,763

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Vodafone Group 4.875% 6/19/49		375,000	$	471,864
				9,106,840
Consumer Cyclical – 3.28%
Amazon.com 2.50% 6/3/50		355,000		360,912
Ford Motor 8.50% 4/21/23		240,000		254,250
General Motors
5.40% 10/2/23		105,000		113,829
6.125% 10/1/25		105,000		118,131
6.25% 10/2/43		129,000		137,216
General Motors Financial 5.20% 3/20/23		195,000		208,773
Magna International 2.45% 6/15/30		160,000		163,964
Ralph Lauren 1.70% 6/15/22		145,000		147,569
TJX
3.875% 4/15/30		140,000		164,822
4.50% 4/15/50		75,000		96,325
VF 2.40% 4/23/25		160,000		168,626
				1,934,417
Consumer Non-Cyclical – 7.95%
AbbVie
144A 2.60% 11/21/24 #		170,000		181,140
144A 2.95% 11/21/26 #		365,000		399,731
144A 4.05% 11/21/39 #		215,000		249,699
Anheuser-Busch InBev Worldwide
4.15% 1/23/25		230,000		261,147
4.50% 6/1/50		370,000		443,110
Biogen
2.25% 5/1/30		275,000		278,112
3.15% 5/1/50		290,000		280,537
Cigna 3.20% 3/15/40		105,000		111,593
CVS Health 3.25% 8/15/29		130,000		143,881
DH Europe Finance II
3.25% 11/15/39		7,000		7,741
3.40% 11/15/49		8,000		9,009
Diageo Capital 1.375% 9/29/25		235,000		239,258
General Mills 2.875% 4/15/30		150,000		163,419
HCA 3.50% 9/1/30		150,000		144,624
Lamb Weston Holdings 144A 4.625% 11/1/24 #		23,000		23,922
Mondelez International 1.50% 5/4/25		160,000		163,250
Perrigo Finance Unlimited 4.375% 3/15/26		300,000		327,643
Pfizer 2.55% 5/28/40		130,000		135,232
Stryker 1.95% 6/15/30		235,000		236,302
Takeda Pharmaceutical
3.025% 7/9/40		200,000		202,266
3.175% 7/9/50		200,000		201,738
Teleflex 144A 4.25% 6/1/28 #		145,000		148,897
Upjohn
144A 1.65% 6/22/25 #		50,000		51,033

Investment Grade Series-4

Delaware VIP^® Investment Grade Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Upjohn
144A 2.30% 6/22/27 #		60,000	$	62,040
144A 2.70% 6/22/30 #		145,000		149,293
144A 4.00% 6/22/50 #		70,000		75,255
				4,689,872
Electric – 11.89%
Appalachian Power 3.70% 5/1/50		35,000		38,549
CenterPoint Energy 2.95% 3/1/30		195,000		207,520
CMS Energy 4.75% 6/1/50 µ		190,000		194,105
Dominion Energy 4.65%µy		335,000		328,328
Duke Energy 4.875%µy		235,000		235,051
Duke Energy Ohio 2.125% 6/1/30		120,000		124,427
Edison International
3.125% 11/15/22		180,000		185,525
4.95% 4/15/25		125,000		137,593
Emera 6.75% 6/15/76 µ		245,000		265,397
Entergy Arkansas 4.20% 4/1/49		340,000		430,262
Entergy Louisiana 2.90% 3/15/51		160,000		164,469
Entergy Texas 3.55% 9/30/49		115,000		127,182
Evergy Kansas Central 3.45% 4/15/50		250,000		278,024
FirstEnergy Transmission 144A 4.55% 4/1/49 #		255,000		310,246
Idaho Power 4.20% 3/1/48		120,000		150,804
Interstate Power and Light 4.10% 9/26/28		205,000		237,720
IPALCO Enterprises 144A 4.25% 5/1/30 #		145,000		157,688
ITC Holdings 144A 2.95% 5/14/30 #		130,000		138,248
Louisville Gas and Electric 4.25% 4/1/49		350,000		426,508
National Rural Utilities Cooperative Finance 5.25% 4/20/46 µ		50,000		53,157
NRG Energy
144A 3.75% 6/15/24 #		115,000		121,626
144A 4.45% 6/15/29 #		185,000		195,073
Pacific Gas and Electric
2.10% 8/1/27		75,000		74,255
2.50% 2/1/31		110,000		107,811
3.30% 8/1/40		45,000		43,900
4.60% 6/15/43		90,000		101,862
Public Service Co. of Colorado 2.70% 1/15/51		110,000		112,910
San Diego Gas & Electric 3.32% 4/15/50		120,000		130,975
Southern California Edison
3.65% 2/1/50		140,000		154,492
4.20% 3/1/29		215,000		251,053
4.875% 3/1/49		285,000		369,137
Southwestern Electric Power 4.10% 9/15/28		335,000		381,141

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Vistra Operations
144A 3.55% 7/15/24 #		305,000	$	314,983
144A 3.70% 1/30/27 #		125,000		128,776
144A 4.30% 7/15/29 #		55,000		57,861
Xcel Energy 2.60% 12/1/29		260,000		280,028
				7,016,686
Energy – 8.41%
BP Capital Markets 4.875%µy		225,000		232,875
Canadian Natural Resources 2.05% 7/15/25		295,000		295,936
Cheniere Corpus Christi Holdings 7.00% 6/30/24		305,000		347,359
Continental Resources 5.00% 9/15/22		274,000		270,045
Energy Transfer Operating
6.25% 4/15/49		275,000		291,833
7.125%µy		365,000		312,531
Florida Gas Transmission 144A 2.55% 7/1/30 #		120,000		122,866
Marathon Oil 4.40% 7/15/27		410,000		402,611
MPLX
4.125% 3/1/27		650,000		694,023
5.50% 2/15/49		135,000		153,407
Noble Energy 4.20% 10/15/49		275,000		228,534
NuStar Logistics 5.625% 4/28/27		153,000		148,236
ONEOK 7.50% 9/1/23		290,000		332,085
Sabine Pass Liquefaction 5.75% 5/15/24		345,000		388,714
Schlumberger Investment 2.65% 6/26/30		280,000		287,310
Targa Resources Partners 5.875% 4/15/26		152,000		150,836
Total Capital International 2.986% 6/29/41		295,000		301,341
				4,960,542
Finance Companies – 3.17%
AerCap Ireland Capital
3.65% 7/21/27		150,000		132,786
4.50% 9/15/23		220,000		220,188
6.50% 7/15/25		150,000		157,311
Air Lease
3.00% 2/1/30		290,000		269,287
3.375% 7/1/25		100,000		100,088
Aviation Capital Group 144A 3.50% 11/1/27 #		300,000		247,429
Avolon Holdings Funding
144A 3.25% 2/15/27 #		80,000		64,793
144A 3.95% 7/1/24 #		190,000		166,378
International Lease Finance 8.25% 12/15/20		500,000		511,867
				1,870,127

Investment Grade Series-5

Delaware VIP^® Investment Grade Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Insurance – 1.80%
Brighthouse Financial
4.70% 6/22/47		395,000	$	361,954
5.625% 5/15/30		125,000		138,763
Centene
3.375% 2/15/30		175,000		176,973
4.625% 12/15/29		115,000		122,046
Metropolitan Life Global Funding I 144A 2.95% 4/9/30 #		240,000		263,284
				1,063,020
Natural Gas – 1.23%
NiSource 2.95% 9/1/29		515,000		563,284
Sempra Energy 4.875%µy		160,000		160,400
				723,684
Real Estate Investment Trusts – 1.13%
CubeSmart 3.00% 2/15/30		410,000		435,714
Regency Centers 3.70% 6/15/30		215,000		231,585
				667,299
Technology – 12.20%
Amphenol 2.05% 3/1/25		620,000		647,836
Broadcom
144A 3.15% 11/15/25 #		130,000		138,190
144A 4.15% 11/15/30 #		105,000		114,483
144A 4.70% 4/15/25 #		33,000		37,194
144A 5.00% 4/15/30 #		120,000		138,161
Citrix Systems 3.30% 3/1/30		255,000		273,083
CoStar Group 144A 2.80% 7/15/30 #		175,000		179,428
Fiserv
2.65% 6/1/30		175,000		185,011
3.20% 7/1/26		355,000		393,233
Global Payments 2.65% 2/15/25		565,000		600,425
HP
2.20% 6/17/25		210,000		217,269
3.00% 6/17/27		160,000		167,965
International Business Machines 3.00% 5/15/24		510,000		552,585
Iron Mountain 144A 5.25% 7/15/30 #		178,000		174,854
KLA 3.30% 3/1/50		570,000		589,200
Lam Research
1.90% 6/15/30		45,000		46,046
2.875% 6/15/50		200,000		207,295
Leidos 144A 3.625% 5/15/25 #		110,000		120,354
Microchip Technology
3.922% 6/1/21		75,000		76,479
4.333% 6/1/23		550,000		593,795
NXP
144A 2.70% 5/1/25 #		30,000		31,563
144A 3.40% 5/1/30 #		55,000		59,304
144A 4.125% 6/1/21 #		200,000		206,013
144A 4.30% 6/18/29 #		61,000		69,327
144A 4.875% 3/1/24 #		445,000		497,239
Oracle 2.95% 4/1/30		200,000		223,275

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
PayPal Holdings
1.65% 6/1/25		185,000	$	191,715
2.30% 6/1/30		180,000		187,461
SS&C Technologies 144A 5.50% 9/30/27 #		149,000		152,419
Xilinx 2.375% 6/1/30		125,000		129,039
				7,200,241
Transportation – 1.54%
Delta Air Lines 7.375% 1/15/26		140,000		135,587
Southwest Airlines 5.125% 6/15/27		205,000		212,836
Union Pacific
2.40% 2/5/30		210,000		224,930
3.25% 2/5/50		305,000		335,155
				908,508
Utilities – 0.75%
Essential Utilities
2.704% 4/15/30		105,000		109,987
3.351% 4/15/50		100,000		104,692
4.276% 5/1/49		190,000		227,974
				442,653
Total Corporate Bonds (cost $55,712,184)				57,593,906
Loan Agreements – 0.25%
Zayo Group Holdings 3.178% (LIBOR01M + 3.00%) 3/9/27 •		154,613		147,051
Total Loan Agreements (cost $154,240)				147,051
	Number of shares
Preferred Stock – 0.58%
Morgan Stanley 5.55% µ		370,000		340,105
Total Preferred Stock (cost $376,001)				340,105
Short-Term Investments – 1.54%
Money Market Mutual Funds – 1.54%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		181,435		181,435
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		181,434		181,434
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		181,434		181,434
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		181,434		181,434

Investment Grade Series-6

Delaware VIP^® Investment Grade Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		181,435	$	181,435
Total Short-Term Investments (cost $907,172)				907,172

Total Value of Securities – 100.33%
(cost $57,358,927) $ 59,200,065

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $11,037,143 which represents 18.70% of the Series’ net assets. See Note 7 in “Notes to financial statements.”

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

° Principal amount shown is stated in USD 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, 2020. 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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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:

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

PIK – Payment-in-kind

USD – US Dollar                                        See accompanying notes, which are an integral part of the financial statements.

Investment Grade Series-7

Delaware VIP® Trust — Delaware VIP Investment Grade Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	59,200,065
Cash		29,176
Receivable for securities sold		730,654
Dividends and interest receivable		476,652
Receivable for series shares sold		2,864
Other assets		2,125
Total assets		60,441,536
Liabilities:
Payable for securities purchased		1,312,106
Other accrued expenses		65,288
Payable for series shares redeemed		33,098
Investment management fees payable		21,490
Accounting and administration expenses payable to affiliates		495
Trustees’ fees and expenses payable		442
Dividend disbursing and transfer agent fees and expenses payable to affiliates		362
Legal fees payable to affiliates		122
Reports and statements to shareholders expenses payable to affiliates		99
Distribution fees payable		2
Total liabilities		1,433,504
Total Net Assets	$	59,008,032
Net Assets Consist of:
Paid-in capital	$	56,144,705
Total distributable earnings (loss)		2,863,327
Total Net Assets	$	59,008,032
Net Asset Value:
Standard Class:
Net assets	$	58,997,503
Shares of beneficial interest outstanding, unlimited authorization, no par		5,418,559
Net asset value per share	$	10.89
Service Class:
Net assets	$	10,529
Shares of beneficial interest outstanding, unlimited authorization, no par		969
Net asset value per share	$	10.87
1 Investments, at cost	$	57,358,927

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

Investment Grade Series-8

Delaware VIP^® Trust —

Delaware VIP Investment Grade Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	919,212
Dividends		2,845
		922,057
Expenses:
Management fees		147,044
Distribution expenses – Service Class		15
Audit and tax fees		43,868
Accounting and administration expenses		25,177
Reports and statements to shareholders		5,568
Dividend disbursing and transfer agent fees and expenses		2,497
Trustees’ fees and expenses		1,735
Custodian fees		1,527
Legal fees		103
Registration fees		4
Other		9,489
		237,027
Less expenses waived		(31,900	)
Less expenses paid indirectly		(2,225	)
Total operating expenses		202,902
Net Investment Income		719,155
Net Realized and Unrealized Gain:
Net realized gain on investments		697,603
Net change in unrealized appreciation (depreciation) of investments		1,382,552
Net Realized and Unrealized Gain		2,080,155
Net Increase in Net Assets Resulting from Operations	$	2,799,310

Delaware VIP Trust—

Delaware VIP Investment Grade Series

Statements of changes in net assets

	Six months ended 6/30/20   (Unaudited)			Year ended   12/31/19
Increase in Net Assets from Operations:
Net investment income	$	719,155		$	1,763,236
Net realized gain		697,603			3,986,891
Net change in unrealized appreciation (depreciation)		1,382,552			1,811,517
Net increase in net assets resulting from operations		2,799,310			7,561,644
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(3,430,298	)		(2,419,791	)
Service Class		(594	)		—
		(3,430,892	)		(2,419,791	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		744,497			2,077,498
Service Class		—			10,000
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		3,430,298			2,419,791
Service Class		594			—
		4,175,389			4,507,289
Cost of shares redeemed:
Standard Class		(6,498,200	)		(9,316,846	)
Decrease in net assets derived from capital share transactions		(2,322,811	)		(4,809,557	)
Net Increase (Decrease) in Net Assets		(2,954,393	)		332,296
Net Assets:
Beginning of period		61,962,425			61,630,129
End of period	$	59,008,032		$	61,962,425

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

Investment Grade Series-9

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Financial highlights

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

					Delaware VIP Investment Grade Series Standard Class
	Six months
	ended
	6/30/201				Year ended
	(Unaudited)				12/31/192				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	11.02			$	10.18			$	10.80			$	10.73			$	10.70			$	11.20
Income (loss) from investment operations:
Net investment income3			0.13				0.29				0.31				0.31				0.33				0.34
Net realized and unrealized gain (loss)			0.40				0.95				(0.53	)			0.18				0.15				(0.37	)
Total from investment operations			0.53				1.24				(0.22	)			0.49				0.48				(0.03	)
Less dividends and distributions from:
Net investment income			(0.41	)			(0.40	)			(0.40	)			(0.42	)			(0.45	)			(0.47	)
Net realized gain			(0.25	)			—				—				—				—				—
Total dividends and distributions			(0.66	)			(0.40	)			(0.40	)			(0.42	)			(0.45	)			(0.47	)
Net asset value, end of period		$	10.89			$	11.02			$	10.18			$	10.80			$	10.73			$	10.70
Total return4			5.06%				12.62%				(2.03%	)			4.72%				4.65%				(0.35%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	58,997			$	61,952			$	61,630			$	66,163			$	64,095			$	62,020
Ratio of expenses to average net assets5			0.69%				0.73%				0.70%				0.68%				0.68%				0.68%
Ratio of expenses to average net assets prior to fees waived5			0.80%				0.90%				0.85%				0.83%				0.83%				0.83%
Ratio of net investment income to average net assets			2.45%				2.76%				3.05%				2.93%				3.02%				3.12%
Ratio of net investment income to average net assets prior to fees waived			2.34%				2.59%				2.90%				2.78%				2.87%				2.97%
Portfolio turnover			93%				157%	6			53%				60%				40%				37%

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

²  On Oct. 4, 2019, the First Investors Life Series Investment Grade Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Investment Grade Fund shares.

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

⁴  Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁶  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Investment Grade Series-10

Delaware VIP^® Investment Grade Series

Financial highlights (continued)

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

	Delaware VIP Investment Grade Series Service Class
	Six months ended 6/30/201             (Unaudited)				10/31/192 to             12/31/19
Net asset value, beginning of period		$	11.01			$	10.97
Income from investment operations:
Net investment income3			0.12				0.03
Net realized and unrealized gain			0.39				0.01
Total from investment operations			0.51				0.04
Less dividends and distributions from:
Net investment income			(0.40	)			—
Net realized gain			(0.25	)			—
Total dividends and distributions			(0.65	)			—
Net asset value, end of period		$	10.87			$	11.01
Total return4			4.91%				0.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	11			$	10
Ratio of expenses to average net assets5			0.99%				0.99%
Ratio of expenses to average net assets prior to fees waived5			1.10%				1.31%
Ratio of net investment income to average net assets			2.15%				1.50%
Ratio of net investment income to average net assets prior to fees waived			2.04%				1.18%
Portfolio turnover			93%				157%6,7

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

²  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

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

⁴  Total 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 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 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁶  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

⁷  Portfolio turnover is representative of the Series for the entire year.

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

Investment Grade Series-11

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Investment Grade Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 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.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Investment Grade Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. 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. 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 (CMOs), 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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.

Use of Estimates — 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

Investment Grade Series-12

Delaware VIP^® Investment Grade Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $2,225 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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 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 0.69% of the Series’ average daily net assets for the Standard Class and 0.99% for the Service Class from Jan. 1, 2020 through June 30, 2020. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $3,000 for these services.

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, 2020, the Series was charged $2,206 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $942 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.”

Investment Grade Series-13

Delaware VIP^® Investment Grade 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	49,450,877
Purchases of US government securities		5,042,631
Sales other than US government securities		52,544,601
Sales of US government securities		6,910,067

At June 30, 2020, 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, 2020, 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
$57,638,834	$2,163,377	$(602,146)	$1,561,231

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, and 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, and 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 and 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.

Investment Grade Series-14

Delaware VIP^® Investment Grade 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, 2020:

Securities	Level 1		Level 2		Total
Assets:
Corporate Debt	$	—	$	57,805,737	$	57,805,737
Loan Agreements		—		147,051		147,051
Preferred Stock		—		340,105		340,105
Short-Term Investments		907,172		—		907,172
Total Value of Securities	$	907,172	$	58,292,893	$	59,200,065

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended     6/30/20			Year          ended         12/31/19
Shares sold:
Standard Class		68,651			196,853
Service Class		—			912
Shares issued upon reinvestment of dividends and distributions:
Standard Class		329,203			241,255
Service Class		57			—
		397,911			439,020
Shares redeemed:
Standard Class		(601,883	)		(869,334	)
Net decrease		(203,972	)		(430,314	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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

Investment Grade Series-15

Delaware VIP^® Investment Grade Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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. The 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 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

Investment Grade Series-16

Delaware VIP^® Investment Grade Series

Notes to financial statements (continued)

7. Credit and Market Risk (continued)

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 the 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 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. Rule 144A securities have been identified on the “Schedule of investments.”

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Investment Grade Series-17

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPIG 22645 (8/20) (1273672) Investment Grade Series-18

Delaware VIP^® Trust

Delaware VIP Limited Duration Bond Series

(formerly, First Investors Life Series Limited Duration Bond Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / country and sector allocations	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	10
	Other Series information	16

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

This material may be used in conjunction with the offering of shares in Delaware VIP^® Limited Duration Bond Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to seek current income consistent with low volatility of principal.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Annualized Expense Ratio		Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class	$1,000.00	$1,026.20		0.75%		$3.78
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.13		0.75%		$3.77

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Limited Duration Bond Series-1

Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Security type / country and sector allocations

As of June 30, 2020 (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
Agency Mortgage-Backed Securities		10.43%
Agency Obligation		1.03%
Corporate Bonds		37.98%
Banking		12.39%
Basic Industry		1.50%
Capital Goods		2.25%
Communications		2.06%
Consumer Cyclical		0.61%
Consumer Non-Cyclical		6.57%
Electric		3.74%
Energy		2.55%
Finance Companies		0.71%
Insurance		0.35%
Technology		2.32%
Transportation		2.93%
Non-Agency Asset-Backed Securities		17.23%
US Treasury Obligations		23.29%
Short-Term Investments		9.81%
Total Value of Securities		99.77%
Receivables and Other Assets Net of Liabilities		0.23%
Total Net Assets		100.00%

Limited Duration Bond Series-2

Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities – 10.43%
Fannie Mae S.F. 30 yr
4.50% 1/1/43		254,748	$	283,278
4.50% 2/1/44		163,919		186,137
4.50% 4/1/44		190,027		215,785
4.50% 11/1/44		247,913		277,701
4.50% 10/1/45		561,466		624,007
5.00% 5/1/48		371,367		406,667
Freddie Mac S.F. 30 yr
4.50% 7/1/45		47,465		52,798
5.00% 7/1/45		595,730		683,379
5.00% 8/1/48		305,034		333,378
Total Agency Mortgage-Backed Securities (cost $2,988,301)				3,063,130
Agency Obligation – 1.03%
Federal National Mortgage Association 1.50% 11/30/20		300,000		301,633
Total Agency Obligation (cost $299,855)				301,633
Corporate Bonds – 37.98%
Banking – 12.39%
Ally Financial 5.75% 11/20/25		85,000		90,911
Bank of America
3.458% 3/15/25 µ		80,000		86,817
5.625% 7/1/20		180,000		180,000
Bank of Montreal 1.85% 5/1/25		40,000		41,441
Bank of New York Mellon 1.60% 4/24/25		145,000		150,415
Barclays Bank 1.70% 5/12/22		200,000		203,576
Citizens Bank 1.144% (LIBOR03M + 0.72%) 2/14/22 •		250,000		250,081
Citizens Financial Group 2.85% 7/27/26		110,000		119,204
DNB Boligkreditt 144A 2.50% 3/28/22 #		500,000		516,545
Fifth Third Bancorp
2.375% 1/28/25		35,000		36,940
3.65% 1/25/24		35,000		38,203
Goldman Sachs Group 3.50% 4/1/25		20,000		21,954
Huntington Bancshares 2.30% 1/14/22		65,000		66,690
JPMorgan Chase & Co.
4.023% 12/5/24 µ		330,000		363,801
4.60% µy		20,000		17,857
5.00% µy		25,000		24,067
Morgan Stanley
1.668% (LIBOR03M + 1.22%) 5/8/24 •		145,000		146,112
2.75% 5/19/22		25,000		25,999
3.622% 4/1/31 µ		35,000		40,058
3.737% 4/24/24 µ		25,000		26,962
PNC Bank 2.70% 11/1/22		10,000		10,466

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Regions Financial
2.75% 8/14/22		25,000	$	26,049
3.80% 8/14/23		50,000		54,405
Truist Bank
2.15% 12/6/24		250,000		263,006
2.636% 9/17/29 µ		215,000		215,837
UBS Group 144A 3.00% 4/15/21 #		200,000		203,966
US Bancorp 3.375% 2/5/24		55,000		60,155
US Bank 2.05% 10/23/20		355,000		356,418
				3,637,935
Basic Industry – 1.50%
Air Products and Chemicals
1.50% 10/15/25		10,000		10,349
1.85% 5/15/27		10,000		10,486
DuPont de Nemours 2.169% 5/1/23		110,000		112,109
Georgia-Pacific
144A 1.75% 9/30/25 #		35,000		36,134
144A 2.10% 4/30/27 #		25,000		25,982
144A 5.40% 11/1/20 #		60,000		60,958
LYB International Finance III 2.875% 5/1/25		25,000		26,652
Nutrien 1.90% 5/13/23		80,000		82,614
PolyOne 144A 5.75% 5/15/25 #		74,000		76,266
				441,550
Capital Goods – 2.25%
General Dynamics 3.00% 5/11/21		145,000		148,360
General Electric
0.921% (LIBOR03M + 0.38%) 5/5/26 •		5,000		4,340
3.45% 5/1/27		30,000		30,800
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #		92,000		90,561
Otis Worldwide 144A 2.056% 4/5/25 #		60,000		62,949
Roper Technologies 2.35% 9/15/24		145,000		152,914
Standard Industries 144A 6.00% 10/15/25 #		75,000		77,429
TransDigm 144A 6.25% 3/15/26 #		25,000		25,027
Waste Management 2.95% 6/15/24		35,000		35,850
WESCO Distribution 144A 7.125% 6/15/25 #		32,000		33,830
				662,060
Communications – 2.06%
AT&T 1.498% (LIBOR03M + 1.18%) 6/12/24 •		140,000		140,331
Crown Castle International 5.25% 1/15/23		85,000		94,619
Fox
3.666% 1/25/22		160,000		167,557
4.03% 1/25/24		100,000		110,918

Limited Duration Bond Series-3

Delaware VIP^® Limited Duration Bond Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA
144A 1.50% 2/15/26 #		30,000	$	30,073
144A 3.50% 4/15/25 #		35,000		38,216
Verizon Communications 3.15% 3/22/30		20,000		22,653
				604,367
Consumer Cyclical – 0.61%
General Motors Financial
3.45% 4/10/22		50,000		50,996
4.15% 6/19/23		30,000		31,370
Mastercard 3.30% 3/26/27		20,000		22,682
Prime Security Services Borrower 144A 5.25% 4/15/24 #		32,000		32,803
VF 2.40% 4/23/25		40,000		42,156
				180,007
Consumer Non-Cyclical – 6.57%
AbbVie 144A 2.60% 11/21/24 #		90,000		95,898
Amgen 2.20% 2/21/27		80,000		84,485
Anheuser-Busch InBev Worldwide 4.15% 1/23/25		355,000		403,075
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		130,000		140,792
Cigna 3.20% 9/17/20		490,000		492,759
Coca-Cola 1.45% 6/1/27		90,000		92,521
CVS Health
3.35% 3/9/21		110,000		112,190
3.70% 3/9/23		100,000		107,490
Keurig Dr Pepper 3.551% 5/25/21		60,000		61,681
Molson Coors Beverage 2.10% 7/15/21		95,000		96,184
Mondelez International
1.50% 5/4/25		90,000		91,828
2.125% 4/13/23		40,000		41,457
Upjohn
144A 1.65% 6/22/25 #		10,000		10,206
144A 2.30% 6/22/27 #		10,000		10,340
US Foods 144A 6.25% 4/15/25 #		87,000		88,903
				1,929,809
Electric – 3.74%
AEP Texas 2.40% 10/1/22		140,000		145,466
Avangrid 3.20% 4/15/25		60,000		65,639
CenterPoint Energy 3.85% 2/1/24		70,000		76,622
Cleveland Electric Illuminating 5.50% 8/15/24		115,000		135,745
Duke Energy
1.80% 9/1/21		165,000		167,193
4.875% µy		65,000		65,014
Entergy 4.00% 7/15/22		90,000		95,562
Entergy Louisiana 4.05% 9/1/23		10,000		10,949

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital Holdings 3.15% 4/1/24		100,000	$	108,596
NRG Energy 144A 3.75% 6/15/24 #		95,000		100,474
Pacific Gas and Electric 2.10% 8/1/27		20,000		19,801
Vistra Operations 144A 3.55% 7/15/24 #		105,000		108,437
				1,099,498
Energy – 2.55%
Continental Resources 3.80% 6/1/24		35,000		33,113
Energy Transfer Operating
5.25% 4/15/29		45,000		49,141
7.125% µy		75,000		64,219
Exxon Mobil 2.019% 8/16/24		130,000		135,828
Marathon Oil 2.80% 11/1/22		55,000		55,080
ONEOK 7.50% 9/1/23		115,000		131,689
Sabine Pass Liquefaction 5.75% 5/15/24		110,000		123,938
Schlumberger Holdings 144A 3.75% 5/1/24 #		145,000		156,282
				749,290
Finance Companies – 0.71%
Aviation Capital Group
144A 2.875% 1/20/22 #		130,000		124,273
144A 4.375% 1/30/24 #		10,000		9,405
Avolon Holdings Funding 144A 3.95% 7/1/24 #		85,000		74,432
				208,110
Insurance – 0.35%
Equitable Holdings 3.90% 4/20/23		95,000		101,727
				101,727
Technology – 2.32%
Broadcom
144A 3.15% 11/15/25 #		30,000		31,890
144A 4.70% 4/15/25 #		20,000		22,542
Global Payments 2.65% 2/15/25		85,000		90,329
International Business Machines 3.00% 5/15/24		100,000		108,350
Microchip Technology
3.922% 6/1/21		30,000		30,592
4.333% 6/1/23		55,000		59,380
NXP
144A 2.70% 5/1/25 #		5,000		5,260
144A 4.875% 3/1/24 #		165,000		184,370
PayPal Holdings 1.35% 6/1/23		145,000		148,122
				680,835
Transportation – 2.93%
Delta Air Lines 144A 7.00% 5/1/25 #		144,000		148,798

Limited Duration Bond Series-4

Delaware VIP^® Limited Duration Bond Series

Schedule of investments (continued)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Heathrow Funding 144A 4.875% 7/15/21 #		691,000	$	710,057
				858,855
Total Corporate Bonds (cost $10,908,566)				11,154,043
Non-Agency Asset-Backed Securities – 17.23%
Americredit Automobile Receivables Trust
Series 2019-1 B 3.13% 2/18/25		300,000		311,523
ARI Fleet Lease Trust
Series 2019-A A2B 144A 0.665% (LIBOR01M + 0.48%) 11/15/27 #•		130,967		130,907
BMW Vehicle Lease Trust
Series 2018-1 A3 3.26% 7/20/21		88,123		88,793
CarMax Auto Owner Trust
Series 2018-2 B 3.37% 10/16/23		150,000		156,274
Chase Issuance Trust
Series 2016-A3 A3 0.735% (LIBOR01M + 0.55%) 6/15/23 •		300,000		301,083
Citibank Credit Card Issuance Trust
Series 2018-A1 A1 2.49% 1/20/23		300,000		303,582
Discover Card Execution Note Trust
Series 2015-A4 A4 2.19% 4/17/23		900,000		904,751
Series 2018-A3 A3 0.415% (LIBOR01M + 0.23%) 12/15/23 •		150,000		150,164
Ford Credit Auto Lease Trust
Series 2019-B A2A 2.28% 2/15/22		234,484		235,854
Ford Credit Auto Owner Trust
Series 2017-C A3 2.01% 3/15/22		120,952		121,537
GM Financial Automobile Leasing Trust
Series 2018-2 B 3.31% 4/20/22		100,000		100,844
Hertz Vehicle Financing II
Series 2017-1A A 144A 2.96% 10/25/21 #		241,748		239,554
Hyundai Auto Lease Securitization Trust
Series 2018-A A3 144A 2.81% 4/15/21 #		80,549		80,698
Hyundai Auto Receivables Trust
Series 2019-B A2 1.93% 7/15/22		502,652		506,211
John Deere Owner Trust
Series 2019-A A3 2.91% 7/17/23		200,000		205,232
Kubota Credit Owner Trust
Series 2018-1A A3 144A 3.10% 8/15/22 #		175,097		177,715

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Mercedes-Benz Auto Lease Trust
Series 2019-B A2 2.01% 12/15/21		254,152	$	255,379
Santander Drive Auto Receivables Trust
Series 2018-2 B 3.03% 9/15/22		28,260		28,292
Tesla Auto Lease Trust
Series 2018-B A 144A 3.71% 8/20/21 #		388,118		393,712
Toyota Auto Receivables Owner Trust
Series 2017-D A3 1.93% 1/18/22		97,026		97,600
Verizon Owner Trust
Series 2017-2A A 144A 1.92% 12/20/21 #		35,086		35,119
Series 2018-A A1A 3.23% 4/20/23		230,000		235,065
Total Non-Agency Asset-Backed Securities (cost $5,008,979)				5,059,889
US Treasury Obligations – 23.29%
US Treasury Bond
1.25% 5/15/50		5,000		4,802
US Treasury Floating Rate Note
0.304% (USBMMY3M + 0.154%) 1/31/22 •		415,000		415,609
US Treasury Notes
0.375% 4/30/25		3,325,000		3,340,521
1.125% 2/28/25		5,000		5,201
1.50% 10/31/21		2,310,000		2,351,192
1.75% 7/31/24		680,000		722,181
Total US Treasury Obligations (cost $6,744,144)				6,839,506
	Number of shares
Short-Term Investments – 9.81%
Money Market Mutual Funds – 1.41%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		82,643		82,643
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		82,644		82,644
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		82,644		82,644
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		82,644		82,644

Limited Duration Bond Series-5

Delaware VIP^® Limited Duration Bond Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		82,644	$	82,644
				413,219
	Principal amount°
US Treasury Obligation – 8.40% ‡
US Treasury Bill 2.75% 11/30/20		2,440,000		2,466,402
				2,466,402
Total Short-Term Investments (cost $2,853,045)				2,879,621

Total Value of Securities – 99.77%
(cost $28,802,890) $ 29,297,822

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $4,390,803 which represents 14.95% of the Series’ net assets. See Note 7 in “Notes to financial statements.”

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

° Principal amount shown is stated in USD 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, 2020. 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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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:

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

S.F. – Single Family

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

USD – US Dollar

yr – Year

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

Limited Duration Bond Series-6

Delaware VIP® Trust — Delaware VIP Limited Duration Bond Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	29,297,822
Dividends and interest receivable		139,522
Receivable for securities sold		19,549
Receivable for series shares sold		6,703
Other assets		1,435
Total assets		29,465,031
Liabilities:
Payable for series shares redeemed		30,286
Audit and tax fees payable		25,653
Accounting and administration expenses payable to non-affiliates		18,579
Reports and statements to shareholders expenses payable to non-affiliates		8,479
Investment management fees payable		7,280
Pricing fees payable		6,982
Other accrued expenses		2,383
Accounting and administration expenses payable to affiliates		411
Trustees’ fees and expenses payable		222
Dividend disbursing and transfer agent fees and expenses payable to affiliates		180
Legal fees payable to affiliates		61
Reports and statements to shareholders expenses payable to affiliates		49
Total liabilities		100,565
Total Net Assets	$	29,364,466
Net Assets Consist of:
Paid-in capital	$	30,747,612
Total distributable earnings (loss)		(1,383,146	)
Total Net Assets	$	29,364,466
Net Asset Value:
Standard Class:
Net assets	$	29,364,466
Shares of beneficial interest outstanding, unlimited authorization, no par		3,050,685
Net asset value per share	$	9.63
1 Investments, at cost	$	28,802,890

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

Limited Duration Bond Series-7

Delaware VIP^® Trust —

Delaware VIP Limited Duration Bond Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Interest	$	318,370
Dividends		1,246
		319,616
Expenses:
Management fees		75,345
Audit and tax fees		46,145
Accounting and administration expenses		22,779
Reports and statements to shareholders		5,237
Dividend disbursing and transfer agent fees and expenses		1,290
Trustees’ fees and expenses		885
Custodian fees		390
Legal fees		50
Registration fees		4
Other		4,121
		156,246
Less expenses waived		(42,346	)
Less expenses paid indirectly		(869	)
Total operating expenses		113,031
Net Investment Income		206,585
Net Realized and Unrealized Gain:
Net realized gain on investments		182,951
Net change in unrealized appreciation (depreciation) of investments		375,658
Net Realized and Unrealized Gain		558,609
Net Increase in Net Assets Resulting from Operations	$	765,194

Delaware VIP Trust—

Delaware VIP Limited Duration Bond Series

Statements of changes in net assets

	Six months ended 6/30/20   (Unaudited)			Year ended   12/31/19
Increase in Net Assets from Operations:
Net investment income	$	206,585		$	714,736
Net realized gain		182,951			455,374
Net change in unrealized appreciation (depreciation)		375,658			181,974
Net increase in net assets resulting from operations		765,194			1,352,084
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(841,238	)		(212,829	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		697,764			1,672,149
Net asset value of shares based upon reinvestment of dividends and distributions:
Standard Class		841,238			212,829
		1,539,002			1,884,978
Cost of shares redeemed:
Standard Class		(3,810,708	)		(4,833,772	)
Decrease in net assets derived from capital share transactions		(2,271,706	)		(2,948,794	)
Net Decrease in Net Assets		(2,347,750	)		(1,809,539	)
Net Assets:
Beginning of period		31,712,216			33,521,755
End of period	$	29,364,466		$	31,712,216

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

Limited Duration Bond Series-8

Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Financial highlights

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

	Delaware VIP Limited Duration Bond Series Standard Class
	Six months
	ended
	6/30/201				Year ended
	(Unaudited)				12/31/192				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	9.66			$	9.34			$	9.61			$	9.66			$	9.69			$	9.74
Income (loss) from investment operations:
Net investment income (loss)3			0.07				0.21				0.05				0.10				(0.03	)			0.01
Net realized and unrealized gain (loss)			0.18				0.17				(0.07	)			0.02				0.09				(0.06	)
Total from investment operations			0.25				0.38				(0.02	)			0.12				0.06				(0.05	)
Less dividends and distributions from:
Net investment income			(0.28	)			(0.06	)			(0.25	)			(0.17	)			(0.09	)			—
Total dividends and distributions			(0.28	)			(0.06	)			(0.25	)			(0.17	)			(0.09	)			—
Net asset value, end of period		$	9.63			$	9.66			$	9.34			$	9.61			$	9.66			$	9.69
Total return4			2.62%				4.09%				(0.22%	)			1.26%				0.64%				(0.51%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	29,364			$	31,712			$	33,522			$	7,220			$	7,837			$	5,836
Ratio of expenses to average net assets5			0.75%				0.86%				1.15%				1.01%				1.06%				1.44%
Ratio of expenses to average net assets prior to fees waived5			1.03%				1.10%				1.30%				1.16%				1.21%				1.59%
Ratio of net investment income (loss) to average net assets			1.37%				2.15%				0.49%				1.09%				(0.34%	)			0.11%
Ratio of net investment income (loss) to average net assets prior to fees waived			1.09%				1.91%				0.34%				0.94%				(0.49%	)			(0.04%	)
Portfolio turnover			47%				108%	6			268%				82%				78%				94%

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

²  On Oct. 4, 2019, the First Investors Life Series Limited Duration Bond Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Limited Duration Bond Fund shares.

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

⁴  Total 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 return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁶  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Limited Duration Bond Series-9

Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Limited Duration Bond Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Limited Duration Bond Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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 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. For asset-backed securities, collateralized mortgage obligations (CMOs), 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. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 asset- and mortgage backed securities are classified as interest income. 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.

Limited Duration Bond Series-10

Delaware VIP^® Limited Duration Bond Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $869 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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 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 0.75% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Series security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $2,507 for these services.

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, 2020, the Series was charged $1,130 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $483 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

Limited Duration Bond Series-11

Delaware VIP^® Limited Duration Bond Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	3,743,630
Purchases of US government securities		10,136,377
Sales other than US government securities		4,509,479
Sales of US government securities		11,358,584

At June 30, 2020, 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, 2020, 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
$28,877,289	$488,734	$(68,201)	$420,533

At Dec. 31, 2019, capital loss carryforwards available to offset future realized gains as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,154,354	$1,055,479	$2,209,833

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, and 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, and 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 and 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, 2020:

Securities	Level 1		Level 2		Total
Assets:
Agency, Asset Backed & Mortgage Backed Securities	$	—	$	8,424,652	$	8,424,652
Corporate Debt		—		11,154,043		11,154,043
US Treasury Obligations		—		6,839,506		6,839,506
Short-Term Investments1		413,219		2,466,402		2,879,621
Total Value of Securities	$	413,219	$	28,884,603	$	29,297,822

Limited Duration Bond Series-12

Delaware VIP^® Limited Duration Bond Series

Notes to financial statements (continued)

3. Investments (continued)

¹Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 14.35% and 85.65%, respectively, of the total market value of this security type. Level 1 investments represent exchange-traded investments and Level 2 investments represent investments with observable inputs or matrix-priced investments.

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended     6/30/20			Year          ended        12/31/19
Shares sold:
Standard Class		72,489			175,965
Shares issued upon reinvestment of dividends and distributions:
Standard Class		88,551			22,690
		161,040			198,655
Shares redeemed:
Standard Class		(394,068	)		(505,917	)
Net decrease		(233,028	)		(307,262	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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

Limited Duration Bond Series-13

Delaware VIP^® Limited Duration Bond Series

Notes to financial statements (continued)

6. Securities Lending (continued)

(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. The 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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 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 and consumer loans are paid back. Some of these securities are 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 fully 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.

Limited Duration Bond Series-14

Delaware VIP^® Limited Duration Bond Series

Notes to financial statements (continued)

7. Credit and Market Risk (continued)

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. Rule 144A securities have been identified on the “Schedule of investments.”

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Limited Duration Bond Series-15

Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPLDB 22646 (8/20) (1273672) Limited Duration Bond Series-16

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Delaware VIP^® Trust

Delaware VIP Opportunity Series

(formerly, First Investors Life Series Opportunity Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	9
	Other Series information	14

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Opportunity Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Annualized Expense Ratio	Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$1,000.00	$	855.90	0.83%	$3.83
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00	$	1,020.74	0.83%	$4.17

*“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Opportunity Series-1

Delaware VIP^® Trust — Delaware VIP Opportunity Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (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		97.84	%
Basic Materials		7.80	%
Business Services		4.29	%
Capital Goods		11.87	%
Consumer Discretionary		4.17	%
Consumer Services		2.28	%
Consumer Staples		1.95	%
Credit Cyclicals		2.09	%
Energy		0.72	%
Financial Services		12.70	%
Healthcare		16.25	%
Media		0.88	%
Real Estate Investment Trusts		7.55	%
Technology		18.77	%
Transportation		2.07	%
Utilities		4.45	%
Short-Term Investments		3.06	%
Total Value of Securities		100.90	%
Liabilities Net of Receivables and Other Assets		(0.90	%)
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
Neurocrine Biosciences		1.60	%
Bio-Techne		1.56	%
Paycom Software		1.53	%
Tyler Technologies		1.52	%
Ultragenyx Pharmaceutical		1.49	%
Spire		1.40	%
Proofpoint		1.40	%
Knight-Swift Transportation Holdings		1.34	%
NorthWestern		1.32	%
Catalent		1.24	%

Opportunity Series-2

Delaware VIP^® Trust — Delaware VIP Opportunity Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 97.84%
Basic Materials – 7.80%
Balchem		7,401	$	702,059
Eastman Chemical		9,187		639,783
Huntsman		41,077		738,154
Kaiser Aluminum		8,870		653,009
Minerals Technologies		13,305		624,403
Neenah		13,094		647,629
Reliance Steel & Aluminum		9,113		865,097
Worthington Industries		16,860		628,878
				5,499,012
Business Services – 4.29%
ABM Industries		15,945		578,803
Aramark		20,630		465,619
ASGN †		11,125		741,815
Casella Waste Systems Class A †		6,903		359,784
Mobile Mini		15,591		459,935
US Ecology		12,299		416,690
				3,022,646
Capital Goods – 11.87%
Barnes Group		7,456		294,959
Belden		9,187		299,037
BWX Technologies		10,410		589,623
Columbus McKinnon		4,963		166,012
ESCO Technologies		6,863		580,129
Federal Signal		9,293		276,281
Gates Industrial †		19,958		205,168
Graco		10,665		511,813
Jacobs Engineering Group		6,969		590,971
Kadant		5,162		514,445
KBR		12,712		286,656
Lincoln Electric Holdings		7,818		658,588
MasTec †		7,180		322,167
Oshkosh		8,870		635,270
Quanta Services		12,778		501,281
Rexnord		18,147		528,985
Spirit AeroSystems Holdings Class A		6,019		144,095
Tetra Tech		3,168		250,652
United Rentals †		3,919		584,088
Woodward		5,491		425,827
				8,366,047
Consumer Discretionary – 4.17%
American Eagle Outfitters		22,098		240,868
Five Below †		6,617		707,424
Malibu Boats Class A †		12,831		666,570
Steven Madden		22,474		554,883
Tractor Supply		5,859		772,158
				2,941,903
Consumer Services – 2.28%
Chuy’s Holdings †		9,082		135,140
Jack in the Box		6,169		457,061
Texas Roadhouse		4,643		244,083

	Number of shares		Value (US $)
Common Stock (continued)
Consumer Services (continued)
Wendy’s		35,454	$	772,188
				1,608,472
Consumer Staples – 1.95%
Casey’s General Stores		5,491		821,014
J & J Snack Foods		4,343		552,126
				1,373,140
Credit Cyclicals – 2.09%
BorgWarner		15,040		530,912
DR Horton		7,669		425,246
Toll Brothers		15,879		517,497
				1,473,655
Energy – 0.72%
Diamondback Energy		9,268		387,588
Patterson-UTI Energy		2,928		10,160
PDC Energy †		8,727		108,564
				506,312
Financial Services – 12.70%
Axis Capital Holdings		12,852		521,277
East West Bancorp		16,829		609,883
Essent Group		18,217		660,730
First Financial Bancorp		30,754		427,173
Great Western Bancorp		15,587		214,477
Hamilton Lane Class A		3,235		217,942
Independent Bank Group		8,542		346,122
Kemper		6,366		461,662
NMI Holdings Class A †		15,196		244,352
Primerica		6,336		738,778
Reinsurance Group of America		6,743		528,921
RLI		4,710		386,691
Selective Insurance Group		9,615		507,095
South State		6,876		327,710
Sterling Bancorp		27,761		325,359
Stifel Financial		9,730		461,494
Umpqua Holdings		41,499		441,549
Valley National Bancorp		48,046		375,720
Webster Financial		13,664		390,927
Western Alliance Bancorp		9,603		363,666
WSFS Financial		14,071		403,838
				8,955,366
Healthcare – 16.25%
Agios Pharmaceuticals †		12,737		681,175
Bio-Techne		4,162		1,099,059
Catalent †		11,944		875,495
DexCom †		1,494		605,668
Encompass Health		11,558		715,787
Exact Sciences †		7,929		689,347
ICON †		4,516		760,765
Intercept Pharmaceuticals †		7,051		337,813
Ligand Pharmaceuticals †		5,491		614,168
Neurocrine Biosciences †		9,275		1,131,550

Opportunity Series-3

Delaware VIP^® Opportunity Series

Schedule of investments (continued)

	Number of shares		Value (US $)
Common Stock (continued)
Healthcare (continued)
Quidel †		2,470	$	552,638
Repligen †		6,447		796,914
Supernus Pharmaceuticals †		15,001		356,274
Teladoc Health †		2,066		394,275
Ultragenyx Pharmaceutical †		13,391		1,047,444
West Pharmaceutical Services		2,350		533,850
Wright Medical Group †		9,009		267,748
				11,459,970
Media – 0.88%
Cinemark Holdings		19,397		224,035
Interpublic Group of Companies		23,021		395,041
				619,076
Real Estate Investment Trusts – 7.55%
American Assets Trust		9,153		254,820
Apartment Investment and Management Class A		15,100		568,364
Brixmor Property Group		21,446		274,938
Camden Property Trust		6,334		577,788
Cousins Properties		20,169		601,641
EastGroup Properties		4,811		570,633
EPR Properties		8,765		290,384
First Industrial Realty Trust		17,248		663,013
Kite Realty Group Trust		24,434		281,968
Lexington Realty Trust		36,085		380,697
Life Storage		2,254		214,017
Mack-Cali Realty		2,508		38,347
Pebblebrook Hotel Trust		14,685		200,597
Physicians Realty Trust		11,828		207,227
RPT Realty		28,922		201,297
				5,325,731
Technology – 18.77%
Blackbaud		4,117		234,998
Box Class A †		10,459		217,129
Brooks Automation		15,647		692,223
Chegg †		6,703		450,844
ExlService Holdings †		10,560		669,504
Guidewire Software †		7,675		850,774
II-VI †		14,256		673,168
J2 Global †		9,190		580,900
LendingTree †		2,428		702,979
MACOM Technology Solutions Holdings †		9,926		340,958
MaxLinear †		26,409		566,737
Medallia †		9,825		247,983

	Number of shares		Value (US $)
Common Stock (continued)
Technology (continued)
NETGEAR †		11,431	$	295,949
Paycom Software †		3,486		1,079,719
Proofpoint †		8,870		985,634
PTC †		9,293		722,902
Rapid7 †		5,328		271,835
Semtech †		13,727		716,824
SS&C Technologies Holdings		15,125		854,260
Tyler Technologies †		3,081		1,068,737
WNS Holdings ADR †		12,505		687,525
Yelp †		14,012		324,098
				13,235,680
Transportation – 2.07%
Knight-Swift Transportation Holdings		22,598		942,562
Werner Enterprises		11,820		514,525
				1,457,087
Utilities – 4.45%
Black Hills		8,095		458,663
NorthWestern		17,018		927,820
South Jersey Industries		30,517		762,620
Spire		15,036		988,016
				3,137,119
Total Common Stock (cost $72,493,699)				68,981,216
Short-Term Investments – 3.06%
Money Market Mutual Funds – 3.06%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		431,859		431,859
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		431,859		431,859
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		431,859		431,859
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		431,859		431,859
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		431,859		431,859
Total Short-Term Investments (cost $2,159,295)				2,159,295

Total Value of Securities – 100.90%
(cost $74,652,994) $ 71,140,511

† Non-income producing security.

Opportunity Series-4

Delaware VIP^® Opportunity Series

Schedule of investments (continued)

Summary of abbreviations:

ADR – American Depositary Receipt

GS – Goldman Sachs

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

Opportunity Series-5

Delaware VIP® Trust — Delaware VIP Opportunity Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	71,140,511
Receivable for securities sold		671,313
Dividends and interest receivable		64,110
Receivable for series shares sold		8,498
Other assets		2,115
Total assets		71,886,547
Liabilities:
Payable for securities purchased		1,245,857
Other accrued expenses		47,622
Payable for series shares redeemed		47,366
Investment management fees payable		39,111
Trustees’ fees and expenses payable		537
Accounting and administration expenses payable to affiliates		531
Dividend disbursing and transfer agent fees and expenses payable to affiliates		441
Legal fees payable to affiliates		148
Reports and statements to shareholders payable to affiliates		119
Total liabilities		1,381,732
Total Net Assets	$	70,504,815
Net Assets Consist of:
Paid-in capital	$	74,018,426
Total distributable earnings (loss)		(3,513,611	)
Total Net Assets	$	70,504,815
Net Asset Value:
Standard Class:
Net assets	$	70,504,815
Shares of beneficial interest outstanding, unlimited authorization, no par		5,337,350
Net asset value per share	$	13.21

¹ Investments, at cost $   74,652,994

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

Opportunity Series-6

Delaware VIP^® Trust —

Delaware VIP Opportunity Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	528,301
Foreign tax withheld		2,024
Interest		56
		530,381
Expenses:
Management fees		261,443
Audit and tax fees		37,132
Accounting and administration expenses		26,063
Reports and statements to shareholders		3,875
Dividend disbursing and transfer agent fees and expenses		2,945
Trustees’ fees and expenses		2,060
Custodian fees		1,083
Legal fees		317
Registration fees		5
Other		1,478
		336,401
Less expenses waived		(45,201	)
Less expenses paid indirectly		(2,490	)
Total operating expenses		288,710
Net Investment Income		241,671
Net Realized and Unrealized Loss:
Net realized loss on investments		(207,286	)
Net change in unrealized appreciation (depreciation) of investments		(11,402,428	)
Net Realized And Unrealized Loss		(11,609,714	)
Net Decrease in Net Assets Resulting from Operations	$	(11,368,043	)

Delaware VIP Trust—

Delaware VIP Opportunity Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	241,671		$	492,100
Net realized gain (loss)		(207,286	)		12,145,268
Net change in unrealized appreciation (depreciation)		(11,402,428	)		6,796,778
Net increase (decrease) in net assets resulting from operations		(11,368,043	)		19,434,146
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(12,579,339	)		(2,832,760	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		3,205,379			5,636,422
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		12,579,339			2,832,760
		15,784,718			8,469,182
Cost of shares redeemed:
Standard Class		(3,673,948	)		(6,924,307	)
Increase in net assets derived from capital share transactions		12,110,770			1,544,875
Net Increase (Decrease) in Net Assets		(11,836,612	)		18,146,261
Net Assets:
Beginning of period		82,341,427			64,195,166
End of period	$	70,504,815		$	82,341,427

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

Opportunity Series-7

Delaware VIP^® Trust — Delaware VIP Opportunity Series

Financial highlights

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

					Delaware VIP Opportunity Series Standard Class
	Six months ended 6/30/201			Year ended
	(Unaudited)			12/31/192			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	19.50		$	15.58		$	18.76		$	15.87		$	14.73		$	14.88
Income (loss) from investment operations:
Net investment income3		0.05			0.11			0.24			0.10			0.12			0.08
Net realized and unrealized gain (loss)		(3.36	)		4.49			(3.08	)		2.90			1.09			(0.20	)
Total from investment operations		(3.31	)		4.60			(2.84	)		3.00			1.21			(0.12	)
Less dividends and distributions from:
Net investment income		(0.12	)		(0.23	)		(0.10	)		(0.11	)		(0.07	)		(0.03	)
Net realized gain		(2.86	)		(0.45	)		(0.24	)		—			—			—
Total dividends and distributions		(2.98	)		(0.68	)		(0.34	)		(0.11	)		(0.07	)		(0.03	)
Net asset value, end of period	$	13.21		$	19.50		$	15.58		$	18.76		$	15.87		$	14.73
Total return4		(14.41%	)5		30.11%5			(15.38%	)		19.00%			8.26%			(0.81%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	70,505		$	82,342		$	64,195		$	69,977		$	52,737		$	40,114
Ratio of expenses to average net assets6		0.83%			0.84%			0.83%			0.84%			0.87%			0.89%
Ratio of expenses to average net assets prior to fees waived6		0.96%			0.89%			0.83%			0.84%			0.87%			0.89%
Ratio of net investment income to average net assets		0.69%			0.65%			1.34%			0.59%			0.83%			0.53%
Ratio of net investment income to average net assets prior to fees waived		0.56%			0.60%			1.34%			0.59%			0.83%			0.53%
Portfolio turnover		17%			125%7			59%			30%			31%			45%

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

²  On Oct. 4, 2019, the First Investors Life Series Opportunity Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Opportunity Fund shares.

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

⁴  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁷  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Opportunity Series-8

Delaware VIP^® Trust — Delaware VIP Opportunity Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Opportunity Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Opportunity Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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 companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 the character of such distributions by the issuer, which are estimated. 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.

Opportunity Series-9

Delaware VIP^® Opportunity Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $2,490 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.83% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $3,184 for these services.

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, 2020, the Series was charged $2,614 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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, 2020, the Series was charged $1,101 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

Opportunity Series-10

Delaware VIP^® Opportunity Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	11,739,544
Sales		11,886,234

At June 30, 2020, 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, 2020, 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
$74,652,994	$6,683,871	$(10,196,354)	$(3,512,483)

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, and 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, and 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 and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	68,981,216
Short-Term Investments		2,159,295
Total Value of Securities	$	71,140,511

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no transfers Level 3 investments.

Opportunity Series-11

Delaware VIP^® Opportunity Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		234,272			319,545
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,114,202			164,986
		1,348,474			484,531
Shares redeemed:
Standard Class		(234,012	)		(382,909	)
Net increase		1,114,462			101,622

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The 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

Opportunity Series-12

Delaware VIP^® Opportunity Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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 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, 2020. 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, 2020, there were no Rule 144A securities held by the Fund.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Opportunity Series-13

Delaware VIP^® Trust — Delaware VIP Opportunity Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPOP 22647 (8/20) (1273672) Opportunity Series-14

Delaware VIP^® Trust

Delaware VIP Special Situations Series

(formerly, First Investors Life Series Special Situations Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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	8
	Other Series information	13

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Special Situations Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

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

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Annualized Expense Ratio		Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class	$1,000.00	$    739.40		0.80%		$3.46
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,020.89		0.80%		$4.02

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

Special Situations Series-1

Delaware VIP^® Trust — Delaware VIP Special Situations Series

Security type / sector allocation and top 10 equity holdings

As of June 30, 2020 (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 Stock²		98.87%
Basic Industry		6.50%
Business Services		1.33%
Capital Spending		9.32%
Consumer Cyclical		4.32%
Consumer Services		9.00%
Consumer Staples		3.74%
Energy		3.27%
Financial Services1		26.68%
Healthcare		3.28%
Real Estate Investment Trusts		8.99%
Technology		13.64%
Transportation		3.86%
Utilities		4.94%
Short-Term Investments		1.30%
Total Value of Securities		100.17%
Liabilities Net of Receivables and Other Assets		(0.17%)
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, and Insurance. As of June 30, 2020, such amounts, as a percentage of total net assets, were 18.94%, 2.09%, and 5.65%, 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.

	Percentage
Top 10 equity holdings	of net assets
East West Bancorp		2.82%
ITT		2.52%
MasTec		2.31%
Teradyne		2.17%
Berry Global Group		2.10%
Stifel Financial		1.81%
Webster Financial		1.61%
American Equity Investment Life Holding		1.61%
Louisiana-Pacific		1.60%
Hanover Insurance Group		1.54%

Special Situations Series-2

Delaware VIP^® Trust — Delaware VIP Special Situations Series

Schedule of investments

June 30, 2020 (Unaudited)

	Number of		Value
	shares		(US $)
Common Stock – 98.87% ²
Basic Industry – 6.50%
Ashland Global Holdings		18,400	$	1,271,440
Berry Global Group †		82,300		3,647,536
HB Fuller		51,900		2,314,740
Huntsman		72,100		1,295,637
Louisiana-Pacific		108,600		2,785,590
				11,314,943
Business Services – 1.33%
Deluxe		25,200		593,208
PAE †		27,351		261,476
WESCO International †		41,700		1,464,087
				2,318,771
Capital Spending – 9.32%
Altra Industrial Motion		79,600		2,536,056
Atkore International Group †		56,700		1,550,745
H&E Equipment Services		47,600		879,648
ITT		74,700		4,387,878
MasTec †		89,700		4,024,839
Primoris Services		63,900		1,134,864
Rexnord		58,600		1,708,190
				16,222,220
Consumer Cyclical – 4.32%
Barnes Group		41,100		1,625,916
KB Home		58,300		1,788,644
Knoll		78,400		955,696
Meritage Homes †		32,800		2,496,736
Standard Motor Products		15,800		650,960
				7,517,952
Consumer Services – 9.00%
Acushnet Holdings		27,400		953,246
Asbury Automotive Group †		17,100		1,322,343
Cable One		1,000		1,774,850
Choice Hotels International		27,300		2,153,970
Cracker Barrel Old Country Store		15,000		1,663,650
Steven Madden		47,900		1,182,651
TEGNA		115,100		1,282,214
Texas Roadhouse		27,700		1,456,189
UniFirst		14,100		2,523,195
Wolverine World Wide		56,613		1,347,955
				15,660,263
Consumer Staples – 3.74%
Core-Mark Holding		39,800		993,209
J & J Snack Foods		14,100		1,792,533
Performance Food Group †		35,100		1,022,814
Scotts Miracle-Gro		11,600		1,559,852
Spectrum Brands Holdings		24,900		1,142,910
				6,511,318
Energy – 3.27%
CNX Resources †		140,400		1,214,460
Delek US Holdings		63,600		1,107,276
Dril-Quip†		27,800		828,162

	Number of		Value
	shares		(US $)
Common Stock ² (continued)
Energy (continued)
Helix Energy Solutions Group †		180,700	$	627,029
Patterson-UTI Energy		175,300		608,291
WPX Energy †		205,700		1,312,366
				5,697,584
Financial Services – 26.68%
American Equity Investment Life Holding		113,100		2,794,701
Bank of NT Butterfield & Son		48,100		1,173,159
East West Bancorp		135,400		4,906,896
First Financial Bancorp		109,700		1,523,733
First Hawaiian		83,400		1,437,816
First Interstate BancSystem Class A		46,500		1,439,640
First Midwest Bancorp		123,600		1,650,060
FNB		311,700		2,337,750
Great Western Bancorp		90,500		1,245,280
Hancock Whitney		116,800		2,476,160
Hanover Insurance Group		26,400		2,675,112
Kemper		24,000		1,740,480
Legg Mason		9,800		487,550
NBT Bancorp		32,600		1,002,776
Prosperity Bancshares		29,900		1,775,462
S&T Bancorp		37,500		879,375
Sandy Spring Bancorp		22,400		555,072
Selective Insurance Group		49,600		2,615,904
Stifel Financial		66,500		3,154,095
Umpqua Holdings		215,100		2,288,664
Valley National Bancorp		246,600		1,928,412
Webster Financial		97,800		2,798,058
WesBanco		49,600		1,007,376
Western Alliance Bancorp		67,200		2,544,864
				46,438,395
Healthcare – 3.28%
Avanos Medical †		47,600		1,398,964
Catalent †		13,600		996,880
Integer Holdings †		16,000		1,168,800
Integra LifeSciences Holdings †		16,917		794,930
Service Corp. International		34,500		1,341,705
				5,701,279
Real Estate Investment Trusts – 8.99%
Brandywine Realty Trust		184,600		2,010,294
Highwoods Properties		15,938		594,965
Independence Realty Trust		71,440		820,846
Kite Realty Group Trust		55,005		634,758
Lexington Realty Trust		199,900		2,108,945
Life Storage		21,100		2,003,445
National Health Investors		7,121		432,387
Outfront Media		129,500		1,835,015
RPT Realty		116,100		808,056
Spirit Realty Capital		57,900		2,018,394
STAG Industrial		35,240		1,033,237

Special Situations Series-3

Delaware VIP^® Special Situations Series

Schedule of investments (continued)

	Number of		Value
	shares		(US $)
Common Stock ² (continued)
Real Estate Investment Trusts (continued)
Summit Hotel Properties		135,100	$	801,143
Washington Real Estate Investment Trust		24,200		537,240
				15,638,725
Technology – 13.64%
Cirrus Logic †		28,400		1,754,552
Coherent †		10,500		1,375,290
Diodes †		19,800		1,003,860
Flex †		228,609		2,343,242
NCR †		50,588		876,184
NetScout Systems †		54,600		1,395,576
ON Semiconductor †		102,600		2,033,532
SYNNEX		13,900		1,664,803
Tech Data †		5,900		855,500
Teradyne		44,600		3,769,146
Tower Semiconductor †		97,300		1,857,457
TTM Technologies †		152,500		1,808,650
Viavi Solutions †		139,300		1,774,682
Vishay Intertechnology		80,500		1,229,235
				23,741,709
Transportation – 3.86%
Kirby †		30,200		1,617,512
Saia †		14,800		1,645,464
SkyWest		28,300		923,146
Werner Enterprises		58,000		2,524,740
				6,710,862
Utilities – 4.94%
ALLETE		25,100		1,370,711

	Number of		Value
	shares		(US $)
Common Stock ² (continued)
Utilities (continued)
Black Hills		36,300	$	2,056,758
PNM Resources		45,200		1,737,488
South Jersey Industries		46,500		1,162,035
Southwest Gas Holdings		32,800		2,264,840
				8,591,832
Total Common Stock (cost $203,319,699)				172,065,853
Short-Term Investments – 1.30%
Money Market Mutual Funds – 1.30%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)		453,176		453,176
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)		453,177		453,177
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)		453,177		453,177
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)		453,177		453,177
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)		453,177		453,177
Total Short-Term Investments (cost $2,265,884)				2,265,884

Total Value of Securities – 100.17%
(cost $205,585,583) $ 174,331,737

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

† Non-income producing security.

GS – Goldman Sachs

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

Special Situations Series-4

Delaware VIP® Trust — Delaware VIP Special Situations Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	174,331,737
Dividends and interest receivable		201,023
Receivable for securities sold		153,547
Receivable for series shares sold		4,653
Other assets		7,880
Total assets		174,698,840
Liabilities:
Payable for securities purchased		461,496
Investment management fees payable		102,494
Payable for series shares redeemed		32,640
Accounting and Administration expenses payable to non-affiliates		29,340
Audit and tax fees payable		19,007
Other accrued expenses		17,542
Trustees’ fees and expenses payable		1,310
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,091
Accounting and administration expenses payable to affiliates		830
Legal fees payable to affiliates		361
Reports and statements to shareholders payable to affiliates		292
Total liabilities		666,403
Total Net Assets	$	174,032,437
Net Assets Consist of:
Paid-in capital	$	212,058,434
Total distributable earnings (loss)		(38,025,997	)
Total Net Assets	$	174,032,437
Net Asset Value:
Standard Class:
Net assets	$	174,032,437
Shares of beneficial interest outstanding, unlimited authorization, no par		8,430,180
Net asset value per share	$	20.64

¹ Investments, at cost $  205,585,583

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

Special Situations Series-5

Delaware VIP^® Trust —

Delaware VIP Special Situations Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	2,000,716
Expenses:
Management fees		691,037
Audit and tax fees		41,795
Accounting and administration expenses		35,564
Reports and statements to shareholders		8,559
Dividend disbursing and transfer agent fees and expenses		7,757
Trustees’ fees and expenses		5,474
Custodian fees		2,754
Legal fees		754
Registration fees		4
Other		2,113
		795,811
Less expenses waived		(56,825	)
Less expenses paid indirectly		(3,390	)
Total operating expenses		735,596
Net Investment Income		1,265,120
Net Realized and Unrealized Loss:
Net realized loss on investments		(7,813,331	)
Net change in unrealized appreciation (depreciation) of investments		(54,570,176	)
Net Realized And Unrealized Loss		(62,383,507	)
Net Decrease in Net Assets Resulting from Operations	$	(61,118,387	)

Delaware VIP Trust—

Delaware VIP Special Situations Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,265,120		$	2,490,812
Net realized gain (loss)		(7,813,331	)		17,409,630
Net change in unrealized appreciation (depreciation)		(54,570,176	)		22,063,593
Net increase (decrease) in net assets resulting from operations		(61,118,387	)		41,964,035
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(19,890,702	)		(17,270,300	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		3,508,835			4,903,509
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		19,890,702			17,270,300
		23,399,537			22,173,809
Cost of shares redeemed:
Standard Class		(7,707,959	)		(17,343,572	)
Increase in net assets derived from capital share transactions		15,691,578			4,830,237
Net Increase (Decrease) in Net Assets		(65,317,511	)		29,523,972
Net Assets:
Beginning of period		239,349,948			209,825,976
End of period	$	174,032,437		$	239,349,948

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

Special Situations Series-6

Delaware VIP^® Trust — Delaware VIP Special Situations Series

Financial highlights

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

	Delaware VIP Special Situations Series Standard Class
	Six months
	ended
	6/30/201				Year ended
	(Unaudited)				12/31/192				12/31/18				12/31/17				12/31/16				12/31/15
Net asset value, beginning of period		$	32.21			$	28.86			$	40.08			$	34.64			$	32.40			$	34.22
Income (loss) from investment operations:
Net investment income3			0.16				0.33				0.23				0.15				0.33				0.18
Net realized and unrealized gain (loss)			(9.02	)			5.39				(6.17	)			6.06				4.28				(0.27	)
Total from investment operations			(8.86	)			5.72				(5.94	)			6.21				4.61				(0.09	)
Less dividends and distributions from:
Net investment income			(0.42	)			(0.22	)			(0.18	)			(0.33	)			(0.18	)			(0.22	)
Net realized gain			(2.29	)			(2.15	)			(5.10	)			(0.44	)			(2.19	)			(1.51	)
Total dividends and distributions			(2.71	)			(2.37	)			(5.28	)			(0.77	)			(2.37	)			(1.73	)
Net asset value, end of period		$	20.64			$	32.21			$	28.86			$	40.08			$	34.64			$	32.40
Total return4			(26.06%	)5			20.36%	5			(16.60%	)			18.26%				16.10%				(0.52%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	174,032			$	239,350			$	209,826			$	255,999			$	224,220			$	202,121
Ratio of expenses to average net assets6			0.80%				0.80%				0.80%				0.80%				0.81%				0.80%
Ratio of expenses to average net assets prior to fees waived6			0.86%				0.82%				0.80%				0.80%				0.81%				0.80%
Ratio of net investment income to average net assets			1.37%				1.08%				0.65%				0.40%				1.06%				0.52%
Ratio of net investment income to average net assets prior to fees waived			1.31%				1.06%				0.65%				0.40%				1.06%				0.52%
Portfolio turnover			13%				128%	7			54%				38%				31%				46%

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

²  On Oct. 4, 2019, the First Investors Life Series Special Situations Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Special Situations Fund shares.

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

⁴  Total 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 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  Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁷  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Special Situations Series-7

Delaware VIP^® Trust — Delaware VIP Special Situations Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Special Situations Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 1940 Act and offers Standard Class shares. The Standard Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to separate accounts of life insurance companies.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Special Situations Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Open-end investment companies are valued at their published net asset value (NAV). 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, the Series did not incur any interest or tax penalties.

Use of Estimates — 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 the character of such distributions by the issuer, which are estimated. 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.

Special Situations Series-8

Delaware VIP^® Special Situations Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $3,390 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.80% of the Series’ average daily net assets from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $5,144 for these services.

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, 2020, the Series was charged $6,910 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 certain 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, 2020, the Series was charged $2,907 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

Special Situations Series-9

Delaware VIP^® Special Situations Series

Notes to financial statements (continued)

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	24,777,629
Sales		24,475,647

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, 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
	$205,585,583	$7,306,695	$(38,560,541)	$(31,253,846)

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, and 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, and 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 and 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, 2020:

Securities	Level 1
Assets:
Common Stock	$	172,065,853
Short-Term Investments		2,265,884
Total Value of Securities	$	174,331,737

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 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, 2020, there were no Level 3 investments.

Special Situations Series-10

Delaware VIP^® Special Situations Series

Notes to financial statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		172,679			162,943
Shares issued upon reinvestment of dividends and distributions:
Standard Class		1,125,676			569,038
		1,298,355			731,981
Shares redeemed:
Standard Class		(299,851	)		(571,361	)
Net increase		998,504			160,620

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is 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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, or at any time during the period then ended.

6. 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 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. The 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

Special Situations Series-11

Delaware VIP^® Special Situations Series

Notes to financial statements (continued)

6. Securities Lending (continued)

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, 2020, the Series had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

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 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, 2020. 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, 2020, there were no Rule 144A securities held by the Series.

8. 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.

9. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosurein the Series’ financial statements.

Special Situations Series-12

Delaware VIP^® Trust — Delaware VIP Special Situations Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPSS 22648 (8/20) (1273672) Special Situations Series-13

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Delaware VIP^® Trust

Delaware VIP Total Return Series

(formerly, First Investors Life Series Total Return Fund)

June 30, 2020

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Series’ shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Series or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Series that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Table of contents

	Disclosure of Series expenses	1
	Security type / sector allocation	2
	Schedule of investments	3
	Statement of assets and liabilities	9
	Statement of operations	10
	Statements of changes in net assets	10
	Financial highlights	11
	Notes to financial statements	13
	Other Series information	23

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management LLC, and Macquarie Investment Management Europe S.A.

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, 2020, 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 MIMBT, a US registered investment advisor.

The Series is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

© 2020 Macquarie Management Holdings, Inc.

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

Delaware VIP^® Trust — Delaware VIP Total Return Series

Disclosure of Series expenses

For the six-month period from January 1, 2020 to June 30, 2020 (Unaudited)

The investment objective of the Series is to seek to provide sustainable current income with potential for capital appreciation with moderate investment risk.

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, 2020 to June 30, 2020.

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’ expenses shown in the table reflect fee waiver in effect and assume reinvestment of all dividends and distributions.

Expense analysis of an investment of $1,000

	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Annualized Expense Ratio			Expenses Paid During Period 1/1/20 to 6/30/20*
Actual Series return†
Standard Class		$1,000.00		$878.90		0.86	%		$4.02
Service Class		1,000.00		876.90		1.16	%		5.41
Hypothetical 5% return (5% return before expenses)
Standard Class		$1,000.00		$1,020.59		0.86	%		$4.32
Service Class		1,000.00		1,019.10		1.16	%		5.82

* “Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above does not reflect the expenses of the Underlying Fund.

Total Return Series-1

Delaware VIP^® Trust — Delaware VIP Total Return Series

Security type / sector allocation

As of June 30, 2020 (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
Convertible Bonds		9.62	%
Capital Goods		0.29	%
Communications		1.73	%
Consumer Cyclical		0.45	%
Consumer Non-Cyclical		1.50	%
Electric		0.30	%
Energy		1.31	%
Financials		0.91	%
Real Estate Investment Trusts		0.34	%
Technology		2.79	%
Corporate Bonds		10.32	%
Banking		1.21	%
Basic Industry		0.90	%
Capital Goods		0.60	%
Communications		0.83	%
Consumer Cyclical		0.93	%
Consumer Non-Cyclical		0.65	%
Energy		0.41	%
Financials		0.52	%
Healthcare		1.14	%

Security type / sector	Percentage of net assets
Insurance		0.37	%
Media		1.67	%
Services		0.22	%
Technology & Electronics		0.49	%
Transportation		0.06	%
Utilities		0.32	%
Loan Agreement		0.12	%
Municipal Bonds		1.90	%
US Treasury Obligations		0.33	%
Common Stock		53.03	%
Convertible Preferred Stock		2.52	%
Preferred Stock		0.12	%
Exchange-Traded Funds		7.39	%
Short-Term Investments		14.10	%
Total Value of Securities		99.45	%
Receivables and Other Assets Net of Liabilities		0.55	%
Total Net Assets		100.00	%

Total Return Series-2

Delaware VIP^® Trust — Delaware VIP Total Return Series

Schedule of investments

June 30, 2020 (Unaudited)

	Principal amount°		Value       (US $)
Convertible Bonds – 9.62%
Capital Goods – 0.29%
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #		139,000	$	146,882
				146,882
Communications – 1.73%
DISH Network 2.375% exercise price $82.22, maturity date 3/15/24		242,000		217,460
GCI Liberty 144A 1.75% exercise price $370.52, maturity date 9/30/46 #		184,000		258,148
InterDigital 144A 2.00% exercise price $81.29, maturity date 6/1/24 #		156,000		155,119
Liberty Media 2.25% exercise price $33.63, maturity date 9/30/46		475,000		228,032
				858,759
Consumer Cyclical – 0.45%
Meritor 3.25% exercise price $39.92, maturity date 10/15/37		91,000		90,878
Team 5.00% exercise price $21.70, maturity date 8/1/23		187,000		131,523
				222,401
Consumer Non-Cyclical – 1.50%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24		129,000		157,968
Chefs’ Warehouse 144A 1.875% exercise price $44.20, maturity date 12/1/24 #		128,000		93,093
Coherus Biosciences 144A 1.50% exercise price $19.26, maturity date 4/15/26 #		14,000		15,674
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26		84,000		75,681
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23		50,000		63,442
Integra LifeSciences Holdings 144A 0.50% exercise price $73.67, maturity date 8/15/25 #		129,000		117,915
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24		177,000		144,562
Tricida 144A 3.50% exercise price $33.23, maturity date 5/15/27 #		70,000		74,280
				742,615
Electric – 0.30%
NRG Energy 2.75% exercise price $47.74, maturity date 6/1/48		148,000		150,370
				150,370

	Principal amount°		Value       (US $)
Convertible Bonds (continued)
Energy – 1.31%
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45		328,000	$	212,326
Cheniere Energy 144A 4.875% exercise price $93.64, maturity date 5/28/21 #T		40,000		40,588
Helix Energy Solutions Group 4.25% exercise price $13.89, maturity date 5/1/22		155,000		132,574
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21		282,000		262,537
				648,025
Financials – 0.91%
GAIN Capital Holdings 5.00% exercise price $8.20, maturity date 8/15/22		200,000		200,404
Jazz Investments I 1.875% exercise price $199.77, maturity date 8/15/21		259,000		253,004
				453,408
Real Estate Investment Trusts – 0.34%
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23		181,000		167,312
				167,312
Technology – 2.79%
Boingo Wireless 1.00% exercise price $42.32, maturity date 10/1/23		305,000		272,213
CSG Systems International 4.25% exercise price $56.75, maturity date 3/15/36		162,000		165,467
Knowles 3.25% exercise price $18.43, maturity date 11/1/21		68,000		72,848
Ligand Pharmaceuticals 0.75% exercise price $248.48, maturity date 5/15/23		98,000		86,194
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23		64,000		77,825
Pluralsight 0.375% exercise price $38.76, maturity date 3/1/24		201,000		178,455
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22		177,000		160,402
Retrophin 2.50% exercise price $38.80, maturity date 9/15/25		158,000		131,903
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22		64,000		68,356
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		170,000		168,736
				1,382,399
Total Convertible Bonds (cost $4,982,524)				4,772,171

Total Return Series-3

Delaware VIP^® Total Return Series

Schedule of investments (continued)

	Principal amount°		Value       (US $)
Corporate Bonds – 10.32%
Banking – 1.21%
Ally Financial 5.75% 11/20/25		100,000	$	106,954
Credit Suisse Group 144A 6.25% #µy		200,000		209,216
Popular 6.125% 9/14/23		75,000		76,023
Royal Bank of Scotland Group 8.625% µy		200,000		208,394
				600,587
Basic Industry – 0.90%
Chemours 7.00% 5/15/25		10,000		9,578
FMG Resources August 2006 144A 5.125% 5/15/24 #		30,000		30,978
Freeport-McMoRan
4.55% 11/14/24		25,000		25,471
5.45% 3/15/43		42,000		41,302
HD Supply 144A 5.375% 10/15/26 #		40,000		40,966
Lennar 5.00% 6/15/27		15,000		16,253
Olin
5.00% 2/1/30		20,000		17,746
5.125% 9/15/27		60,000		56,274
PolyOne 144A 5.75% 5/15/25 #		17,000		17,521
PulteGroup 5.00% 1/15/27		15,000		16,094
Standard Industries 144A 4.75% 1/15/28 #		80,000		81,332
Steel Dynamics 5.00% 12/15/26		65,000		68,820
Univar Solutions USA 144A 5.125% 12/1/27 #		25,000		25,333
				447,668
Capital Goods – 0.60%
Bombardier 144A 6.00% 10/15/22 #		30,000		21,074
Crown Americas 4.25% 9/30/26		55,000		56,571
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #		70,000		68,905
TransDigm 144A 6.25% 3/15/26 #		65,000		65,072
United Rentals North America 5.25% 1/15/30		85,000		87,959
				299,581
Communications – 0.83%
Altice France 144A 7.375% 5/1/26 #		200,000		208,998
Level 3 Financing 144A 4.25% 7/1/28 #		55,000		55,202
Sprint 7.125% 6/15/24		80,000		90,475
Zayo Group Holdings 144A 4.00% 3/1/27 #		60,000		57,047
				411,722
Consumer Cyclical – 0.93%
Allison Transmission 144A 5.875% 6/1/29 #		60,000		62,574
Aramark Services 144A 5.00% 2/1/28 #		65,000		61,899
Boyd Gaming 6.00% 8/15/26		60,000		56,014
Hilton Worldwide Finance 4.875% 4/1/27		70,000		68,500

	Principal amount°		Value       (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
MGM Resorts International 5.75% 6/15/25		6,000	$	5,951
Murphy Oil USA 4.75% 9/15/29		83,000		85,060
Scientific Games International 144A 8.25% 3/15/26 #		24,000		21,341
William Carter 144A 5.625% 3/15/27 #		30,000		30,987
Yum! Brands 144A 4.75% 1/15/30 #		65,000		66,152
				458,478
Consumer Non-Cyclical – 0.65%
Cott Holdings 144A 5.50% 4/1/25 #		34,000		34,262
JBS USA LUX 144A 6.50% 4/15/29 #		78,000		82,958
Pilgrim’s Pride 144A 5.875% 9/30/27 #		65,000		65,163
Post Holdings 144A 5.50% 12/15/29 #		98,000		101,509
US Foods 144A 6.25% 4/15/25 #		35,000		35,766
				319,658
Energy – 0.41%
Cheniere Corpus Christi Holdings 5.875% 3/31/25		20,000		22,467
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		30,000		25,105
6.25% 4/1/23		5,000		4,463
Hilcorp Energy I 144A 5.00% 12/1/24 #		35,000		30,228
Murphy Oil 5.875% 12/1/27		36,000		31,714
NuStar Logistics 5.625% 4/28/27		30,000		29,066
Southwestern Energy 7.75% 10/1/27		38,000		33,180
Targa Resources Partners 5.375% 2/1/27		30,000		29,019
				205,242
Financials – 0.52%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ		200,000		149,350
DAE Funding 144A 5.75% 11/15/23 #		35,000		33,465
E*TRADE Financial 5.875% µy		70,000		72,926
				255,741
Healthcare – 1.14%
Bausch Health 144A 5.50% 11/1/25 #		80,000		81,845
Centene
3.375% 2/15/30		45,000		45,507
4.625% 12/15/29		30,000		31,838
Charles River Laboratories International 144A 4.25% 5/1/28 #		85,000		85,100
CHS 144A 6.625% 2/15/25 #		25,000		23,563
Encompass Health 4.75% 2/1/30		80,000		76,535
HCA
5.375% 2/1/25		70,000		75,184
5.875% 2/15/26		40,000		43,959
Hill-Rom Holdings 144A 4.375% 9/15/27 #		30,000		30,801

Total Return Series-4

Delaware VIP^® Total Return Series

Schedule of investments (continued)

	Principal amount°		Value       (US $)
Corporate Bonds (continued)
Healthcare (continued)
Hologic 144A 4.625% 2/1/28 #		40,000	$	41,642
Tenet Healthcare 8.125% 4/1/22		30,000		31,554
				567,528
Insurance – 0.37%
Centene 144A 5.375% 8/15/26 #		60,000		62,657
HUB International 144A 7.00% 5/1/26 #		60,000		60,060
USI 144A 6.875% 5/1/25 #		60,000		60,712
				183,429
Media – 1.67%
AMC Networks 4.75% 8/1/25		70,000		68,887
CCO Holdings
144A 5.375% 6/1/29 #		40,000		42,246
144A 5.875% 5/1/27 #		95,000		99,223
CSC Holdings
5.875% 9/15/22		2,000		2,094
6.75% 11/15/21		50,000		52,626
144A 7.75% 7/15/25 #		200,000		208,602
Gray Television 144A 7.00% 5/15/27 #		55,000		56,521
Lamar Media 5.75% 2/1/26		60,000		62,036
Netflix 5.875% 11/15/28		80,000		91,127
Sinclair Television Group 144A 5.125% 2/15/27 #		45,000		41,110
Sirius XM Radio
144A 5.00% 8/1/27 #		25,000		25,682
144A 5.50% 7/1/29 #		75,000		79,502
				829,656
Services – 0.22%
Prime Security Services Borrower 144A 5.75% 4/15/26 #		70,000		72,701
Service Corp. International 4.625% 12/15/27		36,000		37,455
				110,156
Technology & Electronics – 0.49%
CDK Global 144A 5.25% 5/15/29 #		70,000		72,755
CommScope Technologies 144A 5.00% 3/15/27 #		25,000		22,593
Iron Mountain 144A 5.25% 3/15/28 #		60,000		59,839
SS&C Technologies 144A 5.50% 9/30/27 #		85,000		86,950
				242,137
Transportation – 0.06%
Delta Air Lines 144A 7.00% 5/1/25 #		30,000		31,000
				31,000
Utilities – 0.32%
Calpine
144A 4.50% 2/15/28 #		16,000		15,707
144A 5.25% 6/1/26 #		55,000		55,694
Vistra Operations 144A 5.00% 7/31/27 #		60,000		61,065

	Principal amount°		Value       (US $)
Corporate Bonds (continued)
Utilities (continued)
Vistra Operations 144A 5.50% 9/1/26 #		25,000	$	25,651
				158,117
Total Corporate Bonds (cost $5,256,107)				5,120,700
Loan Agreement – 0.12%
Frontier Communications Tranche B-1 5.352% (LIBOR03M + 3.75%) 6/17/24 •		62,838		61,519
Total Loan Agreement (cost $61,172)				61,519
Municipal Bonds – 1.90%
Allegheny County Industrial Development Authority Revenue
(United States Steel Corporation Project) 4.875% 11/1/24		100,000		92,335
Colorado Health Facilities Authority Revenue
(Cappella of Grand Junction Project) 144A 5.00% 12/1/54 #		250,000		232,955
New Jersey Tobacco Settlement Financing Corporation Subordinate Series B 5.00% 6/1/46		250,000		274,632
Puerto Rico Sales Tax Financing Revenue
(Restructured) Series A-1 4.75% 7/1/53		335,000		345,104
Total Municipal Bonds (cost $976,825)				945,026
US Treasury Obligations – 0.33%
US Treasury Bond 4.50% 2/15/36		15,000		22,965
US Treasury Floating Rate Note 0.304% (USBMMY3M + 0.154%) 1/31/22 •		60,000		60,088
US Treasury Inflation
Indexed Note
0.125% 10/15/24		4,997		5,240
0.125% 1/15/30		69,756		75,456
Total US Treasury Obligations (cost $160,795)				163,749
	Number of shares
Common Stock – 53.03%
Communication Services – 5.45%
AT&T		20,100		607,623
Comcast Class A		16,583		646,405

Total Return Series-5

Delaware VIP^® Total Return Series

Schedule of investments (continued)

	Number of shares		Value       (US $)
Common Stock (continued)
Communication Services (continued)
KDDI		3,000	$	89,511
Orange		5,590		66,845
Publicis Groupe		2,340		76,015
Verizon Communications		10,500		578,865
Walt Disney		5,742		640,290
				2,705,554
Consumer Discretionary – 3.51%
adidas AG †		245		64,595
Dollar Tree †		7,700		713,636
Hennes & Mauritz Class B		1,490		21,748
Lowe’s		6,000		810,720
Next		470		28,456
Sodexo		820		55,603
Swatch Group		230		46,164
				1,740,922
Consumer Staples – 5.49%
Archer-Daniels-Midland		17,600		702,240
Asahi Group Holdings		1,300		45,659
Conagra Brands		18,600		654,162
Danone †		1,720		119,391
Diageo		2,210		73,455
Kao		500		39,679
Kerry Group Class A		250		31,057
Kirin Holdings		1,300		27,404
Koninklijke Ahold Delhaize		5,220		142,266
Lawson		900		45,270
Mondelez International Class A		12,200		623,786
Nestle		1,145		126,947
Seven & i Holdings		2,900		94,869
				2,726,185
Energy – 1.45%
ConocoPhillips		17,149		720,601
				720,601
Financials – 6.86%
Allstate		6,200		601,338
American International Group		24,900		776,382
Bank of New York Mellon		17,500		676,375
Marsh & McLennan		6,400		687,168
Truist Financial		17,600		660,880
				3,402,143
Healthcare – 9.84%
Abbott Laboratories		6,800		621,724
Brookdale Senior Living †		70,253		207,246
Cardinal Health		13,000		678,470
Cigna		3,200		600,480
CVS Health		10,300		669,191
Fresenius Medical Care AG & Co. †		1,470		126,464
Johnson & Johnson		4,000		562,520
Merck & Co.		7,500		579,975
Novo Nordisk Class B		2,290		149,188

	Number of shares		Value       (US $)
Common Stock (continued)
Healthcare (continued)
Pfizer		16,600	$	542,820
Roche Holding		420		145,509
				4,883,587
Industrials – 4.35%
Caterpillar		5,703		721,430
G4S		36,270		51,311
Makita		1,600		58,183
Northrop Grumman		1,900		584,136
Raytheon Technologies		10,539		649,413
Secom		300		26,323
Securitas Class B †		4,970		67,205
				2,158,001
Information Technology – 6.78%
Broadcom		2,400		757,464
Cisco Systems		14,600		680,944
Cognizant Technology Solutions Class A		11,178		635,134
Intel		10,600		634,198
Oracle		11,900		657,713
				3,365,453
Materials – 1.81%
Air Liquide		860		124,345
DuPont de Nemours		14,600		775,698
				900,043
REIT Diversified – 0.45%
Alpine Income Property Trust		4,571		74,324
Lexington Realty Trust		14,100		148,755
				223,079
REIT Healthcare – 0.29%
Assura		113,312		109,954
Welltower		659		34,103
				144,057
REIT Hotel – 0.49%
Gaming and Leisure Properties		2,763		95,600
MGM Growth Properties Class A		1,800		48,978
VICI Properties		4,756		96,024
				240,602
REIT Industrial – 0.57%
Americold Realty Trust		3,700		134,310
Prologis		1,600		149,328
				283,638
REIT Information Technology – 0.39%
American Tower		255		65,928
QTS Realty Trust Class A		1,058		67,807
SBA Communications		205		61,074
				194,809
REIT Manufactured Housing – 0.53%
Equity LifeStyle Properties		1,800		112,464

Total Return Series-6

Delaware VIP^® Total Return Series

Schedule of investments (continued)

	Number of shares		Value       (US $)
Common Stock (continued)
REIT Manufactured Housing (continued)
Sun Communities		1,100	$	149,248
				261,712
REIT Multifamily – 2.74%
Apartment Investment and Management Class A		2,500		94,100
AvalonBay Communities		387		59,846
Bluerock Residential Growth REIT		3,709		29,969
Camden Property Trust		1,438		131,174
Equity Residential		10,000		588,200
Grainger		22,257		78,977
Killam Apartment Real Estate Investment Trust		7,464		96,324
NexPoint Residential Trust		3,565		126,023
UDR		4,200		156,996
				1,361,609
REIT Office – 0.11%
Cousins Properties		1,014		30,248
Postal Realty Trust Class A		1,441		22,984
				53,232
REIT Self-Storage – 0.17%
Extra Space Storage		900		83,133
				83,133
REIT Shopping Center – 0.07%
Kimco Realty		2,749		35,297
				35,297
REIT Single Tenant – 0.09%
National Retail Properties		1,200		42,576
				42,576
REIT Specialty – 0.37%
Invitation Homes		4,400		121,132
Safehold		1,100		63,239
				184,371
Utilities – 1.22%
Edison International		11,100		602,841
				602,841
Total Common Stock (cost $27,798,403)				26,313,445
Convertible Preferred Stock – 2.52%
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 #		120		133,176
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37		3,271		130,083
Bank of America 7.25% exercise price $50.00 y		136		182,539

		Number of shares		Value       (US $)
Convertible Preferred Stock (continued)
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28			4,518	$	200,870
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23			3,288		126,391
Lyondellbasell Advanced Polymers 6.00% exercise price $25.00 y			243		250,897
QTS Realty Trust 6.50% exercise price $46.86 y			600		85,254
Wells Fargo & Co. 7.50% exercise price $156.71 y			107		138,779
Total Convertible Preferred Stock (cost $1,328,089)					1,247,989
Preferred Stock – 0.12%
Bank of America 6.50% µy			55,000		59,217
Total Preferred Stock (cost $62,154)					59,217
Exchange-Traded Funds – 7.39%
iShares MSCI EAFE ETF	��		60		3,652
iShares Russell 1000 Growth ETF			7,700		1,478,015
Vanguard FTSE Developed Markets ETF			670		25,989
Vanguard Mega Cap Growth ETF			13,200		2,158,332
Total Exchange-Traded Funds (cost $3,678,389)					3,665,988
Short-Term Investments – 14.10%
Money Market Mutual Funds – 14.10%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.10%)			1,399,108		1,399,108
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.06%)			1,399,108		1,399,108
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.15%)			1,399,108		1,399,108
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)			1,399,108		1,399,108
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.04%)			1,399,108		1,399,108
Total Short-Term Investments (cost $6,995,540)					6,995,540

Total Value of Securities – 99.45%
(cost $51,299,998) $ 49,345,344

Total Return Series-7

Delaware VIP^® Total Return Series

Schedule of investments (continued)

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2020, the aggregate value of Rule 144A securities was $4,453,454, which represents 8.98% 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.

° Principal amount shown is stated in USD 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, 2020. Rate will reset at a future date.

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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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:

EAFE – Europe, Australasia and Far East

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange 100 Index

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

MSCI – Morgan Stanley Capital International

PIK – Payment-in-kind

REIT – Real Estate Investment Trust

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

USD – US Dollar

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

Total Return Series-8

Delaware VIP® Trust — Delaware VIP Total Return Series
Statement of assets and liabilities	June 30, 2020 (Unaudited)

Assets:
Investments, at value1	$	49,345,344
Cash		204,578
Dividends and interest receivable		159,006
Receivable for series shares sold		6,091
Foreign tax reclaims receivable		2,349
Prepaid expenses		2,096
Other assets		1,746
Total assets		49,721,210
Liabilities:
Due to custodian		14
Audit and tax fees payable		26,177
Investment management fees payable		22,272
Accounting and administration fees payable to non-affiliates		20,033
Pricing fees payable		12,300
Reports and statements to shareholders expenses payable to non-affiliates		11,166
Payable for series shares redeemed		8,269
Legal fees payable to affiliates		1,955
Accounting and administration expenses payable to affiliates		470
Trustees’ fees and expenses payable		378
Dividend disbursing and transfer agent fees and expenses payable to affiliates		308
Reports and statements to shareholders expenses payable to affiliates		84
Distribution fees payable		2
Total liabilities		103,428
Total Net Assets	$	49,617,782
Net Assets Consist of:
Paid-in capital	$	52,550,597
Total distributable earnings (loss)		(2,932,815	)
Total Net Assets	$	49,617,782
Net Asset Value:
Standard Class:
Net assets	$	49,608,693
Shares of beneficial interest outstanding, unlimited authorization, no par		4,534,178
Net asset value per share	$	10.94
Service Class:
Net assets	$	9,089
Shares of beneficial interest outstanding, unlimited authorization, no par		832
Net asset value per share	$	10.92
1Investments, at cost	$	51,299,998

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

Total Return Series-9

Delaware VIP^® Trust —

Delaware VIP Total Return Series

Statement of operations

Six months ended June 30, 2020 (Unaudited)

Investment Income:
Dividends	$	511,377
Interest		247,385
Foreign tax withheld		(3,552	)
		755,210
Expenses:
Management fees		165,904
Distribution expenses – Service Class		14
Audit and tax fees		47,303
Accounting and administration expenses		24,515
Legal fees		3,779
Custodian fees		3,763
Reports and statements to shareholders		3,557
Dividend disbursing and transfer agent fees and expenses		2,174
Trustees’ fees and expenses		1,503
Registration fees		5
Other		16,457
		268,974
Less expenses waived		(46,161	)
Less expenses paid indirectly		(3,526	)
Total operating expenses		219,287
Net Investment Income		535,923
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,449,950	)
Foreign currencies		(1,550	)
Foreign currency exchange contracts		(7,986	)
Futures contracts		625
Swap contracts		13,554
Net realized loss		(1,445,307	)
Net change in unrealized appreciation (depreciation) of:
Investments		(6,135,699	)
Foreign currencies		(38	)
Foreign currency exchange contracts		342
Futures contracts		466
Net change in unrealized appreciation (depreciation)		(6,134,929	)
Net Realized And Unrealized Loss		(7,580,236	)
Net Decrease in Net Assets Resulting from Operations	$	(7,044,313	)

Delaware VIP Trust—

Delaware VIP Total Return Series

Statements of changes in net assets

	Six months ended 6/30/20 (Unaudited)			Year ended 12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	535,923		$	929,739
Net realized gain (loss)		(1,445,307	)		5,506,713
Net change in unrealized appreciation (depreciation)		(6,134,929	)		3,254,152
Net increase (decrease) in net assets resulting from operations		(7,044,313	)		9,690,604
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(6,073,008	)		(2,116,836	)
Service Class		(1,105	)		—
		(6,074,113	)		(2,116,836	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		1,131,596			3,207,400
Service Class		—			10,000
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		6,073,008			2,116,836
Service Class		1,105			—
		7,205,709			5,334,236
Cost of shares redeemed:
Standard Class		(3,116,711	)		(5,890,384	)
Increase (Decrease) in net assets derived from capital share transactions		4,088,998			(556,148	)
Net Increase (Decrease) in Net Assets		(9,029,428	)		7,017,620
Net Assets:
Beginning of period		58,647,210			51,629,590
End of period	$	49,617,782		$	58,647,210

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

Total Return Series-10

Delaware VIP^® Trust — Delaware VIP Total Return Series

Financial highlights

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

	Delaware VIP Total Return Series Standard Class
	Six months ended
	6/30/201			Year ended
	(Unaudited)			12/31/192			12/31/18			12/31/17			12/31/16			12/31/15
Net asset value, beginning of period	$	14.29		$	12.50		$	13.83		$	12.58		$	11.98		$	12.30
Income (loss) from investment operations:
Net investment income3		0.13			0.22			0.24			0.18			0.18			0.15
Net realized and unrealized gain (loss)		(1.95)			2.08			(1.28	)		1.28			0.59			(0.34	)
Total from investment operations		(1.82)			2.30			(1.04	)		1.46			0.77			(0.19	)
Less dividends and distributions from:
Net investment income		(0.27)			(0.26	)		(0.22	)		(0.21	)		(0.17	)		(0.13	)
Net realized gain		(1.26)			(0.25	)		(0.07	)		—			—			—
Total dividends and distributions		(1.53)			(0.51	)		(0.29	)		(0.21	)		(0.17	)		(0.13	)
Net asset value, end of period	$	10.94		$	14.29		$	12.50		$	13.83		$	12.58		$	11.98
Total return4		(12.11%)	5		18.88%	5		(7.65%	)		11.75%			6.62%			(1.61%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	49,609		$	58,637		$	51,630		$	47,910		$	40,400		$	36,509
Ratio of expenses to average net assets6		0.86%			0.93%			0.90%			0.86%			0.89%			0.89%
Ratio of expenses to average net assets prior to fees waived6		1.04%			0.99%			0.90%			0.86%			0.89%			0.89%
Ratio of net investment income to average net assets		2.10%			1.63%			1.80%			1.39%			1.45%			1.20%
Ratio of net investment income to average net assets prior to fees waived		1.92%			1.57%			1.80%			1.39%			1.45%			1.20%
Portfolio turnover		42%			150%	7		68%			48%			67%			39%

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

²  On Oct. 4, 2019, the First Investors Life Series Total Return Fund shares were reorganized into Standard Class shares of the Series. See “Notes to financial statements.” The Standard Class shares financial highlights for the period prior to Oct. 4, 2019, reflect the performance of the First Investors Life Series Total Return Fund shares.

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

⁴  Total 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 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  Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁷  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

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

Total Return Series-11

Delaware VIP^® Total Return Series

Financial highlights (continued)

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

	Delaware VIP Total Return Series Service Class
	Six months ended 6/30/201             (Unaudited)			10/31/192 to             12/31/19
Net asset value, beginning of period		$	14.29		$	13.79
Income (loss) from investment operations:
Net investment income3			0.11			0.04
Net realized and unrealized gain (loss)			(1.95)			0.46
Total from investment operations			(1.84)			0.50
Less dividends and distributions from:
Net investment income			(0.27)			—
Net realized gain			(1.26)			—
Total dividends and distributions			(1.53)			—
Net asset value, end of period		$	10.92		$	14.29
Total return4			(12.31%)			3.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	9		$	10
Ratio of expenses to average net assets5			1.16%			1.16%
Ratio of expenses to average net assets prior to fees waived5			1.34%			1.50%
Ratio of net investment income to average net assets			1.80%			1.79%
Ratio of net investment income to average net assets prior to fees waived			1.62%			1.45%
Portfolio turnover			42%			150%6,7

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

²  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

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

⁴  Total 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 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 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  Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

⁶  The Series’ portfolio turnover rate increased substantially during the year ended Dec. 31, 2019 due to a change in the Series’ portfolio managers and associated repositioning.

⁷  Portfolio turnover is representative of the Series for the entire year.

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

Total Return Series-12

Delaware VIP^® Trust — Delaware VIP Total Return Series

Notes to financial statements

June 30, 2020 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 22 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940, as amended (1940 Act). These financial statements and the related notes pertain to Delaware VIP Total Return Series (Series). The Trust is an open-end investment company. The Series is considered diversified under the 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.

Before the Series commenced operations, on Oct. 4, 2019, all of the assets and liabilities of the First Investors Life Series Total Return Fund, its Predecessor Series were transferred to the Series in a tax-free reorganization as set forth in an agreement and plan of reorganization (the Foresters Reorganization) between the Trust, on behalf of the Series, and Foresters Investment Management Company, Inc. (FIMCO), on behalf of the Predecessor Series. As a result of the Foresters Reorganization, the Series assumed the performance and accounting history of the Predecessor Series. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Series.

1. Significant Accounting Policies

The Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. 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 (CMOs), 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. Futures contracts are valued at the daily quoted settlement prices. 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. Open-end investment companies are valued at their published net asset value (NAV) per share, as reported by the underlying investment company. 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, 2020 and for all open tax years (years ended Dec. 31, 2017–Dec. 31, 2019), 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” on the “Statement of operations.” During the six months ended June 30, 2020, 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 Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Series may invest include ETFs. The Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.

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Delaware VIP^® Total Return Series

Notes to financial statements (continued)

1. Significant Accounting Policies (continued)

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 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 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. 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. 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 distributions by the issuer, which are estimated. 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 expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned $3,526 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 expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2020, the Series earned less than $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 rates 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 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 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from Jan. 1, 2020 through June 30, 2020.* These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

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

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Notes to financial statements (continued)

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

specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Series, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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 rates: 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. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2020, the Series was charged $2,865 for these services.

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, 2020, the Series was charged $1,914 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 fees are calculated daily and paid monthly. Standard Class shares do not pay 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, 2020, the Series was charged $5,434 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.

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 investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Series will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

Cross trades for the six months ended June 30, 2020 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, 2020, the Series engaged in Rule 17a-7 securities sales of $212,134. The Series did not engage in Rule 17a-7 securities purchases for the six months ended June 30, 2020. There was no realized gain (loss) as a result of 17a-7 securities sales.

*The aggregate contractual waiver period covering this report is from Oct. 4, 2019 through Oct. 31, 2021.

3. Investments

For the six months ended June 30, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	19,356,021
Purchases of US government securities		660,453
Sales other than US government securities		24,981,521
Sales of US government securities		1,570,709

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Delaware VIP^® Total Return Series

Notes to financial statements (continued)

3. Investments (continued)

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2020, 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
$51,387,708	$1,585,215	$(3,627,579)	$(2,042,364)

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, and 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, and 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 and 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, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Corporate Debt	$	—	$	9,892,871	$	9,892,871
Loan Agreements		—		61,519		61,519
Municipal Bonds		—		945,026		945,026
US Treasury Obligations		—		163,749		163,749
Convertible Preferred Stock1		733,833		514,156		1,247,989
Common Stock
Communication Services		2,473,183		232,371		2,705,554
Consumer Discretionary		1,524,356		216,566		1,740,922
Consumer Staples		1,980,188		745,997		2,726,185
Energy		720,601		—		720,601
Financials		3,402,143		—		3,402,143
Healthcare		4,462,426		421,161		4,883,587
Industrials		1,954,979		203,022		2,158,001
Information Technology		3,365,453		—		3,365,453
Materials		775,698		124,345		900,043
REIT Diversified		223,079		—		223,079
REIT Healthcare		34,103		109,954		144,057

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Notes to financial statements (continued)

3. Investments (continued)	Level 1		Level 2		Total
Securities
Assets:
REIT Hotel	$	240,602	$	—	$	240,602
REIT Industrial		283,638		—		283,638
REIT Information Technology		194,809		—		194,809
REIT Manufactured Housing		261,712		—		261,712
REIT Multifamily		1,282,632		78,977		1,361,609
REIT Office		53,232		—		53,232
REIT Self-Storage		83,133		—		83,133
REIT Shopping Center		35,297		—		35,297
REIT Single Tenant		42,576		—		42,576
REIT Specialty		184,371		—		184,371
Utilities		602,841		—		602,841
Preferred Stock		—		59,217		59,217
Exchange-Traded Funds		3,665,988		—		3,665,988
Short-Term Investments		6,995,540		—		6,995,540
Total Value of Securities	$	35,576,413	$	13,768,931	$	49,345,344

¹Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 58.80% and 41.20%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

As a result of utilizing international fair value pricing at June 30, 2020, a portion of the common stock in the portfolio was categorized as Level 2.

During the six months ended June 30, 2020, there were no transfers into or out of Level 3 investments. The Series’ policy is to recognize transfers into or out of Level 3 investments 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, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended 6/30/20			Year ended 12/31/19
Shares sold:
Standard Class		97,337			240,492
Service Class		—			725
Shares issued upon reinvestment of dividends and distributions:
Standard Class		587,332			165,120
Service Class		107			—
		684,776			406,337
Shares redeemed:
Standard Class		(252,716	)		(434,147	)
Net increase (decrease)		432,060			(27,810	)

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $250,000,000 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. The revolving line of credit available was increased from $250,000,000 to $275,000,000 on May 6, 2020. Under the agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to

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Notes to financial statements (continued)

5. Line of Credit (continued)

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. 2, 2020.

The Series had no amounts outstanding as of June 30, 2020, 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. No foreign currency exchange contracts and foreign cross currency exchange contracts were outstanding at June 30, 2020.

During the six months ended June 30, 2020, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to fix the US dollar value of a security between trade date and settlement date and hedge the US dollar value of securities it already owns that are denominated in foreign currencies.

At June 30, 2020, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

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. No futures contracts were outstanding at June 30, 2020.

During the six months ended June 30, 2020, 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.

Swap Contracts

The Series may enter into currency swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Series may use currency swaps to protect against currency fluctuations. 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

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Notes to financial statements (continued)

6. Derivatives (continued)

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, 2020, 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 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 are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2020, 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, or (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were outstanding at June 30, 2020.

During the six months ended June 30, 2020, the Series entered into CDS contracts to hedge against credit events and currency swap contracts to protect against currency fluctuations.

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.” 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 effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange  Contracts				Futures Contracts			Swap Contracts			Total
Currency contracts		$	(7,986	)		$	—		$	—		$	(7,986	)
Interest rate contracts			—				625			—			625
Credit contracts			—				—			13,554			13,554
Total		$	(7,986	)		$	625		$	13,554		$	6,193

Total Return Series-19

Delaware VIP^® Total Return Series

Notes to financial statements (continued)

6. Derivatives (continued)

	Net Change in Unrealized Appreciation  (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Total
Currency contracts		$	342		$	—		$	342
Interest rate contracts			—			466			466
Total		$	342		$	466		$	808

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2020:

	Long Derivatives Volume			Short Derivatives Volume
Foreign currency exchange contracts (average notional value)		$	23,828		$	28,805
Futures contracts (average notional value)			2,069			–
CDS contracts (average notional value)*			138,336			–

*Long represents buying protection and short represents selling protection.

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 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. The 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, 2020, the Series had no securities out on loan.

Total Return Series-20

Delaware VIP^® Total Return Series

Notes to financial statements (continued)

8. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Series’ performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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 the 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.

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 invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly 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, 2020. 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 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 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 and consumer loans are paid back. Some of these securities are 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

Total Return Series-21

Delaware VIP^® Total Return Series

Notes to financial statements (continued)

8. Credit and Market Risk (continued)

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 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 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. Rule 144A securities have been identified on the “Schedule of investments.”

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. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. Management has implemented the ASU 2018-13 on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2020, that would require recognition or disclosure in the Series’ financial statements.

Total Return Series-22

Delaware VIP^® Trust — Delaware VIP Total Return Series

Other Series information (Unaudited)

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Series has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Series in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Series’ liquidity risk; (2) classification of each of the Series’ portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Series’ net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Series’ acquisition of Illiquid investments if, immediately after the acquisition, the Series would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Series’ holdings of Illiquid assets exceed 15% of the Series’ net assets. Series with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Series’ liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Series’ investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Series during both normal and reasonably foreseeable stressed conditions; and (3) the Series’ holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Series’ portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Series primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 19-21, 2020, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2018 through March 31, 2020. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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-PORT. The Series’ Forms N-PORT, 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-PORT are available without charge on the Series’ website at delawarefunds.com/vip/literature. The Series’ Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; 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-VIPTR 22649 (8/20) (1273672) Total Return Series-23

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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. 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

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 4, 2020

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.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 4, 2020
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	September 4, 2020