Delaware Vip Trust N-CSR Certified 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:	December 31, 2020

Item 1. Reports to Stockholders

Delaware VIP^® Trust

Delaware VIP Diversified Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	34
Statement of operations	35
Statements of changes in net assets	36
Financial highlights	37
Notes to financial statements	39
Report of independent registered public accounting firm	53
Other Series information	54
Board of trustees / directors and officers addendum	57

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Diversified Income Series (the “Series”) Standard Class shares gained 11.04%. The Series Service Class shares gained 10.69%. Both figures reflect all distributions reinvested. For the same period, the Series’ benchmark, the Bloomberg Barclays US Aggregate Index, advanced 7.51%.

As 2020 began, the economy appeared to be entering a mature credit cycle, and investors were concerned with the possibility of a mild recession. Instead, the coronavirus pandemic struck and spread rapidly. The global community was unprepared. Initial uncertainty was quickly followed by an extreme market selloff and global economic collapse.

Governments and central banks applied lessons learned from the recession of 2008-2009, and in March they intervened with substantial monetary- and fiscal-policy measures. The effective use of global fiscal and monetary support defined how the economy and the financial markets would evolve in 2020.

Investors’ uncertainty in March 2020 provoked a risk-premium explosion in the market and economic shutdowns. However, backstopped by the US Federal Reserve’s unprecedented, aggressive asset-purchase programs, which included purchasing corporate bonds, some confidence returned to markets. As the world began to understand how the virus behaved and to help bring it under control, the US and global economies began to reopen. Credit markets, which had widened substantially as markets collapsed, started to compress, bolstered by now dual Fed and Congressional puts. Then came the race to develop vaccines, along with a better understanding of how to manage the virus.

Although the markets and parts of the economy generally adapted quickly, COVID-19-affected sectors, particularly services, experienced extreme distress. These included transportation and other consumer-related areas such as retail. Damage to labor markets was significant, with unemployment still higher than 6% at year end. However, with monetary and fiscal policy in place and a clear commitment to support the economy for as long as it would take, the path to the other side of the pandemic became clearer.

We viewed 2020 from the prism of different market regimes, each of which called for a distinct approach to managing risk. Entering the year, because compensation for risk was poor, we cut back on the Series’ risk exposure and built a capital reserve to spend as opportunities arose. The year became a litmus test for managing risk, and we believe our agile approach to risk management was critical in helping the Series significantly outperform its benchmark for the 12-month period.

With the Series’ capital reserve in hand, we looked for investment opportunities created by market dislocations in the initial phase of the pandemic. We focused on issuers that we assessed would more likely survive the pandemic. Accordingly, we began to spend the Series’ liquid capital reserve, initially selecting high-quality investment grade issuers, including JP Morgan Chase & Co. and Bank of America Corp., which we felt offered attractive compensation for the underlying risk.

As visibility gradually increased, we expanded our search for opportunities to traditionally higher-beta (more volatile) parts of the market, including areas within high yield and emerging markets that had experienced dislocations. We added to issuers that we felt were the strongest within COVID-19-sensitive areas, such as Delta Air Lines Inc. We viewed Delta as well positioned to survive the pandemic while offering historically high yields. In emerging markets, we sought issuers that had benefited from government support and could benefit from pandemic-related outcomes, such as a construction company in Indonesia. For the rest of the year, we continued to assess opportunities on a bond-by-bond basis.

While security selection overall was additive, some individual securities did suffer amid the significant uncertainty. Among emerging market bonds, the Series had exposure to Aerovias de Mexico SA de CV, which filed for voluntary Chapter 11 restructuring in the second quarter of 2020. It was hurt as coronavirus-related travel restrictions and fear of the virus drove down passenger volumes significantly. However, the Series participated in financing after the Chapter 11 filing, and the Series maintains exposure to the name from a secured position.

In summary, investment grade, high yield, and emerging market bonds added the most value in both our sector allocation to these areas and our security selection within them. Overall, the Series’ positioning also benefited from two other meaningful new strategies. Early in the year, we added duration to help mitigate risk, assuming that a high degree of uncertainty was likely to result in a dramatic decline in interest rates as the Fed intervened. That willingness to dynamically manage interest rate risk paid off.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Additionally, before the pandemic manifested itself, inflationary expectations began to decline dramatically. Because we felt that investors were starting to overprice inflation, we added some exposure to Treasury inflation-protected securities (TIPS). As time passed and investors began to price in higher inflation, the Series’ allocation to TIPS contributed to returns.

There were few detractors from the Series’ benchmark-relative returns for the fiscal year. An underweight to mortgage-backed securities (MBS) detracted marginally; however, the Series’ was better compensated within investment grade bonds. The Series’ allocation to bank loans, which remained static throughout the year, moderately detracted from returns.

Early on, we focused on areas within investment grade, in particular those higher-quality issuers in whose business models we had greater confidence. By summer, as visibility improved, we also added exposure to the higher yielding areas of the fixed income market, such as emerging markets debt, where we increased the Series’ allocation from approximately 7% to 11%, and high yield bonds, which we increased from 4% to 11% by fiscal year end.

As we enter 2021, COVID-19 vaccines’ high efficacy and their production and distribution have redefined the outlook for the pandemic and the global economy. Nonetheless, the near-term reality is that the virus is still raging, and mutations could make the virus more resistant to vaccines. On the political front, Democrats control both houses of Congress and the White House, increasing the possibility of additional fiscal stimulus, which would support an economic recovery.

Consistent with our outlook, we have already cut back on some credit allocations, including utilities and senior financials, and replaced them with agency MBS, in particular. We have retained exposure to the reflationary theme, including airlines and certain consumer goods, and we continue to search for areas where we believe there is potential to capture yield without altering the Series’ risk exposure.

Finally, from a risk perspective, the Series remains driven by a fundamental, bond-by-bond investment approach. Our goal is to construct the Series’ portfolio comprising issuers that have a business model, liquidity, and adequate debt leverage profile with the potential to perform well regardless of the degree of volatility we may experience.

The Series used derivatives during the fiscal year, primarily for risk management purposes, including the use of interest rate futures to manage yield-curve risk and broader portfolio risks. The Series used currency forwards to hedge non-US-dollar risk back to US dollars. The Series also used foreign exchange (FX) forwards to gain access to a given currency, though we generally do this more directly through the bond market. The Series also used credit default swaps to manage credit risk. Overall, these derivatives had a positive effect that was generally not material to the Series’ performance.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
May 16, 2003)	+11.04%	+6.27%	+5.51%	+4.37%	+5.68%
Service Class shares (commenced operations on
May 16, 2003)	+10.69%	+5.99%	+5.22%	+4.10%	+5.41%
Bloomberg Barclays US Aggregate Index	+7.51%	+5.34%	+4.44%	+3.84%	—

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 0.90%, while total operating expenses for Standard Class and Service Class shares were 0.60% and 0.90%, respectively. The management fee for Standard Class and Service Class shares was 0.58%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.60% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table on the previous page and in the Performance of a $10,000 Investment graph below.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Series to obtain precise valuations of the high yield securities in its portfolio.

The Series may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

If and when the Series invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Series will be subject to special risks, including counterparty risk.

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

This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard & Poor’s, Moody’s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&P, the rating is converted to the equivalent S&P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.
____________________

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

Performance of a $10,000 Investment
For period beginning December 31, 2010 through December 31, 2020

4

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Delaware VIP Diversified Income Series — Standard Class shares	$10,000	$15,337
	Bloomberg Barclays US Aggregate Index	$10,000	$14,576

The graph shows a $10,000 investment in the Delaware VIP Diversified Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Bloomberg Barclays US Aggregate Index for the period from December 31, 2010 through December 31, 2020. The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
		7/1/20		12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,050.00	0.60%	$	3.09
Service Class		1,000.00		1,049.40	0.90%		4.64
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,022.12	0.60%	$	3.05
Service Class		1,000.00		1,020.61	0.90%		4.57

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

As of December 31, 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
Security type / sector	of net assets
Agency Asset-Backed Security	0.00	%
Agency Collateralized Mortgage Obligations	1.73	%
Agency Commercial Mortgage-Backed
Securities	0.71	%
Agency Mortgage-Backed Securities	15.16	%
Collateralized Debt Obligations	1.76	%
Corporate Bonds	46.40	%
Banking	8.04	%
Banks	0.15	%
Basic Industry	4.40	%
Brokerage	0.46	%
Capital Goods	2.28	%
Communications	7.58	%
Consumer Cyclical	2.68	%
Consumer Non-Cyclical	4.74	%
Electric	3.61	%
Energy	6.49	%
Finance Companies	1.20	%
Insurance	0.89	%
Natural Gas	0.12	%
Real Estate Investment Trusts	0.47	%
Technology	1.30	%
Transportation	1.53	%
Utilities	0.46	%
Municipal Bonds	0.02	%
Non-Agency Asset-Backed Securities	1.16	%
Non-Agency Collateralized Mortgage
Obligations	1.90	%
Non-Agency Commercial Mortgage-Backed
Securities	7.67	%
Loan Agreements	4.76	%
Sovereign Bonds	2.59	%
Supranational Banks	0.06	%
US Treasury Obligations	13.47	%
Common Stock	0.00	%
Preferred Stock	0.01	%
Short-Term Investments	5.92	%
Total Value of Securities	103.32	%
Liabilities Net of Receivables and Other
Assets	(3.32	%)
Total Net Assets	100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

December 31, 2020

		Principal
		amount°	Value (US $)
Agency Asset-Backed Security — 0.00%
	Fannie Mae REMIC Trust
	Series 2002-
	W11 AV1 0.446%
	(LIBOR01M + 0.34%,
	Floor 0.34%)
	11/25/32 ●	568	$	556
Total Agency Asset-Backed Security
	(cost $568)			556
Agency Collateralized Mortgage Obligations — 1.73%
	Fannie Mae Connecticut
	Avenue Securities
	Series 2017-
	C03 1M2 3.148%
	(LIBOR01M + 3.00%)
	10/25/29 ●	2,728,803		2,759,262
	Series 2017-
	C04 2M2 2.998%
	(LIBOR01M + 2.85%)
	11/25/29 ●	854,535		859,924
	Series 2018-
	C01 1M2 2.398%
	(LIBOR01M + 2.25%,
	Floor 2.25%) 7/25/30 ●	1,822,446		1,813,302
	Series 2018-
	C02 2M2 2.348%
	(LIBOR01M + 2.20%,
	Floor 2.20%) 8/25/30 ●	998,664		992,324
	Series 2018-
	C03 1M2 2.298%
	(LIBOR01M + 2.15%,
	Floor 2.15%)
	10/25/30 ●	1,294,042		1,291,578
	Series 2018-
	C05 1M2 2.498%
	(LIBOR01M + 2.35%,
	Floor 2.35%) 1/25/31 ●	1,019,496		1,020,791
	Fannie Mae Grantor Trust
	Series 1999-
	T2 A1 7.50% 1/19/39 ●	209		228
	Series 2004-
	T1 1A2 6.50% 1/25/44	2,977		3,507
	Fannie Mae REMIC Trust
	Series 2002-
	W6 2A1 7.00%
	6/25/42 ●	10,012		11,401
	Series 2004-
	W11 1A2 6.50%
	5/25/44	16,404		19,445
	Fannie Mae REMICs
	Series 2010-116 Z
	4.00% 10/25/40	14,380		15,948
	Fannie Mae REMICs
	Series 2013-44 Z 3.00%
	5/25/43	89,524		89,302
	Series 2017-40 GZ
	3.50% 5/25/47	918,469		1,011,648
	Series 2017-77 HZ
	3.50% 10/25/47	1,312,976		1,384,967
	Series 2017-94 CZ
	3.50% 11/25/47	823,250		884,884
	Freddie Mac REMICs
	Series 4676 KZ 2.50%
	7/15/45	887,675		929,517
	Freddie Mac Structured
	Agency Credit Risk Debt
	Notes
	Series 2017-
	DNA1 M2 3.398%
	(LIBOR01M + 3.25%,
	Floor 3.25%) 7/25/29 ●	2,162,970		2,214,241
	Series 2017-
	DNA3 M2 2.648%
	(LIBOR01M + 2.50%)
	3/25/30 ●	6,530,000		6,619,199
	Series 2017-
	HQA2 M2AS 1.198%
	(LIBOR01M + 1.05%)
	12/25/29 ●	598,975		603,624
	Series 2018-
	HQA1 M2 2.448%
	(LIBOR01M + 2.30%)
	9/25/30 ●	1,578,477		1,572,476
	Freddie Mac Structured
	Agency Credit Risk
	REMIC Trust
	Series 2019-
	DNA4 M2 144A
	2.098% (LIBOR01M +
	1.95%) 10/25/49 #, ●	2,939,267		2,934,604
	Series 2019-
	HQA4 M2 144A
	2.198% (LIBOR01M +
	2.05%) 11/25/49 #, ●	3,570,346		3,559,818
	Series 2020-
	DNA2 M1 144A
	0.898% (LIBOR01M +
	0.75%, Floor 0.75%)
	2/25/50 #, ●	1,518,225		1,519,679
	Series 2020-
	DNA2 M2 144A
	1.998% (LIBOR01M +
	1.85%, Floor 1.85%)
	2/25/50 #, ●	1,700,000		1,689,568

8

		Principal
		amount°	Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac Structured
	Agency Credit Risk
	REMIC Trust
	Series 2020-
	DNA6 M2 144A
	2.077% (SOFR +
	2.00%) 12/25/50 #, ●	6,500,000	$	6,489,933
	Series 2020-
	HQA2 M1 144A
	1.248% (LIBOR01M +
	1.10%) 3/25/50 #, ●	2,847,762		2,849,560
	Freddie Mac Structured
	Agency Credit Risk Trust
	Series 2018-
	HQA2 M1 144A
	0.898% (LIBOR01M +
	0.75%) 10/25/48 #, ●	463,715		463,715
	Freddie Mac Structured
	Pass Through
	Certificates
	Series T-54 2A 6.50%
	2/25/43 ◆	8,211		10,003
	Series T-58 2A 6.50%
	9/25/43 ◆	2,567		2,984
	GNMA
	Series 2013-113 LY
	3.00% 5/20/43	378,000		409,790
	Series 2017-130 YJ
	2.50% 8/20/47	665,000		719,717
	Series 2017-34 DY
	3.50% 3/20/47	2,067,000		2,293,667
	Series 2018-34 TY
	3.50% 3/20/48	476,000		510,160
Total Agency Collateralized Mortgage
	Obligations
	(cost $45,665,477)			47,550,766
Agency Commercial Mortgage-Backed Securities — 0.71%
	Freddie Mac Multifamily
	Structured Pass Through
	Certificates
	Series X3FX A2FX
	3.00% 6/25/27 ◆	2,545,000		2,800,430
	FREMF Mortgage Trust
	Series 2011-K15 B
	144A 4.965%
	8/25/44 #, ●	195,000		198,801
	Series 2012-K18 B
	144A 4.224%
	1/25/45 #, ●	2,000,000		2,064,361
	Series 2012-K22 B
	144A 3.685%
	8/25/45 #, ●	1,730,000		1,809,887
	FREMF Mortgage Trust
	Series 2013-K25 C
	144A 3.619%
	11/25/45 #, ●	1,500,000		1,557,401
	Series 2013-K28 B
	144A 3.49%
	6/25/46 #, ●	2,400,000		2,523,385
	Series 2014-K37 B
	144A 4.56%
	1/25/47 #, ●	1,500,000		1,653,021
	Series 2014-K717 B
	144A 3.63%
	11/25/47 #, ●	3,205,000		3,252,736
	Series 2014-K717 C
	144A 3.63%
	11/25/47 #, ●	1,055,000		1,066,942
	Series 2016-K53 B
	144A 4.021%
	3/25/49 #, ●	530,000		585,963
	Series 2016-K722 B
	144A 3.845%
	7/25/49 #, ●	580,000		614,618
	Series 2017-K71 B
	144A 3.753%
	11/25/50 #, ●	1,175,000		1,302,067
Total Agency Commercial Mortgage-
	Backed Securities
	(cost $18,567,966)			19,429,612
Agency Mortgage-Backed Securities — 15.16%
	Fannie Mae S.F. 30 yr
	2.00% 11/1/50	8,829,401		9,196,188
	2.00% 1/1/51	3,005,000		3,125,345
	2.50% 11/1/50	20,285,869		21,412,620
	3.00% 10/1/46	11,439,907		12,244,867
	3.00% 4/1/47	1,369,046		1,441,852
	3.00% 11/1/48	3,999,125		4,192,811
	3.00% 10/1/49	6,581,559		6,914,048
	3.00% 12/1/49	17,948,799		19,201,069
	3.00% 3/1/50	4,469,412		4,718,882
	3.00% 7/1/50	8,263,417		8,672,276
	3.50% 7/1/47	6,385,130		6,914,968
	3.50% 2/1/48	4,382,673		4,761,350
	3.50% 3/1/48	2,589,254		2,739,535
	3.50% 7/1/48	926,990		980,518
	3.50% 11/1/48	4,868,765		5,142,718
	3.50% 11/1/49	2,975,234		3,142,624
	3.50% 1/1/50	9,772,273		10,323,733
	3.50% 3/1/50	4,269,799		4,600,456
	4.00% 4/1/47	1,860,004		2,051,252
	4.00% 6/1/48	6,242,446		6,857,656

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
	4.00% 9/1/48	560,048	$	605,962
	4.00% 10/1/48	8,335,224		9,179,054
	4.00% 6/1/49	2,162,807		2,367,983
	4.50% 6/1/40	464,220		513,561
	4.50% 7/1/40	586,056		639,858
	4.50% 2/1/41	2,109,013		2,356,992
	4.50% 8/1/41	1,422,808		1,611,505
	4.50% 10/1/45	2,102,728		2,347,964
	4.50% 5/1/46	736,710		823,288
	4.50% 4/1/48	618,899		693,911
	4.50% 12/1/48	164,196		178,047
	4.50% 1/1/49	12,508,735		13,842,761
	4.50% 1/1/50	3,558,756		3,887,108
	5.00% 7/1/47	1,424,277		1,653,873
	5.00% 7/1/49	3,833,939		4,295,600
	5.50% 5/1/44	14,847,750		17,426,623
	6.00% 6/1/41	3,298,773		3,961,922
	6.00% 7/1/41	16,811,966		20,269,897
	6.00% 1/1/42	2,793,128		3,331,784
	Fannie Mae S.F. 30 yr TBA
	2.00% 1/1/50	53,486,000		55,552,245
	2.50% 1/1/50	52,756,000		55,603,932
	Freddie Mac S.F. 30 yr
	2.50% 11/1/50	12,507,111		13,211,891
	3.00% 11/1/49	9,636,724		10,114,031
	3.00% 12/1/49	3,275,498		3,464,693
	3.00% 1/1/50	2,378,175		2,531,222
	3.50% 11/1/48	5,074,940		5,545,075
	4.00% 12/1/45	2,514,363		2,784,344
	4.00% 7/1/47	724,700		778,421
	4.00% 10/1/47	6,411,386		6,872,881
	4.50% 7/1/45	4,217,128		4,729,356
	4.50% 1/1/49	2,366,917		2,630,729
	4.50% 3/1/49	838,845		915,862
	4.50% 4/1/49	3,378,324		3,711,948
	4.50% 8/1/49	6,407,591		7,110,190
	5.50% 6/1/41	2,850,287		3,351,446
	5.50% 9/1/41	5,173,728		6,081,072
	GNMA I S.F. 30 yr
	3.00% 3/15/50	2,690,506		2,824,006
	GNMA II S.F. 30 yr
	5.50% 5/20/37	176,209		204,018
Total Agency Mortgage-Backed
	Securities
	(cost $406,038,896)			416,639,823
Collateralized Debt Obligations — 1.76%
	Apex Credit CLO
	Series 2017-1A
	A1 144A 1.685%
	(LIBOR03M + 1.47%,
	Floor 1.47%)
	4/24/29 #, ●	3,334,905		3,330,857
	Series 2018-1A
	A2 144A 1.245%
	(LIBOR03M + 1.03%)
	4/25/31 #, ●	6,200,000		6,019,524
	Atlas Senior Loan Fund X
	Series 2018-10A A
	144A 1.327%
	(LIBOR03M + 1.09%)
	1/15/31 #, ●	3,339,487		3,316,915
	CFIP CLO
	Series 2017-1A A 144A
	1.438% (LIBOR03M +
	1.22%) 1/18/30 #, ●	6,300,000		6,303,616
	Galaxy XXI CLO
	Series 2015-21A AR
	144A 1.238%
	(LIBOR03M + 1.02%)
	4/20/31 #, ●	3,000,000		2,970,918
	KKR Financial CLO
	Series 2013-1A A1R
	144A 1.527%
	(LIBOR03M + 1.29%)
	4/15/29 #, ●	3,000,000		2,997,105
	Man GLG US CLO
	Series 2018-1A A1R
	144A 1.358%
	(LIBOR03M + 1.14%)
	4/22/30 #, ●	8,200,000		8,081,412
	Mariner CLO 5
	Series 2018-5A A 144A
	1.325% (LIBOR03M +
	1.11%, Floor 1.11%)
	4/25/31 #, ●	4,600,000		4,587,755
	Midocean Credit CLO IX
	Series 2018-9A
	A1 144A 1.368%
	(LIBOR03M + 1.15%,
	Floor 1.15%)
	7/20/31 #, ●	3,000,000		2,984,757
	Midocean Credit CLO VIII
	Series 2018-8A
	A1 144A 1.374%
	(LIBOR03M + 1.15%)
	2/20/31 #, ●	3,000,000		2,987,982
	Saranac CLO VII
	Series 2014-2A A1AR
	144A 1.454%
	(LIBOR03M + 1.23%)
	11/20/29 #, ●	2,951,849		2,934,932

10

		Principal
		amount°	Value (US $)
Collateralized Debt Obligations (continued)
	Steele Creek CLO
	Series 2017-1A A 144A
	1.487% (LIBOR03M +
	1.25%) 10/15/30 #, ●	2,000,000	$	1,997,498
Total Collateralized Debt Obligations
	(cost $48,929,073)			48,513,271
Corporate Bonds — 46.40%
Banking — 8.04%
	Akbank T.A.S. 144A 6.80%
	2/6/26 #	1,135,000		1,204,802
	Banco Continental 144A
	2.75% 12/10/25 #	1,695,000		1,690,762
	Banco de Credito del Peru
	144A 2.70% 1/11/25 #	1,500,000		1,567,890
	Banco del Estado de Chile
	144A 2.704% 1/9/25 #	530,000		560,812
	Banco Mercantil del Norte
	144A 8.375% #, µ, ψ	880,000		1,051,829
	Banco Nacional de Panama
	144A 2.50% 8/11/30 #	1,130,000		1,132,825
	Banco Santander Mexico
	144A 5.95%
	10/1/28 #, µ	660,000		725,588
	Bancolombia 3.00%
	1/29/25	1,215,000		1,264,754
	Bangkok Bank 144A
	3.733% 9/25/34 #, µ	735,000		766,711
	Banistmo 144A 4.25%
	7/31/27 #	1,460,000		1,570,376
	Bank Leumi Le-Israel 144A
	3.275% 1/29/31 #, µ	4,375,000		4,523,750
	Bank of America
	1.898% 7/23/31 µ	5,600,000		5,659,559
	1.922% 10/24/31 µ	2,140,000		2,168,938
	2.676% 6/19/41 µ	8,655,000		9,031,269
	2.831% 10/24/51 µ	720,000		751,053
	Bank of China 144A
	5.00% 11/13/24 #	1,120,000		1,258,369
	Bank of Georgia 144A
	6.00% 7/26/23 #	1,360,000		1,445,000
	Bank of Montreal 1.85%
	5/1/25	65,000		68,268
	Bank of New York Mellon
	4.70% µ, ψ	4,870,000		5,382,811
	Barclays 5.20% 5/12/26	5,663,000		6,608,551
	BBVA Bancomer
	144A 1.875%
	9/18/25 #	785,000		793,831
	144A 5.125%
	1/18/33 #, µ	590,000		636,610
	144A 6.75% 9/30/22 #	610,000		660,020
	BBVA USA
	2.875% 6/29/22	3,505,000		3,633,385
	3.875% 4/10/25	2,530,000		2,838,243
	BDO Unibank 2.125%
	1/13/26	1,465,000		1,510,589
	BOC Aviation 144A
	2.625% 9/17/30 #	1,075,000		1,088,481
	Citizens Financial Group
	5.65% µ, ψ	2,015,000		2,267,278
	Credit Suisse Group
	144A 2.593%
	9/11/25 #, µ	3,660,000		3,852,702
	144A 4.194% 4/1/31 #,
	µ	3,035,000		3,572,175
	144A 4.50% #, µ, ψ	1,565,000		1,576,581
	144A 5.25% #, µ, ψ	1,670,000		1,770,200
	144A 6.25% #, µ, ψ	8,870,000		9,728,731
	144A 7.25% #, µ, ψ	2,585,000		2,910,525
	DBS Group Holdings 144A
	4.52% 12/11/28 #, µ	1,175,000		1,286,865
	Deutsche Bank
	2.222% 9/18/24 µ	2,670,000		2,748,344
	3.547% 9/18/31 µ	5,030,000		5,466,021
	Development Bank of
	Mongolia 144A 7.25%
	10/23/23 #	1,520,000		1,631,856
	Emirates NBD Bank
	2.625% 2/18/25	930,000		981,615
	Fifth Third Bancorp
	2.55% 5/5/27	3,205,000		3,491,709
	3.65% 1/25/24	820,000		894,700
	3.95% 3/14/28	2,985,000		3,510,104
	ICICI Bank 144A 4.00%
	3/18/26 #	1,180,000		1,289,280
	JPMorgan Chase & Co.
	2.522% 4/22/31 µ	2,905,000		3,124,643
	3.109% 4/22/41 µ	1,290,000		1,444,107
	3.109% 4/22/51 µ	1,935,000		2,154,575
	3.702% 5/6/30 µ	230,000		266,874
	4.023% 12/5/24 µ	8,915,000		9,824,389
	4.60% µ, ψ	2,405,000		2,486,169
	5.00% µ, ψ	2,495,000		2,626,962
	Morgan Stanley
	1.794% 2/13/32 µ	175,000		176,138
	2.188% 4/28/26 µ	6,680,000		7,060,120
	5.00% 11/24/25	6,125,000		7,332,057
	Natwest Group 8.625%
	µ, ψ	6,095,000		6,339,592
	PNC Bank
	2.70% 11/1/22	490,000		510,641
	4.05% 7/26/28	4,705,000		5,576,500

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	PNC Financial Services
	Group 2.60% 7/23/26	5,655,000	$	6,211,424
	Popular 6.125% 9/14/23	680,000		736,879
	QNB Finance
	2.625% 5/12/25	1,410,000		1,487,738
	3.50% 3/28/24	1,175,000		1,262,957
	Shinhan Financial Group
	144A 3.34%
	2/5/30 #, µ	890,000		945,334
	Truist Bank
	2.25% 3/11/30	4,195,000		4,404,156
	2.636% 9/17/29 µ	10,165,000		10,758,104
	Truist Financial 4.95%
	µ, ψ	2,750,000		3,031,902
	UBS Group
	144A 1.364%
	1/30/27 #, µ	760,000		768,892
	144A 4.125%
	9/24/25 #	5,765,000		6,607,053
	6.875% µ, ψ	5,110,000		5,170,783
	7.125% µ, ψ	785,000		809,531
	US Bancorp
	1.45% 5/12/25	2,975,000		3,090,045
	3.10% 4/27/26	195,000		217,289
	3.375% 2/5/24	4,245,000		4,623,267
	3.60% 9/11/24	2,640,000		2,921,087
	3.95% 11/17/25	4,130,000		4,772,712
	US Bank 3.40% 7/24/23	2,360,000		2,536,403
	USB Capital IX 3.50%
	(LIBOR03M + 1.02%)
	ψ, ●	2,470,000		2,432,950
	Wells Fargo & Co. 3.068%
	4/30/41 µ	1,325,000		1,443,506
	Woori Bank 144A 4.75%
	4/30/24 #	1,250,000		1,393,576
				221,122,117
Banks — 0.15%
	Morgan Stanley 1.433%
	LIBOR03M + 1.22%
	5/8/24 ●	3,945,000		4,022,445
				4,022,445
Basic Industry — 4.40%
	AngloGold Ashanti
	Holdings 3.75%
	10/1/30	1,105,000		1,189,495
	Avient 144A 5.75%
	5/15/25 #	3,214,000		3,418,892
	Bioceanico Sovereign
	Certificate 144A
	2.884% 6/5/34 #, ^	1,421,989		1,095,643
	Chemours 7.00% 5/15/25	2,306,000		2,392,636
	Corp Nacional del Cobre
	de Chile
	144A 3.15% 1/14/30 #	5,270,000		5,756,764
	144A 4.25% 7/17/42 #	200,000		234,570
	CSN Inova Ventures 144A
	6.75% 1/28/28 #	640,000		693,760
	CSN Islands XII 144A
	7.00% #, ψ	545,000		541,417
	Equate Petrochemical
	144A 4.25% 11/3/26 #	820,000		916,379
	First Quantum Minerals
	144A 6.875%
	10/15/27 #	670,000		727,787
	144A 7.50% 4/1/25 #	4,595,000		4,790,287
	Freeport-McMoRan
	4.125% 3/1/28	2,445,000		2,568,778
	4.25% 3/1/30	2,451,000		2,643,256
	4.625% 8/1/30	1,345,000		1,478,525
	5.45% 3/15/43	3,255,000		4,058,529
	Fresnillo 144A 4.25%
	10/2/50 #	700,000		769,825
	Georgia-Pacific
	144A 1.75% 9/30/25 #	1,770,000		1,851,382
	144A 2.10% 4/30/27 #	1,405,000		1,484,024
	144A 2.30% 4/30/30 #	3,765,000		4,028,177
	8.00% 1/15/24	5,305,000		6,477,598
	Gold Fields Orogen
	Holdings BVI 144A
	6.125% 5/15/29 #	1,755,000		2,136,712
	Hudbay Minerals
	144A 6.125% 4/1/29 #	400,000		432,000
	144A 7.625%
	1/15/25 #	2,030,000		2,112,469
	ICL Group 144A 6.375%
	5/31/38 #	2,630,000		3,484,750
	Indika Energy Capital IV
	144A 8.25%
	10/22/25 #	730,000		791,299
	Inversiones CMPC 144A
	4.75% 9/15/24 #	1,075,000		1,192,245
	Klabin Austria 144A
	7.00% 4/3/49 #	1,010,000		1,295,335
	LYB International Finance
	III 2.875% 5/1/25	5,939,000		6,478,107
	Methanex 5.25%
	12/15/29	5,515,000		5,987,056
	Metinvest
	144A 7.65% 10/1/27 #	623,000		683,742
	144A 8.50% 4/23/26 #	695,000		783,612
	Minera Mexico 144A
	4.50% 1/26/50 #	1,445,000		1,674,769

12

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Newmont
	2.25% 10/1/30	5,170,000	$	5,447,271
	2.80% 10/1/29	7,585,000		8,291,242
	Nutrition & Biosciences
	144A 3.268%
	11/15/40 #	6,330,000		6,802,468
	OCP 144A 4.50%
	10/22/25 #	1,614,000		1,762,083
	Olin
	5.00% 2/1/30	3,705,000		3,954,402
	5.625% 8/1/29	1,415,000		1,538,820
	Phosagro OAO via
	Phosagro Bond Funding
	DAC 144A 3.949%
	4/24/23 #	705,000		739,982
	PowerTeam Services 144A
	9.033% 12/4/25 #	3,210,000		3,579,503
	Sasol Financing USA
	5.875% 3/27/24	6,295,000		6,705,749
	Sociedad Quimica y Minera
	de Chile 144A 3.625%
	4/3/23 #	665,000		700,016
	Syngenta Finance
	144A 3.933%
	4/23/21 #	1,615,000		1,625,933
	144A 4.441%
	4/24/23 #	960,000		1,008,039
	Vale Overseas 3.75%
	7/8/30	3,180,000		3,540,962
	Vedanta Resources Finance
	II
	144A 9.25% 4/23/26 #	960,000		729,600
	144A 13.875%
	1/21/24 #	440,000		465,685
				121,061,575
Brokerage — 0.46%
	Banco BTG Pactual 144A
	4.50% 1/10/25 #	970,000		1,037,909
	Charles Schwab
	4.00% µ, ψ	1,570,000		1,660,275
	5.375% µ, ψ	4,755,000		5,307,769
	Jefferies Group
	4.15% 1/23/30	2,135,000		2,492,012
	6.45% 6/8/27	893,000		1,133,277
	6.50% 1/20/43	750,000		1,031,593
				12,662,835
Capital Goods — 2.28%
	ARD Finance PIK 144A
	6.50% 6/30/27 #, >	2,220,000		2,372,625
	Ashtead Capital 144A
	5.25% 8/1/26 #	885,000		939,206
	Boise Cascade 144A
	4.875% 7/1/30 #	3,411,000		3,698,803
	Bombardier 144A 6.00%
	10/15/22 #	685,000		674,143
	Caterpillar 2.60% 4/9/30	50,000		55,155
	Cemex 144A 7.375%
	6/5/27 #	1,020,000		1,162,035
	Covanta Holding 5.00%
	9/1/30	1,115,000		1,194,374
	General Electric
	3.45% 5/1/27	1,490,000		1,682,759
	3.625% 5/1/30	2,435,000		2,784,751
	4.35% 5/1/50	4,675,000		5,685,754
	GFL Environmental 144A
	3.75% 8/1/25 #	1,365,000		1,394,859
	Grupo Cementos de
	Chihuahua 144A 5.25%
	6/23/24 #	855,000		888,050
	HTA Group 144A 7.00%
	12/18/25 #	1,395,000		1,509,251
	Hutama Karya Persero
	144A 3.75% 5/11/30 #	4,760,000		5,338,344
	L3Harris Technologies
	2.90% 12/15/29	2,905,000		3,214,262
	3.85% 6/15/23	1,425,000		1,539,994
	Mauser Packaging
	Solutions Holding 144A
	5.50% 4/15/24 #	4,995,000		5,100,844
	Otis Worldwide
	3.112% 2/15/40	2,354,000		2,565,110
	3.362% 2/15/50	406,000		470,583
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	5,165,000		5,300,581
	Standard Industries
	144A 3.375%
	1/15/31 #	2,045,000		2,057,781
	144A 5.00% 2/15/27 #	609,000		637,547
	TransDigm
	5.50% 11/15/27	2,235,000		2,353,008
	144A 6.25% 3/15/26 #	1,583,000		1,687,882
	Turkiye Sise ve Cam
	Fabrikalari 144A 6.95%
	3/14/26 #	1,065,000		1,187,475
	United Rentals North
	America 3.875%
	2/15/31	3,160,000		3,320,923
	WESCO Distribution 144A
	7.25% 6/15/28 #	3,310,000		3,769,080
				62,585,179

13

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Communications — 7.58%
	Altice Financing 144A
	5.00% 1/15/28 #	3,540,000	$	3,631,863
	Altice France Holding
	144A 6.00% 2/15/28 #	2,400,000		2,435,004
	144A 10.50%
	5/15/27 #	3,665,000		4,120,834
	Amazon.com
	1.20% 6/3/27	1,155,000		1,179,632
	1.50% 6/3/30	1,865,000		1,895,599
	2.50% 6/3/50	1,230,000		1,276,281
	American Tower 1.875%
	10/15/30	3,255,000		3,285,772
	AT&T
	3.10% 2/1/43	1,540,000		1,562,475
	3.50% 6/1/41	3,991,000		4,309,108
	144A 3.50% 9/15/53 #	1,710,000		1,710,094
	3.65% 6/1/51	1,635,000		1,712,079
	B2W Digital 144A 4.375%
	12/20/30 #	1,370,000		1,419,663
	C&W Senior Financing
	144A 7.50%
	10/15/26 #	2,705,000		2,885,626
	Charter Communications
	Operating
	3.70% 4/1/51	4,060,000		4,224,005
	4.464% 7/23/22	5,555,000		5,857,745
	4.80% 3/1/50	1,635,000		1,954,109
	4.908% 7/23/25	760,000		883,529
	5.05% 3/30/29	5,770,000		7,017,116
	Clear Channel Worldwide
	Holdings 9.25%
	2/15/24	1,780,000		1,806,887
	Comcast
	3.20% 7/15/36	3,455,000		3,930,465
	3.70% 4/15/24	7,050,000		7,758,873
	3.75% 4/1/40	835,000		1,006,099
	Connect Finco 144A
	6.75% 10/1/26 #	3,520,000		3,796,566
	Crown Castle International
	3.80% 2/15/28	5,075,000		5,853,855
	4.30% 2/15/29	2,155,000		2,559,974
	5.25% 1/15/23	2,190,000		2,396,984
	CSC Holdings
	144A 3.375%
	2/15/31 #	1,370,000		1,346,025
	144A 4.625%
	12/1/30 #	1,680,000		1,755,827
	Digicel Group 0.5 PIK
	10.00% 4/1/24 *	745,187		668,805
	Discovery Communications
	4.125% 5/15/29	11,195,000		13,080,023
	5.20% 9/20/47	2,760,000		3,595,493
	Frontier Communications
	144A 5.875%
	10/15/27 #	2,305,000		2,496,603
	Gray Television 144A
	4.75% 10/15/30 #	885,000		899,934
	IHS Netherlands Holdco
	144A 7.125%
	3/18/25 #	1,275,000		1,341,938
	Level 3 Financing 144A
	3.625% 1/15/29 #	2,200,000		2,198,625
	Meituan 144A 3.05%
	10/28/30 #	1,450,000		1,508,870
	Millicom International
	Cellular 144A 4.50%
	4/27/31 #	760,000		821,750
	Nexstar Broadcasting 144A
	4.75% 11/1/28 #	3,840,000		4,024,800
	Ooredoo International
	Finance 144A 5.00%
	10/19/25 #	605,000		706,909
	Prosus 144A 3.832%
	2/8/51 #	1,150,000		1,129,578
	Sable International Finance
	144A 5.75% 9/7/27 #	545,000		581,684
	Sprint Spectrum 144A
	4.738% 3/20/25 #	2,130,000		2,313,638
	Telefonica Celular del
	Paraguay 144A 5.875%
	4/15/27 #	870,000		928,073
	Terrier Media Buyer 144A
	8.875% 12/15/27 #	4,411,000		4,871,398
	Time Warner Cable 7.30%
	7/1/38	5,775,000		8,568,129
	Time Warner Entertainment
	8.375% 3/15/23	2,495,000		2,917,982
	T-Mobile USA
	144A 1.50% 2/15/26 #	1,520,000		1,559,132
	144A 2.55% 2/15/31 #	1,070,000		1,124,912
	144A 3.00% 2/15/41 #	2,650,000		2,752,277
	144A 3.50% 4/15/25 #	1,750,000		1,935,465
	144A 3.75% 4/15/27 #	2,405,000		2,741,219
	144A 3.875%
	4/15/30 #	6,025,000		6,984,542
	6.50% 1/15/26	1,110,000		1,150,238
	Turk Telekomunikasyon
	144A 6.875%
	2/28/25 #	1,720,000		1,903,438

14

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Turkcell Iletisim Hizmetleri
	144A 5.80% 4/11/28 #	1,300,000	$	1,385,415
	VEON Holdings 144A
	4.00% 4/9/25 #	1,482,000		1,571,179
	Verizon Communications
	2.65% 11/20/40	655,000		662,456
	4.00% 3/22/50	650,000		788,537
	4.50% 8/10/33	12,400,000		15,638,093
	ViacomCBS
	4.375% 3/15/43	5,775,000		6,822,798
	4.95% 1/15/31	4,620,000		5,792,687
	Vmed O2 UK Financing I
	144A 4.25% 1/31/31 #	3,560,000		3,645,938
	Vodafone Group
	4.25% 9/17/50	2,090,000		2,593,584
	4.875% 6/19/49	8,605,000		11,504,602
	Zayo Group Holdings 144A
	6.125% 3/1/28 #	1,465,000		1,551,757
				208,334,590
Consumer Cyclical — 2.68%
	Allison Transmission 144A
	5.875% 6/1/29 #	2,445,000		2,711,175
	Aramark Services 144A
	5.00% 2/1/28 #	2,365,000		2,495,075
	Boyd Gaming 4.75%
	12/1/27	4,435,000		4,615,992
	Caesars Entertainment
	144A 6.25% 7/1/25 #	2,670,000		2,846,901
	Carnival 144A 7.625%
	3/1/26 #	3,339,000		3,644,068
	Ford Motor Credit 4.542%
	8/1/26	8,815,000		9,421,031
	Future Retail 144A 5.60%
	1/22/25 #	1,250,000		1,057,812
	General Motors
	5.00% 10/1/28	2,289,000		2,724,419
	5.40% 10/2/23	1,300,000		1,456,503
	6.125% 10/1/25	1,300,000		1,577,853
	General Motors Financial
	5.20% 3/20/23	2,455,000		2,692,868
	5.25% 3/1/26	5,505,000		6,494,171
	5.70% µ, ψ	2,175,000		2,403,375
	Hyundai Capital America
	144A 3.50% 11/2/26 #	955,000		1,056,213
	JD.com 3.875% 4/29/26	980,000		1,097,243
	JSM Global 144A 4.75%
	10/20/30 #	2,755,000		2,970,262
	Lowe’s
	3.00% 10/15/50	2,875,000		3,076,919
	4.05% 5/3/47	925,000		1,157,988
	MGM China Holdings
	144A 5.25% 6/18/25 #	1,055,000		1,099,521
	MGM Resorts International
	4.75% 10/15/28	2,290,000		2,458,876
	Murphy Oil USA 5.625%
	5/1/27	775,000		822,321
	Prime Security Services
	Borrower
	144A 5.75% 4/15/26 #	185,000		202,806
	144A 6.25% 1/15/28 #	4,610,000		4,955,750
	Sands China
	144A 3.80% 1/8/26 #	750,000		802,845
	144A 4.375%
	6/18/30 #	940,000		1,049,952
	Scientific Games
	International 144A
	8.25% 3/15/26 #	2,875,000		3,103,002
	Shimao Group Holdings
	5.60% 7/15/26	1,315,000		1,442,599
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	2,345,000		2,355,599
	Wynn Macau 144A
	5.625% 8/26/28 #	820,000		860,943
	Yuzhou Group Holdings
	7.70% 2/20/25	945,000		1,013,516
				73,667,598
Consumer Non-Cyclical — 4.74%
	AbbVie
	2.95% 11/21/26	5,100,000		5,645,969
	4.05% 11/21/39	6,371,000		7,707,373
	Anheuser-Busch InBev
	Worldwide
	4.15% 1/23/25	3,430,000		3,906,962
	4.50% 6/1/50	4,090,000		5,155,405
	Auna 144A 6.50%
	11/20/25 #	1,280,000		1,360,512
	BAT Capital 2.259%
	3/25/28	2,835,000		2,945,421
	BAT International Finance
	1.668% 3/25/26	2,005,000		2,053,384
	Bausch Health 144A
	6.25% 2/15/29 #	6,130,000		6,667,540
	Biogen 3.15% 5/1/50	5,985,000		6,212,246
	Centene
	3.375% 2/15/30	1,980,000		2,086,237
	144A 5.375%
	8/15/26 #	1,645,000		1,741,644

15

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Cigna
	1.127% LIBOR03M +
	0.89% 7/15/23 ●	1,770,000	$	1,790,913
	2.40% 3/15/30	1,360,000		1,450,452
	3.20% 3/15/40	1,295,000		1,422,165
	4.125% 11/15/25	3,899,000		4,492,234
	CVS Health
	1.875% 2/28/31	615,000		622,696
	3.75% 4/1/30	1,535,000		1,787,548
	4.30% 3/25/28	9,949,000		11,849,503
	4.78% 3/25/38	2,055,000		2,596,294
	5.05% 3/25/48	65,000		88,101
	DP World 144A 5.625%
	9/25/48 #	485,000		619,927
	Encompass Health
	4.50% 2/1/28	2,065,000		2,161,415
	4.75% 2/1/30	1,053,000		1,129,806
	5.75% 9/15/25	610,000		631,350
	Energizer Holdings 144A
	4.375% 3/31/29 #	2,299,000		2,384,109
	Gilead Sciences 4.15%
	3/1/47	6,535,000		7,983,209
	HCA 7.58% 9/15/25	80,000		96,800
	JBS Investments II 144A
	5.75% 1/15/28 #	845,000		905,743
	JBS USA LUX 144A 5.75%
	6/15/25 #	1,015,000		1,050,525
	Kernel Holding 144A
	6.50% 10/17/24 #	855,000		909,506
	MHP 144A 7.75%
	5/10/24 #	965,000		1,063,305
	New York and Presbyterian
	Hospital 4.063%
	8/1/56	1,630,000		2,137,185
	Pilgrim’s Pride 144A
	5.875% 9/30/27 #	3,182,000		3,455,207
	Post Holdings
	144A 4.625%
	4/15/30 #	2,147,000		2,261,242
	144A 5.75% 3/1/27 #	720,000		763,650
	Primo Water Holdings
	144A 5.50% 4/1/25 #	645,000		666,769
	Rede D’or Finance 144A
	4.50% 1/22/30 #	1,245,000		1,300,402
	Regeneron
	Pharmaceuticals 1.75%
	9/15/30	1,555,000		1,533,080
	Royalty Pharma
	144A 1.20% 9/2/25 #	1,925,000		1,956,192
	144A 1.75% 9/2/27 #	1,285,000		1,323,279
	Takeda Pharmaceutical
	2.05% 3/31/30	2,480,000		2,539,122
	3.025% 7/9/40	1,845,000		1,947,897
	3.175% 7/9/50	1,845,000		1,966,565
	Tenet Healthcare
	5.125% 5/1/25	3,982,000		4,064,587
	144A 6.125%
	10/1/28 #	2,760,000		2,885,663
	Teva Pharmaceutical
	Finance Netherlands III
	6.75% 3/1/28	2,071,000		2,346,598
	Ulker Biskuvi Sanayi 144A
	6.95% 10/30/25 #	2,005,000		2,175,064
	Universal Health Services
	144A 5.00% 6/1/26 #	485,000		502,489
	Viatris
	144A 1.65% 6/22/25 #	595,000		615,518
	144A 2.30% 6/22/27 #	495,000		527,547
	144A 2.70% 6/22/30 #	3,640,000		3,863,552
	144A 4.00% 6/22/50 #	845,000		968,152
				130,318,054
Electric — 3.61%
	Adani Electricity Mumbai
	144A 3.949%
	2/12/30 #	980,000		1,041,946
	AES Gener 144A 7.125%
	3/26/79 #, µ	1,115,000		1,240,438
	American Transmission
	Systems 144A 5.25%
	1/15/22 #	3,930,000		4,097,010
	Calpine
	144A 4.50% 2/15/28 #	896,000		933,184
	144A 5.00% 2/1/31 #	2,905,000		3,040,082
	144A 5.125%
	3/15/28 #	855,000		900,644
	CenterPoint Energy
	3.85% 2/1/24	1,645,000		1,800,782
	4.25% 11/1/28	5,198,000		6,160,305
	Centrais Eletricas
	Brasileiras
	144A 3.625% 2/4/25 #	226,000		234,760
	144A 4.625% 2/4/30 #	950,000		1,009,385
	Cikarang Listrindo 144A
	4.95% 9/14/26 #	1,190,000		1,243,550
	CLP Power Hong Kong
	Financing 2.875%
	4/26/23	545,000		569,771

16

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Comision Federal de
	Electricidad
	144A 4.75% 2/23/27 #	2,366,000	$	2,693,833
	144A 4.875%
	1/15/24 #	251,000		278,900
	Duke Energy 4.875% µ, ψ	4,665,000		5,063,064
	Duke Energy Indiana
	3.25% 10/1/49	2,480,000		2,808,893
	Engie Energia Chile 144A
	4.50% 1/29/25 #	710,000		788,686
	Entergy Arkansas 4.20%
	4/1/49	1,930,000		2,498,710
	Entergy Louisiana 4.95%
	1/15/45	545,000		601,660
	Entergy Mississippi 3.85%
	6/1/49	3,060,000		3,724,074
	Entergy Texas 3.55%
	9/30/49	1,380,000		1,596,428
	Evergy 4.85% 6/1/21	535,000		538,672
	Evergy Kansas Central
	3.45% 4/15/50	2,250,000		2,656,841
	FirstEnergy Transmission
	144A 4.55% 4/1/49 #	1,675,000		1,956,202
	Israel Electric 144A 5.00%
	11/12/24 #	1,110,000		1,256,748
	Kallpa Generacion 144A
	4.125% 8/16/27 #	1,894,000		2,043,626
	Louisville Gas and Electric
	4.25% 4/1/49	5,265,000		6,798,187
	Mong Duong Finance
	Holdings 144A 5.125%
	5/7/29 #	1,897,000		1,997,093
	National Rural Utilities
	Cooperative Finance
	4.75% 4/30/43 µ	1,090,000		1,149,078
	Pacific Gas and Electric
	2.10% 8/1/27	925,000		940,048
	2.50% 2/1/31	1,365,000		1,368,449
	3.30% 8/1/40	2,275,000		2,273,319
	Perusahaan Listrik Negara
	144A 4.125%
	5/15/27 #	475,000		526,566
	144A 5.25% 5/15/47 #	528,000		626,628
	PG&E 5.25% 7/1/30	4,830,000		5,319,037
	Saudi Electricity Global
	Sukuk Co. 4 4.222%
	1/27/24	1,135,000		1,237,998
	Southern California Edison
	3.65% 2/1/50	3,245,000		3,689,284
	4.00% 4/1/47	1,745,000		2,049,764
	4.875% 3/1/49	4,680,000		6,181,468
	Southwestern Electric
	Power 4.10% 9/15/28	8,995,000		10,579,762
	Vistra Operations 144A
	5.50% 9/1/26 #	3,547,000		3,701,117
				99,215,992
Energy — 6.49%
	Abu Dhabi Crude Oil
	Pipeline 144A 4.60%
	11/2/47 #	780,000		971,911
	BP Capital Markets
	4.875% µ, ψ	4,840,000		5,412,088
	CNX Resources 144A
	6.00% 1/15/29 #	5,325,000		5,465,367
	Crestwood Midstream
	Partners 6.25% 4/1/23	1,030,000		1,034,506
	Ecopetrol
	5.375% 6/26/26	665,000		766,758
	6.875% 4/29/30	605,000		781,962
	Energy Transfer Operating
	5.25% 4/15/29	3,485,000		4,069,849
	6.25% 4/15/49	8,940,000		10,813,857
	EnfraGen Energia Sur 144A
	5.375% 12/30/30 #	3,640,000		3,785,600
	Enterprise Products
	Operating 3.20%
	2/15/52	8,295,000		8,459,163
	Equinor 1.75% 1/22/26	1,235,000		1,297,664
	Galaxy Pipeline Assets
	Bidco
	144A 1.75% 9/30/27 #	2,630,000		2,676,065
	144A 2.625%
	3/31/36 #	3,945,000		4,102,631
	Gazprom via Gaz Finance
	144A 3.25% 2/25/30 #	1,055,000		1,092,957
	Geopark
	144A 5.50% 1/17/27 #	1,195,000		1,197,999
	144A 6.50% 9/21/24 #	330,000		343,200
	Greenko Solar Mauritius
	144A 5.95% 7/29/26 #	1,185,000		1,285,822
	India Green Energy
	Holdings 144A 5.375%
	4/29/24 #	760,000		805,255
	KazMunayGas National
	JSC 144A 6.375%
	10/24/48 #	481,000		693,099
	KazTransGas JSC 144A
	4.375% 9/26/27 #	4,507,000		5,194,092
	Lukoil Securities 144A
	3.875% 5/6/30 #	4,025,000		4,359,598
	Marathon Oil 4.40%
	7/15/27	14,575,000		16,205,009

17

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	MPLX
	1.75% 3/1/26	1,290,000	$	1,335,688
	2.65% 8/15/30	1,240,000		1,300,975
	4.00% 3/15/28	720,000		828,563
	4.125% 3/1/27	3,915,000		4,517,310
	4.70% 4/15/48	1,420,000		1,686,760
	5.50% 2/15/49	4,900,000		6,452,651
	Murphy Oil 5.875%
	12/1/27	4,950,000		4,880,403
	Noble Energy 3.90%
	11/15/24	2,320,000		2,588,963
	NuStar Logistics
	5.625% 4/28/27	420,000		448,272
	6.375% 10/1/30	4,436,000		5,033,418
	Oil and Gas Holding 144A
	7.625% 11/7/24 #	404,000		454,157
	Oleoducto Central 144A
	4.00% 7/14/27 #	1,175,000		1,276,649
	ONEOK 7.50% 9/1/23	5,305,000		6,142,543
	PDC Energy 5.75%
	5/15/26	2,280,000		2,358,375
	Pertamina Persero 144A
	3.65% 7/30/29 #	410,000		458,175
	Petrobras Global Finance
	5.093% 1/15/30	4,010,000		4,486,187
	6.75% 6/3/50	880,000		1,094,500
	Petroleos Mexicanos
	5.95% 1/28/31	820,000		819,385
	6.50% 3/13/27	244,000		257,405
	6.50% 1/23/29	3,984,000		4,125,472
	6.75% 9/21/47	576,000		540,924
	Petronas Capital 144A
	3.50% 4/21/30 #	500,000		575,727
	Pioneer Natural Resources
	1.90% 8/15/30	3,390,000		3,360,544
	Precision Drilling 144A
	7.125% 1/15/26 #	195,000		170,344
	PTTEP Treasury Center
	144A 2.587%
	6/10/27 #	1,230,000		1,286,723
	ReNew Power 144A
	5.875% 3/5/27 #	390,000		414,609
	Sabine Pass Liquefaction
	5.625% 3/1/25	3,420,000		3,990,271
	5.75% 5/15/24	5,868,000		6,710,817
	Saudi Arabian Oil
	144A 1.625%
	11/24/25 #	580,000		594,620
	144A 3.50%
	11/24/70 #	935,000		946,644
	144A 4.25% 4/16/39 #	1,280,000		1,503,930
	Schlumberger Holdings
	144A 4.30% 5/1/29 #	4,475,000		5,232,880
	Sinopec Group Overseas
	Development 2018
	144A 2.50% 8/8/24 #	600,000		623,537
	Southwestern Energy
	7.75% 10/1/27	4,000,000		4,326,300
	Targa Resources Partners
	5.375% 2/1/27	3,105,000		3,268,587
	Tengizchevroil Finance Co
	International
	144A 2.625%
	8/15/25 #	4,536,000		4,727,855
	144A 3.25% 8/15/30 #	1,670,000		1,771,827
	Tennessee Gas Pipeline
	144A 2.90% 3/1/30 #	3,528,000		3,778,086
	Transportadora de Gas del
	Sur 144A 6.75%
	5/2/25 #	880,000		809,609
	Tullow Oil 144A 7.00%
	3/1/25 #	615,000		412,050
	UEP Penonome II 144A
	6.50% 10/1/38 #	1,025,000		1,070,377
	YPF 144A 8.50%
	6/27/29 #	1,245,000		913,830
				178,390,394
Finance Companies — 1.20%
	AerCap Ireland Capital
	DAC
	3.65% 7/21/27	5,100,000		5,559,044
	4.50% 9/15/23	860,000		932,949
	4.625% 10/15/27	1,405,000		1,592,221
	6.50% 7/15/25	2,870,000		3,432,994
	Air Lease
	2.875% 1/15/26	3,870,000		4,097,849
	3.00% 2/1/30	5,465,000		5,616,156
	3.375% 7/1/25	1,255,000		1,350,744
	Ally Financial 5.75%
	11/20/25	4,220,000		4,916,278
	Bangkok Bank 144A
	5.00% #, µ, ψ	800,000		838,440
	DAE Sukuk DIFC 144A
	3.75% 2/15/26 #	1,455,000		1,498,650
	GE Capital Funding 144A
	3.45% 5/15/25 #	2,975,000		3,285,526
				33,120,851
Insurance — 0.89%
	AIA Group 144A 3.375%
	4/7/30 #	705,000		792,920
	AssuredPartners 144A
	7.00% 8/15/25 #	1,859,000		1,932,551

18

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Insurance (continued)
	Brighthouse Financial
	5.625% 5/15/30	1,610,000	$	1,990,203
	GTCR AP Finance 144A
	8.00% 5/15/27 #	798,000		868,583
	HUB International 144A
	7.00% 5/1/26 #	2,490,000		2,606,520
	MetLife
	3.85% µ, ψ	2,875,000		3,040,313
	144A 9.25% 4/8/38 #	2,655,000		4,049,288
	Prudential Financial
	3.70% 3/13/51	3,275,000		3,973,890
	5.375% 5/15/45 µ	2,755,000		3,001,983
	USI 144A 6.875%
	5/1/25 #	2,183,000		2,244,375
				24,500,626
Natural Gas — 0.12%
	ENN Energy Holdings 144A
	2.625% 9/17/30 #	1,120,000		1,127,078
	NiSource 5.65% µ, ψ	2,080,000		2,139,800
				3,266,878
Real Estate Investment Trusts — 0.47%
	American Tower Trust #1
	144A 3.07% 3/15/23 #	3,070,000		3,135,514
	Arabian Centres Sukuk
	144A 5.375%
	11/26/24 #	810,000		824,499
	Corporate Office Properties
	5.25% 2/15/24	739,000		817,337
	CubeSmart
	3.00% 2/15/30	3,415,000		3,738,134
	3.125% 9/1/26	1,825,000		2,009,767
	Goodman HK Finance
	4.375% 6/19/24	1,010,000		1,098,594
	Kaisa Group Holdings
	9.375% 6/30/24	1,180,000		1,146,813
	MGM Growth Properties
	Operating Partnership
	5.75% 2/1/27	265,000		297,710
				13,068,368
Technology — 1.30%
	Black Knight InfoServ 144A
	3.625% 9/1/28 #	2,164,000		2,218,100
	CommScope Technologies
	144A 5.00% 3/15/27 #	3,434,000		3,406,099
	Equinix 5.375% 5/15/27	850,000		926,773
	Gartner 144A 3.75%
	10/1/30 #	2,300,000		2,417,875
	Global Payments
	2.65% 2/15/25	3,604,000		3,860,975
	2.90% 5/15/30	1,124,000		1,223,127
	3.20% 8/15/29	2,365,000		2,627,923
	Iron Mountain
	144A 4.50% 2/15/31 #	1,375,000		1,442,031
	144A 5.25% 7/15/30 #	3,350,000		3,622,188
	Microchip Technology
	144A 4.25% 9/1/25 #	1,580,000		1,671,957
	NXP
	144A 2.70% 5/1/25 #	345,000		371,550
	144A 3.40% 5/1/30 #	670,000		760,892
	144A 4.30% 6/18/29 #	739,000		881,897
	144A 4.875% 3/1/24 #	6,435,000		7,260,302
	Tencent Holdings 144A
	3.28% 4/11/24 #	1,305,000		1,391,336
	Xilinx 2.375% 6/1/30	1,565,000		1,644,696
				35,727,721
Transportation — 1.53%
	Aeropuertos Argentina
	2000 PIK 144A 9.375%
	2/1/27 #, *	1,378,118		1,198,963
	Aerovias de Mexico 144A
	7.00% 2/5/25 #, ‡	1,265,000		509,163
	ASG Finance Designated
	Activity 144A 7.875%
	12/3/24 #	1,201,000		1,038,865
	Azul Investments 144A
	5.875% 10/26/24 #	1,495,000		1,400,830
	Delta Air Lines
	144A 7.00% 5/1/25 #	11,085,000		12,805,574
	7.375% 1/15/26	3,314,000		3,788,005
	Lima Metro Line 2 Finance
	144A 4.35% 4/5/36 #	1,100,000		1,222,018
	Mileage Plus Holdings
	144A 6.50% 6/20/27 #	5,965,000		6,423,559
	Rutas 2 and 7 Finance
	144A 3.241%
	9/30/36 #, ^	1,240,000		936,200
	Southwest Airlines
	5.125% 6/15/27	4,610,000		5,488,045
	5.25% 5/4/25	4,585,000		5,313,286
	Union Pacific 3.25%
	2/5/50	1,605,000		1,829,789
				41,954,297

19

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Utilities — 0.46%
	Essential Utilities
	2.704% 4/15/30	1,345,000	$	1,459,193
	3.351% 4/15/50	1,315,000		1,462,638
	Grupo Energia Bogota
	144A 4.875%
	5/15/30 #	5,050,000		5,952,687
	Infraestructura Energetica
	Nova
	144A 3.75% 1/14/28 #	290,000		310,245
	144A 4.875%
	1/14/48 #	1,280,000		1,431,098
	Sempra Energy 4.875%
	µ, ψ	1,970,000		2,110,362
				12,726,223
Total Corporate Bonds
	(cost $1,174,361,114)			1,275,745,743
Municipal Bonds — 0.02%
	South Carolina Public
	Service Authority
	Series D 4.77% 12/1/45	340,000		455,043
Total Municipal Bonds
	(cost $382,214)			455,043
Non-Agency Asset-Backed Securities — 1.16%
	Citicorp Residential
	Mortgage Trust
	Series 2006-
	3 A5 5.083%
	11/25/36 ●	1,291,827		1,334,459
	CNH Equipment Trust
	Series 2019-B
	A2 2.55% 9/15/22	680,799		681,859
	Hardee’s Funding
	Series 2018-1A A2II
	144A 4.959%
	6/20/48 #	1,221,875		1,302,971
	HOA Funding
	Series 2014-1A
	A2 144A 4.846%
	8/20/44 #	4,287,500		4,031,794
	Mercedes-Benz Auto Lease
	Trust
	Series 2019-B
	A2 2.01% 12/15/21	326,063		326,720
	Series 2020-A
	A2 1.82% 3/15/22	639,820		641,906
	Mercedes-Benz Master
	Owner Trust
	Series 2019-AA A 144A
	0.509% (LIBOR01M +
	0.35%) 5/15/23 #, ●	5,675,000		5,680,817
	Mercedes-Benz Master
	Owner Trust
	Series 2019-BA A 144A
	2.61% 5/15/24 #	1,000,000		1,033,106
	Nissan Master Owner Trust
	Receivables
	Series 2019-B A
	0.589% (LIBOR01M +
	0.43%) 11/15/23 ●	600,000		601,490
	PFS Financing
	Series 2020-G A 144A
	0.97% 2/15/26 #	5,500,000		5,528,844
	Taco Bell Funding
	Series 2016-1A A2II
	144A 4.377%
	5/25/46 #	1,688,750		1,698,308
	Towd Point Mortgage Trust
	Series 2015-5 A1B
	144A 2.75%
	5/25/55 #, ●	216,732		218,311
	Series 2015-6 A1B
	144A 2.75%
	4/25/55 #, ●	367,337		372,977
	Series 2016-1 A1B
	144A 2.75%
	2/25/55 #, ●	174,380		176,275
	Series 2016-2 A1 144A
	3.00% 8/25/55 #, ●	255,440		259,152
	Series 2016-3 A1 144A
	2.25% 4/25/56 #, ●	296,300		299,111
	Series 2017-1 A1 144A
	2.75% 10/25/56 #, ●	361,032		370,024
	Series 2017-2 A1 144A
	2.75% 4/25/57 #, ●	204,312		208,863
	Series 2017-4 M1 144A
	3.25% 6/25/57 #, ●	1,505,000		1,622,052
	Series 2018-1 A1 144A
	3.00% 1/25/58 #, ●	413,046		429,265
	Trafigura Securitisation
	Finance
	Series 2018-1A
	A1 144A 0.889%
	(LIBOR01M + 0.73%)
	3/15/22 #, ●	3,340,000		3,338,363
	Volkswagen Auto Lease
	Trust
	Series 2020-A
	A4 0.45% 7/21/25	650,000		651,004

20

		Principal
		amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Wendy’s Funding
	Series 2018-1A A2I
	144A 3.573%
	3/15/48 #	1,139,750	$	1,174,900
Total Non-Agency Asset-Backed
	Securities
	(cost $31,752,673)			31,982,571
Non-Agency Collateralized Mortgage Obligations — 1.90%
	Chase Home Lending
	Mortgage Trust
	Series 2019-
	ATR2 A3 144A 3.50%
	7/25/49 #, ●	606,120		622,551
	Citicorp Mortgage
	Securities Trust
	Series 2006-
	3 1A9 5.75% 6/25/36	43,828		44,162
	Connecticut Avenue
	Securities Trust
	Series 2018-
	R07 1M2 144A 2.548%
	(LIBOR01M + 2.40%)
	4/25/31 #, ●	1,221,831		1,220,879
	Series 2019-
	R01 2M2 144A 2.598%
	(LIBOR01M + 2.45%)
	7/25/31 #, ●	747,206		746,732
	Series 2019-
	R02 1M2 144A 2.448%
	(LIBOR01M + 2.30%,
	Floor 2.30%)
	8/25/31 #, ●	2,683,898		2,680,483
	Galton Funding Mortgage
	Trust
	Series 2018-1 A43 144A
	3.50% 11/25/57 #, ●	248,972		250,844
	Holmes Master Issuer
	Series 2018-2A
	A2 144A 0.657%
	(LIBOR03M + 0.42%)
	10/15/54 #, ●	519,019		518,952
	JPMorgan Mortgage Trust
	Series 2014-2 B1 144A
	3.398% 6/25/29 #, ●	439,542		450,747
	Series 2014-2 B2 144A
	3.398% 6/25/29 #, ●	164,295		167,819
	Series 2014-
	IVR6 2A4 144A 2.269%
	7/25/44 #, ●	740,680		752,855
	Series 2015-1 B2 144A
	2.124% 12/25/44 #, ●	1,198,260		1,220,665
	Series 2015-4 B1 144A
	3.61% 6/25/45 #, ●	924,083		960,586
	Series 2015-4 B2 144A
	3.61% 6/25/45 #, ●	662,929		685,136
	Series 2015-5 B2 144A
	2.546% 5/25/45 #, ●	1,087,663		1,113,664
	Series 2015-6 B1 144A
	3.56% 10/25/45 #, ●	651,719		674,721
	Series 2015-6 B2 144A
	3.56% 10/25/45 #, ●	631,353		650,170
	Series 2016-4 B1 144A
	3.859% 10/25/46 #, ●	472,361		497,477
	Series 2016-4 B2 144A
	3.859% 10/25/46 #, ●	846,634		885,950
	Series 2017-1 B3 144A
	3.513% 1/25/47 #, ●	1,641,835		1,680,542
	Series 2017-2 A3 144A
	3.50% 5/25/47 #, ●	368,653		376,502
	Series 2020-1 A4 144A
	3.50% 6/25/50 #, ●	1,880,894		1,910,307
	Series 2020-2 A3 144A
	3.50% 7/25/50 #, ●	813,724		840,700
	Series 2020-5 A3 144A
	3.00% 12/25/50 #, ●	6,220,128		6,395,797
	Series 2020-7 A3 144A
	3.00% 1/25/51 #, ●	2,264,937		2,331,734
	Morgan Stanley Residential
	Mortgage Loan Trust
	Series 2020-1 A2A
	144A 2.50%
	12/25/50 #, ●	1,000,000		1,030,295
	New Residential Mortgage
	Loan Trust
	Series 2018-
	RPL1 A1 144A 3.50%
	12/25/57 #, ●	632,704		670,100
	Sequoia Mortgage Trust
	Series 2015-1 B2 144A
	3.868% 1/25/45 #, ●	601,048		615,665
	Series 2015-2 B2 144A
	3.728% 5/25/45 #, ●	4,096,817		4,222,315
	Series 2017-5 B1 144A
	3.821% 8/25/47 #, ●	3,425,188		3,636,004
	Series 2020-3 A1 144A
	3.00% 4/25/50 #, ●	1,275,414		1,312,231
	Series 2020-4 A2 144A
	2.50% 11/25/50 #, ●	1,634,968		1,703,305

21

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Silverstone Master Issuer
	Series 2018-1A 1A
	144A 0.599%
	(LIBOR03M + 0.39%)
	1/21/70 #, ●	2,240,000	$	2,237,939
	Washington Mutual
	Mortgage Pass Through
	Certificates Trust
	Series 2005-
	1 5A2 6.00%
	3/25/35 ‡, ◆	10		0
	Wells Fargo Mortgage-
	Backed Securities Trust
	Series 2006-
	AR5 2A1 4.006%
	4/25/36 ●	79,402		77,333
	Series 2007-
	AR10 2A1 3.424%
	1/25/38 ●	398,621		359,094
	Series 2020-1 A1 144A
	3.00% 12/25/49 #, ●	980,917		1,010,692
	Series 2020-3 A1 144A
	3.00% 6/25/50 #, ●	6,120,804		6,302,512
	Series 2020-4 A1 144A
	3.00% 7/25/50 #, ●	1,375,711		1,418,007
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $51,436,773)			52,275,467
Non-Agency Commercial Mortgage-Backed Securities — 7.67%
	BANK
	Series 2017-
	BNK5 A5 3.39%
	6/15/60	3,645,000		4,127,204
	Series 2017-BNK5 B
	3.896% 6/15/60 ●	1,500,000		1,675,924
	Series 2017-
	BNK7 A5 3.435%
	9/15/60	2,645,000		3,009,136
	Series 2019-
	BN20 A3 3.011%
	9/15/62	1,850,000		2,067,277
	Series 2019-
	BN21 A5 2.851%
	10/17/52	5,000,000		5,532,584
	Series 2020-
	BN25 A5 2.649%
	1/15/63	13,000,000		14,179,784
	Benchmark Mortgage Trust
	Series 2018-
	B1 A5 3.666%
	1/15/51 ●	1,270,000		1,463,302
	Series 2020-
	B17 A5 2.289%
	3/15/53	1,400,000		1,489,867
	Series 2020-
	B20 A5 2.034%
	10/15/53	10,100,000		10,509,157
	Series 2020-
	B21 A5 1.978%
	12/17/53	1,250,000		1,291,332
	Series 2020-
	B22 A5 1.973%
	1/15/54	1,800,000		1,859,834
	Cantor Commercial Real
	Estate Lending
	Series 2019-
	CF1 A5 3.786%
	5/15/52	5,060,000		5,906,347
	Series 2019-
	CF2 A5 2.874%
	11/15/52	6,500,000		7,149,189
	Series 2019-
	CF3 A4 3.006%
	1/15/53	1,500,000		1,673,617
	CD Mortgage Trust
	Series 2016-
	CD2 A3 3.248%
	11/10/49	12,150,000		13,119,898
	Series 2019-
	CD8 A4 2.912%
	8/15/57	2,650,000		2,930,677
	CFCRE Commercial
	Mortgage Trust
	Series 2011-C2 C 144A
	5.739% 12/15/47 #, ●	880,000		889,208
	Series 2016-
	C7 A3 3.839%
	12/10/54	5,695,000		6,458,190
	Citigroup Commercial
	Mortgage Trust
	Series 2014-
	GC25 A4 3.635%
	10/10/47	1,935,000		2,120,438
	Series 2015-
	GC27 A5 3.137%
	2/10/48	2,780,000		3,014,179
	Series 2016-
	P3 A4 3.329% 4/15/49	3,100,000		3,434,166
	Series 2017-
	C4 A4 3.471%
	10/12/50	1,560,000		1,773,168

22

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	Citigroup Commercial
		Mortgage Trust
		Series 2019-
		C7 A4 3.102%
		12/15/72	1,450,000	$	1,635,860
	COMM Mortgage Trust
		Series 2013-CR6 AM
		144A 3.147%
		3/10/46 #	3,050,000		3,169,941
		Series 2013-WWP
		A2 144A 3.424%
		3/10/31 #	2,540,000		2,683,087
		Series 2014-
		CR19 A5 3.796%
		8/10/47	9,707,000		10,712,616
		Series 2014-CR20 AM
		3.938% 11/10/47	7,775,000		8,426,964
		Series 2015-3BP A 144A
		3.178% 2/10/35 #	3,960,000		4,268,706
		Series 2015-
		CR23 A4 3.497%
		5/10/48	1,910,000		2,119,906
	DB-JPM Mortgage Trust
		Series 2016-
		C1 A4 3.276% 5/10/49	1,790,000		1,980,281
		Series 2016-
		C3 A5 2.89% 8/10/49	1,985,000		2,167,609
	DB-UBS Mortgage Trust
		Series 2011-LC1A C
		144A 5.565%
		11/10/46 #, ●	1,265,000		1,268,121
	GS Mortgage Securities
		Trust
		Series 2010-C1 C 144A
		5.635% 8/10/43 #, ●	1,010,000		924,565
		Series 2015-
		GC32 A4 3.764%
		7/10/48	1,240,000		1,389,659
		Series 2017-
		GS5 A4 3.674%
		3/10/50	2,980,000		3,396,101
		Series 2017-
		GS6 A3 3.433%
		5/10/50	4,410,000		4,970,641
		Series 2018-
		GS9 A4 3.992%
		3/10/51 ●	1,370,000		1,604,206
		Series 2019-
		GC39 A4 3.567%
		5/10/52	820,000		945,331
		Series 2019-
		GC42 A4 3.001%
		9/1/52	3,750,000		4,185,536
	JPM-BB Commercial
		Mortgage Securities
		Trust
		Series 2015-
		C31 A3 3.801%
		8/15/48	3,395,000		3,809,500
		Series 2015-
		C33 A4 3.77%
		12/15/48	4,710,000		5,336,273
	JPM-DB Commercial
		Mortgage Securities
		Trust
		Series 2016-
		C2 A4 3.144% 6/15/49	2,080,000		2,289,233
		Series 2017-
		C7 A5 3.409%
		10/15/50	3,425,000		3,871,788
	JPMorgan Chase
		Commercial Mortgage
		Securities Trust
		Series 2013-LC11 B
		3.499% 4/15/46	2,445,000		2,420,119
		Series 2015-
		JP1 A5 3.914%
		1/15/49	1,590,000		1,810,801
		Series 2016-
		JP2 A4 2.822%
		8/15/49	4,995,000		5,462,154
		Series 2016-JP2 AS
		3.056% 8/15/49	3,095,000		3,298,584
		Series 2016-WIKI A
		144A 2.798%
		10/5/31 #	1,610,000		1,603,296
		Series 2016-WIKI B
		144A 3.201%
		10/5/31 #	1,490,000		1,473,315
	LB-UBS Commercial
		Mortgage Trust
		Series 2006-C6 AJ
		5.492% 9/15/39 ●	984,560		568,583
	Morgan Stanley Bank of
		America Merrill Lynch
		Trust
		Series 2014-
		C17 A5 3.741%
		8/15/47	1,640,000		1,786,409
		Series 2015-
		C26 A5 3.531%
		10/15/48	1,970,000		2,186,951
		Series 2016-
		C29 A4 3.325%
		5/15/49	1,620,000		1,793,290

23

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
	Morgan Stanley Capital I
		Trust
		Series 2006-HQ10 B
		5.448% 11/12/41 ●	1,432,274	$	1,410,667
		Series 2006-T21 B 144A
		5.578% 10/12/52 #, ●	593,228		591,078
		Series 2019-
		L3 A4 3.127%
		11/15/52	2,400,000		2,676,038
	UBS Commercial Mortgage
		Trust
		Series 2012-
		C1 A3 3.40% 5/10/45	2,498,820		2,546,952
	UBS-Barclays Commercial
		Mortgage Trust
		Series 2013-C5 B 144A
		3.649% 3/10/46 #, ●	1,000,000		1,002,514
	Wells Fargo Commercial
		Mortgage Trust
		Series 2014-
		LC18 A5 3.405%
		12/15/47	1,175,000		1,289,311
		Series 2015-
		NXS3 A4 3.617%
		9/15/57	1,250,000		1,399,507
		Series 2016-
		BNK1 A3 2.652%
		8/15/49	2,575,000		2,783,951
		Series 2017-
		C38 A5 3.453%
		7/15/50	2,240,000		2,540,972
		Series 2020-
		C58 A4 2.092%
		7/15/53	1,540,000		1,603,867
	WF-RBS Commercial
		Mortgage Trust
		Series 2012-
		C10 A3 2.875%
		12/15/45	3,605,000		3,734,407
Total Non-Agency Commercial
	Mortgage-Backed Securities
	(cost $198,700,537)				210,813,168
Loan Agreements — 4.76%
	Acrisure Tranche B 3.647%
		(LIBOR01M + 3.50%)
		2/15/27 ●	874,573		861,236
	Advantage Sales &
		Marketing 1st Lien
		6.00% (LIBOR03M +
		5.25%) 10/28/27 ●	2,660,000		2,656,675
	American Airlines Tranche B
		2.159% (LIBOR01M +
		2.00%) 12/14/23 ●	845,264		764,868
	Applied Systems 1st Lien
		4.00% (LIBOR03M +
		3.00%) 9/19/24 ●	1,573,803		1,575,771
	Applied Systems 2nd Lien
		8.00% (LIBOR03M +
		7.00%) 9/19/25 ●	3,109,023		3,134,284
	Aramark Services Tranche
		B-3 1.895% (LIBOR01M
		+ 1.75%) 3/11/25 ●	979,296		969,503
	Array Technologies 5.00%
		(LIBOR03M + 4.00%)
		10/14/27 ●	400,000		393,500
	Aruba Investments
		Holdings 1st Lien 4.75%
		(LIBOR03M + 4.00%)
		11/24/27 ●	690,000		690,000
	Aruba Investments
		Holdings 2nd Lien TBD
		11/24/28 X	690,000		696,900
	AssuredPartners 3.647%
		(LIBOR01M + 3.50%)
		2/12/27 ●	307,361		303,391
	AthenaHealth Tranche B
		1st Lien 4.648%
		(LIBOR01M + 4.50%)
		2/11/26 ●	943,200		944,772
	Avantor Tranche
		B-4 3.50% (LIBOR01M
		+ 2.50%) 11/8/27 ●	1,610,000		1,614,025
	Ball Metalpack Finco 2nd
		Lien 9.75% (LIBOR03M
		+ 8.75%) 7/24/26 ●	213,000		186,907
	Bausch Health 3.148%
		(LIBOR01M + 3.00%)
		6/2/25 ●	620,445		618,797
	Berry Global Tranche W
		2.149% (LIBOR01M +
		2.00%) 10/1/22 ●	1,125,699		1,126,132
	Berry Global Tranche Y
		2.149% (LIBOR01M +
		2.00%) 7/1/26 ●	1,535,615		1,530,816
	Blue Ribbon 1st Lien
		5.00% (LIBOR02M +
		4.00%) 11/15/21 ●	874,896		830,422
	Boxer Parent 4.396%
		(LIBOR01M + 4.25%)
		10/2/25 ●	1,010,230		1,008,210
	Buckeye Partners 2.897%
		(LIBOR01M + 2.75%)
		11/1/26 ●	1,047,512		1,047,730

24

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	BWay Holding 3.479%
		(LIBOR03M + 3.25%)
		4/3/24 ●	481,113	$	466,680
	Caesars Resort Collection
		Tranche B-1 4.646%
		(LIBOR03M + 4.50%)
		7/21/25 ●	1,102,238		1,105,614
	Calpine
		2.40% (LIBOR01M +
		2.25%) 4/5/26 ●	591,000		587,676
		2.65% (LIBOR01M +
		2.50%) 12/2/27 ●	468,859		466,867
	Camelot US Acquisition I
		4.00% (LIBOR01M +
		3.00%) 10/30/26 ●	1,240,000		1,239,742
	Carnival 8.50%
		(LIBOR01M + 7.50%)
		6/30/25 ●	945,250		979,279
	Change Healthcare
		Holdings 3.50%
		(LIBOR01M + 2.50%)
		3/1/24 ●	493,464		491,853
	Charter Communications
		Operating
		Tranche B2 1.90%
		(LIBOR01M + 1.75%)
		2/1/27 ●	1,152,581		1,148,179
	Chemours Tranche
		B-2 1.90% (LIBOR01M
		+ 1.75%) 4/3/25 ●	1,817,087		1,788,014
	CityCenter Holdings
		2.397% (LIBOR01M +
		2.25%) 4/18/24 ●	1,354,432		1,339,829
	Connect US Finco 5.50%
		(LIBOR01M + 4.50%)
		12/12/26 ●	1,299,183		1,306,490
	Core & Main 3.75%
		(LIBOR03M + 2.75%)
		8/1/24 ●	1,468,371		1,465,923
	CSC Holdings
		2.409% (LIBOR01M +
		2.25%) 7/17/25 ●	781,650		773,019
		2.659% (LIBOR01M +
		2.50%) 4/15/27 ●	784,075		779,371
	DaVita Tranche
		B-1 1.897% (LIBOR01M
		+ 1.75%) 8/12/26 ●	1,620,529		1,609,499
	EFS Cogen Holdings I
		Tranche B 4.50%
		(LIBOR03M + 3.50%)
		10/1/27 ●	1,249,561		1,247,218
	Ensemble RCM 3.964%
		(LIBOR03M + 3.75%)
		8/3/26 ●	778,150		778,247
	Epicor Software Tranche B
		5.25% (LIBOR01M +
		4.25%) 7/30/27 ●	2,588,513		2,607,119
	ESH Hospitality 2.147%
		(LIBOR01M + 2.00%)
		9/18/26 ●	840,831		832,291
	ExamWorks Group Tranche
		B-1 4.25% (LIBOR03M
		+ 3.25%) 7/27/23 ●	1,960,769		1,962,914
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	2,660,000		2,686,600
	Garda World Security
		Tranche B 1st Lien
		4.99% (LIBOR03M +
		4.75%) 10/30/26 ●	383,943		385,143
	Gardner Denver Tranche
		B-1 1.897% (LIBOR01M
		+ 1.75%) 3/1/27 ●	1,487,494		1,469,698
	Gentiva Health Services
		Tranche B 3.438%
		(LIBOR01M + 3.25%)
		7/2/25 ●	1,799,839		1,796,839
	Global Medical Response
		5.75% (LIBOR03M +
		4.75%) 10/2/25 ●	3,850,000		3,834,600
	Granite US Holdings
		Tranche B 5.504%
		(LIBOR03M + 5.25%)
		9/30/26 ●	276,166		276,857
	Gray Television Tranche
		B-2 2.405% (LIBOR03M
		+ 2.25%) 2/7/24 ●	1,592,396		1,580,121
	Grupo Aeromexico
		9.00% (LIBOR03M +
		2.00%) 8/19/22 =, ●	2,500,000		2,500,000
		13.50% (LIBOR03M +
		12.50%) 8/19/22 =, ●	444,910		444,910
	Hamilton Projects Acquiror
		5.75% (LIBOR03M +
		4.75%) 6/17/27 ●	2,631,775		2,641,644
	HCA Tranche B-12 1.897%
		(LIBOR01M + 1.75%)
		3/13/25 ●	2,997,400		3,002,271
	Heartland Dental 3.646%
		(LIBOR01M + 3.50%)
		4/30/25 ●	1,601,782		1,564,073
	Hilton Worldwide Finance
		Tranche B-2 1.898%
		(LIBOR01M + 1.75%)
		6/22/26 ●	188,754		186,951
	HUB International 2.965%
		(LIBOR03M + 2.75%)
		4/25/25 ●	1,950,000		1,917,648

25

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Informatica 3.397%
		(LIBOR01M + 3.25%)
		2/25/27 ●	2,502,904	$	2,490,390
	Informatica 2nd Lien
		7.125% (LIBOR03M +
		7.125%) 2/25/25 ●	1,935,000		1,976,119
	Invictus 1st Lien 3.147%
		(LIBOR01M + 3.00%)
		3/28/25 ●	595,173		586,617
	IQVIA Tranche B-3 2.004%
		(LIBOR03M + 1.75%)
		6/11/25 ●	1,447,875		1,439,731
	Iron Mountain Information
		Management Tranche B
		1.897% (LIBOR01M +
		1.75%) 1/2/26 ●	1,924,527		1,913,301
	JBS USA LUX 2.147%
		(LIBOR01M + 2.00%)
		5/1/26 ●	383,175		380,381
	LS Group OpCo
		Acquisition 4.25%
		(LIBOR03M + 3.50%)
		11/2/27 ●	1,615,000		1,617,019
	Milano Acquisition Tranche
		B 4.75% (LIBOR03M +
		4.00%) 10/1/27 ●	2,285,000		2,290,712
	Mileage Plus Holdings
		6.25% (LIBOR03M +
		5.25%) 6/21/27 ●	2,150,000		2,244,211
	Numericable US Tranche
		B-11 2.897%
		(LIBOR01M + 2.75%)
		7/31/25 ●	860,664		843,899
	Numericable US Tranche
		B-13 4.237%
		(LIBOR03M + 4.00%)
		8/14/26 ●	347,900		347,066
	ON Semiconductor Tranche
		B-4 2.147% (LIBOR01M
		+ 2.00%) 9/19/26 ●	1,687,078		1,692,701
	Penn National Gaming
		Tranche B-1 3.00%
		(LIBOR01M + 2.25%)
		10/15/25 ●	1,251,317		1,238,335
	PG&E 5.50% (LIBOR01M
		+ 4.50%) 6/23/25 ●	2,487,500		2,521,703
	PQ 4.00% (LIBOR03M +
		3.00%) 2/7/27 ●	410,862		411,478
	PQ Tranche B 2.464%
		(LIBOR03M + 2.25%)
		2/8/27 ●	1,463,676		1,458,187
	Prestige Brands Tranche
		B-4 2.147% (LIBOR01M
		+ 2.00%) 1/26/24 ●	838,564		841,272
	Pretium PKG Holdings 1st
		Lien 4.75% (LIBOR03M
		+ 4.00%) 11/5/27 ●	1,150,000		1,151,437
	Prime Security Services
		Borrower Tranche
		B-1 4.25% (LIBOR01M
		+ 3.25%) 9/23/26 ●	826,987		829,882
	Reynolds Group Holdings
		Tranche B-2 3.397%
		(LIBOR01M + 3.25%)
		2/5/26 ●	915,000		910,710
	RP Crown Parent Tranche
		B-1 4.00% (LIBOR01M
		+ 3.00%) 2/2/26 ●	1,900,450		1,900,450
	Russell Investments US
		Institutional Holdco
		4.00% (LIBOR03M +
		3.00%) 5/30/25 ●	447,494		447,214
	Ryan Specialty Group
		4.00% (LIBOR01M +
		3.25%) 9/1/27 ●	1,147,125		1,147,125
	Scientific Games
		International Tranche
		B-5 2.897% (LIBOR01M
		+ 2.75%) 8/14/24 ●	2,427,007		2,376,950
	Sinclair Television Group
		Tranche B 2.40%
		(LIBOR01M + 2.25%)
		1/3/24 ●	1,011,310		1,002,883
	Solenis International 1st
		Lien 4.233%
		(LIBOR03M + 4.00%)
		6/26/25 ●	1,180,711		1,181,079
	Spirit Aerosystems 6.00%
		(LIBOR01M + 5.25%)
		1/15/25 ●	1,495,000		1,514,622
	SS&C Technologies Tranche
		B-3 1.897% (LIBOR01M
		+ 1.75%) 4/16/25 ●	603,304		597,554
	SS&C Technologies Tranche
		B-4 1.897% (LIBOR01M
		+ 1.75%) 4/16/25 ●	466,823		462,373
	Stars Group Holdings
		3.754% (LIBOR03M +
		3.50%) 7/10/25 ●	401,151		403,018
	Surf Holdings 1st Lien
		3.726% (LIBOR03M +
		3.50%) 3/5/27 ●	646,750		642,061
	Tecta America 4.646%
		(LIBOR01M + 4.50%)
		11/20/25 ●	487,848		473,213
	Telenet Financing Tranche
		AR 2.159% (LIBOR01M
		+ 2.00%) 4/30/28 ●	1,480,000		1,461,615

26

				Principal
				amount°	Value (US $)
Loan Agreements (continued)
	Terrier Media Buyer
		4.396% (LIBOR01M +
		4.25%) 12/17/26 ●		936,540	$	937,971
	Titan Acquisition 3.267%
		(LIBOR06M + 3.00%)
		3/28/25 ●		139,238		136,245
	Transdigm Tranche F
		2.397% (LIBOR01M +
		2.25%) 12/9/25 ●		1,758,906		1,728,125
	Ultimate Software Group
		4.75% (LIBOR03M +
		4.00%) 5/4/26 ●		6,478,763		6,524,924
	Ultimate Software Group
		1st Lien 3.896%
		(LIBOR01M + 3.75%)
		5/4/26 ●		3,975,488		3,979,464
	United Rentals (North
		America) 1.897%
		(LIBOR01M + 1.75%)
		10/31/25 ●		122,188		122,121
	USI 4.254% (LIBOR03M +
		4.00%) 12/2/26 ●		343,600		343,772
	USI Tranche B 3.22%
		(LIBOR03M + 3.00%)
		5/16/24 ●		2,847,770		2,811,877
	USIC Holdings Tranche B
		4.00% (LIBOR01M +
		3.00%) 12/8/23 ●		399,269		399,436
	Vertical Midco Tranche B
		4.567% (LIBOR06M +
		4.25%) 7/30/27 ●		2,218,871		2,231,871
	Vistra Operations 1.897%
		(LIBOR01M + 1.75%)
		12/31/25 ●		1,981,150		1,978,261
	Windstream Services
		7.25% (LIBOR01M +
		6.25%) 9/21/27 ●		226,692		222,272
	Zekelman Industries
		2.143% (LIBOR01M +
		2.00%) 1/24/27 ●		543,634		540,406
Total Loan Agreements
	(cost $129,840,937)					130,969,171
Sovereign BondsΔ — 2.59%
Albania — 0.02%
	Albania Government
		International Bond 144A
		3.50% 6/16/27 #	EUR	350,000		457,764
						457,764
Angola — 0.01%
	Angolan Government
		International Bond
		8.25% 5/9/28		353,000		339,559
						339,559
Argentina — 0.06%
	Argentine Republic
		Government
		International Bond
		0.125% 7/9/30 ~		3,814,440		1,552,477
		0.125% 7/9/35 ~		318,160		116,765
		1.00% 7/9/29		124,040		53,895
						1,723,137
Azerbaijan — 0.02%
	Republic of Azerbaijan
		International Bond 144A
		3.50% 9/1/32 #		563,000		597,484
						597,484
Bahrain — 0.03%
	Bahrain Government
		International Bond 144A
		7.375% 5/14/30 #		600,000		714,645
						714,645
Bermuda — 0.03%
	Bermuda Government
		International Bond 144A
		2.375% 8/20/30 #		700,000		735,875
						735,875
Brazil — 0.03%
	Brazilian Government
		International Bond
		3.875% 6/12/30		200,000		211,350
		4.75% 1/14/50		525,000		563,128
						774,478
Chile — 0.03%
	Chile Government
		International Bond
		3.50% 1/25/50		701,000		807,026
						807,026
Colombia — 0.05%
	Colombia Government
		International Bond
		4.00% 2/26/24		732,000		792,621
		5.00% 6/15/45		442,000		540,897
						1,333,518

27

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Sovereign Bonds (continued)
Costa Rica — 0.01%
	Costa Rica Government
	International Bond 144A
	7.158% 3/12/45 #	200,000	$	186,250
				186,250
Dominican Republic — 0.08%
	Dominican Republic
	International Bond
	144A 4.50% 1/30/30 #	544,000		592,280
	144A 4.875% 9/23/32 #	300,000		332,625
	144A 6.00% 7/19/28 #	1,176,000		1,409,730
				2,334,635
Ecuador — 0.02%
	Ecuador Government
	International Bond
	144A 0.50% 7/31/30 #,
	~	233,793		150,504
	144A 0.50% 7/31/35 #,
	~	612,686		334,686
	144A 0.50% 7/31/40 #,
	~	280,799		143,912
	144A 6.61% 7/31/30 #,
	^	66,180		31,684
				660,786
Egypt — 0.30%
	Egypt Government
	International Bond
	144A 5.577% 2/21/23 #	5,915,000		6,260,176
	144A 5.75% 5/29/24 #	475,000		509,665
	7.903% 2/21/48	316,000		344,558
	144A 8.70% 3/1/49 #	1,079,000		1,250,966
				8,365,365
El Salvador — 0.02%
	El Salvador Government
	International Bond 144A
	7.125% 1/20/50 #	609,000		546,577
				546,577
Gabon — 0.01%
	Gabon Government
	International Bond 144A
	6.625% 2/6/31 #	275,000		284,641
				284,641
Ghana — 0.02%
	Ghana Government
	International Bond 144A
	7.875% 3/26/27 #	456,000		502,830
				502,830
Guatemala — 0.02%
	Guatemala Government
	Bond 144A 4.875%
	2/13/28 #	387,000		446,501
				446,501
Honduras — 0.02%
	Honduras Government
	International Bond 144A
	5.625% 6/24/30 #	600,000		688,500
				688,500
Indonesia — 0.01%
	Indonesia Government
	International Bond 144A
	4.625% 4/15/43 #	230,000		278,481
				278,481
Ivory Coast — 0.01%
	Ivory Coast Government
	International Bond 144A
	6.125% 6/15/33 #	326,000		368,217
				368,217
Jordan — 0.01%
	Jordan Government
	International Bond 144A
	5.75% 1/31/27 #	244,000		269,639
				269,639
Kenya — 0.09%
	Kenya Government
	International Bond
	144A 6.875% 6/24/24 #	523,000		574,259
	144A 8.00% 5/22/32 #	1,585,000		1,850,795
				2,425,054
Lebanon — 0.01%
	Lebanon Government
	International Bond
	6.25% 5/27/22 ‡	1,351,000		194,801
				194,801
Mexico — 0.06%
	Mexico Government
	International Bond
	2.659% 5/24/31	1,140,000		1,169,697
	4.60% 2/10/48	378,000		444,832
				1,614,529
Mongolia — 0.03%
	Mongolia Government
	International Bond 144A
	5.625% 5/1/23 #	769,000		813,217
				813,217

28

			Principal
			amount°	Value (US $)
Sovereign Bonds (continued)
Morocco — 0.02%
	Morocco Government
	International Bond
	144A 1.375% 3/30/26 #	EUR	300,000	$	370,160
	144A 2.375%
	12/15/27 #		200,000		201,100
					571,260
Nigeria — 0.03%
	Nigeria Government
	International Bond 144A
	7.875% 2/16/32 #		852,000		939,483
					939,483
North Macedonia — 0.01%
	North Macedonia
	Government
	International Bond 144A
	3.675% 6/3/26 #	EUR	250,000		342,818
					342,818
Oman — 0.02%
	Oman Government
	International Bond 144A
	6.75% 1/17/48 #		630,000		625,688
					625,688
Panama — 0.25%
	Panama Government
	International Bond
	3.75% 3/16/25		4,598,000		5,103,297
	144A 3.75% 4/17/26 #		1,411,000		1,546,971
	4.50% 5/15/47		218,000		281,067
					6,931,335
Paraguay — 0.31%
	Paraguay Government
	International Bond
	144A 4.95% 4/28/31 #		6,500,000		7,889,375
	144A 5.40% 3/30/50 #		445,000		565,150
					8,454,525
Peru — 0.04%
	Peruvian Government
	International Bond
	2.844% 6/20/30		644,000		715,200
	5.625% 11/18/50		182,000		286,977
					1,002,177
Philippines — 0.04%
	Philippine Government
	International Bond
	2.457% 5/5/30		200,000		216,258
	5.50% 3/30/26		762,000		950,016
					1,166,274
Qatar — 0.11%
	Qatar Government
	International Bond
	144A 3.40% 4/16/25 #		320,000		353,347
	144A 4.00% 3/14/29 #		1,205,000		1,430,937
	144A 4.40% 4/16/50 #		869,000		1,134,827
					2,919,111
Republic of Vietnam — 0.01%
	Vietnam Government
	International Bond 144A
	4.80% 11/19/24 #		200,000		225,006
					225,006
Romania — 0.21%
	Romanian Government
	International Bond
	144A 2.625% 12/2/40 #	EUR	226,000		294,978
	144A 3.00% 2/14/31 #		4,540,000		4,882,112
	144A 3.375% 1/28/50 #	EUR	478,000		673,436
					5,850,526
Russia — 0.08%
	Russian Foreign Bond -
	Eurobond
	144A 4.25% 6/23/27 #		1,400,000		1,600,375
	144A 5.25% 6/23/47 #		400,000		555,025
					2,155,400
Saudi Arabia — 0.05%
	Saudi Government
	International Bond
	144A 2.90% 10/22/25 #		500,000		539,613
	144A 3.625% 3/4/28 #		730,000		819,365
					1,358,978
Senegal — 0.03%
	Senegal Government
	International Bond 144A
	6.75% 3/13/48 #		873,000		963,066
					963,066
Serbia — 0.03%
	Serbia International Bond
	144A 2.125% 12/1/30 #		210,000		208,131
	144A 3.125% 5/15/27 #	EUR	400,000		550,329
					758,460
South Africa — 0.02%
	Republic of South Africa
	Government
	International Bond
	5.75% 9/30/49		413,000		415,198
					415,198

29

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

		Principal
		amount°	Value (US $)
Sovereign Bonds (continued)
Sri Lanka — 0.02%
	Sri Lanka Government
	International Bond
	144A 6.20% 5/11/27 #	742,000	$	426,309
	144A 7.55% 3/28/30 #	200,000		115,470
				541,779
Trinidad and Tobago — 0.01%
	Trinidad & Tobago
	Government
	International Bond 144A
	4.50% 6/26/30 #	250,000		270,313
				270,313
Turkey — 0.05%
	Turkey Government
	International Bond
	5.75% 5/11/47	220,000		210,097
	7.625% 4/26/29	922,000		1,066,395
				1,276,492
Ukraine — 0.11%
	Ukraine Government
	International Bond
	144A 7.75% 9/1/26 #	1,434,000		1,623,109
	144A 9.75% 11/1/28 #	1,220,000		1,504,443
				3,127,552
Uruguay — 0.09%
	Uruguay Government
	International Bond
	4.375% 1/23/31	2,017,110		2,479,159
	4.50% 8/14/24	120,000		132,888
				2,612,047
Uzbekistan — 0.05%
	Republic of Uzbekistan
	Bond 144A 5.375%
	2/20/29 #	1,094,000		1,277,068
				1,277,068
Total Sovereign Bonds
	(cost $65,886,886)			71,248,065
Supranational Banks — 0.06%
	Banco Latinoamericano de
	Comercio Exterior
	144A 2.375%
	9/14/25 #	300,000		307,503
	Banque Ouest Africaine de
	Developpement
	144A 4.70%
	10/22/31 #	508,000		551,419
	Banque Ouest Africaine de
	Developpement
	144A 5.00% 7/27/27 #	589,000		660,775
Total Supranational Banks
	(cost $1,384,210)			1,519,697
US Treasury Obligations — 13.47%
	US Treasury Bonds
	1.375% 8/15/50	6,080,000		5,682,900
	US Treasury Inflation
	Indexed Notes
	0.125% 1/15/30	46,656,427		52,073,868
	0.125% 7/15/30	26,065,117		29,253,061
	US Treasury Notes
	0.375% 11/30/25	85,660,000		85,767,075
	0.625% 8/15/30	99,025,000		96,502,962
	0.875% 11/15/30	85,025,000		84,706,156
	US Treasury Strip Principal
	2.26% 5/15/44 ^	23,660,000		16,310,504
Total US Treasury Obligations
	(cost $364,245,530)			370,296,526
		Number
		of shares
Common Stock — 0.00%
Communications — 0.00%
	Century Communications =	2,500,000		0
Total Common Stock
	(cost $75,683)			0
Preferred Stock — 0.01%
	USB Realty 144A 1.384% (
	LIBOR03M +
	1.147%) #, ●	300,000		225,000
Total Preferred Stock
	(cost $242,036)			225,000
Short-Term Investments — 5.92%
Money Market Mutual Funds — 5.92%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%),	40,673,419		40,673,419
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%),	40,673,419		40,673,419

30

		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 0.02%)	40,673,419	$	40,673,419
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	40,673,419		40,673,419
Total Short-Term Investments
	(cost $162,693,676)			162,693,676
Total Value of
	Securities—103.32%
	(cost $2,700,204,249)		$	2,840,358,155

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $706,887,799, which represents 25.71% of the Series’ net assets. See Note 11 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.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
>	PIK. 100% of the income received was in the form of cash.
*	PIK. 100% of the income received was in the form of principal.
‡	Non-income producing security. Security is currently in default.
X	This loan will settle after December 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
=	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.”
Δ	Securities have been classified by country of origin.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at December 31, 2020.

Unfunded Loan Commitments

The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at December 31, 2020:

							Unrealized
	Principal						Appreciation
Borrower	Amount		Commitment		Value		(Depreciation)
Grupo Aeromexico 13.50%
8/19/22	$	1,586,914	$	1,586,914	$	1,586,914	$	—

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to					Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For		Date	Appreciation		Depreciation
JPMCB	EUR	(1,900,000	)	USD	2,236,429	1/22/21	$	—	$	(85,998	)

31

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
83	US Treasury 10 yr Notes	$	11,460,484		$	11,404,924		3/22/21	$	55,560	$	—		$	9,079
(21)	US Treasury 10 yr Ultra Notes		(3,283,547	)		(3,287,346	)	3/22/21		3,799		—			(4,594	)
218	US Treasury Long Bonds		37,754,875			38,101,159		3/22/21		—		(346,284	)		74,938
Total Futures Contracts					$	46,218,737			$	59,359	$	(346,284	)	$	79,423

Swap Contracts

CDS Contracts²

Counterparty/						Upfront
Reference Obligation/						Payments								Variation Margin
Termination Date/	Notional	Annual Protection				Paid			Unrealized		Unrealized			Due from
Payment Frequency	Amount3	Payments	Value			(Received)			Appreciation4		Depreciation4			(Due to) Brokers
Over-The-Counter:
Protection Purchased/
Moody’s Ratings:
JPMCB-Mexico 3.60%
WR 6/20/25-Quarterly	3,881,000	1.000%	$	(51,269	)	$	248,061		$	—	$	(299,330	)	$	—
JPMCB-Republic of
Colombia 10.375%
Baa2 12/20/25-
Quarterly	3,868,000	1.000%		(22,244	)		(12,190	)		—		(10,054	)		—
			$	(73,513	)	$	235,871		$	—	$	(309,384	)	$	—

1	See Note 8 in “Notes to Financial statements”.
2	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). 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.
3	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
4	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(2,260).

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

Summary of abbreviations:

BB – Barclays Bank

CDS – Credit Default Swap

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DB – Deutsche Bank

32

Summary of abbreviations: (continued)

DIFC – Dubai International Financial Centre

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

JPM – JPMorgan

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

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

PIK – Payment-in-kind

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

TBA – To be announced

TBD – To be determined

yr – Year

Z – US Treasury Yield Curve Rate T Note Constant Maturity 1

Summary of currencies:

EUR – European Monetary Unit

USD – US Dollar

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

33

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

December 31, 2020

Assets:
Investments, at value*	$	2,840,358,155
Cash		2,024,345
Cash collateral due from brokers		1,188,110
Foreign currencies, at valueΔ		33,574
Receivable for securities sold		4,134,431
Dividends and interest receivable		17,330,988
Receivable for series shares sold		1,908,125
Variation margin due from broker on future contracts		79,423
Upfront payments paid on over the counter credit default swap contracts		248,061
Swap payments receivable		202
Total Assets		2,867,305,414
Liabilities:
Payable for securities purchased		114,479,418
Investment management fees payable to affiliates		1,227,492
Cash collateral due to brokers		996,000
Distribution fees payable to affiliates		590,595
Other accrued expenses		323,771
Unrealized depreciation on over the counter credit default swap contracts		309,384
Unrealized depreciation on foreign currency exchange contracts		85,998
Payable for series shares redeemed		29,521
Dividend disbursing and transfer agent fees and expenses payable to affiliates		17,207
Upfront payments received on over the counter credit default swap contracts		12,190
Trustees’ fees and expenses payable to affiliates		8,530
Accounting and administration expenses payable to affiliates		7,997
Legal fees payable to affiliates		5,489
Reports and statements to shareholders expenses payable to affiliates		2,759
Total Liabilities		118,096,351
Total Net Assets	$	2,749,209,063
Net Assets Consist of:
Paid-in capital	$	2,469,746,543
Total distributable earnings (loss)		279,462,520
Total Net Assets	$	2,749,209,063
Net Asset Value
Standard Class:
Net assets	$	386,607,212
Shares of beneficial interest outstanding, unlimited authorization, no par		33,429,695
Net asset value per share	$	11.56
Service Class:
Net assets	$	2,362,601,851
Shares of beneficial interest outstanding, unlimited authorization, no par		205,965,500
Net asset value per share	$	11.47
____________________
*   Investments, at cost	$	2,700,204,249
Δ  Foreign currencies, at cost		33,811

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

34

Statement of operations
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

Year ended December 31, 2020

Investment Income:
Interest	$	77,453,919
Dividends		262,956
		77,716,875
Expenses:
Management fees		14,856,670
Distribution expenses — Service Class		6,632,424
Accounting and administration expenses		466,092
Reports and statements to shareholders expenses		374,456
Dividend disbursing and transfer agent fees and expenses		212,542
Trustees’ fees and expenses		149,355
Legal fees		141,271
Custodian fees		82,730
Audit and tax fees		54,623
Registration fees		17
Other		143,338
		23,113,518
Less expenses waived		(1,043,499	)
Less expenses paid indirectly		(8,868	)
Total operating expenses		22,061,151
Net Investment Income		55,655,724
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		87,212,525
Foreign currencies		(20,583	)
Foreign currency exchange contracts		1,391,170
Futures contracts		13,936,594
Swap contracts		247,106
Net realized gain		102,766,812
Net change in unrealized appreciation (depreciation) of:
Investments		96,029,213
Foreign currencies		13,749
Foreign currency exchange contracts		(85,998	)
Futures contracts		2,521,567
Swap contracts		(311,644	)
Net change in unrealized appreciation (depreciation)		98,166,887
Net Realized and Unrealized Gain		200,933,699
Net Increase in Net Assets Resulting from Operations	$	256,589,423

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

35

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	55,655,724		$	65,350,737
Net realized gain		102,766,812			83,911,177
Net change in unrealized appreciation (depreciation)		98,166,887			85,133,119
Net increase in net assets resulting from operations		256,589,423			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		49,638,290			37,866,692
Service Class		195,616,086			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
		308,614,758			230,505,329
Cost of shares redeemed:
Standard Class		(48,609,998	)		(44,539,571	)
Service Class		(251,895,931	)		(164,435,773	)
		(300,505,929	)		(208,975,344	)
Increase (decrease) in net assets derived from capital share transactions		8,108,829			(21,529,985	)
Net Increase in Net Assets		201,337,870			190,850,535
Net Assets:
Beginning of year		2,547,871,193			2,357,020,658
End of year	$	2,749,209,063		$	2,547,871,193

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

36

Financial highlights
Delaware VIP^® Diversified Income Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	10.71		$	9.99		$	10.54		$	10.29		$	10.29
Income (loss) from investment operations
Net investment income1		0.27			0.31			0.34			0.34			0.27
Net realized and unrealized gain (loss)		0.89			0.71			(0.56	)		0.19			0.09
Total from investment operations		1.16			1.02			(0.22	)		0.53			0.36
Less dividends and distributions from:
Net investment income		(0.31	)		(0.30	)		(0.33	)		(0.28	)		(0.36	)
Total dividends and distributions		(0.31	)		(0.30	)		(0.33	)		(0.28	)		(0.36	)
Net asset value, end of period	$	11.56		$	10.71		$	9.99		$	10.54		$	10.29
Total return2		11.04%	3		10.43%	3,4		(2.12%	)		5.22%			3.52%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	386,607		$	348,697		$	323,184		$	333,226		$	322,535
Ratio of expenses to average net assets5		0.60%			0.62%			0.65%			0.66%			0.67%
Ratio of expenses to average net assets prior to fees waived5		0.64%			0.64%			0.65%			0.66%			0.67%
Ratio of net investment income to average net assets		2.42%			2.92%			3.38%			3.22%			2.63%
Ratio of net investment income to average net assets prior to
fees waived		2.38%			2.90%			3.38%			3.22%			2.63%
Portfolio turnover		132%			171%			143%			145%			247%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
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 13 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.

37

Financial highlights
Delaware VIP^® Diversified Income Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	10.63		$	9.92		$	10.46		$	10.22		$	10.22
Income (loss) from investment operations
Net investment income1		0.23			0.27			0.31			0.31			0.25
Net realized and unrealized gain (loss)		0.88			0.71			(0.55	)		0.18			0.08
Total from investment operations		1.11			0.98			(0.24	)		0.49			0.33
Less dividends and distributions from:
Net investment income		(0.27	)		(0.27	)		(0.30	)		(0.25	)		(0.33	)
Total dividends and distributions		(0.27	)		(0.27	)		(0.30	)		(0.25	)		(0.33	)
Net asset value, end of period	$	11.47		$	10.63		$	9.92		$	10.46		$	10.22
Total return2		10.69%			10.08%	3		(2.29%	)		4.89%			3.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,362,602		$	2,199,174		$	2,033,837		$	2,185,214		$	1,914,341
Ratio of expenses to average net assets4		0.90%			0.92%			0.93%			0.91%			0.92%
Ratio of expenses to average net assets prior to fees waived4		0.94%			0.94%			0.95%			0.96%			0.97%
Ratio of net investment income to average net assets		2.12%			2.62%			3.10%			2.97%			2.38%
Ratio of net investment income to average net assets prior to
fees waived		2.08%			2.60%			3.08%			2.92%			2.33%
Portfolio turnover		132%			171%			143%			145%			247%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	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 13 in “Notes to financial statements.”
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.

38

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 (CDS) 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 (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. 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 are valued at the daily quoted settlement prices. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 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 (TBAs) — 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

39

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

1. Significant Accounting Policies (continued)

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. At December 31, 2020, the Series received $132,000 and $114,000 cash collateral for TBA trades from Citibank and JPMorgan Chase Bank, respectively, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), 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 on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date 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 year ended December 31, 2020, the Series earned $8,866 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 year ended December 31, 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

40

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 January 1, 2020 through December 31, 2020.* These expense waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $91,944 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 year ended December 31, 2020, the Series was charged $192,911 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 year ended December 31, 2020, the Series was charged $94,216 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.

41

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	1,272,370,538
Purchases of US government securities		2,143,258,320
Sales other than US government securities		966,383,017
Sales of US government securities		2,371,557,606

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	2,702,713,281
Aggregate unrealized appreciation of investments and derivatives	$	145,401,502
Aggregate unrealized depreciation of investments and derivatives		(8,438,935	)
Net unrealized appreciation of investments and derivatives	$	136,962,567

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 as follows:

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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The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of December 31, 2020:

	Level 1			Level 2			Level 3		Total
Securities
Assets:
Agency Asset-Backed Security	$	—		$	556		$	—	$	556
Agency Collateralized Mortgage
Obligations		—			47,550,766			—		47,550,766
Agency Commercial Mortgage-
Backed Securities		—			19,429,612			—		19,429,612
Agency Mortgage-Backed
Securities		—			416,639,823			—		416,639,823
Collateralized Debt Obligations		—			48,513,271			—		48,513,271
Common Stock		—			—			—		—
Corporate Bonds		—			1,275,745,743			—		1,275,745,743
Loan Agreements1		—			128,024,261			2,944,910		130,969,171
Municipal Bonds		—			455,043			—		455,043
Non-Agency Asset-Backed
Securities		—			31,982,571			—		31,982,571
Non-Agency Collateralized
Mortgage Obligations		—			52,275,467			—		52,275,467
Non-Agency Commercial
Mortgage-Backed Securities		—			210,813,168			—		210,813,168
Preferred Stock		—			225,000			—		225,000
Sovereign Bonds		—			71,248,065			—		71,248,065
Supranational Banks		—			1,519,697			—		1,519,697
US Treasury Obligations		—			370,296,526			—		370,296,526
Short-Term Investments		162,693,676			—			—		162,693,676
Total Value of Securities	$	162,693,676		$	2,674,719,569		$	2,944,910	$	2,840,358,155
Derivatives2
Assets:
Futures Contracts	$	59,359		$	—		$	—	$	59,359
Liabilities:
Foreign Currency Exchange
Contracts	$	—		$	(85,998	)	$	—	$	(85,998	)
Futures Contracts		(346,284	)		—			—		(346,284	)
Swap Contracts		—			(309,384	)		—		(309,384	)

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

	Level 1	Level 2	Level 3	Total
Loan Agreements	—	97.75%	2.25%	100.00%

² Foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year 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 year ended December 31,2020, 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.

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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Series has a significant amount of Level 3 investments at the beginning, interim, or end of the year 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 year. 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 year.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	63,360,382	$	65,074,483

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	2,469,746,543
Undistributed ordinary income		137,024,474
Undistributed long-term capital gains		5,475,479
Unrealized appreciation of investments, foreign currencies, and
derivatives		136,962,567
Net assets	$	2,749,209,063

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market of foreign currency exchange contracts, mark-to-market of futures contracts, CDS adjustment, market premium adjustment on debt instruments, market premium on callable bonds and straddle losses.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2020, $19,106,100 of capital loss carryforwards was utilized.

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6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	4,446,065		3,615,992
Service Class	17,621,747		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
	28,062,710		22,364,362
Shares redeemed:
Standard Class	(4,474,166	)	(4,329,285	)
Service Class	(23,693,787	)	(15,958,571	)
	(28,167,953	)	(20,287,856	)
Net increase (decrease)	(105,243	)	2,076,506

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

8. 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.

45

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

8. Derivatives (continued)

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 year ended December 31, 2020, the Series entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies and to facilitate or expedite the settlement of portfolio transactions.

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 December 31, 2020, the Series posted $1,188,110 cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

During the year ended December 31, 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 CDS contracts in the normal course of pursuing its investment objective. The Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Series will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

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

During the year ended December 31, 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

46

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 year ended December 31, 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, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended December 31, 2020, the Series entered into CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

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

At December 31, 2020, for bilateral derivative contracts, the Series received $750,000 in cash collateral for certain open derivatives, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

Fair values of derivative instruments as of December 31, 2020 were as follows:

	Asset Derivatives Fair Value
						Interest
Statement of Assets and	Currency			Equity		Rate			Credit
Liabilities Location	Contracts			Contracts		Contracts			Contracts			Total
Variation margin due from broker on futures
contracts*	$—			$—		$	59,359		$—			$	59,359
	Liability Derivatives Fair Value
						Interest
Statement of Assets and	Currency			Equity		Rate			Credit
Liabilities Location	Contracts			Contracts		Contracts			Contracts			Total
Unrealized depreciation on foreign currency
exchange contracts	$	(85,998	)		$—	$	—		$	—		$	(85,998	)
Variation margin due from broker on futures
contracts*		—			—		(346,284	)		—			(346,284	)
Unrealized depreciation on over the counter
credit default swap contracts		—			—		—			(309,384	)		(309,384	)
Total	$	(85,998	)		$—	$	(346,284	)	$	(309,384	)	$	(741,666	)

* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020. Only current day variation margin is reported on “Statement of assets and liabilities.”

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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

8. Derivatives (continued)

The effect of derivative instruments on the “Statement of operations” for the year ended December 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts			Total
Currency contracts		$	1,391,170		$	—		$	—		$	1,391,170
Interest rate contracts			—			13,936,594			—			13,936,594
Credit contracts			—			—			247,106			247,106
Total		$	1,391,170		$	13,936,594		$	247,106		$	15,574,870

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Futures			Swap
	Contracts				Contracts			Contracts				Total
Currency contracts		$	(85,998	)		$	—		$	—			$	(85,998	)
Interest rate contracts			—				2,521,567			—				2,521,567
Credit contracts			—				—			(311,644	)			(311,644	)
Total		$	(85,998	)		$	2,521,567		$	(311,644	)		$	2,123,925

The table below summarizes the average balance of derivative holdings by the Series during the year ended December 31, 2020:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	5,466,170	$	1,187,285
Futures contracts (average notional value)		111,151,304		76,250,025
CDS contracts (average notional value)*		5,423,158		—

* Long represents buying protection and short represents selling protection.

9. 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.”

48

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

						Gross Value of
					Gross Value of	Derivative
Counterparty					Derivative Asset	Liability	Net Position
JPMorgan Chase Bank					$—	$(395,382)	$(395,382)
			Fair Value of		Fair Value of
			Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position		Collateral Received	Received	Collateral Pledged	Pledged	Net Exposure(a)
JPMorgan Chase Bank	$(395,382	)	$—	$—	$—	$—	$(395,382)

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

10. 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. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

49

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

10. Securities Lending (continued)

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

11. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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.

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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 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.

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.”

12. 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.

13. 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 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 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.

51

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Diversified Income Series

14. 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

15. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

52

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Diversified Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Diversified Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

53

Other Series information (Unaudited)
Delaware VIP^® Diversified Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis)	100.00%
Total Distributions (Tax Basis)	100.00%

____________________

(A) is based on a percentage of the Series’ total distributions.

For the fiscal year ended December 31, 2020, certain interest income paid by the Fund has been determined to be Short-term Capital Gains, which may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended December 31, 2020, the Fund has reported maximum distributions of Short-term Capital Gains of $74,592,807.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Diversified Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Diversified Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized

54

DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a core plus bond fund. Management believes that it would be more appropriate to include the Series in the core plus bond/general bond funds category because it invests primarily in bonds allocated among all four sectors of the fixed income market. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one, consisting of the Series and all core plus bond funds underlying variable insurance products, and the other, consisting of the Series and all general bond funds underlying variable insurance products. When compared to other core plus bond funds, the Broadridge report comparison showed that the Series’ total return for the 1-, 3-, and 10-year periods was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 5-year period was in the third quartile of its Performance Universe. When compared to other core plus bond/general bond funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the first quartile of its Performance Universe. The report further showed that Series’ total return for the 3-year period was in the second quartile of its Performance Universe and the Series’ total return for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other core plus bond funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. When compared to other core plus bond/general bond funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through April 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

55

Other Series information (Unaudited)
Delaware VIP^® Diversified Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Diversified Income Series at a meeting held August 11-13, 2020 (continued)

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2020, the Series’ net assets exceeded the third breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Series and its shareholders.

56

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

57

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

58

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

59

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

60

³  David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

61

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.

(1501855)
AR-VIPDIVINC-221

Delaware VIP^® Trust

Delaware VIP Emerging Markets Series

December 31, 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

Portfolio management review	1
Performance summary	2
Disclosure of Series expenses	4
Security type / country and sector allocations	5
Schedule of investments	6
Statement of assets and liabilities	9
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	12
Notes to financial statements	14
Report of independent registered public accounting firm	23
Other Series information	24
Board of trustees / directors and officers addendum	27

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, 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 December 31, 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 Markets Series only if preceded or accompanied by the Series’ current prospectus or the summary prospectus.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP^® Emerging Markets Series (the “Series”) Standard Class shares gained 25.09%. The Series Service Class shares gained 24.69%. Both returns reflect reinvestment of all dividends. By comparison, the Series’ benchmark, the MSCI Emerging Markets Index, gained 18.31% (net) and 18.69% (gross) for the same period.

The MSCI Emerging Markets Index rose during the fiscal year ending December 31, 2020. Early in the period, emerging markets countries experienced sharp declines amid a market backdrop accented by extreme equity volatility, flight-to-safety, US dollar strength, falling oil prices, and sharp declines in economic activity. Global equity markets, however, rallied as they responded favorably to central banks’ monetary stimulus and easing COVID-19 restrictions in several countries. Reopening economies also generated optimism underpinned by a sharp recovery in commodities prices, including copper and oil.

Among countries, China contributed most to the Series’ relative performance due to favorable stock selection. Shares of white liquor companies Wuliangye Yibin Co. Ltd. and Kweichow Moutai Co. Ltd. outperformed. This was attributable to resilient pricing in the premium segment. Strong ecommerce demand benefited shares of JD.com Inc., which also outperformed.

In India, the Series’ overweight position in Reliance Industries Ltd. added to performance. Reliance further deleveraged its balance sheet through strategic stake sales of its digital and retail businesses.

In Taiwan, shares of Mediatek Inc. outperformed as growing demand for 5G products improved its profitability. Shares of Taiwan Semiconductor Manufacturing Co. Ltd. outperformed owing to the resilient demand for the company’s leading-edge technology.

The Series’ underweight position in South Africa was favorable in terms of asset allocation.

Conversely, Russia detracted most from relative performance due to the Series’ overweight allocation and unfavorable stock selection. Shares of Transneft, Rosneft Oil Co.,and Gazprom PJSC underperformed due to the weakening outlook for demand in the energy sector. We continue to believe, however, that these companies appear likely to remain highly cost-competitive and profitable.

In Mexico, a weaker macroeconomic outlook weighed on shares of Banco Santander Mexico S.A. Shares of Grupo Televisa SAB sold off as leveraged companies were more affected in the first half of 2020, while the weak economy may continue to negatively affect advertising demand. The Series’ position in Coca-Cola FEMSA SAB de CV also underperformed despite the more stable characteristics of its business. We believe that these franchises remain fundamentally sound and that valuations already reflect weakness in their business outlooks.

Among sectors, consumer staples, financials, and information technology contributed most to relative performance. In contrast, the communication services sector detracted most from relative performance due to the Series’ position in Grupo Televisa.

With COVID-19 still a focal point underpinning economic activity and policy making, markets are likely to remain volatile, in our view. Over the long term, we continue to believe that some trends will likely persist, including greater technology adoption, industry consolidation, consumption premiumization, accommodative monetary policy, and improvements in corporate governance. Our strategy remains centered on identifying individual companies that we believe possess sustainable franchises and favorable long-term growth prospects, and that trade at significant discounts to our estimates of their intrinsic value. We are particularly focused on companies that we believe could benefit from long-term changes in how people in emerging markets live and work.

Among countries, the Series currently holds overweight positions in South Korea, Russia, and Brazil. Conversely, the Series is currently underweight China, South Africa, Saudi Arabia, and Thailand. Sectors we currently favor include communication services, consumer staples, technology, and energy (largely due to the Series’ holding of Reliance Industries). The Series is most underweight to financials.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.     1

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10year	Lifetime
Standard Class shares (commenced operations on
May 1, 1997)	+25.09%	+8.90%	+15.64%	+5.09%	+8.21%
Service Class shares (commenced operations on
May 1, 2000)	+24.69%	+8.58%	+15.33%	+4.82%	+10.31%
MSCI Emerging Markets Index (gross)	+18.69%	+6.56%	+13.22%	+4.00%	—
MSCI Emerging Markets Index (net)	+18.31%	+6.17%	+12.81%	+3.63%	—

Returns reflect the reinvestment of all distributions. Please see page 3 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 1.58%, while total operating expenses for Standard Class and Service Class shares were 1.28% and 1.58%, respectively. The management fee for Standard Class and Service Class shares was 1.24%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 1.28% of the Series’ average daily net assets from April 29, 2020 through April 30, 2021.* These waivers and reimbursements may be terminated only by agreement of the Manager and the Series. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

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

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

2

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Delaware VIP Emerging Markets Series — Standard Class shares		$	10,000		$	16,437
	MSCI Emerging Markets Index (gross)		$	10,000		$	14,799
	MSCI Emerging Markets Index (net)		$	10,000		$	14,281

The graph shows a $10,000 investment in the Delaware VIP Emerging Markets Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the MSCI Emerging Markets Index for the period from December 31, 2010 through December 31, 2020. The MSCI Emerging Markets Index measures equity market performance across emerging market countries worldwide. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

3

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
		7/1/20		12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,338.50	1.28%	$	7.52
Service Class		1,000.00		1,336.50	1.58%		9.28
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,018.70	1.28%	$	6.50
Service Class		1,000.00		1,017.19	1.58%		8.01

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

4

Security type / country and sector allocations
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

As of December 31, 2020 (Unaudited)

(continues)

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
Security type / country	of net assets
Common Stock by Country		93.53%
Argentina		0.63%
Bahrain		0.09%
Brazil		6.69%
Chile		0.68%
China/Hong Kong		32.85%
India		7.06%
Indonesia		0.36%
Japan		0.47%
Malaysia		0.08%
Mexico		3.26%
Peru		0.61%
Republic of Korea		19.78%
Russia		4.52%
South Africa		0.04%
Taiwan		15.49%
Turkey		0.62%
United Kingdom		0.30%
Convertible Preferred Stock		0.04%
Preferred Stock		6.52%
Participation Notes		0.00%
Short-Term Investments		0.03%
Total Value of Securities		100.12%
Liabilities Net of Receivables and Other      Assets		(0.12%	)
Total Net Assets		100.00%
Common stock, participation notes, and preferred	Percentage
stock by sector◆	of net assets
Communication Services		17.78%
Consumer Discretionary		10.54%
Consumer Staples		12.40%
Energy		10.72%
Financials		4.30%
Healthcare		0.81%
Industrials		0.72%
Information Technology*		38.75%
Materials		2.60%
Real Estate		0.68%
Utilities		0.75%
Total		100.05%

◆

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

*

To monitor compliance with the Series’ concentration guidelines, the Information Technology sector (as disclosed herein for financial reporting purposes) is divided into various subcategories or “industries,” in this case, Electronics, Internet and Semiconductors. As of December 31, 2020, such amounts, as a percentage of total net assets, were 1.98%, 5.42%, and 31.36%, respectively. The Semiconductors sector consisted of Electronic Components-Semiconductors and Semiconductor Components-Integrated Circuits. As of December 31, 2020, such amounts, as a percentage of total net assets were 21.03%, and 10.33%, 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%.

5

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

December 31, 2020

	Number
	of shares	Value (US $)
Common Stock – 93.53%Δ
Argentina – 0.63%
Cablevision Holding GDR	262,838	$	774,130
Cresud ADR †	326,731		1,565,041
Grupo Clarin GDR Class B      144A #, †	77,680		40,680
IRSA Inversiones y           Representaciones ADR †	430,000		1,939,300
IRSA Propiedades           Comerciales ADR	19,080		174,582
			4,493,733
Bahrain – 0.09%
Aluminium Bahrain GDR 144A #	91,200		620,497
			620,497
Brazil – 6.69%
AES Tiete Energia	310,668		988,669
Arcos Dorados Holdings
Class A	276,528		1,390,936
B2W Cia Digital †	1,521,448		22,147,142
Banco Bradesco ADR	732,696		3,853,981
Banco Santander Brasil
ADR	53,466		461,946
BRF ADR †	788,900		3,313,380
Itau Unibanco Holding ADR	1,049,325		6,390,389
Rumo †	217,473		805,549
Telefonica Brasil ADR	272,891		2,415,085
TIM ADR	155,003		2,157,642
Vale	149,527		2,517,449
Vale ADR	97,965		1,641,893
			48,084,061
Chile – 0.68%
Sociedad Quimica y Minera
de Chile ADR	100,000		4,909,000
			4,909,000
China/Hong Kong – 32.85%
Alibaba Group Holding
ADR †	137,900		32,093,467
Baidu ADR †	49,719		10,751,237
BeiGene †	167,800		3,398,229
China Mobile ADR	222,333		6,345,384
China Petroleum &           Chemical ADR	31,177		1,390,494
CNOOC	2,386,000		2,209,815
iQIYI ADR †	59,542		1,040,794
JD.com ADR †	350,000		30,765,000
Kunlun Energy	3,360,900		2,904,634
Kweichow Moutai Class A	111,913		34,190,980
Ping An Insurance Group Co. of China Class H	324,000		3,970,358
Sohu.com ADR †	429,954		6,853,467
Tencent Holdings	720,000		52,380,860
Tencent Music
Entertainment Group
ADR †	159		3,059
Tianjin Development
Holdings	35,950		6,863
Tingyi Cayman Islands
Holding	1,582,000		2,701,814
Trip.com Group ADR †	120,588		4,067,433
Tsingtao Brewery Class H	797,429		8,352,358
Uni-President China      Holdings	2,800,000		2,849,680
Weibo ADR †	40,000		1,639,600
Wuliangye Yibin Class A	630,892		28,154,658
			236,070,184
India – 7.06%
Indiabulls Real Estate GDR †	44,628		50,206
Natco Pharma	185,519		2,442,399
Reliance Industries	859,880		23,363,599
Reliance Industries GDR #	452,657		24,760,338
Sify Technologies ADR †	91,200		115,824
			50,732,366
Indonesia – 0.36%
Astra International	6,029,400		2,591,563
			2,591,563
Japan – 0.47%
Renesas Electronics †	324,700		3,398,632
			3,398,632
Malaysia – 0.08%
UEM Sunrise †	4,748,132		584,295
			584,295
Mexico – 3.26%
America Movil ADR Class L	162,815		2,367,330
Banco Santander Mexico      ADR	276,900		1,426,035
Becle	1,571,000		3,955,230
Cemex ADR †	469,537		2,427,506
Coca-Cola Femsa ADR	75,784		3,493,643
Fomento Economico      Mexicano ADR	19,186		1,453,723
Grupo Financiero Banorte      Class O †	440,979		2,429,878
Grupo Lala	606,200		466,694

6

	Number
	of shares	Value (US $)
Common StockΔ (continued)
Mexico (continued)
Grupo Televisa ADR †	656,458	$	5,409,214
			23,429,253
Peru – 0.61%
Cia de Minas          Buenaventura ADR †	356,605		4,347,015
			4,347,015
Republic of Korea – 19.78%
Fila Holdings	101,760		4,103,766
LG Display ADR †	174,674		1,474,249
LG Electronics	34,353		4,277,694
LG Uplus	250,922		2,717,070
Samsung Electronics	671,359		50,134,083
Samsung Life Insurance	66,026		4,818,021
SK Hynix †	360,000		39,322,262
SK Telecom	52,491		11,535,715
SK Telecom ADR	971,935		23,792,969
			142,175,829
Russia – 4.52%
ENEL RUSSIA PJSC GDR	15,101		9,187
Etalon Group GDR #, †	354,800		613,804
Gazprom PJSC ADR	1,043,900		5,839,577
Mail.Ru Group GDR †	71,300		1,875,190
Rosneft Oil PJSC GDR	1,449,104		8,172,947
Sberbank of Russia PJSC	2,058,929		7,548,397
Surgutneftegas PJSC ADR	294,652		1,360,703
T Plus PJSC =	25,634		0
Yandex Class A †	101,902		7,090,341
			32,510,146
South Africa – 0.04%
Sun International †	210,726		177,529
Tongaat Hulett †	182,915		121,362
			298,891
Taiwan – 15.49%
Hon Hai Precision Industry	3,881,564		12,709,228
MediaTek	1,045,000		27,781,871
Taiwan Semiconductor      Manufacturing	3,756,864		70,864,044
			111,355,143
Turkey – 0.62%
Turkcell Iletisim Hizmetleri	677,165		1,466,750
Turkiye Sise ve Cam      Fabrikalari	3,008,750		2,958,962
			4,425,712
United Kingdom – 0.30%
Griffin Mining †	1,642,873		2,145,531
			2,145,531
Total Common Stock
(cost $439,516,162)			672,171,851
Convertible Preferred Stock – 0.04%
Republic of Korea – 0.04%
CJ	4,204		280,574
Total Convertible Preferred Stock
(cost $470,723)			280,574
Preferred Stock – 6.52%Δ
Brazil – 0.65%
Centrais Eletricas
Brasileiras Class B
4.94%	216,779		1,544,188
Petroleo Brasileiro ADR †	285,509		3,157,730
			4,701,918
Republic of Korea – 4.92%
CJ 3.27%	28,030		1,465,237
Samsung Electronics
1.42%	499,750		33,901,522
			35,366,759
Russia – 0.95%
Transneft PJSC 8.22%	3,606		6,844,189
			6,844,189
Total Preferred Stock
(cost $16,880,353)			46,912,866
Participation Notes – 0.00%
Lehman Indian Oil
CW 12 LEPO =	100,339		0
Lehman Oil & Natural Gas
CW 12 LEPO =	146,971		0
Total Participation Notes
(cost $4,952,197)			0
Short-Term Investments – 0.03%
Money Market Mutual Funds – 0.03%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.00%)	49,631		49,631
Fidelity Investments Money
Market Government
Portfolio – Class I
(seven-day effective
yield 0.01%)	49,631		49,631

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

	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 0.02%)	49,631	$	49,631
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	49,631		49,631
Total Short-Term Investments
(cost $198,524)			198,524
Total Value of
Securities–100.12%
(cost $462,017,959)		$	719,563,815

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 5 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $26,035,319, which represents 3.62% of the Series’ net assets. See Note 10 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.”

Summary of abbreviations:

ADR – American Depositary Receipt
GDR – Global Depositary Receipt
GS – Goldman Sachs
LEPO – Low Exercise Price Option
PJSC – Private Joint Stock Company

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

8

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

December 31, 2020

Assets:
Investments, at value*	$	719,563,815
Cash		41,316
Foreign currencies, at valueΔ		762,256
Dividends receivable		1,610,742
Receivable for series shares sold		91,684
Total Assets		722,069,813
Liabilities:
Foreign capital gains tax payable		1,681,797
Investment management fees payable to affiliates		699,957
Payable for series shares redeemed		668,040
Custodian fees payable		162,653
Distribution fees payable to affiliates		93,609
Reports and statements to shareholders expenses payable to non-affiliates		33,006
Other accrued expenses		26,656
Pricing fees payable		9,079
Audit and tax fees payable		5,260
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,442
Accounting and administration expenses payable to affiliates		2,316
Trustees’ fees and expenses payable to affiliates		2,093
Legal fees payable to affiliates		1,147
Reports and statements to shareholders expenses payable to affiliates		722
Total Liabilities		3,390,777
Total Net Assets	$	718,679,036
Net Assets Consist of:
Paid-in capital	$	458,252,059
Total distributable earnings (loss)		260,426,977
Total Net Assets	$	718,679,036
Net Asset Value
Standard Class:
Net assets	$	339,347,835
Shares of beneficial interest outstanding, unlimited authorization, no par		11,534,099
Net asset value per share	$	29.42
Service Class:
Net assets	$	379,331,201
Shares of beneficial interest outstanding, unlimited authorization, no par		12,941,856
Net asset value per share	$	29.31

____________________

*	Investments, at cost	$	462,017,959
Δ	Foreign currencies, at cost		754,126

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

9

Statement of operations
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	12,911,586
	Foreign tax withheld		(2,076,539	)
			10,835,047
Expenses:
	Management fees		7,814,868
	Distribution expenses — Service Class		983,070
	Custodian fees		317,625
	Accounting and administration expenses		142,917
	Reports and statements to shareholders expenses		77,691
	Dividend disbursing and transfer agent fees and expenses		52,289
	Audit and tax fees		46,395
	Legal fees		38,726
	Trustees’ fees and expenses		35,915
	Registration fees		17
	Other		26,457
			9,535,970
	Less expenses waived		(491,111	)
	Less expenses paid indirectly		(4	)
	Total operating expenses		9,044,855
Net Investment Income			1,790,192
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments1		12,516,592
	Foreign currencies		(16,039	)
	Foreign currency exchange contracts		(36,798	)
	Net realized gain		12,463,755
	Net change in unrealized appreciation (depreciation) of:
	Investments1		134,254,174
	Foreign currencies		8,680
	Net change in unrealized appreciation (depreciation)		134,262,854
Net Realized and Unrealized Gain			146,726,609
Net Increase in Net Assets Resulting from Operations		$	148,516,801

¹  Includes $(405,553) capital gains tax paid and $(1,681,797) capital gains tax accrued.

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

10

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	1,790,192		$	4,376,258
Net realized gain		12,463,755			12,238,870
Net change in unrealized appreciation (depreciation)		134,262,854			110,762,472
Net increase in net assets resulting from operations		148,516,801			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		32,698,341			70,533,764
Service Class		22,978,468			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
		71,721,472			110,728,989
Cost of shares redeemed:
Standard Class		(92,309,163	)		(36,839,690	)
Service Class		(79,894,429	)		(57,751,699	)
		(172,203,592	)		(94,591,389	)
Increase (decrease) in net assets derived from capital share transactions		(100,482,120	)		16,137,600
Net Increase in Net Assets		31,990,018			126,567,407
Net Assets:
Beginning of year		686,689,018			560,121,611
End of year	$	718,679,036		$	686,689,018

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

11

Financial highlights
Delaware VIP^® Emerging Markets Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	24.27		$	20.36		$	25.06		$	17.94		$	16.27
Income (loss) from investment operations
Net investment income1		0.10			0.19			0.16			0.53			0.09
Net realized and unrealized gain (loss)		5.65			4.35			(3.98	)		6.72			2.15
Total from investment operations		5.75			4.54			(3.82	)		7.25			2.24
Less dividends and distributions from:
Net investment income		(0.18	)		(0.15	)		(0.80	)		(0.13	)		(0.19	)
Net realized gain		(0.42	)		(0.48	)		(0.08	)		—			(0.38	)
Total dividends and distributions		(0.60	)		(0.63	)		(0.88	)		(0.13	)		(0.57	)
Net asset value, end of period	$	29.42		$	24.27		$	20.36		$	25.06		$	17.94
Total return2		25.09%	3		22.63%	3		(15.81%	)		40.55%	3		13.93%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	339,348		$	328,524		$	236,592		$	291,019		$	196,918
Ratio of expenses to average net assets4		1.28%			1.30%			1.34%			1.36%			1.37%
Ratio of expenses to average net assets prior to fees waived4		1.36%			1.34%			1.34%			1.38%			1.40%
Ratio of net investment income to average net assets		0.44%			0.86%			0.71%			2.40%			0.53%
Ratio of net investment income to average net assets prior to
fees waived		0.36%			0.82%			0.71%			2.38%			0.50%
Portfolio turnover		3%			20%			11%			6%			8%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
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.

12

Delaware VIP^® Emerging Markets Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	24.17		$	20.28		$	24.97		$	17.88		$	16.21
Income (loss) from investment operations
Net investment income1		0.03			0.12			0.10			0.48			0.05
Net realized and unrealized gain (loss)		5.64			4.34			(3.97	)		6.69			2.14
Total from investment operations		5.67			4.46			(3.87	)		7.17			2.19
Less dividends and distributions from:
Net investment income		(0.11	)		(0.09	)		(0.74	)		(0.08	)		(0.14	)
Net realized gain		(0.42	)		(0.48	)		(0.08	)		—			(0.38	)
Total dividends and distributions		(0.53	)		(0.57	)		(0.82	)		(0.08	)		(0.52	)
Net asset value, end of period	$	29.31		$	24.17		$	20.28		$	24.97		$	17.88
Total return2		24.69%			22.25%			(16.03%	)		40.22%			13.68%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	379,331		$	358,165		$	323,530		$	386,207		$	310,258
Ratio of expenses to average net assets3		1.58%			1.60%			1.62%			1.61%			1.62%
Ratio of expenses to average net assets prior to fees waived3		1.66%			1.64%			1.64%			1.68%			1.70%
Ratio of net investment income to average net assets		0.14%			0.56%			0.43%			2.15%			0.28%
Ratio of net investment income to average net assets prior to
fees waived		0.06%			0.52%			0.41%			2.08%			0.20%
Portfolio turnover		3%			20%			11%			6%			8%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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, 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). Foreign 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 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 gains and losses are included on the “Statement of operations” under

14

“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 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. There were no such earnings credits for the year ended December 31, 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 year ended December 31, 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 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 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 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 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

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

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

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 year ended December 31, 2020, the Series was charged $25,528 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 year ended December 31, 2020, the Series was charged $47,280 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 year ended December 31, 2020, the Series was charged $23,230 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 year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	17,464,229
Sales		140,227,640

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	463,734,491
Aggregate unrealized appreciation of investments	$	368,373,200
Aggregate unrealized depreciation of investments		(112,543,876	)
Net unrealized appreciation of investments	$	255,829,324

16

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 as follows:

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 December 31, 2020:

		Level 1		Level 2		Level 3			Total
Securities
Assets:
Common Stock
	Argentina	$	3,678,923	$	814,810		$	—	$	4,493,733
	Bahrain		—		620,497			—		620,497
	Brazil		48,084,061		—			—		48,084,061
	Chile		4,909,000		—			—		4,909,000
	China/Hong Kong		236,070,184		—			—		236,070,184
	India		50,682,160		50,206			—		50,732,366
	Indonesia		—		2,591,563			—		2,591,563
	Japan		—		3,398,632			—		3,398,632
	Malaysia		584,295		—			—		584,295
	Mexico		23,429,253		—			—		23,429,253
	Peru		4,347,015		—			—		4,347,015
	Republic of Korea		25,267,218		116,908,611			—		142,175,829
	Russia		24,338,758		8,171,388			—		32,510,146
	South Africa		298,891		—			—		298,891
	Taiwan		111,355,143		—			—		111,355,143
	Turkey		4,425,712		—			—		4,425,712
	United Kingdom		2,145,531		—			—		2,145,531
Convertible Preferred Stock			—		280,574			—		280,574
Participation Notes			—		—			—		—

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

3. Investments (continued)

	Level 1		Level 2		Level 3			Total
Preferred Stock1	$	4,701,918	$	42,210,948		$	—	$	46,912,866
Short-Term Investments		198,524		—			—		198,524
Total Value of Securities	$	544,516,586	$	175,047,229		$	—	$	719,563,815

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

	Level 1	Level 2	Level 3	Total
Preferred Stock	10.02%	89.98%	—	100.00%

As a result of utilizing international fair value pricing at December 31, 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 year ended December 31, 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. 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 year.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	4,294,552	$	4,437,571
Long-term capital gains		11,750,111		12,510,222
Total	$	16,044,663	$	16,947,793

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	458,252,059
Undistributed ordinary income		1,307,910
Undistributed long-term capital gains		3,289,743
Unrealized appreciation (depreciation) of investments and foreign
currencies		255,829,324
Net assets	$	718,679,036

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

18

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	1,432,267		3,214,805
Service Class	1,059,365		1,082,423
Shares issued upon reinvestment of dividends and distributions:
Standard Class	432,399		373,662
Service Class	410,931		394,098
	3,334,962		5,064,988
Shares redeemed:
Standard Class	(3,864,536	)	(1,672,952	)
Service Class	(3,347,167	)	(2,612,730	)
	(7,211,703	)	(4,285,682	)
Net increase (decrease)	(3,876,741	)	779,306

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

8. 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 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

8. Derivatives (continued)

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 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 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 were outstanding at December 31, 2020.

During the year ended December 31, 2020, the Series entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the year ended December 31, 2020, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of operations.”

The table below summarizes the average balance of derivative holdings by the Series during the year ended December 31, 2020:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	1,318	$	82,550

9. 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. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

20

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 year ended December 31, 2020, the Series had no securities out on loan.

10. 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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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.”

11. 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.

12. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Emerging Markets Series

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

22

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Emerging Markets Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Emerging Markets Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

23

Other Series information (Unaudited)
Delaware VIP^® Emerging Markets Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	73.23	%
(B) Ordinary Income Distributions (Tax Basis)	26.77	%
Total Distributions (Tax Basis)	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

The Series intends to pass through foreign tax credits in the maximum amount of $2,223,716. The gross foreign source income earned during the fiscal year ended December 31, 2020 by the Series was $12,908,624.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIPEmerging Markets Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIPEmerging Markets Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

24

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all emerging markets funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through April 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

25

Other Series information (Unaudited)
Delaware VIP^® Emerging Markets Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIPEmerging Markets Series at a meeting held August 11-13, 2020 (continued)

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

26

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

28

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

29

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

30

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

31

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.

(1501855)
AR-VIPEM-221

Delaware VIP^® Trust

Delaware VIP High Yield Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	19
Report of independent registered public accounting firm	28
Other Series information	29
Board of trustees / directors and officers addendum	32

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP High Yield Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP High Yield Series (the “Series”) Standard Class shares gained 7.24% and Service Class shares gained 6.89%. Both figures represent all distributions reinvested. For the same period, the Series’ benchmark, the ICE BofA US High Yield Constrained Index, gained 6.07%.

The first quarter of the Series’ fiscal year presented a relatively benign market environment compared with the tumultuous months that followed. As 2020 began, high yield investors found themselves digesting the up-and-down progress of US-China trade negotiations. Abroad, oil prices were disrupted following the bombing of refineries in Saudi Arabia. Domestically, concerns over weakening manufacturing and an inverted yield curve seemed to be resolved as the US Federal Reserve cut interest rates by 25 basis points and unemployment reached record lows. High yield bonds benefited in January, showing modest coupon-driven gains. (A basis point equals one hundredth of a percentage point.)

The positive news ended abruptly in February amid reports that a novel coronavirus was spreading widely outside of China. Over the ensuing four weeks, large swaths of the US economy were shuttered. Some high yield bond prices plunged 20% or more, and spreads widened to nearly 1,100 basis points over Treasurys. In late March, both Congress and the Fed stepped in with unprecedented amounts of fiscal and monetary relief for an economy in need of life support. Investors responded as intended and the pandemic-induced selloff in virtually all risk assets abated almost as abruptly it had begun.

As part of its monetary rescue package, the Fed pledged to be an available lender of last resort to certain investors in sub-investment-grade credit. This was unprecedented, and some investors interpreted it as a promise to backstop the entire sector if needed. As the economy reopened during the second half of the Series’ fiscal year, high yield spreads fell roughly 700 basis points, to stand a mere 40 basis points above January’s pre-COVID-19 level.

In part, inflows of $35 billion, the vast majority of which materialized after the government’s economic resuscitation efforts in March, powered the rally in high yield. Notably, some of the late-period demand for BB-rated securities originated from investors not generally considered buyers of high yield. We were not surprised, considering that the yields on Treasurys, the traditional flight-to-quality instruments, were 0.11% (3-month), 0.17% (1-year), and 0.70% (10-year) on March 31, 2020. At these levels, the relatively sound fundamentals of companies in the top tier of the high yield universe seemed to represent favorable value for investors. Issuing companies also benefited as low rates and tightening spreads encouraged them to build cash reserves and refinance existing debt.

The volatile environment for financial assets sparked sudden shifts in leadership among the various credit tiers of the high yield market. BB-rated debt outperformed during the selloff that began in February, and CCC-rated bonds led the rebound during the risk-on rally in June and August. By fiscal year end, however, investor appetite for risk had increased with the introduction of vaccines with high efficacy rates and with more clarity around potential stimulus due to the election results. As such, CCC-rated securities significantly outperformed in November and December.

Among industry groups, energy – representing about 12% of the high yield universe – was a major laggard. A price war between Russia and Saudi Arabia dovetailed with the catastrophic collapse in worldwide demand to produce a precipitous drop in oil prices that pressured highly levered producers. Predictably, COVID-19 also affected industries such as leisure, retail, and airlines, which underperformed. Outperforming groups included interest-rate-sensitive sectors such as automotive and homebuilders; technology, which rode a powerful wave of investor interest in companies deemed well adapted to a stay-at-home economy, and traditional defensive sectors such as healthcare, financials, insurance, and consumer staples.

The Series retained an overweight position in defensive sectors relative to the benchmark during much of the fiscal year. This reflected both our usual fundamentals-driven approach to risk taking and our ability to make what we viewed as an opportunistic move in response to modestly extended valuations in many sectors of the high yield market. As the pandemic gripped investor sentiment in March, we sold select names that we deemed to be particularly vulnerable to economic fallout from COVID-related changes in consumer demand. Those liquidations temporarily raised the Series’ cash position to roughly 6% of assets, an unusually high allocation for the Series.

Counterintuitively, the securities that investors liquidated in the early stages of the pandemic were in the higher-quality segment of the market. Lower-rated credits became seemingly so illiquid as to be virtually untradable at anything other than fire-sale prices. However, after the Fed injected liquidity into the financial system in late March, we deployed the Series’ excess cash into bonds that we believed were targets of

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP High Yield Series

liquidity-based selling. This tactic played out favorably over the remainder of the fiscal year. In effect, the Series’ cash positioning allowed us to buy when others were selling and to sell when others were buying.

At the sector level, the Series’ allocation to telecommunications, technology, and transportation companies outperformed the benchmark because of strong security selection within all three sectors. Conversely, the Series’ underweight to the retail and automotive sectors detracted from performance relative to the benchmark. The Series also lagged the benchmark within the homebuilder sector because of poor credit selection.

Among individual holdings, BMC Software Inc. and Sprint Corp. contributed to outperformance. Both companies continued to exhibit solid credit profiles even in the face of a fast-weakening economy. These companies enjoyed the additional benefit of operating in defensive sectors of the high yield market (technology and telecommunications, respectively), which risk-averse investors tend to prefer. The Series’ position in mining company Freeport-McMoRan Inc. also outperformed on soaring gold and copper prices.

The Series’ positions in energy-related businesses Summit Midstream Partners LP, Oasis Petroleum Inc.,and Chesapeake Energy Corp. detracted from relative performance. As noted previously, the steep drop in crude oil prices earlier in the calendar year affected the balance sheets of many lower-quality, highly levered companies in the oil and gas industry.

As of fiscal year end, the magnitude of the pandemic and its short- and long-term effects on global economies is still very much uncertain, despite the underlying support provided by the relief package passed by the US Congress. However, we think the enthusiasm surrounding additional stimulus and vaccine rollouts have bolstered investor risk appetites heading into 2021. As such, the high yield market has continued to see steady inflows into the asset class as investors search for yield and convexity (a risk-management tool used to measure and manage a portfolio’s exposure to market risk). Despite the recent market exuberance, we remain disciplined in our approach to adding risk, since we believe the high yield market could experience bouts of volatility as the impact on revenues, cash flows, and balance sheets are assessed in the coming quarters. We will continue to underpin our disciplined approach to adding risk by our fundamental bottom-up (bond-by-bond) approach to portfolio construction, with a keen eye toward operational execution and balance sheet strength.

2

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP High Yield Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
July 28, 1988)	+7.24%	+6.05%	+7.73%	+5.94%	+6.77%
Service Class shares (commenced operations on
May 1, 2000)	+6.89%	+5.73%	+7.44%	+5.67%	+6.11%
ICE BofA US High Yield Constrained Index	+6.07%	+5.85%	+8.42%	+6.61%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 1.04%, while total operating expenses for Standard Class and Service Class shares were 0.74% and 1.04%, respectively. The management fee for Standard Class and Service Class shares was 0.65%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.74% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Prior to April 30, 2019, the waiver was 0.75% of the Series’ average daily net assets. These waivers and reimbursements may be terminated only by agreement of the Manager and the Series. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Series to obtain precise valuations of the high yield securities in its portfolio.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP High Yield Series

The Series may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

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

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 Investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	ICE BofA US High Yield Constrained Index	$10,000	$18,791
	Delaware VIP High Yield Series — Standard Class shares	$10,000	$17,802

The graph shows a $10,000 investment in the Delaware VIP High Yield Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the ICE BofA US High Yield Constrained Index for the period from December 31, 2010 through December 31, 2020. The ICE BofA US High Yield Constrained Index tracks the performance of US dollar-denominated high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

4

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			7/1/20 to
	7/1/20		12/31/20		Ratio			12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,111.10		0.74	%		$	3.93
Service Class		1,000.00		1,109.20		1.04	%			5.51
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.42		0.74	%		$	3.76
Service Class		1,000.00		1,019.91		1.04	%			5.28

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP High Yield Series

As of December 31, 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
Security type / sector	of net assets
Convertible Bond		0.13	%
Corporate Bonds		87.54	%
Banking		2.46	%
Basic Industry		10.83	%
Capital Goods		5.89	%
Communications		10.82	%
Consumer Cyclical		6.82	%
Consumer Non-Cyclical		3.81	%
Energy		11.15	%
Financial Services		4.58	%
Healthcare		6.81	%
Insurance		1.93	%
Media		6.50	%
Real Estate		1.80	%
Services		4.19	%
Technology & Electronics		5.13	%
Transportation		2.51	%
Utilities		2.31	%
Loan Agreements		7.63	%
Common Stock		0.00	%
Short-Term Investments		3.75	%
Total Value of Securities		99.05	%
Receivables and Other Assets Net of
Liabilities		0.95	%
Total Net Assets		100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP High Yield Series

December 31, 2020

		Principal
		amount°	Value (US $)
Convertible Bond — 0.13%
	PDC Energy 1.125%
	exercise price $85.39,
	maturity date 9/15/21	255,000	$	250,303
Total Convertible Bond
	(cost $245,119)			250,303
Corporate Bonds — 87.54%
Banking — 2.46%
	Barclays 6.125% µ, ψ	915,000		988,225
	Deutsche Bank 6.00%
	µ, ψ	800,000		804,000
	Natwest Group 8.625%
	µ, ψ	1,385,000		1,440,580
	Popular 6.125% 9/14/23	1,476,000		1,599,460
				4,832,265
Basic Industry — 10.83%
	Allegheny Technologies
	5.875% 12/1/27	1,385,000		1,460,309
	Avient 144A 5.75%
	5/15/25 #	1,287,000		1,369,046
	Blue Cube Spinco 10.00%
	10/15/25	340,000		360,400
	Cemex 144A 7.375%
	6/5/27 #	520,000		592,410
	Chemours 144A 5.75%
	11/15/28 #	1,445,000		1,476,609
	First Quantum Minerals
	144A 6.875%
	10/15/27 #	680,000		738,650
	144A 7.25% 4/1/23 #	865,000		892,853
	144A 7.50% 4/1/25 #	745,000		776,663
	Freeport-McMoRan 5.45%
	3/15/43	1,158,000		1,443,864
	GrafTech Finance 144A
	4.625% 12/15/28 #	270,000		274,061
	Hudbay Minerals
	144A 6.125% 4/1/29 #	425,000		459,000
	144A 7.625%
	1/15/25 #	455,000		473,484
	Intertape Polymer Group
	144A 7.00%
	10/15/26 #	760,000		808,693
	Joseph T Ryerson & Son
	144A 8.50% 8/1/28 #	301,000		341,447
	Kraton Polymers 144A
	7.00% 4/15/25 #	960,000		1,011,360
	LBM Acquisition 144A
	6.25% 1/15/29 #	360,000		375,194
	M/I Homes 4.95% 2/1/28	1,193,000		1,266,578
	Mattamy Group
	144A 4.625% 3/1/30 #	290,000		307,899
	144A 5.25%
	12/15/27 #	775,000		821,984
	New Gold
	144A 6.375%
	5/15/25 #	70,000		73,281
	144A 7.50% 7/15/27 #	340,000		376,763
	Novelis
	144A 4.75% 1/30/30 #	255,000		275,206
	144A 5.875%
	9/30/26 #	445,000		465,581
	Olin 5.00% 2/1/30	460,000		490,965
	PowerTeam Services 144A
	9.033% 12/4/25 #	1,715,000		1,912,414
	Tronox 144A 6.50%
	4/15/26 #	670,000		698,475
	WESCO Distribution 144A
	7.25% 6/15/28 #	220,000		250,513
	White Cap Buyer 144A
	6.875% 10/15/28 #	1,365,000		1,457,991
				21,251,693
Capital Goods — 5.89%
	ARD Finance PIK 144A
	6.50% 6/30/27 #, >	820,000		876,375
	Ardagh Packaging Finance
	144A 5.25% 8/15/27 #	590,000		619,978
	ATS Automation Tooling
	Systems 144A 4.125%
	12/15/28 #	360,000		367,200
	Bombardier
	144A 7.50% 3/15/25 #	615,000		571,181
	144A 7.875%
	4/15/27 #	505,000		465,090
	Energizer Holdings 144A
	4.375% 3/31/29 #	755,000		782,950
	Granite US Holdings 144A
	11.00% 10/1/27 #	865,000		964,475
	Griffon 5.75% 3/1/28	975,000		1,032,710
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	945,000		969,806
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	925,000		976,939
	Terex 144A 5.625%
	2/1/25 #	500,000		516,000
	Titan Acquisition 144A
	7.75% 4/15/26 #	335,000		347,563

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	TransDigm
	144A 6.25% 3/15/26 #	1,354,000	$	1,443,709
	144A 8.00%
	12/15/25 #	170,000		188,290
	Vertical Holdco 144A
	7.625% 7/15/28 #	875,000		955,391
	Welbilt 9.50% 2/15/24	464,000		480,433
				11,558,090
Communications — 10.82%
	Altice Financing 144A
	5.00% 1/15/28 #	620,000		636,089
	Altice France Holding 144A
	6.00% 2/15/28 #	2,925,000		2,967,661
	C&W Senior Financing
	144A 6.875%
	9/15/27 #	1,221,000		1,320,353
	Cablevision Lightpath
	144A 3.875%
	9/15/27 #	645,000		649,838
	144A 5.625%
	9/15/28 #	335,000		351,122
	CenturyLink
	144A 4.50% 1/15/29 #	535,000		545,366
	144A 5.125%
	12/15/26 #	970,000		1,025,693
	Cincinnati Bell 144A
	7.00% 7/15/24 #	1,140,000		1,189,151
	Connect Finco 144A
	6.75% 10/1/26 #	1,990,000		2,146,354
	Frontier Communications
	144A 5.875%
	10/15/27 #	515,000		557,809
	144A 6.75% 5/1/29 #	855,000		916,453
	LCPR Senior Secured
	Financing 144A 6.75%
	10/15/27 #	580,000		624,950
	Level 3 Financing 144A
	4.25% 7/1/28 #	1,045,000		1,074,783
	Sprint
	7.125% 6/15/24	405,000		474,113
	7.625% 3/1/26	555,000		689,704
	7.875% 9/15/23	1,250,000		1,448,812
	Sprint Capital 8.75%
	3/15/32	200,000		316,875
	T-Mobile USA
	6.00% 4/15/24	685,000		694,254
	6.50% 1/15/26	1,189,000		1,232,101
	Windstream Escrow 144A
	7.75% 8/15/28 #	728,000		734,461
	Zayo Group Holdings 144A
	6.125% 3/1/28 #	1,540,000		1,631,199
				21,227,141
Consumer Cyclical — 6.82%
	Adient Global Holdings
	144A 4.875%
	8/15/26 #	255,000		262,331
	Allison Transmission 144A
	5.875% 6/1/29 #	785,000		870,459
	Boyd Gaming 4.75%
	12/1/27	965,000		1,004,382
	Caesars Entertainment
	144A 6.25% 7/1/25 #	575,000		613,097
	144A 8.125% 7/1/27 #	470,000		520,914
	Carnival 144A 7.625%
	3/1/26 #	970,000		1,058,624
	Ford Motor
	8.50% 4/21/23	680,000		767,839
	9.00% 4/22/25	210,000		258,328
	Ford Motor Credit
	3.37% 11/17/23	515,000		525,836
	3.375% 11/13/25	505,000		517,782
	4.125% 8/17/27	485,000		508,644
	4.542% 8/1/26	510,000		545,062
	5.584% 3/18/24	460,000		496,800
	General Motors Financial
	5.70% µ, ψ	340,000		375,700
	L Brands
	144A 6.875% 7/1/25 #	420,000		456,662
	6.875% 11/1/35	294,000		330,566
	144A 9.375% 7/1/25 #	385,000		474,031
	MGM Resorts International
	4.75% 10/15/28	1,310,000		1,406,606
	Scientific Games
	International
	144A 7.25%
	11/15/29 #	455,000		500,131
	144A 8.25% 3/15/26 #	778,000		839,699
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	575,000		577,599
	Station Casinos 144A
	5.00% 10/1/25 #	465,000		471,243
				13,382,335
Consumer Non-Cyclical — 3.81%
	JBS USA LUX
	144A 5.50% 1/15/30 #	525,000		603,887
	144A 6.50% 4/15/29 #	720,000		839,952

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP High Yield Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Kraft Heinz Foods
	5.00% 7/15/35	460,000	$	557,827
	5.20% 7/15/45	765,000		909,661
	Pilgrim’s Pride 144A
	5.75% 3/15/25 #	945,000		971,318
	Post Holdings 144A 5.50%
	12/15/29 #	1,035,000		1,130,763
	Spectrum Brands
	144A 5.00% 10/1/29 #	995,000		1,071,018
	144A 5.50% 7/15/30 #	255,000		275,241
	United Natural Foods 144A
	6.75% 10/15/28 #	1,070,000		1,120,804
				7,480,471
Energy — 11.15%
	Apache
	4.75% 4/15/43	600,000		623,244
	4.875% 11/15/27	455,000		482,983
	CNX Resources
	144A 6.00% 1/15/29 #	970,000		995,569
	144A 7.25% 3/14/27 #	455,000		487,428
	Continental Resources
	3.80% 6/1/24	945,000		975,122
	Crestwood Midstream
	Partners 144A 5.625%
	5/1/27 #	1,140,000		1,130,737
	DCP Midstream Operating
	5.125% 5/15/29	1,365,000		1,516,256
	EQM Midstream Partners
	144A 6.50% 7/1/27 #	675,000		761,029
	Genesis Energy 8.00%
	1/15/27	1,480,000		1,476,300
	Murphy Oil 5.875%
	12/1/27	1,475,000		1,454,261
	Murphy Oil USA 5.625%
	5/1/27	855,000		907,206
	NuStar Logistics
	6.00% 6/1/26	1,022,000		1,107,056
	6.375% 10/1/30	1,052,000		1,193,678
	Occidental Petroleum
	3.00% 2/15/27	535,000		477,153
	3.50% 8/15/29	510,000		467,553
	6.125% 1/1/31	975,000		1,045,882
	6.625% 9/1/30	670,000		728,458
	PDC Energy
	5.75% 5/15/26	1,167,000		1,207,116
	6.125% 9/15/24	355,000		365,467
	Precision Drilling 144A
	7.125% 1/15/26 #	810,000		707,584
	Southwestern Energy
	7.75% 10/1/27	908,000		982,070
	Targa Resources Partners
	144A 4.875% 2/1/31 #	775,000		842,037
	5.375% 2/1/27	925,000		973,734
	Western Midstream
	Operating 4.75%
	8/15/28	935,000		974,737
				21,882,660
Financial Services — 4.58%
	AerCap Holdings 5.875%
	10/10/79 µ	620,000		637,611
	AerCap Ireland Capital
	DAC 6.50% 7/15/25	910,000		1,088,510
	Ally Financial 8.00%
	11/1/31	770,000		1,131,914
	Credit Suisse Group 144A
	4.50% #, µ, Ψ	930,000		936,882
	DAE Funding
	144A 4.50% 8/1/22 #	250,000		253,550
	144A 5.75%
	11/15/23 #	1,675,000		1,723,156
	DAE Sukuk DIFC 144A
	3.75% 2/15/26 #	775,000		798,250
	Stena International 144A
	6.125% 2/1/25 #	330,000		326,700
	United Shore Financial
	Services 144A 5.50%
	11/15/25 #	855,000		903,094
	VistaJet Malta Finance
	144A 10.50% 6/1/24 #	1,145,000		1,176,488
				8,976,155
Healthcare — 6.81%
	Bausch Health 144A
	6.25% 2/15/29 #	1,310,000		1,424,874
	Cheplapharm Arzneimittel
	144A 5.50% 1/15/28 #	935,000		978,244
	CHS
	144A 5.625%
	3/15/27 #	935,000		1,006,527
	144A 8.00% 3/15/26 #	480,000		517,680
	Encompass Health 4.75%
	2/1/30	659,000		707,067
	Hadrian Merger Sub 144A
	8.50% 5/1/26 #	920,000		953,175
	HCA
	5.375% 2/1/25	585,000		658,719
	7.58% 9/15/25	580,000		701,800
	Jaguar Holding II 144A
	5.00% 6/15/28 #	850,000		908,437

10

		Principal
		amount°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	Ortho-Clinical Diagnostics
	144A 7.25% 2/1/28 #	440,000	$	465,025
	144A 7.375% 6/1/25 #	950,000		1,013,531
	Surgery Center Holdings
	144A 10.00%
	4/15/27 #	490,000		542,369
	Tenet Healthcare
	144A 6.125%
	10/1/28 #	960,000		1,003,709
	6.75% 6/15/23	510,000		549,168
	6.875% 11/15/31	851,000		900,835
	Verscend Escrow 144A
	9.75% 8/15/26 #	950,000		1,031,344
				13,362,504
Insurance — 1.93%
	AssuredPartners 144A
	5.625% 1/15/29 #	360,000		376,200
	GTCR AP Finance 144A
	8.00% 5/15/27 #	368,000		400,550
	HUB International 144A
	7.00% 5/1/26 #	1,325,000		1,387,003
	USI 144A 6.875%
	5/1/25 #	1,585,000		1,629,562
				3,793,315
Media — 6.50%
	CCO Holdings
	144A 4.50% 8/15/30 #	2,040,000		2,167,510
	144A 4.50% 5/1/32 #	230,000		245,863
	144A 5.375% 6/1/29 #	765,000		839,503
	Clear Channel Worldwide
	Holdings 9.25%
	2/15/24	1,188,000		1,205,945
	CSC Holdings
	144A 4.625%
	12/1/30 #	945,000		987,653
	144A 5.75% 1/15/30 #	1,450,000		1,591,382
	Cumulus Media New
	Holdings 144A 6.75%
	7/1/26 #	854,000		874,611
	Gray Television 144A
	7.00% 5/15/27 #	900,000		986,625
	Netflix 144A 4.875%
	6/15/30 #	520,000		598,975
	Nexstar Broadcasting
	144A 4.75% 11/1/28 #	680,000		712,725
	144A 5.625%
	7/15/27 #	695,000		745,606
	Scripps Escrow II 144A
	5.375% 1/15/31 #	360,000		379,253
	Terrier Media Buyer 144A
	8.875% 12/15/27 #	1,290,000		1,424,644
				12,760,295
Real Estate — 1.80%
	Global Net Lease 144A
	3.75% 12/15/27 #	1,120,000		1,156,845
	HAT Holdings I 144A
	3.75% 9/15/30 #	705,000		734,962
	Iron Mountain 144A
	5.25% 7/15/30 #	595,000		643,344
	MGM Growth Properties
	Operating Partnership
	144A 3.875%
	2/15/29 #	965,000		988,522
				3,523,673
Services — 4.19%
	Covanta Holding
	5.00% 9/1/30	365,000		390,983
	6.00% 1/1/27	1,015,000		1,069,716
	Gartner 144A 4.50%
	7/1/28 #	765,000		808,031
	H&E Equipment Services
	144A 3.875%
	12/15/28 #	550,000		554,829
	Prime Security Services
	Borrower
	144A 5.75% 4/15/26 #	1,030,000		1,129,137
	144A 6.25% 1/15/28 #	1,270,000		1,365,250
	Sabre GLBL
	144A 7.375% 9/1/25 #	675,000		733,388
	144A 9.25% 4/15/25 #	570,000		679,013
	Tms International Holding
	144A 7.25% 8/15/25 #	560,000		571,200
	United Rentals North
	America 3.875%
	2/15/31	880,000		924,814
				8,226,361
Technology & Electronics — 5.13%
	Austin BidCo 144A
	7.125% 12/15/28 #	360,000		376,425
	Banff Merger Sub 144A
	9.75% 9/1/26 #	1,025,000		1,108,251
	Black Knight InfoServ 144A
	3.625% 9/1/28 #	805,000		825,125
	BY Crown Parent
	144A 4.25% 1/31/26 #	825,000		846,656
	144A 7.375%
	10/15/24 #	1,638,000		1,672,636
	Camelot Finance 144A
	4.50% 11/1/26 #	855,000		894,009

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP High Yield Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Technology & Electronics (continued)
	CommScope Technologies
	144A 5.00% 3/15/27 #	847,000	$	840,118
	Microchip Technology
	144A 4.25% 9/1/25 #	1,365,000		1,444,444
	Open Text Holdings 144A
	4.125% 2/15/30 #	905,000		964,404
	SS&C Technologies 144A
	5.50% 9/30/27 #	1,024,000		1,094,933
				10,067,001
Transportation — 2.51%
	Delta Air Lines
	144A 7.00% 5/1/25 #	865,000		999,262
	7.375% 1/15/26	1,360,000		1,554,522
	Mileage Plus Holdings
	144A 6.50% 6/20/27 #	595,000		640,741
	Spirit Loyalty Cayman
	144A 8.00% 9/20/25 #	425,000		478,125
	United Airlines Holdings
	4.875% 1/15/25	1,275,000		1,257,055
				4,929,705
Utilities — 2.31%
	Calpine
	144A 4.625% 2/1/29 #	170,000		175,063
	144A 5.00% 2/1/31 #	1,005,000		1,051,732
	PG&E 5.25% 7/1/30	1,870,000		2,059,337
	Vistra Operations
	144A 5.50% 9/1/26 #	570,000		594,767
	144A 5.625%
	2/15/27 #	605,000		644,386
				4,525,285
Total Corporate Bonds
	(cost $161,541,520)			171,778,949
Loan Agreements — 7.63%
	Applied Systems 2nd Lien
	8.00% (LIBOR03M +
	7.00%) 9/19/25 ●	1,940,398		1,956,164
	Apro 5.00% (LIBOR03M +
	4.00%) 11/14/26 ●	409,765		410,789
	Blue Ribbon 1st Lien
	5.00% (LIBOR02M +
	4.00%) 11/15/21 ●	357,005		338,857
	Boxer Parent 4.397%
	(LIBOR01M + 4.25%)
	10/2/25 ●	280,847		280,285
	BW Gas &
	Convenience Holdings
	6.40% (LIBOR01M +
	6.25%) 11/18/24 ●	797,565		802,051
	BWay Holding 3.479%
	(LIBOR03M + 3.25%)
	4/3/24 ●	1,547,931		1,501,493
	Carnival 8.50%
	(LIBOR01M + 7.50%)
	6/30/25 ●	577,100		597,876
	Epicor Software 2nd Lien
	8.75% (LIBOR01M +
	7.75%) 7/31/28 ●	725,600		758,252
	Frontier Communications
	5.75% (LIBOR01M +
	4.75%) 10/8/21 ●	375,000		378,750
	Global Medical Response
	5.75% (LIBOR03M +
	4.75%) 10/2/25 ●	981,000		977,076
	Hamilton Projects Acquiror
	5.75% (LIBOR03M +
	4.75%) 6/17/27 ●	965,150		968,769
	Informatica 2nd Lien
	7.125% (LIBOR03M +
	7.125%) 2/25/25 ●	1,046,000		1,068,227
	Solenis International 2nd
	Lien 8.733%
	(LIBOR03M + 8.50%)
	6/26/26 ●	1,414,882		1,393,069
	Surgery Center Holdings
	4.25% (LIBOR01M +
	3.25%) 9/2/24 ●	972,531		958,551
	Ultimate Software Group
	2nd Lien 7.50%
	(LIBOR03M + 6.75%)
	5/3/27 ●	1,320,000		1,361,250
	Vantage Specialty
	Chemicals 2nd Lien
	9.25% (LIBOR03M +
	8.25%) 10/27/25 ●	592,250		514,147
	Verscend Holding Tranche
	B 4.647% (LIBOR01M +
	4.50%) 8/27/25 ●	704,222		705,279
Total Loan Agreements
	(cost $14,806,077)			14,970,885
		Number
		of shares
Common Stock — 0.00%
Communications — 0.00%
	Century
	Communications =, †	2,820,000		0
Total Common Stock
	(cost $85,371)			0

12

		Number
		of shares		Value (US $)
Short-Term Investments — 3.75%
Money Market Mutual Funds — 3.75%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	1,840,674	$	1,840,674
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	1,840,675		1,840,675
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	1,840,675		1,840,675
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	1,840,675		1,840,675
Total Short-Term Investments
	(cost $7,362,699)			7,362,699
Total Value of
	Securities—99.05%
	(cost $184,040,786)		$	194,362,836

°	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 December 31, 2020. Rate will reset at a future date.
Ψ	No contractual maturity date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $115,554,261, which represents 58.89% of the Series’ net assets. See Note 9 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
=	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.”
†	Non-income producing security.

Summary of abbreviations:

DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
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
PIK – Payment-in-kind
USD – US Dollar

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

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP High Yield Series

December 31, 2020

Assets:
	Investments, at value*	$	194,362,836
	Cash		85,875
	Receivable for securities sold		334,550
	Dividends and interest receivable		2,678,696
	Receivable for series shares sold		31,744
	Total Assets		197,493,701
Liabilities:
	Payable for securities purchased		1,062,089
	Investment management fees payable to affiliates		98,541
	Other accrued expenses		57,744
	Distribution fees payable to affiliates		30,252
	Payable for series shares redeemed		12,243
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,240
	Accounting and administration expenses payable to affiliates		891
	Legal fees payable to affiliates		337
	Reports and statements to shareholders expenses payable to affiliates		197
	Total Liabilities		1,263,534
Total Net Assets		$	196,230,167
Net Assets Consist of:
	Paid-in capital	$	213,489,403
	Total distributable earnings (loss)		(17,259,236	)
Total Net Assets		$	196,230,167
Net Asset Value
Standard Class:
Net assets		$	76,743,512
Shares of beneficial interest outstanding, unlimited authorization, no par			15,034,206
Net asset value per share		$	5.10
Service Class:
Net assets		$	119,486,655
Shares of beneficial interest outstanding, unlimited authorization, no par			23,501,930
Net asset value per share		$	5.08
____________________
*  Investments, at cost		$	184,040,786

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP High Yield Series

Year ended December 31, 2020

Investment Income:
	Interest	$	10,899,516
	Dividends		38,584
			10,938,100
Expenses:
	Management fees		1,221,656
	Distribution expenses — Service Class		341,600
	Accounting and administration expenses		70,031
	Reports and statements to shareholders expenses		53,063
	Audit and tax fees		42,046
	Dividend disbursing and transfer agent fees and expenses		15,605
	Trustees’ fees and expenses		10,914
	Legal fees		9,463
	Custodian fees		9,001
	Registration fees		17
	Other		24,575
			1,797,971
	Less expenses waived		(65,862	)
	Less expenses paid indirectly		(216	)
	Total operating expenses		1,731,893
Net Investment Income			9,206,207
Net Realized and Unrealized Loss:
	Net realized loss on investments		(69,627	)
	Net change in unrealized appreciation (depreciation) of:
	Investments		2,998,175
	Foreign currencies		(1,410	)
	Net change in unrealized appreciation (depreciation)		2,996,765
Net Realized and Unrealized Gain			2,927,138
Net Increase in Net Assets Resulting from Operations		$	12,133,345

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP High Yield Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	9,206,207		$	10,476,624
Net realized loss		(69,627	)		(1,923,638	)
Net change in unrealized appreciation (depreciation)		2,996,765			21,590,972
Net increase in net assets resulting from operations		12,133,345			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		6,841,419			5,881,247
Service Class		23,458,055			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
		41,312,484			33,592,004
Cost of shares redeemed:
Standard Class		(14,266,490	)		(13,886,413	)
Service Class		(35,086,045	)		(27,423,040	)
		(49,352,535	)		(41,309,453	)
Decrease in net assets derived from capital share transactions		(8,040,051	)		(7,717,449	)
Net Increase (Decrease) in Net Assets		(6,919,716	)		9,095,116
Net Assets:
Beginning of year		203,149,883			194,054,767
End of year	$	196,230,167		$	203,149,883

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

16

Financial highlights
Delaware VIP^® High Yield Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	5.08		$	4.67		$	5.20		$	5.14		$	4.89
Income (loss) from investment operations
Net investment income1		0.24			0.26			0.28			0.28			0.29
Net realized and unrealized gain (loss)		0.08			0.48			(0.50	)		0.09			0.32
Total from investment operations		0.32			0.74			(0.22	)		0.37			0.61
Less dividends and distributions from:
Net investment income		(0.30	)		(0.33	)		(0.31	)		(0.31	)		(0.36	)
Total dividends and distributions		(0.30	)		(0.33	)		(0.31	)		(0.31	)		(0.36	)
Net asset value, end of period	$	5.10		$	5.08		$	4.67		$	5.20		$	5.14
Total return2		7.24%	3		16.43%	3,4		(4.47%	)		7.49%			13.16%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	76,743		$	79,463		$	75,568		$	102,359		$	112,614
Ratio of expenses to average net assets5		0.74%			0.74%			0.75%			0.75%			0.74%
Ratio of expenses to average net assets prior to fees waived5		0.78%			0.76%			0.75%			0.75%			0.75%
Ratio of net investment income to average net assets		5.08%			5.32%			5.60%			5.35%			5.95%
Ratio of net investment income to average net assets prior to
fees waived		5.04%			5.30%			5.60%			5.35%			5.94%
Portfolio turnover		124%			87%			96%			86%			112%

1	The average shares outstanding have been applied for per share information.
2	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.
3	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
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 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.

17

Financial highlights
Delaware VIP^® High Yield Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	5.06		$	4.65		$	5.18		$	5.12		$	4.87
Income (loss) from investment operations
Net investment income1		0.23			0.25			0.26			0.26			0.28
Net realized and unrealized gain (loss)		0.07			0.48			(0.49	)		0.10			0.32
Total from investment operations		0.30			0.73			(0.23	)		0.36			0.60
Less dividends and distributions from:
Net investment income		(0.28	)		(0.32	)		(0.30	)		(0.30	)		(0.35	)
Total dividends and distributions		(0.28	)		(0.32	)		(0.30	)		(0.30	)		(0.35	)
Net asset value, end of period	$	5.08		$	5.06		$	4.65		$	5.18		$	5.12
Total return2		6.89%			16.12%	3		(4.76%	)		7.26%			12.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	119,487		$	123,687		$	118,487		$	149,616		$	160,831
Ratio of expenses to average net assets4		1.04%			1.04%			1.03%			1.00%			0.99%
Ratio of expenses to average net assets prior to fees waived4		1.08%			1.06%			1.05%			1.05%			1.05%
Ratio of net investment income to average net assets		4.78%			5.02%			5.32%			5.10%			5.70%
Ratio of net investment income to average net assets prior to
fees waived		4.74%			5.00%			5.30%			5.05%			5.64%
Portfolio turnover		124%			87%			96%			86%			112%

1	The average shares outstanding have been applied for per share information.
2	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.
3	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 11 in “Notes to financial statements.”
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.

18

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP High Yield Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP High Yield Series

1. Significant Accounting Policies (continued)

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 year ended December 31, 2020, the Series earned $214 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 year ended December 31, 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 0.65% 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 dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual Series operating expenses from exceeding 0.74% of the Series’ average daily net assets from January 31, 2020 through December 31, 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 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.

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 year ended December 31, 2020, the Series was charged $10,423 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 year ended December 31, 2020, the Series was charged $14,096 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.

20

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 year ended December 31, 2020, the Series was charged $6,794 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 year ended December 31, 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 year ended December 31, 2020, the Series engaged in Rule 17a-7 securities sales of $1,490,400 which resulted in net realized gain of $82,849. The Series did not engage in Rule 17a-7 securities purchases for the year ended December 31, 2020.

____________________

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

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	222,208,770
Sales		231,462,191

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	184,388,283
Aggregate unrealized appreciation of investments	$	10,626,018
Aggregate unrealized depreciation of investments		(651,465	)
Net unrealized appreciation of investments	$	9,974,553

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

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP High Yield Series

3. Investments (continued)

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Level 3		Total
Securities
Assets:
Common Stock	$	—	$	—		$—	$	—
Convertible Bond		—		250,303		—		250,303
Corporate Bonds		—		171,778,949		—		171,778,949
Loan Agreements		—		14,970,885		—		14,970,885
Short-Term Investments		7,362,699		—		—		7,362,699
Total Value of Securities	$	7,362,699	$	187,000,137		$—	$	194,362,836

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 year ended December 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 year.

22

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20	12/31/19
Ordinary income	$11,013,010	$13,331,393

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	213,489,403
Undistributed ordinary income		9,600,974
Capital loss carryforwards		(36,834,763	)
Unrealized appreciation (depreciation) of investments		9,974,553
Net assets	$	196,230,167

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and tax treatment of market discount and premium on debt instruments, and market premium on callable bonds.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$12,654,803	$24,179,960	$36,834,763

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP High Yield Series

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	1,412,083		1,198,436
Service Class	4,905,743		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
	8,841,433		6,937,907
Shares redeemed:
Standard Class	(3,035,029	)	(2,832,201	)
Service Class	(7,383,421	)	(5,651,948	)
	(10,418,450	)	(8,484,149	)
Net decrease	(1,577,017	)	(1,546,242	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

24

loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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.

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP High Yield Series

9. Credit and Market Risk (continued)

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

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

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

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

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 $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

26

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 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 December 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

13. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

27

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP High Yield Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP High Yield Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

28

Other Series information (Unaudited)
Delaware VIP^® High Yield Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00%

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP High Yield Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIPHigh Yield Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

29

Other Series information (Unaudited)
Delaware VIP^® High Yield Series

Tax Information (continued)

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5- and, 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all high yield funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 3-year periods was in the first quartile of its Performance Universe. The report further showed that the Series’ total return for the 5- and 10-year periods was in the fourth quartile and third quartile, respectively, of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through April 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

30

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

34

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

35

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

36

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.

(1501855)
AR-VIPHY-221

Delaware VIP^® Trust

Delaware VIP Limited-Term Diversified Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	18
Statement of operations	19
Statements of changes in net assets	20
Financial highlights	21
Notes to financial statements	23
Report of independent registered public accounting firm	34
Other Series information	35
Board of trustees / directors and officers addendum	38

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

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

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Limited-Term Diversified Income Series (the “Series”) Standard Class shares gained 4.31%, and Service Class shares gained 4.12%. Both figures reflect all distributions reinvested. For the same period, the Series’ benchmark, the Bloomberg Barclays 1-3 Year US Government/Credit Index, advanced 3.33%.

As 2020 began, the economy appeared to be entering a mature credit cycle, and investors were concerned with the possibility of a mild recession. Instead, the coronavirus pandemic struck and spread rapidly. The global community was unprepared. Initial uncertainty was quickly followed by an extreme market selloff and global economic collapse.

Governments and central banks applied lessons learned from the recession of 2008-2009, and in March they intervened with substantial monetary- and fiscal-policy measures. The effective use of global fiscal and monetary support defined how the economy and financial markets evolved in 2020.

Investors’ uncertainty in March 2020 provoked a risk-premium explosion in the market and economic shutdowns. However, backstopped by the US Federal Reserve’s unprecedented, aggressive asset-purchase programs, which included purchasing corporate bonds, some confidence returned to markets. As the world began to understand how the virus behaved and to help bring it under control, the US and global economies began to reopen. Credit markets, which had widened substantially as markets collapsed, started to compress, bolstered by now dual Fed and Congressional puts. Then came the race to develop vaccines, along with a better understanding of how to manage the virus.

Although the markets and parts of the economy generally adapted quickly, COVID-19-affected sectors, particularly services, experienced extreme distress. These included transportation and other consumer-related areas such as retail. Damage to labor markets was significant, with unemployment still higher than 6% at year end. However, with monetary and fiscal policy in place and a clear commitment to support the economy for as long as it would take, the path to the other side of the pandemic became clearer.

We viewed 2020 from the prism of different market regimes, each of which called for a distinct approach to managing risk. Entering the year, because compensation for risk was poor, we cut back on the Series’ risk exposure and built a capital reserve to spend as opportunities arose, nearly eliminating exposure to higher-risk parts of the market, such as higher yield bonds. The year became a litmus test for managing risk, and we believe our agile approach to risk management was critical in helping the Series outperform its benchmark for the 12-month period.

With the Series’ capital reserve in hand, we began to look for investment opportunities created by market dislocations in the initial phase of the pandemic. Investors’ anticipated liquidity needs no longer seemed to a major concern. We focused on issuers that we assessed would more likely survive the pandemic. Accordingly, we began to spend the Series’ liquid capital reserve, selecting higher yielding parts of the securitized bond sector and high-quality investment grade issuers, such as Bank of America Corp., which we felt offered attractive compensation for the underlying risk.

As visibility gradually increased, we expanded our search for opportunities to also include traditionally higher-beta (more volatile) parts of the market that had experienced dislocations, specifically within the high yield and emerging markets sectors. We added to issuers that we felt were the strongest within COVID-19-sensitive areas, such as Delta Air Lines Inc. We viewed Delta as well positioned to survive the pandemic while offering historically high yields. In addition, an overweight to certain higher-quality emerging market issuers, such as Banco Santander S.A., benefited performance. The Series continues to hold these securities as we believe they have retained their relative value potential.

While security selection overall was additive, some individual securities did underperform amid the demand contraction. This was the case with General Motors Financial Co. Inc., which underperformed during the peak of the crisis but has since recovered as monetary support improved liquidity prospects. We maintain the Series’ position given our outlook for continued economic recovery with the vaccine rollout.

The Series’ positioning also benefited from our decision early in the year to increase duration for the purpose of mitigating risk, as we thought that a high degree of uncertainty would likely result in a dramatic decline in interest rates as the Fed intervened. That willingness to dynamically manage interest rate risk paid off.

There were few detractors from the Series’ benchmark-relative returns for the fiscal year. Our use of mortgage-backed securities (MBS) as a funding source detracted marginally; however, the Series was better compensated within investment grade bonds. The Series’ modest allocation to bank loans, which remained static throughout the year, modestly detracted from returns. A moderate overweight to energy securities, albeit strongly positioned to manage through the pandemic, detracted as the sector had not fully recovered.

1

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

We also focused on higher-quality issuers within investment grade, whose business models we thought were more likely to survive the pandemic. By summer, we also added somewhat to the Series’ exposure to the higher yielding areas of the fixed income market, such as emerging markets debt and high yield bonds (from 2% to 10%). Within the securitized bond sector, we increased the Series’ allocation to collateralized loan obligations (CLOs) from 0% to 7%, funded with Treasurys and lower yielding floating-rate asset-backed securities (ABS).

As we enter 2021, COVID-19 vaccines’ high efficacy and their production and distribution have redefined the outlook for the pandemic and the global economy. Nonetheless, the near-term reality is that the virus is still raging, and mutations could make the virus more resistant to vaccines. On the political front, Democrats control both houses of Congress and the White House, increasing the possibility of additional fiscal stimulus, which would support an economic recovery.

Consistent with our outlook, we reduced exposure to areas we believe offer limited upside, such as higher-quality credit and ABS, and replaced them with agency MBS and securities with what we viewed as more attractive yield profiles, such as CLOs. We have retained exposure to the reflationary theme, including airlines and certain consumer goods, and we continue to search for areas where we believe there is potential to capture yield without altering the Series’ risk exposure.

Finally, from a risk perspective, the Series remains driven by a fundamental, bond-by-bond investment approach. Our goal is to construct the Series’ portfolio to comprise issuers that have a business model, liquidity, and adequate debt leverage profile to perform well regardless of the degree of volatility we may experience.

The Series used derivatives during the fiscal year, primarily for risk management purposes, including the use of currency forwards to hedge non-US-dollar risk back to US dollars. Overall, these derivatives had a positive effect that was not material to the Series’ performance.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
July 28, 1988)	+4.31%	+3.23%	+2.79%	+2.10%	+4.72%
Service Class shares (commenced operations on
May 1, 2000)	+4.12%	+2.97%	+2.51%	+1.83%	+3.58%
Bloomberg Barclays 1-3 Year US Government/Credit Index	+3.33%	+2.98%	+2.21%	+1.60%	—

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 0.83%, while total operating expenses for Standard Class and Service Class shares were 0.53% and 0.83%, respectively. The management fee for Standard Class and Service Class shares was 0.48%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.53% of the Series’ average daily net assets from April 29, 2020 through April 30, 2021.* These waivers and reimbursements may only be terminated by agreement of the Manager and the Series. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table on the above page and in the Performance of a $10,000 Investment graph below.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond portfolios can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Series may be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate potentially forcing the Series to reinvest that money at a lower interest rate.

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Series to obtain precise valuations of the high yield securities in its portfolio.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

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

If and when the Series invests in forward foreign currency contracts or use other investments to hedge against currency risks, the Series will be subject to special risks, including counterparty risk.

Diversification may not protect against market risk.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The Series may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

* The aggregate contractual waiver period covering this report is from May 1, 2020 through April 30, 2021.

Performance of a $10,000 Investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Delaware VIP Limited-Term Diversified Income Series — Standard Class shares	$10,000	$12,308
	Bloomberg Barclays 1-3 Year US Government/Credit Index	$10,000	$11,715

4

The graph shows a $10,000 investment in the Delaware VIP Limited-Term Diversified Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Bloomberg Barclays 1–3 Year US Government/Credit Index for the period from December 31, 2010 through December 31, 2020. The Bloomberg Barclays 1–3 Year US Government/Credit Index is a market value-weighted index of government fixed-rate debt securities and investment grade US and foreign fixed-rate debt securities with average maturities of one to three years.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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 7/1/20		Ending Account Value 12/31/20		Annualized Expense Ratio	Expenses Paid During Period 7/1/20 to 12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,013.90	0.52%		$	2.63
Service Class		1,000.00		1,013.50	0.82%			4.15
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,022.52	0.52%		$	2.64
Service Class		1,000.00		1,021.01	0.82%			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 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

As of December 31, 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
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations		0.69	%
Agency Commercial Mortgage-Backed
Securities		0.26	%
Agency Mortgage-Backed Securities		7.16	%
Collateralized Debt Obligations		6.69	%
Corporate Bonds		42.61	%
Banking		10.76	%
Basic Industry		3.02	%
Capital Goods		3.20	%
Communications		3.09	%
Consumer Cyclical		3.04	%
Consumer Non-Cyclical		4.78	%
Electric		4.13	%
Energy		4.09	%
Finance Companies		2.00	%
Insurance		0.68	%
Natural Gas		0.22	%
Technology		2.33	%
Transportation		1.27	%
Non-Agency Asset-Backed Securities		12.12	%
Non-Agency Collateralized Mortgage
Obligations		0.26	%
Non-Agency Commercial Mortgage-Backed
Securities		0.03	%
Sovereign Bonds		2.50	%
US Treasury Obligations		23.90	%
Preferred Stock		0.19	%
Short-Term Investments		3.63	%
Total Value of Securities		100.04	%
Liabilities Net of Receivables and Other
Assets		(0.04	%)
Total Net Assets		100.00	%

7

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

December 31, 2020

		Principal
		amount°	Value (US $)
Agency Collateralized Mortgage Obligations — 0.69%
	Fannie Mae Grantor Trust
	Series 2001-
	T5 A2 6.977%
	6/19/41 ●	8,801	$	10,352
	Freddie Mac REMICs
	Series 3067 FA 0.509%
	(LIBOR01M + 0.35%,
	Cap 7.00%, Floor
	0.35%) 11/15/35 ●	479,549		481,576
	Series 3800 AF 0.659%
	(LIBOR01M + 0.50%,
	Cap 7.00%, Floor
	0.50%) 2/15/41 ●	941,814		951,296
	Freddie Mac Structured
	Agency Credit Risk Debt
	Notes
	Series 2017-
	DNA3 M2 2.648%
	(LIBOR01M + 2.50%)
	3/25/30 ●	450,000		456,147
	Series 2017-
	HQA2 M2AS 1.198%
	(LIBOR01M + 1.05%)
	12/25/29 ●	855,679		862,319
	Freddie Mac Structured
	Agency Credit Risk
	REMIC Trust
	Series 2020-
	DNA6 M1 144A
	0.977% (SOFR +
	0.90%) 12/25/50 #, ●	7,000,000		7,001,101
	Freddie Mac Structured
	Pass Through
	Certificates
	Series T-54 2A 6.50%
	2/25/43	587		715
	Series T-58 2A 6.50%
	9/25/43	10,909		12,682
Total Agency Collateralized Mortgage
	Obligations
	(cost $9,743,831)			9,776,188
Agency Commercial Mortgage-Backed Securities — 0.26%
	FREMF Mortgage Trust
	Series 2011-K15 B
	144A 4.965%
	8/25/44 #, ●	125,000		127,436
	Series 2012-K22 B
	144A 3.685%
	8/25/45 #, ●	1,115,000		1,166,488
	FREMF Mortgage Trust
	Series 2014-K717 B
	144A 3.63%
	11/25/47 #, ●	635,000		644,458
	Series 2014-K717 C
	144A 3.63%
	11/25/47 #, ●	215,000		217,433
	Series 2016-K722 B
	144A 3.845%
	7/25/49 #, ●	535,000		566,932
	NCUA Guaranteed Notes
	Trust
	Series 2011-C1 2A
	0.682% (LIBOR01M +
	0.53%, Cap 8.00%,
	Floor 0.53%) 3/9/21 ●	890,156		886,559
Total Agency Commercial Mortgage-
	Backed Securities
	(cost $3,563,780)			3,609,306
Agency Mortgage-Backed Securities — 7.16%
	Fannie Mae ARM
	2.191% (LIBOR12M +
	1.61%, Cap 9.75%,
	Floor 1.61%) 9/1/38 ●	111,977		112,911
	Fannie Mae S.F. 30 yr
	4.50% 7/1/40	344,414		376,032
	4.50% 8/1/41	901,173		1,020,689
	4.50% 2/1/46	7,691,157		8,598,314
	4.50% 5/1/46	1,069,780		1,198,039
	4.50% 11/1/47	7,987,227		8,865,481
	4.50% 4/1/48	4,057,877		4,549,696
	5.00% 7/1/47	814,404		945,687
	5.00% 8/1/48	18,583,020		20,928,018
	5.00% 12/1/48	8,469,265		9,579,753
	5.50% 5/1/44	30,428,928		35,706,206
	6.00% 1/1/42	1,539,227		1,836,068
	Freddie Mac ARM
	2.275% (LIBOR12M +
	1.78%, Cap 11.23%,
	Floor 1.78%) 10/1/37 ●	32,057		32,269
	2.68% (LIBOR12M +
	1.93%, Cap 9.697%,
	Floor 1.93%) 8/1/38 ●	1,095		1,099
	Freddie Mac S.F. 30 yr
	4.50% 3/1/42	522,271		586,560
	4.50% 7/1/45	1,102,865		1,236,823
	5.50% 6/1/41	1,587,598		1,866,742
	5.50% 9/1/41	2,735,746		3,215,528
	GNMA II S.F. 30 yr
	5.50% 5/20/37	114,649		132,743

8

		Principal
		amount°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	GNMA II S.F. 30 yr
	6.50% 6/20/39	381,625	$	438,812
Total Agency Mortgage-Backed
	Securities
	(cost $95,768,468)			101,227,470
Collateralized Debt Obligations — 6.69%
	AMMC CLO 23
	Series 2020-23A A1L
	144A 1.635%
	(LIBOR03M + 1.40%,
	Floor 1.40%)
	10/17/31 #, ●	7,800,000		7,790,157
	Ballyrock CLO
	Series 2018-1A
	A1 144A 1.218%
	(LIBOR03M + 1.00%)
	4/20/31 #, ●	5,250,000		5,195,017
	Series 2020-2A
	A1 144A 1.529%
	(LIBOR03M + 1.32%,
	Floor 1.32%)
	10/20/31 #, ●	4,000,000		3,994,948
	Battalion CLO 18
	Series 2020-18A
	A1 144A 2.035%
	(LIBOR03M + 1.80%,
	Floor 1.80%)
	10/15/32 #, ^	4,000,000		4,012,784
	Benefit Street Partners CLO
	IX
	Series 2016-9A AR
	144A 1.328%
	(LIBOR03M + 1.11%)
	7/20/31 #, ●	1,550,000		1,545,725
	Benefit Street Partners CLO
	VIII
	Series 2015-8A A1AR
	144A 1.318%
	(LIBOR03M + 1.10%,
	Floor 1.10%)
	1/20/31 #, ●	2,000,000		1,992,054
	BlueMountain CLO XXX
	Series 2020-30A A
	144A 1.549%
	(LIBOR03M + 1.39%,
	Floor 1.39%)
	1/15/33 #, ●	2,000,000		1,997,492
	Carlyle Global Market
	Strategies CLO
	Series 2014-2RA
	A1 144A 1.271%
	(LIBOR03M + 1.05%)
	5/15/31 #, ●	4,573,349		4,533,520
	Carlyle Global Market
	Strategies CLO
	Series 2015-5A A1R
	144A 1.538%
	(LIBOR03M + 1.32%,
	Floor 1.32%)
	1/20/32 #, ●	3,000,000		2,996,403
	CBAM
	Series 2020-13A A
	144A 1.585%
	(LIBOR03M + 1.43%,
	Floor 1.43%)
	1/20/34 #, ●	7,000,000		6,991,222
	Cedar Funding IX CLO
	Series 2018-9A
	A1 144A 1.198%
	(LIBOR03M + 0.98%,
	Floor 0.98%)
	4/20/31 #, ●	2,150,000		2,142,019
	CIFC Funding
	Series 2013-4A A1RR
	144A 1.277%
	(LIBOR03M + 1.06%,
	Floor 1.06%)
	4/27/31 #, ●	6,850,000		6,811,489
	Dryden 83 CLO
	Series 2020-83A A
	144A 0.000%
	(LIBOR03M + 1.22%,
	Floor 1.22%)
	1/18/32 #, ^	6,650,000		6,650,000
	Elmwood CLO VII
	Series 2020-4A A 144A
	1.539% (LIBOR03M +
	1.39%, Floor 1.39%)
	1/17/34 #, ●	1,000,000		998,746
	Galaxy XXI CLO
	Series 2015-21A AR
	144A 1.238%
	(LIBOR03M + 1.02%)
	4/20/31 #, ●	3,500,000		3,466,071
	KKR CLO 32
	Series 32A A1 144A
	1.545% (LIBOR03M +
	1.32%, Floor 1.32%)
	1/15/32 #, ●	3,450,000		3,445,677
	LCM XVIII
	Series 18A A1R 144A
	1.238% (LIBOR03M +
	1.02%) 4/20/31 #, ●	5,003,000		4,974,013
	Midocean Credit CLO VIII
	Series 2018-8A
	A1 144A 1.374%
	(LIBOR03M + 1.15%)
	2/20/31 #, ●	2,000,000		1,991,988

9

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

		Principal
		amount°	Value (US $)
Collateralized Debt Obligations (continued)
	Octagon Investment
	Partners 33
	Series 2017-1A
	A1 144A 1.408%
	(LIBOR03M + 1.19%)
	1/20/31 #, ●	5,750,000	$	5,740,771
	Octagon Investment
	Partners 48
	Series 2020-3A A 144A
	1.732% (LIBOR03M +
	1.50%, Floor 1.50%)
	10/20/31 #, ●	1,200,000		1,201,813
	Sound Point CLO XXI
	Series 2018-3A A1A
	144A 1.395%
	(LIBOR03M + 1.18%,
	Floor 1.18%)
	10/26/31 #, ●	4,850,000		4,833,874
	York CLO-6
	Series 2019-1A
	A1 144A 1.566%
	(LIBOR03M + 1.35%)
	7/22/32 #, ●	6,300,000		6,296,245
	Zais CLO 16
	Series 2020-16A
	A1 144A 2.48%
	(LIBOR03M + 2.19%,
	Floor 2.19%)
	10/20/31 #, ●	5,000,000		4,995,480
Total Collateralized Debt Obligations
	(cost $94,384,754)			94,597,508
Corporate Bonds — 42.61%
Banking — 10.76%
	Ally Financial 5.75%
	11/20/25	5,256,000		6,123,212
	Banco Continental 144A
	2.75% 12/10/25 #	3,115,000		3,107,213
	Banco Santander 3.50%
	4/11/22	4,800,000		4,985,073
	Bank of America
	2.738% 1/23/22 µ	3,265,000		3,269,000
	3.458% 3/15/25 µ	3,825,000		4,165,921
	Bank of Montreal 1.85%
	5/1/25	1,785,000		1,874,735
	Barclays Bank 1.70%
	5/12/22	5,170,000		5,262,290
	BBVA Bancomer 144A
	1.875% 9/18/25 #	3,490,000		3,529,262
	BBVA USA 2.875%
	6/29/22	7,470,000		7,743,619
	Citigroup 4.044% 6/1/24 µ	8,670,000		9,430,825
	Citizens Bank 0.941%
	(LIBOR03M + 0.72%)
	2/14/22 ●	7,515,000		7,551,113
	Citizens Financial Group
	2.85% 7/27/26	4,550,000		5,068,894
	Credit Agricole 144A
	1.907% 6/16/26 #, µ	1,895,000		1,967,200
	Credit Suisse Group
	144A 2.593%
	9/11/25 #, µ	4,680,000		4,926,405
	3.80% 6/9/23	1,640,000		1,767,188
	144A 4.207%
	6/12/24 #, µ	2,935,000		3,181,877
	144A 7.25% #, µ, ψ	2,425,000		2,730,377
	Goldman Sachs Group
	3.50% 4/1/25	950,000		1,057,245
	JPMorgan Chase & Co.
	4.023% 12/5/24 µ	13,570,000		14,954,230
	4.60% µ, ψ	620,000		640,925
	5.00% µ, ψ	1,050,000		1,105,535
	Lloyds Banking Group
	2.907% 11/7/23 µ	5,980,000		6,250,160
	Morgan Stanley
	1.433% (LIBOR03M +
	1.22%) 5/8/24 ●	6,010,000		6,127,984
	2.188% 4/28/26 µ	2,150,000		2,272,344
	2.75% 5/19/22	3,335,000		3,444,738
	3.622% 4/1/31 µ	1,605,000		1,865,304
	Natwest Group 8.625%
	µ, ψ	2,095,000		2,179,072
	PNC Bank 2.70% 11/1/22	505,000		526,273
	QNB Finance 3.50%
	3/28/24	3,120,000		3,353,554
	Regions Financial 3.80%
	8/14/23	1,975,000		2,143,392
	Truist Bank
	2.15% 12/6/24	4,955,000		5,253,445
	2.636% 9/17/29 µ	9,026,000		9,552,646
	UBS 144A 1.75%
	4/21/22 #	925,000		941,605
	UBS Group
	144A 1.364%
	1/30/27 #, µ	635,000		642,429
	144A 2.65% 2/1/22 #	1,795,000		1,840,789
	144A 3.00% 4/15/21 #	5,915,000		5,960,824
	6.875% µ, ψ	390,000		394,639
	US Bancorp 3.375%
	2/5/24	2,330,000		2,537,624
	US Bank 3.40% 7/24/23	1,340,000		1,440,161

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	USB Capital IX 3.50%
	(LIBOR03M + 1.02%)
	ψ, ●	945,000	$	930,825
				152,099,947
Basic Industry — 3.02%
	Avient 144A 5.75%
	5/15/25 #	6,182,000		6,576,102
	DuPont de Nemours
	2.169% 5/1/23	4,900,000		4,966,310
	First Quantum Minerals
	144A 7.50% 4/1/25 #	4,500,000		4,691,250
	Georgia-Pacific 144A
	1.75% 9/30/25 #	1,505,000		1,574,198
	Hudbay Minerals 144A
	7.625% 1/15/25 #	3,301,000		3,435,103
	Inversiones CMPC 144A
	4.75% 9/15/24 #	3,120,000		3,460,283
	Kraton Polymers 144A
	7.00% 4/15/25 #	4,015,000		4,229,802
	LYB International Finance
	III 2.875% 5/1/25	1,175,000		1,281,660
	Nutrien 1.90% 5/13/23	3,505,000		3,622,345
	Steel Dynamics 2.80%
	12/15/24	6,000,000		6,456,518
	Syngenta Finance
	144A 3.933%
	4/23/21 #	1,445,000		1,454,782
	144A 4.441%
	4/24/23 #	845,000		887,284
				42,635,637
Capital Goods — 3.20%
	General Dynamics 3.00%
	5/11/21	6,425,000		6,487,096
	General Electric 3.45%
	5/1/27	1,275,000		1,439,945
	Mauser Packaging
	Solutions Holding 144A
	5.50% 4/15/24 #	7,592,000		7,752,875
	Otis Worldwide 2.056%
	4/5/25	6,275,000		6,655,897
	PowerTeam Services 144A
	9.033% 12/4/25 #	1,875,000		2,090,831
	Roper Technologies 2.35%
	9/15/24	6,670,000		7,104,422
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	2,700,000		2,851,605
	Terex 144A 5.625%
	2/1/25 #	2,675,000		2,760,600
	TransDigm 144A 8.00%
	12/15/25 #	3,141,000		3,478,940
	Welbilt 9.50% 2/15/24	1,313,000		1,359,500
	WESCO Distribution 144A
	7.125% 6/15/25 #	3,008,000		3,312,274
				45,293,985
Communications — 3.09%
	AMC Networks 5.00%
	4/1/24	3,400,000		3,459,500
	American Tower Trust #1
	144A 3.07% 3/15/23 #	1,575,000		1,608,610
	Charter Communications
	Operating 4.908%
	7/23/25	4,810,000		5,591,808
	Clear Channel International
	144A 6.625% 8/1/25 #	1,575,000		1,667,531
	Clear Channel Worldwide
	Holdings 9.25%
	2/15/24	1,635,000		1,659,697
	Crown Castle International
	5.25% 1/15/23	6,020,000		6,588,971
	Fox 4.03% 1/25/24	4,025,000		4,434,814
	Sprint Spectrum 144A
	4.738% 3/20/25 #	1,745,000		1,895,445
	Time Warner Entertainment
	8.375% 3/15/23	8,635,000		10,098,909
	T-Mobile USA
	144A 1.50% 2/15/26 #	1,275,000		1,307,825
	144A 3.50% 4/15/25 #	4,850,000		5,364,003
				43,677,113
Consumer Cyclical — 3.04%
	Boyd Gaming 144A
	8.625% 6/1/25 #	2,426,000		2,701,205
	Caesars Entertainment
	144A 6.25% 7/1/25 #	1,900,000		2,025,885
	Carnival 144A 7.625%
	3/1/26 #	2,117,000		2,310,420
	Ford Motor 8.50%
	4/21/23	4,533,000		5,118,550
	Ford Motor Credit 3.375%
	11/13/25	3,500,000		3,588,585
	General Motors Financial
	3.45% 4/10/22	2,145,000		2,206,070
	4.15% 6/19/23	1,290,000		1,388,199
	5.10% 1/17/24	4,880,000		5,463,254
	5.25% 3/1/26	339,000		399,914
	IRB Holding 144A 7.00%
	6/15/25 #	390,000		426,767
	JD.com 3.875% 4/29/26	3,470,000		3,885,137
	L Brands 144A 6.875%
	7/1/25 #	1,245,000		1,353,676
	Prime Security Services
	Borrower 144A 5.25%
	4/15/24 #	3,089,000		3,301,369

11

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

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Scientific Games
	International 144A
	5.00% 10/15/25 #	3,410,000	$	3,523,007
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	2,065,000		2,074,334
	Station Casinos 144A
	5.00% 10/1/25 #	1,361,000		1,379,271
	VF 2.40% 4/23/25	1,715,000		1,830,142
				42,975,785
Consumer Non-Cyclical — 4.78%
	AbbVie
	2.60% 11/21/24	7,125,000		7,642,026
	2.95% 11/21/26	2,180,000		2,413,375
	Anheuser-Busch InBev
	Worldwide
	3.65% 2/1/26	5,890,000		6,658,669
	4.15% 1/23/25	2,295,000		2,614,134
	Bausch Health 144A
	6.125% 4/15/25 #	2,591,000		2,673,031
	Bristol-Myers Squibb
	2.90% 7/26/24	5,320,000		5,778,625
	Cigna
	1.127% (LIBOR03M +
	0.89%) 7/15/23 ●	6,130,000		6,202,428
	3.75% 7/15/23	1,084,000		1,172,083
	CVS Health 3.70% 3/9/23	1,239,000		1,326,720
	Diageo Capital 1.375%
	9/29/25	2,275,000		2,341,885
	DP World Crescent 144A
	3.908% 5/31/23 #	3,381,000		3,577,605
	General Mills 3.70%
	10/17/23	3,640,000		3,967,594
	Molson Coors Beverage
	2.10% 7/15/21	3,845,000		3,877,599
	Mondelez International
	2.125% 4/13/23	1,680,000		1,745,765
	Ortho-Clinical Diagnostics
	144A 7.375% 6/1/25 #	2,701,000		2,881,629
	Pilgrim’s Pride 144A
	5.75% 3/15/25 #	2,675,000		2,749,499
	Primo Water Holdings
	144A 5.50% 4/1/25 #	2,601,000		2,688,784
	Royalty Pharma
	144A 1.20% 9/2/25 #	1,620,000		1,646,250
	144A 1.75% 9/2/27 #	1,080,000		1,112,173
	Tenet Healthcare 5.125%
	5/1/25	3,402,000		3,472,557
	Viatris
	144A 1.65% 6/22/25 #	500,000		517,242
	144A 2.30% 6/22/27 #	415,000		442,287
				67,501,960
Electric — 4.13%
	AEP Texas 2.40% 10/1/22	5,720,000		5,903,377
	Avangrid 3.20% 4/15/25	2,630,000		2,881,463
	CenterPoint Energy 3.85%
	2/1/24	5,050,000		5,528,238
	Cleveland Electric
	Illuminating 5.50%
	8/15/24	4,805,000		5,538,339
	Duke Energy
	1.80% 9/1/21	7,330,000		7,394,310
	4.875% µ, ψ	3,805,000		4,129,681
	Engie Energia Chile 144A
	4.50% 1/29/25 #	1,409,000		1,565,153
	Entergy 4.00% 7/15/22	4,727,000		4,957,721
	Entergy Louisiana 4.05%
	9/1/23	480,000		521,810
	NextEra Energy Capital
	Holdings 3.15% 4/1/24	5,320,000		5,752,661
	NRG Energy 144A 3.75%
	6/15/24 #	3,960,000		4,337,199
	Pacific Gas and Electric
	2.10% 8/1/27	3,370,000		3,424,825
	Vistra Operations 144A
	3.55% 7/15/24 #	5,945,000		6,440,923
				58,375,700
Energy — 4.09%
	Apache 4.625% 11/15/25	1,965,000		2,065,706
	Cheniere Corpus Christi
	Holdings 7.00%
	6/30/24	4,455,000		5,205,325
	Continental Resources
	3.80% 6/1/24	2,038,000		2,102,961
	Energy Transfer Operating
	5.25% 4/15/29	3,645,000		4,256,700
	Marathon Oil 2.80%
	11/1/22	1,350,000		1,388,008
	MPLX
	1.75% 3/1/26	1,085,000		1,123,427
	4.875% 12/1/24	6,200,000		7,116,291
	Murphy Oil 5.75%
	8/15/25	2,706,000		2,699,519
	NuStar Logistics 5.75%
	10/1/25	3,345,000		3,567,443
	Occidental Petroleum
	5.50% 12/1/25	2,793,000		2,917,247
	ONEOK 7.50% 9/1/23	4,745,000		5,494,131

12

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Sabine Pass Liquefaction
	5.75% 5/15/24	5,840,000	$	6,678,795
	Schlumberger Holdings
	144A 3.75% 5/1/24 #	5,865,000		6,398,577
	Southwestern Energy
	6.45% 1/23/25	3,138,000		3,261,559
	Western Midstream
	Operating 4.10%
	2/1/25	1,427,000		1,472,892
	WPX Energy 5.25%
	9/15/24	1,908,000		2,083,097
				57,831,678
Finance Companies — 2.00%
	AerCap Ireland Capital
	3.15% 2/15/24	5,750,000		6,030,069
	Air Lease 2.875% 1/15/26	755,000		799,451
	Aviation Capital Group
	144A 2.875%
	1/20/22 #	5,430,000		5,498,929
	Avolon Holdings Funding
	144A 3.95% 7/1/24 #	1,690,000		1,786,085
	China Overseas Finance
	Cayman III 5.375%
	10/29/23	1,980,000		2,189,593
	DAE Sukuk DIFC 144A
	3.75% 2/15/26 #	3,420,000		3,522,600
	GE Capital Funding 144A
	3.45% 5/15/25 #	2,530,000		2,794,078
	National Securities
	Clearing 144A 1.20%
	4/23/23 #	2,700,000		2,754,652
	SURA Asset Management
	144A 4.875%
	4/17/24 #	978,000		1,073,609
	USAA Capital 144A 1.50%
	5/1/23 #	1,720,000		1,764,794
				28,213,860
Insurance — 0.68%
	Equitable Holdings 3.90%
	4/20/23	5,760,000		6,198,726
	USI 144A 6.875%
	5/1/25 #	3,266,000		3,357,824
				9,556,550
Natural Gas — 0.22%
	NiSource
	0.95% 8/15/25	1,210,000		1,217,857
	5.65% µ, ψ	1,850,000		1,903,187
				3,121,044
Technology — 2.33%
	Broadcom
	3.15% 11/15/25	1,365,000		1,491,035
	4.70% 4/15/25	865,000		991,460
	Global Payments 2.65%
	2/15/25	4,520,000		4,842,288
	International Business
	Machines 3.00%
	5/15/24	3,500,000		3,792,726
	Microchip Technology
	3.922% 6/1/21	1,240,000		1,257,730
	4.333% 6/1/23	2,250,000		2,437,140
	NXP
	144A 2.70% 5/1/25 #	295,000		317,703
	144A 4.875% 3/1/24 #	6,825,000		7,700,320
	PayPal Holdings 1.35%
	6/1/23	6,510,000		6,669,217
	Sabre GLBL 144A 7.375%
	9/1/25 #	3,173,000		3,447,464
				32,947,083
Transportation — 1.27%
	DAE Funding 144A 4.50%
	8/1/22 #	3,423,000		3,471,607
	Delta Air Lines
	144A 7.00% 5/1/25 #	6,438,000		7,437,283
	7.375% 1/15/26	1,941,000		2,218,623
	Penske Truck Leasing 144A
	1.20% 11/15/25 #	2,790,000		2,815,847
	Spirit Loyalty Cayman
	144A 8.00% 9/20/25 #	1,850,000		2,081,250
				18,024,610
Total Corporate Bonds
	(cost $576,387,359)			602,254,952
Non-Agency Asset-Backed Securities — 12.12%
	American Express Credit
	Account Master Trust
	Series 2017-2 A
	0.609% (LIBOR01M +
	0.45%) 9/16/24 ●	10,260,000		10,304,593
	Series 2017-5 A
	0.539% (LIBOR01M +
	0.38%) 2/18/25 ●	2,425,000		2,435,972
	Series 2019-2 A 2.67%
	11/15/24	8,000,000		8,250,082
	ARI Fleet Lease Trust
	Series 2018-B A2 144A
	3.22% 8/16/27 #	2,848,780		2,871,344
	BA Credit Card Trust
	Series 2020-
	A1 A1 0.34% 5/15/26	4,500,000		4,505,455

13

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

		Principal
		amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	BMW Floorplan Master
	Owner Trust
	Series 2018-1 A2 144A
	0.479% (LIBOR01M +
	0.32%) 5/15/23 #, ●	2,200,000	$	2,201,723
	Chase Auto Credit Linked
	Notes
	Series 2020-2 B 144A
	0.84% 2/25/28 #	7,100,000		7,106,830
	Citibank Credit Card
	Issuance Trust
	Series 2018-A1 A1
	2.49% 1/20/23	1,485,000		1,486,825
	Dell Equipment Finance
	Trust
	Series 2020-2 A2 144A
	0.47% 10/24/22 #	15,600,000		15,627,692
	Ford Credit Auto Lease
	Trust
	Series 2019-B A2A
	2.28% 2/15/22	1,024,167		1,025,880
	Ford Credit Auto Owner
	Trust
	Series 2017-C
	A3 2.01% 3/15/22	160,732		160,915
	Ford Credit Floorplan
	Master Owner Trust A
	Series 2018-
	1 A2 0.439%
	(LIBOR01M + 0.28%)
	5/15/23 ●	1,725,000		1,726,267
	Series 2020-1 A1
	0.70% 9/15/25	26,000,000		26,183,934
	GM Financial Automobile
	Leasing Trust
	Series 2020-3 A2A
	0.35% 11/21/22	17,100,000		17,113,001
	GMF Floorplan Owner
	Revolving Trust
	Series 2020-1 A 144A
	0.68% 8/15/25 #	16,000,000		16,094,608
	Harley-Davidson
	Motorcycle Trust
	Series 2020-A A2A
	1.83% 1/17/23	1,597,960		1,604,667
	HOA Funding
	Series 2014-1A
	A2 144A 4.846%
	8/20/44 #	319,375		300,327
	Hyundai Auto Receivables
	Trust
	Series 2019-B
	A2 1.93% 7/15/22	1,220,109		1,224,382
	Hyundai Auto Receivables
	Trust
	Series 2020-C
	A2 0.26% 9/15/23	5,000,000		5,001,561
	Invitation Homes Trust
	Series 2018-SFR1 A
	144A 0.853%
	(LIBOR01M + 0.70%)
	3/17/37 #, ●	2,050,611		2,033,548
	John Deere Owner Trust
	Series 2019-B
	A2 2.28% 5/16/22	854,333		856,069
	Mercedes-Benz Auto Lease
	Trust
	Series 2019-B
	A2 2.01% 12/15/21	326,063		326,720
	Mercedes-Benz Master
	Owner Trust
	Series 2019-BA A 144A
	2.61% 5/15/24 #	2,400,000		2,479,455
	MMAF Equipment Finance
	Series 2015-AA
	A5 144A 2.49%
	2/19/36 #	569,537		575,871
	Series 2020-BA
	A2 144A 0.38%
	8/14/23 #	12,700,000		12,707,494
	PFS Financing
	Series 2020-G A 144A
	0.97% 2/15/26 #	4,000,000		4,020,978
	Popular ABS Mortgage
	Pass Through Trust
	Series 2006-C
	A4 0.398% (LIBOR01M
	+ 0.25%, Cap 14.00%,
	Floor 0.25%) 7/25/36 ●	121,189		121,014
	Tesla Auto Lease Trust
	Series 2018-B A 144A
	3.71% 8/20/21 #	1,724,074		1,734,994
	Series 2019-A A2 144A
	2.13% 4/20/22 #	2,799,716		2,825,478
	Towd Point Mortgage Trust
	Series 2015-5 A1B
	144A 2.75%
	5/25/55 #, ●	137,128		138,127
	Series 2015-6 A1B
	144A 2.75%
	4/25/55 #, ●	232,417		235,985
	Trafigura Securitisation
	Finance
	Series 2018-1A
	A1 144A 0.889%
	(LIBOR01M + 0.73%)
	3/15/22 #, ●	250,000		249,878

14

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Verizon Owner Trust
	Series 2020-C A 0.41%
	4/21/25		2,000,000	$	2,003,702
	Volvo Financial Equipment
	Series 2020-1A A2
	144A 0.37% 4/17/23 #		15,500,000		15,510,236
	Wheels SPV 2
	Series 2018-1A
	A2 144A 3.06%
	4/20/27 #		259,788		260,720
Total Non-Agency Asset-Backed
	Securities
	(cost $170,657,435)				171,306,327
Non-Agency Collateralized Mortgage Obligations —
0.26%
	Galton Funding Mortgage
	Trust
	Series 2018-1 A43 144A
	3.50% 11/25/57 #, ●		140,156		141,209
	JPMorgan Mortgage Trust
	Series 2014-
	IVR6 2A4 144A 2.269%
	7/25/44 #, ●		458,516		466,053
	Silverstone Master Issuer
	Series 2018-1A 1A
	144A 0.599%
	(LIBOR03M + 0.39%)
	1/21/70 #, ●		3,080,000		3,077,167
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $3,662,058)				3,684,429
Non-Agency Commercial Mortgage-Backed Securities —
0.03%
	LB-UBS Commercial
	Mortgage Trust
	Series 2006-C6 AJ
	5.492% 9/15/39 ●		641,109		370,240
Total Non-Agency Commercial
	Mortgage-Backed Securities
	(cost $679,857)				370,240
Sovereign Bonds — 2.50%
Spain — 2.50%
	Spanish Treasury Bill
	0.00% 1/15/21 ^	EUR	28,875,000		35,284,762
Total Sovereign Bonds
	(cost $35,083,629)				35,284,762
US Treasury Obligations — 23.90%
	US Treasury Floating Rate
	Notes
	0.15% (USBMMY3M +
	0.055%) 7/31/22 ●		40,895,000		40,899,883
	0.244% (USBMMY3M
	+ 0.154%) 1/31/22 ●		95,725,000		95,829,781
	US Treasury Notes
	0.375% 11/30/25		192,645,000		192,885,806
	1.625% 12/31/21		8,030,000		8,151,252
Total US Treasury Obligations
	(cost $337,168,161)				337,766,722
			Number
			of shares
Preferred Stock — 0.19%
	Morgan Stanley
	4.047% (LIBOR03M +
	3.81%) ●		2,500,000		2,488,224
	USB Realty 144A
	1.384% (LIBOR03M +
	1.147%) #, ●		200,000		150,000
Total Preferred Stock
	(cost $2,655,000)				2,638,224
Short-Term Investments — 3.63%
Money Market Mutual Funds — 3.63%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)		12,822,702		12,822,702
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)		12,822,701		12,822,701
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)		12,822,702		12,822,702
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)		12,822,701		12,822,701
Total Short-Term Investments
	(cost $51,290,806)				51,290,806

15

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

	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Total Value of
Securities—100.04%
(cost $1,381,045,138)	$	1,413,806,934

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $390,308,728, which represents 27.62% of the Series’ net assets. See Note 11 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.

The following foreign currency exchange contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Appreciation	Depreciation
Toronto Dominion	EUR	28,875,000	USD	35,073,740	1/15/21	$              —	$	(215,248	)

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

Summary of abbreviations:
ABS – Asset-Backed Security
ARM – Adjustable Rate Mortgage
CLO – Collateralized Loan Obligation
DIFC – Dubai International Financial Centre
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LIBOR12M – ICE LIBOR USD 12 Month
NCUA – National Credit Union Administration
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
USBMMY3M – US Treasury 3 Month Bill Money Market Yield

16

Summary of abbreviations: (continued)
yr – Year

Summary of currencies:
EUR – European Monetary Unit
USD – US Dollar

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

17

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

December 31, 2020

Assets:
Investments, at value*	$	1,413,806,934
Cash		3,070,147
Cash collateral due from brokers		440,000
Receivable for securities sold		154
Dividends and interest receivable		6,536,812
Receivable for series shares sold		394,216
Total Assets		1,424,248,263
Liabilities:
Payable for securities purchased		9,765,346
Investment management fees payable to affiliates		548,507
Distribution fees payable to affiliates		312,003
Unrealized depreciation on foreign currency exchange contracts		215,248
Other accrued expenses		141,143
Dividend disbursing and transfer agent fees and expenses payable to affiliates		8,875
Trustees’ fees and expenses payable to affiliates		4,417
Accounting and administration expenses payable to affiliates		4,289
Legal fees payable to affiliates		2,420
Reports and statements to shareholders expenses payable to affiliates		1,417
Payable for series shares redeemed		545
Total Liabilities		11,004,210
Total Net Assets	$	1,413,244,053
Net Assets Consist of:
Paid-in capital	$	1,400,079,572
Total distributable earnings (loss)		13,164,481
Total Net Assets	$	1,413,244,053
Net Asset Value
Standard Class:
Net assets	$	169,525,938
Shares of beneficial interest outstanding, unlimited authorization, no par		16,843,150
Net asset value per share	$	10.06
Service Class:
Net assets	$	1,243,718,115
Shares of beneficial interest outstanding, unlimited authorization, no par		124,394,013
Net asset value per share	$	10.00
____________________
*  Investments, at cost	$	1,381,045,138

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

18

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

Year ended December 31, 2020

Investment Income:
Interest	$	24,052,085
Dividends		94,022
		24,146,107
Expenses:
Management fees		6,456,355
Distribution expenses — Service Class		3,597,987
Accounting and administration expenses		262,421
Reports and statements to shareholders expenses		174,724
Dividend disbursing and transfer agent fees and expenses		111,745
Legal fees		87,150
Trustees’ fees and expenses		78,488
Audit and tax fees		52,114
Custodian fees		37,928
Registration fees		17
Other		54,161
		10,913,090
Less expenses waived		(109,111	)
Less expenses paid indirectly		(878	)
Total operating expenses		10,803,101
Net Investment Income		13,343,006
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		21,509,513
Foreign currencies		73,681
Foreign currency exchange contracts		(47,676	)
Swap contracts		75,843
Net realized gain		21,611,361
Net change in unrealized appreciation (depreciation) of:
Investments		18,366,559
Foreign currency exchange contracts		(215,248	)
Swap contracts		(75,843	)
Net change in unrealized appreciation (depreciation)		18,075,468
Net Realized and Unrealized Gain		39,686,829
Net Increase in Net Assets Resulting from Operations	$	53,029,835

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

19

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	13,343,006		$	27,537,963
Net realized gain		21,611,361			12,583,938
Net change in unrealized appreciation (depreciation)		18,075,468			26,463,546
Net increase in net assets resulting from operations		53,029,835			66,585,447
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(2,659,107	)		(4,305,301	)
Service Class		(17,646,817	)		(29,445,479	)
Return of capital:
Standard Class		(62,382	)		—
Service Class		(460,716	)		—
		(20,829,022	)		(33,750,780	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		63,258,887			28,692,698
Service Class		140,929,835			54,182,824
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		2,797,877			4,255,557
Service Class		18,722,000			29,530,672
		225,708,599			116,661,751
Cost of shares redeemed:
Standard Class		(32,112,392	)		(165,315,838	)
Service Class		(160,819,377	)		(116,259,977	)
		(192,931,769	)		(281,575,815	)
Increase (decrease) in net assets derived from capital share transactions		32,776,830			(164,914,064	)
Net Increase (Decrease) in Net Assets		64,977,643			(132,079,397	)
Net Assets:
Beginning of year		1,348,266,410			1,480,345,807
End of year	$	1,413,244,053		$	1,348,266,410

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

20

Financial highlights
Delaware VIP^® Limited-Term Diversified Income Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	9.82		$	9.59		$	9.83		$	9.82		$	9.78
Income (loss) from investment operations
Net investment income1		0.12			0.22			0.21			0.15			0.11
Net realized and unrealized gain (loss)		0.30			0.27			(0.19	)		0.06			0.09
Total from investment operations		0.42			0.49			0.02			0.21			0.20
Less dividends and distributions from:
Net investment income		(0.18	)		(0.26	)		(0.26	)		(0.20	)		(0.16	)
Return of capital		(0.00	)2		—			—			—			—
Total dividends and distributions		(0.18	)		(0.26	)		(0.26	)		(0.20	)		(0.16	)
Net asset value, end of period	$	10.06		$	9.82		$	9.59		$	9.83		$	9.82
Total return3		4.31%	4		5.21%			0.24%			2.17%			2.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	169,526		$	131,920		$	260,009		$	98,895		$	81,412
Ratio of expenses to average net assets5		0.53%			0.54%			0.54%			0.55%			0.55%
Ratio of expenses to average net assets prior to fees waived5		0.54%			0.54%			0.54%			0.55%			0.55%
Ratio of net investment income to average net assets		1.26%			2.27%			2.14%			1.49%			1.15%
Ratio of net investment income to average net assets prior to
fees waived		1.25%			2.27%			2.14%			1.49%			1.15%
Portfolio turnover		196%			97%			125%			135%			143%

1	The average shares outstanding method has been applied for per share information.
2	Amount is less than $(0.005) per share.
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.

21

Financial highlights
Delaware VIP^® Limited-Term Diversified Income Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	9.75		$	9.53		$	9.76		$	9.75		$	9.72
Income (loss) from investment operations
Net investment income1		0.09			0.19			0.18			0.12			0.09
Net realized and unrealized gain (loss)		0.31			0.26			(0.18	)		0.07			0.08
Total from investment operations		0.40			0.45			—			0.19			0.17
Less dividends and distributions from:
Net investment income		(0.15	)		(0.23	)		(0.23	)		(0.18	)		(0.14	)
Return of capital		(0.00	)2		—			—			—			—
Total dividends and distributions		(0.15	)		(0.23	)		(0.23	)		(0.18	)		(0.14	)
Net asset value, end of period	$	10.00		$	9.75		$	9.53		$	9.76		$	9.75
Total return3		4.12%	4		4.81%			0.04%	4		1.92%	4		1.73%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,243,718		$	1,216,346		$	1,220,337		$	1,319,169		$	1,325,979
Ratio of expenses to average net assets5		0.83%			0.84%			0.82%			0.80%			0.80%
Ratio of expenses to average net assets prior to fees waived5		0.84%			0.84%			0.84%			0.85%			0.85%
Ratio of net investment income to average net assets		0.96%			1.97%			1.86%			1.24%			0.90%
Ratio of net investment income to average net assets prior to
fees waived		0.95%			1.97%			1.84%			1.19%			0.85%
Portfolio turnover		196%			97%			125%			135%			143%

1	The average shares outstanding method has been applied for per share information.
2	Amount is less than $(0.005) per share.
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 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.

22

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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. Foreign currency exchange contracts are valued at the mean between the bid and the 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 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

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

1. Significant Accounting Policies (continued)

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 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 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. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. 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 year ended December 31, 2020, the Series earned $876 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 year ended December 31, 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 0.50% 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 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

24

reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed 0.53% of the Series’ average daily net assets from April 29, 2020 through December 31, 2020.* From January 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 be terminated only 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.

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 year ended December 31, 2020, the Series was charged $50,214 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 year ended December 31, 2020, the Series was charged $101,356 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 year ended December 31, 2020, the Series was charged $46,718 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, 2020 through April 30, 2021.

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	708,163,481
Purchases of US government securities		1,866,235,898
Sales other than US government securities		632,971,127
Sales of US government securities		1,925,177,246

The tax cost of investmentsand derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	1,386,125,192
Aggregate unrealized appreciation of investments and derivatives	$	29,656,636
Aggregate unrealized depreciation of investments and derivatives		(2,190,142	)
Net unrealized appreciation of investments and derivatives	$	27,466,494

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 as follows:

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.

26

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of December 31, 2020:

	Level 1		Level 2			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	9,776,188		$	9,776,188
Agency Commercial Mortgage-Backed Securities		—		3,609,306			3,609,306
Agency Mortgage-Backed Securities		—		101,227,470			101,227,470
Collateralized Debt Obligations		—		94,597,508			94,597,508
Corporate Bonds		—		602,254,952			602,254,952
Non-Agency Asset-Backed Securities		—		171,306,327			171,306,327
Non-Agency Collateralized Mortgage Obligations		—		3,684,429			3,684,429
Non-Agency Commercial Mortgage-Backed Securities		—		370,240			370,240
Preferred Stock		—		2,638,224			2,638,224
Sovereign Bonds		—		35,284,762			35,284,762
US Treasury Obligations		—		337,766,722			337,766,722
Short-Term Investments		51,290,806		—			51,290,806
Total Value of Securities	$	51,290,806	$	1,362,516,128		$	1,413,806,934
Derivatives1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(215,248	)	$	(215,248	)

¹ Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	20,305,924	$	33,750,780
Return of capital		523,098		—
Total	$	20,829,022	$	33,750,780

27

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	1,400,079,572
Qualified late year loss deferrals		(181,422	)
Capital loss carryforwards		(14,120,591	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		27,466,494
Net assets	$	1,413,244,053

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market of foreign currency exchange contracts, tax treatment of market discount and premium on debt instruments, and market premium on callable bonds.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

Qualified late year losses represent losses realized on investment transactions from November 1, 2020 through December 31, 2020 that, in accordance with federal income tax regulations, the Series has elected to defer and treat as having arisen in the following fiscal year.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2020, $13,136,257 of capital loss carryforwards was utilized.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$—	$14,120,591	$14,120,591

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	6,368,262		2,945,915
Service Class	14,186,965		5,594,251
Shares issued upon reinvestment of dividends and distributions:
Standard Class	281,873		437,511
Service Class	1,900,488		3,049,373
	22,737,588		12,027,050
Shares redeemed:
Standard Class	(3,244,654	)	(17,056,074	)
Service Class	(16,420,463	)	(12,012,320	)
	(19,665,117	)	(29,068,394	)
Net increase (decrease)	3,072,471		(17,041,344	)

28

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

8. 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 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 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 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.

At December 31, 2020, the Series posted $440,000 in cash collateral for open foreign currency exchange contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

During the year ended December 31, 2020, the Series entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

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.”

29

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

8. Derivatives (continued)

Fair values of derivative instruments as of December 31, 2020 were as follows:

	Liability Derivatives Fair Value
			Interest
Statement of Assets and	Currency	Equity	Rate	Credit
Liabilities Location	Contracts	Contracts	Contracts	Contracts	Total
Unrealized depreciation on foreign currency
exchange contracts	$(215,248)	$—	$—	$—	$(215,248)

The effect of derivative instruments on the “Statement of operations” for the year ended December 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange				Swap
	Contracts				Contracts			Total
Currency contracts		$	(47,676	)		$	—		$	(47,676	)
Credit contracts			—				75,843			75,843
Total		$	(47,676	)		$	75,843		$	28,167

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Swap
	Contracts				Contracts				Total
Currency contracts		$	(215,248	)		$	—			$	(215,248	)
Credit contracts			—				(75,843	)			(75,843	)
Total		$	(215,248	)		$	(75,843	)		$	(291,091	)

The table below summarizes the average balance of derivative holdings by the Series during the year ended December 31, 2020:

	Long Derivative	Short Derivative
	Volume	Volume
Foreign currency exchange contracts (average notional value)	$138,568	$2,079,471

9. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

30

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware VIP Limited-Term Diversified Income Series

		Gross Value of
	Gross Value of	Derivative
Counterparty	Derivative Asset	Liability	Net Position
Toronto Dominion	$—	$(215,248)	$(215,248)

		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received	Collateral Pledged	Pledged(a)	Net Exposure(b)
Toronto Dominion	$(215,248)	$—	$—	$—	$215,248	$—

(a)	The value of the related collateral exceeded the value of the derivatives as of December 31, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. 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. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

31

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited-Term Diversified Income Series

10. Securities Lending (continued)

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

11. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

32

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.”

12. 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.

13. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact, if any, of applying this ASU.

14. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

33

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Limited-Term Diversified Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Limited-Term Diversified Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

34

Other Series information (Unaudited)
Delaware VIP^® Limited-Term Diversified Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis)	97.49	%
(B) Return of Capital (Tax Basis)	2.51	%
Total Distributions (Tax Basis)	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited-Term Diversified Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited-Term Diversified Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

35

Other Series information (Unaudited)
Delaware VIP^® Limited-Term Diversified Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited-Term Diversified Income Series at a meeting held August 11-13, 2020 (continued)

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all short-intermediate investment-grade debt funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 10-year periods was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the third quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee was in the quartile with the second highest expenses of its Expense Group and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through April 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work,

36

the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2020, the Series’ net assets exceeded the second breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Series and its shareholders.

37

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

38

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

39

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

40

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

41

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

42

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.

(1501855)
AR-VIPLTD-221

Delaware VIP^® Trust

Delaware VIP REIT Series

December 31, 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

Portfolio management review	1
Performance summary	2
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	9
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	12
Notes to financial statements	14
Report of independent registered public accounting firm	21
Other Series information	22
Board of trustees / directors and officers addendum	25

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP REIT Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP REIT Series (the “Series”) Standard Class shares fell 10.41%. The Series Service Class shares fell 10.64%. Both figures reflect the returns of all dividends reinvested. The Series’ benchmark, the FTSE Nareit Equity REITs Index, declined 8.00% for the same period.

Both the pandemic and its effects on the economy have little precedent in our lifetimes. The turbulence caused by the pandemic has essentially seen a full market cycle play out in just 12 months. Toward the end of the year, news that availability of an effective vaccine was imminent provided some optimism to investors that the end of the pandemic was in sight. Political uncertainty has calmed somewhat as the US presidential election resulted in a win for Joe Biden. Investors will now turn their attention to the implications of a Democratic presidency and Congress for the economy and markets alike.

US real estate investment trusts (REITs) materially lagged the broader market (the S&P 500^® Index gained 18.4%), as real estate has been disproportionately affected by the pandemic and subsequent lockdowns. The pandemic continues to exert its unprecedented influence across real estate markets. It has accelerated several trends that were already in motion, widening the gap between real estate’s winners and losers. The leap forward in ecommerce further exacerbated the challenges facing physical retail, while warehousing and logistics, and the ecosystem supporting the tech movement (data centers, for example) grew stronger. This drove significant divergence among subsectors in the US REIT market. On the one hand, the industrial subsector benefited from strong demand generated by accelerating ecommerce growth and the buildout of supply chains. On the other hand, multifamily, office, and net-lease REITs face headwinds in the near term, though the longer-term recovery of each remains heavily debated.

Adverse stock selection drove the Series’ underperformance, though a positive contribution from sector allocation partially offset this. Underweight allocations to regional malls and shopping centers led the contribution to relative performance for the fiscal year. Retail-exposed REITs have struggled throughout the global pandemic because of lockdown restrictions and the accelerated trend to online shopping. When compared with 2019 figures, all retail REITs showed a drastic decline in foot traffic on Black Friday, the biggest holiday shopping weekend of the year. Surprisingly, regional mall landlords at the higher end of the quality spectrum, such as Simon Property Group Inc. (in which the Series has an overweight position), experienced larger falloffs in projected foot traffic than those at the lower end.

An overweight allocation to healthcare was the largest detractor from relative performance, driven primarily by poor stock selection. Brookdale Senior Living Inc. and Healthpeak Properties Inc. were the leading individual detractors in the sector. Brookdale underperformed after August results missed expectations, with revenue coming in $42.3 million below consensus. An overweight allocation to the apartments sector also detracted, driven by adverse sector allocation and stock selection. Apartment REITs such as AvalonBay Communities Inc. and Apartment Income REIT Corp. reduced performance, the result of significant slowing in new lease rent growth across the country, particularly in California.

At the stock level, the largest contributors to performance for the fiscal year included an overweight position in regional mall operator Simon Property Group and overweight positions in diversified REIT Colony Capital Inc. and shopping center REIT Brixmor Property Group Inc. Simon Property Group entered into a deal, via its joint venture Sparc Group, to acquire Brooks Brothers for $305 million. Under the terms of the deal, Sparc Group will purchase all of Brooks Brothers global business operations. It has also committed to acquiring at least 125 Brooks Brothers retail locations. Colony Capital outperformed after it announced the sale and closure of its 51% ownership stake in the Colony Bulk Industrial Portfolio, valued at $400 million.

The leading detractors from performance at the stock level include overweight positions in Brookdale Senior Living and office REIT Kilroy Realty Corp., and an underweight position in technology REIT Digital Realty Trust Inc.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.     1

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP REIT Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
May 4, 1998)	-10.41%	+1.77%	+2.53%	+7.27%	+8.10%
Service Class shares (commenced operations on
April 30, 2000)	-10.64%	+1.49%	+2.26%	+6.99%	+8.83%
FTSE Nareit Equity REITs Index	-8.00%	+3.40%	+4.77%	+8.31%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 1.13%, while total operating expenses for Standard Class and Service Class shares were 0.83% and 1.13%, respectively. The management fee for Standard Class and Service Class shares was 0.75%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from April 29, 2020 through April 30, 2021.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance chart above and in the Performance of a $10,000 Investment chart on page 4.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

A REIT series’ tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

2

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

____________________

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP REIT Series

Performance of a $10,000 Investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	FTSE Nareit Equity REITs Index	$10,000	$22,212
	Delaware VIP REIT Series — Standard Class shares	$10,000	$20,170

The chart shows a $10,000 investment in the Delaware VIP REIT Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The chart also shows $10,000 invested in the FTSE NAREIT Equity REITs Index for the period from December 31, 2010 through December 31, 2020. The FTSE Nareit Equity REITs Index contains all tax-qualified real estate investment trusts (REITs) traded on US exchanges, excluding timber and infrastructure REITs, with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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 7/1/20		Ending Account Value 12/31/20		Annualized Expense Ratio	Expenses Paid During Period 7/1/20 to 12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,112.20	0.83%		$	4.41
Service Class		1,000.00		1,111.30	1.13%			6.00
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.96	0.83%		$	4.22
Service Class		1,000.00		1,019.46	1.13%			5.74

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP REIT Series

As of December 31, 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
Security type / sector	of net assets
Common Stock	99.32	%
Real Estate	2.33	%
REIT Diversified	3.17	%
REIT Healthcare	12.70	%
REIT Hotel	5.45	%
REIT Industrial	12.60	%
REIT Information Technology	13.11	%
REIT Mall	2.50	%
REIT Manufactured Housing	3.77	%
REIT Multifamily	8.68	%
REIT Office	9.68	%
REIT Self-Storage	8.14	%
REIT Shopping Center	4.94	%
REIT Single Tenant	7.99	%
REIT Specialty	4.26	%
Short-Term Investments	0.39	%
Total Value of Securities	99.71	%
Receivables and Other Assets Net of
Liabilities	0.29	%
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	8.70	%
Equinix	7.25	%
Digital Realty Trust	4.05	%
Public Storage	3.90	%
Alexandria Real Estate Equities	3.00	%
Realty Income	2.91	%
Welltower	2.81	%
Boston Properties	2.60	%
Essex Property Trust	2.60	%
Simon Property Group	2.50	%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP REIT Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.32%
Real Estate — 2.33%
	Equity Residential	153,111	$	9,076,420
				9,076,420
REIT Diversified — 3.17%
	Alpine Income Property
	Trust	20,172		302,378
	Colony Capital	1,150,516		5,533,982
	Lexington Realty Trust	476,142		5,056,628
	Vornado Realty Trust	38,557		1,439,719
				12,332,707
REIT Healthcare — 12.70%
	CareTrust REIT	118,057		2,618,504
	Healthcare Trust of America
	Class A	249,932		6,883,127
	Healthpeak Properties	260,030		7,860,707
	Medical Properties Trust	392,756		8,558,153
	National Health Investors	37,174		2,571,326
	Omega Healthcare
	Investors	43,265		1,571,385
	Sabra Health Care REIT	23,322		405,103
	Ventas	163,052		7,996,070
	Welltower	169,010		10,921,426
				49,385,801
REIT Hotel — 5.45%
	Apple Hospitality REIT	79,739		1,029,431
	Gaming and Leisure
	Properties	88,296		3,743,762
	Host Hotels & Resorts	297,696		4,355,292
	Park Hotels & Resorts	51,618		885,249
	Pebblebrook Hotel Trust	55,498		1,043,362
	RLJ Lodging Trust	39,086		553,067
	Ryman Hospitality
	Properties	21,516		1,457,924
	Sunstone Hotel Investors	45,389		514,257
	VICI Properties	299,368		7,633,884
				21,216,228
REIT Industrial — 12.60%
	Americold Realty Trust	113,308		4,229,787
	Duke Realty	204,598		8,177,782
	Prologis	339,424		33,826,996
	Terreno Realty	47,280		2,766,353
				49,000,918
REIT Information Technology — 13.11%
	CyrusOne	49,911		3,650,989
	Digital Realty Trust	113,078		15,775,512
	Equinix	39,482		28,197,255
	QTS Realty Trust Class A	54,741		3,387,373
				51,011,129
REIT Mall — 2.50%
	Simon Property Group	114,002		9,722,091
				9,722,091
REIT Manufactured Housing — 3.77%
	Equity LifeStyle Properties	100,795		6,386,371
	Sun Communities	54,486		8,279,148
				14,665,519
REIT Multifamily — 8.68%
	American Campus
	Communities	18,638		797,147
	American Homes 4 Rent
	Class A	111,330		3,339,900
	Apartment Income REIT †	14,575		559,826
	AvalonBay Communities	49,266		7,903,744
	Camden Property Trust	41,015		4,098,219
	Essex Property Trust	42,649		10,125,725
	Mid-America Apartment
	Communities	16,055		2,034,008
	UDR	127,976		4,918,118
				33,776,687
REIT Office — 9.68%
	Alexandria Real Estate
	Equities	65,446		11,663,786
	Boston Properties	107,309		10,143,920
	Cousins Properties	134,482		4,505,147
	Douglas Emmett	150,443		4,389,927
	Highwoods Properties	132,429		5,248,161
	Kilroy Realty	13,415		770,021
	SL Green Realty	15,539		925,814
				37,646,776
REIT Self-Storage — 8.14%
	CubeSmart	57,629		1,936,911
	Extra Space Storage	69,817		8,088,998
	Life Storage	36,634		4,373,733
	National Storage Affiliates
	Trust	58,366		2,102,927
	Public Storage	65,607		15,150,624
				31,653,193
REIT Shopping Center — 4.94%
	Brixmor Property Group	348,457		5,766,963
	Federal Realty Investment
	Trust	16,284		1,386,094
	Kimco Realty	175,865		2,639,734
	Regency Centers	76,215		3,474,642
	Retail Opportunity
	Investments	169,658		2,271,721
	Urban Edge Properties	213,739		2,765,783

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP REIT Series

		Number
		of shares	Value (US $)
Common Stock (continued)
REIT Shopping Center (continued)
	Weingarten Realty
	Investors	42,632	$	923,835
				19,228,772
REIT Single Tenant — 7.99%
	Agree Realty	40,045		2,666,196
	Four Corners Property
	Trust	96,743		2,880,039
	National Retail Properties	100,441		4,110,046
	Realty Income	182,083		11,320,100
	Spirit Realty Capital	78,823		3,166,320
	STORE Capital	158,244		5,377,131
	VEREIT	41,495		1,568,096
				31,087,928
REIT Specialty — 4.26%
	Invitation Homes	303,274		9,007,238
	Iron Mountain	55,976		1,650,172
	Lamar Advertising Class A	18,926		1,575,022
	Outfront Media	46,337		906,352
	WP Carey	48,441		3,418,966
				16,557,750
Total Common Stock
	(cost $352,486,790)			386,361,919
Short-Term Investments — 0.39%
Money Market Mutual Funds — 0.39%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	380,168		380,168
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	380,168		380,168
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	380,169		380,169
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	380,169		380,169
Total Short-Term Investments
	(cost $1,520,674)			1,520,674
Total Value of
	Securities—99.71%
	(cost $354,007,464)		$	387,882,593

† 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.

8

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP REIT Series

December 31, 2020

Assets:
Investments, at value*	$	387,882,593
Dividends receivable		1,916,609
Receivable for series shares sold		988
Total Assets		389,800,190
Liabilities:
Due to custodian		22
Payable for series shares redeemed		459,292
Investment management fees payable to affiliates		239,711
Distribution fees payable to affiliates		43,712
Other accrued expenses		24,316
Reports and statements to shareholders expenses payable to non-affiliates		19,164
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,440
Accounting and administration expenses payable to affiliates		1,425
Trustees’ fees and expenses payable to affiliates		1,200
Legal fees payable to affiliates		658
Reports and statements to shareholders expenses payable to affiliates		391
Total Liabilities		792,331
Total Net Assets	$	389,007,859
Net Assets Consist of:
Paid-in capital	$	416,371,210
Total distributable earnings (loss)		(27,363,351	)
Total Net Assets	$	389,007,859
Net Asset Value
Standard Class:
Net assets	$	214,644,411
Shares of beneficial interest outstanding, unlimited authorization, no par		17,749,290
Net asset value per share	$	12.09
Service Class:
Net assets	$	174,363,448
Shares of beneficial interest outstanding, unlimited authorization, no par		14,439,675
Net asset value per share	$	12.08
____________________
*  Investments, at cost	$	354,007,464

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

9

Statement of operations
Delaware VIP^® Trust — Delaware VIP REIT Series

Year ended December 31, 2020

Investment Income:
Dividends	$	10,425,656
Interest		27
		10,425,683
Expenses:
Management fees		2,818,024
Distribution expenses — Service Class		515,334
Accounting and administration expenses		100,947
Reports and statements to shareholders expenses		83,657
Audit and tax fees		34,137
Dividend disbursing and transfer agent fees and expenses		31,117
Legal fees		25,943
Trustees’ fees and expenses		21,755
Custodian fees		14,971
Registration fees		107
Other		10,374
		3,656,366
Less expenses waived		(22,840	)
Less expenses paid indirectly		(53	)
Total operating expenses		3,633,473
Net Investment Income		6,792,210
Net Realized and Unrealized Gain (Loss):
Net realized loss on investments		(57,757,045	)
Net change in unrealized appreciation (depreciation) of investments		5,395,735
Net Realized and Unrealized Loss		(52,361,310	)
Net Decrease in Net Assets Resulting from Operations	$	(45,569,100	)

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

10

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP REIT Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,792,210		$	6,657,060
Net realized gain (loss)		(57,757,045	)		44,240,422
Net change in unrealized appreciation (depreciation)		5,395,735			46,211,888
Net increase (decrease) in net assets resulting from operations		(45,569,100	)		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		19,020,120			9,282,515
Service Class		11,898,297			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
		57,676,128			27,435,091
Cost of shares redeemed:
Standard Class		(17,184,108	)		(24,026,313	)
Service Class		(19,842,574	)		(23,679,606	)
		(37,026,682	)		(47,705,919	)
Increase (decrease) in net assets derived from capital share transactions		20,649,446			(20,270,828	)
Net Increase (Decrease) in Net Assets		(51,677,365	)		68,324,678
Net Assets:
Beginning of year		440,685,224			372,360,546
End of year	$	389,007,859		$	440,685,224

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

11

Financial highlights
Delaware VIP^® REIT Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	14.69		$	11.85		$	13.49		$	15.57		$	15.89
Income (loss) from investment operations
Net investment income1		0.23			0.24			0.28			0.27			0.22
Net realized and unrealized gain (loss)		(1.92	)		2.90			(1.27	)		(0.03	)		0.67
Total from investment operations		(1.69	)		3.14			(0.99	)		0.24			0.89
Less dividends and distributions from:
Net investment income		(0.25	)		(0.30	)		(0.27	)		(0.24	)		(0.21	)
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	)
Net asset value, end of period	$	12.09		$	14.69		$	11.85		$	13.49		$	15.57
Total return2		(10.41%	)3		26.81%			(7.22%	)		1.54%			5.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	214,644		$	236,492		$	198,904		$	235,390		$	251,083
Ratio of expenses to average net assets4		0.83%			0.83%			0.83%			0.84%			0.83%
Ratio of expenses to average net assets prior to fees waived4		0.84%			0.83%			0.83%			0.84%			0.83%
Ratio of net investment income to average net assets		1.94%			1.70%			2.23%			1.94%			1.39%
Ratio of net investment income to average net assets prior to
fees waived		1.93%			1.70%			2.23%			1.94%			1.39%
Portfolio turnover		127%			98%			111%			173%			130%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
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.

12

Delaware VIP^® REIT Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	14.66		$	11.82		$	13.46		$	15.54		$	15.86
Income (loss) from investment operations
Net investment income1		0.19			0.20			0.24			0.24			0.18
Net realized and unrealized gain (loss)		(1.90	)		2.90			(1.27	)		(0.03	)		0.67
Total from investment operations		(1.71	)		3.10			(1.03	)		0.21			0.85
Less dividends and distributions from:
Net investment income		(0.21	)		(0.26	)		(0.23	)		(0.21	)		(0.17	)
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	)
Net asset value, end of period	$	12.08		$	14.66		$	11.82		$	13.46		$	15.54
Total return2		(10.64%	)3		26.50%			(7.52%	)3		1.27%	3		5.62%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	174,364		$	204,193		$	173,457		$	212,133		$	232,062
Ratio of expenses to average net assets4		1.13%			1.13%			1.11%			1.09%			1.08%
Ratio of expenses to average net assets prior to fees waived4		1.14%			1.13%			1.13%			1.14%			1.13%
Ratio of net investment income to average net assets		1.64%			1.40%			1.95%			1.69%			1.14%
Ratio of net investment income to average net assets prior to
fees waived		1.63%			1.40%			1.93%			1.64%			1.09%
Portfolio turnover		127%			98%			111%			173%			130%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	Total return during the period shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP REIT Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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

14

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 year ended December 31, 2020, the Series earned $51 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 year ended December 31, 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 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 January 1, 2020 through December 31, 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 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 year ended December 31, 2020, the Series was charged $16,831 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 year ended December 31, 2020, the Series was charged $28,180 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.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP REIT Series

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

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 year ended December 31, 2020, the Series was charged $15,407 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 year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	473,368,231
Sales		469,622,275

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	369,049,930
Aggregate unrealized appreciation of investments	$	42,036,411
Aggregate unrealized depreciation of investments		(23,203,748	)
Net unrealized appreciation of investments	$	18,832,663

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 as follows:

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

16

	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 vaiue hierarchy levels as of December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	386,361,919
Short-Term Investments		1,520,674
Total Value of Securities	$	387,882,593

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	6,933,274	$	8,513,864
Long-term capital gains		19,824,437		—
Total	$	26,757,711	$	8,513,864

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	416,371,210
Undistributed ordinary income		6,811,375
Capital loss carryforwards		(53,007,389	)
Unrealized appreciation of investments		18,832,663
Net assets	$	389,007,859

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP REIT Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains are as follows:

Loss carryforward character
Short-term	Long-term	Total
$27,365,206	$25,642,183	$53,007,389

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	1,660,166		669,647
Service Class	1,025,893		682,206
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,434,129		373,624
Service Class	1,171,295		283,817
	5,291,483		2,009,294
Shares redeemed:
Standard Class	(1,438,661	)	(1,734,837	)
Service Class	(1,685,742	)	(1,709,138	)
	(3,124,403	)	(3,443,975	)
Net increase (decrease)	2,167,080		(1,434,681	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

18

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP REIT Series

9. 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 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 December 31, 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 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

12. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

20

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP REIT Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP REIT Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

21

Other Series information (Unaudited)
Delaware VIP^® REIT Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	74.09	%
(B) Ordinary Income Distributions (Tax Basis)	25.91	%
Total Distributions (Tax Basis)	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP REIT Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP REIT Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering

22

matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all real estate funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 10-year periods was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the fourth quartile of its Performance Universe. The Board observed that the Series’ performance results were not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered the performance attribution included in the Meeting materials, as well as the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through April 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

23

Other Series information (Unaudited)
Delaware VIP^® REIT Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP REIT Series at a meeting held August 11-13, 2020 (continued)

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

24

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

28

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

29

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.

(1501855)
AR-VIPREIT-221

Delaware VIP^® Trust

Delaware VIP Smid Cap Core Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation and top 10 equity holdings	7
Schedule of investments	8
Statement of assets and liabilities	11
Statement of operations	12
Statements of changes in net assets	13
Financial highlights	14
Notes to financial statements	16
Report of independent registered public accounting firm	23
Other Series information	24
Board of trustees / directors and officers addendum	27

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Smid Cap Core Series (the “Series”) Standard Class shares gained 11.09%. The Series’ Service Class shares rose 10.74%. Both figures reflect all dividends reinvested. For the same period, the Series’ benchmark, the Russell 2500™ Index, gained 19.99% for the same period.

Over the year, small-cap stocks outperformed mid-cap stocks. The smaller-cap Russell 2000^® Index gained 19.96% for the year, while the Russell Midcap^® Index gained 17.10%. Growth companies outperformed value companies during the year as the Russell 2500™ Growth Index appreciated 40.47% versus the 4.88% gain for the Russell 2500™ Value Index.

In the Russell 2500 Index, high-beta (higher risk) companies outperformed lower-beta (lower risk) stocks, and companies without earnings — as well as those with higher price-to-earnings (P/E) ratios — returned more on average than companies with lower P/E ratios. Sector-level performance within the Russell 2500 Index was mostly positive with 12 of 16 sectors advancing. The weakest-performing sector in the benchmark over the fiscal year was energy, which declined more than 35%. The real estate investment trust (REIT), media, and finance sectors in the benchmark declined during the year. The technology, healthcare, and communication services sectors in the benchmark were the strongest performing, each advancing more than 30% during the fiscal year.

Stock selection was the most significant detractor from the Series’ performance for the fiscal year. The technology sector in the benchmark was the strongest performing sector for the 12-month period, and the Series’ holdings in the sector did not advance by as much as those in the benchmark, which detracted. Stock selection in the utilities sector detracted as the Series’ holdings declined on average, while those in the benchmark advanced. Stock selection in the capital goods and basic materials sectors detracted as the Series’ holdings in those sectors lagged the returns of those sectors in the benchmark. Stock selection in the healthcare sector contributed. The Series also benefited from relative underweights to the energy and media sectors.

In the utilities sector, shares of local distribution company (LDC) South Jersey Industries Inc. detracted during the fiscal year. During the year, natural gas utilities in the LDC industry underperformed due to investor pessimism regarding the potential impacts from decarbonization and regulatory developments. While shares of South Jersey Industries declined during the year, the company’s earnings were resilient, and financials supported its 22nd consecutive year of dividend increase. In September, the New Jersey Board of Public Utilities approved increases in South Jersey Industries’ base rates and recognized the company’s investments to enhance the safety, reliability, and resiliency of its natural gas distribution system. We maintained a position in South Jersey Industries as the company is trading at a valuation below that of our estimate of its intrinsic value and has, in our view, a favorable capital plan to drive customer growth.

In the first quarter of the fiscal year, we initiated a position in biopharmaceutical company Intercept Pharmaceuticals Inc. Intercept is focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Shares of Intercept detracted during the fiscal year as the company’s stock declined after it received a complete response letter (CRL) from the US Food and Drug Administration (FDA) regarding the company’s new drug application (NDA) for obeticholic acid (OCA) for the treatment of fibrosis due to NASH. The letter indicated that Intercept should submit additional post-interim analysis efficacy and safety data from its ongoing study to support a potential accelerated approval. Following the letter, the company worked with the FDA and provided initial feedback to investors later in the fiscal year that it could refile its NDA in 2021. We maintained the Series’ position in Intercept as the company’s lead therapy, Ocaliva, is approved by the FDA for PBC, and its NASH trial is in Phase 3 trials.

Shares of glucose monitoring systems company DexCom Inc. contributed to performance in the healthcare sector. During the year, DexCom’s financial results continued to grow and exceeded expectations. The company’s growth in international markets benefited by gaining approval for its products in multiple new countries. In the United States, DexCom’s G6 continuous glucose monitoring system received temporary approval from the FDA for in-hospital use as a way to improve the glucose management of COVID-19 patients and reduce both the workload and risk of infection for the healthcare workers tasked with caring for these individuals. We exited the Series’ position in DexCom prior to the end of the fiscal year as its market cap had grown larger than the upper end of the benchmark.

II-VI Inc. develops and markets engineered materials and optoelectronic components for use in industrial material processing, optical communications, and consumer electronics. The company also serves automotive and military markets. II-VI is vertically integrated, differentiating it from its competitors and, more importantly, in our opinion, providing exposure to several emerging mega trends including 5G, cloud computing, 3D LiDAR sensors, electronic vehicles, and silicon carbide (SiC) devices and modules for power electronics. During the year,

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

II-VI outperformed and we maintained the Series’ position in the company as we believe II-VI appears well positioned for future potential growth as it provides support to these emerging trends.

With respect to sector positioning, the Series ended the year with its largest relative underweights to companies in the healthcare, business services, energy, media, communication services, and credit cyclicals sectors. The Series held notable relative overweights in the capital goods, basic materials, finance, and transportation sectors at the end of the fiscal year. On balance, we believe the macroeconomic environment favors active managers that can apply thorough company-level analysis when making investment decisions. We continue to maintain our strategy of investing in companies that, we believe, have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the ability to potentially deliver value to shareholders.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

2

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
July 12, 1991)	+11.09%	+8.17%	+10.21%	+11.83%	+10.24%
Service Class shares (commenced operations on
May 1, 2000)	+10.74%	+7.83%	+9.90%	+11.54%	+6.86%
Russell 2500 Index	+19.99%	+11.33%	+13.64%	+11.97%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 1.07%, while total operating expenses for Standard Class and Service Class shares were 0.81% and 1.11%, respectively. The management fee for Standard Class and Service Class shares was 0.74%. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

* The aggregate contractual waiver period covering this report is from May 01, 2019 through April 30, 2021.

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Russell 2500 Index		$	10,000		$	30,976
	Delaware VIP Smid Cap Core Series — Standard Class shares		$	10,000		$	30,600

The graph shows a $10,000 investment in the Delaware VIP Smid Cap Growth Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 2500 Index for the period from December 31, 2010 through December 31, 2020. The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000^® Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

The Russell Midcap Index, mentioned on page 1, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000^® Index.

The Russell 2000 Index, mentioned on page 1, measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000^® Index, representing approximately 10% of the total market capitalization of that index.

The Russell 2500 Growth Index, mentioned on page 1, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2500 Value Index, mentioned on page 1, measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

The price-to-earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future.

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

4

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
									Paid
	Beginning			Ending					During
	Account			Account			Annualized		Period
	Value			Value			Expense		7/1/20 to
	7/1/20			12/31/20			Ratio		12/31/20*
Actual Series return†
Standard Class		$	1,000.00		$	1,293.90	0.83	%		$	4.79
Service Class			1,000.00			1,291.90	1.13	%			6.51
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,020.96	0.83	%		$	4.22
Service Class			1,000.00			1,019.46	1.13	%			5.74

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

As of December 31, 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
Security type / sector	of net assets
Common Stock		99.77	%
Basic Materials		8.83	%
Business Services		4.05	%
Capital Goods		12.87	%
Consumer Discretionary		4.72	%
Consumer Services		3.20	%
Consumer Staples		2.52	%
Credit Cyclicals		2.59	%
Energy		1.22	%
Financial Services		14.60	%
Healthcare		14.65	%
Media		1.06	%
Real Estate Investment Trusts		6.70	%
Technology		17.93	%
Transportation		1.68	%
Utilities		3.15	%
Short-Term Investments		0.39	%
Total Value of Securities		100.16	%
Liabilities Net of Receivables and Other
Assets		(0.16	%)
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
Proofpoint		1.46	%
Ultragenyx Pharmaceutical		1.42	%
Catalent		1.40	%
Reliance Steel & Aluminum		1.33	%
PTC		1.26	%
Bio-Techne		1.25	%
Huntsman		1.22	%
II-VI		1.19	%
Repligen		1.13	%
Quanta Services		1.13	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.77%
Basic Materials — 8.83%
	Balchem	37,604	$	4,332,733
	Boise Cascade	59,135		2,826,653
	Eastman Chemical	45,912		4,604,055
	Ferro †	108,585		1,588,599
	Huntsman	313,994		7,893,809
	Kaiser Aluminum	69,128		6,836,759
	Minerals Technologies	107,853		6,699,829
	Neenah	125,635		6,950,128
	Reliance Steel & Aluminum	71,407		8,550,988
	Worthington Industries	129,317		6,639,135
				56,922,688
Business Services — 4.05%
	ABM Industries	104,091		3,938,803
	Aramark	154,967		5,963,130
	ASGN †	74,810		6,248,879
	Casella Waste Systems
	Class A †	53,807		3,333,344
	US Ecology	103,521		3,760,918
	WillScot Mobile Mini
	Holdings †	123,938		2,871,644
				26,116,718
Capital Goods — 12.87%
	Barnes Group	60,762		3,080,026
	BWX Technologies	81,640		4,921,259
	Columbus McKinnon	37,696		1,449,034
	ESCO Technologies	51,782		5,344,938
	Federal Signal	70,195		2,328,368
	Gates Industrial †	146,063		1,863,764
	Graco	69,420		5,022,537
	Jacobs Engineering Group	53,945		5,877,847
	Kadant	40,284		5,679,238
	KBR	99,491		3,077,257
	Lincoln Electric Holdings	61,388		7,136,355
	MasTec †	56,172		3,829,807
	Oshkosh	65,662		5,651,528
	Quanta Services	100,679		7,250,902
	Rexnord	142,321		5,620,256
	Tetra Tech	23,540		2,725,461
	United Rentals †	29,736		6,896,076
	Woodward	42,494		5,164,296
				82,918,949
Consumer Discretionary — 4.72%
	American Eagle Outfitters	173,297		3,478,071
	BJ’s Wholesale Club
	Holdings †	56,304		2,099,013
	Dick’s Sporting Goods	58,882		3,309,757
	Five Below †	40,829		7,144,258
	Malibu Boats Class A †	96,588		6,030,955
	Sonic Automotive Class A	39,101		1,508,126
	Steven Madden	193,786		6,844,521
				30,414,701
Consumer Services — 3.20%
	Allegiant Travel	13,065		2,472,421
	Brinker International	35,255		1,994,375
	Chuy’s Holdings †	64,829		1,717,320
	Jack in the Box	48,088		4,462,567
	Texas Roadhouse	49,715		3,885,724
	Wendy’s	276,375		6,058,140
				20,590,547
Consumer Staples — 2.52%
	Casey’s General Stores	39,466		7,049,417
	Helen of Troy †	15,011		3,335,294
	J & J Snack Foods	37,782		5,870,189
				16,254,900
Credit Cyclicals — 2.59%
	BorgWarner	117,206		4,528,840
	KB Home	75,586		2,533,643
	La-Z-Boy	65,030		2,590,795
	Taylor Morrison Home †	106,392		2,728,955
	Toll Brothers	99,310		4,317,005
				16,699,238
Energy — 1.22%
	Diamondback Energy	119,871		5,801,757
	Patterson-UTI Energy	57,251		301,140
	PDC Energy †	86,226		1,770,220
				7,873,117
Financial Services — 14.60%
	American Equity
	Investment Life Holding	20,548		568,358
	Axis Capital Holdings	88,312		4,450,042
	Comerica	56,635		3,163,631
	East West Bancorp	125,072		6,342,401
	Essent Group	119,066		5,143,651
	First Financial Bancorp	239,739		4,202,625
	Great Western Bancorp	122,621		2,562,779
	Hamilton Lane Class A	31,939		2,492,839
	Independent Bank Group	67,183		4,200,281
	Kemper	50,041		3,844,650
	NMI Holdings Class A †	153,991		3,487,896
	Primerica	39,366		5,272,288
	Reinsurance Group of
	America	44,163		5,118,492
	Selective Insurance Group	75,411		5,051,029
	South State	69,367		5,015,234
	Sterling Bancorp	218,384		3,926,544

8

		Number
		of shares	Value (US $)
Common Stock (continued)
Financial Services (continued)
	Stifel Financial	114,813	$	5,793,464
	Umpqua Holdings	314,550		4,762,287
	Valley National Bancorp	378,305		3,688,474
	Webster Financial	133,313		5,619,143
	Western Alliance Bancorp	69,575		4,171,021
	WSFS Financial	115,438		5,180,857
				94,057,986
Healthcare — 14.65%
	Agios Pharmaceuticals †	78,058		3,382,253
	Amicus Therapeutics †	174,490		4,028,974
	Bio-Techne	25,434		8,076,567
	Blueprint Medicines †	49,423		5,542,789
	Catalent †	86,471		8,999,037
	Encompass Health	83,711		6,922,063
	Exact Sciences †	37,061		4,910,212
	Halozyme Therapeutics †	116,643		4,981,822
	ICON †	27,360		5,334,653
	Intercept
	Pharmaceuticals †	55,027		1,359,167
	Ligand Pharmaceuticals †	44,698		4,445,216
	Natera †	45,190		4,497,309
	Neurocrine Biosciences †	64,152		6,148,969
	Quidel †	25,523		4,585,207
	Repligen †	37,917		7,266,035
	Supernus
	Pharmaceuticals †	116,933		2,942,034
	Teladoc Health †	9,477		1,895,021
	Ultragenyx
	Pharmaceutical †	65,900		9,122,537
				94,439,865
Media — 1.06%
	Cinemark Holdings	152,125		2,648,496
	Interpublic Group of
	Companies	178,089		4,188,654
				6,837,150
Real Estate Investment Trusts — 6.70%
	American Assets Trust	71,728		2,071,505
	Apartment Income REIT †	121,816		4,678,953
	Brixmor Property Group	236,516		3,914,340
	Camden Property Trust	50,588		5,054,753
	Cousins Properties	157,824		5,287,104
	EastGroup Properties	20,219		2,791,435
	EPR Properties	59,161		1,922,733
	First Industrial Realty Trust	102,971		4,338,168
	Kite Realty Group Trust	192,213		2,875,506
	Lexington Realty Trust	283,077		3,006,278
	Life Storage	28,845		3,443,805
	Pebblebrook Hotel Trust	115,173		2,165,252
	Physicians Realty Trust	92,603		1,648,333
				43,198,165
Technology — 17.93%
	Blackline †	19,922		2,657,196
	Box Class A †	79,565		1,436,148
	Brooks Automation	63,705		4,322,384
	Chegg †	51,018		4,608,456
	ExlService Holdings †	81,191		6,911,790
	Glu Mobile †	186,407		1,679,527
	Guidewire Software †	37,571		4,836,515
	II-VI †	101,197		7,686,924
	J2 Global †	70,083		6,846,408
	LendingTree †	18,748		5,133,015
	MACOM Technology
	Solutions Holdings †	60,925		3,353,312
	MaxLinear †	155,488		5,938,087
	Medallia †	108,933		3,618,754
	NETGEAR †	86,649		3,520,549
	Paycom Software †	4,648		2,102,058
	Proofpoint †	68,882		9,396,193
	PTC †	67,666		8,093,530
	Rapid7 †	51,609		4,653,068
	Semtech †	79,770		5,750,619
	Silicon Laboratories †	13,985		1,780,850
	SS&C Technologies
	Holdings	88,228		6,418,587
	Tyler Technologies †	5,744		2,507,371
	Varonis Systems †	11,695		1,913,419
	WNS Holdings ADR †	95,460		6,877,893
	Yelp †	106,806		3,489,352
				115,532,005
Transportation — 1.68%
	Knight-Swift Transportation
	Holdings	171,749		7,182,543
	Werner Enterprises	92,485		3,627,262
				10,809,805
Utilities — 3.15%
	Black Hills	63,487		3,901,276
	NorthWestern	98,345		5,734,497
	South Jersey Industries	240,792		5,189,068
	Spire	85,759		5,492,006
				20,316,847
Total Common Stock
	(cost $492,037,956)			642,982,681

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

			Number
			of shares	Value (US $)
Short-Term Investments — 0.39%
Money Market Mutual Funds — 0.39%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.00%)	637,474	$	637,474
	Fidelity Investments Money
		Market Government
		Portfolio – Class I
		(seven-day effective
		yield 0.01%)	637,473		637,473
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.02%)	637,473		637,473
	Morgan Stanley
		Government Portfolio –
		Institutional Share Class
		(seven-day effective
		yield 0.00%)	637,473		637,473
Total Short-Term Investments
	(cost $2,549,893)				2,549,893
Total Value of
	Securities—100.16%
	(cost $494,587,849)			$	645,532,574

† Non-income producing security.

Summary of abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs
REIT – Real Estate Investment Trust

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

10

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

December 31, 2020

Assets:
Investments, at value*	$	645,532,574
Dividends and interest receivable		538,264
Receivable for series shares sold		3,428
Total Assets		646,074,266
Liabilities:
Due to custodian		28
Payable for series shares redeemed		867,993
Investment management fees payable to affiliates		402,769
Payable for securities purchased		176,656
Other accrued expenses		70,880
Distribution fees payable to affiliates		58,692
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,089
Accounting and administration expenses payable to affiliates		2,158
Trustees’ fees and expenses payable to affiliates		1,970
Legal fees payable to affiliates		1,079
Reports and statements to shareholders expenses payable to affiliates		648
Total Liabilities		1,586,962
Total Net Assets	$	644,487,304
Net Assets Consist of:
Paid-in capital	$	468,674,525
Total distributable earnings (loss)		175,812,779
Total Net Assets	$	644,487,304
Net Asset Value
Standard Class:
Net assets	$	413,756,487
Shares of beneficial interest outstanding, unlimited authorization, no par		16,726,553
Net asset value per share	$	24.74
Service Class:
Net assets	$	230,730,817
Shares of beneficial interest outstanding, unlimited authorization, no par		10,142,075
Net asset value per share	$	22.75
____________________
*  Investments, at cost	$	494,587,849

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

11

Statement of operations
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

Year ended December 31, 2020

Investment Income:
Dividends	$	10,224,354
Interest		76
		10,224,430
Expenses:
Management fees		4,132,353
Distribution expenses — Service Class		606,191
Accounting and administration expenses		130,430
Reports and statements to shareholders expenses		97,257
Dividend disbursing and transfer agent fees and expenses		46,027
Audit and tax fees		35,316
Legal fees		32,325
Trustees’ fees and expenses		31,804
Custodian fees		15,428
Registration fees		17
Other		14,847
		5,141,995
Less expenses paid indirectly		(1,579	)
Total operating expenses		5,140,416
Net Investment Income		5,084,014
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		20,956,286
Net change in unrealized appreciation (depreciation) of:
Investments		39,340,113
Foreign currencies		(279	)
Net change in unrealized appreciation (depreciation)		39,339,834
Net Realized and Unrealized Gain		60,296,120
Net Increase in Net Assets Resulting from Operations	$	65,380,134

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

12

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	5,084,014		$	2,514,851
Net realized gain		20,956,286			13,930,353
Net change in unrealized appreciation (depreciation)		39,339,834			137,373,667
Net increase in net assets resulting from operations		65,380,134			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		13,338,676			10,267,377
Service Class		10,755,568			5,225,032
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		10,297,922			23,348,937
Service Class		5,875,178			13,628,667
		40,267,344			52,470,013
Cost of shares redeemed:
Standard Class		(40,407,577	)		(52,540,344	)
Service Class		(32,325,795	)		(29,941,388	)
		(72,733,372	)		(82,481,732	)
Decrease in net assets derived from capital share transactions		(32,466,028	)		(30,011,719	)
Net Increase in Net Assets		16,741,007			86,829,548
Net Assets:
Beginning of year		627,746,297			540,916,749
End of year	$	644,487,304		$	627,746,297

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

13

Financial highlights
Delaware VIP^® Smid Cap Core Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/171			12/31/16
Net asset value, beginning of period	$	23.09		$	18.92		$	30.98		$	28.08		$	29.79
Income (loss) from investment operations
Net investment income2		0.21			0.11			0.12			0.06			0.09
Net realized and unrealized gain (loss)		2.04			5.37			(2.59	)		4.89			2.15
Total from investment operations		2.25			5.48			(2.47	)		4.95			2.24
Less dividends and distributions from:
Net investment income		(0.11	)		(0.12	)		(0.05	)		(0.09	)		(0.07	)
Net realized gain		(0.49	)		(1.19	)		(9.54	)		(1.96	)		(3.88	)
Total dividends and distributions		(0.60	)		(1.31	)		(9.59	)		(2.05	)		(3.95	)
Net asset value, end of period	$	24.74		$	23.09		$	18.92		$	30.98		$	28.08
Total return3		11.09%			29.63%			(12.12%	)		18.65%			8.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	413,756		$	399,267		$	343,361		$	411,087		$	394,898
Ratio of expenses to average net assets4		0.82%			0.81%			0.81%			0.81%			0.82%
Ratio of net investment income to average net assets		1.02%			0.52%			0.51%			0.22%			0.33%
Portfolio turnover		32%			14%			18%			112%			15%

1	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 December 31, 2017.
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.

14

Delaware VIP^® Smid Cap Core Series Service Class

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

	Year ended
	12/31/201			12/31/19			12/31/18			12/31/171			12/31/16
Net asset value, beginning of period	$	21.28		$	17.52		$	29.41		$	26.75		$	28.56
Income (loss) from investment operations
Net investment income (loss)2		0.14			0.04			0.05			(0.01	)		0.02
Net realized and unrealized gain (loss)		1.87			4.97			(2.40	)		4.66			2.05
Total from investment operations		2.01			5.01			(2.35	)		4.65			2.07
Less dividends and distributions from:
Net investment income		(0.05	)		(0.06	)		—			(0.03	)		—
Net realized gain		(0.49	)		(1.19	)		(9.54	)		(1.96	)		(3.88	)
Total dividends and distributions		(0.54	)		(1.25	)		(9.54	)		(1.99	)		(3.88	)
Net asset value, end of period	$	22.75		$	21.28		$	17.52		$	29.41		$	26.75
Total return3		10.74%			29.25%			(12.40%	)4		18.38%	4		8.02%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	230,731		$	228,479		$	197,556		$	239,918		$	231,336
Ratio of expenses to average net assets5		1.12%			1.11%			1.09%			1.06%			1.07%
Ratio of expenses to average net assets prior to fees waived5		1.12%			1.11%			1.11%			1.11%			1.12%
Ratio of net investment income (loss) to average net assets		0.72%			0.22%			0.23%			(0.03%	)		0.08%
Ratio of net investment income (loss) to average net assets prior
to fees waived		0.72%			0.22%			0.21%			(0.08%	)		0.03%
Portfolio turnover		32%			14%			18%			112%			15%

1	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 December 31, 2017.
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.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 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 bifurcates that portion of realized gains and losses on investments in 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.

16

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 year ended December 31, 2020, the Series earned $1,575 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 year ended December 31, 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 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 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 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 year ended December 31, 2020, the Series was charged $22,949 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 year ended December 31, 2020, the Series was charged $41,634 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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

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

“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 year ended December 31, 2020, the Series was charged $19,107 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 year ended December 31, 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 year ended December 31, 2020. the Series engaged in securities purchases of $5,416,926 and no securities sales, which did not result in any realized gain (loss).

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	174,087,917
Sales		199,458,971

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	496,311,977
Aggregate unrealized appreciation of investments	$	180,148,614
Aggregate unrealized depreciation of investments		(30,928,017	)
Net unrealized appreciation of investments	$	149,220,597

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

18

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 as follows:

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$642,982,681
Short-Term Investments	2,549,893
Total Value of Securities	$645,532,574

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	9,337,536	$	7,325,472
Long-term capital gains		6,835,563		29,652,132
Total	$	16,173,099	$	36,977,604

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$468,674,525
Undistributed ordinary income	14,912,126
Undistributed long-term capital gains	11,680,056
Unrealized appreciation (depreciation) of investments and foreign
currencies	149,220,597
Net assets	$644,487,304

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	724,381		475,321
Service Class	669,890		267,495
Shares issued upon reinvestment of dividends and distributions:
Standard Class	629,842		1,106,060
Service Class	389,859		698,906
	2,413,972		2,547,782
Shares redeemed:
Standard Class	(1,920,584	)	(2,434,517	)
Service Class	(1,654,963	)	(1,502,845	)
	(3,575,547	)	(3,937,362	)
Net decrease	(1,161,575	)	(1,389,580	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

20

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Smid Cap Core Series

9. Credit and Market Risk (continued)

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 year ended December 31, 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.

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 December 31, 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 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

12. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

22

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Smid Cap Core Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Smid Cap Core Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and broker; when a reply was not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

23

Other Series information (Unaudited)
Delaware VIP^® Smid Cap Core Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	42.27%
(B) Ordinary Income Distributions (Tax Basis)	57.73%
Total Distributions (Tax Basis)	100.00%
(C) Qualified Dividends1	66.05%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Smid Cap Core Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Smid Cap Core Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

24

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a small-cap growth fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the mid-cap core funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes -- one, consisting of the Series and all small-cap growth funds underlying variable insurance products, and the other, consisting of the Series and all mid-cap core funds underlying variable insurance products. When compared to other small-cap growth funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-, 5-, and 10-year periods was in the fourth quartile, third quartile, and first quartile, respectively, of its Performance Universe. When compared to other mid-cap core funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other small-cap growth funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. When compared to other mid-cap core funds, the expense comparisons for the Series showed that the actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective, when compared to other mid-cap core funds. In evaluating total expenses, the Board considered various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of

25

Other Series information (Unaudited)
Delaware VIP^® Smid Cap Core Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Smid Cap Core Series at a meeting held August 11-13, 2020 (continued)

DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

26

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

28

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

29

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

30

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

31

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.

(1501855)
AR-VIPSCC-221

Delaware VIP^® Trust

Delaware VIP Small Cap Value Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	9
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	12
Notes to financial statements	14
Report of independent registered public accounting firm	21
Other Series information	22
Board of trustees / directors and officers addendum	25

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Small Cap Value Series (the “Series”) Standard Class shares declined -1.90% and Service Class shares declined -2.18%. This figure reflects all dividends reinvested. The Series’ benchmark, the Russell 2000^® Value Index, advanced 4.63% for the same period.

During the fiscal year, growth companies outperformed value companies across the United States market capitalization spectrum as investors appeared to favor momentum over quality. The performance disparity between value companies and growth companies was significant in small-cap equities as the Russell 2000 Growth Index advanced 34.63% during the fiscal year.

Sector performance for the fiscal year was mixed within the Russell 2000 Value Index, with nine sectors advancing and four sectors declining. The strongest-performing sectors in the benchmark were healthcare, consumer staples, and technology, each returning more than 25% for the fiscal year while the energy sector was by far the weakest sector in the benchmark, declining more than 35%. The other three sectors that declined were the real estate investment trust (REIT), financial services, and utilities sectors.

Within the Series, stock selection and sector positioning detracted. The largest relative detractor from performance was the Series’ performance in the consumer services sector as the Series’ holdings in the sector declined on average while those in the benchmark advanced. While the Series’ returns in the healthcare sector essentially matched the sector returns in the benchmark, the Series’ allocation underweight to the healthcare sector detracted from performance. The Series’ holdings in the energy sector detracted as these holdings declined more on average than those in the energy sector of the benchmark. Contributing on a relative basis was stock selection and a relative underweight allocation in the REIT sector as the Series’ holdings declined by less than those in the REIT sector of the benchmark. Additionally, stock selection contributed in the financial services and capital spending sectors.

Shares of movie theater company Cinemark Holdings Inc. detracted from the Series’ relative performance during the fiscal year. In mid-March, Cinemark announced the temporary closure of all its theaters to protect employees and moviegoers from the coronavirus. Cinemark’s stock price declined given that revenue was likely to be lower than expected. Prior to the end of the fiscal year, we sold the Series’ position in Cinemark as we believe the company may, for a period, be unable to generate free cash flow.

Great Western Bancorp, Inc. - a bank holding company headquartered in South Dakota with branches in South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas, and Missouri - specializes in agribusiness banking. During the fiscal year, Great Western Bancorp detracted from performance when it reported an increase in provision expenses related to loans made to hospitals and hotels. We maintained the Series’ position in Great Western as the company cut its dividend to increase its capital levels and trades at near historically low valuation levels.

Teradyne Inc., a supplier of automation equipment for test and industrial applications, designs systems used to test semiconductors, wireless products, and electronic systems. It also produces collaborative industrial-use robots. Shares of Teradyne contributed during the fiscal year as Teradyne reported multiple quarters of improved financial results driven by stronger-than-expected test revenues and demand trends.

Altra Industrial Motion Corp. is a premier global designer and producer of a wide range of motion control and power transmission solutions. Altra contributed to the Series’ performance for the fiscal year. The company made cost reductions early in the period to maintain financial flexibility. Likewise, by reducing its dividend early in the period, the company had additional cash available that it used to pay down debt. Having benefited from cost reductions that led to improved earnings, Altra was able to increase its dividend later in the fiscal year.

Compared to the benchmark, the Series ended the fiscal year overweight in the technology, capital spending, transportation, financial services, and consumer staples sectors. The Series ended the period with notable underweights in the consumer services, healthcare, REIT, and utilities sectors. We continue to identify new companies across several sectors in the market, trading at what we view as attractive valuations that have been able to generate strong free cash flow.

Toward the end of the fiscal year, companies began to reinitiate earnings guidance, although most guidance is given along with several qualifiers and within a range. We recognize that many businesses are likely to lack an earnings catalyst until the pandemic and broader health issues show some resolution and clarity. We believe capital expenditures and dividends are likely to remain subdued as many firms focus on their balance sheets. Additionally, at the end of the fiscal year, some companies announced plans to resume share repurchases.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Our team’s disciplined philosophy remains unchanged. We continue to focus on bottom-up stock selection and specifically on identifying companies that, in our view, trade at attractive valuations, generate strong free cash flow, and have the ability to implement shareholder-friendly policies through share buybacks, dividend increases, and debt reduction.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
December 27, 1993)	-1.90%	+1.54%	+9.04%	+8.67%	+10.11%
Service Class shares (commenced operations on
April 30, 2000)	-2.18%	+1.24%	+8.74%	+8.38%	+9.77%
Russell 2000® Value Index	+4.63%	+3.72%	+9.65%	+8.66%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 1.07%, while total operating expenses for Standard Class and Service Class shares were 0.77% and 1.07%, respectively. The management fee for Standard Class and Service Class shares was 0.71%. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Performance of a $10,000 Investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Delaware VIP Small Cap Value Series — Standard Class shares		$	10,000		$	22,962
	Russell 2000® Value Index		$	10,000		$	22,943

The graph shows a $10,000 investment in the Delaware VIP Small Cap Value Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 2000 Value Index for the period from December 31, 2010 through December 31, 2020. The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Growth Index, mentioned on page 1, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,324.60	0.78%		$	4.56
Service Class		1,000.00		1,322.70	1.08%			6.31
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.22	0.78%		$	3.96
Service Class		1,000.00		1,019.71	1.08%			5.48

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

As of December 31, 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
Security type / sector	of net assets
Common Stock ◆		99.36	%
Basic Industry		7.38	%
Business Services		2.00	%
Capital Spending		10.18	%
Consumer Cyclical		4.24	%
Consumer Services		10.45	%
Consumer Staples		3.75	%
Energy		3.20	%
Financial Services*		27.47	%
Healthcare		3.58	%
Real Estate		8.58	%
Technology		11.95	%
Transportation		2.99	%
Utilities		3.59	%
Short-Term Investments		0.59	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of
Liabilities		0.05	%
Total Net Assets		100.00	%

◆

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

*

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 December 31, 2020, such amounts, as a percentage of total net assets were 20.24%, 2.25%, and 4.98%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentage 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		3.00%
MasTec		2.46%
Stifel Financial		2.26%
ITT		1.92%
Berry Global Group		1.92%
Webster Financial		1.82%
Western Alliance Bancorp		1.78%
Flex		1.77%
Hancock Whitney		1.76%
Altra Industrial Motion		1.72%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.36% ◆
Basic Industry — 7.38%
	Arconic †	334,600	$	9,971,080
	Ashland Global Holdings	107,000		8,474,400
	Avient	71,865		2,894,722
	Berry Global Group †	444,800		24,993,312
	HB Fuller	218,800		11,351,344
	Huntsman	460,900		11,587,026
	Louisiana-Pacific	570,800		21,216,636
	Summit Materials Class A †	289,100		5,805,128
				96,293,648
Business Services — 2.00%
	Deluxe	124,800		3,644,160
	PAE †	362,600		3,328,668
	WESCO International †	242,800		19,059,800
				26,032,628
Capital Spending — 10.18%
	Altra Industrial Motion	403,870		22,386,514
	Atkore International
	Group †	330,200		13,574,522
	H&E Equipment Services	213,800		6,373,378
	ITT	326,100		25,116,222
	KBR	299,293		9,257,133
	MasTec †	470,846		32,102,280
	Primoris Services	345,700		9,544,777
	Rexnord	366,000		14,453,340
				132,808,166
Consumer Cyclical — 4.24%
	Adient †	326,300		11,345,451
	Barnes Group	228,800		11,597,872
	KB Home	332,200		11,135,344
	Knoll	355,493		5,218,637
	Meritage Homes †	152,400		12,621,768
	Standard Motor Products	83,401		3,374,405
				55,293,477
Consumer Services — 10.45%
	Aaron’s †	85,000		1,611,600
	Acushnet Holdings	169,700		6,879,638
	Asbury Automotive
	Group †	96,400		14,049,336
	Cable One	4,850		10,804,442
	Choice Hotels
	International	142,100		15,166,333
	Cracker Barrel Old Country
	Store	95,400		12,585,168
	Denny’s †	241,700		3,548,156
	PROG Holdings	170,000		9,157,900
	Steven Madden	358,750		12,671,050
	TEGNA	734,300		10,243,485
	Texas Roadhouse	148,600		11,614,576
	UniFirst	77,700		16,448,313
	Wolverine World Wide	370,075		11,564,844
				136,344,841
Consumer Staples — 3.75%
	Core-Mark Holding	234,169		6,877,543
	J & J Snack Foods	81,400		12,647,118
	Performance Food Group †	201,995		9,616,982
	Scotts Miracle-Gro	43,900		8,742,246
	Spectrum Brands Holdings	139,900		11,049,302
				48,933,191
Energy — 3.20%
	CNX Resources †	1,043,500		11,269,800
	Delek US Holdings	344,900		5,542,543
	Dril-Quip †	163,200		4,833,984
	Helix Energy Solutions
	Group †	944,200		3,965,640
	Patterson-UTI Energy	905,900		4,765,034
	WPX Energy †	1,392,600		11,349,690
				41,726,691
Financial Services — 27.47%
	American Equity
	Investment Life Holding	589,100		16,294,506
	Bank of NT Butterfield &
	Son	281,300		8,765,308
	East West Bancorp	771,536		39,124,591
	First Financial Bancorp	645,800		11,320,874
	First Interstate BancSystem
	Class A	272,300		11,101,671
	First Midwest Bancorp	723,600		11,519,712
	FNB	1,883,100		17,889,450
	Great Western Bancorp	532,200		11,122,980
	Hancock Whitney	673,900		22,926,078
	Hanover Insurance Group	154,800		18,099,216
	Kemper	140,700		10,809,981
	NBT Bancorp	150,800		4,840,680
	Prosperity Bancshares	176,000		12,207,360
	S&T Bancorp	214,442		5,326,739
	Sandy Spring Bancorp	181,200		5,832,828
	Selective Insurance Group	294,390		19,718,242
	Stifel Financial	582,550		29,395,473
	Synovus Financial	383,600		12,417,132
	Umpqua Holdings	1,240,600		18,782,684
	Valley National Bancorp	1,556,400		15,174,900
	Webster Financial	563,600		23,755,740
	WesBanco	288,400		8,640,464
	Western Alliance Bancorp	387,700		23,242,615
				358,309,224

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

		Number
		of shares	Value (US $)
Common Stock ◆(continued)
Healthcare — 3.58%
	Avanos Medical †	250,800	$	11,506,704
	Integer Holdings †	157,300		12,771,187
	Integra LifeSciences
	Holdings †	207,800		13,490,376
	Service Corp. International	181,200		8,896,920
				46,665,187
Real Estate — 8.58%
	Brandywine Realty Trust	1,073,333		12,783,396
	Independence Realty Trust	457,300		6,141,539
	Kite Realty Group Trust	341,518		5,109,109
	Lexington Realty Trust	1,220,400		12,960,648
	Life Storage	126,400		15,090,896
	National Health Investors	135,700		9,386,369
	Outfront Media	777,500		15,207,900
	RPT Realty	663,300		5,737,545
	Spirit Realty Capital	342,500		13,758,225
	STAG Industrial	207,466		6,497,835
	Summit Hotel Properties	793,300		7,147,633
	Washington Real Estate
	Investment Trust	95,200		2,059,176
				111,880,271
Technology — 11.95%
	Cirrus Logic †	154,900		12,732,780
	Coherent †	54,908		8,237,298
	Concentrix †	75,100		7,412,370
	Diodes †	115,700		8,156,850
	Flex †	1,281,857		23,047,789
	NCR †	114,721		4,310,068
	NetScout Systems †	300,863		8,249,663
	ON Semiconductor †	490,800		16,063,884
	SYNNEX	75,100		6,116,144
	Teradyne	158,500		19,002,565
	Tower Semiconductor †	530,000		13,684,600
	TTM Technologies †	872,012		12,029,406
	Viavi Solutions †	800,100		11,981,498
	Vishay Intertechnology	233,400		4,833,714
				155,858,629
Transportation — 2.99%
	Kirby †	176,400		9,142,812
	Saia †	57,650		10,423,120
	SkyWest	152,200		6,135,182
	Werner Enterprises	338,300		13,268,126
				38,969,240
Utilities — 3.59%
	ALLETE	186,552		11,555,031
	Black Hills	207,200		12,732,440
	PNM Resources	72,775		3,531,771
	South Jersey Industries	355,634		7,663,912
	Southwest Gas Holdings	187,000		11,360,250
				46,843,404
Total Common Stock
	(cost $932,193,904)			1,295,958,597
Short-Term Investments — 0.59%
Money Market Mutual Funds — 0.59%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	1,912,540		1,912,540
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	1,912,540		1,912,540
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	1,912,540		1,912,540
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	1,912,540		1,912,540
Total Short-Term Investments
	(cost $7,650,160)			7,650,160
Total Value of
	Securities—99.95%
	(cost $939,844,064)		$	1,303,608,757

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

8

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

December 31, 2020

Assets:
	Investments, at value*	$	1,303,608,757
	Receivable for securities sold		2,313,209
	Dividends receivable		1,449,992
	Receivable for series shares sold		461,117
	Total Assets		1,307,833,075
Liabilities:
	Due to custodian		5
	Payable for securities purchased		1,348,694
	Payable for series shares redeemed		1,075,625
	Investment management fees payable to affiliates		779,436
	Distribution fees payable to affiliates		223,150
	Other accrued expenses		102,172
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		8,261
	Accounting and administration expenses payable to affiliates		4,015
	Trustees’ fees and expenses payable to affiliates		3,926
	Legal fees payable to affiliates		2,151
	Reports and statements to shareholders expenses payable to affiliates		1,310
	Total Liabilities		3,548,745
Total Net Assets		$	1,304,284,330
Net Assets Consist of:
	Paid-in capital	$	940,124,101
	Total distributable earnings (loss)		364,160,229
Total Net Assets		$	1,304,284,330
Net Asset Value
Standard Class:
Net assets		$	424,212,999
Shares of beneficial interest outstanding, unlimited authorization, no par			12,417,763
Net asset value per share		$	34.16
Service Class:
Net assets		$	880,071,331
Shares of beneficial interest outstanding, unlimited authorization, no par			25,900,498
Net asset value per share		$	33.98
____________________
*  Investments, at cost		$	939,844,064

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

9

Statement of operations
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

Year ended December 31, 2020

Investment Income:
Dividends	$	21,553,140
Expenses:
Management fees		7,800,939
Distribution expenses — Service Class		2,216,173
Accounting and administration expenses		217,793
Reports and statements to shareholders expenses		129,830
Dividend disbursing and transfer agent fees and expenses		90,023
Legal fees		64,150
Trustees’ fees and expenses		62,141
Custodian fees		34,816
Audit and tax fees		32,814
Registration fees		17
Other		27,918
		10,676,614
Less expenses paid indirectly		(11	)
Total operating expenses		10,676,603
Net Investment Income		10,876,537
Net Realized and Unrealized Loss:
Net realized loss on investments		(10,108,029	)
Net change in unrealized appreciation (depreciation) of investments		5,950,504
Net Realized and Unrealized Loss		(4,157,525	)
Net Increase in Net Assets Resulting from Operations	$	6,719,012

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

10

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

	Year ended
		12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	10,876,537		$	12,411,834
Net realized gain (loss)		(10,108,029	)		64,457,799
Net change in unrealized appreciation (depreciation)		5,950,504			215,042,792
Net increase in net assets resulting from operations		6,719,012			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		74,638,065			37,861,588
Service Class		179,247,479			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
		330,683,188			220,832,690
Cost of shares redeemed:
Standard Class		(88,479,416	)		(57,886,800	)
Service Class		(182,581,130	)		(92,313,646	)
		(271,060,546	)		(150,200,446	)
Increase in net assets derived from capital share transactions		59,622,642			70,632,244
Net Increase (Decrease) in Net Assets		(10,455,990	)		256,597,999
Net Assets:
Beginning of year		1,314,740,320			1,058,142,321
End of year	$	1,304,284,330		$	1,314,740,320

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

11

Financial highlights
Delaware VIP^® Small Cap Value Series Standard Class

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

	Year ended
		12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	38.30		$	32.76		$	42.73		$	39.84		$	33.72
Income (loss) from investment operations
Net investment income1		0.35			0.44			0.41			0.34			0.36
Net realized and unrealized gain (loss)		(2.28	)		8.48			(7.03	)		4.30			9.37
Total from investment operations		(1.93	)		8.92			(6.62	)		4.64			9.73
Less dividends and distributions from:
Net investment income		(0.41	)		(0.40	)		(0.35	)		(0.35	)		(0.35	)
Net realized gain		(1.80	)		(2.98	)		(3.00	)		(1.40	)		(3.26	)
Total dividends and distributions		(2.21	)		(3.38	)		(3.35	)		(1.75	)		(3.61	)
Net asset value, end of period	$	34.16		$	38.30		$	32.76		$	42.73		$	39.84
Total return2		(1.90%	)		28.14%			(16.72%	)		12.05%			31.41%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	424,213		$	435,375		$	357,318		$	439,612		$	429,275
Ratio of expenses to average net assets3		0.78%			0.77%			0.77%			0.78%			0.79%
Ratio of net investment income to average net assets		1.20%			1.22%			1.03%			0.85%			1.05%
Portfolio turnover		24%			17%			18%			14%			11%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	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.

12

Delaware VIP^® Small Cap Value Series Service Class

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

	Year ended
		12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	38.06		$	32.58		$	42.52		$	39.67		$	33.58
Income (loss) from investment operations
Net investment income1		0.26			0.33			0.29			0.24			0.27
Net realized and unrealized gain (loss)		(2.22	)		8.42			(6.98	)		4.27			9.34
Total from investment operations		(1.96	)		8.75			(6.69	)		4.51			9.61
Less dividends and distributions from:
Net investment income		(0.32	)		(0.29	)		(0.25	)		(0.26	)		(0.26	)
Net realized gain		(1.80	)		(2.98	)		(3.00	)		(1.40	)		(3.26	)
Total dividends and distributions		(2.12	)		(3.27	)		(3.25	)		(1.66	)		(3.52	)
Net asset value, end of period	$	33.98		$	38.06		$	32.58		$	42.52		$	39.67
Total return2		(2.18%	)		27.72%			(16.95%	)3		11.76%	3		31.09%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	880,071		$	879,365		$	700,824		$	853,046		$	794,681
Ratio of expenses to average net assets4		1.08%			1.07%			1.05%			1.03%			1.04%
Ratio of expenses to average net assets prior to fees waived4		1.08%			1.07%			1.07%			1.08%			1.09%
Ratio of net investment income to average net assets		0.90%			0.92%			0.74%			0.60%			0.80%
Ratio of net investment income to average net assets prior to
fees waived		0.90%			0.92%			0.72%			0.55%			0.75%
Portfolio turnover		24%			17%			18%			14%			11%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	Total return during the period shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

14

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 year ended December 31, 2020, the Series earned $4 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 year ended December 31, 2020, the Series earned $7 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 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 year ended December 31, 2020, the Series was charged $41,076 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 year ended December 31, 2020, the Series was charged $81,503 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 year ended December 31, 2020, the Series was charged $36,597 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.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

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

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the 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 year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$278,526,320
Sales	253,245,081

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	940,761,172
Aggregate unrealized appreciation of investments	$	433,163,181
Aggregate unrealized depreciation of investments		(70,315,596	)
Net unrealized appreciation of investments	$	362,847,585

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 as follows:

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.

16

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	1,295,958,597
Short-Term Investments		7,650,160
Total Value of Securities	$	1,303,608,757

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 were as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	12,414,743	$	16,167,516
Long-term capital gains		64,382,901		89,779,154
Total	$	76,797,644	$	105,946,670

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	940,124,101
Undistributed ordinary income		10,851,441
Capital loss carryforwards		(9,538,797	)
Unrealized appreciation of investments		362,847,585
Net assets	$	1,304,284,330

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$9,538,797	$—	$9,538,797

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	2,802,918		1,056,698
Service Class	6,858,709		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
	13,139,348		6,241,146
Shares redeemed:
Standard Class	(2,883,275	)	(1,613,952	)
Service Class	(6,408,710	)	(2,575,610	)
	(9,291,985	)	(4,189,562	)
Net increase	3,847,363		2,051,584

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

18

loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Small Cap Value Series

9. Credit and Market Risk (continued)

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 December 31, 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 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

20

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Small Cap Value Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Small Cap Value Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

21

Other Series information (Unaudited)
Delaware VIP^® Small Cap Value Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions Tax Basis	83.83	%
(B) Ordinary Income Distributions (Tax Basis)	16.17	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualified Dividends1	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

(C) is based on the Series’ ordinary income distributions.

¹ Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Small Cap Value Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Small Cap Value Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

22

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a small-cap core fund. However, Management believes that, because the Series utilizes a value investment philosophy and process, it would be more appropriate to include the Series in the small-cap value funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one consisting of the Series and all small-cap core funds underlying variable insurance products, and the other, consisting of the Series and all small-cap value funds underlying variable insurance products. When compared to other small-cap core funds, the Broadridge report comparison showed that the Series’ total return for the 1- and 10-year periods was in the first quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the third quartile and second quartile, respectively, of its Performance Universe. When compared to other small-cap value funds, the Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other small-cap core funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. When compared to other small-cap value funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective, when compared to other small-cap value funds. In evaluating total expenses, the Board considered various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-

23

Other Series information (Unaudited)
Delaware VIP^® Small Cap Value Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Small Cap Value Series at a meeting held August 11-13, 2020 (continued)

wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2020, the Series’ net assets exceeded the first breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Series and its shareholders.

24

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

28

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

29

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.

(1501855)
AR-VIPSCV-221

Delaware VIP^® Trust

Delaware VIP U.S. Growth Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	13
Report of independent registered public accounting firm	20
Other Series information	21
Board of trustees / directors and officers addendum	24

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

January 12, 2021 (Unaudited)

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

Jackson Square Partners, LLC (JSP), a US-registered investment advisor, is the sub-advisor to the Series. As sub-advisor, JSP is responsible for day-to-day management of the Series’ assets. Although JSP serves as sub-advisor, the investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

For the fiscal year ended December 31, 2020, the Series’ Standard Class shares gained 44.13% and Service Class shares gained 43.69%. Both figures reflect all distributions reinvested. For the same period, the Series’ benchmark, the Russell 1000^® Growth Index, gained 38.49%.

It was a challenging year for economies the world over and yet, despite growing uncertainty, equity markets in the United States did relatively well. Closing with a strong fourth quarter and a solid full-year return, it was a bumpy ride, nonetheless, marked by the wave of local COVID-19-related shelter-in-place orders that shuttered many offices, schools, and entertainment venues.

Even before news of the novel coronavirus hit US media outlets in December 2019, key domestic indicators had already started to give mixed messages. The uncertain US-China relationship led to a corporate pullback on capital spending. The domestic residential housing market continued to expand, however, and US markets continued an upward trajectory through most of the winter despite news that the coronavirus was spreading.

In February 2020, a growing number of European-based coronavirus outbreaks prompted international concern. Later in the month, the US announced its first COVID-19-related death and markets began to slide. In mid-March, stay-at-home orders devastated the economy and the US stock market plunged to its lowest point since 2017.

The ensuing home-based economy hit workers hard with 20.5 million non-farm jobs lost in April alone. The gross domestic product (GDP) plummeted, dropping a record-setting 9.1% in the second quarter. Late spring 2020 ushered in a combination of mild weather and eased restrictions, leading to the beginning of a slow economic rebound.

Both the US Federal Reserve and Congress stepped in to provide unprecedented levels of monetary and fiscal support. The combination pushed market prices up. In the third quarter, equities flagged due to an increase in COVID-19 cases and uncertainty over the US election. In the fourth quarter, however, encouraging vaccine news and the election of a new president buoyed investors, who pushed financial markets to a strong finish for the year.

Source: Bloomberg.

Strong relative performance in information technology outperformed weak relative performance in financials. On a stock-specific level, the following were the most significant contributors and detractors during the period.

Twilio Inc., a cloud communications platform, contributed to performance during the period. Instant digital communication with customers and employees across any medium in any geography is a hugely complex problem that businesses increasingly need to solve. We believe that, as the leading communications-as-a-service (CaaS) platform at multiples the size of its next largest competitor, Twilio appears poised to become a primary beneficiary of that trend. The addressable market is tens of billions of procurement dollars and essentially untapped with Twilio’s still negligible penetration, which we think has the potential to expand meaningfully.

PayPal Holdings Inc., a technology platform company that enables digital and mobile payments on behalf of consumers and merchants, also contributed to performance. The company noted marked acceleration for new users, retention, engagement, and volumes across its entire brand portfolio as COVID-19 effects have pulled forward consumer ecommerce demand across the globe. Third-party data released in June showed a significant acceleration in new application installs for both PayPal and Venmo, which have helped sustain the stock’s outperformance. We believe the strength across the portfolio highlights PayPal’s reach, scale, and technology, which is uniquely situated to potentially capture market share of digital payments.

Constellation Brands Inc., a producer and marketer of beer, wine, and spirits, detracted from performance during the period. Investors grew concerned with the company’s leverage profile on its balance sheet as well as what we view as unexpected anti-business initiatives from the Mexican government. We sold the Series’ position in favor of what we viewed as more attractive opportunities.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

CME Group Inc., a financial company operating options and futures exchanges, also detracted from performance. CME’s stock underperformed the market during the period due to generally lower volumes on its futures exchange. Since the company’s cost base is relatively fixed, lower volumes directly led to lower earnings and cash flows. Although we admire the company’s business model and management team, we decided to exit the position as we believe the probability of sustained lower trading volumes has increased as a result of global central bank intervention efforts intended to reduce interest rate volatility.

At Jackson Square, our portfolio turnover increased during the period. We focused on seeking to take advantage of market volatility to purchase some securities that were trading at levels below our estimation of intrinsic business value. In some cases, levels were lower than we have seen since the global financial crisis more than a decade ago. We also pruned from the Fund’s portfolio companies that struggled with fundamentals or carried a larger amount of leverage than we thought prudent during this crisis. We will remain vigilant in looking for more opportunities to seek to enhance and refine the Series’ portfolio.

Regardless of policy outcomes and oscillating investor sentiment in any given period, we remain consistent in our long-term investment philosophy: We want the Series to own what we view as strong secular-growth companies with solid business models and competitive positions that we believe can grow market share and have the potential to deliver shareholder value in a variety of market environments.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 15, 1999)	+44.13%	+21.17%	+16.70%	+15.80%	+6.41%
Service Class shares (commenced operations on
May 1, 2000)	+43.69%	+20.81%	+16.37%	+15.51%	+5.85%
Russell 1000 Growth Index	+38.49%	+22.99%	+21.00%	+17.21%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 1.03%, while total operating expenses for Standard Class and Service Class shares were 0.73% and 1.03%, respectively. The management fee for Standard Class and Service Class shares was 0.65%. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

 

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Russell 1000 Growth Index	$10,000	$48,928
	Delaware VIP U.S. Growth Series — Standard Class shares	$10,000	$43,363

The graph shows a $10,000 investment in the Delaware VIP U.S. Growth Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Growth Index for the period from December 31, 2010 through December 31, 2020. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Gross domestic product is a measure of all goods and services produced by a nation in a year.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		7/1/20 to
	7/1/20		12/31/20		Ratio		12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,269.10	0.73	%	$	4.16
Service Class		1,000.00		1,267.40	1.03	%		5.87
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.47	0.73	%	$	3.71
Service Class		1,000.00		1,019.96	1.03	%		5.23

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

As of December 31, 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
Security type / sector	of net assets
Common Stock ◆		99.70	%
Communication Services		14.20	%
Consumer Discretionary		13.17	%
Financial Services		2.66	%
Healthcare		11.60	%
Industrials		8.64	%
Materials		2.46	%
Technology*		46.97	%
Short-Term Investments		0.03	%
Total Value of Securities		99.73	%
Receivables and Other Assets Net of
Liabilities		0.27	%
Total Net Assets		100.00	%

◆

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

*

To monitor compliance with the Series’ concentration guidelines as described in the Series’ Prospectus and Statement of Additional Information, the Information Technology sector and Software 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 Commercial Services, Diversified Financial Services, Internet, and Software. As of December 31, 2020, such amounts, as a percentage of total net assets, were 4.54%, 9.82%, 2.25%, and 30.36%, respectively. The Software sector consisted of Applications Software, Computer Aided Design, Computer Software, Electronic Forms and Enterprise Software/ Service. As of December 31, 2020, such amounts, as a percentage of total net assets, were 12.04%, 2.69%, 6.98%, 2.11%, and 6.54%, 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		7.77	%
Amazon.com		5.80	%
Uber Technologies		5.73	%
Visa Class A		5.53	%
Twilio Class A		5.05	%
PayPal Holdings		4.54	%
Charter Communications Class A		4.35	%
Mastercard Class A		4.30	%
ServiceNow		4.27	%
Match Group		3.98	%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.70% ◆
Communication Services — 14.20%
	Alphabet Class A †	7,422	$	13,008,094
	Charter Communications
	Class A †	28,901		19,119,456
	Match Group †	115,982		17,535,319
	Netflix †	23,662		12,794,753
				62,457,622
Consumer Discretionary — 13.17%
	Airbnb Class A †	38,219		5,610,549
	Amazon.com †	7,832		25,508,276
	NIKE Class B	111,163		15,726,230
	Starbucks	103,747		11,098,854
				57,943,909
Financial Services — 2.66%
	KKR & Co. Class A	288,785		11,692,905
				11,692,905
Healthcare — 11.60%
	Edwards Lifesciences †	173,132		15,794,833
	Illumina †	30,190		11,170,300
	Intuitive Surgical †	17,312		14,162,947
	Veeva Systems Class A †	36,484		9,932,769
				51,060,849
Industrials — 8.64%
	Uber Technologies †	494,434		25,216,134
	Waste Management	108,714		12,820,642
				38,036,776
Materials — 2.46%
	Ball	116,129		10,820,900
				10,820,900
Technology — 46.97%
	Adobe †	18,562		9,283,227
	Autodesk †	38,757		11,834,062
	Coupa Software †	36,756		12,456,976
	Datadog Class A †	86,262		8,491,631
	Mastercard Class A	52,943		18,897,474
	Microsoft	153,690		34,183,730
	Paycom Software †	36,042		16,299,995
	PayPal Holdings †	85,278		19,972,108
	ServiceNow †	34,151		18,797,735
	Twilio Class A †	65,648		22,221,848
	Visa Class A	111,336		24,352,523
	Wix.com †	39,609		9,900,666
				206,691,975
Total Common Stock
	(cost $250,842,152)			438,704,936
Short-Term Investments — 0.03%
Money Market Mutual Funds — 0.03%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	33,084		33,084
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	33,084		33,084
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	33,084		33,084
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	33,085		33,085
Total Short-Term Investments
	(cost $132,337)			132,337
Total Value of
	Securities—99.73%
	(cost $250,974,489)		$	438,837,273

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

December 31, 2020

Assets:
Investments, at value*	$	438,837,273
Receivable for securities sold		1,536,787
Dividends receivable		42
Foreign tax reclaims receivable		37,096
Receivable for series shares sold		43,610
Total Assets		440,454,808
Liabilities:
Due to custodian		2
Investment management fees payable to affiliates		241,193
Distribution fees payable to affiliates		93,872
Payable for series shares redeemed		42,524
Reports and statements to shareholders expenses payable to non-affiliates		30,136
Other accrued expenses		18,824
Custody fees payable		5,089
Audit and tax fees payable		3,500
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,783
Accounting and administration expenses payable to affiliates		1,577
Trustees’ fees and expenses payable to affiliates		1,364
Legal fees payable to affiliates		747
Reports and statements to shareholders expenses payable to affiliates		442
Total Liabilities		442,053
Total Net Assets	$	440,012,755
Net Assets Consist of:
Paid-in capital	$	186,019,454
Total distributable earnings (loss)		253,993,301
Total Net Assets	$	440,012,755
Net Asset Value
Standard Class:
Net assets	$	68,744,869
Shares of beneficial interest outstanding, unlimited authorization, no par		4,991,190
Net asset value per share	$	13.77
Service Class:
Net assets	$	371,267,886
Shares of beneficial interest outstanding, unlimited authorization, no par		28,376,606
Net asset value per share	$	13.08
____________________
*  Investments, at cost	$	250,974,489

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

Year ended December 31, 2020

Investment Income:
Dividends	$	1,930,155
Expenses:
Management fees		2,511,988
Distribution expenses — Service Class		986,234
Accounting and administration expenses		102,777
Reports and statements to shareholders expenses		66,268
Audit and tax fees		32,725
Dividend disbursing and transfer agent fees and expenses		31,940
Legal fees		23,822
Trustees’ fees and expenses		22,139
Custodian fees		15,049
Registration fees		17
Other		9,250
		3,802,209
Less expenses paid indirectly		(11	)
Total operating expenses		3,802,198
Net Investment Loss		(1,872,043	)
Net Realized and Unrealized Gain:
Net realized gain on investments		68,094,050
Net change in unrealized appreciation (depreciation) of investments		78,590,945
Net Realized and Unrealized Gain		146,684,995
Net Increase in Net Assets Resulting from Operations	$	144,812,952

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(1,872,043	)	$	(461,994	)
Net realized gain		68,094,050			23,852,476
Net change in unrealized appreciation (depreciation)		78,590,945			62,031,457
Net increase in net assets resulting from operations		144,812,952			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		5,475,518			6,351,775
Service Class		10,494,368			2,785,831
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		2,919,568			8,687,296
Service Class		17,807,060			54,735,552
		36,696,514			72,560,454
Cost of shares redeemed:
Standard Class		(11,800,241	)		(8,398,881	)
Service Class		(81,290,968	)		(43,121,049	)
		(93,091,209	)		(51,519,930	)
Increase (decrease) in net assets derived from capital share transactions		(56,394,695	)		21,040,524
Net Increase in Net Assets		67,691,629			43,039,615
Net Assets:
Beginning of year		372,321,126			329,281,511
End of year	$	440,012,755		$	372,321,126

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

10

Financial highlights
Delaware VIP^® U.S. Growth Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	10.15		$	9.57		$	11.31		$	8.91		$	13.31
Income (loss) from investment operations
Net investment income (loss)1		(0.03	)		0.01			0.01			0.01			0.02
Net realized and unrealized gain (loss)		4.22			2.41			(0.27	)		2.49			(0.75	)
Total from investment operations		4.19			2.42			(0.26	)		2.50			(0.73	)
Less dividends and distributions from:
Net investment income		—			—			—			—			(0.08	)
Net realized gain		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.59	)
Total dividends and distributions		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.67	)
Net asset value, end of period	$	13.77		$	10.15		$	9.57		$	11.31		$	8.91
Total return2		44.13%			27.25%			(3.00%	)		28.28%			(5.17%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	68,745		$	53,322		$	43,417		$	46,908		$	47,773
Ratio of expenses to average net assets3		0.73%			0.73%			0.73%			0.74%			0.74%
Ratio of net investment income (loss) to average net assets		(0.23%	)		0.13%			0.08%			0.05%			0.22%
Portfolio turnover		54%			33%			40%			25%			22%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	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.

11

Financial highlights
Delaware VIP^® U.S. Growth Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	9.70		$	9.24		$	11.00		$	8.68		$	13.07
Income (loss) from investment operations
Net investment income (loss)1		(0.06	)		(0.02	)		(0.02	)		(0.02	)		—	2
Net realized and unrealized gain (loss)		4.01			2.32			(0.26	)		2.44			(0.75	)
Total from investment operations		3.95			2.30			(0.28	)		2.42			(0.75	)
Less dividends and distributions from:
Net investment income		—			—			—			—			(0.05	)
Net realized gain		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.59	)
Total dividends and distributions		(0.57	)		(1.84	)		(1.48	)		(0.10	)		(3.64	)
Net asset value, end of period	$	13.08		$	9.70		$	9.24		$	11.00		$	8.68
Total return3		43.69%			26.88%			(3.29%	)4		28.10%	4		(5.50%	)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	371,268		$	318,999		$	285,865		$	336,676		$	316,194
Ratio of expenses to average net assets5		1.03%			1.03%			1.01%			0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived and
expenses paid indirectly5		1.03%			1.03%			1.03%			1.04%			1.04%
Ratio of net investment loss to average net assets		(0.53%	)		(0.17%	)		(0.20%	)		(0.20%	)		(0.03%	)
Ratio of net investment loss to average net assets prior to fees
waived and expenses paid indirectly		(0.53%	)		(0.17%	)		(0.22%	)		(0.25%	)		(0.08%	)
Portfolio turnover		54%			33%			40%			25%			22%

1	The average shares outstanding method has been applied for per share information.
2	Amount is less than $0.005 per share.
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.

12

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

1. Significant Accounting Policies (continued)

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 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 year ended December 31, 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 year ended December 31, 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.

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 year ended December 31, 2020, the Series was charged $17,203 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 year ended December 31, 2020, the Series was charged $28,984 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.

14

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 year ended December 31, 2020, the Series was charged $13,570 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 year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	206,185,139
Sales		270,349,183

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	251,242,603
Aggregate unrealized appreciation of investments	$	188,933,832
Aggregate unrealized depreciation of investments		(1,339,162	)
Net unrealized appreciation of investments	$	187,594,670

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 as follows:

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)

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

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 value of the Series’ investments by fair value hierarchy levels as of December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	438,704,936
Short-Term Investments		132,337
Total Value of Securities	$	438,837,273

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	—	$	2,207,101
Long-term capital gains		20,726,628		61,215,747
Total	$	20,726,628	$	63,422,848

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	186,019,454
Undistributed ordinary income		9,357,045
Undistributed long-term capital gains		57,041,586
Unrealized appreciation of investments		187,594,670
Net assets	$	440,012,755

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications. The fund had a Net operating loss of $1,872,043 that was netted against short term capital gain.

16

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	465,840		639,633
Service Class	1,030,929		295,305
Shares issued upon reinvestment of dividends and distributions:
Standard Class	319,078		945,299
Service Class	2,044,439		6,219,949
	3,860,286		8,100,186
Shares redeemed:
Standard Class	(1,047,020	)	(868,468	)
Service Class	(7,587,096	)	(4,564,819	)
	(8,634,116	)	(5,433,287	)
Net increase (decrease)	(4,773,830	)	2,666,899

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP U.S. Growth Series

8. Securities Lending (continued)

loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

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 Fund’s performance.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the net NAV of the Series to fluctuate.

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 December 31, 2020, there were no Rule 144A securities held by the Series.

18

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, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

12. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

19

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP U.S. Growth Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP U.S. Growth Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

20

Other Series information (Unaudited)
Delaware VIP^® U.S. Growth Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis) 100.00 %

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP U.S. Growth Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreement for Delaware VIP U.S. Growth Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreement with Jackson Square Partners, LLC (“JSP”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by JSP to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The

21

Other Series information (Unaudited)
Delaware VIP^® U.S. Growth Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP U.S. Growth Series at a meeting held August 11-13, 2020 (continued)

Board was pleased with the current staffing of JSP and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by JSP.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all large-cap growth funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the fourth quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by JSP in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited

22

relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by JSP in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

28

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.

(1501855)
AR-VIPUSG-221

Delaware VIP^® Trust

Delaware VIP Value Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	13
Report of independent registered public accounting firm	20
Other Series information	21
Board of trustees / directors and officers addendum	24

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Value Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Value Series Standard Class shares gained 0.41% and Service Class shares were up 0.13%. Both figures reflect all dividends reinvested. The Series underperformed its benchmark, the Russell 1000^® Value Index, which increased 2.80% for the same period.

During the Series’ fiscal year, the COVID-19 pandemic and resulting government policy responses caused significant fluctuations in the stock market. Between mid-February and mid-March 2020, the broad market S&P 500^® Index declined 30%, the fastest drop of this magnitude in its history. The Index then jumped 17% in late March – its biggest three-day gain since 1933 – when a massive fiscal stimulus package worked its way through Congress. Stocks continued to rally strongly, especially those of very large, technology-oriented growth companies, as investors appeared largely unconcerned with their high valuations. In December 2020, the Dow Jones Industrials Average^®, NASDAQ Composite Index, and S&P 500 Index attained new all-time highs despite monthly records for new COVID-19 cases and hospitalizations and a new wave of restrictions on gatherings and travel in many states. As in 2019, the broad market’s robust gains in 2020 were driven almost entirely by expansion in valuation multiples. (Sources: Cornerstone Macro, FactSet Research Systems.)

Investments in the energy sector were the largest detractors from the Series’ performance. Shares of exploration and production (E&P) companies Marathon Oil Corp. and Occidental Petroleum Corp., both of which are highly sensitive to fluctuations in oil prices, experienced significant stock-price declines when crude oil demand dropped significantly early in the pandemic. Given the investment team’s view that demand for oil could remain weak for an extended period and cash-flow generation at these businesses could remain depressed, we opted to sell these positions.

The Series’ holdings in the industrials sector also resulted in relative underperformance. Aerospace and defense company Raytheon Technologies Corp. was the laggard in this group. The company formed in April when Raytheon Co. merged with United Technologies Corp. Raytheon Technologies’ commercial aerospace exposure was a source of concern for investors during the downturn. The company expressed a conservative outlook for its free cash flow in fiscal year 2020 and delayed its timeframe for an expected recovery in the aerospace industry. Meanwhile, the firm’s defense segment continued, in our view, to post strong financial results with a significant increase in its business. At fiscal year end, Raytheon Technologies’ shares remained attractively valued, in our view, and appeared to have priced in many challenges facing its business.

The Series’ holding in multifamily housing real estate investment trust (REIT) Equity Residential was another notable detractor. Pandemic-related pressure on rent and occupancy levels challenged Equity Residential’s business in some of its core urban markets. Additionally, REITs in other more highly valued market areas that are less exposed to COVID-19 – such as storage, data centers, and cell towers – continued to garner investor interest. Despite the near-term challenges facing the multifamily housing space, we remained positive about Equity Residential’s prospects over the next three to five years. It had one of the strongest balance sheet and capital positions among its peers, and the stock was trading at the low end of its historic valuation range. When the economy reopens more, we believe Equity Residential has the potential to see its fundamentals stabilize and eventually improve. Meanwhile, the company’s balance sheet and diversified property portfolio appear likely to continue to provide support at current valuation levels, in our view.

Investments in the information technology sector (IT) were the largest contributors to the Series’ relative returns. Broadcom Inc., a leading provider of semiconductor and infrastructure software solutions, led the group. The company has seen relatively steady demand for many of its products and services and has benefited from several broad trends, including growing demand for servers, storage, mobility, and security. At the end of the fiscal period, the team believed Broadcom had attractive cash flow dynamics, remaining upside potential in its stock, and an attractive dividend yield.

International entertainment and media enterprise Walt Disney Co. was also a strong contributor. The number of subscribers in Disney+, the company’s direct-to-consumer streaming offering, has continued to surpass expectations. At its investor day in December, Disney raised its Disney+ subscriber targets and announced plans to substantially increase its investment in content, which further buoyed the shares. Meanwhile, the company’s Disneyland park in California remained closed, and its Orlando property was operating at reduced capacity. Disney also announced that it will look to reinstate its dividend when operations normalize, possibly in the second half of 2021.

The Series’ holding in home improvement retailer Lowe’s Companies Inc. was another notable contributor. The company continued to benefit from ongoing strength in consumer spending on home improvements and stronger operational execution stemming from CEO Marvin Ellison’s

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Value Series

recent business transformation initiatives. As of the end of the fiscal year, we considered Lowe’s shares reasonably valued. That said, given the stock’s impressive performance in recent years, the team assessed its potential risk-reward profile relative to other opportunities in the consumer discretionary sector.

During the fiscal year, we made more changes to the Series than usual as we sought to take advantage of stock market volatility to upgrade overall quality. These changes resulted in better quality metrics relative to the Russell 1000 Value Index across several dimensions including average debt rating, leverage ratio, and interest coverage, and did so without stretching valuation. Looking at several valuation ratios, the Series is, in our view, better positioned relative to the Index than it has been in recent years. We believe the combination of higher quality and lower relative valuation further improves the Series’ risk-reward profile. While performance lagged the benchmark – especially in the second half of 2020 as investors rotated into more speculative stocks – we did not chase the rally because we did not believe fundamentals justified these stocks’ leadership. At the end of the fiscal year, we continued to emphasize higher quality, undervalued companies we believed had the potential to generate steadier long-term growth in earnings and cash flows.

2      Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Value Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on      July 28, 1988)	+0.41%	+5.43%	+8.86%	+11.30%	+8.81%
Service Class shares (commenced operations on      May 1, 2000)	+0.13%	+5.12%	+8.56%	+11.00%	+7.39%
Russell 1000 Value Index	+2.80%	+6.07%	+9.74%	+10.50%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Service Class shares of the Series was 0.99%, while total operating expenses for Standard Class and Service Class shares were 0.69% and 0.99%, respectively. The management fee for Standard Class and Service Class shares was 0.63%. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Value Series

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Delaware VIP Value Series — Standard Class shares	$10,000	$29,159
	Russell 1000 Value Index	$10,000	$27,148

The graph shows a $10,000 investment in the Delaware VIP Value Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2010 through December 31, 2020. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all Nasdaq US and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

The Dow Jones Industrial Average, mentioned on page 1, is an often-quoted market indicator that comprises 30 widely held US blue-chip stocks.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,182.20	0.70%		$3.84
Service Class	1,000.00	1,180.60	1.00%		5.48
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.62	0.70%		$3.56
Service Class	1,000.00	1,020.11	1.00%		5.08

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Value Series

As of December 31, 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
Security type / sector	of net assets
Common Stock		99.05%
Communication Services		11.98%
Consumer Discretionary		5.73%
Consumer Staples		8.55%
Energy		2.93%
Financials		12.22%
Healthcare		18.07%
Industrials		12.41%
Information Technology		18.09%
Materials		3.27%
Real Estate		2.69%
Utilities		3.11%
Short-Term Investments		1.10%
Total Value of Securities		100.15%
Liabilities Net of Receivables and Other      Assets		(0.15%)
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
Walt Disney		3.33%
DuPont de Nemours		3.27%
Broadcom		3.25%
Comcast Class A		3.23%
Discover Financial Services		3.23%
Caterpillar		3.21%
Raytheon Technologies		3.17%
Cognizant Technology Solutions Class A		3.14%
Dollar Tree		3.13%
Cisco Systems		3.13%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Value Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.05%
Communication Services — 11.98%
	AT&T	743,424	$	21,380,875
	Comcast Class A	482,248		25,269,795
	Verizon Communications	356,700		20,956,125
	Walt Disney †	143,784		26,050,785
				93,657,580
Consumer Discretionary — 5.73%
	Dollar Tree †	226,500		24,471,060
	Lowe’s	126,500		20,304,515
				44,775,575
Consumer Staples — 8.55%
	Archer-Daniels-Midland	443,500		22,356,835
	Conagra Brands	590,900		21,426,034
	Mondelez International      Class A	394,800		23,083,956
				66,866,825
Energy — 2.93%
	ConocoPhillips	572,052		22,876,359
				22,876,359
Financials — 12.22%
	Allstate	202,000		22,205,860
	American International      Group	632,100		23,931,306
	Discover Financial Services	279,000		25,257,870
	Truist Financial	502,600		24,089,618
				95,484,654
Healthcare — 18.07%
	Cardinal Health	446,700		23,925,252
	Cigna	111,651		23,243,505
	CVS Health	348,200		23,782,060
	Johnson & Johnson	148,800		23,418,144
	Merck & Co.	274,700		22,470,460
	Viatris †	1,301,012		24,380,965
				141,220,386
Industrials — 12.41%
	Caterpillar	137,584		25,043,040
	Honeywell International	110,673		23,540,147
	Northrop Grumman	77,500		23,615,800
	Raytheon Technologies	346,574		24,783,507
				96,982,494
Information Technology — 18.09%
	Broadcom	58,100		25,439,085
	Cisco Systems	546,600		24,460,350
	Cognizant Technology      Solutions Class A	299,522		24,545,828
	Intel	425,200		21,183,464
	Motorola Solutions	134,400		22,856,064
	Oracle	354,900		22,958,481
				141,443,272
Materials — 3.27%
	DuPont de Nemours	359,483		25,562,836
				25,562,836
Real Estate — 2.69%
	Equity Residential	354,800		21,032,544
				21,032,544
Utilities — 3.11%
	Edison International	386,900		24,305,058
				24,305,058
Total Common Stock
	(cost $492,241,306)			774,207,583
Short-Term Investments — 1.10%
Money Market Mutual Funds — 1.10%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	2,143,026		2,143,026
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	2,143,026		2,143,026
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	2,143,026		2,143,026
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	2,143,025		2,143,025
Total Short-Term Investments
	(cost $8,572,103)			8,572,103
Total Value of
	Securities—100.15%
	(cost $500,813,409)		$	782,779,686

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Value Series

December 31, 2020

Assets:
Investments, at value*	$	782,779,686
Receivable for securities sold		1,430,829
Dividends receivable		1,194,741
Receivable for series shares sold		6,436
Total Assets		785,411,692
Liabilities:
Due to custodian		8
Payable for series shares redeemed		2,119,279
Payable for securities purchased		1,078,254
Investment management fees payable to affiliates		416,465
Distribution fees payable to affiliates		91,475
Other accrued expenses		61,920
Dividend disbursing and transfer agent fees and expenses payable to affiliates		4,941
Accounting and administration expenses payable to affiliates		2,538
Trustees’ fees and expenses payable to affiliates		2,424
Legal fees payable to affiliates		1,328
Reports and statements to shareholders expenses payable to affiliates		787
Total Liabilities		3,779,419
Total Net Assets	$	781,632,273
Net Assets Consist of:
Paid-in capital	$	453,346,264
Total distributable earnings (loss)		328,286,009
Total Net Assets	$	781,632,273
Net Asset Value
Standard Class:
Net assets	$	419,361,905
Shares of beneficial interest outstanding, unlimited authorization, no par		14,556,839
Net asset value per share	$	28.81
Service Class:
Net assets	$	362,270,368
Shares of beneficial interest outstanding, unlimited authorization, no par		12,624,365
Net asset value per share	$	28.70
____________________
*  Investments, at cost	$	500,813,409

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Value Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	20,214,738
Expenses:
	Management fees		4,590,408
	Distribution expenses — Service Class		1,022,408
	Accounting and administration expenses		158,281
	Reports and statements to shareholders expenses		63,730
	Dividend disbursing and transfer agent fees and expenses		59,826
	Legal fees		45,610
	Trustees’ fees and expenses		41,556
	Audit and tax fees		32,710
	Custodian fees		21,541
	Registration fees		17
	Other		18,653
			6,054,740
	Less expenses paid indirectly		(2	)
	Total operating expenses		6,054,738
Net Investment Income			14,160,000
Net Realized and Unrealized Gain (Loss):
	Net realized gain on investments		36,605,018
	Net change in unrealized appreciation (depreciation) of investments		(52,339,596	)
Net Realized and Unrealized Loss			(15,734,578	)
Net Decrease in Net Assets Resulting from Operations		$	(1,574,578	)

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Value Series

		Year ended
		12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	14,160,000		$	14,318,954
	Net realized gain		36,605,018			35,858,393
	Net change in unrealized appreciation (depreciation)		(52,339,596	)		93,121,390
	Net increase (decrease) in net assets resulting from operations		(1,574,578	)		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		16,823,119			21,217,326
	Service Class		14,451,854			20,861,629
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		26,675,996			36,693,110
	Service Class		23,414,377			32,088,566
			81,365,346			110,860,631
	Cost of shares redeemed:
	Standard Class		(38,762,703	)		(45,148,585	)
	Service Class		(49,202,841	)		(37,921,696	)
			(87,965,544	)		(83,070,281	)
	Increase (decrease) in net assets derived from capital share transactions		(6,600,198	)		27,790,350
Net Increase (Decrease) in Net Assets			(58,265,149	)		102,307,411
Net Assets:
	Beginning of year		839,897,422			737,590,011
	End of year	$	781,632,273		$	839,897,422

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

10

Financial highlights
Delaware VIP^® Value Series Standard Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	31.09		$	28.31		$	31.57		$	29.25		$	28.64
Income (loss) from investment operations
Net investment income1		0.55			0.57			0.54			0.48			0.52
Net realized and unrealized gain (loss)		(0.92	)		4.87			(1.29	)		3.38			3.39
Total from investment operations		(0.37	)		5.44			(0.75	)		3.86			3.91
Less dividends and distributions from:
Net investment income		(0.58	)		(0.54	)		(0.53	)		(0.51	)		(0.59	)
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	)
Net asset value, end of period	$	28.81		$	31.09		$	28.31		$	31.57		$	29.25
Total return2		0.41	%		19.97	%		(2.73	%)		13.80	%		14.65	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	419,362		$	440,587		$	388,644		$	431,874		$	439,265
Ratio of expenses to average net assets3		0.70	%		0.69	%		0.69	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		2.10	%		1.92	%		1.77	%		1.64	%		1.87	%
Portfolio turnover		33	%		13	%		13	%		11	%		17	%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	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.

11

Financial highlights
Delaware VIP^® Value Series Service Class

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

	Year ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	30.95		$	28.20		$	31.46		$	29.15		$	28.56
Income (loss) from investment operations
Net investment income1		0.47			0.48			0.45			0.41			0.45
Net realized and unrealized gain (loss)		(0.90	)		4.84			(1.28	)		3.37			3.37
Total from investment operations		(0.43	)		5.32			(0.83	)		3.78			3.82
Less dividends and distributions from:
Net investment income		(0.49	)		(0.45	)		(0.45	)		(0.44	)		(0.52	)
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	)
Net asset value, end of period	$	28.70		$	30.95		$	28.20		$	31.46		$	29.15
Total return2		0.13%			19.60%			(3.00%	)3		13.53%	3		14.32%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	362,270		$	399,310		$	348,946		$	372,576		$	365,855
Ratio of expenses to average net assets4		1.00%			0.99%			0.97%			0.95%			0.95%
Ratio of expenses to average net assets prior to fees waived4		1.00%			0.99%			0.99%			1.00%			1.00%
Ratio of net investment income to average net assets		1.80%			1.62%			1.49%			1.39%			1.62%
Ratio of net investment income to average net assets prior to
fees waived		1.80%			1.62%			1.47%			1.34%			1.57%
Portfolio turnover		33%			13%			13%			11%			17%

1	The average shares outstanding method has been applied for per share information.
2	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.
3	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.
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.

12

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Value Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Value Series

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.” There were no such earnings credits for the year ended December 31, 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 year ended December 31, 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 0.65% 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 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 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 year ended December 31, 2020, the Series was charged $28,706 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 year ended December 31, 2020, the Series was charged $54,255 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 year ended December 31, 2020, the Series was charged $24,842 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.

14

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 year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	234,200,242
Sales		276,096,100

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	503,045,850
Aggregate unrealized appreciation of investments	$	282,960,423
Aggregate unrealized depreciation of investments		(3,226,587	)
Net unrealized appreciation of investments	$	279,733,836

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 as follows:

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.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Value Series

3. Investments (continued)

The following table summarizes the valuation of the Series’ investments by fair value hierarchy levels as of December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	774,207,583
Short-Term Investments		8,572,103
Total Value of Securities	$	782,779,686

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	17,751,226	$	15,082,442
Long-term capital gains		32,339,147		53,699,234
Total	$	50,090,373	$	68,781,676

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	453,346,264
Undistributed ordinary income		14,118,646
Undistributed long-term capital gains		34,433,527
Unrealized appreciation (depreciation) of investments and foreign
currencies		279,733,836
Net assets	$	781,632,273

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

16

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	671,171		709,070
Service Class	595,436		699,745
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,170,000		1,274,509
Service Class	1,028,752		1,117,290
	3,465,359		3,800,614
Shares redeemed:
Standard Class	(1,457,617	)	(1,536,732	)
Service Class	(1,901,769	)	(1,287,594	)
	(3,359,386	)	(2,824,326	)
Net increase	105,973		976,288

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Value Series

8. Securities Lending (continued)

loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 December 31, 2020, there were no Rule 144A securities held by the Series.

18

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, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

12. Subsequent Events

On November 18, 2020, the Board approved the reorganization (Reorganization) of the Series into and with a substantially similar series and class of Lincoln Variable Insurance Products Trust. The Reorganization is subject to the approval of Series shareholders at a special shareholder meeting on April 7, 2021.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

19

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Value Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Value Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

20

Other Series information (Unaudited)
Delaware VIP^® Value Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	64.56	%
(B) Ordinary Income Distributions (Tax Basis)	35.44	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualified Dividends1	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

(C) is based on the Series’ ordinary income distributions.

¹ Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Value Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Value Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

21

Other Series information (Unaudited)
Delaware VIP^® Value Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Value Series at a meeting held August 11-13, 2020 (continued)

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all large-cap value funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the second quartile of its Performance Universe and the Series’ total return for the 10-year period was in the first quartile of its Performance Universe. The Board observed that the Series’ short-term performance results were not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered the Series’ intermediate- and long-term performance, which was strong. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the

22

Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2020, the Series’ net assets exceeded the first breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under the Investment Management Agreement provides a sharing of benefits with the Series and its shareholders.

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

28

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.

(1501855)
AR-VIPV-221

Delaware VIP^® Trust

Delaware VIP Equity Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Report of independent registered public accounting firm	19
Other Series information	20
Board of trustees / directors and officers addendum	24

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Equity Income Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek total return.

For the fiscal year ended December 31, 2020, Delaware VIP Equity Income Series Standard Class shares declined -0.33% with all distributions reinvested. The Series underperformed its benchmark, the Russell 1000^® Value Index, which increased 2.80% for the same period.

During the Series’ fiscal year, the COVID-19 pandemic and resulting government policy responses caused significant fluctuations in the stock market. Between mid-February and mid-March 2020, the broad market S&P 500^® Index declined 30%, the fastest drop of this magnitude in its history. The S&P 500 Index then jumped 17% in late March – its biggest three-day gain since 1933 – when a massive fiscal stimulus package worked its way through Congress. Stocks continued to rally strongly, especially those of very large, technology-oriented growth companies, as investors appeared largely unconcerned with their high valuations. In December, the Dow Jones Industrial Average^®, NASDAQ Composite Index, and S&P 500 Index attained new all-time highs despite monthly records for new COVID-19 cases and hospitalizations and a new wave of restrictions on gatherings and travel in many states. As in 2019, the broad market’s robust gains in 2020 were driven almost entirely by expansion in valuation multiples. (Sources: Cornerstone Macro, FactSet Research Systems.)

Investments in the energy sector were the largest detractors from the Series’ performance. Shares of exploration and production (E&P) companies Marathon Oil Corp. and Occidental Petroleum Corp., both of which are highly sensitive to fluctuations in oil prices, experienced significant stock-price declines when crude oil demand dropped significantly early in the pandemic. Given the investment team’s view that demand for oil could remain weak for an extended period and cash-flow generation at these businesses could remain depressed, we opted to sell these positions.

The Series’ holdings in the industrials sector also resulted in relative underperformance. Aerospace and defense company Raytheon Technologies Corp. was the laggard in this group. The company formed in April when Raytheon Co. merged with United Technologies Corp. Raytheon Technologies’ commercial aerospace exposure was a source of concern for investors during the downturn. The company expressed a conservative outlook for its free cash flow in fiscal 2020 and delayed its timeframe for an expected recovery in the aerospace industry. Meanwhile, the firm’s defense segment continued to post what we viewed as strong financial results with a significant increase in its business. At fiscal year end, Raytheon Technologies’ shares remained attractively valued, in our view, and appeared to have priced in many challenges facing its business.

The Series’ holding in multifamily housing real estate investment trust (REIT) Equity Residential was another notable detractor. Pandemic-related pressure on rent and occupancy levels challenged Equity Residential’s business in some of its core urban markets. Additionally, REITs in other more highly valued market areas that are less exposed to COVID-19 – such as storage, data centers, and cell towers – continued to garner investor interest. Despite the near-term challenges facing the multifamily housing space, we remained positive about Equity Residential’s prospects over the next three to five years. It had one of the strongest balance sheet and capital positions among its peers, and the stock was trading at the low end of its historic valuation range. When the economy reopens more, we believe Equity Residential has the potential to see its fundamentals stabilize and eventually improve. Meanwhile, the company’s balance sheet and diversified property portfolio appear likely to continue to provide support at current valuation levels, in our view.

Investments in the information technology sector (IT) were the largest contributors to the Series’ relative returns. Broadcom Inc., a leading provider of semiconductor and infrastructure software solutions, led the group. The company has seen relatively steady demand for many of its products and services and has benefited from several broad trends, including growing demand for servers, storage, mobility, and security. At the end of the fiscal period, the team believed Broadcom had attractive cash flow dynamics, remaining upside potential in its stock, and an attractive dividend yield.

International entertainment and media enterprise Walt Disney Co. was also a strong contributor. The number of subscribers in Disney+, the company’s direct-to-consumer streaming offering, has continued to surpass expectations. At its investor day in December, Disney raised its Disney+ subscriber targets and announced plans to substantially increase its investment in content, which further buoyed the shares. Meanwhile, the company’s Disneyland park in California remained closed and its Orlando property was operating at reduced capacity. Disney also announced that it will look to reinstate its dividend when operations normalize, possibly in the second half of 2021.

The Series’ holding in home improvement retailer Lowe’s Companies Inc. was another notable contributor. The company continued to benefit from ongoing strength in consumer spending on home improvements and stronger operational execution stemming from CEO Marvin Ellison’s

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Equity Income Series

recent business transformation initiatives. As of the end of the fiscal year, we considered Lowe’s shares reasonably valued. That said, given the stock’s favorable performance in recent years, the team assessed its potential risk-reward profile relative to other opportunities in the consumer discretionary sector.

During the fiscal year, we made more changes to the Series than usual as we sought to take advantage of stock market volatility to upgrade overall quality. These changes resulted in better quality metrics relative to the Russell 1000 Value Index across several dimensions, including average debt rating, leverage ratio, and interest coverage, and did so without stretching valuation. Looking at several valuation ratios, the Series is, in our view, better positioned relative to the Russell 1000 Value Index than it has been in recent years. We believe the combination of higher quality and lower relative valuation further improves the Series’ risk-reward profile. While performance lagged the benchmark – especially in the second half of 2020 as investors rotated into more speculative stocks – we did not chase the rally because we did not believe fundamentals justified these stocks’ leadership. At the end of the fiscal year, we continued to emphasize higher quality, undervalued companies we believed had the potential to generate steadier long-term growth in earnings and cash flows.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Equity Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 15, 1993)	-0.33%	+3.85%	+7.95%	+8.75%	—
Russell 1000 Value Index	+2.80%	+6.07%	+9.74%	+10.50%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.78%, while total operating expenses for Standard Class shares were 0.78%. The management fee for Standard Class shares was 0.65%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the “Performance of a $10,000 investment” graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Equity Income Series

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Russell 1000 Value Index	$10,000	$27,148
	Delaware VIP Equity Income Series — Standard Class shares	$10,000	$23,143

The graph shows a $10,000 investment in the Delaware VIP Equity Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2010 through December 31, 2020.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Dow Jones Industrial Average, mentioned on page 1, is an often-quoted market indicator that comprises 30 widely held US blue-chip stocks.

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all Nasdaq US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,182.70	0.80%	$4.39
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.11	0.80%	$4.06

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Equity Income Series

As of December 31, 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
Security type / sector	of net assets
Common Stock	98.89%
Communication Services	11.75%
Consumer Discretionary	5.76%
Consumer Staples	8.63%
Energy	2.97%
Financials	12.96%
Healthcare	17.94%
Industrials	11.86%
Information Technology	18.19%
Materials	3.14%
Real Estate	2.69%
Utilities	3.00%
Short-Term Investments	0.97%
Total Value of Securities	99.86%
Receivables and Other Assets Net of
Liabilities	0.14%
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
Discover Financial Services	3.44%
Broadcom	3.25%
Walt Disney	3.23%
Truist Financial	3.19%
CVS Health	3.19%
Cisco Systems	3.18%
Allstate	3.18%
Cognizant Technology Solutions Class A	3.17%
Raytheon Technologies	3.16%
American International Group	3.15%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Equity Income Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 98.89%
Communication Services — 11.75%
	AT&T	108,300	$	3,114,708
	Comcast Class A	66,368		3,477,683
	Verizon Communications	52,000		3,055,000
	Walt Disney †	20,143		3,649,509
				13,296,900
Consumer Discretionary — 5.76%
	Dollar Tree †	30,300		3,273,612
	Lowe’s	20,200		3,242,302
				6,515,914
Consumer Staples — 8.63%
	Archer-Daniels-Midland	66,000		3,327,060
	Conagra Brands	89,918		3,260,427
	Mondelez International
	Class A	54,400		3,180,768
				9,768,255
Energy — 2.97%
	ConocoPhillips	84,100		3,363,159
				3,363,159
Financials — 12.96%
	Allstate	32,700		3,594,711
	American International
	Group	94,200		3,566,412
	Discover Financial Services	42,944		3,887,720
	Truist Financial	75,300		3,609,129
				14,657,972
Healthcare — 17.94%
	Cardinal Health	61,800		3,310,008
	Cigna	16,000		3,330,880
	CVS Health	52,800		3,606,240
	Johnson & Johnson	21,400		3,367,932
	Merck & Co.	38,500		3,149,300
	Viatris †	188,192		3,526,718
				20,291,078
Industrials — 11.86%
	Caterpillar	19,479		3,545,567
	Honeywell International	16,118		3,428,299
	Northrop Grumman	9,400		2,864,368
	Raytheon Technologies	49,959		3,572,568
				13,410,802
Information Technology — 18.19%
	Broadcom	8,400		3,677,940
	Cisco Systems	80,500		3,602,375
	Cognizant Technology
	Solutions Class A	43,720		3,582,854
	Intel	62,100		3,093,822
	Motorola Solutions	19,500		3,316,170
	Oracle	51,000		3,299,190
				20,572,351
Materials — 3.14%
	DuPont de Nemours	50,000		3,555,500
				3,555,500
Real Estate — 2.69%
	Equity Residential	51,300		3,041,064
				3,041,064
Utilities — 3.00%
	Edison International	54,000		3,392,280
				3,392,280
Total Common Stock
	(cost $98,574,879)			111,865,275
Short-Term Investments — 0.97%
Money Market Mutual Funds — 0.97%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	273,868		273,868
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	273,869		273,869
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	273,869		273,869
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	273,868		273,868
Total Short-Term Investments
	(cost $1,095,474)			1,095,474
Total Value of
	Securities—99.86%
	(cost $99,670,353)		$	112,960,749

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Equity Income Series

December 31, 2020

Assets:
	Investments, at value*	$	112,960,749
	Receivable for securities sold		252,604
	Dividends receivable		170,402
	Receivable for series shares sold		3,857
	Other assets		4,022
	Total Assets		113,391,634
Liabilities:
	Due to custodian		1
	Payable for securities purchased		142,642
	Investment management fees payable to affiliates		58,492
	Payable for series shares redeemed		34,576
	Reports and statements to shareholders expenses payable to non-affiliates		16,809
	Accounting and administration fees payable to non-affiliates		12,295
	Other accrued expenses		7,008
	Legal fees payable to affiliates		719
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		714
	Accounting and administration expenses payable to affiliates		656
	Trustees’ fees and expenses payable to affiliates		350
	Reports and statements to shareholders expenses payable to affiliates		114
	Total Liabilities		274,376
Total Net Assets		$	113,117,258
Net Assets Consist of:
	Paid-in capital	$	98,119,245
	Total distributable earnings (loss)		14,998,013
Total Net Assets		$	113,117,258
Net Asset Value
Standard Class:
Net assets		$	113,117,258
Shares of beneficial interest outstanding, unlimited authorization, no par			7,018,474
Net asset value per share		$	16.12
____________________
*  Investments, at cost		$	99,670,353

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Equity Income Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	3,027,492
Expenses:
	Management fees		693,298
	Accounting and administration expenses		57,418
	Audit and tax fees		56,109
	Reports and statements to shareholders expenses		29,869
	Legal fees		9,328
	Dividend disbursing and transfer agent fees and expenses		8,895
	Trustees’ fees and expenses		6,141
	Custodian fees		4,569
	Registration fees		1,412
	Other		2,555
			869,594
	Less expenses waived		(16,153)
	Less expenses paid indirectly		(634	)
	Total operating expenses		852,807
Net Investment Income			2,174,685
Net Realized and Unrealized Loss:
	Net realized loss on investments		(363,982	)
	Net change in unrealized appreciation (depreciation) of investments		(3,726,655	)
Net Realized and Unrealized Loss			(4,090,637	)
Net Decrease in Net Assets Resulting from Operations		$	(1,915,952	)

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Equity Income Series

		Year ended
		12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	2,174,685		$	2,436,375
	Net realized gain (loss)		(363,982	)		24,884,776
	Net change in unrealized appreciation (depreciation)		(3,726,655	)		(2,271,056	)
	Net increase (decrease) in net assets resulting from operations		(1,915,952	)		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		1,676,251			1,919,221
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		27,090,760			14,210,932
			28,767,011			(16,130,153	)
	Cost of shares redeemed:
	Standard Class		(14,902,943	)		(12,594,141	)
	Increase in net assets derived from capital share transactions		13,864,068			3,536,012
Net Increase (Decrease) in Net Assets			(15,142,644	)		14,375,175
Net Assets:
	Beginning of year		128,259,902			113,884,727
	End of year	$	113,117,258		$	128,259,902

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

10

Financial highlights
Delaware VIP^® Equity Income Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	22.37		$	20.61		$	23.64		$	21.36		$	20.01
Income (loss) from investment operations
Net investment income2		0.32			0.41			0.66			0.40			0.42
Net realized and unrealized gain (loss)		(1.67	)		3.94			(2.57	)		2.81			2.03
Total from investment operations		(1.35	)		4.35			(1.91	)		3.21			2.45
Less dividends and distributions from:
Net investment income		(0.48	)		(0.68	)		(0.43	)		(0.42	)		(0.40	)
Net realized gain		(4.42	)		(1.91	)		(0.69	)		(0.51	)		(0.70	)
Total dividends and distributions		(4.90	)		(2.59	)		(1.12	)		(0.93	)		(1.10	)
Net asset value, end of period	$	16.12		$	22.37		$	20.61		$	23.64		$	21.36
Total return3		(0.33%	)4		22.71%	4		(8.42%	)		15.52%			13.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	113,117		$	128,260		$	113,885		$	129,994		$	116,685
Ratio of expenses to average net assets5		0.80%			0.82%			0.81%			0.80%			0.81%
Ratio of expenses to average net assets prior to fees waived5		0.82%			0.82%			0.81%			0.80%			0.81%
Ratio of net investment income to average net assets		2.04%			1.96%			2.92%			1.81%			2.09%
Ratio of net investment income to average net assets prior to
fees waived		2.02%			1.96%			2.92%			1.81%			2.09%
Portfolio turnover		30%			118%	6		50%			18%			20%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Equity Income Fund shares.
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	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 December 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.

11

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

12

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 year ended December 31, 2020, the Series earned $634 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 year ended December 31, 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 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $7,642 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 year ended December 31, 2020, the Series was charged $8,000 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 year ended December 31, 2020, the Series was charged $6,818 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.”

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$32,036,525
Sales	42,556,933

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	99,807,503
Aggregate unrealized appreciation of investments	$	17,163,310
Aggregate unrealized depreciation of investments		(4,010,064	)
Net unrealized appreciation of investments	$	13,153,246

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 as follows:

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)

14

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	111,865,275
Short-Term Investments		1,095,474
Total Value of Securities	$	112,960,749

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	2,816,186	$	3,708,762
Long-term capital gains		24,274,574		10,502,170
Total	$	27,090,760	$	14,210,932

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	98,119,245
Undistributed ordinary income		2,129,641
Capital loss carryforwards*		(284,874	)
Unrealized appreciation of investments		13,153,246
Net assets	$	113,117,258

* $142,047 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnership income. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series recorded the following reclassifications:

Paid-in capital	$	18,551
Total distributable earnings (loss)		(18,551	)

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$284,874	$—	$284,874

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	108,547		92,878
Shares issued upon reinvestment of dividends and distributions:
Standard Class	2,118,120		716,277
	2,226,667		809,155
Shares redeemed:
Standard Class	(942,227	)	(599,970	)
Net increase	1,284,440		209,185

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

16

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

9. Credit and Market Risk (continued)

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 December 31, 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Equity Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Equity Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Equity Income Fund (subsequent to reorganization, known as Delaware VIP Equity Income Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

19

Other Series information (Unaudited)
Delaware VIP^® Equity Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gains Distributions (Tax Basis)	89.60%
(B) Ordinary Income Distributions (Tax Basis)	10.40%
Total Distributions (Tax Basis)	100.00%
(C) Qualifying Dividends 1	100.00%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

(C) is based on the Series’ ordinary income distributions.

¹ Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Equity Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Equity Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

20

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as an equity income fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the large-cap value funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one consisting of the Series and all equity income funds underlying variable insurance products, and the other, consisting of the Series and all large-cap value funds underlying variable insurance products. When compared to equity income funds, the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the third quartile of its Performance Universe. When compared to large-cap value funds, the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5- year periods was in the third quartile and second quartile, respectively, of its Performance Universe. The Board observed that Series’ performance results were not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other equity income funds and large-cap value funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to

21

Other Series information (Unaudited)
Delaware VIP^® Equity Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Equity Income Series at a meeting held August 11-13, 2020 (continued)

the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

Board consideration of sub-advisory agreement for Delaware VIP Equity Income Series at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020, the Board of Trustees (the “Board”) of Delaware VIP Equity Income Series (the “Series”), 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 Macquarie Investment Management Global Limited (“MIMGL”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMGL. 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 MIMGL; information concerning MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL; 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 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 MIMGL, the Board reviewed the services to be provided by MIMGL pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the MIMGL regarding the experience and qualifications of the personnel who will be responsible for providing services to

22

the Series. The Board also considered relevant performance information provided with respect to MIMGL. In discussing the nature of the services proposed to be provided by MIMGL, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMGL, to include discretionary investment advisory services and specifically portfolio management by MIMGL’s Global Systematic Investment Team (the “MSI Team”) to implement its Equity Income strategy, subject to DMC’s oversight as the Series’ investment adviser. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the MIMGL to the Series and its shareholders and was confident in the abilities of MIMGL to provide quality services to the Series and its shareholders.

Investment performance. In regards to the appointment of MIMGL for the Series, the Board reviewed information on prior performance for MIMGL. In evaluating performance, the Board considered that the MSI Team has a history of targeting consistent outperformance through systematic strategies and through a multi-factor investment approach to smooth returns. Additionally, the Board had considered its previous approval of MIMGL to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMGL a sub-advisory fee based on the extent to which MIMGL provides services to the Series as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent and quality of the sub-advisory services to be provided by MIMGL, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to MIMGL and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMGL, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMGL in relation to the services being provided to the Series and in relation to MIMGL’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMGL in connection with its relationship to the Series. The Board considered the potential benefit to DMC and MIMGL of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

28

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.

(1502651)
AR-VIPEI-221

Delaware VIP^® Trust

Delaware VIP Fund for Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Report of independent registered public accounting firm	26
Other Series information	27
Board of trustees / directors and officers addendum	30

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek high current income.

For the fiscal year ended December 31, 2020, Delaware VIP Fund for Income Series (the “Series”) Standard Class shares gained 7.95% with all distributions reinvested. For the same period, the Series’ benchmark, the ICE BofA US High Yield Constrained Index, gained 6.07%.

The first quarter of the Series’ fiscal year presented a relatively benign market environment compared with the tumultuous months that followed. As 2020 began, high yield investors found themselves digesting the up-and-down progress of US-China trade negotiations. Abroad, oil prices were disrupted following the bombing of refineries in Saudi Arabia. Domestically, concerns over weakening manufacturing and an inverted yield curve seemed to be resolved as the US Federal Reserve cut interest rates by 25 basis points and unemployment reached record lows. High yield bonds benefited in January, showing modest coupon-driven gains. (A basis point equals one hundredth of a percentage point.)

The positive news ended abruptly in February amid reports that a novel coronavirus was spreading widely outside of China. Over the ensuing four weeks, large swaths of the US economy were shuttered. Some high yield bond prices plunged 20% or more, and spreads widened to nearly 1,100 basis points over Treasurys. Fortunately, in late March, both Congress and the Fed stepped in with unprecedented amounts of fiscal and monetary relief for an economy in need of life support. Investors responded as intended and the pandemic-induced selloff in virtually all risk assets abated almost as abruptly it had begun.

As part of its monetary rescue package, the Fed pledged to be an available lender of last resort to certain investors in sub-investment-grade credit. This was unprecedented, and some investors interpreted it as a promise to backstop the entire sector if needed. As the economy reopened during the second half of the Series’ fiscal year, high yield spreads fell roughly 700 basis points, to stand a mere 40 basis points above January’s pre-COVID-19 level.

In part, inflows of $35 billion, the vast majority of which materialized after the government’s economic resuscitation efforts in March, powered the rally in high yield. Notably, some of the late-period demand for BB-rated securities originated from investors not generally considered buyers of high yield. We were not surprised, considering that the yields on Treasurys, the traditional flight-to-quality instruments, were 0.11% (3-month), 0.17% (1-year), and 0.70% (10-year) on March 31, 2020. At these levels, the relatively sound fundamentals of companies in the top tier of the high yield universe seemed to represent favorable value for investors. Issuing companies also benefited as low rates and tightening spreads encouraged them to build cash reserves and refinance existing debt.

The volatile environment for financial assets sparked sudden shifts in leadership among the various credit tiers of the high yield market. BB-rated debt outperformed during the selloff that began in February, and CCC-rated bonds led the rebound during the risk-on rally in June and August. By fiscal year end, however, investor appetite for risk had increased with the introduction of vaccines with high efficacy rates and with more clarity around potential stimulus due to the election results. As such, CCC-rated securities significantly outperformed in November and December.

Among industry groups, energy – representing about 12% of the high yield universe – was a major laggard. A price war between Russia and Saudi Arabia dovetailed with the catastrophic collapse in worldwide demand to produce a precipitous drop in oil prices that pressured highly levered producers. Predictably, COVID-19 also affected industries such as leisure, retail, and airlines, which underperformed. Outperforming groups included interest-rate-sensitive sectors such as automotive and homebuilders; technology, which rode a powerful wave of investor interest in companies deemed well adapted to a stay-at-home economy, and traditional defensive sectors such as healthcare, financials, insurance, and consumer staples.

The Series retained an overweight position in defensive sectors relative to the benchmark during much of the fiscal year. This reflected both our usual fundamentals-driven approach to risk taking and our ability to make what we viewed as an opportunistic move in response to modestly extended valuations in many sectors of the high yield market. As the pandemic gripped investor sentiment in March, we sold select names that we deemed to be particularly vulnerable to economic fallout from COVID-related changes in consumer demand. Those liquidations temporarily raised the Series’ cash position to roughly 6% of assets, an unusually high allocation for the Series.

Counterintuitively, the securities that investors liquidated in the early stages of the pandemic were in the higher-quality segment of the market. Lower-rated credits became seemingly so illiquid as to be virtually untradable at anything other than fire-sale prices. However, after the Fed injected liquidity into the financial system in late March, we deployed the Series’ excess cash into bonds that we believed were targets of liquidity-based selling. This tactic played out favorably over the remainder of the fiscal year. In effect, the Series’ cash positioning allowed us to buy when others were selling and to sell when others were buying.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

At the sector level, the Series’ allocation to telecommunications, technology, and transportation companies outperformed the benchmark because of strong security selection within all three sectors. Conversely, the Series’ underweight to the retail and automotive sectors detracted from performance relative to the benchmark. The Series also lagged the benchmark within the homebuilder sector because of poor credit selection.

Among individual holdings, BMC Software Inc. and Sprint Corp. contributed to outperformance. Both companies continued to exhibit solid credit profiles even in the face of a fast-weakening economy. These companies enjoyed the additional benefit of operating in defensive sectors of the high yield market (technology and telecommunications, respectively), which risk-averse investors tend to prefer. The Series’ position in mining company Freeport-McMoRan Copper & Gold Inc. also outperformed on soaring gold and copper prices.

The Series’ positions in energy-related businesses Summit Midstream Partners LP, Oasis Petroleum Inc.,and Chesapeake Energy Corp. detracted from relative performance. As noted previously, the steep drop in crude oil prices earlier in the calendar year affected the balance sheets of many lower-quality, highly levered companies in the oil and gas industry.

As of fiscal year end, the magnitude of the pandemic and its short- and long-term effects on global economies is still very much uncertain, despite the underlying support provided by the relief package passed by the US Congress. However, we think the enthusiasm surrounding additional stimulus and vaccine rollouts have bolstered investor risk appetites heading into 2021. As such, the high yield market has continued to see steady inflows into the asset class as investors search for yield and convexity (a risk-management tool used to measure and manage a portfolio’s exposure to market risk). Despite the recent market exuberance, we remain disciplined in our approach to adding risk, since we believe the high yield market could experience bouts of volatility as the impact on revenues, cash flows, and balance sheets are assessed in the coming quarters. We will continue to underpin our disciplined approach to adding risk by our fundamental bottom-up (bond-by-bond) approach to portfolio construction, with a keen eye toward operational execution and balance sheet strength.

2      Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on      November 9, 1987)	+7.95%	+5.85%	+7.08%	+5.97%	—
ICE BofA US High Yield Constrained Index	+6.07%	+5.85%	+8.42%	+6.61%	—

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.83%, while total operating expenses for Standard Class shares were 0.83%. The management fee for Standard Class shares was 0.65%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the “Performance of a $10,000 investment” graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Series to obtain precise valuations of the high yield securities in its portfolio.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Liquidity risk is the possibility that investments cannot be readily sold within seven days at approximately the price at which a fund has valued them.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

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

4

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	ICE BofA US High Yield Constrained Index		$	10,000		$	18,971
	Delaware VIP Fund for Income Series — Standard Class shares		$	10,000		$	17,852

The graph shows a $10,000 investment in the Delaware VIP Fund for Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the ICE BofA US High Yield Constrained Index for the period from December 31, 2010 through December 31, 2020.

The ICE BofA US High Yield Constrained Index tracks the performance of US dollar-denominated below high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark. Qualifying securities must have, among other things, a below-investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch), an investment grade issuing country (based on an average of Moody’s, Standard & Poor’s, and Fitch foreign currency long-term sovereign debt ratings), and maturities of one year or more.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,108.40	0.83%		$	4.40
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.96	0.83%		$	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 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

As of December 31, 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
Security type / sector	of net assets
Convertible Bond		0.13	%
Corporate Bonds		88.60	%
Banking		2.66	%
Basic Industry		9.92	%
Capital Goods		5.73	%
Communications		9.96	%
Consumer Cyclical		7.68	%
Consumer Non-Cyclical		4.79	%
Energy		10.48	%
Financial Services		4.23	%
Healthcare		6.83	%
Insurance		2.20	%
Media		6.39	%
Real Estate		2.58	%
Services		4.36	%
Technology		4.76	%
Transportation		3.39	%
Utilities		2.64	%
Loan Agreements		7.16	%
Short-Term Investments		3.24	%
Total Value of Securities		99.13	%
Receivables and Other Assets Net of
Liabilities		0.87	%
Total Net Assets		100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

December 31, 2020

		Principal
		amount°	Value (US $)
Convertible Bond — 0.13%
	PDC Energy 1.125%
	exercise price $85.39,
	maturity date 9/15/21	130,000	$	127,605
Total Convertible Bond
	(cost $126,388)			127,605
Corporate Bonds — 88.60%
Banking — 2.66%
	Barclays 6.125% µ, ψ	465,000		502,213
	Deutsche Bank 6.00%
	µ, ψ	400,000		402,000
	Natwest Group 8.625%
	µ, ψ	825,000		858,107
	Popular 6.125% 9/14/23	780,000		845,243
				2,607,563
Basic Industry — 9.92%
	Allegheny Technologies
	5.875% 12/1/27	180,000		189,788
	7.875% 8/15/23	475,000		521,049
	Avient 144A 5.75%
	5/15/25 #	682,000		725,477
	Blue Cube Spinco 10.00%
	10/15/25	175,000		185,500
	Chemours 144A 5.75%
	11/15/28 #	485,000		495,609
	First Quantum Minerals
	144A 6.875%
	10/15/27 #	440,000		477,950
	144A 7.25% 4/1/23 #	300,000		309,660
	144A 7.50% 4/1/25 #	520,000		542,100
	Freeport-McMoRan 5.45%
	3/15/43	578,000		720,685
	GrafTech Finance 144A
	4.625% 12/15/28 #	135,000		137,030
	Hudbay Minerals
	144A 6.125% 4/1/29 #	215,000		232,200
	144A 7.625%
	1/15/25 #	125,000		130,078
	Joseph T Ryerson & Son
	144A 8.50% 8/1/28 #	157,000		178,097
	Kraton Polymers 144A
	7.00% 4/15/25 #	505,000		532,018
	LBM Acquisition 144A
	6.25% 1/15/29 #	180,000		187,597
	M/I Homes 4.95% 2/1/28	613,000		650,807
	Mattamy Group
	144A 4.625% 3/1/30 #	145,000		153,949
	144A 5.25%
	12/15/27 #	405,000		429,553
	New Gold
	144A 6.375%
	5/15/25 #	38,000		39,781
	144A 7.50% 7/15/27 #	175,000		193,922
	Novelis
	144A 4.75% 1/30/30 #	130,000		140,301
	144A 5.875%
	9/30/26 #	95,000		99,394
	Olin 5.00% 2/1/30	240,000		256,156
	PowerTeam Services 144A
	9.033% 12/4/25 #	860,000		958,995
	Tronox 144A 6.50%
	4/15/26 #	350,000		364,875
	WESCO Distribution 144A
	7.25% 6/15/28 #	115,000		130,950
	White Cap Buyer 144A
	6.875% 10/15/28 #	680,000		726,325
				9,709,846
Capital Goods — 5.73%
	ARD Finance PIK 144A
	6.50% 6/30/27 #, >	425,000		454,219
	Ardagh Packaging Finance
	144A 5.25% 8/15/27 #	400,000		420,324
	ATS Automation Tooling
	Systems 144A 4.125%
	12/15/28 #	180,000		183,600
	Bombardier
	144A 7.50% 12/1/24 #	275,000		264,488
	144A 7.875%
	4/15/27 #	260,000		239,452
	Granite US Holdings 144A
	11.00% 10/1/27 #	435,000		485,025
	Griffon 5.75% 3/1/28	505,000		534,891
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	475,000		487,469
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	475,000		501,671
	Terex 144A 5.625%
	2/1/25 #	265,000		273,480
	Titan Acquisition 144A
	7.75% 4/15/26 #	180,000		186,750
	TransDigm
	144A 6.25% 3/15/26 #	706,000		752,776
	144A 8.00%
	12/15/25 #	90,000		99,683
	Vertical Holdco 144A
	7.625% 7/15/28 #	435,000		474,966
	Welbilt 9.50% 2/15/24	238,000		246,429
				5,605,223

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Communications — 9.96%
	Altice Financing 144A
	5.00% 1/15/28 #	320,000	$	328,304
	Altice France Holding 144A
	6.00% 2/15/28 #	1,580,000		1,603,044
	C&W Senior Financing
	144A 6.875%
	9/15/27 #	633,000		684,507
	Cablevision Lightpath
	144A 3.875%
	9/15/27 #	330,000		332,475
	144A 5.625%
	9/15/28 #	200,000		209,625
	CenturyLink
	144A 4.50% 1/15/29 #	270,000		275,231
	144A 5.125%
	12/15/26 #	485,000		512,846
	Cincinnati Bell 144A
	7.00% 7/15/24 #	300,000		312,935
	Connect Finco 144A
	6.75% 10/1/26 #	815,000		879,035
	Frontier Communications
	144A 5.875%
	10/15/27 #	265,000		287,028
	144A 6.75% 5/1/29 #	430,000		460,906
	LCPR Senior Secured
	Financing 144A 6.75%
	10/15/27 #	310,000		334,025
	Level 3 Financing 144A
	4.25% 7/1/28 #	535,000		550,247
	Sprint
	7.625% 3/1/26	450,000		559,219
	7.875% 9/15/23	625,000		724,406
	Sprint Capital 8.75%
	3/15/32	175,000		277,266
	T-Mobile USA 5.125%
	4/15/25	200,000		205,405
	Windstream Escrow 144A
	7.75% 8/15/28 #	372,000		375,302
	Zayo Group Holdings 144A
	6.125% 3/1/28 #	785,000		831,488
				9,743,294
Consumer Cyclical — 7.68%
	Allison Transmission 144A
	5.875% 6/1/29 #	410,000		454,635
	Boyd Gaming 4.75%
	12/1/27	505,000		525,609
	Caesars Entertainment
	144A 6.25% 7/1/25 #	290,000		309,214
	144A 8.125% 7/1/27 #	245,000		271,540
	Carnival 144A 7.625%
	3/1/26 #	485,000		529,312
	Ford Motor
	8.50% 4/21/23	350,000		395,211
	9.00% 4/22/25	110,000		135,315
	Ford Motor Credit
	3.37% 11/17/23	265,000		270,576
	3.375% 11/13/25	260,000		266,581
	4.125% 8/17/27	245,000		256,944
	4.542% 8/1/26	270,000		288,562
	5.584% 3/18/24	470,000		507,600
	General Motors Financial
	5.70% µ, ψ	170,000		187,850
	L Brands
	144A 6.875% 7/1/25 #	213,000		231,593
	6.875% 11/1/35	148,000		166,407
	144A 9.375% 7/1/25 #	200,000		246,250
	MGM Resorts International
	4.75% 10/15/28	675,000		724,778
	New Red Finance 144A
	3.50% 2/15/29 #	305,000		305,191
	Scientific Games
	International
	144A 7.25%
	11/15/29 #	230,000		252,814
	144A 8.25% 3/15/26 #	460,000		496,480
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	295,000		296,333
	Stars Group Holdings 144A
	7.00% 7/15/26 #	150,000		158,156
	Station Casinos 144A
	5.00% 10/1/25 #	235,000		238,155
				7,515,106
Consumer Non-Cyclical — 4.79%
	Chobani 144A 4.625%
	11/15/28 #	305,000		310,338
	Energizer Holdings 144A
	4.375% 3/31/29 #	380,000		394,068
	JBS USA LUX 144A 5.50%
	1/15/30 #	625,000		718,912
	Kraft Heinz Foods
	5.00% 7/15/35	240,000		291,040
	5.20% 7/15/45	400,000		475,640
	Pilgrim’s Pride 144A
	5.875% 9/30/27 #	495,000		537,501
	Post Holdings
	144A 5.50%
	12/15/29 #	250,000		273,131
	144A 5.75% 3/1/27 #	400,000		424,250

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Spectrum Brands
		144A 5.00% 10/1/29 #	520,000	$	559,728
		144A 5.50% 7/15/30 #	130,000		140,319
	United Natural Foods 144A
		6.75% 10/15/28 #	540,000		565,639
					4,690,566
Energy — 10.48%
	Apache
		4.75% 4/15/43	301,000		312,661
		4.875% 11/15/27	230,000		244,145
	CNX Resources
		144A 6.00% 1/15/29 #	485,000		497,785
		144A 7.25% 3/14/27 #	225,000		241,036
	Continental Resources
		3.80% 6/1/24	485,000		500,459
	Crestwood Midstream
		Partners
		5.75% 4/1/25	220,000		224,400
		6.25% 4/1/23	250,000		251,094
	DCP Midstream Operating
		5.125% 5/15/29	685,000		760,905
	EQM Midstream Partners
		144A 6.50% 7/1/27 #	345,000		388,970
	Genesis Energy
		5.625% 6/15/24	100,000		97,437
		6.50% 10/1/25	250,000		243,594
		8.00% 1/15/27	225,000		224,437
	Murphy Oil 5.875%
		12/1/27	754,000		743,399
	NuStar Logistics
		5.625% 4/28/27	350,000		373,560
		6.00% 6/1/26	267,000		289,221
		6.375% 10/1/30	530,000		601,378
	Occidental Petroleum
		3.00% 2/15/27	270,000		240,806
		3.50% 8/15/29	260,000		238,360
		6.125% 1/1/31	490,000		525,623
		6.625% 9/1/30	340,000		369,665
	PDC Energy
		5.75% 5/15/26	588,000		608,212
		6.125% 9/15/24	185,000		190,455
	Precision Drilling 144A
		7.125% 1/15/26 #	70,000		61,149
	Southwestern Energy
		7.50% 4/1/26	100,000		105,050
		7.75% 10/1/27	455,000		492,117
	Targa Resources Partners
		5.375% 2/1/27	325,000		342,123
		6.50% 7/15/27	535,000		581,812
	Western Midstream
		Operating 4.75%
		8/15/28	490,000		510,825
					10,260,678
Financial Services — 4.23%
	AerCap Holdings 5.875%
		10/10/79 µ	315,000		323,948
	AerCap Ireland Capital
		DAC 6.50% 7/15/25	465,000		556,217
	Ally Financial 8.00%
		11/1/31	450,000		661,508
	Credit Suisse Group
		144A 4.50% #, µ, ψ	470,000		473,478
		144A 7.50% #, µ, ψ	225,000		251,055
	DAE Funding
		144A 4.50% 8/1/22 #	130,000		131,846
		144A 5.75%
		11/15/23 #	851,000		875,466
	DAE Sukuk DIFC 144A
		3.75% 2/15/26 #	390,000		401,700
	United Shore Financial
		Services 144A 5.50%
		11/15/25 #	440,000		464,750
					4,139,968
Healthcare — 6.83%
	Bausch Health 144A
		6.25% 2/15/29 #	685,000		745,068
	Cheplapharm Arzneimittel
		144A 5.50% 1/15/28 #	425,000		444,656
	CHS
		144A 5.625%
		3/15/27 #	470,000		505,955
		144A 8.00% 3/15/26 #	240,000		258,840
	Encompass Health 4.75%
		2/1/30	330,000		354,070
	Hadrian Merger Sub 144A
		8.50% 5/1/26 #	504,000		522,174
	HCA
		5.375% 2/1/25	155,000		174,532
		5.875% 2/15/26	125,000		143,906
	Jaguar Holding II
		144A 4.625%
		6/15/25 #	240,000		253,498
		144A 5.00% 6/15/28 #	435,000		464,906
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #	220,000		232,513
		144A 7.375% 6/1/25 #	490,000		522,769
	Surgery Center Holdings
		144A 10.00%
		4/15/27 #	245,000		271,184

10

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	Tenet Healthcare
		144A 6.125%
		10/1/28 #	490,000	$	512,310
		6.75% 6/15/23	255,000		274,584
		6.875% 11/15/31	443,000		468,942
	Verscend Escrow 144A
		9.75% 8/15/26 #	495,000		537,385
					6,687,292
Insurance — 2.20%
	AssuredPartners 144A
		5.625% 1/15/29 #	180,000		188,100
	GTCR AP Finance 144A
		8.00% 5/15/27 #	156,000		169,798
	HUB International 144A
		7.00% 5/1/26 #	911,000		953,630
	USI 144A 6.875%
		5/1/25 #	821,000		844,083
					2,155,611
Media — 6.39%
	CCO Holdings
		144A 4.50% 8/15/30 #	1,065,000		1,131,568
		144A 4.50% 5/1/32 #	120,000		128,276
		144A 5.375% 6/1/29 #	365,000		400,547
	Clear Channel Worldwide
		Holdings 9.25%
		2/15/24	496,000		503,492
	CSC Holdings 144A
		4.625% 12/1/30 #	1,100,000		1,149,649
	Cumulus Media New
		Holdings 144A 6.75%
		7/1/26 #	484,000		495,681
	Gray Television
		144A 4.75%
		10/15/30 #	275,000		279,641
		144A 7.00% 5/15/27 #	210,000		230,213
	Netflix
		4.875% 4/15/28	190,000		214,573
		144A 4.875%
		6/15/30 #	60,000		69,113
	Nexstar Broadcasting
		144A 4.75% 11/1/28 #	345,000		361,603
		144A 5.625%
		7/15/27 #	360,000		386,213
	Scripps Escrow II 144A
		5.375% 1/15/31 #	180,000		189,626
	Terrier Media Buyer 144A
		8.875% 12/15/27 #	645,000		712,322
					6,252,517
Real Estate — 2.58%
	Global Net Lease 144A
		3.75% 12/15/27 #	560,000		578,422
	HAT Holdings I 144A
		3.75% 9/15/30 #	360,000		375,300
	Iron Mountain
		144A 5.25% 3/15/28 #	460,000		486,296
		144A 5.25% 7/15/30 #	540,000		583,875
	MGM Growth Properties
		Operating Partnership
		144A 3.875%
		2/15/29 #	485,000		496,822
					2,520,715
Services — 4.36%
	Covanta Holding 5.00%
		9/1/30	730,000		781,967
	Gartner 144A 4.50%
		7/1/28 #	395,000		417,219
	H&E Equipment Services
		144A 3.875%
		12/15/28 #	275,000		277,415
	Prime Security Services
		Borrower
		144A 5.75% 4/15/26 #	530,000		581,012
		144A 6.25% 1/15/28 #	650,000		698,750
	Sabre GLBL
		144A 7.375% 9/1/25 #	340,000		369,410
		144A 9.25% 4/15/25 #	290,000		345,462
	Tms International Holding
		144A 7.25% 8/15/25 #	310,000		316,200
	United Rentals North
		America 5.25%
		1/15/30	430,000		478,106
					4,265,541
Technology — 4.76%
	Austin BidCo 144A
		7.125% 12/15/28 #	180,000		188,212
	Banff Merger Sub 144A
		9.75% 9/1/26 #	530,000		573,047
	Black Knight InfoServ 144A
		3.625% 9/1/28 #	410,000		420,250
	BY Crown Parent 144A
		4.25% 1/31/26 #	420,000		431,025
	Camelot Finance 144A
		4.50% 11/1/26 #	445,000		465,303
	CommScope Technologies
		144A 5.00% 3/15/27 #	430,000		426,506
	Microchip Technology
		144A 4.25% 9/1/25 #	695,000		735,450
	Open Text Holdings 144A
		4.125% 2/15/30 #	662,000		705,454

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	SS&C Technologies 144A
		5.50% 9/30/27 #	665,000	$	711,064
					4,656,311
Transportation — 3.39%
	Delta Air Lines
		144A 7.00% 5/1/25 #	455,000		525,623
		7.375% 1/15/26	690,000		788,692
	Mileage Plus Holdings
		144A 6.50% 6/20/27 #	310,000		333,831
	Spirit Loyalty Cayman
		144A 8.00% 9/20/25 #	215,000		241,875
	Stena International 144A
		6.125% 2/1/25 #	200,000		198,000
	United Airlines Holdings
		4.875% 1/15/25	650,000		640,851
	VistaJet Malta Finance
		144A 10.50% 6/1/24 #	575,000		590,813
					3,319,685
Utilities — 2.64%
	Calpine
		144A 4.625% 2/1/29 #	85,000		87,531
		144A 5.00% 2/1/31 #	510,000		533,715
	PG&E 5.25% 7/1/30		955,000		1,051,694
	Vistra Operations
		144A 5.00% 7/31/27 #	255,000		270,555
		144A 5.50% 9/1/26 #	61,000		63,650
		144A 5.625%
		2/15/27 #	540,000		575,154
					2,582,299
Total Corporate Bonds
	(cost $81,796,457)				86,712,215
Loan Agreements — 7.16%
	Applied Systems 2nd Lien
		8.00% (LIBOR03M +
		7.00%) 9/19/25 ●	686,000		691,574
	Apro 5.00% (LIBOR03M +
		4.00%) 11/14/26 ●	211,952		212,482
	Blue Ribbon 1st Lien
		5.00% (LIBOR02M +
		4.00%) 11/15/21 ●	116,000		110,103
	Boxer Parent 4.397%
		(LIBOR01M + 4.25%)
		10/2/25 ●	143,756		143,468
	BW Gas & Convenience
		Holdings 6.40%
		(LIBOR01M + 6.25%)
		11/18/24 ●	402,918		405,184
	BWay Holding 3.48%
		(LIBOR03M + 3.25%)
		4/3/24 ●	776,369		753,078
	Calpine 2.65% (LIBOR01M
		+ 2.50%) 12/2/27 ●	645		642
	Carnival 8.50%
		(LIBOR01M + 7.50%)
		6/30/25 ●	293,525		304,092
	Epicor Software 2nd Lien
		8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	368,200		384,769
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	195,000		196,950
	Global Medical Response
		5.75% (LIBOR03M +
		4.75%) 10/2/25 ●	492,000		490,032
	Hamilton Projects Acquiror
		5.75% (LIBOR03M +
		4.75%) 6/17/27 ●	497,500		499,366
	Informatica 2nd Lien
		7.125% (LIBOR03M +
		7.125%) 2/25/25 ●	535,000		546,369
	Solenis International 2nd
		Lien 8.733%
		(LIBOR03M + 8.50%)
		6/26/26 ●	708,588		697,664
	Surgery Center Holdings
		4.25% (LIBOR01M +
		3.25%) 9/2/24 ●	494,695		487,584
	Ultimate Software Group
		2nd Lien 7.50%
		(LIBOR03M + 6.75%)
		5/3/27 ●	678,000		699,187
	Vantage Specialty
		Chemicals 2nd Lien TBD
		10/27/25 X	17,328		15,043
	Verscend Holding Tranche
		B 4.647% (LIBOR01M +
		4.50%) 8/27/25 ●	368,289		368,841
Total Loan Agreements
	(cost $6,876,871)				7,006,428
			Number
			of shares
Short-Term Investments — 3.24%
Money Market Mutual Funds — 3.24%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.00%)	792,150		792,150

12

			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 0.01%)	792,151	$	792,151
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.02%)	792,150		792,150
	Morgan Stanley
		Government Portfolio –
		Institutional Share Class
		(seven-day effective
		yield 0.00%)	792,150		792,150
Total Short-Term Investments
	(cost $3,168,601)				3,168,601
Total Value of
	Securities—99.13%
	(cost $91,968,317)			$	97,014,849

°	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 December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $58,052,118, which represents 59.32% of the Series’ net assets. See Note 9 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
X	This loan will settle after December 31, 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:

DAC – Designated Activity Company

DIFC – Dubai International Financial Centre

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

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

PIK – Payment-in-kind

TBD – To be determined

USD – US Dollar

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

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

December 31, 2020

Assets:
Investments, at value*	$	97,014,849
Receivable for securities sold		167,325
Dividends and interest receivable		1,347,870
Receivable for series shares sold		2,883
Other assets		3,556
Total Assets		98,536,483
Liabilities:
Due to custodian		3,694
Payable for securities purchased		531,255
Investment management fees payable to affiliates		46,178
Other accrued expenses		33,258
Payable for series shares redeemed		30,297
Reports and statements to shareholders expenses payable to non-affiliates		18,429
Audit and tax fees payable		3,500
Dividend disbursing and transfer agent fees and expenses payable to affiliates		619
Accounting and administration expenses payable to affiliates		614
Trustees’ fees and expenses payable		309
Legal fees payable to affiliates		169
Reports and statements to shareholders expenses payable to affiliates		98
Total Liabilities		668,420
Total Net Assets	$	97,868,063
Net Assets Consist of:
Paid-in capital	$	95,576,101
Total distributable earnings (loss)		2,291,962
Total Net Assets	$	97,868,063
Net Asset Value
Standard Class:
Net assets	$	97,868,063
Shares of beneficial interest outstanding, unlimited authorization, no par		15,191,160
Net asset value per share	$	6.44
____________________
*  Investments, at cost	$	91,968,317

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Year ended December 31, 2020

Investment Income:
Interest	$	5,330,061
Dividends		30,179
		5,360,240
Expenses:
Management fees		626,560
Audit and tax fees		71,632
Accounting and administration expenses		55,754
Reports and statements to shareholders expenses		33,818
Dividend disbursing and transfer agent fees and expenses		8,054
Trustees’ fees and expenses		5,621
Legal fees		5,592
Custodian fees		3,617
Registration fees		12
Other		26,241
		836,901
Less expenses waived		(35,774	)
Less expenses paid indirectly		(1,411	)
Total operating expenses		799,716
Net Investment Income		4,560,524
Net Realized and Unrealized Gain:
Net realized gain on investments		113,517
Net change in unrealized appreciation (depreciation) of investments		2,146,230
Net Realized and Unrealized Gain		2,259,747
Net Increase in Net Assets Resulting from Operations	$	6,820,271

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,560,524		$	5,231,680
Net realized gain (loss)		113,517			(628,839	)
Net change in unrealized appreciation (depreciation)		2,146,230			7,972,064
Net increase in net assets resulting from operations		6,820,271			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		2,119,323			3,411,348
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		5,678,792			5,659,504
		7,798,115			9,070,852
Cost of shares redeemed:
Standard Class		(16,106,275	)		(11,149,960	)
Decrease in net assets derived from capital share transactions		(8,308,160	)		(2,079,108	)
Net Increase (Decrease) in Net Assets		(7,166,681	)		4,836,293
Net Assets:
Beginning of year		105,034,744			100,198,451
End of year	$	97,868,063		$	105,034,744

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

16

Financial highlights
Delaware VIP^® Fund for Income Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	6.36		$	5.96		$	6.45		$	6.36		$	6.07
Income (loss) from investment operations
Net investment income2		0.29			0.30			0.30			0.30			0.30
Net realized and unrealized gain (loss)		0.16			0.44			(0.46	)		0.12			0.34
Total from investment operations		0.45			0.74			(0.16	)		0.42			0.64
Less dividends and distributions from:
Net investment income		(0.37	)		(0.34	)		(0.33	)		(0.33	)		(0.35	)
Total dividends and distributions		(0.37	)		(0.34	)		(0.33	)		(0.33	)		(0.35	)
Net asset value, end of period	$	6.44		$	6.36		$	5.96		$	6.45		$	6.36
Total return3		7.95%	4		12.78%	4		(2.58%	)		6.82%			11.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	97,868		$	105,035		$	100,198		$	106,011		$	101,427
Ratio of expenses to average net assets5		0.83%			0.85%			0.91%			0.89%			0.89%
Ratio of expenses to average net assets prior to fees waived5		0.87%			0.88%			0.91%			0.89%			0.89%
Ratio of net investment income to average net assets		4.73%			4.94%			4.93%			4.70%			4.85%
Ratio of net investment income to average net assets prior to
fees waived		4.69%			4.91%			4.93%			4.70%			4.85%
Portfolio turnover		131%			115%			73%			66%			56%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Fund For Income shares.
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	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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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

18

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 year ended December 31, 2020, the Series earned $1,411 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 year ended December 31, 2020, the Series was charged $7,295 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 year ended December 31, 2020, the Series was charged $7,230 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 year

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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

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

ended December 31, 2020, the Series was charged $3,295 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 year ended December 31, 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 year ended December 31, 2020, the Series engaged in securities purchases of $511,305. The Series did not engage in Rule 17a-7 securities sales for the year ended December 31, 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$119,725,798
Sales	126,671,575

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	92,238,011
Aggregate unrealized appreciation of investments	$	4,907,500
Aggregate unrealized depreciation of investments		(130,662	)
Net unrealized appreciation of investments	$	4,776,838

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

20

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Convertible Bond	$	—	$	127,605	$	127,605
Corporate Bonds		—		86,712,215		86,712,215
Loan Agreements		—		7,006,428		7,006,428
Short-Term Investments		3,168,601		—		3,168,601
Total Value of Securities	$	3,168,601	$	93,846,248	$	97,014,849

During the year ended December 31, 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.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	5,678,792	$	5,659,504

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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	95,576,101
Undistributed ordinary income		4,955,748
Capital loss carryforwards*		(7,440,624	)
Unrealized appreciation of investments		4,776,838
Net assets	$	97,868,063

* $7,252,983 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between the book basis and tax basis components of net assets are primarily attributable to market premium on debt instruments and tax deferral on losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,671,811	$5,768,813	$7,440,624

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	343,476		555,571
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,025,053		947,991
	1,368,529		1,503,562
Shares redeemed:
Standard Class	(2,679,433	)	(1,801,135	)
Net decrease	(1,310,904	)	(297,573	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each

22

Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

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.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs” ) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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 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 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 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.”

24

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, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

25

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Fund for Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Fund for Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Fund for Income (subsequent to reorganization, known as Delaware VIP Fund for Income Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

26

Other Series information (Unaudited)
Delaware VIP^® Fund for Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00%

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Fund for Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Fund for Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Funds Management Hong Kong Limited (“MFMHK”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

27

Other Series information (Unaudited)
Delaware VIP^® Fund for Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Fund for Income Series at a meeting held August 11-13, 2020 (continued)

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all high yield funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, and 5-year periods was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 10-year period was in the fourth quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in Oct. 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work,

28

the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

29

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

30

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

34

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.

(1502651)
AR-VIPFFI-221

Delaware VIP^® Trust

Delaware VIP Growth and Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation and top 10 equity holdings	7
Schedule of investments	8
Statement of assets and liabilities	9
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	12
Notes to financial statements	13
Report of independent registered public accounting firm	20
Other Series information	21
Board of trustees / directors and officers addendum	25

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek long-term growth of capital and current income.

For the fiscal year ended December 31, 2020, Delaware VIP Growth and Income Series Standard Class shares declined -0.46% with all distributions reinvested. The Series underperformed its benchmark, the Russell 1000^® Value Index, which increased 2.80% for the same period.

During the Series’ fiscal year, the COVID-19 pandemic and resulting government policy responses caused significant fluctuations in the stock market. Between mid-February and mid-March 2020, the broad market S&P 500^® Index declined 30%, the fastest drop of this magnitude in its history. The S&P 500 Index then jumped 17% in late March – its biggest three-day gain since 1933 – when a massive fiscal stimulus package worked its way through Congress. Stocks continued to rally strongly, especially those of very large, technology-oriented growth companies, as investors appeared largely unconcerned with their high valuations. In December, the Dow Jones Industrial Average^®, NASDAQ Composite Index, and S&P 500 Index attained new all-time highs despite monthly records for new COVID-19 cases and hospitalizations and a new wave of restrictions on gatherings and travel in many states. As in 2019, the broad market’s robust gains in 2020 were driven almost entirely by expansion in valuation multiples. (Sources: Cornerstone Macro, FactSet Research Systems.)

Investments in the energy sector were the largest detractors from the Series’ performance. Shares of exploration and production (E&P) companies Marathon Oil Corp. and Occidental Petroleum Corp., both of which are highly sensitive to fluctuations in oil prices, experienced significant stock-price declines when crude oil demand dropped significantly early in the pandemic. Given the investment team’s view that demand for oil could remain weak for an extended period and cash-flow generation at these businesses could remain depressed, we opted to sell these positions.

The Series’ holdings in the industrials sector also resulted in relative underperformance. Aerospace and defense company Raytheon Technologies Corp. was the laggard in this group. The company formed in April when Raytheon Co. merged with United Technologies Corp. Raytheon Technologies’ commercial aerospace exposure was a source of concern for investors during the downturn. The company expressed a conservative outlook for its free cash flow in fiscal 2020 and delayed its timeframe for an expected recovery in the aerospace industry. Meanwhile, the firm’s defense segment continued to post what we viewed as strong financial results with a significant increase in its business. At fiscal year end, Raytheon Technologies’ shares remained attractively valued, in our view, and appeared to have priced in many challenges facing its business.

The Series’ holding in multifamily housing real estate investment trust (REIT) Equity Residential was another notable detractor. Pandemic-related pressure on rent and occupancy levels challenged Equity Residential’s business in some of its core urban markets. Additionally, REITs in other more highly valued market areas that are less exposed to COVID-19 – such as storage, data centers, and cell towers – continued to garner investor interest. Despite the near-term challenges facing the multifamily housing space, we remained positive about Equity Residential’s prospects over the next three to five years. It had one of the strongest balance sheet and capital positions among its peers, and the stock was trading at the low end of its historic valuation range. When the economy reopens more, we believe Equity Residential has the potential to see its fundamentals stabilize and eventually improve. Meanwhile, the company’s balance sheet and diversified property portfolio appear likely to continue to provide support at current valuation levels, in our view.

Investments in the information technology sector (IT) were the largest contributors to the Series’ relative returns. Broadcom Inc., a leading provider of semiconductor and infrastructure software solutions, led the group. The company has seen relatively steady demand for many of its products and services and has benefited from several broad trends, including growing demand for servers, storage, mobility, and security. At the end of the fiscal period, the team believed Broadcom had attractive cash flow dynamics, remaining upside potential in its stock, and an attractive dividend yield.

International entertainment and media enterprise Walt Disney Co. was also a strong contributor. The number of subscribers in Disney+, the company’s direct-to-consumer streaming offering, has continued to surpass expectations. At its investor day in December, Disney raised its Disney+ subscriber targets and announced plans to substantially increase its investment in content, which further buoyed the shares. Meanwhile, the company’s Disneyland park in California remained closed and its Orlando property was operating at reduced capacity. Disney also announced that it will look to reinstate its dividend when operations normalize, possibly in the second half of 2021.

The Series’ holding in home improvement retailer Lowe’s Companies Inc. was another notable contributor. The company continued to benefit from ongoing strength in consumer spending on home improvements and stronger operational execution stemming from CEO Marvin Ellison’s

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

recent business transformation initiatives. As of the end of the fiscal year, we considered Lowe’s shares reasonably valued. That said, given the stock’s favorable performance in recent years, the team assessed its potential risk-reward profile relative to other opportunities in the consumer discretionary sector.

During the fiscal year, we made more changes to the Series than usual as we sought to take advantage of stock market volatility to upgrade overall quality. These changes resulted in better quality metrics relative to the Russell 1000 Value Index across several dimensions, including average debt rating, leverage ratio, and interest coverage, and did so without stretching valuation. Looking at several valuation ratios, the Series is, in our view, better positioned relative to the Russell 1000 Value Index than it has been in recent years. We believe the combination of higher quality and lower relative valuation further improves the Series’ risk-reward profile. While performance lagged the benchmark – especially in the second half of 2020 as investors rotated into more speculative stocks – we did not chase the rally because we did not believe fundamentals justified these stocks’ leadership. At the end of the fiscal year, we continued to emphasize higher quality, undervalued companies we believed had the potential to generate steadier long-term growth in earnings and cash flows.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 9, 1987)	-0.46%	+3.94%	+7.86%	+9.71%	—
Russell 1000 Value Index	+2.80%	+6.07%	+9.74%	+10.50%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.74%, while total operating expenses for Standard Class shares were 0.74%. The management fee for Standard Class shares was 0.65%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.77% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the “Performance of a $10,000 investment” graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. While dividend-paying stocks are generally considered less volatile than other stocks, there can be no guarantee that an investment therein will be less volatile than the general stock market. The Series’ investments in potential growth opportunities may increase the potential volatility of its share price. Adverse market events may lead in increased redemptions, which could cause the Series to experience a loss or difficulty in selling securities to meet redemptions.

The Series seeks to invest in securities that are undervalued and that will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall.

At times, the Series may not be able to identify attractive dividend-paying stocks. The income received by the Series will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Series’ ability to pay dividends and its share price.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

The risk that the securities selected by a series’ management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues, and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free “pass-through” of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Series will indirectly bear a proportionate share of those fees and expenses.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Russell 1000 Value Index		$	10,000		$	27,148
	Delaware VIP Growth and Income Series — Standard Class shares		$	10,000		$	25,266

The graph shows a $10,000 investment in Delaware VIP Growth and Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2010 through December 31, 2020.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Dow Jones Industrial Average, mentioned on page 1, is an often-quoted market indicator that comprises 30 widely held US blue-chip stocks.

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all Nasdaq US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

4

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,180.60	0.75%	$4.11
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.37	0.75%	$3.81

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

As of December 31, 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
Security type / sector	of net assets
Common Stock		98.80	%
Communication Services		12.03	%
Consumer Discretionary		5.97	%
Consumer Staples		8.26	%
Energy		2.95	%
Financials		12.60	%
Healthcare		17.93	%
Industrials		11.81	%
Information Technology		18.09	%
Materials		3.43	%
Real Estate		2.85	%
Utilities		2.88	%
Short-Term Investments		1.01	%
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		3.43	%
Discover Financial Services		3.40	%
Broadcom		3.25	%
Comcast Class A		3.24	%
Caterpillar		3.22	%
Walt Disney		3.17	%
Cisco Systems		3.15	%
Cognizant Technology Solutions Class A		3.14	%
Viatris		3.10	%
CVS Health		3.09	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 98.80%
Communication Services — 12.03%
	AT&T	442,500	$	12,726,300
	Comcast Class A	288,377		15,110,955
	Verizon Communications	230,600		13,547,750
	Walt Disney †	81,847		14,829,040
				56,214,045
Consumer Discretionary — 5.97%
	Dollar Tree †	132,400		14,304,496
	Lowe’s	84,700		13,595,197
				27,899,693
Consumer Staples — 8.26%
	Archer-Daniels-Midland	252,000		12,703,320
	Conagra Brands	355,619		12,894,745
	Mondelez International
	Class A	222,300		12,997,881
				38,595,946
Energy — 2.95%
	ConocoPhillips	343,900		13,752,561
				13,752,561
Financials — 12.60%
	Allstate	128,800		14,158,984
	American International      Group	381,000		14,424,660
	Discover Financial Services	175,589		15,896,072
	Truist Financial	299,500		14,355,035
				58,834,751
Healthcare — 17.93%
	Cardinal Health	258,900		13,866,684
	Cigna	67,000		13,948,060
	CVS Health	211,300		14,431,790
	Johnson & Johnson	90,000		14,164,200
	Merck & Co.	157,600		12,891,680
	Viatris †	771,902		14,465,444
				83,767,858
Industrials — 11.81%
	Caterpillar	82,661		15,045,955
	Honeywell International	65,915		14,020,121
	Northrop Grumman	39,400		12,005,968
	Raytheon Technologies	197,340		14,111,783
				55,183,827
Information Technology — 18.09%
	Broadcom	34,700		15,193,395
	Cisco Systems	329,000		14,722,750
	Cognizant Technology      Solutions Class A	178,896		14,660,527
	Intel	244,600		12,185,972
	Motorola Solutions	79,800		13,570,788
	Oracle	219,000		14,167,110
				84,500,542
Materials — 3.43%
	DuPont de Nemours	225,300		16,021,083
				16,021,083
Real Estate — 2.85%
	Equity Residential	224,900		13,332,072
				13,332,072
Utilities — 2.88%
	Edison International	213,800		13,430,916
				13,430,916
Total Common Stock
	(cost $404,582,129)			461,533,294
Short-Term Investments — 1.01%
Money Market Mutual Funds — 1.01%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	1,183,912		1,183,912
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	1,183,913		1,183,913
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	1,183,912		1,183,912
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	1,183,913		1,183,913
Total Short-Term Investments
	(cost $4,735,650)			4,735,650
Total Value of
	Securities—99.81%
	(cost $409,317,779)		$	466,268,944

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

8

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

December 31, 2020

Assets:
Investments, at value*	$	466,268,944
Receivable for securities sold		1,244,978
Dividends receivable		701,731
Receivable for series shares sold		5,433
Other assets		16,185
Total Assets		468,237,271
Liabilities:
Due to custodian		5
Payable for securities purchased		658,209
Investment management fees payable to affiliates		255,012
Payable for series shares redeemed		62,396
Reports and statements to shareholders expenses payable to non-affiliates		50,290
Other accrued expenses		37,294
Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,943
Accounting and administration expenses payable to affiliates		1,648
Trustees’ fees and expenses payable to affiliates		1,439
Legal fees payable to affiliates		1,316
Reports and statements to shareholders expenses payable to affiliates		469
Total Liabilities		1,071,021
Total Net Assets	$	467,166,250
Net Assets Consist of:
Paid-in capital	$	405,815,850
Total distributable earnings (loss)		61,350,400
Total Net Assets	$	467,166,250
Net Asset Value
Standard Class:
Net assets	$	467,166,250
Shares of beneficial interest outstanding, unlimited authorization, no par		16,583,592
Net asset value per share	$	28.17
____________________
*  Investments, at cost	$	409,317,779

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

9

Statement of operations
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Year ended December 31, 2020

Investment Income:
Dividends	$	12,304,195
Expenses:
Management fees		2,824,811
Accounting and administration expenses		111,496
Reports and statements to shareholders expenses		81,349
Audit and tax fees		66,601
Dividend disbursing and transfer agent fees and expenses		36,120
Legal fees		29,882
Trustees’ fees and expenses		25,011
Custodian fees		13,725
Registration fees		9,115
Other		9,750
		3,207,860
Less expenses paid indirectly		(2,295	)
Total operating expenses		3,205,565
Net Investment Income		9,098,630
Net Realized and Unrealized Loss:
Net realized loss on investments		(4,075,021	)
Net change in unrealized appreciation (depreciation) of investments		(12,421,762	)
Net Realized and Unrealized Loss		(16,496,783	)
Net Decrease in Net Assets Resulting from Operations	$	(7,398,153	)

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

10

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	9,098,630		$	8,673,969
Net realized gain (loss)		(4,075,021	)		129,014,509
Net change in unrealized appreciation (depreciation)		(12,421,762	)		(26,372,461	)
Net increase (decrease) in net assets resulting from operations		(7,398,153	)		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		3,043,343			3,098,537
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		136,194,991			88,019,342
		139,238,334			91,117,879
Cost of shares redeemed:
Standard Class		(46,521,417	)		(45,347,319	)
Increase in net assets derived from capital share transactions		92,716,917			45,770,560
Net Increase (Decrease) in Net Assets		(50,876,227	)		69,067,235
Net Assets:
Beginning of year		518,042,477			448,975,242
End of year	$	467,166,250		$	518,042,477

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

11

Financial highlights
Delaware VIP^® Growth and Income Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	43.10		$	41.84		$	49.45		$	44.18		$	43.11
Income (loss) from investment operations
Net investment income2		0.59			0.71			0.72			0.66			0.69
Net realized and unrealized gain (loss)		(3.82	)		8.82			(5.48	)		7.09			3.08
Total from investment operations		(3.23	)		9.53			(4.76	)		7.75			3.77
Less dividends and distributions from:
Net investment income		(0.75	)		(0.74	)		(0.68	)		(0.71	)		(0.61	)
Net realized gain		(10.95	)		(7.53	)		(2.17	)		(1.77	)		(2.09	)
Total dividends and distributions		(11.70	)		(8.27	)		(2.85	)		(2.48	)		(2.70	)
Net asset value, end of period	$	28.17		$	43.10		$	41.84		$	49.45		$	44.18
Total return3		(0.46%	)		25.60%			(10.17%	)		18.28%			9.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	467,166		$	518,042		$	448,975		$	531,695		$	475,019
Ratio of expenses to average net assets4		0.74%			0.76%			0.77%			0.78%			0.79%
Ratio of net investment income to average net assets		2.09%			1.75%			1.54%			1.45%			1.67%
Portfolio turnover		30%			122%	5		58%			17%			21%

1	On October 4, 2019, the First Investors Life Series Growth & 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 October 4, 2019, reflect the performance of the First Investors Life Series Growth & Income Fund shares.
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.
5	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

12

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

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 year ended December 31, 2020, the Series earned $2,295 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 included under “Less expenses paid indirectly.” For the year ended December 31, 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 0.77% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* These expense waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $18,844 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 year ended December 31, 2020, the Series was charged $32,602 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 year ended December 31, 2020, the Series was charged $17,904 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.”

14

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	128,864,577
Sales		161,399,462

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	410,129,188
Aggregate unrealized appreciation of investments	$	71,536,112
Aggregate unrealized depreciation of investments		(15,396,356	)
Net unrealized appreciation of investments	$	56,139,756

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 as follows:

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

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

3. Investments (continued)

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	461,533,294
Short-Term Investments		4,735,650
Total Value of Securities	$	466,268,944

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	19,647,293	$	7,887,300
Long-term capital gains		116,547,698		80,132,042
Total	$	136,194,991	$	88,019,342

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	405,815,850
Undistributed ordinary income		9,069,397
Capital loss carryforwards*		(3,858,753	)
Unrealized appreciation of investments		56,139,756
Net assets	$	467,166,250

* $1,924,091 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

16

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$3,858,753	$—	$3,858,753

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	113,482		75,731
Shares issued upon reinvestment of dividends and distributions:
Standard Class	6,088,288		2,334,731
	6,201,770		2,410,462
Shares redeemed:
Standard Class	(1,637,967	)	(1,120,847	)
Net increase	4,563,803		1,289,615

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

8. Securities Lending (continued)

loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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

18

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 December 31, 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

19

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Growth and Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Growth and Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Growth & Income Fund (subsequent to reorganization, known as Delaware VIP Growth and Income Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

20

Other Series information (Unaudited)
Delaware VIP^® Growth and Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	85.57%
(B) Ordinary Income Distributions (Tax Basis)	14.43%
Total Distributions (Tax Basis)	100.00%
(C) Qualified Dividends1	58.60%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth and Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth and Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

21

Other Series information (Unaudited)
Delaware VIP^® Growth and Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth and Income Series at a meeting held August 11-13, 2020 (continued)

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all large-cap value funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 5-year periods was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the

22

Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

Board consideration of sub-advisory agreement for Delaware VIP^® Growth and Income Series at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020, the Board of Trustees (the “Board”) of Delaware VIP Growth and Income Series (the “Series”), 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 Macquarie Investment Management Global Limited (“MIMGL”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMGL. 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 MIMGL; information concerning MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL; 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 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 MIMGL, the Board reviewed the services to be provided by MIMGL pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the MIMGL regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to MIMGL. In discussing the nature of the services proposed to be provided by MIMGL, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMGL, to include discretionary investment advisory services and specifically portfolio management by MIMGL’s Global Systematic Investment Team (the “MSI Team”) to implement its Equity Income strategy, subject to DMC’s oversight as the Series’ investment adviser. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the MIMGL to the Series and its shareholders and was confident in the abilities of MIMGL to provide quality services to the Series and its shareholders.

Investment performance. In regards to the appointment of MIMGL for the Series, the Board reviewed information on prior performance for MIMGL. In evaluating performance, the Board considered that the MSI Team has a history of targeting consistent outperformance through

23

Other Series information (Unaudited)
Delaware VIP^® Growth and Income Series

Board consideration of sub-advisory agreement for Delaware VIP^® Growth and Income Series at a meeting held November 17-19, 2020 (continued)

systematic strategies and through a multi-factor investment approach to smooth returns. Additionally, the Board had considered its previous approval of MIMGL to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMGL a sub-advisory fee based on the extent to which MIMGL provides services to the Series as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMGL, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to MIMGL and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMGL, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMGL in relation to the services being provided to the Series and in relation to MIMGL’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMGL in connection with its relationship to the Series. The Board considered the potential benefit to DMC and MIMGL of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

24

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

28

³  David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

29

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.

(1502651)
AR-VIPGI-221

Delaware VIP^® Trust

Delaware VIP Growth Equity Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Report of independent registered public accounting firm	19
Other Series information	20
Board of trustees / directors and officers addendum	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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

January 12, 2021 (Unaudited)

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

Smith Asset Management Group, L.P. (Smith), a US registered investment advisor, is the sub-advisor to the Series. As sub-advisor, Smith is responsible for day-to-day management of the Series’ assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

For the fiscal year ended December 31, 2020, Delaware VIP Growth Equity Series (the “Series”) Standard Class shares gained 29.50%. This figure reflects all dividends reinvested. For the same period, the Series’ benchmark, the Russell 1000^® Growth Index, advanced 38.49%.

Economic and market fundamentals shifted dramatically during 2020. In January, COVID-19 was not generally perceived as a real threat to the US economy since the coronavirus outbreaks were occurring in China. In late February, however, the first US cases of the virus were documented in California and Washington state. COVID-19 proved to be a threat to US collective health, economy, and by extension, livelihoods and assets. The recession that began in February triggered a 31.5% decline in the Russell 1000 Growth Index by March 23, when the market bottomed out for 2020.

Thanks to unprecedented fiscal and monetary efforts, the recession had run its course by early June. From the bear market lows of March 23 through December 31, 2020, the Russell 1000 Growth Index gained 85%. While the Series’ positioning may have helped dampen downside volatility, it proved too defensive for what has been a dramatic rise by growth stocks.

Source: Bloomberg.

Information technology (IT) was the Series’ absolute and relative leading sector. NVIDIA Corp., inventor of the graphics processing unit, contributed to the Series’ performance as the company benefited from gaming, working and learning from home, and hyperscale demand trends. PayPal Holdings Inc., a provider of electronic payment solutions with a focus on online transactions, also contributed, benefiting from the surge in ecommerce. Cadence Design Systems Inc., an electronic design automation provider, outperformed. Cadence provides chip design software to semiconductor manufacturers in the high-growth areas of cloud computing, artificial intelligence, augmented and virtual reality, autonomous vehicles, 5G, and the industrial Internet of Things (IoT). For the third year in a row, we think Cadence appears on track to achieve its “Rule of 40” target (revenue growth plus operating margin of at least 40%). EPAM Systems Inc., a provider of software product development and digital platform engineering, added to the Series’ performance because of growing demand for business processing outsourcing services. Shares of Adobe Inc., the dominant provider of content creation and digital marketing software tools, outperformed. Another contributor, Zebra Technologies Corp., a manufacturer of automated identification and data capture products such as radio-frequency identification (RFID) and bar code scanners, benefited from a surge in business as a result of barcoding requirements for COVID-19 testing and enterprise customers seeking to digitize and automate workflows using Zebra’s computing, scanning, and printing solutions.

The consumer discretionary sector was the Series’ largest detracting sector for the fiscal year. The Series did not hold Tesla Inc. due to valuation concerns. Amazon.com Inc. detracted from relative performance for the period as a result of its lower average weight in the Series compared to the benchmark.

The Series’ largest individual detractors for the 12-month period were Apple Inc. and the lack of a position in Tesla Inc. The Series held Apple underweight to the benchmark in accordance with the Series’ construction goals of limiting single stock specific risk.

Airline operator Alaska Air Group Inc. detracted from the Series’ relative performance. Alaska Air suffered from a near stoppage of commercial and leisure traffic as a result of the pandemic. Discover Financial Services, a credit card and banking company, underperformed, and we sold the position. The company faced headwinds from the recession because of growing provisioning charges. Dunkin’ Brands Group Inc., the world’s leading franchiser of quick service restaurants with more than 20,000 locations under the Dunkin’ Donuts and Baskin-Robbins brands, also detracted from performance as pandemic-induced store closures pressured shares. Commercial and consumer banking giant Bank of America Corp. underperformed, as Bank of America was not immune to the challenges of narrowing net interest margins and rising loan loss write-offs. We exited the Series’ positions in Alaska Air Group and Bank of America during the fiscal year.

Our investment process centers on our belief in a specific and clearly defined fundamental outcome: Companies that can sustainably grow earnings faster than expected have the potential to outperform over time. We continue to believe that the Series’ holdings have the potential to generate healthy returns since the market typically rewards high-quality earnings and reasonable valuations. A continued recovery from the

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

recession of early 2020 should, in our opinion, provide a good foundation for potential earnings growth by the companies that make up the Series’ portfolio. Accordingly, we maintain our focus on what we view as high-quality companies whose earnings we think have the capacity to exceed market expectations.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 8, 1999)	+29.50%	+15.71%	+16.44%	+14.82%	—
Russell 1000 Growth Index	+38.49%	+22.99%	+21.00%	+17.21%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.80%, while total operating expenses for Standard Class shares were 0.80%. The management fee for Standard Class shares was 0.65%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Russell 1000 Growth Index	$10,000	$48,928
	Delaware VIP Growth Equity Series — Standard Class shares	$10,000	$39,824

The graph shows a $10,000 investment in Delaware VIP Growth Equity Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Growth Index for the period from December 31, 2010 through December 31, 2020.

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,229.20	0.80%	$4.48
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.11	0.80%	$4.06

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

As of December 31, 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
Security type / sector	of net assets
Common Stock◆	98.77%
Communication Services	6.96%
Consumer Discretionary	16.46%
Consumer Staples	4.66%
Financials	6.39%
Healthcare	12.67%
Industrials	9.38%
Information Technology*	41.14%
Materials	1.11%
Short-Term Investments	1.32%
Total Value of Securities	100.09%
Liabilities Net of Receivables and Other
Assets	(0.09%	)
Total Net Assets	100.00%

◆

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

*

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, Electronics, Office/Business Equipments, Semiconductors, and Software. As of December 31, 2020, such amounts, as a percentage of total net assets, were 4.86%, 12.00%, 4.33%, 3.69%, 2.85%, and 13.41%, 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	6.02	%
Cadence Design Systems	5.45	%
PayPal Holdings	4.86	%
Microsoft	4.41	%
Amazon.com	4.04	%
Alphabet Class A	3.86	%
Zebra Technologies Class A	3.69	%
Adobe	3.55	%
Deckers Outdoor	3.35	%
EPAM Systems	3.18	%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

December 31, 2020

	Number
	of shares	Value (US $)
Common Stock — 98.77%◆
Communication Services — 6.96%
Alphabet Class A †	2,340	$	4,101,177
Facebook Class A †	12,060		3,294,310
			7,395,487
Consumer Discretionary — 16.46%
Amazon.com †	1,320		4,299,148
AutoZone †	1,760		2,086,374
Deckers Outdoor †	12,410		3,558,940
Lowe’s	14,120		2,266,401
Target	15,341		2,708,147
Tempur Sealy
International †	95,520		2,579,040
			17,498,050
Consumer Staples — 4.66%
Procter & Gamble	13,686		1,904,270
TreeHouse Foods †	23,400		994,266
Walmart	14,258		2,055,291
			4,953,827
Financials — 6.39%
Allstate	21,400		2,352,502
Ameriprise Financial	11,710		2,275,604
JPMorgan Chase & Co.	17,020		2,162,732
			6,790,838
Healthcare — 12.67%
AbbVie	20,610		2,208,361
Eli Lilly and Co.	17,136		2,893,242
Hologic †	36,400		2,651,012
Horizon Therapeutics †	29,330		2,145,490
Merck & Co.	18,100		1,480,580
Thermo Fisher Scientific	4,500		2,096,010
			13,474,695
Industrials — 9.38%
Dover	19,170		2,420,212
EMCOR Group	20,610		1,884,991
Parker-Hannifin	12,050		3,282,540
Rockwell Automation	9,500		2,382,695
			9,970,438
Information Technology — 41.14%
Adobe †	7,550		3,775,906
Apple	48,230		6,399,639
Arrow Electronics †	20,400		1,984,920
Cadence Design Systems †	42,450		5,791,453
EPAM Systems †	9,450		3,386,408
Fortinet †	20,017		2,973,125
II-VI †	34,500		2,620,620
Microsoft	21,100		4,693,062
NVIDIA	5,800		3,028,760
PayPal Holdings †	22,080		5,171,136
Zebra Technologies
Class A †	10,200		3,920,166
			43,745,195
Materials — 1.11%
International Paper	23,800		1,183,336
			1,183,336
Total Common Stock
(cost $63,799,180)			105,011,866
Short-Term Investments — 1.32%
Money Market Mutual Funds — 1.32%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.00%)	352,170		352,170
Fidelity Investments Money
Market Government
Portfolio – Class I
(seven-day effective
yield 0.01%)	352,173		352,173
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.02%)	352,173		352,173
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	352,172		352,172
Total Short-Term Investments
(cost $1,408,688)			1,408,688
Total Value of
Securities—100.09%
(cost $65,207,868)		$	106,420,554

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

December 31, 2020

Assets:
Investments, at value*	$	106,420,554
Dividends receivable		32,034
Receivable for series shares sold		3,806
Other assets		2,044
Total Assets		106,458,438
Liabilities:
Due to custodian		1
Investment management fees payable to affiliates		53,536
Payable for series shares redeemed		46,023
Reports and statements to shareholders expenses payable to non-affiliates		13,310
Accounting and administration fees payable to non-affiliates		12,117
Audit and tax fees payable		5,500
Other accrued expenses		1,064
Dividend disbursing and transfer agent fees and expenses payable to affiliates		661
Accounting and administration expenses payable to affiliates		633
Trustees’ fees and expenses payable		321
Legal fees payable to affiliates		176
Reports and statements to shareholders expenses payable to affiliates		107
Total Liabilities		133,449
Total Net Assets	$	106,324,989
Net Assets Consist of:
Paid-in capital	$	59,874,079
Total distributable earnings (loss)		46,450,910
Total Net Assets	$	106,324,989
Net Asset Value
Standard Class:
Net assets	$	106,324,989
Shares of beneficial interest outstanding, unlimited authorization, no par		5,372,344
Net asset value per share	$	19.79
____________________
*Investments, at cost	$	65,207,868

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Year ended December 31, 2020

Investment Income:
Dividends	$	766,975
Expenses:
Management fees		593,903
Audit and tax fees		55,447
Accounting and administration expenses		54,903
Reports and statements to shareholders expenses		30,551
Dividend disbursing and transfer agent fees and expenses		7,620
Legal fees		5,356
Trustees’ fees and expenses		5,235
Custodian fees		2,833
Registration fees		12
Other		2,262
		758,122
Less expenses waived		(28,395	)
Less expenses paid indirectly		(680	)
Total operating expenses		729,047
Net Investment Income		37,928
Net Realized and Unrealized Gain:
Net realized gain on investments		5,206,210
Net change in unrealized appreciation (depreciation) of investments		19,187,588
Net Realized and Unrealized Gain		24,393,798
Net Increase in Net Assets Resulting from Operations	$	24,431,726

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	37,928		$	370,036
Net realized gain		5,206,210			5,687,837
Net change in unrealized appreciation (depreciation)		19,187,588			12,086,317
Net increase in net assets resulting from operations		24,431,726			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		3,247,892			7,067,713
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		6,063,787			5,077,656
		9,311,679			12,145,369
Cost of shares redeemed:
Standard Class		(13,317,004	)		(6,878,222	)
Increase (decrease) in net assets derived from capital share transactions		(4,005,325	)		5,267,147
Net Increase in Net Assets		14,362,614			18,333,681
Net Assets:
Beginning of year		91,962,375			73,628,694
End of year	$	106,324,989		$	91,962,375

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

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Financial highlights
Delaware VIP^® Growth Equity Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	16.53		$	14.14		$	15.87		$	13.37		$	13.98
Income (loss) from investment operations
Net investment income2		0.01			0.07			0.05			0.06			0.08
Net realized and unrealized gain (loss)		4.39			3.28			(0.57	)		3.97			0.36
Total from investment operations		4.40			3.35			(0.52	)		4.03			0.44
Less dividends and distributions from:
Net investment income		(0.07	)		(0.05	)		(0.06	)		(0.08	)		(0.09	)
Net realized gain		(1.07	)		(0.91	)		(1.15	)		(1.45	)		(0.96	)
Total dividends and distributions		(1.14	)		(0.96	)		(1.21	)		(1.53	)		(1.05	)
Net asset value, end of period	$	19.79		$	16.53		$	14.14		$	15.87		$	13.37
Total return3		29.50%	4		24.35%	4		(3.79%	)		32.80%			4.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	106,325		$	91,962		$	73,629		$	69,829		$	52,433
Ratio of expenses to average net assets5		0.80%			0.82%			0.81%			0.81%			0.83%
Ratio of expenses to average net assets prior to fees waived5		0.83%			0.84%			0.81%			0.81%			0.83%
Ratio of net investment income to average net assets		0.04%			0.43%			0.34%			0.40%			0.61%
Ratio of net investment income to average net assets prior to
fees waived		0.01%			0.41%			0.34%			0.40%			0.61%
Portfolio turnover		37%			45%			31%			52%			64%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Select Growth Fund shares.
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	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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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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.

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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 year ended December 31, 2020, the Series earned $680 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 year ended December 31, 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 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $7,121 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 year ended December 31, 2020, the Series was charged $6,853 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 year ended December 31, 2020, the Series was charged $3,113 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

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

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	33,863,492
Sales		44,777,740

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	65,208,334
Aggregate unrealized appreciation of investments	$	41,691,756
Aggregate unrealized depreciation of investments		(479,536	)
Net unrealized appreciation of investments	$	41,212,220

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 as follows:

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

14

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	105,011,866
Short-Term Investments		1,408,688
Total Value of Securities	$	106,420,554

During the year ended December 31, 2020, there were no transfers between 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	371,036	$	275,771
Long-term capital gains		5,692,751		4,801,885
Total	$	6,063,787	$	5,077,656

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	59,874,079
Undistributed ordinary income		36,928
Undistributed long-term capital gains		5,201,762
Unrealized appreciation of investments		41,212,220
Net assets	$	106,324,989

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	184,340		467,704
Shares issued upon reinvestment of dividends and distributions:
Standard Class	432,819		336,714
	617,159		804,418
Shares redeemed:
Standard Class	(808,448	)	(447,536	)
Net increase (decrease)	(191,289	)	356,882

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

16

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 December 31, 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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

11. Recent Accounting Pronouncements

In August 2018, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Growth Equity Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Growth Equity Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Select Growth Fund (subsequent to reorganization, known as Delaware VIP Growth Equity Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

19

Other Series information (Unaudited)
Delaware VIP^® Growth Equity Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gains Distributions (Tax Basis)	93.88	%
(B) Ordinary Income Distributions (Tax Basis)	6.12	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualifying Dividends1	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth Equity Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreement for Delaware VIP Growth Equity Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreement with Smith Asset Management Group, L.P. (“Smith”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

20

Nature, extent, and quality of services. The Board considered the services provided by Smith to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of Smith and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by Smith.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5- and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a multi-cap core fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the multi-cap growth funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one consisting of the Series and all multi-cap core funds underlying variable insurance products, and the other, consisting of the Series and all multi-cap growth funds underlying variable insurance products. When compared to multi-cap core funds, the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. When compared to multi-cap growth funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5- year periods was in the third quartile and the Series’ total return for the 10-year period was in the second quartile of its Performance Universe. The Board observed that Series’ performance results were mixed. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other multi-cap core funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. When compared to other multi-cap growth funds, the expense comparisons for the Series showed that the actual management fee was in the quartile with the highest expenses of the Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective, when compared to other multi-cap core funds. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

21

Other Series information (Unaudited)
Delaware VIP^® Growth Equity Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth Equity Series at a meeting held August 11-13, 2020 (continued)

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by Smith in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by Smith in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

22

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

26

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

27

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.

(1502651)
AR-VIPGE-221

Delaware VIP^® Trust

Delaware VIP International Series

December 31, 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

Portfolio management review	1
Performance summary	2
Disclosure of Series expenses	4
Security type / country and sector allocations	5
Schedule of investments	6
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	13
Report of independent registered public accounting firm	23
Other Series information	24
Board of trustees / directors and officers addendum	27

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP International Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP International Series (the “Series”) Standard Class shares gained 7.16%. This figure reflects all distributions reinvested. For the same period, the Series’ benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index, gained 7.82% (net) and 8.28% (gross).

In the beginning of 2020, international markets started to realize the effects of the COVID-19 pandemic, fell sharply, and marked a bottom toward the end of March 2020. The pandemic crisis negatively affected the global economic system as consumers and companies went into lockdown, and the global economy experienced the most significant disruptions since World War II.

Digesting the pandemic’s evolution, international equity market investors changed direction following the selloff. The fast, steep decline in the first quarter of 2020 was followed by a notable rebound in the second quarter, fueled by unprecedented fiscal and monetary stimulus. In November, Joe Biden’s victory in the contentious US presidential election and news about the COVID-19 vaccine’s 90-95% efficacy rate further helped the market rebound.

The portfolio management team invests with a long-term business owner mindset. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Series’ portfolio is built bottom-up (security-by-security) by selecting company stocks based on quantitative insights and qualitative assessments.

We use a portfolio management tool and risk model to analyze what we view as the various contributors and detractors for the Series’ performance against its benchmark. For the year ended December 31, 2020, active country and region weights had a positive effect on performance. The Series’ overweight in Denmark and underweight in the United Kingdom relative to its benchmark were positive.

Our active sector weights had a mixed effect on returns. The Series’ underweights to financials and energy and an overweight to healthcare relative to the benchmark contributed to a positive sector effect. The Series’ underweight in information technology detracted from performance.

In terms of individual holdings, three of the largest contributors to active performance were Dutch food retailer Koninklijke Ahold Delhaize NV, Danish multinational pharmaceutical company Novo Nordisk A/S, and German sportswear manufacturer adidas AG.

In general, food retailers got a boost in sales, especially those offering online groceries amid the COVID-19 outbreak. Ahold Delhaize was no exception, having a bumper first half of the year firing on all cylinders. Sales in the first half of the year jumped 14%, underpinned by spiking online sales as social distancing and stay-at-home mandates led to a substantial rise in consumers’ buying their groceries online.

During the fiscal year, Novo Nordisk rose steadily, buoyed by positive earnings reports.

The strong execution to reinvigorate its business and expand its margin propelled adidas, a long-term holding in the Series and a strong contributor to portfolio returns in 2020. The shares strongly rebounded in March.

Conversely, three of the largest detractors from performance during the fiscal year were three companies based in France: facilities management company Sodexo S.A., multinational food products corporation Danone S.A., and multinational telecommunications corporation Orange S.A.

Sodexo suffered disproportionally from the effects of the coronavirus; facility servicing and restaurants have faced strong headwinds due to lockdowns in most of Sodexo’s markets.

Danone delivered a soft first half, in contrast with other food companies that enjoyed tailwinds from the eat-at-home trend. The Achilles’ heel for Danone was its Waters business.

A lack of equipment sales due to the closure of three-quarters of its European stores negatively affected Orange. The decline in roaming revenues due to people not traveling during government lockdowns also negatively affected its balance sheet.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.     1

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP International Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
April 16, 1990)	+7.16%	+5.55%	+8.41%	+7.50%	—
Service Class shares (commenced operations on
December 14, 2020)	—	—	—	—	+1.16%
MSCI EAFE Index (net)	+7.82%	+4.28%	+7.45%	+5.51%	—
MSCI EAFE Index (gross)	+8.28%	+4.79%	+7.97%	+6.00%	—

Returns reflect the reinvestment of all distributions. Please see page 3 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares and Service Class shares of the Series were 0.86% and 1.16%, respectively, while total operating expenses for Standard Class and Service Class shares were 1.01% and 1.31%, respectively. The management fee for Standard Class and Service Class shares was 0.85%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

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

2

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

* The aggregate contractual waiver period covering this report is from October 4, 2019 through December 11, 2021.

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Delaware VIP International Series — Standard Class shares		$	10,000		$	20,608
	MSCI EAFE Index (gross)		$	10,000		$	17,912
	MSCI EAFE Index (net)		$	10,000		$	17,096

The graph shows a $10,000 investment in Delaware VIP International Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the MSCI EAFE Index for the period from December 31, 2010 through December 31, 2020. The MSCI EAFE (Europe, Australasia, Far East) Index represents large- and mid-cap stocks across 21 developed markets, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

3

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,170.40	0.88%	$4.80
Service Class**	1,000.00	1,011.60	2.31%	1.14
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,020.71	0.88%	$4.47
Service Class**	1,000.00	1,013.52	2.31%	1.14

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.
**	The Service Class shares commenced operations on December 14, 2020. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during the period for “Actual” are equal to the Service Class annualized expense ratio, multiplied by 18/366 (to reflect the actual days since inception).

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.

4

Security type / sector and country allocations
Delaware VIP^® Trust — Delaware VIP International Series

As of December 31, 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
Security type / country	of net assets
Common Stock by Country		98.29	%
Denmark		5.59	%
France		22.72	%
Germany		11.25	%
Japan		16.96	%
Netherlands		4.13	%
Sweden		8.86	%
Switzerland		16.04	%
United Kingdom		12.74	%
Exchange-Traded Funds		1.42	%
Short-Term Investments		0.20	%
Total Value of Securities		99.91	%
Receivables and Other Assets Net of
Liabilities		0.09	%
Total Net Assets		100.00	%

	Percentage
Common stock by sector ◆	of net assets
Communication Services		11.85	%
Consumer Discretionary		15.04	%
Consumer Staples*		34.59	%
Health Care		17.16	%
Industrials		11.43	%
Information Technology		2.10	%
Materials		6.12	%
Total		98.29	%

◆

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

*

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 December 31, 2020, such amounts, as a percentage of total net assets, were 9.28%, 3.54%, 20.02%, and 1.74%, 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%.

5

Schedule of investments
Delaware VIP^® Trust — Delaware VIP International Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock – 98.29%Δ
Denmark – 5.59%
	Novo Nordisk Class B	173,500	$	12,103,217
				12,103,217
France – 22.72%
	Air Liquide	80,680		13,232,045
	Danone	183,880		12,076,485
	Orange	536,550		6,380,406
	Publicis Groupe	219,270		10,918,430
	Sodexo	77,340		6,540,073
				49,147,439
Germany – 11.25%
	adidas AG †	22,820		8,302,029
	Fresenius Medical Care AG
	& Co.	137,700		11,482,444
	SAP	35,140		4,551,290
				24,335,763
Japan – 16.96%
	Asahi Group Holdings	141,400		5,823,166
	Kao	44,300		3,422,450
	KDDI	280,900		8,328,758
	Kirin Holdings	117,500		2,774,527
	Lawson	80,900		3,764,766
	Secom	32,700		3,016,631
	Seven & i Holdings	270,200		9,567,943
				36,698,241
Netherlands – 4.13%
	Koninklijke Ahold Delhaize	316,330		8,930,733
				8,930,733
Sweden – 8.86%
	Essity Class B	132,000		4,252,932
	Hennes & Mauritz
	Class B †	239,680		5,031,378
	Securitas Class B	613,330		9,895,226
				19,179,536
Switzerland – 16.04%
	Nestle	107,730		12,734,905
	Roche Holding	38,900		13,548,814
	Swatch Group	30,950		8,413,547
				34,697,266
United Kingdom – 12.74%
	Diageo	291,600		11,476,399
	G4S †	3,405,000		11,817,785
	Next †	44,050		4,268,491
				27,562,675
Total Common Stock
	(cost $192,963,403)			212,654,870
Exchange-Traded Funds – 1.42%
	iShares MSCI EAFE ETF	2,150		156,864
	Vanguard FTSE Developed
	Markets ETF	61,740		2,914,745
Total Exchange-Traded Funds
	(cost $2,646,106)			3,071,609
Short-Term Investments – 0.20%
Money Market Mutual Funds – 0.20%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	106,361		106,361
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	106,361		106,361
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	106,362		106,362
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	106,362		106,362
Total Short-Term Investments
	(cost $425,446)			425,446
Total Value of
	Securities–99.91%
	(cost $196,034,955)		$	216,151,925

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 5 in “Security type / country and sector allocations.”
†	Non-income producing security.

6

The following foreign currency exchange contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BNYM	EUR	(44,584	)	USD	54,762		1/4/21	$	289	$	—
BNYM	EUR	(100,190	)	USD	122,771		1/5/21		355		—
BNYM	JPY	(19,717,933	)	USD	190,284		1/4/21		—		(690	)
BNYM	SEK	8,304,802		USD	(1,013,485	)	1/4/21		—		(4,032	)
Total Foreign Currency Exchange Contracts								$	644	$	(4,722	)

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

¹ See Note 9 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
EAFE – Europe, Australasia, and Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International

Summary of currencies:
EUR – European Monetary Unit
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP International Series

December 31, 2020

Assets:
Investments, at value*	$	216,151,925
Foreign currencies, at valueΔ		335,201
Receivable for securities sold		367,829
Dividends receivable		116,178
Foreign tax reclaims receivable		600,996
Receivable for series shares sold		42,289
Unrealized appreciation on foreign currency exchange contracts		644
Securities lending income receivable		55
Other assets		4,904
Total Assets		217,620,021
Liabilities:
Due to custodian		4,353
Payable for securities purchased		1,009,383
Investment management fees payable to affiliates		154,598
Other accrued expenses		53,178
Payable for series shares redeemed		34,931
Unrealized depreciation on foreign currency exchange contracts		4,722
Legal fees payable to affiliates		1,698
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,365
Accounting and administration expenses payable to affiliates		1,285
Trustees’ fees and expenses payable		662
Reports and statements to shareholders expenses payable to affiliates		217
Distribution fees payable to affiliates		195
Total Liabilities		1,266,587
Total Net Assets	$	216,353,434
Net Assets Consist of:
Paid-in capital	$	190,180,908
Total distributable earnings (loss)		26,172,526
Total Net Assets	$	216,353,434
Net Asset Value
Standard Class:
Net assets	$	215,577,519
Shares of beneficial interest outstanding, unlimited authorization, no par		11,252,291
Net asset value per share	$	19.16
Service Class:
Net assets	$	775,915
Shares of beneficial interest outstanding, unlimited authorization, no par		40,514
Net asset value per share	$	19.15
____________________
*  Investments, at cost	$	196,034,955
Δ  Foreign currencies, at cost		331,976

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP International Series

Year ended December 31, 2020

Investment Income:
Dividends	$	4,007,477
Foreign tax withheld		(501,103	)
		3,506,374
Expenses:
Management fees		1,301,496
Distribution expenses — Service Class		114
Audit and tax fees		85,699
Accounting and administration expenses		66,481
Custodian fees		43,402
Reports and statements to shareholders expenses		41,952
Legal fees		23,574
Dividend disbursing and transfer agent fees and expenses		12,758
Trustees’ fees and expenses		8,784
Registration fees		2,586
Other		9,415
		1,596,261
Less expenses waived		(264,556	)
Less expenses paid indirectly		(1	)
Total operating expenses		1,331,704
Net Investment Income		2,174,670
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,081,695
Foreign currencies		81,917
Foreign currency exchange contracts		(110,863	)
Net realized gain		4,052,749
Net change in unrealized appreciation (depreciation) of:
Investments		4,743,147
Foreign currencies		60,349
Foreign currency exchange contracts		(3,863	)
Net change in unrealized appreciation (depreciation)		4,799,633
Net Realized and Unrealized Gain		8,852,382
Net Increase in Net Assets Resulting from Operations	$	11,027,052

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP International Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,174,670		$	1,207,771
Net realized gain		4,052,749			38,346,768
Net change in unrealized appreciation (depreciation)		4,799,633			(4,742,906	)
Net increase in net assets resulting from operations		11,027,052			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		1,865,400			3,072,061
Service Class		149			—
Net assets from merger:1
Standard Class		52,402,687			—
Service Class		762,678			—
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		39,329,063			14,342,500
		94,359,977			17,414,561
Cost of shares redeemed:
Standard Class		(15,913,724	)		(13,922,284	)
Service Class		(367	)		—
		(15,914,091	)		(13,922,284	)
Increase in net assets derived from capital share transactions		78,445,886			3,492,277
Net Increase in Net Assets		50,143,875			23,961,410
Net Assets:
Beginning of year		166,209,559			142,248,149
End of year	$	216,353,434		$	166,209,559

¹ See Note 7 in the “Notes to financial statements.”

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

10

Financial highlights
Delaware VIP^® International Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	25.00		$	22.08		$	26.57		$	20.22		$	21.38
Income (loss) from investment operations
Net investment income2		0.27			0.18			0.21			0.22			0.27
Net realized and unrealized gain (loss)		—			4.97			(3.29	)		6.38			(1.17	)
Total from investment operations		0.27			5.15			(3.08	)		6.60			(0.90	)
Less dividends and distributions from:
Net investment income		—			(0.19	)		(0.21	)		(0.25	)		(0.26	)
Net realized gain		(6.11	)		(2.04	)		(1.20	)		—			—
Total dividends and distributions		(6.11	)		(2.23	)		(1.41	)		(0.25	)		(0.26	)
Net asset value, end of period	$	19.16		$	25.00		$	22.08		$	26.57		$	20.22
Total return3		7.16%	4		24.91%	4		(12.16%	)		32.96%			(4.20%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	215,577		$	166,210		$	142,248		$	160,128		$	124,439
Ratio of expenses to average net assets5		0.87%			0.83%			0.86%			0.84%			0.87%
Ratio of expenses to average net assets prior to fees waived5		1.04%			0.87%			0.86%			0.84%			0.87%
Ratio of net investment income to average net assets		1.44%			0.75%			0.84%			0.90%			1.28%
Ratio of net investment income to average net assets prior to
fees waived		1.27%			0.71%			0.84%			0.90%			1.28%
Portfolio turnover		16%			144%	6		50%			29%			37%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series International Fund shares.
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	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 December 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.

11

Financial highlights
Delaware VIP^® International Series Service Class

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

	12/14/201
	to
	12/31/20
Net asset value, beginning of period	$	18.93
Income from investment operations
Net investment income2		—	3
Net realized and unrealized gain		0.22
Total from investment operations		0.22
Net asset value, end of period	$	19.15
Total return4		1.16%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	776
Ratio of expenses to average net assets5		1.16%
Ratio of expenses to average net assets prior to fees waived5		1.33%
Ratio of net investment income to average net assets		0.27%
Ratio of net investment income to average net assets prior to fees waived		0.10%
Portfolio turnover		16%	6

1	Date of commencement of operations; ratios have been annualized and total return has 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 during the period 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	Portfolio turnover is representative of the Series for the entire period.

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

12

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 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 October 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

1. Significant Accounting Policies (continued)

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 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. 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 earnings credits for the year ended December 31, 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 year ended December 31, 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 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

14

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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $9,413 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 year ended December 31, 2020, the Series was charged $11,484 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 year ended December 31, 2020, the Series was charged $9,842 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 October 4, 2019 through December 11, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$24,702,076
Sales	36,671,905

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

3. Investments (continued)

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	196,644,568
Aggregate unrealized appreciation of investments and derivatives	$	36,455,891
Aggregate unrealized depreciation of investments and derivatives		(16,952,612	)
Net unrealized appreciation of investments	$	19,503,279

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Common Stock
Denmark	$	—	$	12,103,217	$	12,103,217
France		49,147,439		—		49,147,439
Germany		—		24,335,763		24,335,763
Japan		—		36,698,241		36,698,241
Netherlands		8,930,733		—		8,930,733
Sweden		—		19,179,536		19,179,536
Switzerland		—		34,697,266		34,697,266

16

	Level 1		Level 2			Total
United Kingdom	$	27,562,675	$	—		$	27,562,675
Exchange-Traded Funds		3,071,609		—			3,071,609
Short-Term Investments		425,446		—			425,446
Total Value of Securities	$	89,137,902	$	127,014,023		$	216,151,925
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	���	$	644		$	644
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(4,722	)	$	(4,722	)

¹ Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

As a result of utilizing international fair value pricing at December 31, 2020, the majority of the common stock in the portfolio was categorized as Level 2.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	10,294,184	$	1,247,879
Long-term capital gains		29,034,879		13,094,621
Total	$	39,329,063	$	14,342,500

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	190,180,908
Undistributed ordinary income		3,774,082
Undistributed long-term capital gains		2,895,165
Unrealized appreciation (depreciation) of investments and foreign
currencies		19,503,279
Net assets	$	216,353,434

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark-to-market of forward currency contracts.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results are primarily due to the tax treatment of wash sales due to merger. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series recorded the following reclassification:

Paid-in capital	$	213,999
Total distributable earnings (loss)		(213,999	)

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	99,447		132,352
Service Class	8		—
Shares from merger:
Standard Class	2,784,415		—
Service Class	40,525		—
Shares issued upon reinvestment of dividends and distributions:
Standard Class	2,563,824		662,471
	5,488,219		794,823
Shares redeemed:
Standard Class	(844,249	)	(587,301	)
Service Class	(19	)	—
	(844,268	)	(587,301	)
Net increase	4,643,951		207,522

7. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize Delaware VIP International Value Equity Series (the “Acquired Series”) with and into Delaware VIP International Series (the “Acquiring Series”), both a series of the Trust (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Series were acquired by the Acquiring Series, and (ii) the Trust, on behalf of the Acquiring Series, assumed the liabilities of the Acquired Series, in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Series to own shares of a Series with a similar investment objective and style as, and potentially lower net expenses than the Acquired Series. The reorganization was accomplished by a tax-free exchange of shares on December 11, 2020. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost and market value of the investments of the Acquired Series as of the close of business on December 11, 2020 were $49,563,546 and $52,930,410, respectively.

18

The share transactions associated with the merger are as follows:

	Acquired		Acquired Series		Shares Converted
	Series Net		Shares		to Acquiring		Acquiring Series		Conversion
	Assets		Outstanding		Series		Net Assets		Ratio
Service Class		762,678		64,723		40,525		19		0.626
Standard Class		52,402,687		4,440,863		2,784,415		160,177,098		0.627

The net assets of the Acquiring Series before the Reorganization were $160,177,117. The net assets of the Acquiring Series immediately following the Reorganization were $213,342,482.

Assuming the Reorganization had been completed on January 1, 2020, the Acquiring Series’ pro forma results of operations for the year ended December 31, 2020, would have been as follows:

Net investment income	$	2,725,182
Net realized gain on investments		4,562,888
Net change in unrealized appreciation		6,238,402
Net increase in net assets resulting from operations	$	13,526,472

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Series that have been included in the Acquiring Series’ Statement of Operations since the Reorganization was consummated on December 11, 2020.

8. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

9. 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

9. Derivatives (continued)

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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2020:

	Long Derivative	Short Derivative
	Volume	Volume
Foreign currency exchange contracts (average notional value)	$83,889	$138,761

10. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

					Gross Value of
				Gross Value of	Derivative
Counterparty				Derivative Asset	Liability	Net Position
The Bank of New York Mellon				$644	$(4,722)	$(4,078)
		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
The Bank of New York Mellon	$(4,078)	$—	$—	$—	$—	$(4,078)

(a)	The value of the related collateral exceeded the value of the derivatives as of December 31, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

20

11. 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. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

12. 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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

12. 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. As of December 30, 2020, there were no Rule 144A securities held by the Series.

13. 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.

14. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

15. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

22

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP International Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP International Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Class Name	Financial Highlights
Standard Class	For the years ended December 31, 2020 and 2019
Service Class	For the period from December 14, 2020 (commencement
	of operations) through December 31, 2020

The financial statements of First Investors Life Series International Fund (subsequent to reorganization, known as Delaware VIP International Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

23

Other Series information (Unaudited)
Delaware VIP^® International Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	73.83%
(B) Ordinary Income Distributions (Tax Basis)	26.17%
Total Distributions (Tax Basis)	100.00%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

The Series intends to pass through foreign tax credits in the maximum amount of $299,920. The gross foreign source income earned during the fiscal year 2020 by the Series was $3,955,490.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP International Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP International Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

24

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all international large-cap growth funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the second quartile of its Performance Universe and the Series’ total return for the 10-year period was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

25

Other Series information (Unaudited)
Delaware VIP^® International Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP International Series at a meeting held August 11-13, 2020 (continued)

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

26

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

28

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

29

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

30

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

31

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.

(1502651)
AR-VIPINT-221

Delaware VIP^® Trust

Delaware VIP Investment Grade Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	19
Report of independent registered public accounting firm	27
Other Series information	28
Board of trustees / directors and officers addendum	31

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek to generate a maximum level of income consistent with investment primarily in investment grade debt securities.

For the fiscal year ended December 31, 2020, Delaware VIP Investment Grade Series (the “Series”) Standard Class shares gained 11.91%. The Series’ Service Class shares advanced 11.57%. Both figures reflect all dividends reinvested. For the same period, the Series’ benchmark, the Bloomberg Barclays US Corporate Investment Grade Index, gained 9.89%.

The year 2020 ended as one of the most historic periods for investment grade credit and risk markets in general. Before the COVID-19 pandemic became the central theme in virtually all aspects of market conditions and life in general, global risk markets enjoyed a tailwind generated by declining interest rates and the de-escalation of trade tension as the United States and China reached a Phase 1 agreement. The US economy was doing well. In the first six weeks of 2020, the Federal Reserve Bank of Atlanta pegged real-time gross domestic product (GDP) growth at 2.5%.

This all came undone in the third week of February, as investors suddenly realized that the coronavirus that had been spreading in China posed significant risks to global health and economies. Credit and equity markets began a precipitous selloff, with the S&P 500^® Index shedding more than 30% in just one month. And as if one global crisis or black swan event wasn’t enough, in early March, midway through the coronavirus-induced selloff, Russia and Saudi Arabia began an oil-price war that sent energy markets reeling. At one point, oil prices went briefly negative on the spot market. With revenues and earnings in freefall, credit rating agencies added fuel to the fire, quickly and proactively downgrading companies, based on just a three-month forward window. This somewhat perfect storm came just a week before the US shut down much of its economic activity. The effect on the US economy was devastating. The shutdown destroyed demand for virtually everything but the absolute necessities. In early June, the Atlanta Fed pegged real-time GDP growth at -54%, arguably worse than the Great Depression.

The US government’s response was immediate. Unlike during the 2008-2009 recession, when it took months for policy makers to intervene, both the US Federal Reserve and lawmakers acted swiftly. In March, the Fed cut interest rates twice in historic back-to-back intermeeting moves, cutting rates 125 basis points and rapidly reducing the target range down to 0.00%-0.25%. (One basis point is a hundredth of a percentage point.) Then in April, the Fed announced $2.3 trillion in monetary stimulus, unprecedented in its size and scope. Congress quickly followed suit on the fiscal side with a $600 weekly unemployment extension and the Payroll Protection Program. At the same time, the Fed introduced additional measures to ensure that markets would remain functional and viable, including government purchases of Treasurys and agency mortgage-backed securities (MBS), expansion and creation of lending facilities targeting asset backed securities (ABS), money market funds, and commercial paper. But most importantly for credit markets, this also included two programs to support large employers – a Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance, and a Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds. The SMCCF was expanded several weeks later to include “fallen angels,” investment grade bonds that have been reduced to junk status, and high yield exchange-traded funds (ETFs), with conditions, marking a historic foray into high yield corporate debt markets for the US government. Other central banks and governments implemented similar policies and programs globally. These concerted efforts helped risk assets quickly recover and credit underwent a monumental and rapid rebound in the second quarter of 2020.

Demand for corporate credit was strong as the Series’ fiscal year began. Domestic investors were the principal drivers, as they sought yield in an environment that included an economic slowdown that had taken hold outside the US and the US-China trade dispute. That demand evaporated during the coronavirus-induced selloff but came back sharply when the Fed intervened. Foreign investors flowed into the market as well, as lower interest rates and the Fed’s dollar swap lines provided cheaper access to US dollars. Demand for corporate credit remained notably strong throughout the rest of the Series’ fiscal year, despite several headwinds as COVID-19 cases surged around the globe and election uncertainty in the US created uncertainty for investors.

Heavy supply met the demand for corporate credit. Seemingly every company that could do so took advantage of these market technical trends (supply-demand imbalance) to issue new debt. Investment grade supply totaled more than $1.9 trillion for the year, up 58% from the prior year and reached the $1 trillion mark at the fastest pace in history at just 139 days. Over the past five years, the $1 trillion level has not been typically reached until September/October. We think a significant decline in supply, on both gross and net basis, is likely in 2021, as investment grade issuers are reaching debt capacity limits with record cash hoards accumulated during the height of the crisis and refinance activity has pushed out maturity walls, thus minimizing the need for significant issuance. Expectations are calling for roughly $1.2 trillion of gross supply with several segments in industrials projected to experience significant declines, a strong positive technical for those sectors and the overall credit market. And with depressed global yields still at record lows and foreign-exchange (FX) hedging costs favorable, demand trends from foreign investors should remain strong for the near term, supporting the search for yield theme, in our opinion.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Sources: Bloomberg, Bank of America.

As prices compressed during the pandemic-induced selloff, several of the Series’ holdings, particularly in the energy sector, lost their investment grade rating and became fallen angels. We held on to several of the Series’ holdings from survivor-type companies whose bonds had plunged into the 50 cents on the dollar range. Over the course of the next few weeks, we sold those bonds in the $75 to low-$80 range, enabling us to restore some of the Series’ value.

The Series’ exposure to high yield bonds, roughly 7% on average, consisted of mostly BB-rated securities, mainly subordinated financials, or more defensive BB-rated issuers. That out-of-index exposure impaired performance in the first quarter of 2020, which resulted in a drag over the entire fiscal year despite the strong rebound in high yield after the Fed’s intervention. Currently, however, we remain comfortable seeking outperformance in that market segment.

On a sector basis, communications, energy, and electric utilities were the leading contributors to the Series’ performance. As a sector offering high-demand products and services in a pandemic environment, communications performed well, even during the worst days of the crisis.

Specifically within communications, T-Mobile USA Inc. and Verizon Communications Inc. were standout contributors. T-Mobile has improved credit fundamentals over the year as it gains market share and continued to unlock synergies from the Sprint acquisition completed earlier in the year, in our opinion. Verizon continued to focus on delivering in 2020 and improving its balance sheet. In fact, Verizon was among the first issuers to come back to the market after the selloff, helped in part by its defensive profile in which wireless communications are critical. Additionally, we believe its high-quality network differentiates its service from that of its peers.

Even though the energy sector was highly distressed in the first quarter of 2020, our credit selection was favorable. The Series owned Noble Energy Inc., an independent oil and natural gas exploration company. Chevron Corp. announced in July that it would acquire Noble Energy – a case of a AA-rated issuer acquiring a BBB-rated issuer that allowed Noble’s bonds to perform strongly and significantly contribute to the Series’ performance.

Electric utilities, which are generally a defensive and longer duration sector that benefits when interest rates are falling, also contributed to the Series’ performance during the period. While demand softened overall, in this environment utilities saw increased demand in residential markets, where earnings did not decline as much as other markets. We believed utilities offered value for a relatively defensive sector, and we found value in electric issuers that came to the investment grade market shortly after credit markets began to rebound in March.

The basic materials, finance companies, and consumer noncyclical sectors detracted the most from the Series’ performance during the fiscal period. Within basic materials, the Series owned Teck Resources Ltd., a BBB-minus rated credit that had been on the path to fundamental improvement prior to the selloff. The economic shutdown severely affected its iron ore mining business and we exited the position. The Series also owned BHP Billiton Finance (USA) Ltd., another iron ore and copper producer, and this hybrid security was hurt as spreads widened.

The Series’ allocation to finance companies (in particular, aircraft lessors) was a drag on performance due to the adverse effect that COVID-19 had on air travel. Despite the drawdown in the period, we continue to overweight this part of the market given what we consider to be attractive valuations and post-pandemic supply-demand fundamentals. In noncyclicals, the Series underperformed due to its large underweight to the sector. This is generally a defensive sector that does not offer investors much of a reward; however, the sector performed better than we had expected.

In the second half of the Series’ fiscal year, we added to its overweight positioning in BB-rated credit. These securities carry a bit more yield than their investment grade counterparts and for the most part are in sectors that we consider to have defensive characteristics. The Series began the period with a roughly 5% allocation to high yield and ended at 10%, with most of its allocation BB-rated. Since the Fed moved into credit markets to limit downside risk, we became more comfortable adding stable BB-rated issuers that offer incremental yield. Essentially, our allocation story remains the same heading into 2021, with an overweight to securities rated BBB and BB.

During the fiscal year, the Series did not use derivatives.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
January 7, 1992)	+11.91%	+7.28%	+6.24%	+5.28%	—
Service Class shares (commenced operations on
October 31, 2019)	+11.57%	—	—	—	+10.18%
Bloomberg Barclays US Corporate Investment Grade Index	+9.89%	+7.06%	+6.74%	+5.63%	—

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares and Service Class shares of the Series were 0.69% and 0.99%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.73% and 1.03%, respectively. The management fee for Standard Class and Service Class shares was 0.50%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.69% of the Series’ average daily net assets for the Standard Class and 0.99% for the Service Class from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on page 5.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Bloomberg Barclays US Corporate Investment Grade Index	$10,000	$17,294
	Delaware VIP Investment Grade Series — Standard Class shares	$10,000	$16,732

The graph shows a $10,000 investment in Delaware VIP Investment Grade Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Bloomberg Barclays US Corporate Investment Grade Index for the period from December 31, 2010 through December 31, 2020.

The Bloomberg Barclays US Corporate Investment Grade Index is composed of US dollar-denominated, investment grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All bonds have at least one year to maturity.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,065.20	0.69%	$	3.58
Service Class		1,000.00		1,063.50	0.99%		5.14
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.67	0.69%	$	3.51
Service Class		1,000.00		1,020.16	0.99%		5.03

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

As of December 31, 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
Security type / sector	of net assets
Convertible Bonds	0.74%
Corporate Bonds	95.73%
Banking	20.20%
Basic Industry	4.26%
Brokerage	2.50%
Capital Goods	4.02%
Communications	14.33%
Consumer Cyclical	3.77%
Consumer Non-Cyclical	8.96%
Electric	10.43%
Energy	8.41%
Finance Companies	4.34%
Insurance	2.21%
Natural Gas	0.29%
Real Estate Investment Trusts	1.08%
Technology	8.33%
Transportation	1.84%
Utilities	0.76%
Loan Agreements	0.23%
US Treasury Obligations	0.53%
Preferred Stock	0.61%
Short-Term Investments	1.43%
Total Value of Securities	99.27%
Receivables and Other Assets Net of
Liabilities	0.73%
Total Net Assets	100.00%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

December 31, 2020

		Principal
		amount°	Value (US $)
Convertible Bonds — 0.74%
	Cheniere Energy PIK 144A
	4.875% exercise price
	$93.64, maturity date
	5/28/21 #, *	204,622	$	205,901
	PDC Energy 1.125%
	exercise price $85.39,
	maturity date 9/15/21	245,000		240,487
Total Convertible Bonds
	(cost $442,987)			446,388
Corporate Bonds — 95.73%
Banking — 20.20%
	Ally Financial
	1.45% 10/2/23	450,000		459,577
	5.75% 11/20/25	180,000		209,699
	Banco Santander 2.749%
	12/3/30	200,000		206,592
	Bank of America
	2.676% 6/19/41 µ	860,000		897,388
	2.831% 10/24/51 µ	265,000		276,429
	Bank of New York Mellon
	4.70% µ, ψ	350,000		386,855
	Barclays 5.20% 5/12/26	723,000		843,719
	BBVA USA
	2.875% 6/29/22	250,000		259,157
	3.875% 4/10/25	250,000		280,459
	Citigroup
	2.572% 6/3/31 µ	520,000		554,403
	4.00% µ, ψ	310,000		318,913
	Citizens Financial Group
	2.85% 7/27/26	610,000		679,566
	5.65% µ, ψ	160,000		180,032
	Credit Suisse Group
	144A 5.10% #, µ, ψ	335,000		349,238
	144A 5.25% #, µ, ψ	200,000		212,000
	144A 6.375% #, µ, ψ	210,000		234,063
	Deutsche Bank
	2.222% 9/18/24 µ	170,000		174,988
	3.547% 9/18/31 µ	150,000		163,003
	Goldman Sachs Group
	3.50% 4/1/25	170,000		189,191
	HSBC Holdings 4.60%
	µ, ψ	210,000		214,225
	JPMorgan Chase & Co.
	2.956% 5/13/31 µ	50,000		54,880
	3.109% 4/22/41 µ	255,000		285,463
	4.023% 12/5/24 µ	345,000		380,192
	Morgan Stanley
	1.794% 2/13/32 µ	180,000		181,170
	5.00% 11/24/25	450,000		538,682
	Natwest Group
	2.359% 5/22/24 µ	200,000		208,216
	3.754% 11/1/29 µ	200,000		212,912
	8.625% µ, ψ	205,000		213,227
	PNC Bank 4.05% 7/26/28	250,000		296,307
	SVB Financial Group
	3.125% 6/5/30	160,000		180,416
	Truist Bank 2.636%
	9/17/29 µ	695,000		735,552
	Truist Financial 4.95%
	µ, ψ	395,000		435,491
	UBS 7.625% 8/17/22	250,000		276,781
	UBS Group 6.875% µ, ψ	200,000		202,379
	US Bancorp 3.00%
	7/30/29	760,000		849,136
				12,140,301
Basic Industry — 4.26%
	Georgia-Pacific
	144A 1.75% 9/30/25 #	140,000		146,437
	144A 2.10% 4/30/27 #	110,000		116,187
	Graphic Packaging
	International 144A
	3.50% 3/1/29 #	130,000		133,169
	LYB International Finance
	III 3.375% 10/1/40	300,000		321,262
	Newmont
	2.25% 10/1/30	185,000		194,922
	2.80% 10/1/29	395,000		431,779
	Nutrien 2.95% 5/13/30	170,000		187,230
	Nutrition & Biosciences
	144A 1.832%
	10/15/27 #	290,000		298,949
	144A 2.30% 11/1/30 #	215,000		221,518
	Steel Dynamics
	1.65% 10/15/27	100,000		103,180
	2.40% 6/15/25	60,000		63,826
	2.80% 12/15/24	95,000		102,228
	Suzano Austria 3.75%
	1/15/31	200,000		212,450
	WR Grace & Co. 144A
	4.875% 6/15/27 #	23,000		24,421
				2,557,558
Brokerage — 2.50%
	Charles Schwab
	4.00% µ, ψ	120,000		126,900
	5.375% µ, ψ	180,000		200,925
	Intercontinental Exchange
	2.65% 9/15/40	210,000		215,956

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Brokerage (continued)
	Jefferies Group
	2.75% 10/15/32	110,000	$	115,654
	4.15% 1/23/30	100,000		116,722
	6.45% 6/8/27	275,000		348,993
	6.50% 1/20/43	90,000		123,791
	National Securities
	Clearing 144A 1.20%
	4/23/23 #	250,000		255,060
				1,504,001
Capital Goods — 4.02%
	Ball 2.875% 8/15/30	215,000		214,731
	Berry Global
	144A 1.57% 1/15/26 #	140,000		141,387
	144A 4.875%
	7/15/26 #	70,000		75,267
	Boeing
	2.75% 2/1/26	65,000		68,383
	4.875% 5/1/25	75,000		85,543
	CCL Industries 144A
	3.05% 6/1/30 #	120,000		131,058
	General Electric 3.625%
	5/1/30	260,000		297,345
	L3Harris Technologies
	1.80% 1/15/31	500,000		509,481
	Otis Worldwide
	3.112% 2/15/40	170,000		185,246
	3.362% 2/15/50	50,000		57,954
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	140,000		143,675
	Waste Connections
	2.60% 2/1/30	255,000		274,545
	3.05% 4/1/50	210,000		228,647
				2,413,262
Communications — 14.33%
	Altice France 144A
	5.125% 1/15/29 #	200,000		207,375
	AMC Networks 4.75%
	8/1/25	156,000		161,336
	American Tower
	1.875% 10/15/30	250,000		252,363
	3.375% 5/15/24	470,000		511,493
	AT&T
	3.10% 2/1/43	125,000		126,824
	3.50% 6/1/41	332,000		358,463
	144A 3.50% 9/15/53 #	420,000		420,023
	Charter Communications
	Operating
	3.70% 4/1/51	225,000		234,089
	4.80% 3/1/50	230,000		274,890
	Comcast
	3.20% 7/15/36	465,000		528,992
	3.75% 4/1/40	155,000		186,761
	Crown Castle International
	2.25% 1/15/31	105,000		108,994
	5.25% 1/15/23	290,000		317,409
	CSC Holdings 144A
	4.125% 12/1/30 #	230,000		240,718
	Discovery Communications
	144A 4.00% 9/15/55 #	408,000		456,697
	Level 3 Financing
	144A 3.625%
	1/15/29 #	75,000		74,953
	144A 4.25% 7/1/28 #	160,000		164,560
	Time Warner Cable 7.30%
	7/1/38	320,000		474,771
	Time Warner Entertainment
	8.375% 3/15/23	290,000		339,164
	T-Mobile USA
	144A 2.55% 2/15/31 #	205,000		215,521
	144A 3.00% 2/15/41 #	515,000		534,876
	Verizon Communications
	2.65% 11/20/40	185,000		187,106
	4.50% 8/10/33	650,000		819,739
	ViacomCBS
	4.375% 3/15/43	495,000		584,811
	4.95% 1/15/31	120,000		150,459
	Virgin Media Secured
	Finance 144A 5.50%
	5/15/29 #	200,000		217,068
	Vodafone Group
	4.25% 9/17/50	180,000		223,371
	4.875% 6/19/49	180,000		240,654
				8,613,480
Consumer Cyclical — 3.77%
	Amazon.com 2.50%
	6/3/50	205,000		212,713
	Best Buy 1.95% 10/1/30	300,000		301,917
	Ford Motor 8.50%
	4/21/23	240,000		271,002
	General Motors
	5.40% 10/2/23	105,000		117,641
	6.125% 10/1/25	105,000		127,442
	6.25% 10/2/43	129,000		174,023
	General Motors Financial
	5.20% 3/20/23	195,000		213,894
	5.70% µ, ψ	105,000		116,025
	Lowe’s
	1.70% 10/15/30	150,000		151,613
	3.00% 10/15/50	455,000		486,956

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Prime Security Services
	Borrower 144A 3.375%
	8/31/27 #	90,000	$	89,437
				2,262,663
Consumer Non-Cyclical — 8.96%
	AbbVie 2.95% 11/21/26	580,000		642,091
	Anheuser-Busch InBev
	Worldwide
	4.15% 1/23/25	60,000		68,343
	4.50% 6/1/50	550,000		693,270
	BAT Capital 2.259%
	3/25/28	125,000		129,869
	BAT International Finance
	1.668% 3/25/26	155,000		158,740
	Biogen 3.15% 5/1/50	175,000		181,645
	Bristol-Myers Squibb
	2.35% 11/13/40	295,000		303,613
	Bunge Finance 1.63%
	8/17/25	120,000		124,077
	Conagra Brands 1.375%
	11/1/27	275,000		277,652
	CVS Health
	1.875% 2/28/31	190,000		192,378
	2.70% 8/21/40	480,000		486,337
	4.78% 3/25/38	70,000		88,438
	Energizer Holdings 144A
	4.375% 3/31/29 #	122,000		126,516
	Lamb Weston Holdings
	144A 4.625%
	11/1/24 #	23,000		24,035
	Mondelez International
	1.50% 5/4/25	160,000		165,617
	Perrigo Finance Unlimited
	4.375% 3/15/26	300,000		339,820
	Regeneron
	Pharmaceuticals 1.75%
	9/15/30	125,000		123,238
	Royalty Pharma
	144A 1.20% 9/2/25 #	150,000		152,431
	144A 1.75% 9/2/27 #	180,000		185,362
	Takeda Pharmaceutical
	3.025% 7/9/40	200,000		211,154
	3.175% 7/9/50	400,000		426,356
	Teleflex 144A 4.25%
	6/1/28 #	145,000		153,881
	Viatris 144A 4.00%
	6/22/50 #	115,000		131,760
				5,386,623
Electric — 10.43%
	Berkshire Hathaway Energy
	144A 2.85% 5/15/51 #	230,000		236,846
	CenterPoint Energy 3.85%
	2/1/24	230,000		251,781
	CMS Energy 4.75%
	6/1/50 µ	190,000		214,263
	Dominion Energy 4.65%
	µ, ψ	335,000		353,984
	Duke Energy 4.875% µ, ψ	345,000		374,439
	Edison International 4.95%
	4/15/25	125,000		142,945
	Entergy Texas 3.55%
	9/30/49	115,000		133,036
	Eversource Energy 1.65%
	8/15/30	115,000		114,720
	FirstEnergy Transmission
	144A 4.55% 4/1/49 #	255,000		297,810
	IPALCO Enterprises 144A
	4.25% 5/1/30 #	145,000		167,949
	Liberty Utilities Finance GP
	1 144A 2.05%
	9/15/30 #	190,000		191,283
	Louisville Gas and Electric
	4.25% 4/1/49	350,000		451,921
	NRG Energy
	144A 2.45% 12/2/27 #	100,000		105,309
	144A 3.375%
	2/15/29 #	85,000		87,182
	144A 3.625%
	2/15/31 #	70,000		72,147
	144A 3.75% 6/15/24 #	115,000		125,954
	144A 4.45% 6/15/29 #	185,000		214,848
	Oglethorpe Power 144A
	3.75% 8/1/50 #	215,000		231,680
	Pacific Gas and Electric
	2.10% 8/1/27	185,000		188,010
	2.50% 2/1/31	110,000		110,278
	3.30% 8/1/40	45,000		44,967
	4.60% 6/15/43	90,000		98,907
	San Diego Gas & Electric
	3.32% 4/15/50	120,000		136,822
	Southern 4.00% 1/15/51 µ	295,000		312,767
	Southern California Edison
	3.65% 2/1/50	140,000		159,168
	4.20% 3/1/29	215,000		254,564
	4.875% 3/1/49	220,000		290,582
	Southwestern Electric
	Power 4.10% 9/15/28	200,000		235,237
	Vistra Operations
	144A 3.55% 7/15/24 #	274,000		296,857
	144A 3.70% 1/30/27 #	156,000		172,043
	144A 4.30% 7/15/29 #	55,000		62,446

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	WEC Energy Group 1.80%
	10/15/30	135,000	$	135,613
				6,266,358
Energy — 8.41%
	BP Capital Markets
	4.875% µ, ψ	225,000		251,595
	Cheniere Corpus Christi
	Holdings 7.00%
	6/30/24	305,000		356,369
	Devon Energy 5.85%
	12/15/25	155,000		182,255
	Enbridge 5.75% 7/15/80 µ	195,000		219,829
	Energy Transfer Operating
	6.25% 4/15/49	275,000		332,641
	7.125% µ, ψ	365,000		347,662
	Enterprise Products
	Operating 3.20%
	2/15/52	475,000		484,401
	Marathon Oil 4.40%
	7/15/27	410,000		455,853
	MPLX
	2.65% 8/15/30	50,000		52,459
	4.125% 3/1/27	380,000		438,462
	4.70% 4/15/48	30,000		35,636
	5.50% 2/15/49	105,000		138,271
	NuStar Logistics 5.625%
	4/28/27	153,000		163,299
	ONEOK 7.50% 9/1/23	290,000		335,785
	Pioneer Natural Resources
	1.90% 8/15/30	150,000		148,697
	Sabine Pass Liquefaction
	5.75% 5/15/24	345,000		394,552
	Schlumberger Investment
	2.65% 6/26/30	35,000		37,493
	Shell International Finance
	3.25% 4/6/50	130,000		147,518
	Targa Resources Partners
	144A 4.875% 2/1/31 #	155,000		168,407
	Tennessee Gas Pipeline
	144A 2.90% 3/1/30 #	340,000		364,101
				5,055,285
Finance Companies — 4.34%
	AerCap Ireland Capital
	DAC
	3.65% 7/21/27	150,000		163,501
	4.50% 9/15/23	220,000		238,661
	4.625% 10/15/27	150,000		169,988
	6.50% 7/15/25	150,000		179,425
	Air Lease
	2.875% 1/15/26	305,000		322,957
	3.00% 2/1/30	290,000		298,021
	3.375% 7/1/25	100,000		107,629
	Aviation Capital Group
	144A 3.50% 11/1/27 #	300,000		300,585
	144A 5.50%
	12/15/24 #	355,000		393,287
	Avolon Holdings Funding
	144A 3.25% 2/15/27 #	80,000		81,815
	144A 3.95% 7/1/24 #	190,000		200,803
	144A 4.25% 4/15/26 #	140,000		150,939
				2,607,611
Insurance — 2.21%
	Athene Holding 3.50%
	1/15/31	155,000		164,049
	Brighthouse Financial
	4.70% 6/22/47	166,000		175,483
	Brown & Brown 2.375%
	3/15/31	100,000		104,832
	Centene
	3.375% 2/15/30	175,000		184,389
	4.625% 12/15/29	115,000		127,823
	Equitable Financial Life
	Global Funding 144A
	1.40% 8/27/27 #	155,000		156,036
	Equitable Holdings 4.95%
	µ, ψ	115,000		122,619
	MetLife 3.85% µ, ψ	75,000		79,312
	Prudential Financial 3.70%
	10/1/50 µ	200,000		211,806
				1,326,349
Natural Gas — 0.29%
	Sempra Energy 4.875%
	µ, ψ	160,000		171,400
				171,400
Real Estate Investment Trusts — 1.08%
	CubeSmart 3.00%
	2/15/30	410,000		448,795
	Global Net Lease 144A
	3.75% 12/15/27 #	65,000		67,138
	MPT Operating Partnership
	3.50% 3/15/31	130,000		134,469
				650,402
Technology — 8.33%
	Alphabet
	1.90% 8/15/40	140,000		137,410
	2.05% 8/15/50	145,000		138,552

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	Citrix Systems 3.30%
	3/1/30	255,000	$	282,015
	CoStar Group 144A 2.80%
	7/15/30 #	175,000		182,030
	Fiserv
	2.65% 6/1/30	280,000		303,144
	3.20% 7/1/26	320,000		358,638
	Gartner 144A 3.75%
	10/1/30 #	38,000		39,948
	Global Payments 2.65%
	2/15/25	161,000		172,480
	HP 2.20% 6/17/25	210,000		222,523
	Iron Mountain 144A
	5.25% 7/15/30 #	178,000		192,462
	KLA 3.30% 3/1/50	570,000		645,098
	Lam Research 2.875%
	6/15/50	200,000		215,731
	Microchip Technology
	144A 0.972%
	2/15/24 #	215,000		215,659
	4.333% 6/1/23	550,000		595,745
	NXP
	144A 2.70% 5/1/25 #	30,000		32,309
	144A 3.40% 5/1/30 #	55,000		62,461
	144A 4.30% 6/18/29 #	61,000		72,795
	144A 4.875% 3/1/24 #	445,000		502,072
	PayPal Holdings
	1.65% 6/1/25	185,000		193,448
	2.65% 10/1/26	120,000		131,940
	ServiceNow 1.40% 9/1/30	155,000		151,322
	SS&C Technologies 144A
	5.50% 9/30/27 #	149,000		159,321
				5,007,103
Transportation — 1.84%
	Delta Air Lines
	144A 7.00% 5/1/25 #	105,000		121,298
	7.375% 1/15/26	140,000		160,024
	Southwest Airlines
	5.125% 6/15/27	300,000		357,140
	5.25% 5/4/25	205,000		237,562
	Union Pacific 3.25%
	2/5/50	200,000		228,011
				1,104,035
Utilities — 0.76%
	Essential Utilities
	2.704% 4/15/30	105,000		113,915
	3.351% 4/15/50	100,000		111,227
	4.276% 5/1/49	181,000		231,714
				456,856
Total Corporate Bonds
	(cost $54,234,914)			57,523,287
Loan Agreements — 0.23%
	Zayo Group Holdings
	3.147% (LIBOR01M +
	3.00%) 3/9/27 ●	138,072		137,413
Total Loan Agreements
	(cost $137,763)			137,413
US Treasury Obligations — 0.53%
	US Treasury Bond
	1.375% 8/15/50	145,000		135,530
	US Treasury Notes
	0.875% 11/15/30	185,000		184,306
Total US Treasury Obligations
	(cost $324,230)			319,836
		Number
		of shares
Preferred Stock — 0.61%
	Morgan Stanley
	4.047% (LIBOR03M +
	3.81%) ●	370,000		368,257
Total Preferred Stock
	(cost $376,001)			368,257
Short-Term Investments — 1.43%
Money Market Mutual Funds — 1.43%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	214,015		214,015
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	214,015		214,015
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	214,016		214,016

12

	Number
	of shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	214,015	$	214,015
Total Short-Term Investments
(cost $856,061)			856,061
Total Value of
Securities—99.27%
(cost $56,371,956)		$	59,651,242

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $11,809,363, which represents 19.65% of the Series’ net assets. See Note 9 in “Notes to financial statements.”
*	PIK. 100% of the income received was in the form of principal.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.

Summary of abbreviations:

DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
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.

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

December 31, 2020

Assets:
Investments, at value*	$	59,651,242
Receivable for securities sold		31,989
Dividends and interest receivable		507,108
Receivable for series shares sold		3,042
Other assets		2,125
Total Assets		60,195,506
Liabilities:
Due to custodian		4,421
Payable for securities purchased		29,880
Investment management fees payable to affiliates		16,893
Reports and statements to shareholders expenses payable to non-affiliates		13,158
Pricing fees payable		12,136
Accounting and administration fees payable to non-affiliates		11,242
Payable for series shares redeemed		8,565
Audit and tax fees payable		4,500
Other accrued expenses		2,115
Accounting and administration expenses payable to affiliates		508
Dividend disbursing and transfer agent fees and expenses payable to affiliates		380
Trustees’ fees and expenses payable		190
Legal fees payable to affiliates		104
Reports and statements to shareholders expenses payable to affiliates		60
Distribution fees payable to affiliates		3
Total Liabilities		104,155
Total Net Assets	$	60,091,351
Net Assets Consist of:
Paid-in capital	$	53,456,900
Total distributable earnings (loss)		6,634,451
Total Net Assets	$	60,091,351
Net Asset Value
Standard Class:
Net assets	$	60,080,154
Shares of beneficial interest outstanding, unlimited authorization, no par		5,179,986
Net asset value per share	$	11.60
Service Class:
Net assets	$	11,197
Shares of beneficial interest outstanding, unlimited authorization, no par		969
Net asset value per share	$	11.56
____________________
*  Investments, at cost	$	56,371,956

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Year ended December 31, 2020

Investment Income:
Interest	$	1,827,998
Dividends		3,034
		1,831,032
Expenses:
Management fees		296,821
Distribution expenses — Service Class		32
Audit and tax fees		69,546
Accounting and administration expenses		49,643
Reports and statements to shareholders expenses		27,208
Dividend disbursing and transfer agent fees and expenses		4,979
Custodian fees		4,938
Legal fees		3,557
Trustees’ fees and expenses		3,470
Registration fees		12
Other		19,046
		479,252
Less expenses waived		(68,440	)
Less expenses paid indirectly		(1,136	)
Total operating expenses		409,676
Net Investment Income		1,421,356
Net Realized and Unrealized Gain:
Net realized gain on investments		2,364,704
Net change in unrealized appreciation (depreciation) of investments		2,784,373
Net Realized and Unrealized Gain		5,149,077
Net Increase in Net Assets Resulting from Operations	$	6,570,433

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	1,421,356		$	1,763,236
Net realized gain		2,364,704			3,986,891
Net change in unrealized appreciation (depreciation)		2,784,373			1,811,517
Net increase in net assets resulting from operations		6,570,433			7,561,644
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(3,430,297	)		(2,419,791	)
Service Class		(594	)		—
		(3,430,891	)		(2,419,791	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		2,512,967			2,077,498
Service Class		—			10,000
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		3,430,297			2,419,791
Service Class		594			—
		5,943,858			4,507,289
Cost of shares redeemed:
Standard Class		(10,954,474	)		(9,316,846	)
Decrease in net assets derived from capital share transactions		(5,010,616	)		(4,809,557	)
Net Increase (Decrease) in Net Assets		(1,871,074	)		332,296
Net Assets:
Beginning of year		61,962,425			61,630,129
End of year	$	60,091,351		$	61,962,425

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

16

Financial highlights
Delaware VIP^® Investment Grade Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	11.02		$	10.18		$	10.80		$	10.73		$	10.70
Income (loss) from investment operations
Net investment income2		0.26			0.29			0.31			0.31			0.33
Net realized and unrealized gain (loss)		0.98			0.95			(0.53	)		0.18			0.15
Total from investment operations		1.24			1.24			(0.22	)		0.49			0.48
Less dividends and distributions from:
Net investment income		(0.41	)		(0.40	)		(0.40	)		(0.42	)		(0.45	)
Net realized gain		(0.25	)		—			—			—			—
Total dividends and distributions		(0.66	)		(0.40	)		(0.40	)		(0.42	)		(0.45	)
Net asset value, end of period	$	11.60		$	11.02		$	10.18		$	10.80		$	10.73
Total return3		11.91%			12.62%			(2.03%	)		4.72%			4.65%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	60,080		$	61,952		$	61,630		$	66,163		$	64,095
Ratio of expenses to average net assets4		0.69%			0.73%			0.70%			0.68%			0.68%
Ratio of expenses to average net assets prior to fees waived4		0.81%			0.90%			0.85%			0.83%			0.83%
Ratio of net investment income to average net assets		2.39%			2.76%			3.05%			2.93%			3.02%
Ratio of net investment income to average net assets prior to
fees waived		2.27%			2.59%			2.90%			2.78%			2.87%
Portfolio turnover		147%			157%	5		53%			60%			40%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Investment Grade Fund shares.
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 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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
5	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

17

Financial highlights
Delaware VIP^® Investment Grade Series Service Class

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

				10/31/191
	Year ended			to
	12/31/20			12/31/19
Net asset value, beginning of period	$	11.01		$	10.97
Income from investment operations
Net investment income2		0.23			0.03
Net realized and unrealized gain		0.97			0.01
Total from investment operations		1.20			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	$	11.56		$	11.01
Total return3		11.57%			0.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11		$	10
Ratio of expenses to average net assets4		0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived4		1.11%			1.31%
Ratio of net investment income to average net assets		2.09%			1.50%
Ratio of net investment income to average net assets prior to fees waived		1.97%			1.18%
Portfolio turnover		147%			157%	5,6

1	Date of commencement of operations; ratios have been annualized and total return has 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	Portfolio turnover is representative of the Series for the entire period.
6	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

18

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

1. Significant Accounting Policies (continued)

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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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 year ended December 31, 2020, the Series earned $1,136 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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

20

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 year ended December 31, 2020, the Series was charged $6,030 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 year ended December 31, 2020, the Series was charged $4,452 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 year ended December 31, 2020, the Series was charged $2,037 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	74,708,884
Purchases of US government securities		11,132,757
Sales other than US government securities		80,697,461
Sales of US government securities		12,583,912

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	56,626,734
Aggregate unrealized appreciation of investments	$	3,038,300
Aggregate unrealized depreciation of investments		(13,792	)
Net unrealized appreciation of investments	$	3,024,508

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Convertible Bonds	$	—	$	446,388	$	446,388
Corporate Bonds		—		57,523,287		57,523,287
Loan Agreements		—		137,413		137,413
Preferred Stock		—		368,257		368,257
US Treasury Obligations		—		319,836		319,836
Short-Term Investments		856,061		—		856,061
Total Value of Securities	$	856,061	$	58,795,181	$	59,651,242

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	3,430,891	$	2,419,791

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	53,456,900
Undistributed ordinary income		3,609,943
Unrealized appreciation of investments		3,024,508
Net assets	$	60,091,351

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and market premium on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	224,912		196,853
Service Class	—		912
Shares issued upon reinvestment of dividends and distributions:
Standard Class	329,203		241,255
Service Class	57		—
	554,172		439,020
Shares redeemed:
Standard Class	(996,717	)	(869,334	)
Net decrease	(442,545	)	(430,314	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

7. Line of Credit (continued)

Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

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

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

24

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The potential abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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 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.”

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade 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, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

26

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Investment Grade Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Investment Grade Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Class Name	Financial Highlights
Standard Class	For the years ended December 31, 2020 and 2019
Service Class	For the year ended December 31, 2020 and the
	period from October 31, 2019 (commencement of
	operations) through December 31, 2019

The financial statements of First Investors Life Series Investment Grade Fund (subsequent to reorganization, known as Delaware VIP Investment Grade Series ) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and broker; when a reply was not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

27

Other Series information (Unaudited)
Delaware VIP^® Investment Grade Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00 %

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Investment Grade Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Investment Grade Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

28

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all BBB- rated corporate debt funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the

29

Other Series information (Unaudited)
Delaware VIP^® Investment Grade Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Investment Grade Series at a meeting held August 11-13, 2020 (continued)

Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

30

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

34

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

35

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.

(1502651)
AR-VIPIG-221

Delaware VIP^® Trust

Delaware VIP Limited Duration Bond Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Report of independent registered public accounting firm	28
Other Series information	29
Board of trustees / directors and officers addendum	32

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek current income consistent with low volatility of principal.

For the fiscal year ended December 31, 2020, Delaware VIP Limited Duration Bond Series (the “Series”) Standard Class shares gained 3.79%, reflecting all distributions reinvested. For the same period, the Series’ benchmark, the Bloomberg Barclays 1-3 Year US Government/Credit Index, advanced 3.33%.

As 2020 began, the economy appeared to be entering a mature credit cycle, and investors were concerned with the possibility of a mild recession. Instead, the coronavirus pandemic struck and spread rapidly. The global community was unprepared. Initial uncertainty was quickly followed by an extreme market selloff and global economic collapse.

Governments and central banks applied lessons learned from the recession of 2008-2009, and in March they intervened with substantial monetary- and fiscal-policy measures. The effective use of global fiscal and monetary support defined how the economy and financial markets evolved in 2020.

Investors’ uncertainty in March 2020 provoked a risk-premium explosion in the market and economic shutdowns. However, backstopped by the US Federal Reserve’s unprecedented, aggressive asset-purchase programs, which included purchasing corporate bonds, some confidence returned to markets. As the world began to understand how the virus behaved and how to help bring it under control, the US and global economies began to reopen. Credit markets, which had widened substantially as markets collapsed, started to compress, bolstered by now dual Fed and congressional puts. Then came the race to develop vaccines, along with a better understanding of how to manage the virus.

Although the markets and parts of the economy generally adapted quickly, COVID-19-affected sectors, particularly services, experienced extreme distress. These included transportation and other consumer-related areas such as retail. Damage to labor markets was significant, with unemployment still standing higher than 6% at year end. However, with monetary and fiscal policy in place and a clear commitment to support the economy for as long as it would take, the path to the other side of the pandemic became clearer.

We viewed 2020 from the prism of different market regimes, each of which called for a distinct approach to managing risk. Entering the year, because compensation for risk was poor, we cut back on the Series’ risk exposure and built a capital reserve to spend as opportunities arose, nearly eliminating exposure to higher-risk parts of the market, such as higher yield bonds. The year became a litmus test for managing risk, and we believe our agile approach to risk management was critical in helping the Series outperform its benchmark for the 12-month period.

With the Series’ capital reserve in hand, we began to look for investment opportunities created by market dislocations in the initial phase of the pandemic. Investors’ anticipated liquidity needs no longer seemed to a major concern. We focused on issuers that we assessed would more likely survive the pandemic. Accordingly, we began to spend the Series’ liquid capital reserve, selecting higher yielding parts of the securitized bond sector and high-quality investment grade issuers, such as Bank of America Corp., which we felt offered attractive compensation for the underlying risk.

As visibility gradually increased, we expanded our search for opportunities to also include traditionally higher-beta (more volatile) parts of the market that had experienced dislocations, specifically within the high yield and emerging markets sectors. We added to issuers that we felt were strongest within COVID-19-sensitive areas, such as Delta Air Lines Inc. We viewed Delta as well positioned to survive the pandemic while offering historically high yields. In addition, an overweight to certain higher-quality emerging market issuers, such as Banco Santander S.A., benefited performance as well. The Series continues to hold these securities as we believe they have retained their relative value potential.

While security selection overall was additive, some individual securities did underperform amid the demand contraction. This was the case with General Motors Financial Co. Inc., which underperformed during the peak of the crisis but has since recovered as monetary support improved liquidity prospects. We maintain the Series’ position given our outlook for continued economic recovery with the vaccine rollout.

The Series’ positioning also benefited from our decision early in the year to increase duration for the purpose of mitigating risk, as we thought that a high degree of uncertainty would likely result in a dramatic decline in interest rates as the Fed intervened. That willingness to dynamically manage interest rate risk paid off.

There were few detractors from the Series’ benchmark-relative returns for the fiscal year. Our use of mortgage-backed securities (MBS) as a funding source detracted marginally; however, the Series was better compensated within investment grade bonds. The Series’ modest allocation to bank loans, which remained static throughout the year, modestly detracted from returns. A moderate overweight to energy securities, albeit strongly positioned to manage through the pandemic, detracted as the sector had not fully recovered.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

We also focused on higher-quality issuers within investment grade, whose business models we thought were more likely to survive the pandemic. By summer, we also added somewhat to the Series’ exposure to the higher yielding areas of the fixed income market, such as emerging markets debt and high yield bonds (from 2% to 10%). Within the securitized bond sector, we increased the Series’ allocation to collateralized loan obligations (CLOs) from 0% to 7%, funded with Treasurys and lower yielding floating-rate asset-backed securities (ABS).

As we enter 2021, COVID-19 vaccines’ high efficacy and their production and distribution have redefined the outlook for the pandemic and the global economy. Nonetheless, the near-term reality is that the virus is still raging, and mutations could make the virus more resistant to vaccines. On the political front, Democrats control both houses of Congress and the White House, increasing the possibility of additional fiscal stimulus, which would support an economic recovery.

Consistent with our outlook, we reduced exposure to areas we believe offer limited upside, such as higher-quality credit and ABS, and replaced them with agency MBS and securities with what we view as more attractive yield profiles, such as CLOs. We have retained exposure to the reflationary theme, including airlines and certain consumer goods, and we continue to search for areas where we believe there is potential to capture yield without altering the Series’ risk exposure.

Finally, from a risk perspective, the Series remains driven by a fundamental, bond-by-bond investment approach. Our goal is to construct the Series’ portfolio to comprise issuers that have a business model, liquidity, and adequate debt leverage profile to perform well regardless of the degree of volatility we may experience.

The Series used derivatives during the fiscal year, primarily for risk management purposes, including the use of currency forwards to hedge non-US-dollar risk back to US dollars. Overall, these derivatives had a positive effect that was not material to the Series’ performance.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	Lifetime
Standard Class shares (commenced operations on July 1, 2014)	+3.79%	+2.53%	+1.90%	+0.97%
Bloomberg Barclays 1-3 Year US Government/Credit Index	+3.33%	+2.98%	+2.21%	+1.83%*

* The benchmark lifetime return is calculated using the month end prior to the Series’ inception date.

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.75%, while total operating expenses for Standard Class shares were 0.95%. The management fee for Standard Class shares was 0.50%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.75% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.** Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on page 5.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

If and when the Series invests in forward foreign currency contracts or use other investments to hedge against currency risks, the Series will be subject to special risks, including counterparty risk.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

During periods of falling interest rates, an issuer of a callable bond held by the Series may “call” or repay the security before its stated maturity. The Series would then lose any price appreciation above the bond’s call price and the Series may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Series’ income.

The market values of bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. The yields received by the Fund on its investments will generally decline as interest rates decline.

Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used.

The Series may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. To the extent the Series invests significantly in the financials sector, the value of the Series’ shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning July 1, 2014 (Series’ inception date) through December 31, 2020

For period beginning July 1, 2014 (Series’ inception date) through December 31, 2020		Starting value	Ending value
	Bloomberg Barclays 1-3 Year US Government/Credit Index	$10,000	$11,253
	Delaware VIP Limited Duration Bond Series — Standard Class shares	$10,000	$10,645

The graph shows a $10,000 investment in Delaware VIP Limited Duration Bond Series Standard Class shares for the period from July 1, 2014 through December 31, 2020.

The graph also shows $10,000 invested in the Bloomberg Barclays 1-3 Year US Government/Credit Index for the period from July 1, 2014 through December 31, 2020.

The Bloomberg Barclays 1-3 Year US Government/Credit Index is a market value-weighted index of government fixed-rate debt securities and investment grade US and foreign fixed-rate debt securities with average maturities of one to three years.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,011.40	0.75%	$	3.79
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.37	0.75%	$	3.81

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

As of December 31, 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
Security type / sector	of net assets
Agency Mortgage-Backed Securities	8.72%
Collateralized Debt Obligations	7.24%
Corporate Bonds	45.97%
Banking	11.24%
Basic Industry	2.78%
Brokerage	0.38%
Capital Goods	3.41%
Communications	2.35%
Consumer Cyclical	2.43%
Consumer Non-Cyclical	5.47%
Electric	3.97%
Energy	4.52%
Finance Companies	2.39%
Insurance	0.72%
Natural Gas	0.09%
Technology	2.68%
Transportation	3.54%
Non-Agency Asset-Backed Securities	9.54%
Sovereign Bonds	2.55%
US Treasury Obligations	23.82%
Short-Term Investments	2.60%
Total Value of Securities	100.44%
Liabilities Net of Receivables and Other
Assets	(0.44%	)
Total Net Assets	100.00%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

December 31, 2020

	Principal
	amount°	Value (US $)
Agency Mortgage-Backed Securities — 8.72%
Fannie Mae S.F. 30 yr
4.50% 1/1/43	209,004	$	233,196
4.50% 2/1/44	143,438		162,459
4.50% 4/1/44	167,486		189,694
4.50% 11/1/44	205,185		231,586
4.50% 10/1/45	451,960		504,859
5.00% 7/1/47	477,858		554,889
5.00% 5/1/48	302,016		337,051
Freddie Mac S.F. 30 yr
4.50% 7/1/45	39,019		43,759
5.00% 8/1/48	239,632		266,060
Total Agency Mortgage-Backed
Securities
(cost $2,460,181)			2,523,553
Collateralized Debt Obligations — 7.24%
Ballyrock CLO
Series 2020-2A A1
144A 1.529%
(LIBOR03M + 1.32%,
Floor 1.32%)
10/20/31 #, ●	250,000		249,684
BlueMountain CLO XXX
Series 2020-30A A
144A 1.549%
(LIBOR03M + 1.39%,
Floor 1.39%)
1/15/33 #, ●	250,000		249,686
Cedar Funding IX CLO
Series 2018-9A A1
144A 1.198%
(LIBOR03M + 0.98%,
Floor 0.98%)
4/20/31 #, ●	250,000		249,072
CIFC Funding
Series 2013-4A A1RR
144A 1.277%
(LIBOR03M + 1.06%,
Floor 1.06%)
4/27/31 #, ●	250,000		248,594
Dryden 83 CLO
Series 2020-83A A
144A 1.46%
(LIBOR03M + 1.22%,
Floor 1.22%)
1/18/32 #, ●	250,000		250,000
KKR CLO 32
Series 32A A1 144A
1.545% (LIBOR03M +
1.32%, Floor 1.32%)
1/15/32 #, ●	100,000		99,875
LCM XVIII
Series 18A A1R 144A
1.238% (LIBOR03M +
1.02%) 4/20/31 #, ●	250,000		248,552
Octagon Investment
Partners 33
Series 2017-1A A1
144A 1.408%
(LIBOR03M + 1.19%)
1/20/31 #, ●	250,000		249,599
York CLO-6
Series 2019-1A A1
144A 1.566%
(LIBOR03M + 1.35%)
7/22/32 #, ●	250,000		249,851
Total Collateralized Debt Obligations
(cost $2,089,630)			2,094,913
Corporate Bonds — 45.97%
Banking — 11.24%
Ally Financial 5.75%
11/20/25	118,000		137,469
Bank of America
2.738% 1/23/22 µ	135,000		135,165
3.458% 3/15/25 µ	80,000		87,130
Barclays Bank 1.70%
5/12/22	200,000		203,570
BBVA Bancomer 144A
1.875% 9/18/25 #	200,000		202,250
Citizens Bank 0.941%
(LIBOR03M + 0.72%)
2/14/22 ●	250,000		251,201
Citizens Financial Group
2.85% 7/27/26	110,000		122,545
DNB Boligkreditt 144A
2.50% 3/28/22 #	500,000		513,387
Fifth Third Bancorp
2.375% 1/28/25	35,000		37,284
3.65% 1/25/24	35,000		38,189
Goldman Sachs Group
3.50% 4/1/25	20,000		22,258
Huntington Bancshares
2.30% 1/14/22	30,000		30,544
JPMorgan Chase & Co.
4.023% 12/5/24 µ	330,000		363,662
4.60% µ, Ψ	20,000		20,675
5.00% µ, Ψ	25,000		26,322

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Morgan Stanley
	1.433% (LIBOR03M +
	1.22%) 5/8/24 ●	145,000	$	147,847
	2.75% 5/19/22	25,000		25,823
	3.622% 4/1/31 µ	35,000		40,676
	3.737% 4/24/24 µ	25,000		26,907
	PNC Bank 2.70% 11/1/22	10,000		10,421
	Regions Financial 3.80%
	8/14/23	50,000		54,263
	Truist Bank
	2.15% 12/6/24	250,000		265,058
	2.636% 9/17/29 µ	215,000		227,545
	UBS Group 144A 3.00%
	4/15/21 #	200,000		201,550
	US Bancorp 3.375%
	2/5/24	55,000		59,901
				3,251,642
Basic Industry — 2.78%
	Avient 144A 5.75%
	5/15/25 #	139,000		147,861
	DuPont de Nemours
	2.169% 5/1/23	110,000		111,489
	First Quantum Minerals
	144A 7.50% 4/1/25 #	200,000		208,500
	Georgia-Pacific 144A
	1.75% 9/30/25 #	35,000		36,609
	Hudbay Minerals 144A
	7.625% 1/15/25 #	101,000		105,103
	Kraton Polymers 144A
	7.00% 4/15/25 #	117,000		123,260
	LYB International Finance
	III 2.875% 5/1/25	25,000		27,269
	PowerTeam Services 144A
	9.033% 12/4/25 #	40,000		44,604
				804,695
Brokerage — 0.38%
	SURA Asset Management
	144A 4.875%
	4/17/24 #	100,000		109,776
				109,776
Capital Goods — 3.41%
	General Dynamics 3.00%
	5/11/21	145,000		146,402
	General Electric
	0.605% (LIBOR03M +
	0.38%) 5/5/26 ●	5,000		4,779
	3.45% 5/1/27	30,000		33,881
	Mauser Packaging
	Solutions Holding 144A
	5.50% 4/15/24 #	168,000		171,560
	Otis Worldwide 2.056%
	4/5/25	140,000		148,498
	Roper Technologies 2.35%
	9/15/24	145,000		154,444
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	60,000		63,369
	Terex 144A 5.625%
	2/1/25 #	55,000		56,760
	TransDigm
	144A 6.25% 3/15/26 #	25,000		26,656
	144A 8.00%
	12/15/25 #	71,000		78,639
	Welbilt 9.50% 2/15/24	28,000		28,992
	WESCO Distribution 144A
	7.125% 6/15/25 #	66,000		72,676
				986,656
Communications — 2.35%
	AMC Networks 5.00%
	4/1/24	74,000		75,295
	Clear Channel Worldwide
	Holdings 9.25%
	2/15/24	35,000		35,529
	Crown Castle International
	5.25% 1/15/23	135,000		147,759
	Fox
	3.666% 1/25/22	160,000		165,638
	4.03% 1/25/24	100,000		110,182
	T-Mobile USA
	144A 1.50% 2/15/26 #	30,000		30,772
	144A 3.50% 4/15/25 #	105,000		116,128
				681,303
Consumer Cyclical — 2.43%
	Boyd Gaming 144A
	8.625% 6/1/25 #	54,000		60,126
	Caesars Entertainment
	144A 6.25% 7/1/25 #	40,000		42,650
	Carnival 144A 7.625%
	3/1/26 #	51,000		55,660
	Ford Motor 8.50%
	4/21/23	133,000		150,180
	General Motors Financial
	3.45% 4/10/22	50,000		51,424
	4.15% 6/19/23	30,000		32,284
	5.25% 3/1/26	7,000		8,258
	IRB Holding 144A 7.00%
	6/15/25 #	8,000		8,754
	L Brands 144A 6.875%
	7/1/25 #	25,000		27,182
	Prime Security Services
	Borrower 144A 5.25%
	4/15/24 #	68,000		72,675

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Scientific Games
	International 144A
	5.00% 10/15/25 #	75,000	$	77,485
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	45,000		45,203
	Station Casinos 144A
	5.00% 10/1/25 #	29,000		29,389
	VF 2.40% 4/23/25	40,000		42,686
				703,956
Consumer Non-Cyclical — 5.47%
	AbbVie
	2.60% 11/21/24	90,000		96,531
	2.95% 11/21/26	115,000		127,311
	Anheuser-Busch InBev
	Worldwide 4.15%
	1/23/25	355,000		404,365
	Bausch Health 144A
	6.125% 4/15/25 #	57,000		58,805
	Bristol-Myers Squibb
	2.90% 7/26/24	130,000		141,207
	CVS Health
	3.35% 3/9/21	110,000		110,605
	3.70% 3/9/23	14,000		14,991
	General Mills 3.70%
	10/17/23	80,000		87,200
	Keurig Dr Pepper 3.551%
	5/25/21	60,000		60,754
	Molson Coors Beverage
	2.10% 7/15/21	95,000		95,805
	Mondelez International
	2.125% 4/13/23	40,000		41,566
	Ortho-Clinical Diagnostics
	144A 7.375% 6/1/25 #	59,000		62,946
	Pilgrim’s Pride 144A
	5.75% 3/15/25 #	61,000		62,699
	Primo Water Holdings
	144A 5.50% 4/1/25 #	58,000		59,957
	Royalty Pharma
	144A 1.20% 9/2/25 #	35,000		35,567
	144A 1.75% 9/2/27 #	25,000		25,745
	Tenet Healthcare 5.125%
	5/1/25	74,000		75,535
	Viatris
	144A 1.65% 6/22/25 #	10,000		10,345
	144A 2.30% 6/22/27 #	10,000		10,657
				1,582,591
Electric — 3.97%
	AEP Texas 2.40% 10/1/22	140,000		144,488
	Avangrid 3.20% 4/15/25	60,000		65,737
	CenterPoint Energy 3.85%
	2/1/24	70,000		76,629
	Cleveland Electric
	Illuminating 5.50%
	8/15/24	115,000		132,551
	Duke Energy
	1.80% 9/1/21	165,000		166,448
	4.875% µ, ψ	65,000		70,546
	Entergy 4.00% 7/15/22	90,000		94,393
	Entergy Louisiana 4.05%
	9/1/23	10,000		10,871
	NextEra Energy Capital
	Holdings 3.15% 4/1/24	85,000		91,913
	NRG Energy 144A 3.75%
	6/15/24 #	95,000		104,049
	Pacific Gas and Electric
	2.10% 8/1/27	75,000		76,220
	Vistra Operations 144A
	3.55% 7/15/24 #	105,000		113,759
				1,147,604
Energy — 4.52%
	Apache 4.625% 11/15/25	42,000		44,153
	Continental Resources
	3.80% 6/1/24	41,000		42,307
	Energy Transfer Operating
	5.25% 4/15/29	45,000		52,552
	7.125% µ, ψ	75,000		71,438
	Exxon Mobil 2.019%
	8/16/24	130,000		136,932
	Marathon Oil 2.80%
	11/1/22	19,000		19,535
	MPLX
	1.75% 3/1/26	25,000		25,885
	4.875% 12/1/24	135,000		154,951
	Murphy Oil 5.75%
	8/15/25	57,000		56,863
	NuStar Logistics 5.75%
	10/1/25	73,000		77,854
	Occidental Petroleum
	5.50% 12/1/25	58,000		60,580
	ONEOK 7.50% 9/1/23	115,000		133,156
	Sabine Pass Liquefaction
	5.75% 5/15/24	110,000		125,799
	Schlumberger Holdings
	144A 3.75% 5/1/24 #	145,000		158,192
	Southwestern Energy
	6.45% 1/23/25	69,000		71,717
	Western Midstream
	Operating 4.10%
	2/1/25	32,000		33,029

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	WPX Energy 5.25%
	9/15/24	39,000	$	42,579
				1,307,522
Finance Companies — 2.39%
	AerCap Ireland Capital
	3.15% 2/15/24	150,000		157,306
	Air Lease 2.875% 1/15/26	15,000		15,883
	Aviation Capital Group
	144A 2.875%
	1/20/22 #	130,000		131,650
	144A 4.375%
	1/30/24 #	10,000		10,561
	Avolon Holdings Funding
	144A 3.95% 7/1/24 #	85,000		89,833
	DAE Funding 144A 4.50%
	8/1/22 #	80,000		81,136
	DAE Sukuk DIFC 144A
	3.75% 2/15/26 #	200,000		206,000
				692,369
Insurance — 0.72%
	Equitable Holdings 3.90%
	4/20/23	95,000		102,236
	USI 144A 6.875%
	5/1/25 #	103,000		105,896
				208,132
Natural Gas — 0.09%
	NiSource 0.95% 8/15/25	25,000		25,162
				25,162
Technology — 2.68%
	Broadcom
	3.15% 11/15/25	30,000		32,770
	4.70% 4/15/25	20,000		22,924
	Global Payments 2.65%
	2/15/25	100,000		107,130
	International Business
	Machines 3.00%
	5/15/24	100,000		108,364
	Microchip Technology
	3.922% 6/1/21	30,000		30,429
	4.333% 6/1/23	55,000		59,574
	NXP
	144A 2.70% 5/1/25 #	5,000		5,385
	144A 4.875% 3/1/24 #	165,000		186,162
	PayPal Holdings 1.35%
	6/1/23	145,000		148,546
	Sabre GLBL 144A 7.375%
	9/1/25 #	68,000		73,882
				775,166
Transportation — 3.54%
	Delta Air Lines
	144A 7.00% 5/1/25 #	144,000		166,351
	7.375% 1/15/26	42,000		48,007
	Heathrow Funding 144A
	4.875% 7/15/23 #	691,000		705,458
	Penske Truck Leasing 144A
	1.20% 11/15/25 #	60,000		60,556
	Spirit Loyalty Cayman
	144A 8.00% 9/20/25 #	40,000		45,000
				1,025,372
Total Corporate Bonds
	(cost $12,865,554)			13,301,946
Non-Agency Asset-Backed Securities — 9.54%
	ARI Fleet Lease Trust
	Series 2019-A A2B
	144A 0.639%
	(LIBOR01M + 0.48%)
	11/15/27 #, ●	92,301		92,353
	BMW Vehicle Lease Trust
	Series 2018-1 A3
	3.26% 7/20/21	11,268		11,286
	CarMax Auto Owner Trust
	Series 2018-2 B 3.37%
	10/16/23	150,000		155,596
	Chase Auto Credit Linked
	Notes
	Series 2020-2 B 144A
	0.84% 2/25/28 #	250,000		250,240
	Ford Credit Auto Lease
	Trust
	Series 2019-B A2A
	2.28% 2/15/22	54,380		54,472
	Ford Credit Auto Owner
	Trust
	Series 2017-2 A 144A
	2.36% 3/15/29 #	900,000		930,856
	Series 2017-C A3
	2.01% 3/15/22	21,229		21,253
	Hyundai Auto Receivables
	Trust
	Series 2019-B A2
	1.93% 7/15/22	223,687		224,470
	John Deere Owner Trust
	Series 2019-A A3
	2.91% 7/17/23	177,169		180,560
	Mercedes-Benz Auto Lease
	Trust
	Series 2019-B A2
	2.01% 12/15/21	97,819		98,016

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

		Principal
		amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Tesla Auto Lease Trust
	Series 2018-B A 144A
	3.71% 8/20/21 #		230,586	$	232,047
	Toyota Auto Receivables
	Owner Trust
	Series 2017-D A3
	1.93% 1/18/22		26,710		26,762
	Verizon Owner Trust
	Series 2018-A A1A
	3.23% 4/20/23		179,587		181,970
	Volvo Financial Equipment
	Series 2020-1A A2
	144A 0.37% 4/17/23 #		300,000		300,198
Total Non-Agency Asset-Backed
	Securities
	(cost $2,748,361)				2,760,079
Sovereign Bonds — 2.55%
Spain — 2.55%
	Spanish Treasury Bill
	0.00% 1/15/21 ^	EUR	605,000		739,300
Total Sovereign Bonds
	(cost $735,086)				739,300
US Treasury Obligations — 23.82%
	US Treasury Floating Rate
	Note
	0.145% (USBMMY3M
	+ 0.055%) 7/31/22 ●		525,000		525,063
	US Treasury Notes
	0.375% 11/30/25		3,310,000		3,314,137
	1.50% 10/31/21		2,310,000		2,336,540
	1.75% 7/31/24		680,000		717,294
Total US Treasury Obligations
	(cost $6,825,991)				6,893,034
		Number
		of shares
Short-Term Investments — 2.60%
Money Market Mutual Funds — 2.60%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)		187,850		187,850
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)		187,850		187,850
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)		187,850		187,850
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)		187,850		187,850
Total Short-Term Investments
	(cost $751,400)				751,400
Total Value of
	Securities—100.44%
	(cost $28,476,203)			$	29,064,225

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $9,199,782, which represents 31.79% of the Series’ net assets. See Note 11 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
^	Zero-coupon security. The rate shown is the effective yield through maturity.

12

The following foreign currency exchange contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to					Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For		Date	Depreciation
TD	EUR	(605,000	)	USD	734,878	1/15/21	$	(4,510	)

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

¹ See Note 8 in “Notes to financial statements.”

Summary of abbreviations:
CLO – Collateralized Loan Obligation
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
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
TD – TD Bank
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:
EUR – European Monetary Unit
USD – US Dollar

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

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

December 31, 2020

Assets:
Investments, at value*	$	29,064,225
Dividends and interest receivable		168,846
Receivable for series shares sold		1,216
Other assets		1,435
Total Assets		29,235,722
Liabilities:
Due to custodian		1
Payable for securities purchased		250,000
Reports and statements to shareholders expenses payable to non-affiliates		13,250
Accounting and administration fees payable to non-affiliates		10,616
Other accrued expenses		9,675
Investment management fees payable to affiliates		5,571
Audit and tax fees payable		5,000
Unrealized depreciation on foreign currency exchange contracts		4,510
Accounting and administration expenses payable to affiliates		421
Payable for series shares redeemed		335
Dividend disbursing and transfer agent fees and expenses payable to affiliates		186
Trustees’ fees and expenses payable		95
Legal fees payable to affiliates		52
Reports and statements to shareholders expenses payable to affiliates		29
Total Liabilities		299,741
Total Net Assets	$	28,935,981
Net Assets Consist of:
Paid-in capital	$	29,965,325
Total distributable earnings (loss)		(1,029,344	)
Total Net Assets	$	28,935,981
Net Asset Value
Standard Class:
Net assets	$	28,935,981
Shares of beneficial interest outstanding, unlimited authorization, no par		2,970,509
Net asset value per share	$	9.74
____________________
*  Investments, at cost	$	28,476,203

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Year ended December 31, 2020

Investment Income:
Interest	$	599,393
Dividends		1,387
		600,780
Expenses:
Management fees		149,932
Audit and tax fees		72,322
Accounting and administration expenses		44,792
Reports and statements to shareholders expenses		24,007
Dividend disbursing and transfer agent fees and expenses		2,533
Trustees’ fees and expenses		1,754
Custodian fees		1,117
Legal fees		549
Registration fees		12
Other		11,571
		308,589
Less expenses waived		(83,204	)
Less expenses paid indirectly		(448	)
Total operating expenses		224,937
Net Investment Income		375,843
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		281,784
Foreign currencies		1,544
Foreign currency exchange contracts		(999	)
Net realized gain		282,329
Net change in unrealized appreciation (depreciation) of:
Investments		465,334
Foreign currency exchange contracts		(4,510	)
Net change in unrealized appreciation (depreciation)		460,824
Net Realized and Unrealized Gain		743,153
Net Increase in Net Assets Resulting from Operations	$	1,118,996

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	375,843		$	714,736
Net realized gain		282,329			455,374
Net change in unrealized appreciation (depreciation)		460,824			181,974
Net increase in net assets resulting from operations		1,118,996			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		3,522,260			1,672,149
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		841,238			212,829
		4,363,498			1,884,978
Cost of shares redeemed:
Standard Class		(7,417,491	)		(4,833,772	)
Decrease in net assets derived from capital share transactions		(3,053,993	)		(2,948,794	)
Net Decrease in Net Assets		(2,776,235	)		(1,809,539	)
Net Assets:
Beginning of year		31,712,216			33,521,755
End of year	$	28,935,981		$	31,712,216

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

16

Financial highlights
Delaware VIP^® Limited Duration Bond Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	9.66		$	9.34		$	9.61		$	9.66		$	9.69
Income (loss) from investment operations
Net investment income (loss)2		0.12			0.21			0.05			0.10			(0.03	)
Net realized and unrealized gain (loss)		0.24			0.17			(0.07	)		0.02			0.09
Total from investment operations		0.36			0.38			(0.02	)		0.12			0.06
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	$	9.74		$	9.66		$	9.34		$	9.61		$	9.66
Total return3		3.79%			4.09%			(0.22%	)		1.26%			0.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,936		$	31,712		$	33,522		$	7,220		$	7,837
Ratio of expenses to average net assets4		0.75%			0.86%			1.15%			1.01%			1.06%
Ratio of expenses to average net assets prior to fees waived4		1.03%			1.10%			1.30%			1.16%			1.21%
Ratio of net investment income (loss) to average net assets		1.25%			2.15%			0.49%			1.09%			(0.34%	)
Ratio of net investment income (loss) to average net assets prior
to fees waived		0.97%			1.91%			0.34%			0.94%			(0.49%	)
Portfolio turnover		126%			108%			268%			82%			78%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Limited Duration Bond Fund shares.
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 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.
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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 2020, the Series did not incur any interest or tax penalties.

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

18

“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. 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. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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 year ended December 31, 2020, the Series earned $447 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

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 year ended December 31, 2020, the Series was charged $5,025 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 year ended December 31, 2020, the Series was charged $2,249 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 year ended December 31, 2020, the Series was charged $1,030 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	12,089,157
Purchases of US government securities		24,526,310
Sales other than US government securities		11,202,893
Sales of US government securities		28,618,373

20

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	28,592,285
Aggregate unrealized appreciation of investments and derivatives	$	505,873
Aggregate unrealized depreciation of investments and derivatives		(38,443	)
Net unrealized appreciation of investments	$	467,430

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—	$	2,523,553	$	2,523,553
Collateralized Debt Obligations		—		2,094,913		2,094,913
Corporate Bonds		—		13,301,946		13,301,946
Non-Agency Asset-Backed Securities		—		2,760,079		2,760,079
Sovereign Bonds		—		739,300		739,300
US Treasury Obligations		—		6,893,034		6,893,034
Short-Term Investments		751,400		—		751,400
Total Value of Securities	$	751,400	$	28,312,825	$	29,064,225

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

3. Investments (continued)

	Level 1		Level 2			Total
Derivatives1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(4,510	)	$	(4,510	)

¹ Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	841,238	$	212,829

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	29,965,325
Undistributed ordinary income		587,158
Capital loss carryforwards*		(2,083,932	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		467,430
Net assets	$	28,935,981

* $2,147,055 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market on foreign currency contracts and market premium and discount on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2020, $125,901 of capital loss carryforwards was utilized.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term		Long-term		Total
$	1,017,848	$	1,066,084	$	2,083,932

22

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	364,350		175,965
Shares issued upon reinvestment of dividends and distributions:
Standard Class	88,551		22,690
	452,901		198,655
Shares redeemed:
Standard Class	(766,105	)	(505,917	)
Net decrease	(313,204	)	(307,262	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

8. 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

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

8. Derivatives (continued)

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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2020:

	Long Derivative	Short Derivative
	Volume	Volume
Foreign currency exchange contracts (average notional value)	$2,903	$43,570

9. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

		Gross Value of
	Gross Value of	Derivative
Counterparty	Derivative Asset	Liability			Net Position
TD Bank	$—	$	(4,510	)	$	(4,510	)

				Fair Value of		Fair Value of
				Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position			Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
TD Bank	$	(4,510	)	$—	$—	$—	$—	$	(4,510	)

(a)	The value of the related collateral exceeded the value of the derivatives as of December 31, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. 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

24

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

11. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, "IBORs" ) could have adverse impacts on financial instruments that reference LIBOR (or corresponding IBOR). The potential abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

11. Credit and Market Risk (continued)

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.

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 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.

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

26

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.”

12. 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.

13. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

27

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Limited Duration Bond Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Limited Duration Bond Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Limited Duration Bond Fund (subsequent to reorganization, known as Delaware VIP Limited Duration Bond Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

28

Other Series information (Unaudited)
Delaware VIP^® Limited Duration Bond Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00 %

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited Duration Bond Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited Duration Bond Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

29

Other Series information (Unaudited)
Delaware VIP^® Limited Duration Bond Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited Duration Bond Series at a meeting held August 11-13, 2020 (continued)

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all short-intermediate investment-grade debt funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the fourth quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the

30

Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

34

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

35

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

36

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.

(1502651)
AR-VIPLDB-221

Delaware VIP^® Trust

Delaware VIP Opportunity Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	10
Statement of operations	11
Statements of changes in net assets	12
Financial highlights	13
Notes to financial statements	14
Report of independent registered public accounting firm	21
Other Series information	22
Board of trustees / directors and officers addendum	25

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Opportunity Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Opportunity Series (the “Series”) Standard Class shares gained 10.80%. The figure reflects all dividends reinvested. For the same period, the Series’ benchmark, the Russell 2500™ Index, appreciated 19.99%.

Over the year, small-cap stocks outperformed mid-cap stocks. The smaller-cap Russell 2000^® Index gained 19.96% for the year while the Russell Midcap^® Index gained 17.10%. Growth companies outperformed value companies during the year as Russell 2500™ Growth Index appreciated 40.47% versus the 4.88% gain for the Russell 2500™ Value Index.

In the Russell 2500 Index, high-beta (higher risk) companies outperformed lower-beta (lower risk) stocks, and companies without earnings – as well as those with higher price-to-earnings (P/E) ratios – returned more on average than companies with lower P/E ratios. Sector-level performance within the Russell 2500 Index was mostly positive with 12 of 16 sectors advancing. The weakest-performing sector in the benchmark over the fiscal year was energy, which declined more than 35%. The real estate investment trust (REIT), media, and finance sectors in the benchmark declined during the year. The technology, healthcare, and communications services sectors in the benchmark were the strongest performing, each advancing more than 30% during the fiscal year.

Stock selection was the most significant detractor from the Series’ performance for the fiscal year. The technology sector in the benchmark was the strongest performing sector for the 12-month period, and the Series’ holdings in the sector did not advance by as much as those in the benchmark, which detracted. Stock selection in the utilities sector detracted as the Series’ holdings declined on average while those in the benchmark advanced. Stock selection in the capital goods and basic materials sectors detracted as the Series’ holdings in those sectors lagged the returns of those sectors in the benchmark. Stock selection in the healthcare sector contributed. The Series also benefited from relative underweights to the energy and media sectors.

In the utilities sector, shares of local distribution company (LDC) South Jersey Industries Inc. detracted during the fiscal year. During the year, natural gas utilities in the LDC industry underperformed due to investor pessimism regarding the potential impacts from decarbonization and regulatory developments. While shares of South Jersey Industries declined during the year, the company’s earnings were resilient, and financials supported its 22nd consecutive year of dividend increase. In September, the New Jersey Board of Public Utilities approved increases in South Jersey Industries’ base rates and recognized the company’s investments to enhance the safety, reliability, and resiliency of its natural gas distribution system. We maintained a position in South Jersey Industries as the company is trading at a valuation below that of our estimate of its intrinsic value and has, in our view, a favorable capital plan to drive customer growth.

In the first quarter of the fiscal year, we initiated a position in biopharmaceutical company Intercept Pharmaceuticals Inc. Intercept is focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Shares of Intercept detracted during the fiscal year as the company’s stock declined after it received a complete response letter (CRL) from the US Food and Drug Administration (FDA) regarding the company’s new drug application (NDA) for obeticholic acid (OCA) for the treatment of fibrosis due to NASH. The letter indicated that Intercept should submit additional post-interim analysis efficacy and safety data from its ongoing study to support a potential accelerated approval. Following the letter, the company worked with the FDA and provided initial feedback to investors later in the fiscal year that it could refile its NDA in 2021. We maintained the Series’ position in Intercept as the company lead therapy, Ocaliva is approved by the FDA for PBC and its NASH trial is in Phase 3 trials.

Shares of glucose monitoring systems company DexCom Inc. contributed to performance in the healthcare sector. During the year, DexCom’s financial results continued to grow and exceeded expectations. The company’s growth in international markets benefited by gaining approval for its products in multiple new countries. In the US, DexCom’s G6 continuous glucose monitoring system received temporary approval from the FDA for in-hospital use as a way to improve the glucose management of COVID-19 patients and reduce both the workload and risk of infection for the healthcare workers tasked with caring for these individuals. We exited the Series’ position in DexCom prior to the end of the fiscal year as its market cap had grown larger than the upper end of the benchmark.

II-VI Inc. develops and markets engineered materials and optoelectronic components for use in industrial material processing, optical communications, and consumer electronics. The company also serves automotive and military markets. II-VI is vertically integrated, differentiating it from its competitors and, more importantly, in our opinion, providing exposure to several emerging mega trends including 5G, cloud computing, 3D LiDAR sensors, electronic vehicles, and silicon carbide (SiC) devices and modules for power electronics. During the year,

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Opportunity Series

II-VI outperformed and we maintained the Series’ position in the company as we believe II-VI appears well positioned for future potential growth as it provides support to these emerging trends.

With respect to sector positioning, the Series ended the year with its largest relative underweights to companies in the healthcare, business services, energy, media, communications services, and credit cyclicals sectors. The Series held notable relative overweights in the capital goods, basic materials, finance, and transportation sectors at the end of the fiscal year. On balance, we believe the macroeconomic environment favors active managers that can apply thorough company-level analysis when making investment decisions. We continue to maintain our strategy of investing in companies that, we believe, have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the ability to potentially deliver value to shareholders.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Opportunity Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	Lifetime
Standard Class shares (commenced operations on December 17, 2012)	+10.80%	+6.85%	+9.46%	+11.04%
Russell 2500 Index	+19.99%	+11.33%	+13.64%	+13.19%*

* The benchmark lifetime return is calculated using the last business day in the month of the Series’ inception date.

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.83%, while total operating expenses for Standard Class shares were 0.91%. The management fee for Standard Class shares was 0.75%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.** Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, ad generally function as if they were stocks.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Opportunity Series

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 investment
For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020

For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020		Starting value	Ending value
	Russell 2500 Index	$10,000	$27,286
	Delaware VIP Opportunity Series — Standard Class shares	$10,000	$23,206

The graph shows a $10,000 investment in Delaware VIP Opportunity Series Standard Class shares for the period from December 17, 2012 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 2500 Index for the period from December 17, 2012 through December 31, 2020.

The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000^® Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000 Index, mentioned on page 1, measures the performance of the small-cap segment of the US equity universe.

The Russell Midcap Index, mentioned on page 1, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000^® Index.

The Russell 2500 Growth Index, mentioned on page 1, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2500 Value Index, mentioned on page 1, measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,294.50	0.83%	$	4.79
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.96	0.83%	$	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 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Opportunity Series

As of December 31, 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
Security type / sector	of net assets
Common Stock	99.00%
Basic Materials	8.76%
Business Services	4.01%
Capital Goods	12.74%
Consumer Discretionary	4.68%
Consumer Services	3.17%
Consumer Staples	2.50%
Credit Cyclicals	2.56%
Energy	1.22%
Financial Services	14.43%
Healthcare	14.51%
Media	1.05%
Real Estate Investment Trusts	6.55%
Technology	18.03%
Transportation	1.68%
Utilities	3.11%
Short-Term Investments	1.07%
Total Value of Securities	100.07%
Liabilities Net of Receivables and Other
Assets	(0.07%	)
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
Proofpoint	1.41%
Ultragenyx Pharmaceutical	1.41%
Catalent	1.38%
Reliance Steel & Aluminum	1.30%
PTC	1.30%
II-VI	1.26%
Bio-Techne	1.24%
Huntsman	1.23%
Knight-Swift Transportation Holdings	1.13%
Repligen	1.12%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Opportunity Series

December 31, 2020

	Number
	of shares	Value (US $)
Common Stock — 99.00%
Basic Materials — 8.76%
Balchem	4,980	$	573,796
Boise Cascade	7,805		373,079
Eastman Chemical	6,088		610,505
Ferro †	14,383		210,423
Huntsman	41,875		1,052,737
Kaiser Aluminum	9,042		894,254
Minerals Technologies	14,215		883,036
Neenah	16,568		916,542
Reliance Steel & Aluminum	9,290		1,112,477
Worthington Industries	17,043		874,988
			7,501,837
Business Services — 4.01%
ABM Industries	13,670		517,273
Aramark	20,463		787,416
ASGN †	9,823		820,515
Casella Waste Systems
Class A †	7,037		435,942
US Ecology	13,629		495,142
WillScot Mobile Mini
Holdings †	16,435		380,799
			3,437,087
Capital Goods — 12.74%
Barnes Group	7,601		385,295
BWX Technologies	10,612		639,691
Columbus McKinnon	5,059		194,468
ESCO Technologies	6,863		708,399
Federal Signal	9,474		314,253
Gates Industrial †	20,346		259,615
Graco	9,176		663,884
Jacobs Engineering Group	7,104		774,052
Kadant	5,262		741,837
KBR	12,959		400,822
Lincoln Electric Holdings	7,970		926,512
MasTec †	7,319		499,009
Oshkosh	9,042		778,245
Quanta Services	13,026		938,132
Rexnord	18,500		730,565
Tetra Tech	3,230		373,969
United Rentals †	3,919		908,855
Woodward	5,598		680,325
			10,917,928
Consumer Discretionary — 4.68%
American Eagle Outfitters	22,527		452,117
BJ’s Wholesale Club
Holdings †	7,437		277,251
Dick’s Sporting Goods	7,764		436,414
Five Below †	5,414		947,342
Malibu Boats Class A †	12,831		801,168
Sonic Automotive Class A	5,147		198,520
Steven Madden	25,528		901,649
			4,014,461
Consumer Services — 3.17%
Allegiant Travel	1,730		327,385
Brinker International	4,672		264,295
Chuy’s Holdings †	9,082		240,582
Jack in the Box	6,289		583,619
Texas Roadhouse	6,549		511,870
Wendy’s	36,143		792,255
			2,720,006
Consumer Staples — 2.50%
Casey’s General Stores	5,200		928,824
Helen of Troy †	1,977		439,270
J & J Snack Foods	4,977		773,276
			2,141,370
Credit Cyclicals — 2.56%
BorgWarner	15,332		592,429
KB Home	9,967		334,094
La-Z-Boy	8,580		341,827
Taylor Morrison Home †	14,036		360,023
Toll Brothers	13,097		569,327
			2,197,700
Energy — 1.22%
Diamondback Energy	15,886		768,882
Patterson-UTI Energy	7,546		39,692
PDC Energy †	11,354		233,098
			1,041,672
Financial Services — 14.43%
American Equity
Investment Life Holding	2,711		74,986
Axis Capital Holdings	11,687		588,908
Comerica	7,462		416,827
East West Bancorp	16,585		841,025
Essent Group	15,708		678,586
First Financial Bancorp	31,351		549,583
Great Western Bancorp	15,890		332,101
Hamilton Lane Class A	4,235		330,542
Independent Bank Group	8,708		544,424
Kemper	6,490		498,627
NMI Holdings Class A †	20,273		459,183
Primerica	5,186		694,561
Reinsurance Group of
America	5,856		678,710
Selective Insurance Group	9,802		656,538
South State	9,129		660,027
Sterling Bancorp	28,300		508,834

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Opportunity Series

	Number
	of shares	Value (US $)
Common Stock (continued)
Financial Services (continued)
Stifel Financial	14,878	$	750,744
Umpqua Holdings	42,305		640,498
Valley National Bancorp	48,979		477,545
Webster Financial	17,677		745,086
Western Alliance Bancorp	9,180		550,341
WSFS Financial	15,288		686,125
			12,363,801
Healthcare — 14.51%
Agios Pharmaceuticals †	10,334		447,772
Amicus Therapeutics †	23,020		531,532
Bio-Techne	3,351		1,064,110
Blueprint Medicines †	6,512		730,321
Catalent †	11,376		1,183,900
Encompass Health	11,103		918,107
Exact Sciences †	4,889		647,744
Halozyme Therapeutics †	15,369		656,410
ICON †	3,628		707,387
Intercept
Pharmaceuticals †	7,188		177,544
Ligand Pharmaceuticals †	5,598		556,721
Natera †	5,950		592,144
Neurocrine Biosciences †	8,364		801,689
Quidel †	3,368		605,061
Repligen †	5,028		963,516
Supernus
Pharmaceuticals †	15,292		384,747
Teladoc Health †	1,249		249,750
Ultragenyx
Pharmaceutical †	8,739		1,209,740
			12,428,195
Media — 1.05%
Cinemark Holdings	19,774		344,265
Interpublic Group of
Companies	23,468		551,968
			896,233
Real Estate Investment Trusts — 6.55%
American Assets Trust	9,331		269,479
Apartment Income REIT †	15,308		587,980
Brixmor Property Group	31,164		515,764
Camden Property Trust	6,457		645,183
Cousins Properties	20,561		688,794
EastGroup Properties	2,677		369,587
EPR Properties	7,805		253,663
First Industrial Realty Trust	13,568		571,620
Kite Realty Group Trust	24,909		372,639
Lexington Realty Trust	36,786		390,667
Life Storage	3,806		454,398
Pebblebrook Hotel Trust	14,970		281,436
Physicians Realty Trust	12,058		214,632
			5,615,842
Technology — 18.03%
Blackline †	2,626		350,256
Box Class A †	10,459		188,785
Brooks Automation	8,448		573,197
Chegg †	6,703		605,482
ExlService Holdings †	10,560		898,973
Glu Mobile †	24,642		222,024
Guidewire Software †	4,948		636,956
II-VI †	14,256		1,082,886
J2 Global †	9,190		897,771
LendingTree †	2,428		664,762
MACOM Technology
Solutions Holdings †	9,926		546,327
MaxLinear †	20,553		784,919
Medallia †	14,353		476,807
NETGEAR †	11,431		464,441
Paycom Software †	616		278,586
Proofpoint †	8,870		1,209,957
PTC †	9,293		1,111,536
Rapid7 †	6,816		614,531
Semtech †	11,230		809,571
Silicon Laboratories †	1,845		234,942
SS&C Technologies
Holdings	11,644		847,101
Tyler Technologies †	762		332,628
Varonis Systems †	1,545		252,777
WNS Holdings ADR †	12,505		900,985
Yelp †	14,012		457,772
			15,443,972
Transportation — 1.68%
Knight-Swift Transportation
Holdings	23,037		963,407
Werner Enterprises	12,050		472,601
			1,436,008
Utilities — 3.11%
Black Hills	8,252		507,085
NorthWestern	13,021		759,255
South Jersey Industries	31,110		670,421
Spire	11,355		727,174
			2,663,935
Total Common Stock
(cost $70,784,683)			84,820,047

8

	Number
	of shares	Value (US $)
Short-Term Investments — 1.07%
Money Market Mutual Funds — 1.07%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.00%)	228,815	$	228,815
Fidelity Investments Money
Market Government
Portfolio – Class I
(seven-day effective
yield 0.01%)	228,815		228,815
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.02%)	228,815		228,815
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	228,815		228,815
Total Short-Term Investments
(cost $915,260)			915,260
Total Value of
Securities—100.07%
(cost $71,699,943)		$	85,735,307

† Non-income producing security.

Summary of abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs
REIT – Real Estate Investment Trust

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

9

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Opportunity Series

December 31, 2020

Assets:
Investments, at value*	$	85,735,307
Dividends receivable		70,563
Receivable for series shares sold		2,427
Other assets		2,115
Total Assets		85,810,412
Liabilities:
Due to custodian		29
Investment management fees payable to affiliates		42,729
Payable for series shares redeemed		32,625
Payable for securities purchased		23,381
Reports and statements to shareholders expenses payable to non-affiliates		13,237
Accounting and administration fees payable to non-affiliates		12,556
Audit and tax fees payable		4,500
Other accrued expenses		3,472
Accounting and administration expenses payable to affiliates		580
Dividend disbursing and transfer agent fees and expenses payable to affiliates		542
Trustees’ fees and expenses payable		261
Legal fees payable to affiliates		143
Reports and statements to shareholders expenses payable to affiliates		86
Total Liabilities		134,141
Total Net Assets	$	85,676,271
Net Assets Consist of:
Paid-in capital	$	69,172,536
Total distributable earnings (loss)		16,503,735
Total Net Assets	$	85,676,271
Net Asset Value
Standard Class:
Net assets	$	85,676,271
Shares of beneficial interest outstanding, unlimited authorization, no par		5,009,261
Net asset value per share	$	17.10
____________________
*  Investments, at cost	$	71,699,943

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

10

Statement of operations
Delaware VIP^® Trust — Delaware VIP Opportunity Series

Year ended December 31, 2020

Investment Income:
Dividends	$	1,704,821
Expenses:
Management fees		547,745
Audit and tax fees		54,498
Accounting and administration expenses		51,861
Reports and statements to shareholders expenses		27,958
Custodian fees		6,134
Dividend disbursing and transfer agent fees and expenses		6,103
Legal fees		4,290
Trustees’ fees and expenses		4,187
Registration fees		722
Other		2,157
		705,655
Less expenses waived		(99,286	)
Less expenses paid indirectly		(1,249	)
Total operating expenses		605,120
Net Investment Income		1,099,701
Net Realized and Unrealized Gain:
Net realized gain on investments		1,404,183
Net change in unrealized appreciation (depreciation) of investments		6,145,419
Net Realized and Unrealized Gain		7,549,602
Net Increase in Net Assets Resulting from Operations	$	8,649,303

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

11

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Opportunity Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	1,099,701		$	492,100
Net realized gain		1,404,183			12,145,268
Net change in unrealized appreciation (depreciation)		6,145,419			6,796,778
Net increase in net assets resulting from operations		8,649,303			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		4,765,458			5,636,422
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		12,579,339			2,832,760
		17,344,797			8,469,182
Cost of shares redeemed:
Standard Class		(10,079,917	)		(6,924,307	)
Increase in net assets derived from capital share transactions		7,264,880			1,544,875
Net Increase in Net Assets		3,334,844			18,146,261
Net Assets:
Beginning of year		82,341,427			64,195,166
End of year	$	85,676,271		$	82,341,427

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

12

Financial highlights
Delaware VIP^® Opportunity Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	19.50		$	15.58		$	18.76		$	15.87		$	14.73
Income (loss) from investment operations
Net investment income2		0.22			0.11			0.24			0.10			0.12
Net realized and unrealized gain (loss)		0.36			4.49			(3.08	)		2.90			1.09
Total from investment operations		0.58			4.60			(2.84	)		3.00			1.21
Less dividends and distributions from:
Net investment income		(0.12	)		(0.23	)		(0.10	)		(0.11	)		(0.07	)
Net realized gain		(2.86	)		(0.45	)		(0.24	)		—			—
Total dividends and distributions		(2.98	)		(0.68	)		(0.34	)		(0.11	)		(0.07	)
Net asset value, end of period	$	17.10		$	19.50		$	15.58		$	18.76		$	15.87
Total return3		10.80%	4		30.11%	4		(15.38%	)		19.00%			8.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	85,676		$	82,342		$	64,195		$	69,977		$	52,737
Ratio of expenses to average net assets5		0.83%			0.84%			0.83%			0.84%			0.87%
Ratio of expenses to average net assets prior to fees waived5		0.97%			0.89%			0.83%			0.84%			0.87%
Ratio of net investment income to average net assets		1.50%			0.65%			1.34%			0.59%			0.83%
Ratio of net investment income to average net assets prior to
fees waived		1.36%			0.60%			1.34%			0.59%			0.83%
Portfolio turnover		31%			125%	6		59%			30%			31%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Opportunity Fund shares.
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	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 December 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

14

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 year ended December 31, 2020, the Series earned $1,249 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $6,493 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 year ended December 31, 2020, the Series was charged $5,477 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 year ended December 31, 2020, the Series was charged $2,465 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.”

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity Series

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	22,324,066
Sales		25,771,358

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	71,801,852
Aggregate unrealized appreciation of investments	$	17,491,738
Aggregate unrealized depreciation of investments		(3,558,283	)
Net unrealized appreciation of investments	$	13,933,455

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 as follows:

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)

16

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	84,820,047
Short-Term Investments		915,260
Total Value of Securities	$	85,735,307

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	3,177,010	$	941,032
Long-term capital gains		9,402,329		1,891,728
Total	$	12,579,339	$	2,832,760

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	69,172,536
Undistributed ordinary income		2,570,280
Unrealized appreciation of investments		13,933,455
Net assets	$	85,676,271

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity Series

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	339,961		319,545
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,114,202		164,986
	1,454,163		484,531
Shares redeemed:
Standard Class	(667,790	)	(382,909	)
Net increase	786,373		101,622

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

18

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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 December 31, 2020, there were no Rule 144A securities held by the Series.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

20

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Opportunity Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Opportunity Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements 0f changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Opportunity Fund (subsequent to reorganization, known as Delaware VIP Opportunity Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and broker; when a reply was not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

21

Other Series information (Unaudited)
Delaware VIP^® Opportunity Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	74.74	%
(B) Ordinary Income Distributions (Tax Basis)	25.26	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualified Dividends1	30.14	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Opportunity Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Opportunity Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

22

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all mid-cap core funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 3-year periods was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information

23

Other Series information (Unaudited)
Delaware VIP^® Opportunity Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Opportunity Series at a meeting held August 11-13, 2020 (continued)

to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

24

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

28

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

29

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.

(1502651)
AR-VIPOP-221

Delaware VIP^® Trust

Delaware VIP Special Situations Series

December 31, 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

Portfolio management review	1
Performance summary	2
Disclosure of Series expenses	4
Security type / sector allocation and top 10 equity holdings	5
Schedule of investments	6
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Report of independent registered public accounting firm	19
Other Series information	20
Board of trustees / directors and officers addendum	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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Special Situations Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Special Situations Series (the “Series”) Standard Class shares declined -1.85%. This figure reflects all dividends reinvested. The Series’ benchmark, the Russell 2000^® Value Index, advanced 4.63% for the same period.

During the fiscal year, growth companies outperformed value companies across the United States market capitalization spectrum as investors appeared to favor momentum over quality. The performance disparity between value companies and growth companies was significant in small-cap equities as the Russell 2000 Growth Index advanced 34.63% during the fiscal year.

Sector performance for the fiscal year was mixed within the Russell 2000 Value Index, with nine sectors advancing and four sectors declining. The strongest-performing sectors in the benchmark were healthcare, consumer staples, and technology, each returning more than 25% for the fiscal year while the energy sector was by far the weakest sector in the benchmark, declining more than 35%. The other three sectors that declined were the real estate investment trust (REIT), financial services, and utilities sectors.

Within the Series, stock selection and sector positioning detracted. The largest relative detractor from performance was the Series’ performance in the consumer services sector as the Series’ holdings in the sector declined on average while those in the benchmark advanced. While the Series’ returns in the healthcare sector essentially matched the sector returns in the benchmark, the Series’ allocation underweight to the healthcare sector detracted from performance. The Series’ holdings in the energy sector detracted as these holdings declined more on average than those in the energy sector of the benchmark. Contributing on a relative basis was stock selection and a relative underweight allocation in the REIT sector as the Series’ holdings declined by less than those in the REIT sector of the benchmark. Additionally, stock selection contributed in the financial services and capital spending sectors.

Shares of movie theater company Cinemark Holdings Inc. detracted from the Series’ relative performance during the fiscal year. In mid-March, Cinemark announced the temporary closure of all its theaters to protect employees and moviegoers from the coronavirus. Cinemark’s stock price declined given that revenue was likely to be lower than expected. Prior to the end of the fiscal year, we sold the Series’ position in Cinemark as we believe the company may, for a period, be unable to generate free cash flow.

Great Western Bancorp Inc. is a bank holding company headquartered in South Dakota with branches in South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas, and Missouri that specializes in agribusiness banking. During the fiscal year, Great Western Bancorp detracted from performance when it reported an increase in provision expenses related to loans made to hospitals and hotels. We maintained the Series’ position in Great Western as the company cut its dividend to increase its capital levels and trades at near historically low valuation levels.

Teradyne Inc., a supplier of automation equipment for test and industrial applications, designs systems used to test semiconductors, wireless products, and electronic systems. It also produces collaborative industrial-use robots. Shares of Teradyne contributed during the fiscal year as Teradyne reported multiple quarters of improved financial results driven by stronger-than-expected test revenues and demand trends.

Altra Industrial Motion Corp. is a premier global designer and producer of a wide range of motion control and power transmission solutions. Altra contributed to the Series’ performance for the fiscal year. The company made cost reductions early in the period to maintain financial flexibility. Likewise, by reducing its dividend early in the period, the company had additional cash available that it used to pay down debt. Having benefited from cost reductions that led to improved earnings, Altra was able to increase its dividend later in the fiscal year.

Compared with the benchmark, the Series ended the fiscal year overweight in the technology, capital spending, transportation, financial services, and consumer staples sectors. The Series ended the period with notable underweights in the consumer services, healthcare, REIT, and utilities sectors. We continue to identify new companies across several sectors in the market, trading at what we view as attractive valuations that have been able to generate strong free cash flow.

Toward the end of the fiscal year, companies began to reinitiate earnings guidance, although most guidance is given along with several qualifiers and within a range. We recognize that many businesses are likely to lack an earnings catalyst until the pandemic and broader health issues show some resolution and clarity. We believe capital expenditures and dividends are likely to remain subdued as many firms focus on their balance sheets. Additionally, at the end of the fiscal year, some companies announced plans to resume share repurchases.

Our team’s disciplined philosophy remains unchanged. We continue to focus on bottom-up stock selection and specifically on identifying companies that, in our view, trade at attractive valuations, generate strong free cash flow, and have the ability to implement shareholder-friendly policies through share buybacks, dividend increases, and debt reduction.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.      1

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Special Situations Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on      November 9, 1987)	-1.85%	-0.49%	+6.23%	+7.73%	—
Russell 2000 Value Index	+4.63%	+3.72%	+9.65%	+8.66%	—

Returns reflect the reinvestment of all distributions. Please see page 3 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.80%, while total operating expenses for Standard Class shares were 0.84%. The management fee for Standard Class shares was 0.75%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

2

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Russell 2000 Value Index	$10,000	$22,943
	Delaware VIP Special Situations Series — Standard Class shares	$10,000	$21,059

The graph shows a $10,000 investment in Delaware VIP Special Situations Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 2000 Value Index for the period from December 31, 2010 through December 31, 2020.

The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Growth Index, mentioned on page 1, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

3

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,327.50	0.80%	$4.68
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.11	0.80%	$4.06

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

4

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Special Situations Series

As of December 31, 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
Security type / sector	of net assets
Common Stock ◆		99.41	%
Basic Industry		7.38	%
Business Services		1.99	%
Capital Spending		10.22	%
Consumer Cyclical		4.26	%
Consumer Services		10.40	%
Consumer Staples		3.79	%
Energy		3.29	%
Financial Services*		27.48	%
Healthcare		3.60	%
Real Estate Investment Trusts		8.43	%
Technology		11.91	%
Transportation		3.03	%
Utilities		3.63	%
Short-Term Investments		0.51	%
Total Value of Securities		99.92	%
Receivables and Other Assets Net of      Liabilities		0.08	%
Total Net Assets		100.00	%

◆

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

*

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 Bank, Diversified Financial Services and Insurance. As of December 31, 2020, such amounts, as a percentage of total net assets were 20.29%, 2.25% and 4.94%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentage 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		3.02	%
MasTec		2.49	%
Stifel Financial		2.26	%
ITT		1.93	%
Berry Global Group		1.93	%
Webster Financial		1.86	%
Western Alliance Bancorp		1.78	%
Flex		1.77	%
Hancock Whitney		1.74	%
Altra Industrial Motion		1.71	%

5

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Special Situations Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.41% ◆
Basic Industry — 7.38%
	Arconic †	55,100	$	1,641,980
	Ashland Global Holdings	18,000		1,425,600
	Avient	11,965		481,950
	Berry Global Group †	74,800		4,203,012
	HB Fuller	36,400		1,888,432
	Huntsman	76,700		1,928,238
	Louisiana-Pacific	94,900		3,527,433
	Summit Materials Class A †	48,200		967,856
				16,064,501
Business Services — 1.99%
	Deluxe	20,000		584,000
	PAE †	60,300		553,554
	WESCO International †	40,800		3,202,800
				4,340,354
Capital Spending — 10.22%
	Altra Industrial Motion	67,300		3,730,439
	Atkore International      Group †	55,400		2,277,494
	H&E Equipment Services	35,500		1,058,255
	ITT	54,600		4,205,292
	KBR	49,132		1,519,653
	MasTec †	79,400		5,413,492
	Primoris Services	59,550		1,644,175
	Rexnord	60,500		2,389,145
				22,237,945
Consumer Cyclical — 4.26%
	Adient †	54,300		1,888,011
	Barnes Group	38,500		1,951,565
	KB Home	55,100		1,846,952
	Knoll	58,500		858,780
	Meritage Homes †	25,400		2,103,628
	Standard Motor Products	15,300		619,038
				9,267,974
Consumer Services — 10.40%
	Aaron’s †	14,050		266,388
	Acushnet Holdings	28,000		1,135,120
	Asbury Automotive      Group †	16,000		2,331,840
	Cable One	800		1,782,176
	Choice Hotels      International	23,900		2,550,847
	Cracker Barrel Old Country      Store	15,800		2,084,336
	Denny’s †	39,900		585,732
	PROG Holdings	28,100		1,513,747
	Steven Madden	59,300		2,094,476
	TEGNA	121,400		1,693,530
	Texas Roadhouse	24,250		1,895,380
	UniFirst	13,200		2,794,308
	Wolverine World Wide	61,213		1,912,906
				22,640,786
Consumer Staples — 3.79%
	Core-Mark Holding	39,100		1,148,367
	J & J Snack Foods	13,900		2,159,643
	Performance Food Group †	33,200		1,580,652
	Scotts Miracle-Gro	7,300		1,453,722
	Spectrum Brands Holdings	24,200		1,911,316
				8,253,700
Energy — 3.29%
	CNX Resources †	173,600		1,874,880
	Delek US Holdings	61,800		993,126
	Dril-Quip †	27,100		802,702
	Helix Energy Solutions      Group †	173,900		730,380
	Patterson-UTI Energy	167,300		879,998
	WPX Energy †	231,700		1,888,355
				7,169,441
Financial Services — 27.48%
	American Equity      Investment Life Holding	98,200		2,716,212
	Bank of NT Butterfield &      Son	46,700		1,455,172
	East West Bancorp	129,600		6,572,016
	First Financial Bancorp	107,200		1,879,216
	First Interstate BancSystem      Class A	46,000		1,875,420
	First Midwest Bancorp	120,800		1,923,136
	FNB	312,300		2,966,850
	Great Western Bancorp	87,500		1,828,750
	Hancock Whitney	111,550		3,794,931
	Hanover Insurance Group	25,800		3,016,536
	Kemper	23,200		1,782,456
	NBT Bancorp	26,200		841,020
	Prosperity Bancshares	29,000		2,011,440
	S&T Bancorp	36,000		894,240
	Sandy Spring Bancorp	30,400		978,576
	Selective Insurance Group	48,300		3,235,134
	Stifel Financial	97,350		4,912,281
	Synovus Financial	65,100		2,107,287
	Umpqua Holdings	210,100		3,180,914
	Valley National Bancorp	256,700		2,502,825
	Webster Financial	95,900		4,042,185
	WesBanco	48,300		1,447,068
	Western Alliance Bancorp	64,550		3,869,773
				59,833,438

6

		Number
		of shares	Value (US $)
Common Stock ◆(continued)
Healthcare — 3.60%
	Avanos Medical †	41,400	$	1,899,432
	Integer Holdings †	26,200		2,127,178
	Integra LifeSciences      Holdings †	35,100		2,278,692
	Service Corp. International	31,250		1,534,375
				7,839,677
Real Estate Investment Trusts — 8.43%
	Brandywine Realty Trust	179,400		2,136,654
	Independence Realty Trust	76,900		1,032,767
	Kite Realty Group Trust	55,505		830,355
	Lexington Realty Trust	193,800		2,058,156
	Life Storage	20,600		2,459,434
	National Health Investors	22,600		1,563,242
	Outfront Media	126,700		2,478,252
	RPT Realty	111,800		967,070
	Spirit Realty Capital	56,300		2,261,571
	STAG Industrial	34,140		1,069,265
	Summit Hotel Properties	130,800		1,178,508
	Washington Real Estate      Investment Trust	14,700		317,961
				18,353,235
Technology — 11.91%
	Cirrus Logic †	25,800		2,120,760
	Coherent †	9,113		1,367,132
	Concentrix †	12,400		1,223,880
	Diodes †	19,200		1,353,600
	Flex †	214,809		3,862,266
	NCR †	18,688		702,108
	NetScout Systems †	49,700		1,362,774
	ON Semiconductor †	82,100		2,687,133
	SYNNEX	12,400		1,009,856
	Teradyne	26,600		3,189,074
	Tower Semiconductor †	89,200		2,303,144
	TTM Technologies †	142,200		1,961,649
	Viavi Solutions †	131,400		1,967,715
	Vishay Intertechnology	39,500		818,045
				25,929,136
Transportation — 3.03%
	Kirby †	29,900		1,549,717
	Saia †	9,700		1,753,760
	SkyWest	26,350		1,062,169
	Werner Enterprises	56,700		2,223,774
				6,589,420
Utilities — 3.63%
	ALLETE	30,956		1,917,415
	Black Hills	35,200		2,163,040
	PNM Resources	12,334		598,569
	South Jersey Industries	59,381		1,279,660
	Southwest Gas Holdings	31,900		1,937,925
				7,896,609
Total Common Stock
	(cost $194,923,115)			216,416,216
Short-Term Investments — 0.51%
Money Market Mutual Funds — 0.51%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	279,592		279,592
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	279,593		279,593
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	279,594		279,594
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	279,593		279,593
Total Short-Term Investments
	(cost $1,118,372)			1,118,372
Total Value of
	Securities—99.92%
	(cost $196,041,487)		$	217,534,588

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Special Situations Series

December 31, 2020

Assets:
	Investments, at value*	$	217,534,588
	Receivable for securities sold		392,053
	Dividends receivable		238,536
	Receivable for series shares sold		1,395
	Other assets		7,880
	Total Assets		218,174,452
Liabilities:
	Due to custodian		2
	Payable for securities purchased		225,084
	Investment management fees payable to affiliates		112,704
	Payable for series shares redeemed		70,194
	Reports and statements to shareholders expenses payable to non-affiliates		28,380
	Accounting and administration fees payable to non-affiliates		13,494
	Audit and tax fees payable		5,500
	Other accrued expenses		4,738
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,371
	Accounting and administration expenses payable to affiliates		949
	Trustees’ fees and expenses payable to affiliates		649
	Legal fees payable to affiliates		355
	Reports and statements to shareholders expenses payable to affiliates		219
	Total Liabilities		463,639
Total Net Assets		$	217,710,813
Net Assets Consist of:
	Paid-in capital	$	200,817,323
	Total distributable earnings (loss)		16,893,490
Total Net Assets		$	217,710,813
Net Asset Value
Standard Class:
Net assets		$	217,710,813
Shares of beneficial interest outstanding, unlimited authorization, no par			7,945,237
Net asset value per share		$	27.40
____________________
*  Investments, at cost		$	196,041,487

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Special Situations Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	3,864,726
Expenses:
	Management fees		1,399,921
	Accounting and administration expenses		70,537
	Audit and tax fees		60,140
	Reports and statements to shareholders expenses		50,341
	Dividend disbursing and transfer agent fees and expenses		15,518
	Custodian fees		11,825
	Legal fees		10,911
	Trustees’ fees and expenses		10,699
	Registration fees		434
	Other		4,406
			1,634,732
	Less expenses waived		(142,490	)
	Less expenses paid indirectly		(1,707	)
	Total operating expenses		1,490,535
Net Investment Income			2,374,191
Net Realized and Unrealized Loss:
	Net realized loss on investments		(6,612,222	)
	Net change in unrealized appreciation (depreciation) of investments		(1,823,229	)
Net Realized and Unrealized Loss			(8,435,451	)
Net Decrease in Net Assets Resulting from Operations		$	(6,061,260	)

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Special Situations Series

			Year ended
			12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,374,191		$	2,490,812
	Net realized gain (loss)			(6,612,222	)		17,409,630
	Net change in unrealized appreciation (depreciation)			(1,823,229	)		22,063,593
	Net increase (decrease) in net assets resulting from operations			(6,061,260	)		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		4,224,703			4,903,509
	Net asset value of shares issued upon reinvestment of dividends and distributions:
		Standard Class		19,890,702			17,270,300
				24,115,405			22,173,809
	Cost of shares redeemed:
		Standard Class		(19,802,578	)		(17,343,572	)
	Increase in net assets derived from capital share transactions			4,312,827			4,830,237
Net Increase (Decrease) in Net Assets				(21,639,135	)		29,523,972
Net Assets:
	Beginning of year			239,349,948			209,825,976
	End of year		$	217,710,813		$	239,349,948

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

10

Financial highlights
Delaware VIP^® Special Situations Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	32.21		$	28.86		$	40.08		$	34.64		$	32.40
Income (loss) from investment operations
Net investment income2		0.30			0.33			0.23			0.15			0.33
Net realized and unrealized gain (loss)		(2.40	)		5.39			(6.17	)		6.06			4.28
Total from investment operations		(2.10	)		5.72			(5.94	)		6.21			4.61
Less dividends and distributions from:
Net investment income		(0.42	)		(0.22	)		(0.18	)		(0.33	)		(0.18	)
Net realized gain		(2.29	)		(2.15	)		(5.10	)		(0.44	)		(2.19	)
Total dividends and distributions		(2.71	)		(2.37	)		(5.28	)		(0.77	)		(2.37	)
Net asset value, end of period	$	27.40		$	32.21		$	28.86		$	40.08		$	34.64
Total return3		(1.85%	)4		20.36%	4		(16.60%	)		18.26%			16.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	217,711		$	239,350		$	209,826		$	255,999		$	224,220
Ratio of expenses to average net assets5		0.80%			0.80%			0.80%			0.80%			0.81%
Ratio of expenses to average net assets prior to fees waived5		0.88%			0.82%			0.80%			0.80%			0.81%
Ratio of net investment income to average net assets		1.27%			1.08%			0.65%			0.40%			1.06%
Ratio of net investment income to average net assets prior to
fees waived		1.19%			1.06%			0.65%			0.40%			1.06%
Portfolio turnover		21%			128%	6		54%			38%			31%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Special Situations Fund shares.
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	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 December 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.

11

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

12

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 year ended December 31, 2020, the Series earned $1,707 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $10,367 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 year ended December 31, 2020, the Series was charged $13,999 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 year ended December 31, 2020, the Series was charged $6,265 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.”

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	38,636,069
Sales		47,913,361

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	196,270,087
Aggregate unrealized appreciation of investments	$	36,432,677
Aggregate unrealized depreciation of investments		(15,168,176	)
Net unrealized appreciation of investments	$	21,264,501

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 as follows:

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)

14

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	216,416,216
Short-Term Investments		1,118,372
Total Value of Securities	$	217,534,588

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	3,104,566	$	1,634,303
Long-term capital gains		16,786,136		15,635,997
Total	$	19,890,702	$	17,270,300

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	200,817,323
Undistributed ordinary income		2,189,454
Capital loss carryforwards*		(6,560,465	)
Unrealized appreciation of investments		21,264,501
Net assets	$	217,710,813

* $3,271,246 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnership income. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series recorded the following reclassifications:

Paid-in capital	$	137,640
Total distributable earnings (loss)		(137,640	)

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$6,560,465	$—	$6,560,465

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	205,154		162,943
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,125,676		569,038
	1,330,830		731,981
Shares redeemed:
Standard Class	(817,269	)	(571,361	)
Net increase	513,561		160,620

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

16

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

9. Credit and Market Risk (continued)

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly 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 year ended December 31, 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 December 31, 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

18

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Special Situations Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Special Situations Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Special Situations Fund (subsequent to reorganization, known as Delaware VIP Special Situations Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

19

Other Series information (Unaudited)
Delaware VIP^® Special Situations Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	84.39	%
(B) Ordinary Income Distributions (Tax Basis)	15.61	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualified Dividends1	96.49	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Special Situations Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Special Situations Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

20

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a small-cap core fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the small-cap value funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one, consisting of the Series and all small-cap core funds underlying variable insurance products, and the other, consisting of the Series and all small-cap value funds underlying variable insurance products. When compared to other small-cap core funds, the Broadridge report comparison showed that the Series’ total return for the 1- and 10- year periods was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the third quartile of its Performance Universe. When compared to other small-cap value funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-year period was in the first quartile of its Performance Universe and the Series’ total return for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Board observed that, when compared to other small-cap core funds, the Series’ performance results were not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other small-cap core funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. When compared to other small-cap value funds, the expense comparisons for the Series showed that the actual management fee was in the quartile with the second highest expenses of the Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in

21

Other Series information (Unaudited)
Delaware VIP^® Special Situations Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Special Situations Series at a meeting held August 11-13, 2020 (continued)

providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

22

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

26

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

27

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.

(1502651)
AR-VIPSS-221

Delaware VIP^® Trust

Delaware VIP Total Return Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	18
Statement of operations	19
Statements of changes in net assets	20
Financial highlights	21
Notes to financial statements	23
Report of independent registered public accounting firm	37
Other Series information	38
Board of trustees / directors and officers addendum	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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Total Return Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek to provide sustainable current income with potential for capital appreciation with moderate investment risk.

For the fiscal year ended December 31, 2020, Delaware VIP Total Return Series (the “Series”) Standard Class shares gained 0.91% and Service Class shares gained 0.54% (both figures reflect all distributions reinvested). The Series’ primary benchmark, the S&P 500^® Index, gained 18.40% for the 1-year period. The Series’ secondary benchmarks, the Bloomberg Barclays US Aggregate Index and a blend of 60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index, gained 7.51% and 15.68%, respectively, for the same period.

The 12-month period was mixed from a performance perspective, with risk assets in positive territory overall, albeit with heightened volatility. The fiscal year began with optimism, as the consensus view expected a midcycle bounce in growth to be the dominant theme for at least the first two months of 2020.

That optimism quickly faded when a dangerous coronavirus, or COVID-19, emerged in China in mid-January and it became increasingly clear through February and March that the virus would not be contained, as reported cases around the globe increased significantly. The realization of a widespread pandemic ignited a repricing within global asset markets as equity prices fell heavily amid a flight to quality, particularly in US Treasurys and the US dollar, and a scramble for liquidity.

Contrasting themes marked the latter half of the fiscal year as equities recovered and pushed toward all-time highs despite virus cases increasing in the United States, Europe, and Asia. Financial markets focused on the improving economic data, the abundant liquidity provided by central banks, and the prospect of additional fiscal stimulus. Optimism faded in September as a resurgence in coronavirus cases, political uncertainty surrounding the US presidential election, and continued US-China tensions concerned investors.

Overall, the Series underperformed the S&P 500 Index primarily because of its strategic allocation to fixed income. The US Federal Reserve signaled that monetary policy would likely remain very accommodative for years to come. As a result, after the initial drawdown in equities during March 2020, equities rallied sharply throughout the remainder of the year, significantly outperforming fixed income securities. While the Series’ exposure to corporate bonds and structured fixed income securities fared well for the 12-month period and contributed to the Series’ performance, these asset classes did not gain as much as equities, resulting in underperformance relative to the benchmark.

In addition, the Series’ equity component underperformed the S&P 500 Index because of its exposure to energy and real estate equities. The energy sector declined for the 12-month period owing to the oil supply war between Russia and the Organization of the Petroleum Exporting Countries Plus (OPEC+) and waning demand on the back of COVID-19. The virus led many countries to enact social distancing and stay-at-home orders, resulting in a drop in consumer spending and general economic activity. Real estate was hurt as a result, with the cyclical real estate investment trust (REIT) sectors such as hotels and retail down sharply. Although the stock market rebounded strongly through the second half of the fiscal year, both energy and real estate equities lagged the market recovery as fundamentals for both spaces remained uncertain, especially with no clear guidance on the path to normalization for the economy.

The Series’ strategic policy weights reflect a commitment to seeking diversification across geographies and asset classes. As part of the oversight process, we periodically analyze the sources of the Series’ active performance.

Over the 12 months ended December 31, 2020, the Series’ active positioning with respect to the strategic policy weights of different asset classes detracted from the Series’ active performance, relative to its hypothetical returns at the strategic policy weights. Most of this underperformance occurred after the first quarter of 2020.

We periodically examine the contribution of derivatives to the Series’ performance. Based on the available information, the Series’ combination of futures, options, swaps, and currency positions had only a limited impact on performance during the 12 months ended December 31, 2020.

As the Series’ fiscal year ended, we sought to continue to deliver the potential benefits of diversification while actively managing risk. With these two principles in mind, the Series seeks to deliver returns that are derived from tactical asset allocation decisions and from active management of individual asset classes and investment styles. We manage the Series based on the assumption that investors should keep a global perspective when evaluating potential investment opportunities, and therefore continue to include investment possibilities around the globe within the Series.

The growth outlook is unclear to us, as volatile macroeconomic factors paired with the pandemic have escalated global economic and market uncertainties. While we think the worst of the recession is likely behind us, the path to recovery is not yet laid out. In our view, a thoughtful

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Total Return Series

active management approach is needed given increased political, economic, and market uncertainty. We believe vigilant and continuous assessment of the current market environment offers opportunities to seek to take advantage of market dislocations with an aim of achieving what we view as attractive risk-adjusted returns through an active focus on portfolio risk and diversification.

2      Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Total Return Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year		3 year		5 year		Lifetime
Standard Class shares (commenced operations on December 17, 2012)	+0.91	%	+3.47	%	+5.71	%	+6.01	%
Service Class shares (commenced operations on October 31, 2019)	+0.54	%	—		—		+3.58	%
S&P 500 Index	+18.40	%	+14.18	%	+15.22	%	+15.18	%*
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index	+15.68	%	+11.34	%	+11.29	%	+10.66	%*
Bloomberg Barclays US Aggregate Index	+7.51	%	+5.34	%	+4.44	%	+3.30	%*

* The benchmark lifetime return is for Standard Class share comparison only and is calculated using the last business day in the month of the Series’ Standard Class inception date.

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the indices.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares and Service Class shares of the Series were 0.86% and 1.16%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.92% and 1.22%, respectively. The management fee for Standard Class and Service Class shares was 0.65%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from January 1, 2020 through December 31, 2020.** Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Total Return Series

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal. Each Series has a different level of risk.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020

For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020		Starting value	Ending value
	S&P 500 Index	$10,000	$30,916
	60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index	$10,000	$22,511
	Delaware VIP Total Return Series — Standard Class shares	$10,000	$15,990
	Bloomberg Barclays US Aggregate Index	$10,000	$12,996

The graph shows a $10,000 investment in Delaware VIP Total Return Series Standard Class shares for the period from December 17, 2012 through December 31, 2020.

The graph also shows $10,000 invested in the S&P 500 Index, a blend of 60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index, and the Bloomberg Barclays US Aggregate Index for the period from December 17, 2012 through December 31, 2020.

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,148.10	0.86%	$4.64
Service Class	1,000.00	1,146.50	1.16%	6.26
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,020.81	0.86%	$4.37
Service Class	1,000.00	1,019.30	1.16%	5.89

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Total Return Series

As of December 31, 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
Security type / sector	of net assets
Convertible Bonds		9.37	%
Capital Goods		0.46	%
Communications		1.35	%
Consumer Non-Cyclical		1.95	%
Electric		0.41	%
Energy		1.38	%
Real Estate Investment Trusts		0.37	%
Technology		3.20	%
Transportation		0.25	%
Corporate Bonds		13.94	%
Banking		0.68	%
Basic Industry		1.43	%
Capital Goods		0.49	%
Communications		1.39	%
Consumer Cyclical		1.61	%
Consumer Non-Cyclical		0.80	%
Energy		1.26	%
Financials		1.23	%
Healthcare		1.24	%
Insurance		0.23	%
Media		1.77	%
Real Estate Investment Trusts		0.30	%
Services		0.51	%
Technology & Electronics		0.21	%
Transportation		0.28	%
Utilities		0.51	%
US Treasury Obligations		7.32	%
Common Stock		54.54	%
Communication Services		5.65	%
Consumer Discretionary		4.03	%
Consumer Staples		6.37	%
Energy		1.22	%
Financials		5.29	%
Healthcare		8.77	%
Industrials		5.42	%
Information Technology		8.42	%
Materials		1.69	%
REIT Diversified		0.18	%
REIT Healthcare		0.72	%
REIT Hotel		0.29	%
REIT Industrial		0.63	%
REIT Information Technology		0.82	%
REIT Mall		0.18	%
REIT Manufactured Housing		0.20	%
REIT Multifamily		1.69	%
REIT Office		0.37	%
REIT Self-Storage		0.41	%
REIT Shopping Center		0.29	%
REIT Single Tenant		0.36	%
REIT Specialty		0.36	%
Utilities		1.18	%
Convertible Preferred Stock		2.78	%
Preferred Stock		0.12	%
Exchange-Traded Funds		9.13	%
Short-Term Investments		2.13	%
Total Value of Securities		99.33	%
Receivables and Other Assets Net of      Liabilities		0.67	%
Total Net Assets		100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

December 31, 2020

			Principal
			amount°	Value (US $)
Convertible Bonds — 9.37%
Capital Goods — 0.46%
	Aerojet Rocketdyne
		Holdings 2.25%
		exercise price $26.00,
		maturity date 12/15/23	24,000	$	48,792
	Chart Industries 144A
		1.00% exercise price
		$58.72, maturity date
		11/15/24 #	97,000		203,682
					252,474
Communications — 1.35%
	DISH Network 3.375%
		exercise price $65.18,
		maturity date 8/15/26	163,000		155,784
	InterDigital 2.00% exercise
		price $81.29, maturity
		date 6/1/24	156,000		164,908
	Liberty Broadband 144A
		1.25% exercise price
		$900.01, maturity date
		9/30/50 #	168,000		170,438
	Liberty Media 2.25%
		exercise price $32.96,
		maturity date 9/30/46	475,000		225,612
	TechTarget 144A 0.125%
		exercise price $70.43,
		maturity date
		12/15/25 #	14,000		15,258
					732,000
Consumer Non-Cyclical — 1.95%
	BioMarin Pharmaceutical
		0.599% exercise price
		$124.67, maturity date
		8/1/24	157,000		168,867
	Chefs’ Warehouse 1.875%
		exercise price $44.20,
		maturity date 12/1/24	128,000		123,881
	Coherus Biosciences 144A
		1.50% exercise price
		$19.26, maturity date
		4/15/26 #	14,000		16,264
	Collegium Pharmaceutical
		2.625% exercise price
		$29.19, maturity date
		2/15/26	84,000		83,517
	FTI Consulting 2.00%
		exercise price $101.38,
		maturity date 8/15/23	123,000		154,304
	Integra LifeSciences
		Holdings 144A 0.50%
		exercise price $73.67,
		maturity date 8/15/25 #	129,000		142,599
	Jazz Investments I 144A
		2.00% exercise price
		$155.81, maturity date
		6/15/26 #	90,000		117,572
	Neurocrine Biosciences
		2.25% exercise price
		$75.92, maturity date
		5/15/24	53,000		73,658
	Paratek Pharmaceuticals
		4.75% exercise price
		$15.90, maturity date
		5/1/24	202,000		175,850
					1,056,512
Electric — 0.41%
	NextEra Energy Partners
		144A 0.357% exercise
		price $76.16, maturity
		date 11/15/25 #, ^	56,000		56,158
	NRG Energy 2.75%
		exercise price $46.25,
		maturity date 6/1/48	148,000		168,912
					225,070
Energy — 1.38%
	Cheniere Energy 4.25%
		exercise price $138.38,
		maturity date 3/15/45	377,000		298,309
	Helix Energy Solutions
		Group 6.75% exercise
		price $6.97, maturity
		date 2/15/26	181,000		190,702
	PDC Energy 1.125%
		exercise price $85.39,
		maturity date 9/15/21	263,000		258,156
					747,167

8

			Principal
			amount°	Value (US $)
Convertible Bonds (continued)
Real Estate Investment Trusts — 0.37%
	Blackstone Mortgage Trust
		4.75% exercise price
		$36.23, maturity date
		3/15/23	199,000	$	200,094
					200,094
Technology — 3.20%
	Boingo Wireless 1.00%
		exercise price $42.32,
		maturity date 10/1/23	305,000		282,125
	CSG Systems International
		4.25% exercise price
		$56.67, maturity date
		3/15/36	162,000		171,315
	Knowles 3.25% exercise
		price $18.43, maturity
		date 11/1/21	80,000		91,348
	Ligand Pharmaceuticals
		0.75% exercise price
		$248.48, maturity date
		5/15/23	174,000		165,037
	Microchip Technology
		1.625% exercise price
		$94.63, maturity date
		2/15/27	88,000		178,209
	ON Semiconductor 1.625%
		exercise price $20.72,
		maturity date 10/15/23	71,000		119,137
	Palo Alto Networks 0.75%
		exercise price $266.35,
		maturity date 7/1/23	130,000		183,678
	Pluralsight 0.375%
		exercise price $38.76,
		maturity date 3/1/24	120,000		119,220
	Quotient Technology
		1.75% exercise price
		$17.36, maturity date
		12/1/22	177,000		177,638
	Synaptics 0.50% exercise
		price $73.02, maturity
		date 6/15/22	64,000		88,408
	Travere Therapeutics
		2.50% exercise price
		$38.80, maturity date
		9/15/25	158,000		160,970
					1,737,085
Transportation — 0.25%
	Seaspan 144A 3.75%
		exercise price $13.01,
		maturity date
		12/15/25 #	128,000		137,981
					137,981
Total Convertible Bonds
	(cost $4,715,459)				5,088,383
Corporate Bonds — 13.94%
Banking — 0.68%
	Morgan Stanley 5.875%
		µ, ψ	70,000		78,575
	Natwest Group 8.625% µ, ψ		200,000		208,026
	Popular 6.125% 9/14/23		75,000		81,273
					367,874
Basic Industry — 1.43%
	Allegheny Technologies
		5.875% 12/1/27	40,000		42,175
	Avient 144A 5.75%
		5/15/25 #	17,000		18,084
	Boise Cascade 144A
		4.875% 7/1/30 #	33,000		35,784
	Chemours
		144A 5.75%
		11/15/28 #	40,000		40,875
		7.00% 5/15/25	10,000		10,376
	Freeport-McMoRan
		4.55% 11/14/24	25,000		27,359
		5.45% 3/15/43	192,000		239,397
	Olin
		5.00% 2/1/30	20,000		21,346
		5.125% 9/15/27	60,000		62,844
	PowerTeam Services 144A
		9.033% 12/4/25 #	75,000		83,633
	Standard Industries 144A
		4.375% 7/15/30 #	40,000		42,851
	Steel Dynamics 5.00%
		12/15/26	65,000		69,335
	Tronox 144A 6.50%
		4/15/26 #	80,000		83,400
					777,459
Capital Goods — 0.49%
	Bombardier 144A 6.00%
		10/15/22 #	30,000		29,524
	Crown Americas 4.25%
		9/30/26	75,000		82,802
	Reynolds Group Issuer
		144A 4.00%
		10/15/27 #	40,000		41,050

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Terex 144A 5.625%
		2/1/25 #	40,000	$	41,280
	TransDigm 144A 6.25%
		3/15/26 #	65,000		69,307
					263,963
Communications — 1.39%
	Altice France 144A
		7.375% 5/1/26 #	200,000		210,750
	CenturyLink 144A 5.125%
		12/15/26 #	75,000		79,306
	Frontier Communications
		144A 5.875%
		10/15/27 #	40,000		43,325
	Level 3 Financing 144A
		4.25% 7/1/28 #	155,000		159,418
	Sprint 7.125% 6/15/24		80,000		93,652
	Zayo Group Holdings
		144A 4.00% 3/1/27 #	60,000		60,228
		144A 6.125% 3/1/28 #	100,000		105,922
					752,601
Consumer Cyclical — 1.61%
	Allison Transmission 144A
		5.875% 6/1/29 #	60,000		66,532
	Boyd Gaming 6.00%
		8/15/26	60,000		62,400
	Caesars Entertainment
		144A 6.25% 7/1/25 #	80,000		85,300
	Carnival 144A 7.625%
		3/1/26 #	40,000		43,655
	Ford Motor 9.00%
		4/22/25	35,000		43,055
	Hilton Domestic Operating
		144A 4.00% 5/1/31 #	55,000		58,134
	Hilton Worldwide Finance
		4.875% 4/1/27	70,000		74,221
	L Brands
		144A 6.875% 7/1/25 #	55,000		59,801
		6.875% 11/1/35	13,000		14,617
	MGM Resorts International
		4.75% 10/15/28	15,000		16,106
	Murphy Oil USA 4.75%
		9/15/29	183,000		195,090
	Scientific Games
		International 144A
		8.25% 3/15/26 #	24,000		25,903
	Six Flags Entertainment
		144A 4.875%
		7/31/24 #	25,000		25,113
	Wyndham Hotels & Resorts
		144A 4.375%
		8/15/28 #	101,000		105,133
					875,060
Consumer Non-Cyclical — 0.80%
	JBS USA LUX 144A 6.50%
		4/15/29 #	78,000		90,995
	Kraft Heinz Foods
		144A 3.875%
		5/15/27 #	40,000		43,137
		5.20% 7/15/45	75,000		89,182
	Pilgrim’s Pride 144A
		5.875% 9/30/27 #	65,000		70,581
	Post Holdings 144A 5.50%
		12/15/29 #	98,000		107,067
	Primo Water Holdings
		144A 5.50% 4/1/25 #	34,000		35,148
					436,110
Energy — 1.26%
	Apache
		4.75% 4/15/43	25,000		25,969
		4.875% 11/15/27	20,000		21,230
	Cheniere Corpus Christi
		Holdings 5.875%
		3/31/25	20,000		23,292
	CNX Resources
		144A 6.00% 1/15/29 #	40,000		41,054
		144A 7.25% 3/14/27 #	20,000		21,425
	Crestwood Midstream
		Partners
		144A 5.625% 5/1/27 #	30,000		29,756
		6.25% 4/1/23	5,000		5,022
	DCP Midstream Operating
		5.125% 5/15/29	60,000		66,649
	EQM Midstream Partners
		144A 6.50% 7/1/27 #	75,000		84,559
	Murphy Oil 5.875%
		12/1/27	63,000		62,114
	NuStar Logistics 5.625%
		4/28/27	30,000		32,019
	Occidental Petroleum
		3.50% 8/15/29	95,000		87,093
	PDC Energy 5.75%
		5/15/26	28,000		28,962
	Southwestern Energy
		7.75% 10/1/27	38,000		41,100
	Targa Resources Partners
		5.375% 2/1/27	30,000		31,581

10

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Western Midstream
		Operating 4.75%
		8/15/28	80,000	$	83,400
					685,225
Financials — 1.23%
	AerCap Global Aviation
		Trust 144A 6.50%
		6/15/45 #, µ	200,000		204,500
	Ally Financial
		5.75% 11/20/25	100,000		116,500
		8.00% 11/1/31	210,000		308,704
	DAE Funding 144A 5.75%
		11/15/23 #	35,000		36,006
					665,710
Healthcare — 1.24%
	Bausch Health 144A
		5.50% 11/1/25 #	80,000		82,983
	Centene
		3.375% 2/15/30	45,000		47,414
		4.625% 12/15/29	30,000		33,345
		144A 5.375%
		8/15/26 #	60,000		63,525
	CHS
		144A 5.625%
		3/15/27 #	30,000		32,295
		144A 6.625%
		2/15/25 #	25,000		26,359
	Encompass Health 4.75%
		2/1/30	30,000		32,188
	Hadrian Merger Sub 144A
		8.50% 5/1/26 #	45,000		46,623
	HCA
		5.375% 2/1/25	70,000		78,821
		5.875% 2/15/26	40,000		46,050
	Hill-Rom Holdings 144A
		4.375% 9/15/27 #	30,000		31,768
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #	20,000		21,138
		144A 7.375% 6/1/25 #	40,000		42,675
	Service Corp. International
		4.625% 12/15/27	36,000		38,408
	Tenet Healthcare 144A
		6.125% 10/1/28 #	45,000		47,049
					670,641
Insurance — 0.23%
	HUB International 144A
		7.00% 5/1/26 #	60,000		62,808
	USI 144A 6.875%
		5/1/25 #	60,000		61,687
					124,495
Media — 1.77%
	AMC Networks 4.75%
		8/1/25	70,000		72,394
	CCO Holdings
		144A 4.50% 5/1/32 #	100,000		106,897
		144A 5.375% 6/1/29 #	30,000		32,922
		144A 5.875% 5/1/27 #	95,000		98,776
	CSC Holdings 144A 5.75%
		1/15/30 #	200,000		219,501
	Cumulus Media New
		Holdings 144A 6.75%
		7/1/26 #	41,000		41,990
	Gray Television 144A
		7.00% 5/15/27 #	55,000		60,294
	Lamar Media 5.75%
		2/1/26	60,000		61,981
	Netflix 5.875% 11/15/28		80,000		96,043
	Sinclair Television Group
		144A 5.125%
		2/15/27 #	45,000		45,872
	Sirius XM Radio 144A
		5.50% 7/1/29 #	75,000		82,664
	Terrier Media Buyer 144A
		8.875% 12/15/27 #	40,000		44,175
					963,509
Real Estate Investment Trusts — 0.30%
	Global Net Lease 144A
		3.75% 12/15/27 #	45,000		46,480
	Iron Mountain 144A
		5.25% 3/15/28 #	60,000		63,430
	MGM Growth Properties
		Operating Partnership
		144A 3.875%
		2/15/29 #	50,000		51,219
					161,129
Services — 0.51%
	Aramark Services 144A
		5.00% 2/1/28 #	65,000		68,575
	GFL Environmental 144A
		3.75% 8/1/25 #	15,000		15,328
	H&E Equipment Services
		144A 3.875%
		12/15/28 #	25,000		25,220
	Prime Security Services
		Borrower 144A 5.75%
		4/15/26 #	70,000		76,737
	United Rentals North
		America 3.875%
		2/15/31	61,000		64,106
	Univar Solutions USA 144A
		5.125% 12/1/27 #	25,000		26,449
					276,415

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Technology & Electronics — 0.21%
	CommScope Technologies
		144A 5.00% 3/15/27 #	25,000	$	24,797
	SS&C Technologies 144A
		5.50% 9/30/27 #	85,000		90,888
					115,685
Transportation — 0.28%
	Delta Air Lines
		144A 7.00% 5/1/25 #	75,000		86,641
		7.375% 1/15/26	22,000		25,147
	Mileage Plus Holdings
		144A 6.50% 6/20/27 #	40,000		43,075
					154,863
Utilities — 0.51%
	Calpine
		144A 4.50% 2/15/28 #	16,000		16,664
		144A 5.00% 2/1/31 #	40,000		41,860
		144A 5.25% 6/1/26 #	37,000		38,332
	PG&E 5.25% 7/1/30		80,000		88,100
	Vistra Operations
		144A 5.00% 7/31/27 #	60,000		63,660
		144A 5.50% 9/1/26 #	25,000		26,086
					274,702
Total Corporate Bonds
	(cost $7,219,710)				7,565,441
US Treasury Obligations — 7.32%
	US Treasury Bonds
		1.125% 5/15/40	85,000		80,617
		1.375% 8/15/50	5,000		4,673
		2.00% 2/15/50	55,000		59,626
		2.25% 8/15/49	85,000		97,099
		2.75% 8/15/47	55,000		68,836
		2.875% 5/15/43	50,000		63,117
		2.875% 11/15/46	55,000		70,151
		3.00% 5/15/42	30,000		38,532
		3.00% 11/15/45	50,000		64,963
		3.00% 8/15/48	30,000		39,397
		3.375% 5/15/44	55,000		75,101
		3.375% 11/15/48	65,000		91,142
		4.375% 2/15/38	5,000		7,426
		4.50% 2/15/36	5,000		7,333
		4.50% 5/15/38	5,000		7,544
		4.50% 8/15/39	30,000		45,851
		4.75% 2/15/41	20,000		31,913
		5.00% 5/15/37	10,000		15,660
	US Treasury Bonds
		5.375% 2/15/31	5,000		7,185
	US Treasury Floating Rate
		Notes
		0.15% (USBMMY3M +
		0.06%) 10/31/22 ●	1,290,000		1,289,997
	US Treasury Notes
		0.125% 4/30/22	40,000		40,014
		0.375% 11/30/25	85,000		85,106
		0.625% 8/15/30	90,000		87,708
		2.25% 10/31/24	370,000		398,371
		2.25% 11/15/27	235,000		260,864
		2.625% 1/31/26	250,000		278,438
		2.625% 2/15/29	120,000		137,705
		2.75% 2/15/28	125,000		143,306
		2.875% 5/31/25	340,000		378,303
Total US Treasury Obligations
	(cost $4,026,685)				3,975,978
			Number
			of shares
Common Stock — 54.54%
Communication Services — 5.65%
	Alphabet Class A †		8		14,021
	Alphabet Class C †		10		17,519
	AT&T		20,660		594,182
	Comcast Class A		11,883		622,669
	Facebook Class A †		100		27,316
	KDDI		5,200		154,181
	Orange		9,990		118,797
	Publicis Groupe		4,100		204,157
	Verizon Communications		11,260		661,525
	ViacomCBS Class B		370		13,786
	Walt Disney †		3,542		641,740
					3,069,893
Consumer Discretionary — 4.03%
	adidas AG †		425		154,617
	Amazon.com †		33		107,479
	Best Buy		310		30,935
	Buckle		970		28,324
	Dollar Tree †		5,500		594,220
	eBay		630		31,657
	Hennes & Mauritz
		Class B †	4,460		93,625
	Home Depot		210		55,780
	Lowe’s		3,970		637,225
	MercadoLibre †		5		8,376
	Newell Brands		1,320		28,024
	Next †		820		79,459
	Sodexo		1,440		121,770

12

		Number
		of shares	Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
	Swatch Group	575	$	156,310
	Tractor Supply	230		32,333
	Whirlpool	160		28,878
				2,189,012
Consumer Staples — 6.37%
	Altria Group	820		33,620
	Archer-Daniels-Midland	12,300		620,043
	Asahi Group Holdings	2,600		107,074
	Clorox	150		30,288
	Colgate-Palmolive	430		36,769
	Conagra Brands	17,100		620,046
	Danone	3,430		225,268
	Diageo	5,440		214,100
	Essity Class B	2,460		79,259
	Kao	800		61,805
	Kellogg	450		28,003
	Kimberly-Clark	230		31,011
	Kirin Holdings	2,200		51,949
	Koninklijke Ahold Delhaize	5,910		166,853
	Kroger	510		16,198
	Lawson	1,500		69,804
	Mondelez International
	Class A	10,500		613,935
	Nestle	2,005		237,014
	Philip Morris International	470		38,911
	Seven & i Holdings	5,000		177,053
				3,459,003
Energy — 1.22%
	ConocoPhillips	15,149		605,809
	Kinder Morgan	1,850		25,289
	Williams	1,470		29,473
				660,571
Financials — 5.29%
	AGNC Investment	1,870		29,172
	Allstate	5,800		637,594
	American International
	Group	15,900		601,974
	Ameriprise Financial	170		33,036
	Artisan Partners Asset
	Management Class A	560		28,190
	BlackRock	55		39,685
	Comerica	180		10,055
	Discover Financial Services	7,000		633,710
	eXp World Holdings †	200		12,624
	Huntington Bancshares	2,550		32,207
	Invesco	1,680		29,282
	MetLife	730		34,274
	Morgan Stanley	370		25,356
	Principal Financial Group	640		31,750
	Prudential Financial	420		32,789
	S&P Global	100		32,873
	Truist Financial	13,100		627,883
				2,872,454
Healthcare — 8.77%
	AbbVie	420		45,003
	AmerisourceBergen	310		30,306
	Amgen	160		36,787
	Cardinal Health	11,200		599,872
	Cigna	2,900		603,722
	CVS Health	8,600		587,380
	Eli Lilly and Co.	140		23,638
	Fresenius Medical Care AG
	& Co.	2,570		214,305
	Humana	80		32,822
	Johnson & Johnson	4,410		694,046
	Merck & Co.	7,960		651,128
	Molina Healthcare †	150		31,902
	Novo Nordisk Class B	3,230		225,322
	Pfizer	1,195		43,988
	Roche Holding	725		252,516
	UnitedHealth Group	160		56,109
	Viatris †	33,711		631,744
				4,760,590
Industrials — 5.42%
	Caterpillar	3,303		601,212
	G4S †	63,650		220,911
	Honeywell International	2,786		592,582
	Lockheed Martin	100		35,498
	Northrop Grumman	2,000		609,440
	Raytheon Technologies	8,439		603,473
	Secom	600		55,351
	Securitas Class B †	11,450		184,730
	United Parcel Service
	Class B	230		38,732
				2,941,929
Information Technology — 8.42%
	Adobe †	100		50,012
	Apple	1,310		173,824
	Broadcom	1,510		661,154
	Cisco Systems	14,240		637,240
	Cognizant Technology
	Solutions Class A	7,678		629,212
	HP	1,480		36,393
	Intel	12,000		597,840
	International Business
	Machines	320		40,282

13

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

		Number
		of shares	Value (US $)
Common Stock (continued)
Information Technology (continued)
	Lam Research	75	$	35,420
	Maxim Integrated
	Products	390		34,574
	Microsoft	755		167,927
	Motorola Solutions	3,600		612,216
	NetApp	550		36,432
	NVIDIA	110		57,442
	Oracle	9,500		614,555
	Paychex	330		30,749
	QUALCOMM	280		42,655
	SAP	660		85,482
	Western Union	1,290		28,303
				4,571,712
Materials — 1.69%
	Air Liquide	1,510		247,650
	Dow	650		36,075
	DuPont de Nemours	8,900		632,879
				916,604
REIT Diversified — 0.18%
	Alpine Income Property
	Trust	140		2,099
	Colony Capital	10,039		48,287
	Lexington Realty Trust	4,606		48,916
				99,302
REIT Healthcare — 0.72%
	Alexandria Real Estate
	Equities	568		101,229
	CareTrust REIT	1,021		22,646
	Healthcare Realty Trust	3		89
	Healthcare Trust of America
	Class A	799		22,004
	Healthpeak Properties	855		25,847
	Medical Properties Trust	5,051		110,061
	National Health Investors	317		21,927
	Omega Healthcare
	Investors	800		29,056
	Ventas	355		17,409
	Welltower	659		42,585
				392,853
REIT Hotel — 0.29%
	Gaming and Leisure
	Properties	636		26,959
	Host Hotels & Resorts	1,081		15,815
	VICI Properties	4,503		114,827
				157,601
REIT Industrial — 0.63%
	Americold Realty Trust	809		30,200
	Duke Realty	1,709		68,309
	Prologis	2,414		240,579
				339,088
REIT Information Technology — 0.82%
	American Tower	130		29,180
	CyrusOne	420		30,723
	Digital Realty Trust	967		134,906
	Equinix	281		200,685
	QTS Realty Trust Class A	791		48,947
				444,441
REIT Mall — 0.18%
	Simon Property Group	1,152		98,242
				98,242
REIT Manufactured Housing — 0.20%
	Equity LifeStyle Properties	647		40,994
	Sun Communities	435		66,098
				107,092
REIT Multifamily — 1.69%
	Apartment Income REIT †	356		13,674
	Apartment Investment and
	Management Class A	356		1,880
	AvalonBay Communities	387		62,086
	Bluerock Residential
	Growth REIT	3,709		46,993
	Camden Property Trust	349		34,872
	Equity Residential	11,114		658,838
	Essex Property Trust	261		61,967
	UDR	914		35,125
				915,435
REIT Office — 0.37%
	Boston Properties	931		88,007
	Cousins Properties	1,014		33,969
	Highwoods Properties	1,251		49,577
	Postal Realty Trust Class A	1,441		24,324
	SL Green Realty	113		6,733
				202,610
REIT Self-Storage — 0.41%
	CubeSmart	409		13,746
	Extra Space Storage	730		84,578
	National Storage Affiliates
	Trust	791		28,500
	Public Storage	424		97,914
				224,738
REIT Shopping Center — 0.29%
	Agree Realty	442		29,428
	Kimco Realty	1,242		18,643

14

		Number
		of shares	Value (US $)
Common Stock (continued)
REIT Shopping Center (continued)
	Regency Centers	741	$	33,782
	Retail Opportunity
	Investments	1,454		19,469
	Urban Edge Properties	1,832		23,706
	Weingarten Realty
	Investors	1,379		29,883
				154,911
REIT Single Tenant — 0.36%
	National Retail Properties	1,200		49,104
	Realty Income	1,527		94,934
	Spirit Realty Capital	1,321		53,064
				197,102
REIT Specialty — 0.36%
	Invitation Homes	3,344		99,317
	Iron Mountain	1,090		32,133
	Outfront Media	1,353		26,465
	Safehold	492		35,665
				193,580
Utilities — 1.18%
	Edison International	9,700		609,354
	PPL	1,140		32,148
				641,502
Total Common Stock
	(cost $27,234,014)			29,610,265
Convertible Preferred Stock — 2.78%
	2020 Mandatory
	Exchangeable Trust
	144A 6.50% exercise
	price $47.09, maturity
	date 5/16/23 #	120		241,804
	AMG Capital Trust II
	5.15% exercise price
	$195.47, maturity date
	10/15/37	2,034		101,662
	Assurant 6.50% exercise
	price $106.55, maturity
	date 3/15/21	1,065		138,290
	Bank of America 7.25%
	exercise price $50.00 ψ	78		118,449
	El Paso Energy Capital Trust
	I 4.75% exercise price
	$34.49, maturity date
	3/31/28	4,518		233,852
	Elanco Animal Health
	5.00% exercise price
	$38.40, maturity date
	2/1/23	3,402		166,154
	Essential Utilities 6.00%
	exercise price $42.29,
	maturity date 4/30/22	2,550		158,151
	Lyondellbasell Advanced
	Polymers 6.00%
	exercise price $25.00 ψ	243		253,328
	QTS Realty Trust 6.50%
	exercise price $46.77 ψ	700		99,330
Total Convertible Preferred Stock
	(cost $1,300,340)			1,511,020
Preferred Stock — 0.12%
	Bank of America 6.50% µ	55,000		62,975
Total Preferred Stock
	(cost $62,154)			62,975
Exchange-Traded Funds — 9.13%
	iShares MSCI EAFE ETF	50		3,648
	iShares MSCI EAFE Growth
	ETF	1,530		154,392
	iShares Russell
	1000 Growth ETF	9,700		2,339,058
	Vanguard FTSE Developed
	Markets ETF	1,340		63,261
	Vanguard Mega Cap
	Growth ETF	11,770		2,398,138
Total Exchange-Traded Funds
	(cost $4,018,750)			4,958,497
Short-Term Investments — 2.13%
Money Market Mutual Funds — 2.13%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	288,241		288,241
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	288,241		288,241
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	288,241		288,241

15

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

		Number
		of shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	288,241	$	288,241
Total Short-Term Investments
	(cost $1,152,964)			1,152,964
Total Value of
	Securities—99.33%
	(cost $49,730,076)		$	53,925,523

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $5,537,734, which represents 10.20% of the Series’ net assets. See Note 11 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
†	Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	EUR	(408	)	USD	500		1/5/21	$	1	$	—
BNYM	JPY	(518,893	)	USD	5,007		1/4/21		—		(18	)
BNYM	SEK	154,140		USD	(18,810	)	1/4/21		—		(75	)
Total Foreign Currency Exchange Contracts								$	1	$	(93	)

Futures Contracts
Exchange-Traded

									Variation
									Margin
				Notional			Value/		Due from
		Notional		Cost		Expiration	Unrealized		(Due to)
Contracts to Buy (Sell)		Amount		(Proceeds)		Date	Appreciation		Brokers
3	US Treasury 2 yr Notes	$	662,930	$	662,351	3/31/21	$	579	$	509
2	US Treasury 3 yr Notes		466,266		465,489	3/31/21		777		698
Total Futures Contracts				$	1,127,840		$	1,356	$	1,207

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

¹ See Note 8 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon

16

Summary of abbreviations: (continued)
EAFE – Europe, Australasia, and Far
East ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:
EUR – European Monetary Unit
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

17

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Total Return Series

December 31, 2020

Assets:
	Investments, at value*	$	53,925,523
	Cash		305,919
	Cash collateral due from brokers		1,980
	Receivable for securities sold		36,879
	Dividends and interest receivable		201,072
	Foreign tax reclaims receivable		1,748
	Receivable for series shares sold		3,518
	Variation margin due from broker on future contracts		1,207
	Unrealized appreciation on foreign currency exchange contracts		1
	Other assets		1,746
	Total Assets		54,479,593
Liabilities:
	Payable for securities purchased		101,361
	Payable for series shares redeemed		19,819
	Pricing fees payable		16,087
	Investment management fees payable to affiliates		14,080
	Reports and statements to shareholders expenses payable to non-affiliates		12,732
	Accounting and administration fees payable to non-affiliates		11,105
	Audit and tax fees payable		6,260
	Other accrued expenses		3,681
	Legal fees payable to affiliates		2,292
	Accounting and administration expenses payable to affiliates		491
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		341
	Trustees’ fees and expenses payable		168
	Unrealized depreciation on foreign currency exchange contracts		93
	Reports and statements to shareholders expenses payable to affiliates		55
	Distribution fees payable to affiliates		2
	Total Liabilities		188,567
Total Net Assets		$	54,291,026
Net Assets Consist of:
	Paid-in capital	$	50,084,006
	Total distributable earnings (loss)		4,207,020
Total Net Assets		$	54,291,026
Net Asset Value
Standard Class:
Net assets		$	54,280,611
Shares of beneficial interest outstanding, unlimited authorization, no par			4,322,661
Net asset value per share		$	12.56
Service Class:
Net assets		$	10,415
Shares of beneficial interest outstanding, unlimited authorization, no par			832
Net asset value per share		$	12.52
____________________
*  Investments, at cost		$	49,730,076

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

18

Statement of operations
Delaware VIP^® Trust — Delaware VIP Total Return Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	984,694
	Interest		500,069
	Foreign tax withheld		(8,127	)
			1,476,636
Expenses:
	Management fees		334,468
	Distribution expenses — Service Class		28
	Audit and tax fees		77,213
	Accounting and administration expenses		48,322
	Reports and statements to shareholders expenses		25,319
	Legal fees		14,039
	Custodian fees		11,545
	Dividend disbursing and transfer agent fees and expenses		4,331
	Trustees’ fees and expenses		2,978
	Registration fees		261
	Other		27,238
			545,742
	Less expenses waived		(101,307	)
	Less expenses paid indirectly		(2,230	)
	Total operating expenses		442,205
Net Investment Income			1,034,431
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		(945,706	)
	Foreign currencies		93
	Foreign currency exchange contracts		(13,477	)
	Futures contracts		(476	)
	Options written		247
	Options purchased		(270	)
	Swap contracts		13,554
	Net realized loss		(946,035	)
	Net change in unrealized appreciation (depreciation) of:
	Investments		4,915
	Foreign currencies		139
	Foreign currency exchange contracts		250
	Futures contracts		1,822
	Net change in unrealized appreciation (depreciation)		7,126
Net Realized and Unrealized Loss			(938,909	)
Net Increase in Net Assets Resulting from Operations		$	95,522

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

19

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Total Return Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,034,431		$	929,739
Net realized gain (loss)		(946,035	)		5,506,713
Net change in unrealized appreciation (depreciation)		7,126			3,254,152
Net increase in net assets resulting from operations		95,522			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		2,876,593			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			—
		8,950,706			5,334,236
Cost of shares redeemed:
Standard Class		(7,328,299	)		(5,890,384	)
Increase (decrease) in net assets derived from capital share transactions		1,622,407			(556,148	)
Net Increase (Decrease) in Net Assets		(4,356,184	)		7,017,620
Net Assets:
Beginning of year		58,647,210			51,629,590
End of year	$	54,291,026		$	58,647,210

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

20

Financial highlights
Delaware VIP^® Total Return Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	14.29		$	12.50		$	13.83		$	12.58		$	11.98
Income (loss) from investment operations
Net investment income2		0.24			0.22			0.24			0.18			0.18
Net realized and unrealized gain (loss)		(0.44	)		2.08			(1.28	)		1.28			0.59
Total from investment operations		(0.20	)		2.30			(1.04	)		1.46			0.77
Less dividends and distributions from:
Net investment income		(0.27	)		(0.26	)		(0.22	)		(0.21	)		(0.17	)
Net realized gain		(1.26	)		(0.25	)		(0.07	)		—			—
Total dividends and distributions		(1.53	)		(0.51	)		(0.29	)		(0.21	)		(0.17	)
Net asset value, end of period	$	12.56		$	14.29		$	12.50		$	13.83		$	12.58
Total return3		0.91	%4		18.88	%4		(7.65	%)		11.75	%		6.62	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	54,281		$	58,637		$	51,630		$	47,910		$	40,400
Ratio of expenses to average net assets5		0.86	%		0.93	%		0.90	%		0.86	%		0.89	%
Ratio of expenses to average net assets prior to fees waived5		1.06	%		0.99	%		0.90	%		0.86	%		0.89	%
Ratio of net investment income to average net assets		2.01	%		1.63	%		1.80	%		1.39	%		1.45	%
Ratio of net investment income to average net assets prior to      fees waived		1.81	%		1.57	%		1.80	%		1.39	%		1.45	%
Portfolio turnover		87	%		150	%6		68	%		48	%		67	%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Total Return Fund shares.
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	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 December 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.

21

Financial highlights
Delaware VIP^® Total Return Series Service Class

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

				10/31/191
	Year ended			to
	12/31/20			12/31/19
Net asset value, beginning of period	$	14.29		$	13.79
Income (loss) from investment operations
Net investment income2		0.20			0.04
Net realized and unrealized gain (loss)		(0.44	)		0.46
Total from investment operations		(0.24	)		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	$	12.52		$	14.29
Total return3		0.54	%		3.63	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10		$	10
Ratio of expenses to average net assets4		1.16	%		1.16	%
Ratio of expenses to average net assets prior to fees waived4		1.36	%		1.50	%
Ratio of net investment income to average net assets		1.71	%		1.79	%
Ratio of net investment income to average net assets prior to fees waived		1.51	%		1.45	%
Portfolio turnover		87	%		150	%5,6

1	Date of commencement of operations; ratios have been annualized and total return has 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	Portfolio turnover is representative of the Series for the entire period.
6	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

22

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 and options on 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 2020, the Series did not incur any interest or tax penalties.

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

1. Significant Accounting Policies (continued)

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 invests 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 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. 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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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 year ended December 31, 2020, the Series earned $2,229 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 year ended December 31, 2020, the Series earned $1 under this arrangement.

24

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 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 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 year ended December 31, 2020, the Series was charged $5,758 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 year ended December 31, 2020, the Series was charged $3,859 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 year ended December 31, 2020, the Series was charged $13,096 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.

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

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

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the 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 year ended December 31, 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 year ended December 31, 2020, the Series engaged in Rule 17a-7 securities sales of $860,186, which resulted in net realized loss of $78,173. The Series did not engage in Rule 17a-7 securities purchases for the year ended December 31, 2020.

____________________

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

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	35,690,318
Purchases of US government securities		6,093,786
Sales other than US government securities		41,343,692
Sales of US government securities		3,143,849

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	49,987,578
Aggregate unrealized appreciation of investments and derivatives	$	5,117,280
Aggregate unrealized depreciation of investments and derivatives		(1,178,071	)
Net unrealized appreciation of investments and derivatives	$	3,939,209

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 as follows:

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

26

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Common Stock
Communication Services	$	2,915,712	$	154,181	$	3,069,893
Consumer Discretionary		1,784,460		404,552		2,189,012
Consumer Staples		2,675,045		783,958		3,459,003
Energy		660,571		—		660,571
Financials		2,859,830		—		2,859,830
Healthcare		4,068,447		692,143		4,760,590
Industrials		2,701,848		240,081		2,941,929
Information Technology		4,486,230		85,482		4,571,712
Materials		916,604		—		916,604
REIT Diversified		99,302		—		99,302
REIT Healthcare		392,853		—		392,853
REIT Hotel		157,601		—		157,601
REIT Industrial		339,088		—		339,088
REIT Information Technology		444,441		—		444,441
REIT Mall		98,242		—		98,242
REIT Manufactured Housing		107,092		—		107,092
REIT Multifamily		928,059		—		928,059
REIT Office		202,610		—		202,610
REIT Self-Storage		224,738		—		224,738
REIT Shopping Center		154,911		—		154,911
REIT Single Tenant		197,102		—		197,102
REIT Specialty		193,580		—		193,580
Utilities		641,502		—		641,502
Convertible Bonds		—		5,088,383		5,088,383
Convertible Preferred Stock1		914,226		596,794		1,511,020
Corporate Bonds		—		7,565,441		7,565,441
Exchange-Traded Funds		4,958,497		—		4,958,497
Preferred Stock		—		62,975		62,975
US Treasury Obligations		—		3,975,978		3,975,978
Short-Term Investments		1,152,964		—		1,152,964
Total Value of Securities	$	34,275,555	$	19,649,968	$	53,925,523

27

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

3. Investments (continued)

	Level 1		Level 2			Total
Derivatives2
Assets:
Futures Contracts	$	1,356	$	—		$	1,356
Foreign Currency Exchange Contracts		—		1			1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(93	)	$	(93	)

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

	Level 1	Level 2	Total
Convertible Preferred Stock	60.50%	39.50%	100.00%

² Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	2,615,508	$	1,085,004
Long-term capital gains		3,458,605		1,031,832
Total	$	6,074,113	$	2,116,836

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	50,084,006
Undistributed ordinary income		1,268,679
Capital loss carryforwards*		(1,000,868	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		3,939,209
Net assets	$	54,291,026

* $499,063 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

28

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, market premium and discount on debt instruments, trust preferred securities, contingent payment on debt instruments, deemed dividend income, mark-to-market on foreign currency exchange contracts and mark-to-market on futures contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,000,868	$—	$1,000,868

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	246,344		240,492
Service Class	—		725
Shares issued upon reinvestment of dividends and distributions:
Standard Class	587,332		165,120
Service Class	107		—
	833,783		406,337
Shares redeemed:
Standard Class	(613,240	)	(434,147	)
Net increase (decrease)	220,543		(27,810	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

29

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

8. 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 year ended December 31, 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 to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase (decrease) exposure to foreign currencies.

During the year ended December 31, 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. At December 31, 2020, the Series posted $1,980 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities”.

During the year ended December 31, 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.

Options Contracts — The Series may enter into options contracts in the normal course of pursuing its investment objectives. 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

30

securities, futures, swaps, 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 options 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 options written. Premiums received from writing options that expire unexercised are treated by the Series on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Series has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Series. The Series, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Series is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. No options contracts were outstanding at December 31, 2020.

During the year ended December 31, 2020, the Series entered into option contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions.

Swap Contracts

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

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

During the year ended December 31, 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 as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended December 31, 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, and (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were outstanding at December 31, 2020.

During the year ended December 31, 2020, the Series entered in to CDS contracts to hedge against credit events.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Series terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

31

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

8. Derivatives (continued)

Fair values of derivative instruments as of December 31, 2020 were as follows:

	Asset Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized appreciation of foreign currency exchange contracts		$	1		$	—	$	1
Variation margin due from broker on futures contracts*			—			1,207		1,207
Total		$	1		$	1,207	$	1,208
	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$(93)		$—			$(93)

* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the year ended December 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures				Options				Options			Swap
	Contracts			Contracts				Purchased				Written			Contracts			Total
Currency
contracts	$	(13,477	)		$	—			$	—			$	—		$	—		$	(13,477	)
Interest rate
contracts		—				(476	)			—				—			—			(476	)
Equity
contracts		—				—				(270	)			247			—			(23	)
Credit
contracts		—				—				—				—			13,554			13,554
Total	$	(13,477	)		$	(476	)		$	(270	)		$	247		$	13,554		$	(422	)

	Net Change in Unrealized Appreciation (Depreciation)
	of:
	Foreign
	Currency
	Exchange			Futures
	Contracts			Contracts			Total
Currency
contracts		$	250		$	—		$	250
Interest rate
contracts			—			1,822			1,822
Total		$	250		$	1,822		$	2,072

32

The table below summarizes the average balance of derivative holdings by the Series during the year ended December 31, 2020:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	19,491	$	14,585
Futures contracts (average notional value)		346,272		—
Options contracts (average notional value)*		4		6
CDS contracts (average notional value)**		68,348		—

*	Long represents purchased options and short represents written options.
**	Long represents buying protection and short represents selling protection.

9. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

					Gross Value of
				Gross Value of	Derivative
Counterparty				Derivative Asset	Liability	Net Position
The Bank of New York Mellon				$1	$(93)	$(92)
		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
The Bank of New York Mellon	$(92)	$—	$—	$—	$—	$(92)

(a)	The value of the related collateral exceeded the value of the derivatives as of December 30, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. 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

33

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

10. Securities Lending (continued)

such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

11. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, "IBORs" )could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

34

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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 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’

35

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

11. Credit and Market Risk (continued)

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.”

12. 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.

13. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

36

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Total Return Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Total Return Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Class Name	Financial Highlights
Standard Class	For the years ended December 31, 2020 and 2019
Service Class	For the year ended December 31, 2020 and the
	period from October 31, 2019 (commencement of
	operations) through December 31, 2019

The financial statements of First Investors Life Series Total Return Fund (subsequent to reorganization, known as Delaware VIP Total Return Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

37

Other Series information (Unaudited)
Delaware VIP^® Total Return Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	56.94	%
(B) Ordinary Income Distributions (Tax Basis)	43.06	%
Total Distributions (Tax Basis)	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Total Return Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Total Return Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Funds Management Hong Kong Limited (“MFMHK”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

38

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all mixed-asset target allocation moderate funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-year period was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-year period was in the fourth quartile of its Performance Universe and the Series’ total return for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as

39

Other Series information (Unaudited)
Delaware VIP^® Total Return Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Total Return Series at a meeting held August 11-13, 2020 (continued)

service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

Board consideration of sub-advisory agreement for Delaware VIP Total Return Series at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020, the Board of Trustees (the “Board”) of Delaware VIP Total Return Series (the “Series”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved new Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. 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 the MIMAK; information concerning MIMAK’s organizational structure and the experience of their key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; 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 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 MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMAK, to include the provision of discretionary investment management services as well as asset allocation services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Series and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Series and its shareholders.

40

Investment performance. In regards to the appointment of MIMAK for the Series, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Series as described in the Sub-Advisory Agreement, in addition to the asset allocation sub-advisory fee previously approved. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fees are paid by DMC to MIMAK and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Series and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Series. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

41

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

42

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

43

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

44

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

45

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

46

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.

(1502651)
AR-VIPTR-221

Delaware VIP^® Trust

Delaware VIP Equity Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Report of independent registered public accounting firm	19
Other Series information	20
Board of trustees / directors and officers addendum	24

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Equity Income Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek total return.

For the fiscal year ended December 31, 2020, Delaware VIP Equity Income Series Standard Class shares declined -0.33% with all distributions reinvested. The Series underperformed its benchmark, the Russell 1000^® Value Index, which increased 2.80% for the same period.

During the Series’ fiscal year, the COVID-19 pandemic and resulting government policy responses caused significant fluctuations in the stock market. Between mid-February and mid-March 2020, the broad market S&P 500^® Index declined 30%, the fastest drop of this magnitude in its history. The S&P 500 Index then jumped 17% in late March – its biggest three-day gain since 1933 – when a massive fiscal stimulus package worked its way through Congress. Stocks continued to rally strongly, especially those of very large, technology-oriented growth companies, as investors appeared largely unconcerned with their high valuations. In December, the Dow Jones Industrial Average^®, NASDAQ Composite Index, and S&P 500 Index attained new all-time highs despite monthly records for new COVID-19 cases and hospitalizations and a new wave of restrictions on gatherings and travel in many states. As in 2019, the broad market’s robust gains in 2020 were driven almost entirely by expansion in valuation multiples. (Sources: Cornerstone Macro, FactSet Research Systems.)

Investments in the energy sector were the largest detractors from the Series’ performance. Shares of exploration and production (E&P) companies Marathon Oil Corp. and Occidental Petroleum Corp., both of which are highly sensitive to fluctuations in oil prices, experienced significant stock-price declines when crude oil demand dropped significantly early in the pandemic. Given the investment team’s view that demand for oil could remain weak for an extended period and cash-flow generation at these businesses could remain depressed, we opted to sell these positions.

The Series’ holdings in the industrials sector also resulted in relative underperformance. Aerospace and defense company Raytheon Technologies Corp. was the laggard in this group. The company formed in April when Raytheon Co. merged with United Technologies Corp. Raytheon Technologies’ commercial aerospace exposure was a source of concern for investors during the downturn. The company expressed a conservative outlook for its free cash flow in fiscal 2020 and delayed its timeframe for an expected recovery in the aerospace industry. Meanwhile, the firm’s defense segment continued to post what we viewed as strong financial results with a significant increase in its business. At fiscal year end, Raytheon Technologies’ shares remained attractively valued, in our view, and appeared to have priced in many challenges facing its business.

The Series’ holding in multifamily housing real estate investment trust (REIT) Equity Residential was another notable detractor. Pandemic-related pressure on rent and occupancy levels challenged Equity Residential’s business in some of its core urban markets. Additionally, REITs in other more highly valued market areas that are less exposed to COVID-19 – such as storage, data centers, and cell towers – continued to garner investor interest. Despite the near-term challenges facing the multifamily housing space, we remained positive about Equity Residential’s prospects over the next three to five years. It had one of the strongest balance sheet and capital positions among its peers, and the stock was trading at the low end of its historic valuation range. When the economy reopens more, we believe Equity Residential has the potential to see its fundamentals stabilize and eventually improve. Meanwhile, the company’s balance sheet and diversified property portfolio appear likely to continue to provide support at current valuation levels, in our view.

Investments in the information technology sector (IT) were the largest contributors to the Series’ relative returns. Broadcom Inc., a leading provider of semiconductor and infrastructure software solutions, led the group. The company has seen relatively steady demand for many of its products and services and has benefited from several broad trends, including growing demand for servers, storage, mobility, and security. At the end of the fiscal period, the team believed Broadcom had attractive cash flow dynamics, remaining upside potential in its stock, and an attractive dividend yield.

International entertainment and media enterprise Walt Disney Co. was also a strong contributor. The number of subscribers in Disney+, the company’s direct-to-consumer streaming offering, has continued to surpass expectations. At its investor day in December, Disney raised its Disney+ subscriber targets and announced plans to substantially increase its investment in content, which further buoyed the shares. Meanwhile, the company’s Disneyland park in California remained closed and its Orlando property was operating at reduced capacity. Disney also announced that it will look to reinstate its dividend when operations normalize, possibly in the second half of 2021.

The Series’ holding in home improvement retailer Lowe’s Companies Inc. was another notable contributor. The company continued to benefit from ongoing strength in consumer spending on home improvements and stronger operational execution stemming from CEO Marvin Ellison’s

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Equity Income Series

recent business transformation initiatives. As of the end of the fiscal year, we considered Lowe’s shares reasonably valued. That said, given the stock’s favorable performance in recent years, the team assessed its potential risk-reward profile relative to other opportunities in the consumer discretionary sector.

During the fiscal year, we made more changes to the Series than usual as we sought to take advantage of stock market volatility to upgrade overall quality. These changes resulted in better quality metrics relative to the Russell 1000 Value Index across several dimensions, including average debt rating, leverage ratio, and interest coverage, and did so without stretching valuation. Looking at several valuation ratios, the Series is, in our view, better positioned relative to the Russell 1000 Value Index than it has been in recent years. We believe the combination of higher quality and lower relative valuation further improves the Series’ risk-reward profile. While performance lagged the benchmark – especially in the second half of 2020 as investors rotated into more speculative stocks – we did not chase the rally because we did not believe fundamentals justified these stocks’ leadership. At the end of the fiscal year, we continued to emphasize higher quality, undervalued companies we believed had the potential to generate steadier long-term growth in earnings and cash flows.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Equity Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 15, 1993)	-0.33%	+3.85%	+7.95%	+8.75%	—
Russell 1000 Value Index	+2.80%	+6.07%	+9.74%	+10.50%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.78%, while total operating expenses for Standard Class shares were 0.78%. The management fee for Standard Class shares was 0.65%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the “Performance of a $10,000 investment” graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Equity Income Series

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Russell 1000 Value Index		$	10,000		$	27,148
	Delaware VIP Equity Income Series — Standard Class shares		$	10,000		$	23,143

The graph shows a $10,000 investment in the Delaware VIP Equity Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2010 through December 31, 2020.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Dow Jones Industrial Average, mentioned on page 1, is an often-quoted market indicator that comprises 30 widely held US blue-chip stocks.

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all Nasdaq US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,182.70	0.80%	$4.39
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.11	0.80%	$4.06

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Equity Income Series

As of December 31, 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
Security type / sector	of net assets
Common Stock		98.89	%
Communication Services		11.75	%
Consumer Discretionary		5.76	%
Consumer Staples		8.63	%
Energy		2.97	%
Financials		12.96	%
Healthcare		17.94	%
Industrials		11.86	%
Information Technology		18.19	%
Materials		3.14	%
Real Estate		2.69	%
Utilities		3.00	%
Short-Term Investments		0.97	%
Total Value of Securities		99.86	%
Receivables and Other Assets Net of
Liabilities		0.14	%
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
Discover Financial Services		3.44	%
Broadcom		3.25	%
Walt Disney		3.23	%
Truist Financial		3.19	%
CVS Health		3.19	%
Cisco Systems		3.18	%
Allstate		3.18	%
Cognizant Technology Solutions Class A		3.17	%
Raytheon Technologies		3.16	%
American International Group		3.15	%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Equity Income Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 98.89%
Communication Services — 11.75%
	AT&T	108,300	$	3,114,708
	Comcast Class A	66,368		3,477,683
	Verizon Communications	52,000		3,055,000
	Walt Disney †	20,143		3,649,509
				13,296,900
Consumer Discretionary — 5.76%
	Dollar Tree †	30,300		3,273,612
	Lowe’s	20,200		3,242,302
				6,515,914
Consumer Staples — 8.63%
	Archer-Daniels-Midland	66,000		3,327,060
	Conagra Brands	89,918		3,260,427
	Mondelez International
	Class A	54,400		3,180,768
				9,768,255
Energy — 2.97%
	ConocoPhillips	84,100		3,363,159
				3,363,159
Financials — 12.96%
	Allstate	32,700		3,594,711
	American International
	Group	94,200		3,566,412
	Discover Financial Services	42,944		3,887,720
	Truist Financial	75,300		3,609,129
				14,657,972
Healthcare — 17.94%
	Cardinal Health	61,800		3,310,008
	Cigna	16,000		3,330,880
	CVS Health	52,800		3,606,240
	Johnson & Johnson	21,400		3,367,932
	Merck & Co.	38,500		3,149,300
	Viatris †	188,192		3,526,718
				20,291,078
Industrials — 11.86%
	Caterpillar	19,479		3,545,567
	Honeywell International	16,118		3,428,299
	Northrop Grumman	9,400		2,864,368
	Raytheon Technologies	49,959		3,572,568
				13,410,802
Information Technology — 18.19%
	Broadcom	8,400		3,677,940
	Cisco Systems	80,500		3,602,375
	Cognizant Technology
	Solutions Class A	43,720		3,582,854
	Intel	62,100		3,093,822
	Motorola Solutions	19,500		3,316,170
	Oracle	51,000		3,299,190
				20,572,351
Materials — 3.14%
	DuPont de Nemours	50,000		3,555,500
				3,555,500
Real Estate — 2.69%
	Equity Residential	51,300		3,041,064
				3,041,064
Utilities — 3.00%
	Edison International	54,000		3,392,280
				3,392,280
Total Common Stock
	(cost $98,574,879)			111,865,275
Short-Term Investments — 0.97%
Money Market Mutual Funds — 0.97%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	273,868		273,868
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	273,869		273,869
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	273,869		273,869
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	273,868		273,868
Total Short-Term Investments
	(cost $1,095,474)			1,095,474
Total Value of
	Securities—99.86%
	(cost $99,670,353)		$	112,960,749

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Equity Income Series

December 31, 2020

Assets:
Investments, at value*	$	112,960,749
Receivable for securities sold		252,604
Dividends receivable		170,402
Receivable for series shares sold		3,857
Other assets		4,022
Total Assets		113,391,634
Liabilities:
Due to custodian		1
Payable for securities purchased		142,642
Investment management fees payable to affiliates		58,492
Payable for series shares redeemed		34,576
Reports and statements to shareholders expenses payable to non-affiliates		16,809
Accounting and administration fees payable to non-affiliates		12,295
Other accrued expenses		7,008
Legal fees payable to affiliates		719
Dividend disbursing and transfer agent fees and expenses payable to affiliates		714
Accounting and administration expenses payable to affiliates		656
Trustees’ fees and expenses payable to affiliates		350
Reports and statements to shareholders expenses payable to affiliates		114
Total Liabilities		274,376
Total Net Assets	$	113,117,258
Net Assets Consist of:
Paid-in capital	$	98,119,245
Total distributable earnings (loss)		14,998,013
Total Net Assets	$	113,117,258
Net Asset Value
Standard Class:
Net assets	$	113,117,258
Shares of beneficial interest outstanding, unlimited authorization, no par		7,018,474
Net asset value per share	$	16.12
____________________
*  Investments, at cost	$	99,670,353

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Equity Income Series

Year ended December 31, 2020

Investment Income:
Dividends	$	3,027,492
Expenses:
Management fees		693,298
Accounting and administration expenses		57,418
Audit and tax fees		56,109
Reports and statements to shareholders expenses		29,869
Legal fees		9,328
Dividend disbursing and transfer agent fees and expenses		8,895
Trustees’ fees and expenses		6,141
Custodian fees		4,569
Registration fees		1,412
Other		2,555
		869,594
Less expenses waived		(16,153	)
Less expenses paid indirectly		(634	)
Total operating expenses		852,807
Net Investment Income		2,174,685
Net Realized and Unrealized Loss:
Net realized loss on investments		(363,982	)
Net change in unrealized appreciation (depreciation) of investments		(3,726,655	)
Net Realized and Unrealized Loss		(4,090,637	)
Net Decrease in Net Assets Resulting from Operations	$	(1,915,952	)

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Equity Income Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,174,685		$	2,436,375
Net realized gain (loss)		(363,982	)		24,884,776
Net change in unrealized appreciation (depreciation)		(3,726,655	)		(2,271,056	)
Net increase (decrease) in net assets resulting from operations		(1,915,952	)		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		1,676,251			1,919,221
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		27,090,760			14,210,932
		28,767,011			(16,130,153	)
Cost of shares redeemed:
Standard Class		(14,902,943	)		(12,594,141	)
Increase in net assets derived from capital share transactions		13,864,068			3,536,012
Net Increase (Decrease) in Net Assets		(15,142,644	)		14,375,175
Net Assets:
Beginning of year		128,259,902			113,884,727
End of year	$	113,117,258		$	128,259,902

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

10

Financial highlights
Delaware VIP^® Equity Income Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	22.37		$	20.61		$	23.64		$	21.36		$	20.01
Income (loss) from investment operations
Net investment income2		0.32			0.41			0.66			0.40			0.42
Net realized and unrealized gain (loss)		(1.67	)		3.94			(2.57	)		2.81			2.03
Total from investment operations		(1.35	)		4.35			(1.91	)		3.21			2.45
Less dividends and distributions from:
Net investment income		(0.48	)		(0.68	)		(0.43	)		(0.42	)		(0.40	)
Net realized gain		(4.42	)		(1.91	)		(0.69	)		(0.51	)		(0.70	)
Total dividends and distributions		(4.90	)		(2.59	)		(1.12	)		(0.93	)		(1.10	)
Net asset value, end of period	$	16.12		$	22.37		$	20.61		$	23.64		$	21.36
Total return3		(0.33%	)4		22.71%	4		(8.42%	)		15.52%			13.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	113,117		$	128,260		$	113,885		$	129,994		$	116,685
Ratio of expenses to average net assets5		0.80%			0.82%			0.81%			0.80%			0.81%
Ratio of expenses to average net assets prior to fees waived5		0.82%			0.82%			0.81%			0.80%			0.81%
Ratio of net investment income to average net assets		2.04%			1.96%			2.92%			1.81%			2.09%
Ratio of net investment income to average net assets prior to
fees waived		2.02%			1.96%			2.92%			1.81%			2.09%
Portfolio turnover		30%			118%	6		50%			18%			20%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Equity Income Fund shares.
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	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 December 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.

11

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

12

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 year ended December 31, 2020, the Series earned $634 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 year ended December 31, 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 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $7,642 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 year ended December 31, 2020, the Series was charged $8,000 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 year ended December 31, 2020, the Series was charged $6,818 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.”

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$32,036,525
Sales	42,556,933

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	99,807,503
Aggregate unrealized appreciation of investments	$	17,163,310
Aggregate unrealized depreciation of investments		(4,010,064	)
Net unrealized appreciation of investments	$	13,153,246

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 as follows:

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)

14

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	111,865,275
Short-Term Investments		1,095,474
Total Value of Securities	$	112,960,749

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	2,816,186	$	3,708,762
Long-term capital gains		24,274,574		10,502,170
Total	$	27,090,760	$	14,210,932

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	98,119,245
Undistributed ordinary income		2,129,641
Capital loss carryforwards*		(284,874	)
Unrealized appreciation of investments		13,153,246
Net assets	$	113,117,258

* $142,047 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnership income. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series recorded the following reclassifications:

Paid-in capital	$	18,551
Total distributable earnings (loss)		(18,551	)

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$284,874	$—	$	284,874

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	108,547		92,878
Shares issued upon reinvestment of dividends and distributions:
Standard Class	2,118,120		716,277
	2,226,667		809,155
Shares redeemed:
Standard Class	(942,227	)	(599,970	)
Net increase	1,284,440		209,185

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

16

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Equity Income Series

9. Credit and Market Risk (continued)

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 December 31, 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Equity Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Equity Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Equity Income Fund (subsequent to reorganization, known as Delaware VIP Equity Income Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

19

Other Series information (Unaudited)
Delaware VIP^® Equity Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gains Distributions (Tax Basis)	89.60	%
(B) Ordinary Income Distributions (Tax Basis)	10.40	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualifying Dividends 1	100.00	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

(C) is based on the Series’ ordinary income distributions.

¹ Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Equity Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Equity Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

20

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as an equity income fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the large-cap value funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one consisting of the Series and all equity income funds underlying variable insurance products, and the other, consisting of the Series and all large-cap value funds underlying variable insurance products. When compared to equity income funds, the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the third quartile of its Performance Universe. When compared to large-cap value funds, the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5- year periods was in the third quartile and second quartile, respectively, of its Performance Universe. The Board observed that Series’ performance results were not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other equity income funds and large-cap value funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to

21

Other Series information (Unaudited)
Delaware VIP^® Equity Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Equity Income Series at a meeting held August 11-13, 2020 (continued)

the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

Board consideration of sub-advisory agreement for Delaware VIP Equity Income Series at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020, the Board of Trustees (the “Board”) of Delaware VIP Equity Income Series (the “Series”), 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 Macquarie Investment Management Global Limited (“MIMGL”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMGL. 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 MIMGL; information concerning MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL; 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 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 MIMGL, the Board reviewed the services to be provided by MIMGL pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the MIMGL regarding the experience and qualifications of the personnel who will be responsible for providing services to

22

the Series. The Board also considered relevant performance information provided with respect to MIMGL. In discussing the nature of the services proposed to be provided by MIMGL, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMGL, to include discretionary investment advisory services and specifically portfolio management by MIMGL’s Global Systematic Investment Team (the “MSI Team”) to implement its Equity Income strategy, subject to DMC’s oversight as the Series’ investment adviser. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the MIMGL to the Series and its shareholders and was confident in the abilities of MIMGL to provide quality services to the Series and its shareholders.

Investment performance. In regards to the appointment of MIMGL for the Series, the Board reviewed information on prior performance for MIMGL. In evaluating performance, the Board considered that the MSI Team has a history of targeting consistent outperformance through systematic strategies and through a multi-factor investment approach to smooth returns. Additionally, the Board had considered its previous approval of MIMGL to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMGL a sub-advisory fee based on the extent to which MIMGL provides services to the Series as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent and quality of the sub-advisory services to be provided by MIMGL, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to MIMGL and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMGL, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMGL in relation to the services being provided to the Series and in relation to MIMGL’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMGL in connection with its relationship to the Series. The Board considered the potential benefit to DMC and MIMGL of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

28

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.

(1502651)
AR-VIPEI-221

Delaware VIP^® Trust

Delaware VIP Fund for Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Report of independent registered public accounting firm	26
Other Series information	27
Board of trustees / directors and officers addendum	30

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek high current income.

For the fiscal year ended December 31, 2020, Delaware VIP Fund for Income Series (the “Series”) Standard Class shares gained 7.95% with all distributions reinvested. For the same period, the Series’ benchmark, the ICE BofA US High Yield Constrained Index, gained 6.07%.

The first quarter of the Series’ fiscal year presented a relatively benign market environment compared with the tumultuous months that followed. As 2020 began, high yield investors found themselves digesting the up-and-down progress of US-China trade negotiations. Abroad, oil prices were disrupted following the bombing of refineries in Saudi Arabia. Domestically, concerns over weakening manufacturing and an inverted yield curve seemed to be resolved as the US Federal Reserve cut interest rates by 25 basis points and unemployment reached record lows. High yield bonds benefited in January, showing modest coupon-driven gains. (A basis point equals one hundredth of a percentage point.)

The positive news ended abruptly in February amid reports that a novel coronavirus was spreading widely outside of China. Over the ensuing four weeks, large swaths of the US economy were shuttered. Some high yield bond prices plunged 20% or more, and spreads widened to nearly 1,100 basis points over Treasurys. Fortunately, in late March, both Congress and the Fed stepped in with unprecedented amounts of fiscal and monetary relief for an economy in need of life support. Investors responded as intended and the pandemic-induced selloff in virtually all risk assets abated almost as abruptly it had begun.

As part of its monetary rescue package, the Fed pledged to be an available lender of last resort to certain investors in sub-investment-grade credit. This was unprecedented, and some investors interpreted it as a promise to backstop the entire sector if needed. As the economy reopened during the second half of the Series’ fiscal year, high yield spreads fell roughly 700 basis points, to stand a mere 40 basis points above January’s pre-COVID-19 level.

In part, inflows of $35 billion, the vast majority of which materialized after the government’s economic resuscitation efforts in March, powered the rally in high yield. Notably, some of the late-period demand for BB-rated securities originated from investors not generally considered buyers of high yield. We were not surprised, considering that the yields on Treasurys, the traditional flight-to-quality instruments, were 0.11% (3-month), 0.17% (1-year), and 0.70% (10-year) on March 31, 2020. At these levels, the relatively sound fundamentals of companies in the top tier of the high yield universe seemed to represent favorable value for investors. Issuing companies also benefited as low rates and tightening spreads encouraged them to build cash reserves and refinance existing debt.

The volatile environment for financial assets sparked sudden shifts in leadership among the various credit tiers of the high yield market. BB-rated debt outperformed during the selloff that began in February, and CCC-rated bonds led the rebound during the risk-on rally in June and August. By fiscal year end, however, investor appetite for risk had increased with the introduction of vaccines with high efficacy rates and with more clarity around potential stimulus due to the election results. As such, CCC-rated securities significantly outperformed in November and December.

Among industry groups, energy – representing about 12% of the high yield universe – was a major laggard. A price war between Russia and Saudi Arabia dovetailed with the catastrophic collapse in worldwide demand to produce a precipitous drop in oil prices that pressured highly levered producers. Predictably, COVID-19 also affected industries such as leisure, retail, and airlines, which underperformed. Outperforming groups included interest-rate-sensitive sectors such as automotive and homebuilders; technology, which rode a powerful wave of investor interest in companies deemed well adapted to a stay-at-home economy, and traditional defensive sectors such as healthcare, financials, insurance, and consumer staples.

The Series retained an overweight position in defensive sectors relative to the benchmark during much of the fiscal year. This reflected both our usual fundamentals-driven approach to risk taking and our ability to make what we viewed as an opportunistic move in response to modestly extended valuations in many sectors of the high yield market. As the pandemic gripped investor sentiment in March, we sold select names that we deemed to be particularly vulnerable to economic fallout from COVID-related changes in consumer demand. Those liquidations temporarily raised the Series’ cash position to roughly 6% of assets, an unusually high allocation for the Series.

Counterintuitively, the securities that investors liquidated in the early stages of the pandemic were in the higher-quality segment of the market. Lower-rated credits became seemingly so illiquid as to be virtually untradable at anything other than fire-sale prices. However, after the Fed injected liquidity into the financial system in late March, we deployed the Series’ excess cash into bonds that we believed were targets of liquidity-based selling. This tactic played out favorably over the remainder of the fiscal year. In effect, the Series’ cash positioning allowed us to buy when others were selling and to sell when others were buying.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

At the sector level, the Series’ allocation to telecommunications, technology, and transportation companies outperformed the benchmark because of strong security selection within all three sectors. Conversely, the Series’ underweight to the retail and automotive sectors detracted from performance relative to the benchmark. The Series also lagged the benchmark within the homebuilder sector because of poor credit selection.

Among individual holdings, BMC Software Inc. and Sprint Corp. contributed to outperformance. Both companies continued to exhibit solid credit profiles even in the face of a fast-weakening economy. These companies enjoyed the additional benefit of operating in defensive sectors of the high yield market (technology and telecommunications, respectively), which risk-averse investors tend to prefer. The Series’ position in mining company Freeport-McMoRan Copper & Gold Inc. also outperformed on soaring gold and copper prices.

The Series’ positions in energy-related businesses Summit Midstream Partners LP, Oasis Petroleum Inc.,and Chesapeake Energy Corp. detracted from relative performance. As noted previously, the steep drop in crude oil prices earlier in the calendar year affected the balance sheets of many lower-quality, highly levered companies in the oil and gas industry.

As of fiscal year end, the magnitude of the pandemic and its short- and long-term effects on global economies is still very much uncertain, despite the underlying support provided by the relief package passed by the US Congress. However, we think the enthusiasm surrounding additional stimulus and vaccine rollouts have bolstered investor risk appetites heading into 2021. As such, the high yield market has continued to see steady inflows into the asset class as investors search for yield and convexity (a risk-management tool used to measure and manage a portfolio’s exposure to market risk). Despite the recent market exuberance, we remain disciplined in our approach to adding risk, since we believe the high yield market could experience bouts of volatility as the impact on revenues, cash flows, and balance sheets are assessed in the coming quarters. We will continue to underpin our disciplined approach to adding risk by our fundamental bottom-up (bond-by-bond) approach to portfolio construction, with a keen eye toward operational execution and balance sheet strength.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 9, 1987)	+7.95%	+5.85%	+7.08%	+5.97%	—
ICE BofA US High Yield Constrained Index	+6.07%	+5.85%	+8.42%	+6.61%	—

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.83%, while total operating expenses for Standard Class shares were 0.83%. The management fee for Standard Class shares was 0.65%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the “Performance of a $10,000 investment” graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Series to obtain precise valuations of the high yield securities in its portfolio.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Liquidity risk is the possibility that investments cannot be readily sold within seven days at approximately the price at which a fund has valued them.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	ICE BofA US High Yield Constrained Index		$	10,000		$	18,971
	Delaware VIP Fund for Income Series — Standard Class shares		$	10,000		$	17,852

The graph shows a $10,000 investment in the Delaware VIP Fund for Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the ICE BofA US High Yield Constrained Index for the period from December 31, 2010 through December 31, 2020.

The ICE BofA US High Yield Constrained Index tracks the performance of US dollar-denominated below high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark. Qualifying securities must have, among other things, a below-investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch), an investment grade issuing country (based on an average of Moody’s, Standard & Poor’s, and Fitch foreign currency long-term sovereign debt ratings), and maturities of one year or more.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,108.40	0.83%	$4.40
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,020.96	0.83%	$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 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

As of December 31, 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
Security type / sector	of net assets
Convertible Bond	0.13	%
Corporate Bonds	88.60	%
Banking	2.66	%
Basic Industry	9.92	%
Capital Goods	5.73	%
Communications	9.96	%
Consumer Cyclical	7.68	%
Consumer Non-Cyclical	4.79	%
Energy	10.48	%
Financial Services	4.23	%
Healthcare	6.83	%
Insurance	2.20	%
Media	6.39	%
Real Estate	2.58	%
Services	4.36	%
Technology	4.76	%
Transportation	3.39	%
Utilities	2.64	%
Loan Agreements	7.16	%
Short-Term Investments	3.24	%
Total Value of Securities	99.13	%
Receivables and Other Assets Net of
Liabilities	0.87	%
Total Net Assets	100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

December 31, 2020

		Principal
		amount°	Value (US $)
Convertible Bond — 0.13%
	PDC Energy 1.125%
	exercise price $85.39,
	maturity date 9/15/21	130,000	$	127,605
Total Convertible Bond
	(cost $126,388)			127,605
Corporate Bonds — 88.60%
Banking — 2.66%
	Barclays 6.125% µ, ψ	465,000		502,213
	Deutsche Bank 6.00%
	µ, ψ	400,000		402,000
	Natwest Group 8.625%
	µ, ψ	825,000		858,107
	Popular 6.125% 9/14/23	780,000		845,243
				2,607,563
Basic Industry — 9.92%
	Allegheny Technologies
	5.875% 12/1/27	180,000		189,788
	7.875% 8/15/23	475,000		521,049
	Avient 144A 5.75%
	5/15/25 #	682,000		725,477
	Blue Cube Spinco 10.00%
	10/15/25	175,000		185,500
	Chemours 144A 5.75%
	11/15/28 #	485,000		495,609
	First Quantum Minerals
	144A 6.875%
	10/15/27 #	440,000		477,950
	144A 7.25% 4/1/23 #	300,000		309,660
	144A 7.50% 4/1/25 #	520,000		542,100
	Freeport-McMoRan 5.45%
	3/15/43	578,000		720,685
	GrafTech Finance 144A
	4.625% 12/15/28 #	135,000		137,030
	Hudbay Minerals
	144A 6.125% 4/1/29 #	215,000		232,200
	144A 7.625%
	1/15/25 #	125,000		130,078
	Joseph T Ryerson & Son
	144A 8.50% 8/1/28 #	157,000		178,097
	Kraton Polymers 144A
	7.00% 4/15/25 #	505,000		532,018
	LBM Acquisition 144A
	6.25% 1/15/29 #	180,000		187,597
	M/I Homes 4.95% 2/1/28	613,000		650,807
	Mattamy Group
	144A 4.625% 3/1/30 #	145,000		153,949
	144A 5.25%
	12/15/27 #	405,000		429,553
	New Gold
	144A 6.375%
	5/15/25 #	38,000		39,781
	144A 7.50% 7/15/27 #	175,000		193,922
	Novelis
	144A 4.75% 1/30/30 #	130,000		140,301
	144A 5.875%
	9/30/26 #	95,000		99,394
	Olin 5.00% 2/1/30	240,000		256,156
	PowerTeam Services 144A
	9.033% 12/4/25 #	860,000		958,995
	Tronox 144A 6.50%
	4/15/26 #	350,000		364,875
	WESCO Distribution 144A
	7.25% 6/15/28 #	115,000		130,950
	White Cap Buyer 144A
	6.875% 10/15/28 #	680,000		726,325
				9,709,846
Capital Goods — 5.73%
	ARD Finance PIK 144A
	6.50% 6/30/27 #, >	425,000		454,219
	Ardagh Packaging Finance
	144A 5.25% 8/15/27 #	400,000		420,324
	ATS Automation Tooling
	Systems 144A 4.125%
	12/15/28 #	180,000		183,600
	Bombardier
	144A 7.50% 12/1/24 #	275,000		264,488
	144A 7.875%
	4/15/27 #	260,000		239,452
	Granite US Holdings 144A
	11.00% 10/1/27 #	435,000		485,025
	Griffon 5.75% 3/1/28	505,000		534,891
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	475,000		487,469
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	475,000		501,671
	Terex 144A 5.625%
	2/1/25 #	265,000		273,480
	Titan Acquisition 144A
	7.75% 4/15/26 #	180,000		186,750
	TransDigm
	144A 6.25% 3/15/26 #	706,000		752,776
	144A 8.00%
	12/15/25 #	90,000		99,683
	Vertical Holdco 144A
	7.625% 7/15/28 #	435,000		474,966
	Welbilt 9.50% 2/15/24	238,000		246,429
				5,605,223

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Communications — 9.96%
	Altice Financing 144A
	5.00% 1/15/28 #	320,000	$	328,304
	Altice France Holding 144A
	6.00% 2/15/28 #	1,580,000		1,603,044
	C&W Senior Financing
	144A 6.875%
	9/15/27 #	633,000		684,507
	Cablevision Lightpath
	144A 3.875%
	9/15/27 #	330,000		332,475
	144A 5.625%
	9/15/28 #	200,000		209,625
	CenturyLink
	144A 4.50% 1/15/29 #	270,000		275,231
	144A 5.125%
	12/15/26 #	485,000		512,846
	Cincinnati Bell 144A
	7.00% 7/15/24 #	300,000		312,935
	Connect Finco 144A
	6.75% 10/1/26 #	815,000		879,035
	Frontier Communications
	144A 5.875%
	10/15/27 #	265,000		287,028
	144A 6.75% 5/1/29 #	430,000		460,906
	LCPR Senior Secured
	Financing 144A 6.75%
	10/15/27 #	310,000		334,025
	Level 3 Financing 144A
	4.25% 7/1/28 #	535,000		550,247
	Sprint
	7.625% 3/1/26	450,000		559,219
	7.875% 9/15/23	625,000		724,406
	Sprint Capital 8.75%
	3/15/32	175,000		277,266
	T-Mobile USA 5.125%
	4/15/25	200,000		205,405
	Windstream Escrow 144A
	7.75% 8/15/28 #	372,000		375,302
	Zayo Group Holdings 144A
	6.125% 3/1/28 #	785,000		831,488
				9,743,294
Consumer Cyclical — 7.68%
	Allison Transmission 144A
	5.875% 6/1/29 #	410,000		454,635
	Boyd Gaming 4.75%
	12/1/27	505,000		525,609
	Caesars Entertainment
	144A 6.25% 7/1/25 #	290,000		309,214
	144A 8.125% 7/1/27 #	245,000		271,540
	Carnival 144A 7.625%
	3/1/26 #	485,000		529,312
	Ford Motor
	8.50% 4/21/23	350,000		395,211
	9.00% 4/22/25	110,000		135,315
	Ford Motor Credit
	3.37% 11/17/23	265,000		270,576
	3.375% 11/13/25	260,000		266,581
	4.125% 8/17/27	245,000		256,944
	4.542% 8/1/26	270,000		288,562
	5.584% 3/18/24	470,000		507,600
	General Motors Financial
	5.70% µ, ψ	170,000		187,850
	L Brands
	144A 6.875% 7/1/25 #	213,000		231,593
	6.875% 11/1/35	148,000		166,407
	144A 9.375% 7/1/25 #	200,000		246,250
	MGM Resorts International
	4.75% 10/15/28	675,000		724,778
	New Red Finance 144A
	3.50% 2/15/29 #	305,000		305,191
	Scientific Games
	International
	144A 7.25%
	11/15/29 #	230,000		252,814
	144A 8.25% 3/15/26 #	460,000		496,480
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	295,000		296,333
	Stars Group Holdings 144A
	7.00% 7/15/26 #	150,000		158,156
	Station Casinos 144A
	5.00% 10/1/25 #	235,000		238,155
				7,515,106
Consumer Non-Cyclical — 4.79%
	Chobani 144A 4.625%
	11/15/28 #	305,000		310,338
	Energizer Holdings 144A
	4.375% 3/31/29 #	380,000		394,068
	JBS USA LUX 144A 5.50%
	1/15/30 #	625,000		718,912
	Kraft Heinz Foods
	5.00% 7/15/35	240,000		291,040
	5.20% 7/15/45	400,000		475,640
	Pilgrim’s Pride 144A
	5.875% 9/30/27 #	495,000		537,501
	Post Holdings
	144A 5.50%
	12/15/29 #	250,000		273,131
	144A 5.75% 3/1/27 #	400,000		424,250

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Spectrum Brands
	144A 5.00% 10/1/29 #	520,000	$	559,728
	144A 5.50% 7/15/30 #	130,000		140,319
	United Natural Foods 144A
	6.75% 10/15/28 #	540,000		565,639
				4,690,566
Energy — 10.48%
	Apache
	4.75% 4/15/43	301,000		312,661
	4.875% 11/15/27	230,000		244,145
	CNX Resources
	144A 6.00% 1/15/29 #	485,000		497,785
	144A 7.25% 3/14/27 #	225,000		241,036
	Continental Resources
	3.80% 6/1/24	485,000		500,459
	Crestwood Midstream
	Partners
	5.75% 4/1/25	220,000		224,400
	6.25% 4/1/23	250,000		251,094
	DCP Midstream Operating
	5.125% 5/15/29	685,000		760,905
	EQM Midstream Partners
	144A 6.50% 7/1/27 #	345,000		388,970
	Genesis Energy
	5.625% 6/15/24	100,000		97,437
	6.50% 10/1/25	250,000		243,594
	8.00% 1/15/27	225,000		224,437
	Murphy Oil 5.875%
	12/1/27	754,000		743,399
	NuStar Logistics
	5.625% 4/28/27	350,000		373,560
	6.00% 6/1/26	267,000		289,221
	6.375% 10/1/30	530,000		601,378
	Occidental Petroleum
	3.00% 2/15/27	270,000		240,806
	3.50% 8/15/29	260,000		238,360
	6.125% 1/1/31	490,000		525,623
	6.625% 9/1/30	340,000		369,665
	PDC Energy
	5.75% 5/15/26	588,000		608,212
	6.125% 9/15/24	185,000		190,455
	Precision Drilling 144A
	7.125% 1/15/26 #	70,000		61,149
	Southwestern Energy
	7.50% 4/1/26	100,000		105,050
	7.75% 10/1/27	455,000		492,117
	Targa Resources Partners
	5.375% 2/1/27	325,000		342,123
	6.50% 7/15/27	535,000		581,812
	Western Midstream
	Operating 4.75%
	8/15/28	490,000		510,825
				10,260,678
Financial Services — 4.23%
	AerCap Holdings 5.875%
	10/10/79 µ	315,000		323,948
	AerCap Ireland Capital
	DAC 6.50% 7/15/25	465,000		556,217
	Ally Financial 8.00%
	11/1/31	450,000		661,508
	Credit Suisse Group
	144A 4.50% #, µ, ψ	470,000		473,478
	144A 7.50% #, µ, ψ	225,000		251,055
	DAE Funding
	144A 4.50% 8/1/22 #	130,000		131,846
	144A 5.75%
	11/15/23 #	851,000		875,466
	DAE Sukuk DIFC 144A
	3.75% 2/15/26 #	390,000		401,700
	United Shore Financial
	Services 144A 5.50%
	11/15/25 #	440,000		464,750
				4,139,968
Healthcare — 6.83%
	Bausch Health 144A
	6.25% 2/15/29 #	685,000		745,068
	Cheplapharm Arzneimittel
	144A 5.50% 1/15/28 #	425,000		444,656
	CHS
	144A 5.625%
	3/15/27 #	470,000		505,955
	144A 8.00% 3/15/26 #	240,000		258,840
	Encompass Health 4.75%
	2/1/30	330,000		354,070
	Hadrian Merger Sub 144A
	8.50% 5/1/26 #	504,000		522,174
	HCA
	5.375% 2/1/25	155,000		174,532
	5.875% 2/15/26	125,000		143,906
	Jaguar Holding II
	144A 4.625%
	6/15/25 #	240,000		253,498
	144A 5.00% 6/15/28 #	435,000		464,906
	Ortho-Clinical Diagnostics
	144A 7.25% 2/1/28 #	220,000		232,513
	144A 7.375% 6/1/25 #	490,000		522,769
	Surgery Center Holdings
	144A 10.00%
	4/15/27 #	245,000		271,184

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	Tenet Healthcare
	144A 6.125%
	10/1/28 #	490,000	$	512,310
	6.75% 6/15/23	255,000		274,584
	6.875% 11/15/31	443,000		468,942
	Verscend Escrow 144A
	9.75% 8/15/26 #	495,000		537,385
				6,687,292
Insurance — 2.20%
	AssuredPartners 144A
	5.625% 1/15/29 #	180,000		188,100
	GTCR AP Finance 144A
	8.00% 5/15/27 #	156,000		169,798
	HUB International 144A
	7.00% 5/1/26 #	911,000		953,630
	USI 144A 6.875%
	5/1/25 #	821,000		844,083
				2,155,611
Media — 6.39%
	CCO Holdings
	144A 4.50% 8/15/30 #	1,065,000		1,131,568
	144A 4.50% 5/1/32 #	120,000		128,276
	144A 5.375% 6/1/29 #	365,000		400,547
	Clear Channel Worldwide
	Holdings 9.25%
	2/15/24	496,000		503,492
	CSC Holdings 144A
	4.625% 12/1/30 #	1,100,000		1,149,649
	Cumulus Media New
	Holdings 144A 6.75%
	7/1/26 #	484,000		495,681
	Gray Television
	144A 4.75%
	10/15/30 #	275,000		279,641
	144A 7.00% 5/15/27 #	210,000		230,213
	Netflix
	4.875% 4/15/28	190,000		214,573
	144A 4.875%
	6/15/30 #	60,000		69,113
	Nexstar Broadcasting
	144A 4.75% 11/1/28 #	345,000		361,603
	144A 5.625%
	7/15/27 #	360,000		386,213
	Scripps Escrow II 144A
	5.375% 1/15/31 #	180,000		189,626
	Terrier Media Buyer 144A
	8.875% 12/15/27 #	645,000		712,322
				6,252,517
Real Estate — 2.58%
	Global Net Lease 144A
	3.75% 12/15/27 #	560,000		578,422
	HAT Holdings I 144A
	3.75% 9/15/30 #	360,000		375,300
	Iron Mountain
	144A 5.25% 3/15/28 #	460,000		486,296
	144A 5.25% 7/15/30 #	540,000		583,875
	MGM Growth Properties
	Operating Partnership
	144A 3.875%
	2/15/29 #	485,000		496,822
				2,520,715
Services — 4.36%
	Covanta Holding 5.00%
	9/1/30	730,000		781,967
	Gartner 144A 4.50%
	7/1/28 #	395,000		417,219
	H&E Equipment Services
	144A 3.875%
	12/15/28 #	275,000		277,415
	Prime Security Services
	Borrower
	144A 5.75% 4/15/26 #	530,000		581,012
	144A 6.25% 1/15/28 #	650,000		698,750
	Sabre GLBL
	144A 7.375% 9/1/25 #	340,000		369,410
	144A 9.25% 4/15/25 #	290,000		345,462
	Tms International Holding
	144A 7.25% 8/15/25 #	310,000		316,200
	United Rentals North
	America 5.25%
	1/15/30	430,000		478,106
				4,265,541
Technology — 4.76%
	Austin BidCo 144A
	7.125% 12/15/28 #	180,000		188,212
	Banff Merger Sub 144A
	9.75% 9/1/26 #	530,000		573,047
	Black Knight InfoServ 144A
	3.625% 9/1/28 #	410,000		420,250
	BY Crown Parent 144A
	4.25% 1/31/26 #	420,000		431,025
	Camelot Finance 144A
	4.50% 11/1/26 #	445,000		465,303
	CommScope Technologies
	144A 5.00% 3/15/27 #	430,000		426,506
	Microchip Technology
	144A 4.25% 9/1/25 #	695,000		735,450
	Open Text Holdings 144A
	4.125% 2/15/30 #	662,000		705,454

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	SS&C Technologies 144A
		5.50% 9/30/27 #	665,000	$	711,064
					4,656,311
Transportation — 3.39%
	Delta Air Lines
		144A 7.00% 5/1/25 #	455,000		525,623
		7.375% 1/15/26	690,000		788,692
	Mileage Plus Holdings
		144A 6.50% 6/20/27 #	310,000		333,831
	Spirit Loyalty Cayman
		144A 8.00% 9/20/25 #	215,000		241,875
	Stena International 144A
		6.125% 2/1/25 #	200,000		198,000
	United Airlines Holdings
		4.875% 1/15/25	650,000		640,851
	VistaJet Malta Finance
		144A 10.50% 6/1/24 #	575,000		590,813
					3,319,685
Utilities — 2.64%
	Calpine
		144A 4.625% 2/1/29 #	85,000		87,531
		144A 5.00% 2/1/31 #	510,000		533,715
	PG&E 5.25% 7/1/30		955,000		1,051,694
	Vistra Operations
		144A 5.00% 7/31/27 #	255,000		270,555
		144A 5.50% 9/1/26 #	61,000		63,650
		144A 5.625%
		2/15/27 #	540,000		575,154
					2,582,299
Total Corporate Bonds
	(cost $81,796,457)				86,712,215
Loan Agreements — 7.16%
	Applied Systems 2nd Lien
		8.00% (LIBOR03M +
		7.00%) 9/19/25 ●	686,000		691,574
	Apro 5.00% (LIBOR03M +
		4.00%) 11/14/26 ●	211,952		212,482
	Blue Ribbon 1st Lien
		5.00% (LIBOR02M +
		4.00%) 11/15/21 ●	116,000		110,103
	Boxer Parent 4.397%
		(LIBOR01M + 4.25%)
		10/2/25 ●	143,756		143,468
	BW Gas & Convenience
		Holdings 6.40%
		(LIBOR01M + 6.25%)
		11/18/24 ●	402,918		405,184
	BWay Holding 3.48%
		(LIBOR03M + 3.25%)
		4/3/24 ●	776,369		753,078
	Calpine 2.65% (LIBOR01M
		+ 2.50%) 12/2/27 ●	645		642
	Carnival 8.50%
		(LIBOR01M + 7.50%)
		6/30/25 ●	293,525		304,092
	Epicor Software 2nd Lien
		8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	368,200		384,769
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	195,000		196,950
	Global Medical Response
		5.75% (LIBOR03M +
		4.75%) 10/2/25 ●	492,000		490,032
	Hamilton Projects Acquiror
		5.75% (LIBOR03M +
		4.75%) 6/17/27 ●	497,500		499,366
	Informatica 2nd Lien
		7.125% (LIBOR03M +
		7.125%) 2/25/25 ●	535,000		546,369
	Solenis International 2nd
		Lien 8.733%
		(LIBOR03M + 8.50%)
		6/26/26 ●	708,588		697,664
	Surgery Center Holdings
		4.25% (LIBOR01M +
		3.25%) 9/2/24 ●	494,695		487,584
	Ultimate Software Group
		2nd Lien 7.50%
		(LIBOR03M + 6.75%)
		5/3/27 ●	678,000		699,187
	Vantage Specialty
		Chemicals 2nd Lien TBD
		10/27/25 X	17,328		15,043
	Verscend Holding Tranche
		B 4.647% (LIBOR01M +
		4.50%) 8/27/25 ●	368,289		368,841
Total Loan Agreements
	(cost $6,876,871)				7,006,428
			Number
			of shares
Short-Term Investments — 3.24%
Money Market Mutual Funds — 3.24%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.00%)	792,150		792,150

12

	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 0.01%)	792,151	$	792,151
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.02%)	792,150		792,150
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	792,150		792,150
Total Short-Term Investments
(cost $3,168,601)			3,168,601
Total Value of
Securities—99.13%
(cost $91,968,317)		$	97,014,849

°	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 December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $58,052,118, which represents 59.32% of the Series’ net assets. See Note 9 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
X	This loan will settle after December 31, 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:
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
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
PIK – Payment-in-kind
TBD – To be determined
USD – US Dollar

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

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

December 31, 2020

Assets:
Investments, at value*	$	97,014,849
Receivable for securities sold		167,325
Dividends and interest receivable		1,347,870
Receivable for series shares sold		2,883
Other assets		3,556
Total Assets		98,536,483
Liabilities:
Due to custodian		3,694
Payable for securities purchased		531,255
Investment management fees payable to affiliates		46,178
Other accrued expenses		33,258
Payable for series shares redeemed		30,297
Reports and statements to shareholders expenses payable to non-affiliates		18,429
Audit and tax fees payable		3,500
Dividend disbursing and transfer agent fees and expenses payable to affiliates		619
Accounting and administration expenses payable to affiliates		614
Trustees’ fees and expenses payable		309
Legal fees payable to affiliates		169
Reports and statements to shareholders expenses payable to affiliates		98
Total Liabilities		668,420
Total Net Assets	$	97,868,063
Net Assets Consist of:
Paid-in capital	$	95,576,101
Total distributable earnings (loss)		2,291,962
Total Net Assets	$	97,868,063
Net Asset Value
Standard Class:
Net assets	$	97,868,063
Shares of beneficial interest outstanding, unlimited authorization, no par		15,191,160
Net asset value per share	$	6.44
____________________
*  Investments, at cost	$	91,968,317

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

Year ended December 31, 2020

Investment Income:
Interest	$	5,330,061
Dividends		30,179
		5,360,240
Expenses:
Management fees		626,560
Audit and tax fees		71,632
Accounting and administration expenses		55,754
Reports and statements to shareholders expenses		33,818
Dividend disbursing and transfer agent fees and expenses		8,054
Trustees’ fees and expenses		5,621
Legal fees		5,592
Custodian fees		3,617
Registration fees		12
Other		26,241
		836,901
Less expenses waived		(35,774	)
Less expenses paid indirectly		(1,411	)
Total operating expenses		799,716
Net Investment Income		4,560,524
Net Realized and Unrealized Gain:
Net realized gain on investments		113,517
Net change in unrealized appreciation (depreciation) of investments		2,146,230
Net Realized and Unrealized Gain		2,259,747
Net Increase in Net Assets Resulting from Operations	$	6,820,271

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,560,524		$	5,231,680
Net realized gain (loss)		113,517			(628,839	)
Net change in unrealized appreciation (depreciation)		2,146,230			7,972,064
Net increase in net assets resulting from operations		6,820,271			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		2,119,323			3,411,348
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		5,678,792			5,659,504
		7,798,115			9,070,852
Cost of shares redeemed:
Standard Class		(16,106,275	)		(11,149,960	)
Decrease in net assets derived from capital share transactions		(8,308,160	)		(2,079,108	)
Net Increase (Decrease) in Net Assets		(7,166,681	)		4,836,293
Net Assets:
Beginning of year		105,034,744			100,198,451
End of year	$	97,868,063		$	105,034,744

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

16

Financial highlights
Delaware VIP^® Fund for Income Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	6.36		$	5.96		$	6.45		$	6.36		$	6.07
Income (loss) from investment operations
Net investment income2		0.29			0.30			0.30			0.30			0.30
Net realized and unrealized gain (loss)		0.16			0.44			(0.46	)		0.12			0.34
Total from investment operations		0.45			0.74			(0.16	)		0.42			0.64
Less dividends and distributions from:
Net investment income		(0.37	)		(0.34	)		(0.33	)		(0.33	)		(0.35	)
Total dividends and distributions		(0.37	)		(0.34	)		(0.33	)		(0.33	)		(0.35	)
Net asset value, end of period	$	6.44		$	6.36		$	5.96		$	6.45		$	6.36
Total return3		7.95%	4		12.78%	4		(2.58%	)		6.82%			11.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	97,868		$	105,035		$	100,198		$	106,011		$	101,427
Ratio of expenses to average net assets5		0.83%			0.85%			0.91%			0.89%			0.89%
Ratio of expenses to average net assets prior to fees waived5		0.87%			0.88%			0.91%			0.89%			0.89%
Ratio of net investment income to average net assets		4.73%			4.94%			4.93%			4.70%			4.85%
Ratio of net investment income to average net assets prior to
fees waived		4.69%			4.91%			4.93%			4.70%			4.85%
Portfolio turnover		131%			115%			73%			66%			56%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Fund For Income shares.
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	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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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

18

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 year ended December 31, 2020, the Series earned $1,411 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 year ended December 31, 2020, the Series was charged $7,295 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 year ended December 31, 2020, the Series was charged $7,230 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 year

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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

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

ended December 31, 2020, the Series was charged $3,295 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 year ended December 31, 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 year ended December 31, 2020, the Series engaged in securities purchases of $511,305. The Series did not engage in Rule 17a-7 securities sales for the year ended December 31, 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	119,725,798
Sales		126,671,575

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	92,238,011
Aggregate unrealized appreciation of investments	$	4,907,500
Aggregate unrealized depreciation of investments		(130,662	)
Net unrealized appreciation of investments	$	4,776,838

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

20

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Convertible Bond	$	—	$	127,605	$	127,605
Corporate Bonds		—		86,712,215		86,712,215
Loan Agreements		—		7,006,428		7,006,428
Short-Term Investments		3,168,601		—		3,168,601
Total Value of Securities	$	3,168,601	$	93,846,248	$	97,014,849

During the year ended December 31, 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.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20	12/31/19
Ordinary income	$5,678,792	$5,659,504

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	95,576,101
Undistributed ordinary income		4,955,748
Capital loss carryforwards*		(7,440,624	)
Unrealized appreciation of investments		4,776,838
Net assets	$	97,868,063

* $7,252,983 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between the book basis and tax basis components of net assets are primarily attributable to market premium on debt instruments and tax deferral on losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,671,811	$5,768,813	$7,440,624

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	343,476		555,571
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,025,053		947,991
	1,368,529		1,503,562
Shares redeemed:
Standard Class	(2,679,433	)	(1,801,135	)
Net decrease	(1,310,904	)	(297,573	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each

22

Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Fund for Income Series

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.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs” ) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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 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 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 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.”

24

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, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

25

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Fund for Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Fund for Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Fund for Income (subsequent to reorganization, known as Delaware VIP Fund for Income Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

26

Other Series information (Unaudited)
Delaware VIP^® Fund for Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00%

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Fund for Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Fund for Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Funds Management Hong Kong Limited (“MFMHK”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

27

Other Series information (Unaudited)
Delaware VIP^® Fund for Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Fund for Income Series at a meeting held August 11-13, 2020 (continued)

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all high yield funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, and 5-year periods was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 10-year period was in the fourth quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in Oct. 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work,

28

the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

29

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

30

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

34

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.

(1502651)
AR-VIPFFI-221

Delaware VIP^® Trust

Delaware VIP Growth and Income Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation and top 10 equity holdings	7
Schedule of investments	8
Statement of assets and liabilities	9
Statement of operations	10
Statements of changes in net assets	11
Financial highlights	12
Notes to financial statements	13
Report of independent registered public accounting firm	20
Other Series information	21
Board of trustees / directors and officers addendum	25

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek long-term growth of capital and current income.

For the fiscal year ended December 31, 2020, Delaware VIP Growth and Income Series Standard Class shares declined -0.46% with all distributions reinvested. The Series underperformed its benchmark, the Russell 1000^® Value Index, which increased 2.80% for the same period.

During the Series’ fiscal year, the COVID-19 pandemic and resulting government policy responses caused significant fluctuations in the stock market. Between mid-February and mid-March 2020, the broad market S&P 500^® Index declined 30%, the fastest drop of this magnitude in its history. The S&P 500 Index then jumped 17% in late March – its biggest three-day gain since 1933 – when a massive fiscal stimulus package worked its way through Congress. Stocks continued to rally strongly, especially those of very large, technology-oriented growth companies, as investors appeared largely unconcerned with their high valuations. In December, the Dow Jones Industrial Average^®, NASDAQ Composite Index, and S&P 500 Index attained new all-time highs despite monthly records for new COVID-19 cases and hospitalizations and a new wave of restrictions on gatherings and travel in many states. As in 2019, the broad market’s robust gains in 2020 were driven almost entirely by expansion in valuation multiples. (Sources: Cornerstone Macro, FactSet Research Systems.)

Investments in the energy sector were the largest detractors from the Series’ performance. Shares of exploration and production (E&P) companies Marathon Oil Corp. and Occidental Petroleum Corp., both of which are highly sensitive to fluctuations in oil prices, experienced significant stock-price declines when crude oil demand dropped significantly early in the pandemic. Given the investment team’s view that demand for oil could remain weak for an extended period and cash-flow generation at these businesses could remain depressed, we opted to sell these positions.

The Series’ holdings in the industrials sector also resulted in relative underperformance. Aerospace and defense company Raytheon Technologies Corp. was the laggard in this group. The company formed in April when Raytheon Co. merged with United Technologies Corp. Raytheon Technologies’ commercial aerospace exposure was a source of concern for investors during the downturn. The company expressed a conservative outlook for its free cash flow in fiscal 2020 and delayed its timeframe for an expected recovery in the aerospace industry. Meanwhile, the firm’s defense segment continued to post what we viewed as strong financial results with a significant increase in its business. At fiscal year end, Raytheon Technologies’ shares remained attractively valued, in our view, and appeared to have priced in many challenges facing its business.

The Series’ holding in multifamily housing real estate investment trust (REIT) Equity Residential was another notable detractor. Pandemic-related pressure on rent and occupancy levels challenged Equity Residential’s business in some of its core urban markets. Additionally, REITs in other more highly valued market areas that are less exposed to COVID-19 – such as storage, data centers, and cell towers – continued to garner investor interest. Despite the near-term challenges facing the multifamily housing space, we remained positive about Equity Residential’s prospects over the next three to five years. It had one of the strongest balance sheet and capital positions among its peers, and the stock was trading at the low end of its historic valuation range. When the economy reopens more, we believe Equity Residential has the potential to see its fundamentals stabilize and eventually improve. Meanwhile, the company’s balance sheet and diversified property portfolio appear likely to continue to provide support at current valuation levels, in our view.

Investments in the information technology sector (IT) were the largest contributors to the Series’ relative returns. Broadcom Inc., a leading provider of semiconductor and infrastructure software solutions, led the group. The company has seen relatively steady demand for many of its products and services and has benefited from several broad trends, including growing demand for servers, storage, mobility, and security. At the end of the fiscal period, the team believed Broadcom had attractive cash flow dynamics, remaining upside potential in its stock, and an attractive dividend yield.

International entertainment and media enterprise Walt Disney Co. was also a strong contributor. The number of subscribers in Disney+, the company’s direct-to-consumer streaming offering, has continued to surpass expectations. At its investor day in December, Disney raised its Disney+ subscriber targets and announced plans to substantially increase its investment in content, which further buoyed the shares. Meanwhile, the company’s Disneyland park in California remained closed and its Orlando property was operating at reduced capacity. Disney also announced that it will look to reinstate its dividend when operations normalize, possibly in the second half of 2021.

The Series’ holding in home improvement retailer Lowe’s Companies Inc. was another notable contributor. The company continued to benefit from ongoing strength in consumer spending on home improvements and stronger operational execution stemming from CEO Marvin Ellison’s

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

recent business transformation initiatives. As of the end of the fiscal year, we considered Lowe’s shares reasonably valued. That said, given the stock’s favorable performance in recent years, the team assessed its potential risk-reward profile relative to other opportunities in the consumer discretionary sector.

During the fiscal year, we made more changes to the Series than usual as we sought to take advantage of stock market volatility to upgrade overall quality. These changes resulted in better quality metrics relative to the Russell 1000 Value Index across several dimensions, including average debt rating, leverage ratio, and interest coverage, and did so without stretching valuation. Looking at several valuation ratios, the Series is, in our view, better positioned relative to the Russell 1000 Value Index than it has been in recent years. We believe the combination of higher quality and lower relative valuation further improves the Series’ risk-reward profile. While performance lagged the benchmark – especially in the second half of 2020 as investors rotated into more speculative stocks – we did not chase the rally because we did not believe fundamentals justified these stocks’ leadership. At the end of the fiscal year, we continued to emphasize higher quality, undervalued companies we believed had the potential to generate steadier long-term growth in earnings and cash flows.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on
November 9, 1987)	-0.46%	+3.94%	+7.86%	+9.71%	—
Russell 1000 Value Index	+2.80%	+6.07%	+9.74%	+10.50%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.74%, while total operating expenses for Standard Class shares were 0.74%. The management fee for Standard Class shares was 0.65%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual series operating expenses from exceeding 0.77% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the “Performance of a $10,000 investment” graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. While dividend-paying stocks are generally considered less volatile than other stocks, there can be no guarantee that an investment therein will be less volatile than the general stock market. The Series’ investments in potential growth opportunities may increase the potential volatility of its share price. Adverse market events may lead in increased redemptions, which could cause the Series to experience a loss or difficulty in selling securities to meet redemptions.

The Series seeks to invest in securities that are undervalued and that will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall.

At times, the Series may not be able to identify attractive dividend-paying stocks. The income received by the Series will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Series’ ability to pay dividends and its share price.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

The risk that the securities selected by a series’ management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues, and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free “pass-through” of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Series will indirectly bear a proportionate share of those fees and expenses.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.
___________________

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

Performance of a $10,000 investment

For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value			Ending value
	Russell 1000 Value Index		$	10,000		$	27,148
	Delaware VIP Growth and Income Series — Standard Class shares		$	10,000		$	25,266

The graph shows a $10,000 investment in Delaware VIP Growth and Income Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Value Index for the period from December 31, 2010 through December 31, 2020.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Dow Jones Industrial Average, mentioned on page 1, is an often-quoted market indicator that comprises 30 widely held US blue-chip stocks.

The NASDAQ Composite Index, mentioned on page 1, is a broad-based, market capitalization weighted index that measures all Nasdaq US- and international-based common type stocks listed on The NASDAQ Stock Market and includes more than 2,500 securities.

4

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return† Standard Class	$1,000.00	$1,180.60	0.75%	$4.11
Hypothetical 5% return (5% return before expenses) Standard Class	$1,000.00	$1,021.37	0.75%	$3.81

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

As of December 31, 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
Security type / sector	of net assets
Common Stock	98.80%
Communication Services	12.03%
Consumer Discretionary	5.97%
Consumer Staples	8.26%
Energy	2.95%
Financials	12.60%
Healthcare	17.93%
Industrials	11.81%
Information Technology	18.09%
Materials	3.43%
Real Estate	2.85%
Utilities	2.88%
Short-Term Investments	1.01%
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	3.43%
Discover Financial Services	3.40%
Broadcom	3.25%
Comcast Class A	3.24%
Caterpillar	3.22%
Walt Disney	3.17%
Cisco Systems	3.15%
Cognizant Technology Solutions Class A	3.14%
Viatris	3.10%
CVS Health	3.09%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 98.80%
Communication Services — 12.03%
	AT&T	442,500	$	12,726,300
	Comcast Class A	288,377		15,110,955
	Verizon Communications	230,600		13,547,750
	Walt Disney †	81,847		14,829,040
				56,214,045
Consumer Discretionary — 5.97%
	Dollar Tree †	132,400		14,304,496
	Lowe’s	84,700		13,595,197
				27,899,693
Consumer Staples — 8.26%
	Archer-Daniels-Midland	252,000		12,703,320
	Conagra Brands	355,619		12,894,745
	Mondelez International
	Class A	222,300		12,997,881
				38,595,946
Energy — 2.95%
	ConocoPhillips	343,900		13,752,561
				13,752,561
Financials — 12.60%
	Allstate	128,800		14,158,984
	American International
	Group	381,000		14,424,660
	Discover Financial Services	175,589		15,896,072
	Truist Financial	299,500		14,355,035
				58,834,751
Healthcare — 17.93%
	Cardinal Health	258,900		13,866,684
	Cigna	67,000		13,948,060
	CVS Health	211,300		14,431,790
	Johnson & Johnson	90,000		14,164,200
	Merck & Co.	157,600		12,891,680
	Viatris †	771,902		14,465,444
				83,767,858
Industrials — 11.81%
	Caterpillar	82,661		15,045,955
	Honeywell International	65,915		14,020,121
	Northrop Grumman	39,400		12,005,968
	Raytheon Technologies	197,340		14,111,783
				55,183,827
Information Technology — 18.09%
	Broadcom	34,700		15,193,395
	Cisco Systems	329,000		14,722,750
	Cognizant Technology
	Solutions Class A	178,896		14,660,527
	Intel	244,600		12,185,972
	Motorola Solutions	79,800		13,570,788
	Oracle	219,000		14,167,110
				84,500,542
Materials — 3.43%
	DuPont de Nemours	225,300		16,021,083
				16,021,083
Real Estate — 2.85%
	Equity Residential	224,900		13,332,072
				13,332,072
Utilities — 2.88%
	Edison International	213,800		13,430,916
				13,430,916
Total Common Stock
	(cost $404,582,129)			461,533,294
Short-Term Investments — 1.01%
Money Market Mutual Funds — 1.01%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	1,183,912		1,183,912
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	1,183,913		1,183,913
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	1,183,912		1,183,912
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	1,183,913		1,183,913
Total Short-Term Investments
	(cost $4,735,650)			4,735,650
Total Value of
	Securities—99.81%
	(cost $409,317,779)		$	466,268,944

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

8

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

December 31, 2020
Assets:
	Investments, at value*	$	466,268,944
	Receivable for securities sold		1,244,978
	Dividends receivable		701,731
	Receivable for series shares sold		5,433
	Other assets		16,185
	Total Assets		468,237,271
Liabilities:
	Due to custodian		5
	Payable for securities purchased		658,209
	Investment management fees payable to affiliates		255,012
	Payable for series shares redeemed		62,396
	Reports and statements to shareholders expenses payable to non-affiliates		50,290
	Other accrued expenses		37,294
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,943
	Accounting and administration expenses payable to affiliates		1,648
	Trustees’ fees and expenses payable to affiliates		1,439
	Legal fees payable to affiliates		1,316
	Reports and statements to shareholders expenses payable to affiliates		469
	Total Liabilities		1,071,021
Total Net Assets		$	467,166,250
Net Assets Consist of:
	Paid-in capital	$	405,815,850
	Total distributable earnings (loss)		61,350,400
Total Net Assets		$	467,166,250
Net Asset Value
Standard Class:
Net assets		$	467,166,250
Shares of beneficial interest outstanding, unlimited authorization, no par			16,583,592
Net asset value per share		$	28.17
____________________
*  Investments, at cost		$	409,317,779

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

9

Statement of operations
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

Year ended December 31, 2020

Investment Income:
Dividends	$	12,304,195
Expenses:
Management fees		2,824,811
Accounting and administration expenses		111,496
Reports and statements to shareholders expenses		81,349
Audit and tax fees		66,601
Dividend disbursing and transfer agent fees and expenses		36,120
Legal fees		29,882
Trustees’ fees and expenses		25,011
Custodian fees		13,725
Registration fees		9,115
Other		9,750
		3,207,860
Less expenses paid indirectly		(2,295	)
Total operating expenses		3,205,565
Net Investment Income		9,098,630
Net Realized and Unrealized Loss:
Net realized loss on investments		(4,075,021	)
Net change in unrealized appreciation (depreciation) of investments		(12,421,762	)
Net Realized and Unrealized Loss		(16,496,783	)
Net Decrease in Net Assets Resulting from Operations	$	(7,398,153	)

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

10

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	9,098,630		$	8,673,969
Net realized gain (loss)		(4,075,021	)		129,014,509
Net change in unrealized appreciation (depreciation)		(12,421,762	)		(26,372,461	)
Net increase (decrease) in net assets resulting from operations		(7,398,153	)		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		3,043,343			3,098,537
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		136,194,991			88,019,342
		139,238,334			91,117,879
Cost of shares redeemed:
Standard Class		(46,521,417	)		(45,347,319	)
Increase in net assets derived from capital share transactions		92,716,917			45,770,560
Net Increase (Decrease) in Net Assets		(50,876,227	)		69,067,235
Net Assets:
Beginning of year		518,042,477			448,975,242
End of year	$	467,166,250		$	518,042,477

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

11

Financial highlights
Delaware VIP^® Growth and Income Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	43.10		$	41.84		$	49.45		$	44.18		$	43.11
Income (loss) from investment operations
Net investment income2		0.59			0.71			0.72			0.66			0.69
Net realized and unrealized gain (loss)		(3.82	)		8.82			(5.48	)		7.09			3.08
Total from investment operations		(3.23	)		9.53			(4.76	)		7.75			3.77
Less dividends and distributions from:
Net investment income		(0.75	)		(0.74	)		(0.68	)		(0.71	)		(0.61	)
Net realized gain		(10.95	)		(7.53	)		(2.17	)		(1.77	)		(2.09	)
Total dividends and distributions		(11.70	)		(8.27	)		(2.85	)		(2.48	)		(2.70	)
Net asset value, end of period	$	28.17		$	43.10		$	41.84		$	49.45		$	44.18
Total return3		(0.46%	)		25.60%			(10.17%	)		18.28%			9.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	467,166		$	518,042		$	448,975		$	531,695		$	475,019
Ratio of expenses to average net assets4		0.74%			0.76%			0.77%			0.78%			0.79%
Ratio of net investment income to average net assets		2.09%			1.75%			1.54%			1.45%			1.67%
Portfolio turnover		30%			122%	5		58%			17%			21%

1	On October 4, 2019, the First Investors Life Series Growth & 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 October 4, 2019, reflect the performance of the First Investors Life Series Growth & Income Fund shares.
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.
5	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

12

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

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 year ended December 31, 2020, the Series earned $2,295 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 included under “Less expenses paid indirectly.” For the year ended December 31, 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 0.77% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* These expense waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $18,844 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 year ended December 31, 2020, the Series was charged $32,602 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 year ended December 31, 2020, the Series was charged $17,904 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.”

14

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	128,864,577
Sales		161,399,462

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	410,129,188
Aggregate unrealized appreciation of investments	$	71,536,112
Aggregate unrealized depreciation of investments		(15,396,356	)
Net unrealized appreciation of investments	$	56,139,756

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 as follows:

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

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

3. Investments (continued)

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	461,533,294
Short-Term Investments		4,735,650
Total Value of Securities	$	466,268,944

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	19,647,293	$	7,887,300
Long-term capital gains		116,547,698		80,132,042
Total	$	136,194,991	$	88,019,342

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	405,815,850
Undistributed ordinary income		9,069,397
Capital loss carryforwards*		(3,858,753	)
Unrealized appreciation of investments		56,139,756
Net assets	$	467,166,250

* $1,924,091 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

16

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$3,858,753	$—	$3,858,753

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	113,482		75,731
Shares issued upon reinvestment of dividends and distributions:
Standard Class	6,088,288		2,334,731
	6,201,770		2,410,462
Shares redeemed:
Standard Class	(1,637,967	)	(1,120,847	)
Net increase	4,563,803		1,289,615

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth and Income Series

8. Securities Lending (continued)

loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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

18

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 December 31, 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

19

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Growth and Income Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Growth and Income Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Growth & Income Fund (subsequent to reorganization, known as Delaware VIP Growth and Income Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

20

Other Series information (Unaudited)
Delaware VIP^® Growth and Income Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	85.57%
(B) Ordinary Income Distributions (Tax Basis)	14.43%
Total Distributions (Tax Basis)	100.00%
(C) Qualified Dividends1	58.60%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

(C) is based on the Series’ ordinary income distributions.

¹ Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth and Income Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth and Income Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

21

Other Series information (Unaudited)
Delaware VIP^® Growth and Income Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth and Income Series at a meeting held August 11-13, 2020 (continued)

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all large-cap value funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 5-year periods was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the

22

Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

Board consideration of sub-advisory agreement for Delaware VIP^® Growth and Income Series at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020, the Board of Trustees (the “Board”) of Delaware VIP Growth and Income Series (the “Series”), 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 Macquarie Investment Management Global Limited (“MIMGL”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMGL, including its personnel, operations, and financial condition, which had been provided by MIMGL. 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 MIMGL; information concerning MIMGL’s organizational structure and the experience of their key investment management personnel; copies of MIMGL’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMGL; 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 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 MIMGL, the Board reviewed the services to be provided by MIMGL pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by the MIMGL regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to MIMGL. In discussing the nature of the services proposed to be provided by MIMGL, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMGL, to include discretionary investment advisory services and specifically portfolio management by MIMGL’s Global Systematic Investment Team (the “MSI Team”) to implement its Equity Income strategy, subject to DMC’s oversight as the Series’ investment adviser. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the MIMGL to the Series and its shareholders and was confident in the abilities of MIMGL to provide quality services to the Series and its shareholders.

Investment performance. In regards to the appointment of MIMGL for the Series, the Board reviewed information on prior performance for MIMGL. In evaluating performance, the Board considered that the MSI Team has a history of targeting consistent outperformance through

23

Other Series information (Unaudited)
Delaware VIP^® Growth and Income Series

Board consideration of sub-advisory agreement for Delaware VIP^® Growth and Income Series at a meeting held November 17-19, 2020 (continued)

systematic strategies and through a multi-factor investment approach to smooth returns. Additionally, the Board had considered its previous approval of MIMGL to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMGL a sub-advisory fee based on the extent to which MIMGL provides services to the Series as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMGL, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to MIMGL and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMGL, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMGL in relation to the services being provided to the Series and in relation to MIMGL’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMGL in connection with its relationship to the Series. The Board considered the potential benefit to DMC and MIMGL of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

24

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

28

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

29

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.

(1502651)
AR-VIPGI-221

Delaware VIP^® Trust

Delaware VIP Growth Equity Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Report of independent registered public accounting firm	19
Other Series information	20
Board of trustees / directors and officers addendum	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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

January 12, 2021 (Unaudited)

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

Smith Asset Management Group, L.P. (Smith), a US registered investment advisor, is the sub-advisor to the Series. As sub-advisor, Smith is responsible for day-to-day management of the Series’ assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

For the fiscal year ended December 31, 2020, Delaware VIP Growth Equity Series (the “Series”) Standard Class shares gained 29.50%. This figure reflects all dividends reinvested. For the same period, the Series’ benchmark, the Russell 1000^® Growth Index, advanced 38.49%.

Economic and market fundamentals shifted dramatically during 2020. In January, COVID-19 was not generally perceived as a real threat to the US economy since the coronavirus outbreaks were occurring in China. In late February, however, the first US cases of the virus were documented in California and Washington state. COVID-19 proved to be a threat to US collective health, economy, and by extension, livelihoods and assets. The recession that began in February triggered a 31.5% decline in the Russell 1000 Growth Index by March 23, when the market bottomed out for 2020.

Thanks to unprecedented fiscal and monetary efforts, the recession had run its course by early June. From the bear market lows of March 23 through December 31, 2020, the Russell 1000 Growth Index gained 85%. While the Series’ positioning may have helped dampen downside volatility, it proved too defensive for what has been a dramatic rise by growth stocks.

Source: Bloomberg.

Information technology (IT) was the Series’ absolute and relative leading sector. NVIDIA Corp., inventor of the graphics processing unit, contributed to the Series’ performance as the company benefited from gaming, working and learning from home, and hyperscale demand trends. PayPal Holdings Inc., a provider of electronic payment solutions with a focus on online transactions, also contributed, benefiting from the surge in ecommerce. Cadence Design Systems Inc., an electronic design automation provider, outperformed. Cadence provides chip design software to semiconductor manufacturers in the high-growth areas of cloud computing, artificial intelligence, augmented and virtual reality, autonomous vehicles, 5G, and the industrial Internet of Things (IoT). For the third year in a row, we think Cadence appears on track to achieve its “Rule of 40” target (revenue growth plus operating margin of at least 40%). EPAM Systems Inc., a provider of software product development and digital platform engineering, added to the Series’ performance because of growing demand for business processing outsourcing services. Shares of Adobe Inc., the dominant provider of content creation and digital marketing software tools, outperformed. Another contributor, Zebra Technologies Corp., a manufacturer of automated identification and data capture products such as radio-frequency identification (RFID) and bar code scanners, benefited from a surge in business as a result of barcoding requirements for COVID-19 testing and enterprise customers seeking to digitize and automate workflows using Zebra’s computing, scanning, and printing solutions.

The consumer discretionary sector was the Series’ largest detracting sector for the fiscal year. The Series did not hold Tesla Inc. due to valuation concerns. Amazon.com Inc. detracted from relative performance for the period as a result of its lower average weight in the Series compared to the benchmark.

The Series’ largest individual detractors for the 12-month period were Apple Inc. and the lack of a position in Tesla Inc. The Series held Apple underweight to the benchmark in accordance with the Series’ construction goals of limiting single stock specific risk.

Airline operator Alaska Air Group Inc. detracted from the Series’ relative performance. Alaska Air suffered from a near stoppage of commercial and leisure traffic as a result of the pandemic. Discover Financial Services, a credit card and banking company, underperformed, and we sold the position. The company faced headwinds from the recession because of growing provisioning charges. Dunkin’ Brands Group Inc., the world’s leading franchiser of quick service restaurants with more than 20,000 locations under the Dunkin’ Donuts and Baskin-Robbins brands, also detracted from performance as pandemic-induced store closures pressured shares. Commercial and consumer banking giant Bank of America Corp. underperformed, as Bank of America was not immune to the challenges of narrowing net interest margins and rising loan loss write-offs. We exited the Series’ positions in Alaska Air Group and Bank of America during the fiscal year.

Our investment process centers on our belief in a specific and clearly defined fundamental outcome: Companies that can sustainably grow earnings faster than expected have the potential to outperform over time. We continue to believe that the Series’ holdings have the potential to generate healthy returns since the market typically rewards high-quality earnings and reasonable valuations. A continued recovery from the

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

recession of early 2020 should, in our opinion, provide a good foundation for potential earnings growth by the companies that make up the Series’ portfolio. Accordingly, we maintain our focus on what we view as high-quality companies whose earnings we think have the capacity to exceed market expectations.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on      November 8, 1999)	+29.50%	+15.71%	+16.44%	+14.82%	—
Russell 1000 Growth Index	+38.49%	+22.99%	+21.00%	+17.21%	—

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.80%, while total operating expenses for Standard Class shares were 0.80%. The management fee for Standard Class shares was 0.65%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Russell 1000 Growth Index	$10,000	$48,928
	Delaware VIP Growth Equity Series — Standard Class shares	$10,000	$39,824

The graph shows a $10,000 investment in Delaware VIP Growth Equity Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 1000 Growth Index for the period from December 31, 2010 through December 31, 2020.

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,229.20	0.80%	$4.48
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.11	0.80%	$4.06

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

As of December 31, 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
Security type / sector	of net assets
Common Stock ◆	98.77	%
Communication Services	6.96	%
Consumer Discretionary	16.46	%
Consumer Staples	4.66	%
Financials	6.39	%
Healthcare	12.67	%
Industrials	9.38	%
Information Technology*	41.14	%
Materials	1.11	%
Short-Term Investments	1.32	%
Total Value of Securities	100.09	%
Liabilities Net of Receivables and Other      Assets	(0.09	%)
Total Net Assets	100.00	%

◆

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

*

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, Electronics, Office/Business Equipments, Semiconductors, and Software. As of December 31, 2020, such amounts, as a percentage of total net assets, were 4.86%, 12.00%, 4.33%, 3.69%, 2.85%, and 13.41%, 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	6.02%
Cadence Design Systems	5.45%
PayPal Holdings	4.86%
Microsoft	4.41%
Amazon.com	4.04%
Alphabet Class A	3.86%
Zebra Technologies Class A	3.69%
Adobe	3.55%
Deckers Outdoor	3.35%
EPAM Systems	3.18%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 98.77% ◆
Communication Services — 6.96%
	Alphabet Class A †	2,340	$	4,101,177
	Facebook Class A †	12,060		3,294,310
				7,395,487
Consumer Discretionary — 16.46%
	Amazon.com †	1,320		4,299,148
	AutoZone †	1,760		2,086,374
	Deckers Outdoor †	12,410		3,558,940
	Lowe’s	14,120		2,266,401
	Target	15,341		2,708,147
	Tempur Sealy
	International †	95,520		2,579,040
				17,498,050
Consumer Staples — 4.66%
	Procter & Gamble	13,686		1,904,270
	TreeHouse Foods †	23,400		994,266
	Walmart	14,258		2,055,291
				4,953,827
Financials — 6.39%
	Allstate	21,400		2,352,502
	Ameriprise Financial	11,710		2,275,604
	JPMorgan Chase & Co.	17,020		2,162,732
				6,790,838
Healthcare — 12.67%
	AbbVie	20,610		2,208,361
	Eli Lilly and Co.	17,136		2,893,242
	Hologic †	36,400		2,651,012
	Horizon Therapeutics †	29,330		2,145,490
	Merck & Co.	18,100		1,480,580
	Thermo Fisher Scientific	4,500		2,096,010
				13,474,695
Industrials — 9.38%
	Dover	19,170		2,420,212
	EMCOR Group	20,610		1,884,991
	Parker-Hannifin	12,050		3,282,540
	Rockwell Automation	9,500		2,382,695
				9,970,438
Information Technology — 41.14%
	Adobe †	7,550		3,775,906
	Apple	48,230		6,399,639
	Arrow Electronics †	20,400		1,984,920
	Cadence Design Systems †	42,450		5,791,453
	EPAM Systems †	9,450		3,386,408
	Fortinet †	20,017		2,973,125
	II-VI †	34,500		2,620,620
	Microsoft	21,100		4,693,062
	NVIDIA	5,800		3,028,760
	PayPal Holdings †	22,080		5,171,136
	Zebra Technologies
	Class A †	10,200		3,920,166
				43,745,195
Materials — 1.11%
	International Paper	23,800		1,183,336
				1,183,336
Total Common Stock
	(cost $63,799,180)			105,011,866
Short-Term Investments — 1.32%
Money Market Mutual Funds — 1.32%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	352,170		352,170
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	352,173		352,173
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	352,173		352,173
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	352,172		352,172
Total Short-Term Investments
	(cost $1,408,688)			1,408,688
Total Value of
	Securities—100.09%
	(cost $65,207,868)		$	106,420,554

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

December 31, 2020

Assets:
Investments, at value*	$	106,420,554
Dividends receivable		32,034
Receivable for series shares sold		3,806
Other assets		2,044
Total Assets		106,458,438
Liabilities:
Due to custodian		1
Investment management fees payable to affiliates		53,536
Payable for series shares redeemed		46,023
Reports and statements to shareholders expenses payable to non-affiliates		13,310
Accounting and administration fees payable to non-affiliates		12,117
Audit and tax fees payable		5,500
Other accrued expenses		1,064
Dividend disbursing and transfer agent fees and expenses payable to affiliates		661
Accounting and administration expenses payable to affiliates		633
Trustees’ fees and expenses payable		321
Legal fees payable to affiliates		176
Reports and statements to shareholders expenses payable to affiliates		107
Total Liabilities		133,449
Total Net Assets	$	106,324,989
Net Assets Consist of:
Paid-in capital	$	59,874,079
Total distributable earnings (loss)		46,450,910
Total Net Assets	$	106,324,989
Net Asset Value
Standard Class:
Net assets	$	106,324,989
Shares of beneficial interest outstanding, unlimited authorization, no par		5,372,344
Net asset value per share	$	19.79
____________________
*  Investments, at cost	$	65,207,868

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

Year ended December 31, 2020

Investment Income:
Dividends	$	766,975
Expenses:
Management fees		593,903
Audit and tax fees		55,447
Accounting and administration expenses		54,903
Reports and statements to shareholders expenses		30,551
Dividend disbursing and transfer agent fees and expenses		7,620
Legal fees		5,356
Trustees’ fees and expenses		5,235
Custodian fees		2,833
Registration fees		12
Other		2,262
		758,122
Less expenses waived		(28,395	)
Less expenses paid indirectly		(680	)
Total operating expenses		729,047
Net Investment Income		37,928
Net Realized and Unrealized Gain:
Net realized gain on investments		5,206,210
Net change in unrealized appreciation (depreciation) of investments		19,187,588
Net Realized and Unrealized Gain		24,393,798
Net Increase in Net Assets Resulting from Operations	$	24,431,726

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

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Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

		Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	37,928		$	370,036
Net realized gain		5,206,210			5,687,837
Net change in unrealized appreciation (depreciation)		19,187,588			12,086,317
Net increase in net assets resulting from operations		24,431,726			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		3,247,892			7,067,713
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		6,063,787			5,077,656
		9,311,679			12,145,369
Cost of shares redeemed:
Standard Class		(13,317,004	)		(6,878,222	)
Increase (decrease) in net assets derived from capital share transactions		(4,005,325	)		5,267,147
Net Increase in Net Assets		14,362,614			18,333,681
Net Assets:
Beginning of year		91,962,375			73,628,694
End of year	$	106,324,989		$	91,962,375

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

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Financial highlights
Delaware VIP^® Growth Equity Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	16.53		$	14.14		$	15.87		$	13.37		$	13.98
Income (loss) from investment operations
Net investment income2		0.01			0.07			0.05			0.06			0.08
Net realized and unrealized gain (loss)		4.39			3.28			(0.57	)		3.97			0.36
Total from investment operations		4.40			3.35			(0.52	)		4.03			0.44
Less dividends and distributions from:
Net investment income		(0.07	)		(0.05	)		(0.06	)		(0.08	)		(0.09	)
Net realized gain		(1.07	)		(0.91	)		(1.15	)		(1.45	)		(0.96	)
Total dividends and distributions		(1.14	)		(0.96	)		(1.21	)		(1.53	)		(1.05	)
Net asset value, end of period	$	19.79		$	16.53		$	14.14		$	15.87		$	13.37
Total return3		29.50%	4		24.35%	4		(3.79%	)		32.80%			4.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	106,325		$	91,962		$	73,629		$	69,829		$	52,433
Ratio of expenses to average net assets5		0.80%			0.82%			0.81%			0.81%			0.83%
Ratio of expenses to average net assets prior to fees waived5		0.83%			0.84%			0.81%			0.81%			0.83%
Ratio of net investment income to average net assets		0.04%			0.43%			0.34%			0.40%			0.61%
Ratio of net investment income to average net assets prior to
fees waived		0.01%			0.41%			0.34%			0.40%			0.61%
Portfolio turnover		37%			45%			31%			52%			64%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Select Growth Fund shares.
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	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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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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.

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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 year ended December 31, 2020, the Series earned $680 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 year ended December 31, 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 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $7,121 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 year ended December 31, 2020, the Series was charged $6,853 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 year ended December 31, 2020, the Series was charged $3,113 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.

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Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

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

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	33,863,492
Sales		44,777,740

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	65,208,334
Aggregate unrealized appreciation of investments	$	41,691,756
Aggregate unrealized depreciation of investments		(479,536	)
Net unrealized appreciation of investments	$	41,212,220

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 as follows:

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

14

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	105,011,866
Short-Term Investments		1,408,688
Total Value of Securities	$	106,420,554

During the year ended December 31, 2020, there were no transfers between 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	371,036	$	275,771
Long-term capital gains		5,692,751		4,801,885
Total	$	6,063,787	$	5,077,656

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	59,874,079
Undistributed ordinary income		36,928
Undistributed long-term capital gains		5,201,762
Unrealized appreciation of investments		41,212,220
Net assets	$	106,324,989

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

15

Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Growth Equity Series

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	184,340		467,704
Shares issued upon reinvestment of dividends and distributions:
Standard Class	432,819		336,714
	617,159		804,418
Shares redeemed:
Standard Class	(808,448	)	(447,536	)
Net increase (decrease)	(191,289	)	356,882

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

16

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 December 31, 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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Growth Equity Series

11. Recent Accounting Pronouncements

In August 2018, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Growth Equity Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Growth Equity Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Select Growth Fund (subsequent to reorganization, known as Delaware VIP Growth Equity Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

19

Other Series information (Unaudited)
Delaware VIP^® Growth Equity Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gains Distributions (Tax Basis)	93.88%
(B) Ordinary Income Distributions (Tax Basis)	6.12%
Total Distributions (Tax Basis)	100.00%
(C) Qualifying Dividends 1	100.00%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

(C) is based on the Series’ ordinary income distributions.

¹ Qualified dividends represent dividends which qualify for the corporate dividends received deduction.1

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth Equity Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreement for Delaware VIP Growth Equity Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreement with Smith Asset Management Group, L.P. (“Smith”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

20

Nature, extent, and quality of services. The Board considered the services provided by Smith to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of Smith and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by Smith.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5- and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a multi-cap core fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the multi-cap growth funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one consisting of the Series and all multi-cap core funds underlying variable insurance products, and the other, consisting of the Series and all multi-cap growth funds underlying variable insurance products. When compared to multi-cap core funds, the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. When compared to multi-cap growth funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5- year periods was in the third quartile and the Series’ total return for the 10-year period was in the second quartile of its Performance Universe. The Board observed that Series’ performance results were mixed. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other multi-cap core funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. When compared to other multi-cap growth funds, the expense comparisons for the Series showed that the actual management fee was in the quartile with the highest expenses of the Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective, when compared to other multi-cap core funds. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

21

Other Series information (Unaudited)
Delaware VIP^® Growth Equity Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Growth Equity Series at a meeting held August 11-13, 2020 (continued)

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by Smith in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by Smith in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

22

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

26

³  David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

27

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.

(1502651)
AR-VIPGE-221

Delaware VIP^® Trust

Delaware VIP International Series

December 31, 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

Portfolio management review	1
Performance summary	2
Disclosure of Series expenses	4
Security type / country and sector allocations	5
Schedule of investments	6
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	13
Report of independent registered public accounting firm	23
Other Series information	24
Board of trustees / directors and officers addendum	27

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP International Series
January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP International Series (the “Series”) Standard Class shares gained 7.16%. This figure reflects all distributions reinvested. For the same period, the Series’ benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index, gained 7.82% (net) and 8.28% (gross).

In the beginning of 2020, international markets started to realize the effects of the COVID-19 pandemic, fell sharply, and marked a bottom toward the end of March 2020. The pandemic crisis negatively affected the global economic system as consumers and companies went into lockdown, and the global economy experienced the most significant disruptions since World War II.

Digesting the pandemic’s evolution, international equity market investors changed direction following the selloff. The fast, steep decline in the first quarter of 2020 was followed by a notable rebound in the second quarter, fueled by unprecedented fiscal and monetary stimulus. In November, Joe Biden’s victory in the contentious US presidential election and news about the COVID-19 vaccine’s 90-95% efficacy rate further helped the market rebound.

The portfolio management team invests with a long-term business owner mindset. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Series’ portfolio is built bottom-up (security-by-security) by selecting company stocks based on quantitative insights and qualitative assessments.

We use a portfolio management tool and risk model to analyze what we view as the various contributors and detractors for the Series’ performance against its benchmark. For the year ended December 31, 2020, active country and region weights had a positive effect on performance. The Series’ overweight in Denmark and underweight in the United Kingdom relative to its benchmark were positive.

Our active sector weights had a mixed effect on returns. The Series’ underweights to financials and energy and an overweight to healthcare relative to the benchmark contributed to a positive sector effect. The Series’ underweight in information technology detracted from performance.

In terms of individual holdings, three of the largest contributors to active performance were Dutch food retailer Koninklijke Ahold Delhaize NV, Danish multinational pharmaceutical company Novo Nordisk A/S, and German sportswear manufacturer adidas AG.

In general, food retailers got a boost in sales, especially those offering online groceries amid the COVID-19 outbreak. Ahold Delhaize was no exception, having a bumper first half of the year firing on all cylinders. Sales in the first half of the year jumped 14%, underpinned by spiking online sales as social distancing and stay-at-home mandates led to a substantial rise in consumers’ buying their groceries online.

During the fiscal year, Novo Nordisk rose steadily, buoyed by positive earnings reports.

The strong execution to reinvigorate its business and expand its margin propelled adidas, a long-term holding in the Series and a strong contributor to portfolio returns in 2020. The shares strongly rebounded in March.

Conversely, three of the largest detractors from performance during the fiscal year were three companies based in France: facilities management company Sodexo S.A., multinational food products corporation Danone S.A., and multinational telecommunications corporation Orange S.A.

Sodexo suffered disproportionally from the effects of the coronavirus; facility servicing and restaurants have faced strong headwinds due to lockdowns in most of Sodexo’s markets.

Danone delivered a soft first half, in contrast with other food companies that enjoyed tailwinds from the eat-at-home trend. The Achilles’ heel for Danone was its Waters business.

A lack of equipment sales due to the closure of three-quarters of its European stores negatively affected Orange. The decline in roaming revenues due to people not traveling during government lockdowns also negatively affected its balance sheet.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.     1

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP International Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year		3 year		5 year		10 year		Lifetime
Standard Class shares (commenced operations on
April 16, 1990)	+7.16	%	+5.55	%	+8.41	%	+7.50	%	—
Service Class shares (commenced operations on
December 14, 2020)	—		—		—		—		+1.16	%
MSCI EAFE Index (net)	+7.82	%	+4.28	%	+7.45	%	+5.51	%	—
MSCI EAFE Index (gross)	+8.28	%	+4.79	%	+7.97	%	+6.00	%	—

Returns reflect the reinvestment of all distributions. Please see page 3 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares and Service Class shares of the Series were 0.86% and 1.16%, respectively, while total operating expenses for Standard Class and Service Class shares were 1.01% and 1.31%, respectively. The management fee for Standard Class and Service Class shares was 0.85%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

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

2

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

* The aggregate contractual waiver period covering this report is from October 4, 2019 through December 11, 2021.

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Delaware VIP International Series — Standard Class shares	$10,000	$20,608
	MSCI EAFE Index (gross)	$10,000	$17,912
	MSCI EAFE Index (net)	$10,000	$17,096

The graph shows a $10,000 investment in Delaware VIP International Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the MSCI EAFE Index for the period from December 31, 2010 through December 31, 2020. The MSCI EAFE (Europe, Australasia, Far East) Index represents large- and mid-cap stocks across 21 developed markets, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

3

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	7/1/20 to
	7/1/20	12/31/20	Ratio	12/31/20*
Actual Series return†
Standard Class	$1,000.00	$1,170.40	0.88%	$4.80
Service Class**	1,000.00	1,011.60	2.31%	1.14
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,020.71	0.88%	$4.47
Service Class**	1,000.00	1,013.52	2.31%	1.14

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.
**	The Service Class shares commenced operations on

December 14, 2020. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during the period for “Actual” are equal to the Service Class annualized expense ratio, multiplied by 18/366 (to reflect the actual days since inception).

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.

4

Security type / sector and country allocations
Delaware VIP^® Trust — Delaware VIP International Series

As of December 31, 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
Security type / country	of net assets
Common Stock by Country		98.29%
Denmark		5.59%
France		22.72%
Germany		11.25%
Japan		16.96%
Netherlands		4.13%
Sweden		8.86%
Switzerland		16.04%
United Kingdom		12.74%
Exchange-Traded Funds		1.42%
Short-Term Investments		0.20%
Total Value of Securities		99.91%
Receivables and Other Assets Net of
Liabilities		0.09%
Total Net Assets		100.00%

	Percentage
Common stock by sector ◆	of net assets
Communication Services		11.85%
Consumer Discretionary		15.04%
Consumer Staples*		34.59%
Health Care		17.16%
Industrials		11.43%
Information Technology		2.10%
Materials		6.12%
Total		98.29%

◆

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

*

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 December 31, 2020, such amounts, as a percentage of total net assets, were 9.28%, 3.54%, 20.02%, and 1.74%, 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%.

5

Schedule of investments
Delaware VIP^® Trust — Delaware VIP International Series

December 31, 2020

	Number
	of shares	Value (US $)
Common Stock – 98.29%Δ
Denmark – 5.59%
Novo Nordisk Class B	173,500	$	12,103,217
			12,103,217
France – 22.72%
Air Liquide	80,680		13,232,045
Danone	183,880		12,076,485
Orange	536,550		6,380,406
Publicis Groupe	219,270		10,918,430
Sodexo	77,340		6,540,073
			49,147,439
Germany – 11.25%
adidas AG †	22,820		8,302,029
Fresenius Medical Care AG
& Co.	137,700		11,482,444
SAP	35,140		4,551,290
			24,335,763
Japan – 16.96%
Asahi Group Holdings	141,400		5,823,166
Kao	44,300		3,422,450
KDDI	280,900		8,328,758
Kirin Holdings	117,500		2,774,527
Lawson	80,900		3,764,766
Secom	32,700		3,016,631
Seven & i Holdings	270,200		9,567,943
			36,698,241
Netherlands – 4.13%
Koninklijke Ahold Delhaize	316,330		8,930,733
			8,930,733
Sweden – 8.86%
Essity Class B	132,000		4,252,932
Hennes & Mauritz
Class B †	239,680		5,031,378
Securitas Class B	613,330		9,895,226
			19,179,536
Switzerland – 16.04%
Nestle	107,730		12,734,905
Roche Holding	38,900		13,548,814
Swatch Group	30,950		8,413,547
			34,697,266
United Kingdom – 12.74%
Diageo	291,600		11,476,399
G4S †	3,405,000		11,817,785
Next †	44,050		4,268,491
			27,562,675
Total Common Stock
(cost $192,963,403)			212,654,870
Exchange-Traded Funds – 1.42%
iShares MSCI EAFE ETF	2,150	$	156,864
Vanguard FTSE Developed
Markets ETF	61,740		2,914,745
Total Exchange-Traded Funds
(cost $2,646,106)			3,071,609
Short-Term Investments – 0.20%
Money Market Mutual Funds – 0.20%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.00%)	106,361		106,361
Fidelity Investments Money
Market Government
Portfolio – Class I
(seven-day effective
yield 0.01%)	106,361		106,361
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.02%)	106,362		106,362
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	106,362		106,362
Total Short-Term Investments
(cost $425,446)			425,446
Total Value of
Securities-99.91%
(cost $196,034,955)		$	216,151,925

Δ	Securities have been classified by country of origin. Aggregate  classification by business sector has been presented on page 5 in “Security type / country and sector allocations.”
†	Non-income producing security.

6

The following foreign currency exchange contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	EUR	(44,584)		USD	54,762		1/4/21	$	289	$	—
BNYM	EUR	(100,190)		USD	122,771		1/5/21		355		—
BNYM	JPY	(19,717,933	)	USD	190,284		1/4/21		—		(690	)
BNYM	SEK	8,304,802		USD	(1,013,485	)	1/4/21		—		(4,032	)
Total Foreign Currency Exchange Contracts								$	644	$	(4,722	)

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

¹ See Note 9 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
EAFE – Europe, Australasia, and Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International

Summary of currencies:
EUR – European Monetary Unit
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP International Series

December 31, 2020

Assets:
	Investments, at value*	$	216,151,925
	Foreign currencies, at valueΔ		335,201
	Receivable for securities sold		367,829
	Dividends receivable		116,178
	Foreign tax reclaims receivable		600,996
	Receivable for series shares sold		42,289
	Unrealized appreciation on foreign currency exchange contracts		644
	Securities lending income receivable		55
	Other assets		4,904
	Total Assets		217,620,021
Liabilities:
	Due to custodian		4,353
	Payable for securities purchased		1,009,383
	Investment management fees payable to affiliates		154,598
	Other accrued expenses		53,178
	Payable for series shares redeemed		34,931
	Unrealized depreciation on foreign currency exchange contracts		4,722
	Legal fees payable to affiliates		1,698
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,365
	Accounting and administration expenses payable to affiliates		1,285
	Trustees’ fees and expenses payable		662
	Reports and statements to shareholders expenses payable to affiliates		217
	Distribution fees payable to affiliates		195
	Total Liabilities		1,266,587
Total Net Assets		$	216,353,434
Net Assets Consist of:
	Paid-in capital	$	190,180,908
	Total distributable earnings (loss)		26,172,526
Total Net Assets		$	216,353,434
Net Asset Value
Standard Class:
Net assets		$	215,577,519
Shares of beneficial interest outstanding, unlimited authorization, no par			11,252,291
Net asset value per share		$	19.16
Service Class:
Net assets		$	775,915
Shares of beneficial interest outstanding, unlimited authorization, no par			40,514
Net asset value per share		$	19.15
____________________
*  Investments, at cost		$	196,034,955
Δ Foreign currencies, at cost			331,976

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP International Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	4,007,477
	Foreign tax withheld		(501,103	)
			3,506,374
Expenses:
	Management fees		1,301,496
	Distribution expenses — Service Class		114
	Audit and tax fees		85,699
	Accounting and administration expenses		66,481
	Custodian fees		43,402
	Reports and statements to shareholders expenses		41,952
	Legal fees		23,574
	Dividend disbursing and transfer agent fees and expenses		12,758
	Trustees’ fees and expenses		8,784
	Registration fees		2,586
	Other		9,415
			1,596,261
	Less expenses waived		(264,556	)
	Less expenses paid indirectly		(1	)
	Total operating expenses		1,331,704
Net Investment Income			2,174,670
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		4,081,695
	Foreign currencies		81,917
	Foreign currency exchange contracts		(110,863	)
	Net realized gain		4,052,749
	Net change in unrealized appreciation (depreciation) of:
	Investments		4,743,147
	Foreign currencies		60,349
	Foreign currency exchange contracts		(3,863	)
	Net change in unrealized appreciation (depreciation)		4,799,633
Net Realized and Unrealized Gain			8,852,382
Net Increase in Net Assets Resulting from Operations		$	11,027,052

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP International Series

		Year ended
		12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	2,174,670		$	1,207,771
	Net realized gain		4,052,749			38,346,768
	Net change in unrealized appreciation (depreciation)		4,799,633			(4,742,906	)
	Net increase in net assets resulting from operations		11,027,052			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		1,865,400			3,072,061
	Service Class		149			—
	Net assets from merger:1
	Standard Class		52,402,687			—
	Service Class		762,678			—
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		39,329,063			14,342,500
			94,359,977			17,414,561
	Cost of shares redeemed:
	Standard Class		(15,913,724	)		(13,922,284	)
	Service Class		(367	)		—
			(15,914,091	)		(13,922,284	)
	Increase in net assets derived from capital share transactions		78,445,886			3,492,277
Net Increase in Net Assets			50,143,875			23,961,410
Net Assets:
	Beginning of year		166,209,559			142,248,149
	End of year	$	216,353,434		$	166,209,559

¹ See Note 7 in the “Notes to financial statements.”

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

10

Financial highlights
Delaware VIP^® International Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	25.00		$	22.08		$	26.57		$	20.22		$	21.38
Income (loss) from investment operations
Net investment income2		0.27			0.18			0.21			0.22			0.27
Net realized and unrealized gain (loss)		—			4.97			(3.29	)		6.38			(1.17	)
Total from investment operations		0.27			5.15			(3.08	)		6.60			(0.90	)
Less dividends and distributions from:
Net investment income		—			(0.19	)		(0.21	)		(0.25	)		(0.26	)
Net realized gain		(6.11	)		(2.04	)		(1.20	)		—			—
Total dividends and distributions		(6.11	)		(2.23	)		(1.41	)		(0.25	)		(0.26	)
Net asset value, end of period	$	19.16		$	25.00		$	22.08		$	26.57		$	20.22
Total return3		7.16%	4		24.91%	4		(12.16%	)		32.96%			(4.20%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	215,577		$	166,210		$	142,248		$	160,128		$	124,439
Ratio of expenses to average net assets5		0.87%			0.83%			0.86%			0.84%			0.87%
Ratio of expenses to average net assets prior to fees waived5		1.04%			0.87%			0.86%			0.84%			0.87%
Ratio of net investment income to average net assets		1.44%			0.75%			0.84%			0.90%			1.28%
Ratio of net investment income to average net assets prior to      fees waived		1.27%			0.71%			0.84%			0.90%			1.28%
Portfolio turnover		16%			144%	6		50%			29%			37%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series International Fund shares.
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	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 December 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.

11

Financial highlights
Delaware VIP^® International Series Service Class

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

	12/14/201
	to
	12/31/20
Net asset value, beginning of period	$	18.93
Income from investment operations
Net investment income2		—3
Net realized and unrealized gain		0.22
Total from investment operations		0.22
Net asset value, end of period	$	19.15
Total return4		1.16%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	776
Ratio of expenses to average net assets5		1.16%
Ratio of expenses to average net assets prior to fees waived5		1.33%
Ratio of net investment income to average net assets		0.27%
Ratio of net investment income to average net assets prior to fees waived		0.10%
Portfolio turnover		16%	6

1	Date of commencement of operations; ratios have been annualized and total return has 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 during the period 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	Portfolio turnover is representative of the Series for the entire period.

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

12

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 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 October 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

1. Significant Accounting Policies (continued)

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 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. 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 earnings credits for the year ended December 31, 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 year ended December 31, 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 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

14

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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $9,413 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 year ended December 31, 2020, the Series was charged $11,484 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 year ended December 31, 2020, the Series was charged $9,842 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 October 4, 2019 through December 11, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	24,702,076
Sales		36,671,905

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

3. Investments (continued)

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	196,644,568
Aggregate unrealized appreciation of investments and derivatives	$	36,455,891
Aggregate unrealized depreciation of investments and derivatives		(16,952,612	)
Net unrealized appreciation of investments	$	19,503,279

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 as follows:

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Common Stock
Denmark	$	—	$	12,103,217	$	12,103,217
France		49,147,439		—		49,147,439
Germany		—		24,335,763		24,335,763
Japan		—		36,698,241		36,698,241
Netherlands		8,930,733		—		8,930,733
Sweden		—		19,179,536		19,179,536
Switzerland		—		34,697,266		34,697,266

16

	Level 1		Level 2			Total
United Kingdom	$	27,562,675	$	—		$	27,562,675
Exchange-Traded Funds		3,071,609		—			3,071,609
Short-Term Investments		425,446		—			425,446
Total Value of Securities	$	89,137,902	$	127,014,023		$	216,151,925
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	—	$	644		$	644
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(4,722	)	$	(4,722	)

¹ Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

As a result of utilizing international fair value pricing at December 31, 2020, the majority of the common stock in the portfolio was categorized as Level 2.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	10,294,184	$	1,247,879
Long-term capital gains		29,034,879		13,094,621
Total	$	39,329,063	$	14,342,500

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	190,180,908
Undistributed ordinary income		3,774,082
Undistributed long-term capital gains		2,895,165
Unrealized appreciation (depreciation) of investments and foreign
currencies		19,503,279
Net assets	$	216,353,434

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark-to-market of forward currency contracts.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results are primarily due to the tax treatment of wash sales due to merger. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series recorded the following reclassification:

Paid-in capital	$	213,999
Total distributable earnings (loss)		(213,999	)

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	99,447		132,352
Service Class	8		—
Shares from merger:
Standard Class	2,784,415		—
Service Class	40,525		—
Shares issued upon reinvestment of dividends and distributions:
Standard Class	2,563,824		662,471
	5,488,219		794,823
Shares redeemed:
Standard Class	(844,249	)	(587,301	)
Service Class	(19	)	—
	(844,268	)	(587,301	)
Net increase	4,643,951		207,522

7. Reorganization

On August 12, 2020, the Board approved a proposal to reorganize Delaware VIP International Value Equity Series (the “Acquired Series”) with and into Delaware VIP International Series (the “Acquiring Series”), both a series of the Trust (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Series were acquired by the Acquiring Series, and (ii) the Trust, on behalf of the Acquiring Series, assumed the liabilities of the Acquired Series, in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Series to own shares of a Series with a similar investment objective and style as, and potentially lower net expenses than the Acquired Series. The reorganization was accomplished by a tax-free exchange of shares on December 11, 2020. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost and market value of the investments of the Acquired Series as of the close of business on December 11, 2020 were $49,563,546 and $52,930,410, respectively.

18

The share transactions associated with the merger are as follows:

	Acquired	Acquired Series		Shares Converted
	Series Net	Shares		to Acquiring		Acquiring Series		Conversion
	Assets	Outstanding		Series		Net Assets		Ratio
Service Class	762,678		64,723		40,525		19		0.626
Standard Class	52,402,687		4,440,863		2,784,415		160,177,098		0.627

The net assets of the Acquiring Series before the Reorganization were $160,177,117. The net assets of the Acquiring Series immediately following the Reorganization were $213,342,482.

Assuming the Reorganization had been completed on January 1, 2020, the Acquiring Series’ pro forma results of operations for the year ended December 31, 2020, would have been as follows:

Net investment income	$	2,725,182
Net realized gain on investments		4,562,888
Net change in unrealized appreciation		6,238,402
Net increase in net assets resulting from operations	$	13,526,472

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Series that have been included in the Acquiring Series’ Statement of Operations since the Reorganization was consummated on December 11, 2020.

8. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

9. 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

9. Derivatives (continued)

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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2020:

	Long Derivative	Short Derivative
	Volume	Volume
Foreign currency exchange contracts (average notional value)	$83,889	$138,761

10. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

		Gross Value of
	Gross Value of	Derivative
Counterparty	Derivative Asset	Liability			Net Position
The Bank of New York Mellon	$644	$	(4,722	)	$	(4,078	)

				Fair Value of		Fair Value of
				Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position			Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
The Bank of New York Mellon	$	(4,078	)	$—	$—	$—	$—	$	(4,078	)

(a)	The value of the related collateral exceeded the value of the derivatives as of December 31, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

20

11. 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. A series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

12. 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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP International Series

12. 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. As of December 30, 2020, there were no Rule 144A securities held by the Series.

13. 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.

14. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

15. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

22

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP International Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP International Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Class Name	Financial Highlights
Standard Class	For the years ended December 31, 2020 and 2019
Service Class	For the period from December 14, 2020 (commencement
	of operations) through December 31, 2020

The financial statements of First Investors Life Series International Fund (subsequent to reorganization, known as Delaware VIP International Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

23

Other Series information (Unaudited)
Delaware VIP^® International Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	73.83%
(B) Ordinary Income Distributions (Tax Basis)	26.17%
Total Distributions (Tax Basis)	100.00%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

The Series intends to pass through foreign tax credits in the maximum amount of $299,920. The gross foreign source income earned during the fiscal year 2020 by the Series was $3,955,490.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP International Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP International Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

24

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all international large-cap growth funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the second quartile of its Performance Universe and the Series’ total return for the 10-year period was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

25

Other Series information (Unaudited)
Delaware VIP^® International Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP International Series at a meeting held August 11-13, 2020 (continued)

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

26

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

28

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

29

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

30

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

31

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.

(1502651)
AR-VIPINT-221

Delaware VIP^® Trust

Delaware VIP Investment Grade Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	19
Report of independent registered public accounting firm	27
Other Series information	28
Board of trustees / directors and officers addendum	31

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek to generate a maximum level of income consistent with investment primarily in investment grade debt securities.

For the fiscal year ended December 31, 2020, Delaware VIP Investment Grade Series (the “Series”) Standard Class shares gained 11.91%. The Series’ Service Class shares advanced 11.57%. Both figures reflect all dividends reinvested. For the same period, the Series’ benchmark, the Bloomberg Barclays US Corporate Investment Grade Index, gained 9.89%.

The year 2020 ended as one of the most historic periods for investment grade credit and risk markets in general. Before the COVID-19 pandemic became the central theme in virtually all aspects of market conditions and life in general, global risk markets enjoyed a tailwind generated by declining interest rates and the de-escalation of trade tension as the United States and China reached a Phase 1 agreement. The US economy was doing well. In the first six weeks of 2020, the Federal Reserve Bank of Atlanta pegged real-time gross domestic product (GDP) growth at 2.5%.

This all came undone in the third week of February, as investors suddenly realized that the coronavirus that had been spreading in China posed significant risks to global health and economies. Credit and equity markets began a precipitous selloff, with the S&P 500^® Index shedding more than 30% in just one month. And as if one global crisis or black swan event wasn’t enough, in early March, midway through the coronavirus-induced selloff, Russia and Saudi Arabia began an oil-price war that sent energy markets reeling. At one point, oil prices went briefly negative on the spot market. With revenues and earnings in freefall, credit rating agencies added fuel to the fire, quickly and proactively downgrading companies, based on just a three-month forward window. This somewhat perfect storm came just a week before the US shut down much of its economic activity. The effect on the US economy was devastating. The shutdown destroyed demand for virtually everything but the absolute necessities. In early June, the Atlanta Fed pegged real-time GDP growth at -54%, arguably worse than the Great Depression.

The US government’s response was immediate. Unlike during the 2008-2009 recession, when it took months for policy makers to intervene, both the US Federal Reserve and lawmakers acted swiftly. In March, the Fed cut interest rates twice in historic back-to-back intermeeting moves, cutting rates 125 basis points and rapidly reducing the target range down to 0.00%-0.25%. (One basis point is a hundredth of a percentage point.) Then in April, the Fed announced $2.3 trillion in monetary stimulus, unprecedented in its size and scope. Congress quickly followed suit on the fiscal side with a $600 weekly unemployment extension and the Payroll Protection Program. At the same time, the Fed introduced additional measures to ensure that markets would remain functional and viable, including government purchases of Treasurys and agency mortgage-backed securities (MBS), expansion and creation of lending facilities targeting asset backed securities (ABS), money market funds, and commercial paper. But most importantly for credit markets, this also included two programs to support large employers – a Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance, and a Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds. The SMCCF was expanded several weeks later to include “fallen angels,” investment grade bonds that have been reduced to junk status, and high yield exchange-traded funds (ETFs), with conditions, marking a historic foray into high yield corporate debt markets for the US government. Other central banks and governments implemented similar policies and programs globally. These concerted efforts helped risk assets quickly recover and credit underwent a monumental and rapid rebound in the second quarter of 2020.

Demand for corporate credit was strong as the Series’ fiscal year began. Domestic investors were the principal drivers, as they sought yield in an environment that included an economic slowdown that had taken hold outside the US and the US-China trade dispute. That demand evaporated during the coronavirus-induced selloff but came back sharply when the Fed intervened. Foreign investors flowed into the market as well, as lower interest rates and the Fed’s dollar swap lines provided cheaper access to US dollars. Demand for corporate credit remained notably strong throughout the rest of the Series’ fiscal year, despite several headwinds as COVID-19 cases surged around the globe and election uncertainty in the US created uncertainty for investors.

Heavy supply met the demand for corporate credit. Seemingly every company that could do so took advantage of these market technical trends (supply-demand imbalance) to issue new debt. Investment grade supply totaled more than $1.9 trillion for the year, up 58% from the prior year and reached the $1 trillion mark at the fastest pace in history at just 139 days. Over the past five years, the $1 trillion level has not been typically reached until September/October. We think a significant decline in supply, on both gross and net basis, is likely in 2021, as investment grade issuers are reaching debt capacity limits with record cash hoards accumulated during the height of the crisis and refinance activity has pushed out maturity walls, thus minimizing the need for significant issuance. Expectations are calling for roughly $1.2 trillion of gross supply with several segments in industrials projected to experience significant declines, a strong positive technical for those sectors and the overall credit market. And with depressed global yields still at record lows and foreign-exchange (FX) hedging costs favorable, demand trends from foreign investors should remain strong for the near term, supporting the search for yield theme, in our opinion.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Sources: Bloomberg, Bank of America.

As prices compressed during the pandemic-induced selloff, several of the Series’ holdings, particularly in the energy sector, lost their investment grade rating and became fallen angels. We held on to several of the Series’ holdings from survivor-type companies whose bonds had plunged into the 50 cents on the dollar range. Over the course of the next few weeks, we sold those bonds in the $75 to low-$80 range, enabling us to restore some of the Series’ value.

The Series’ exposure to high yield bonds, roughly 7% on average, consisted of mostly BB-rated securities, mainly subordinated financials, or more defensive BB-rated issuers. That out-of-index exposure impaired performance in the first quarter of 2020, which resulted in a drag over the entire fiscal year despite the strong rebound in high yield after the Fed’s intervention. Currently, however, we remain comfortable seeking outperformance in that market segment.

On a sector basis, communications, energy, and electric utilities were the leading contributors to the Series’ performance. As a sector offering high-demand products and services in a pandemic environment, communications performed well, even during the worst days of the crisis.

Specifically within communications, T-Mobile USA Inc. and Verizon Communications Inc. were standout contributors. T-Mobile has improved credit fundamentals over the year as it gains market share and continued to unlock synergies from the Sprint acquisition completed earlier in the year, in our opinion. Verizon continued to focus on delivering in 2020 and improving its balance sheet. In fact, Verizon was among the first issuers to come back to the market after the selloff, helped in part by its defensive profile in which wireless communications are critical. Additionally, we believe its high-quality network differentiates its service from that of its peers.

Even though the energy sector was highly distressed in the first quarter of 2020, our credit selection was favorable. The Series owned Noble Energy Inc., an independent oil and natural gas exploration company. Chevron Corp. announced in July that it would acquire Noble Energy – a case of a AA-rated issuer acquiring a BBB-rated issuer that allowed Noble’s bonds to perform strongly and significantly contribute to the Series’ performance.

Electric utilities, which are generally a defensive and longer duration sector that benefits when interest rates are falling, also contributed to the Series’ performance during the period. While demand softened overall, in this environment utilities saw increased demand in residential markets, where earnings did not decline as much as other markets. We believed utilities offered value for a relatively defensive sector, and we found value in electric issuers that came to the investment grade market shortly after credit markets began to rebound in March.

The basic materials, finance companies, and consumer noncyclical sectors detracted the most from the Series’ performance during the fiscal period. Within basic materials, the Series owned Teck Resources Ltd., a BBB-minus rated credit that had been on the path to fundamental improvement prior to the selloff. The economic shutdown severely affected its iron ore mining business and we exited the position. The Series also owned BHP Billiton Finance (USA) Ltd., another iron ore and copper producer, and this hybrid security was hurt as spreads widened.

The Series’ allocation to finance companies (in particular, aircraft lessors) was a drag on performance due to the adverse effect that COVID-19 had on air travel. Despite the drawdown in the period, we continue to overweight this part of the market given what we consider to be attractive valuations and post-pandemic supply-demand fundamentals. In noncyclicals, the Series underperformed due to its large underweight to the sector. This is generally a defensive sector that does not offer investors much of a reward; however, the sector performed better than we had expected.

In the second half of the Series’ fiscal year, we added to its overweight positioning in BB-rated credit. These securities carry a bit more yield than their investment grade counterparts and for the most part are in sectors that we consider to have defensive characteristics. The Series began the period with a roughly 5% allocation to high yield and ended at 10%, with most of its allocation BB-rated. Since the Fed moved into credit markets to limit downside risk, we became more comfortable adding stable BB-rated issuers that offer incremental yield. Essentially, our allocation story remains the same heading into 2021, with an overweight to securities rated BBB and BB.

During the fiscal year, the Series did not use derivatives.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)

Delaware VIP^® Trust — Delaware VIP Investment Grade Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on January 7, 1992)	+11.91%	+7.28%	+6.24%	+5.28%	—
Service Class shares (commenced operations on October 31, 2019)	+11.57%	—	—	—	+10.18%
Bloomberg Barclays US Corporate Investment Grade Index	+9.89%	+7.06%	+6.74%	+5.63%	—

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares and Service Class shares of the Series were 0.69% and 0.99%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.73% and 1.03%, respectively. The management fee for Standard Class and Service Class shares was 0.50%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.69% of the Series’ average daily net assets for the Standard Class and 0.99% for the Service Class from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for both classes during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on page 5.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Bloomberg Barclays US Corporate Investment Grade Index	$10,000	$17,294
	Delaware VIP Investment Grade Series — Standard Class shares	$10,000	$16,732

The graph shows a $10,000 investment in Delaware VIP Investment Grade Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Bloomberg Barclays US Corporate Investment Grade Index for the period from December 31, 2010 through December 31, 2020.

The Bloomberg Barclays US Corporate Investment Grade Index is composed of US dollar-denominated, investment grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All bonds have at least one year to maturity.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,065.20	0.69%		$3.58
Service Class		1,000.00		1,063.50	0.99%		5.14
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.67	0.69%		$3.51
Service Class		1,000.00		1,020.16	0.99%		5.03

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

As of December 31, 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
Security type / sector	of net assets
Convertible Bonds	0.74%
Corporate Bonds	95.73%
Banking	20.20%
Basic Industry	4.26%
Brokerage	2.50%
Capital Goods	4.02%
Communications	14.33%
Consumer Cyclical	3.77%
Consumer Non-Cyclical	8.96%
Electric	10.43%
Energy	8.41%
Finance Companies	4.34%
Insurance	2.21%
Natural Gas	0.29%
Real Estate Investment Trusts	1.08%
Technology	8.33%
Transportation	1.84%
Utilities	0.76%
Loan Agreements	0.23%
US Treasury Obligations	0.53%
Preferred Stock	0.61%
Short-Term Investments	1.43%
Total Value of Securities	99.27%
Receivables and Other Assets Net of      Liabilities	0.73%
Total Net Assets	100.00%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

December 31, 2020

		Principal
		amount°	Value (US $)
Convertible Bonds — 0.74%
	Cheniere Energy PIK 144A
	4.875% exercise price
	$93.64, maturity date
	5/28/21 #, *	204,622	$	205,901
	PDC Energy 1.125%
	exercise price $85.39,
	maturity date 9/15/21	245,000		240,487
Total Convertible Bonds
	(cost $442,987)			446,388
Corporate Bonds — 95.73%
Banking — 20.20%
	Ally Financial
	1.45% 10/2/23	450,000		459,577
	5.75% 11/20/25	180,000		209,699
	Banco Santander 2.749%
	12/3/30	200,000		206,592
	Bank of America
	2.676% 6/19/41 µ	860,000		897,388
	2.831% 10/24/51 µ	265,000		276,429
	Bank of New York Mellon
	4.70% µ, ψ	350,000		386,855
	Barclays 5.20% 5/12/26	723,000		843,719
	BBVA USA
	2.875% 6/29/22	250,000		259,157
	3.875% 4/10/25	250,000		280,459
	Citigroup
	2.572% 6/3/31 µ	520,000		554,403
	4.00% µ, ψ	310,000		318,913
	Citizens Financial Group
	2.85% 7/27/26	610,000		679,566
	5.65% µ, ψ	160,000		180,032
	Credit Suisse Group
	144A 5.10% #, µ, ψ	335,000		349,238
	144A 5.25% #, µ, ψ	200,000		212,000
	144A 6.375% #, µ, ψ	210,000		234,063
	Deutsche Bank
	2.222% 9/18/24 µ	170,000		174,988
	3.547% 9/18/31 µ	150,000		163,003
	Goldman Sachs Group
	3.50% 4/1/25	170,000		189,191
	HSBC Holdings 4.60%
	µ, ψ	210,000		214,225
	JPMorgan Chase & Co.
	2.956% 5/13/31 µ	50,000		54,880
	3.109% 4/22/41 µ	255,000		285,463
	4.023% 12/5/24 µ	345,000		380,192
	Morgan Stanley
	1.794% 2/13/32 µ	180,000		181,170
	5.00% 11/24/25	450,000		538,682
	Natwest Group
	2.359% 5/22/24 µ	200,000		208,216
	3.754% 11/1/29 µ	200,000		212,912
	8.625% µ, ψ	205,000		213,227
	PNC Bank 4.05% 7/26/28	250,000		296,307
	SVB Financial Group
	3.125% 6/5/30	160,000		180,416
	Truist Bank 2.636%
	9/17/29 µ	695,000		735,552
	Truist Financial 4.95%
	µ, ψ	395,000		435,491
	UBS 7.625% 8/17/22	250,000		276,781
	UBS Group 6.875% µ, ψ	200,000		202,379
	US Bancorp 3.00%
	7/30/29	760,000		849,136
				12,140,301
Basic Industry — 4.26%
	Georgia-Pacific
	144A 1.75% 9/30/25 #	140,000		146,437
	144A 2.10% 4/30/27 #	110,000		116,187
	Graphic Packaging
	International 144A
	3.50% 3/1/29 #	130,000		133,169
	LYB International Finance
	III 3.375% 10/1/40	300,000		321,262
	Newmont
	2.25% 10/1/30	185,000		194,922
	2.80% 10/1/29	395,000		431,779
	Nutrien 2.95% 5/13/30	170,000		187,230
	Nutrition & Biosciences
	144A 1.832%
	10/15/27 #	290,000		298,949
	144A 2.30% 11/1/30 #	215,000		221,518
	Steel Dynamics
	1.65% 10/15/27	100,000		103,180
	2.40% 6/15/25	60,000		63,826
	2.80% 12/15/24	95,000		102,228
	Suzano Austria 3.75%
	1/15/31	200,000		212,450
	WR Grace & Co. 144A
	4.875% 6/15/27 #	23,000		24,421
				2,557,558
Brokerage — 2.50%
	Charles Schwab
	4.00% µ, ψ	120,000		126,900
	5.375% µ, ψ	180,000		200,925
	Intercontinental Exchange
	2.65% 9/15/40	210,000		215,956

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Brokerage (continued)
	Jefferies Group
	2.75% 10/15/32	110,000	$	115,654
	4.15% 1/23/30	100,000		116,722
	6.45% 6/8/27	275,000		348,993
	6.50% 1/20/43	90,000		123,791
	National Securities
	Clearing 144A 1.20%
	4/23/23 #	250,000		255,060
				1,504,001
Capital Goods — 4.02%
	Ball 2.875% 8/15/30	215,000		214,731
	Berry Global
	144A 1.57% 1/15/26 #	140,000		141,387
	144A 4.875%
	7/15/26 #	70,000		75,267
	Boeing
	2.75% 2/1/26	65,000		68,383
	4.875% 5/1/25	75,000		85,543
	CCL Industries 144A
	3.05% 6/1/30 #	120,000		131,058
	General Electric 3.625%
	5/1/30	260,000		297,345
	L3Harris Technologies
	1.80% 1/15/31	500,000		509,481
	Otis Worldwide
	3.112% 2/15/40	170,000		185,246
	3.362% 2/15/50	50,000		57,954
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	140,000		143,675
	Waste Connections
	2.60% 2/1/30	255,000		274,545
	3.05% 4/1/50	210,000		228,647
				2,413,262
Communications — 14.33%
	Altice France 144A
	5.125% 1/15/29 #	200,000		207,375
	AMC Networks 4.75%
	8/1/25	156,000		161,336
	American Tower
	1.875% 10/15/30	250,000		252,363
	3.375% 5/15/24	470,000		511,493
	AT&T
	3.10% 2/1/43	125,000		126,824
	3.50% 6/1/41	332,000		358,463
	144A 3.50% 9/15/53 #	420,000		420,023
	Charter Communications
	Operating
	3.70% 4/1/51	225,000		234,089
	4.80% 3/1/50	230,000		274,890
	Comcast
	3.20% 7/15/36	465,000		528,992
	3.75% 4/1/40	155,000		186,761
	Crown Castle International
	2.25% 1/15/31	105,000		108,994
	5.25% 1/15/23	290,000		317,409
	CSC Holdings 144A
	4.125% 12/1/30 #	230,000		240,718
	Discovery Communications
	144A 4.00% 9/15/55 #	408,000		456,697
	Level 3 Financing
	144A 3.625%
	1/15/29 #	75,000		74,953
	144A 4.25% 7/1/28 #	160,000		164,560
	Time Warner Cable 7.30%
	7/1/38	320,000		474,771
	Time Warner Entertainment
	8.375% 3/15/23	290,000		339,164
	T-Mobile USA
	144A 2.55% 2/15/31 #	205,000		215,521
	144A 3.00% 2/15/41 #	515,000		534,876
	Verizon Communications
	2.65% 11/20/40	185,000		187,106
	4.50% 8/10/33	650,000		819,739
	ViacomCBS
	4.375% 3/15/43	495,000		584,811
	4.95% 1/15/31	120,000		150,459
	Virgin Media Secured
	Finance 144A 5.50%
	5/15/29 #	200,000		217,068
	Vodafone Group
	4.25% 9/17/50	180,000		223,371
	4.875% 6/19/49	180,000		240,654
				8,613,480
Consumer Cyclical — 3.77%
	Amazon.com 2.50%
	6/3/50	205,000		212,713
	Best Buy 1.95% 10/1/30	300,000		301,917
	Ford Motor 8.50%
	4/21/23	240,000		271,002
	General Motors
	5.40% 10/2/23	105,000		117,641
	6.125% 10/1/25	105,000		127,442
	6.25% 10/2/43	129,000		174,023
	General Motors Financial
	5.20% 3/20/23	195,000		213,894
	5.70% µ, ψ	105,000		116,025
	Lowe’s
	1.70% 10/15/30	150,000		151,613
	3.00% 10/15/50	455,000		486,956

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Prime Security Services
	Borrower 144A 3.375%
	8/31/27 #	90,000	$	89,437
				2,262,663
Consumer Non-Cyclical — 8.96%
	AbbVie 2.95% 11/21/26	580,000		642,091
	Anheuser-Busch InBev
	Worldwide
	4.15% 1/23/25	60,000		68,343
	4.50% 6/1/50	550,000		693,270
	BAT Capital 2.259%
	3/25/28	125,000		129,869
	BAT International Finance
	1.668% 3/25/26	155,000		158,740
	Biogen 3.15% 5/1/50	175,000		181,645
	Bristol-Myers Squibb
	2.35% 11/13/40	295,000		303,613
	Bunge Finance 1.63%
	8/17/25	120,000		124,077
	Conagra Brands 1.375%
	11/1/27	275,000		277,652
	CVS Health
	1.875% 2/28/31	190,000		192,378
	2.70% 8/21/40	480,000		486,337
	4.78% 3/25/38	70,000		88,438
	Energizer Holdings 144A
	4.375% 3/31/29 #	122,000		126,516
	Lamb Weston Holdings
	144A 4.625%
	11/1/24 #	23,000		24,035
	Mondelez International
	1.50% 5/4/25	160,000		165,617
	Perrigo Finance Unlimited
	4.375% 3/15/26	300,000		339,820
	Regeneron
	Pharmaceuticals 1.75%
	9/15/30	125,000		123,238
	Royalty Pharma
	144A 1.20% 9/2/25 #	150,000		152,431
	144A 1.75% 9/2/27 #	180,000		185,362
	Takeda Pharmaceutical
	3.025% 7/9/40	200,000		211,154
	3.175% 7/9/50	400,000		426,356
	Teleflex 144A 4.25%
	6/1/28 #	145,000		153,881
	Viatris 144A 4.00%
	6/22/50 #	115,000		131,760
				5,386,623
Electric — 10.43%
	Berkshire Hathaway Energy
	144A 2.85% 5/15/51 #	230,000		236,846
	CenterPoint Energy 3.85%
	2/1/24	230,000		251,781
	CMS Energy 4.75%
	6/1/50 µ	190,000		214,263
	Dominion Energy 4.65%
	µ, ψ	335,000		353,984
	Duke Energy 4.875% µ, ψ	345,000		374,439
	Edison International 4.95%
	4/15/25	125,000		142,945
	Entergy Texas 3.55%
	9/30/49	115,000		133,036
	Eversource Energy 1.65%
	8/15/30	115,000		114,720
	FirstEnergy Transmission
	144A 4.55% 4/1/49 #	255,000		297,810
	IPALCO Enterprises 144A
	4.25% 5/1/30 #	145,000		167,949
	Liberty Utilities Finance GP
	1 144A 2.05%
	9/15/30 #	190,000		191,283
	Louisville Gas and Electric
	4.25% 4/1/49	350,000		451,921
	NRG Energy
	144A 2.45% 12/2/27 #	100,000		105,309
	144A 3.375%
	2/15/29 #	85,000		87,182
	144A 3.625%
	2/15/31 #	70,000		72,147
	144A 3.75% 6/15/24 #	115,000		125,954
	144A 4.45% 6/15/29 #	185,000		214,848
	Oglethorpe Power 144A
	3.75% 8/1/50 #	215,000		231,680
	Pacific Gas and Electric
	2.10% 8/1/27	185,000		188,010
	2.50% 2/1/31	110,000		110,278
	3.30% 8/1/40	45,000		44,967
	4.60% 6/15/43	90,000		98,907
	San Diego Gas & Electric
	3.32% 4/15/50	120,000		136,822
	Southern 4.00% 1/15/51 µ	295,000		312,767
	Southern California Edison
	3.65% 2/1/50	140,000		159,168
	4.20% 3/1/29	215,000		254,564
	4.875% 3/1/49	220,000		290,582
	Southwestern Electric
	Power 4.10% 9/15/28	200,000		235,237
	Vistra Operations
	144A 3.55% 7/15/24 #	274,000		296,857
	144A 3.70% 1/30/27 #	156,000		172,043
	144A 4.30% 7/15/29 #	55,000		62,446

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	WEC Energy Group 1.80%
	10/15/30	135,000	$	135,613
				6,266,358
Energy — 8.41%
	BP Capital Markets
	4.875% µ, ψ	225,000		251,595
	Cheniere Corpus Christi
	Holdings 7.00%
	6/30/24	305,000		356,369
	Devon Energy 5.85%
	12/15/25	155,000		182,255
	Enbridge 5.75% 7/15/80 µ	195,000		219,829
	Energy Transfer Operating
	6.25% 4/15/49	275,000		332,641
	7.125% µ, ψ	365,000		347,662
	Enterprise Products
	Operating 3.20%
	2/15/52	475,000		484,401
	Marathon Oil 4.40%
	7/15/27	410,000		455,853
	MPLX
	2.65% 8/15/30	50,000		52,459
	4.125% 3/1/27	380,000		438,462
	4.70% 4/15/48	30,000		35,636
	5.50% 2/15/49	105,000		138,271
	NuStar Logistics 5.625%
	4/28/27	153,000		163,299
	ONEOK 7.50% 9/1/23	290,000		335,785
	Pioneer Natural Resources
	1.90% 8/15/30	150,000		148,697
	Sabine Pass Liquefaction
	5.75% 5/15/24	345,000		394,552
	Schlumberger Investment
	2.65% 6/26/30	35,000		37,493
	Shell International Finance
	3.25% 4/6/50	130,000		147,518
	Targa Resources Partners
	144A 4.875% 2/1/31 #	155,000		168,407
	Tennessee Gas Pipeline
	144A 2.90% 3/1/30 #	340,000		364,101
				5,055,285
Finance Companies — 4.34%
	AerCap Ireland Capital
	DAC
	3.65% 7/21/27	150,000		163,501
	4.50% 9/15/23	220,000		238,661
	4.625% 10/15/27	150,000		169,988
	6.50% 7/15/25	150,000		179,425
	Air Lease
	2.875% 1/15/26	305,000		322,957
	3.00% 2/1/30	290,000		298,021
	3.375% 7/1/25	100,000		107,629
	Aviation Capital Group
	144A 3.50% 11/1/27 #	300,000		300,585
	144A 5.50%
	12/15/24 #	355,000		393,287
	Avolon Holdings Funding
	144A 3.25% 2/15/27 #	80,000		81,815
	144A 3.95% 7/1/24 #	190,000		200,803
	144A 4.25% 4/15/26 #	140,000		150,939
				2,607,611
Insurance — 2.21%
	Athene Holding 3.50%
	1/15/31	155,000		164,049
	Brighthouse Financial
	4.70% 6/22/47	166,000		175,483
	Brown & Brown 2.375%
	3/15/31	100,000		104,832
	Centene
	3.375% 2/15/30	175,000		184,389
	4.625% 12/15/29	115,000		127,823
	Equitable Financial Life
	Global Funding 144A
	1.40% 8/27/27 #	155,000		156,036
	Equitable Holdings 4.95%
	µ, ψ	115,000		122,619
	MetLife 3.85% µ, ψ	75,000		79,312
	Prudential Financial 3.70%
	10/1/50 µ	200,000		211,806
				1,326,349
Natural Gas — 0.29%
	Sempra Energy 4.875%
	µ, ψ	160,000		171,400
				171,400
Real Estate Investment Trusts — 1.08%
	CubeSmart 3.00%
	2/15/30	410,000		448,795
	Global Net Lease 144A
	3.75% 12/15/27 #	65,000		67,138
	MPT Operating Partnership
	3.50% 3/15/31	130,000		134,469
				650,402
Technology — 8.33%
	Alphabet
	1.90% 8/15/40	140,000		137,410
	2.05% 8/15/50	145,000		138,552

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	Citrix Systems 3.30%
	3/1/30	255,000	$	282,015
	CoStar Group 144A 2.80%
	7/15/30 #	175,000		182,030
	Fiserv
	2.65% 6/1/30	280,000		303,144
	3.20% 7/1/26	320,000		358,638
	Gartner 144A 3.75%
	10/1/30 #	38,000		39,948
	Global Payments 2.65%
	2/15/25	161,000		172,480
	HP 2.20% 6/17/25	210,000		222,523
	Iron Mountain 144A
	5.25% 7/15/30 #	178,000		192,462
	KLA 3.30% 3/1/50	570,000		645,098
	Lam Research 2.875%
	6/15/50	200,000		215,731
	Microchip Technology
	144A 0.972%
	2/15/24 #	215,000		215,659
	4.333% 6/1/23	550,000		595,745
	NXP
	144A 2.70% 5/1/25 #	30,000		32,309
	144A 3.40% 5/1/30 #	55,000		62,461
	144A 4.30% 6/18/29 #	61,000		72,795
	144A 4.875% 3/1/24 #	445,000		502,072
	PayPal Holdings
	1.65% 6/1/25	185,000		193,448
	2.65% 10/1/26	120,000		131,940
	ServiceNow 1.40% 9/1/30	155,000		151,322
	SS&C Technologies 144A
	5.50% 9/30/27 #	149,000		159,321
				5,007,103
Transportation — 1.84%
	Delta Air Lines
	144A 7.00% 5/1/25 #	105,000		121,298
	7.375% 1/15/26	140,000		160,024
	Southwest Airlines
	5.125% 6/15/27	300,000		357,140
	5.25% 5/4/25	205,000		237,562
	Union Pacific 3.25%
	2/5/50	200,000		228,011
				1,104,035
Utilities — 0.76%
	Essential Utilities
	2.704% 4/15/30	105,000		113,915
	3.351% 4/15/50	100,000		111,227
	4.276% 5/1/49	181,000		231,714
				456,856
	Total Corporate Bonds
	(cost $54,234,914)			57,523,287
Loan Agreements — 0.23%
	Zayo Group Holdings
	3.147% (LIBOR01M +
	3.00%) 3/9/27 •	138,072		137,413
	Total Loan Agreements
	(cost $137,763)			137,413
US Treasury Obligations — 0.53%
	US Treasury Bond
	1.375% 8/15/50	145,000		135,530
	US Treasury Notes
	0.875% 11/15/30	185,000		184,306
	Total US Treasury Obligations
	(cost $324,230)			319,836
		Number
		of shares
Preferred Stock — 0.61%
	Morgan Stanley
	4.047% (LIBOR03M +
	3.81%) •	370,000		368,257
	Total Preferred Stock
	(cost $376,001)			368,257
Short-Term Investments — 1.43%
Money Market Mutual Funds — 1.43%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	214,015		214,015
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	214,015		214,015
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	214,016		214,016

12

		Number
		of shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	214,015	$	214,015
	Total Short-Term Investments
	(cost $856,061)			856,061
	Total Value of
	Securities—99.27%
	(cost $56,371,956)		$	59,651,242

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $11,809,363, which represents 19.65% of the Series’ net assets. See Note 9 in “Notes to financial statements.”
*	PIK. 100% of the income received was in the form of principal.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.

Summary of abbreviations:
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
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.

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

December 31, 2020

Assets:
Investments, at value*	$	59,651,242
Receivable for securities sold		31,989
Dividends and interest receivable		507,108
Receivable for series shares sold		3,042
Other assets		2,125
Total Assets		60,195,506
Liabilities:
Due to custodian		4,421
Payable for securities purchased		29,880
Investment management fees payable to affiliates		16,893
Reports and statements to shareholders expenses payable to non-affiliates		13,158
Pricing fees payable		12,136
Accounting and administration fees payable to non-affiliates		11,242
Payable for series shares redeemed		8,565
Audit and tax fees payable		4,500
Other accrued expenses		2,115
Accounting and administration expenses payable to affiliates		508
Dividend disbursing and transfer agent fees and expenses payable to affiliates		380
Trustees’ fees and expenses payable		190
Legal fees payable to affiliates		104
Reports and statements to shareholders expenses payable to affiliates		60
Distribution fees payable to affiliates		3
Total Liabilities		104,155
Total Net Assets	$	60,091,351
Net Assets Consist of:
Paid-in capital	$	53,456,900
Total distributable earnings (loss)		6,634,451
Total Net Assets	$	60,091,351
Net Asset Value
Standard Class:
Net assets	$	60,080,154
Shares of beneficial interest outstanding, unlimited authorization, no par		5,179,986
Net asset value per share	$	11.60
Service Class:
Net assets	$	11,197
Shares of beneficial interest outstanding, unlimited authorization, no par		969
Net asset value per share	$	11.56
____________________
*  Investments, at cost	$	56,371,956

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

Year ended December 31, 2020

Investment Income:
Interest	$	1,827,998
Dividends		3,034
		1,831,032
Expenses:
Management fees		296,821
Distribution expenses — Service Class		32
Audit and tax fees		69,546
Accounting and administration expenses		49,643
Reports and statements to shareholders expenses		27,208
Dividend disbursing and transfer agent fees and expenses		4,979
Custodian fees		4,938
Legal fees		3,557
Trustees’ fees and expenses		3,470
Registration fees		12
Other		19,046
		479,252
Less expenses waived		(68,440	)
Less expenses paid indirectly		(1,136	)
Total operating expenses		409,676
Net Investment Income		1,421,356
Net Realized and Unrealized Gain:
Net realized gain on investments		2,364,704
Net change in unrealized appreciation (depreciation) of investments		2,784,373
Net Realized and Unrealized Gain		5,149,077
Net Increase in Net Assets Resulting from Operations	$	6,570,433

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	1,421,356		$	1,763,236
Net realized gain		2,364,704			3,986,891
Net change in unrealized appreciation (depreciation)		2,784,373			1,811,517
Net increase in net assets resulting from operations		6,570,433			7,561,644
Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(3,430,297	)		(2,419,791	)
Service Class		(594	)		—
		(3,430,891	)		(2,419,791	)
Capital Share Transactions:
Proceeds from shares sold:
Standard Class		2,512,967			2,077,498
Service Class		—			10,000
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		3,430,297			2,419,791
Service Class		594			—
		5,943,858			4,507,289
Cost of shares redeemed:
Standard Class		(10,954,474	)		(9,316,846	)
Decrease in net assets derived from capital share transactions		(5,010,616	)		(4,809,557	)
Net Increase (Decrease) in Net Assets		(1,871,074	)		332,296
Net Assets:
Beginning of year		61,962,425			61,630,129
End of year	$	60,091,351		$	61,962,425

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

16

Financial highlights
Delaware VIP^® Investment Grade Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	11.02		$	10.18		$	10.80		$	10.73		$	10.70
Income (loss) from investment operations
Net investment income2		0.26			0.29			0.31			0.31			0.33
Net realized and unrealized gain (loss)		0.98			0.95			(0.53	)		0.18			0.15
Total from investment operations		1.24			1.24			(0.22	)		0.49			0.48
Less dividends and distributions from:
Net investment income		(0.41	)		(0.40	)		(0.40	)		(0.42	)		(0.45	)
Net realized gain		(0.25	)		—			—			—			—
Total dividends and distributions		(0.66	)		(0.40	)		(0.40	)		(0.42	)		(0.45	)
Net asset value, end of period	$	11.60		$	11.02		$	10.18		$	10.80		$	10.73
Total return3		11.91%			12.62%			(2.03%	)		4.72%			4.65%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	60,080		$	61,952		$	61,630		$	66,163		$	64,095
Ratio of expenses to average net assets4		0.69%			0.73%			0.70%			0.68%			0.68%
Ratio of expenses to average net assets prior to fees waived4		0.81%			0.90%			0.85%			0.83%			0.83%
Ratio of net investment income to average net assets		2.39%			2.76%			3.05%			2.93%			3.02%
Ratio of net investment income to average net assets prior to      fees waived		2.27%			2.59%			2.90%			2.78%			2.87%
Portfolio turnover		147%			157%	5		53%			60%			40%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Investment Grade Fund shares.
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 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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
5	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

17

Financial highlights
Delaware VIP^® Investment Grade Series Service Class

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

				10/31/191
	Year ended			to
	12/31/20			12/31/19
Net asset value, beginning of period	$	11.01		$	10.97
Income from investment operations
Net investment income2		0.23			0.03
Net realized and unrealized gain		0.97			0.01
Total from investment operations		1.20			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	$	11.56		$	11.01
Total return3		11.57%			0.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11		$	10
Ratio of expenses to average net assets4		0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived4		1.11%			1.31%
Ratio of net investment income to average net assets		2.09%			1.50%
Ratio of net investment income to average net assets prior to fees waived		1.97%			1.18%
Portfolio turnover		147%			157%	5,6

1	Date of commencement of operations; ratios have been annualized and total return has 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	Portfolio turnover is representative of the Series for the entire period.
6	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

18

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

1. Significant Accounting Policies (continued)

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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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 year ended December 31, 2020, the Series earned $1,136 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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

20

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 year ended December 31, 2020, the Series was charged $6,030 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 year ended December 31, 2020, the Series was charged $4,452 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 year ended December 31, 2020, the Series was charged $2,037 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	74,708,884
Purchases of US government securities		11,132,757
Sales other than US government securities		80,697,461
Sales of US government securities		12,583,912

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	56,626,734
Aggregate unrealized appreciation of investments	$	3,038,300
Aggregate unrealized depreciation of investments		(13,792	)
Net unrealized appreciation of investments	$	3,024,508

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

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 as follows:

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 December 31, 2020:

	Level 1			Level 2			Total
Securities
Assets:
Convertible Bonds		$	—		$	446,388		$	446,388
Corporate Bonds			—			57,523,287			57,523,287
Loan Agreements			—			137,413			137,413
Preferred Stock			—			368,257			368,257
US Treasury Obligations			—			319,836			319,836
Short-Term Investments			856,061			—			856,061
Total Value of Securities		$	856,061		$	58,795,181		$	59,651,242

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20			12/31/19
Ordinary income	$	3,430,891	$	2,419,791

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	53,456,900
Undistributed ordinary income		3,609,943
Unrealized appreciation of investments		3,024,508
Net assets	$	60,091,351

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and market premium on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	224,912		196,853
Service Class	—		912
Shares issued upon reinvestment of dividends and distributions:
Standard Class	329,203		241,255
Service Class	57		—
	554,172		439,020
Shares redeemed:
Standard Class	(996,717	)	(869,334	)
Net decrease	(442,545	)	(430,314	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade Series

7. Line of Credit (continued)

Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

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

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

24

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The potential abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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 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.”

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Investment Grade 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, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

26

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Investment Grade Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Investment Grade Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Class Name	Financial Highlights
Standard Class	For the years ended December 31, 2020 and 2019
Service Class	For the year ended December 31, 2020 and the period from October 31, 2019 (commencement of operations) through December 31, 2019

The financial statements of First Investors Life Series Investment Grade Fund (subsequent to reorganization, known as Delaware VIP Investment Grade Series ) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and broker; when a reply was not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

27

Other Series information (Unaudited)
Delaware VIP^® Investment Grade Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00%

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Investment Grade Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Investment Grade Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

28

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all BBB- rated corporate debt funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the

29

Other Series information (Unaudited)
Delaware VIP^® Investment Grade Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Investment Grade Series at a meeting held August 11-13, 2020 (continued)

Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

30

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

34

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

35

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.

(1502651)
AR-VIPIG-221

Delaware VIP^® Trust

Delaware VIP Limited Duration Bond Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	14
Statement of operations	15
Statements of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Report of independent registered public accounting firm	28
Other Series information	29
Board of trustees / directors and officers addendum	32

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek current income consistent with low volatility of principal.

For the fiscal year ended December 31, 2020, Delaware VIP Limited Duration Bond Series (the “Series”) Standard Class shares gained 3.79%, reflecting all distributions reinvested. For the same period, the Series’ benchmark, the Bloomberg Barclays 1-3 Year US Government/Credit Index, advanced 3.33%.

As 2020 began, the economy appeared to be entering a mature credit cycle, and investors were concerned with the possibility of a mild recession. Instead, the coronavirus pandemic struck and spread rapidly. The global community was unprepared. Initial uncertainty was quickly followed by an extreme market selloff and global economic collapse.

Governments and central banks applied lessons learned from the recession of 2008-2009, and in March they intervened with substantial monetary- and fiscal-policy measures. The effective use of global fiscal and monetary support defined how the economy and financial markets evolved in 2020.

Investors’ uncertainty in March 2020 provoked a risk-premium explosion in the market and economic shutdowns. However, backstopped by the US Federal Reserve’s unprecedented, aggressive asset-purchase programs, which included purchasing corporate bonds, some confidence returned to markets. As the world began to understand how the virus behaved and how to help bring it under control, the US and global economies began to reopen. Credit markets, which had widened substantially as markets collapsed, started to compress, bolstered by now dual Fed and congressional puts. Then came the race to develop vaccines, along with a better understanding of how to manage the virus.

Although the markets and parts of the economy generally adapted quickly, COVID-19-affected sectors, particularly services, experienced extreme distress. These included transportation and other consumer-related areas such as retail. Damage to labor markets was significant, with unemployment still standing higher than 6% at year end. However, with monetary and fiscal policy in place and a clear commitment to support the economy for as long as it would take, the path to the other side of the pandemic became clearer.

We viewed 2020 from the prism of different market regimes, each of which called for a distinct approach to managing risk. Entering the year, because compensation for risk was poor, we cut back on the Series’ risk exposure and built a capital reserve to spend as opportunities arose, nearly eliminating exposure to higher-risk parts of the market, such as higher yield bonds. The year became a litmus test for managing risk, and we believe our agile approach to risk management was critical in helping the Series outperform its benchmark for the 12-month period.

With the Series’ capital reserve in hand, we began to look for investment opportunities created by market dislocations in the initial phase of the pandemic. Investors’ anticipated liquidity needs no longer seemed to a major concern. We focused on issuers that we assessed would more likely survive the pandemic. Accordingly, we began to spend the Series’ liquid capital reserve, selecting higher yielding parts of the securitized bond sector and high-quality investment grade issuers, such as Bank of America Corp., which we felt offered attractive compensation for the underlying risk.

As visibility gradually increased, we expanded our search for opportunities to also include traditionally higher-beta (more volatile) parts of the market that had experienced dislocations, specifically within the high yield and emerging markets sectors. We added to issuers that we felt were strongest within COVID-19-sensitive areas, such as Delta Air Lines Inc. We viewed Delta as well positioned to survive the pandemic while offering historically high yields. In addition, an overweight to certain higher-quality emerging market issuers, such as Banco Santander S.A., benefited performance as well. The Series continues to hold these securities as we believe they have retained their relative value potential.

While security selection overall was additive, some individual securities did underperform amid the demand contraction. This was the case with General Motors Financial Co. Inc., which underperformed during the peak of the crisis but has since recovered as monetary support improved liquidity prospects. We maintain the Series’ position given our outlook for continued economic recovery with the vaccine rollout.

The Series’ positioning also benefited from our decision early in the year to increase duration for the purpose of mitigating risk, as we thought that a high degree of uncertainty would likely result in a dramatic decline in interest rates as the Fed intervened. That willingness to dynamically manage interest rate risk paid off.

There were few detractors from the Series’ benchmark-relative returns for the fiscal year. Our use of mortgage-backed securities (MBS) as a funding source detracted marginally; however, the Series was better compensated within investment grade bonds. The Series’ modest allocation to bank loans, which remained static throughout the year, modestly detracted from returns. A moderate overweight to energy securities, albeit strongly positioned to manage through the pandemic, detracted as the sector had not fully recovered.

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

We also focused on higher-quality issuers within investment grade, whose business models we thought were more likely to survive the pandemic. By summer, we also added somewhat to the Series’ exposure to the higher yielding areas of the fixed income market, such as emerging markets debt and high yield bonds (from 2% to 10%). Within the securitized bond sector, we increased the Series’ allocation to collateralized loan obligations (CLOs) from 0% to 7%, funded with Treasurys and lower yielding floating-rate asset-backed securities (ABS).

As we enter 2021, COVID-19 vaccines’ high efficacy and their production and distribution have redefined the outlook for the pandemic and the global economy. Nonetheless, the near-term reality is that the virus is still raging, and mutations could make the virus more resistant to vaccines. On the political front, Democrats control both houses of Congress and the White House, increasing the possibility of additional fiscal stimulus, which would support an economic recovery.

Consistent with our outlook, we reduced exposure to areas we believe offer limited upside, such as higher-quality credit and ABS, and replaced them with agency MBS and securities with what we view as more attractive yield profiles, such as CLOs. We have retained exposure to the reflationary theme, including airlines and certain consumer goods, and we continue to search for areas where we believe there is potential to capture yield without altering the Series’ risk exposure.

Finally, from a risk perspective, the Series remains driven by a fundamental, bond-by-bond investment approach. Our goal is to construct the Series’ portfolio to comprise issuers that have a business model, liquidity, and adequate debt leverage profile to perform well regardless of the degree of volatility we may experience.

The Series used derivatives during the fiscal year, primarily for risk management purposes, including the use of currency forwards to hedge non-US-dollar risk back to US dollars. Overall, these derivatives had a positive effect that was not material to the Series’ performance.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	Lifetime
Standard Class shares (commenced operations on July 1, 2014)	+3.79%	+2.53%	+1.90%	+0.97%
Bloomberg Barclays 1-3 Year US Government/Credit Index	+3.33%	+2.98%	+2.21%	+1.83%*

* The benchmark lifetime return is calculated using the month end prior to the Series’ inception date.

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.75%, while total operating expenses for Standard Class shares were 0.95%. The management fee for Standard Class shares was 0.50%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.75% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.** Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on page 5.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

If and when the Series invests in forward foreign currency contracts or use other investments to hedge against currency risks, the Series will be subject to special risks, including counterparty risk.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

During periods of falling interest rates, an issuer of a callable bond held by the Series may “call” or repay the security before its stated maturity. The Series would then lose any price appreciation above the bond’s call price and the Series may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Series’ income.

The market values of bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. The yields received by the Fund on its investments will generally decline as interest rates decline.

Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used.

The Series may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. To the extent the Series invests significantly in the financials sector, the value of the Series’ shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning July 1, 2014 (Series’ inception date) through December 31, 2020

For period beginning July 1, 2014 (Series’ inception date) through December 31, 2020		Starting value	Ending value
	Bloomberg Barclays 1-3 Year US Government/Credit Index	$10,000	$11,253
	Delaware VIP Limited Duration Bond Series — Standard Class shares	$10,000	$10,645

The graph shows a $10,000 investment in Delaware VIP Limited Duration Bond Series Standard Class shares for the period from July 1, 2014 through December 31, 2020.

The graph also shows $10,000 invested in the Bloomberg Barclays 1-3 Year US Government/Credit Index for the period from July 1, 2014 through December 31, 2020.

The Bloomberg Barclays 1-3 Year US Government/Credit Index is a market value-weighted index of government fixed-rate debt securities and investment grade US and foreign fixed-rate debt securities with average maturities of one to three years.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		7/1/20 to
	7/1/20		12/31/20		Ratio		12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,011.40	0.75	%	$	3.79
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.37	0.75	%	$	3.81

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

As of December 31, 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
Security type / sector	of net assets
Agency Mortgage-Backed Securities	8.72	%
Collateralized Debt Obligations	7.24	%
Corporate Bonds	45.97	%
Banking	11.24	%
Basic Industry	2.78	%
Brokerage	0.38	%
Capital Goods	3.41	%
Communications	2.35	%
Consumer Cyclical	2.43	%
Consumer Non-Cyclical	5.47	%
Electric	3.97	%
Energy	4.52	%
Finance Companies	2.39	%
Insurance	0.72	%
Natural Gas	0.09	%
Technology	2.68	%
Transportation	3.54	%
Non-Agency Asset-Backed Securities	9.54	%
Sovereign Bonds	2.55	%
US Treasury Obligations	23.82	%
Short-Term Investments	2.60	%
Total Value of Securities	100.44	%
Liabilities Net of Receivables and Other      Assets	(0.44	%)
Total Net Assets	100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

December 31, 2020

		Principal
		amount°	Value (US $)
Agency Mortgage-Backed Securities — 8.72%
	Fannie Mae S.F. 30 yr
	4.50% 1/1/43	209,004	$	233,196
	4.50% 2/1/44	143,438		162,459
	4.50% 4/1/44	167,486		189,694
	4.50% 11/1/44	205,185		231,586
	4.50% 10/1/45	451,960		504,859
	5.00% 7/1/47	477,858		554,889
	5.00% 5/1/48	302,016		337,051
	Freddie Mac S.F. 30 yr
	4.50% 7/1/45	39,019		43,759
	5.00% 8/1/48	239,632		266,060
Total Agency Mortgage-Backed       Securities
	(cost $2,460,181)			2,523,553
Collateralized Debt Obligations — 7.24%
	Ballyrock CLO      Series 2020-2A A1
	144A 1.529%
	(LIBOR03M + 1.32%,
	Floor 1.32%)
	10/20/31 #, ●	250,000		249,684
	BlueMountain CLO XXX
	Series 2020-30A A
	144A 1.549%
	(LIBOR03M + 1.39%,
	Floor 1.39%)
	1/15/33 #, ●	250,000		249,686
	Cedar Funding IX CLO
	Series 2018-9A A1
	144A 1.198%
	(LIBOR03M + 0.98%,
	Floor 0.98%)
	4/20/31 #, ●	250,000		249,072
	CIFC Funding
	Series 2013-4A A1RR
	144A 1.277%
	(LIBOR03M + 1.06%,
	Floor 1.06%)
	4/27/31 #, ●	250,000		248,594
	Dryden 83 CLO
	Series 2020-83A A
	144A 1.46%
	(LIBOR03M + 1.22%,
	Floor 1.22%)
	1/18/32 #, ●	250,000		250,000
	KKR CLO 32
	Series 32A A1 144A
	1.545% (LIBOR03M +
	1.32%, Floor 1.32%)
	1/15/32 #, ●	100,000		99,875
	LCM XVIII
	Series 18A A1R 144A
	1.238% (LIBOR03M +
	1.02%) 4/20/31 #, ●	250,000		248,552
	Octagon Investment
	Partners 33
	Series 2017-1A A1
	144A 1.408%
	(LIBOR03M + 1.19%)
	1/20/31 #, ●	250,000		249,599
	York CLO-6
	Series 2019-1A A1
	144A 1.566%
	(LIBOR03M + 1.35%)
	7/22/32 #, ●	250,000		249,851
Total Collateralized Debt Obligations
	(cost $2,089,630)			2,094,913
Corporate Bonds — 45.97%
Banking — 11.24%
	Ally Financial 5.75%
	11/20/25	118,000		137,469
	Bank of America
	2.738% 1/23/22 µ	135,000		135,165
	3.458% 3/15/25 µ	80,000		87,130
	Barclays Bank 1.70%
	5/12/22	200,000		203,570
	BBVA Bancomer 144A
	1.875% 9/18/25 #	200,000		202,250
	Citizens Bank 0.941%
	(LIBOR03M + 0.72%)
	2/14/22 ●	250,000		251,201
	Citizens Financial Group
	2.85% 7/27/26	110,000		122,545
	DNB Boligkreditt 144A
	2.50% 3/28/22 #	500,000		513,387
	Fifth Third Bancorp
	2.375% 1/28/25	35,000		37,284
	3.65% 1/25/24	35,000		38,189
	Goldman Sachs Group
	3.50% 4/1/25	20,000		22,258
	Huntington Bancshares
	2.30% 1/14/22	30,000		30,544
	JPMorgan Chase & Co.
	4.023% 12/5/24 µ	330,000		363,662
	4.60% µ, ψ	20,000		20,675
	5.00% µ, ψ	25,000		26,322

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Morgan Stanley
	1.433% (LIBOR03M +
	1.22%) 5/8/24 ●	145,000	$	147,847
	2.75% 5/19/22	25,000		25,823
	3.622% 4/1/31 µ	35,000		40,676
	3.737% 4/24/24 µ	25,000		26,907
	PNC Bank 2.70% 11/1/22	10,000		10,421
	Regions Financial 3.80%
	8/14/23	50,000		54,263
	Truist Bank
	2.15% 12/6/24	250,000		265,058
	2.636% 9/17/29 µ	215,000		227,545
	UBS Group 144A 3.00%
	4/15/21 #	200,000		201,550
	US Bancorp 3.375%
	2/5/24	55,000		59,901
				3,251,642
Basic Industry — 2.78%
	Avient 144A 5.75%
	5/15/25 #	139,000		147,861
	DuPont de Nemours
	2.169% 5/1/23	110,000		111,489
	First Quantum Minerals
	144A 7.50% 4/1/25 #	200,000		208,500
	Georgia-Pacific 144A
	1.75% 9/30/25 #	35,000		36,609
	Hudbay Minerals 144A
	7.625% 1/15/25 #	101,000		105,103
	Kraton Polymers 144A
	7.00% 4/15/25 #	117,000		123,260
	LYB International Finance
	III 2.875% 5/1/25	25,000		27,269
	PowerTeam Services 144A
	9.033% 12/4/25 #	40,000		44,604
				804,695
Brokerage — 0.38%
	SURA Asset Management
	144A 4.875%
	4/17/24 #	100,000		109,776
				109,776
Capital Goods — 3.41%
	General Dynamics 3.00%
	5/11/21	145,000		146,402
	General Electric
	0.605% (LIBOR03M +
	0.38%) 5/5/26 ●	5,000		4,779
	3.45% 5/1/27	30,000		33,881
	Mauser Packaging
	Solutions Holding 144A
	5.50% 4/15/24 #	168,000		171,560
	Otis Worldwide 2.056%
	4/5/25	140,000		148,498
	Roper Technologies 2.35%
	9/15/24	145,000		154,444
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	60,000		63,369
	Terex 144A 5.625%
	2/1/25 #	55,000		56,760
	TransDigm
	144A 6.25% 3/15/26 #	25,000		26,656
	144A 8.00%
	12/15/25 #	71,000		78,639
	Welbilt 9.50% 2/15/24	28,000		28,992
	WESCO Distribution 144A
	7.125% 6/15/25 #	66,000		72,676
				986,656
Communications — 2.35%
	AMC Networks 5.00%
	4/1/24	74,000		75,295
	Clear Channel Worldwide
	Holdings 9.25%
	2/15/24	35,000		35,529
	Crown Castle International
	5.25% 1/15/23	135,000		147,759
	Fox
	3.666% 1/25/22	160,000		165,638
	4.03% 1/25/24	100,000		110,182
	T-Mobile USA
	144A 1.50% 2/15/26 #	30,000		30,772
	144A 3.50% 4/15/25 #	105,000		116,128
				681,303
Consumer Cyclical — 2.43%
	Boyd Gaming 144A
	8.625% 6/1/25 #	54,000		60,126
	Caesars Entertainment
	144A 6.25% 7/1/25 #	40,000		42,650
	Carnival 144A 7.625%
	3/1/26 #	51,000		55,660
	Ford Motor 8.50%
	4/21/23	133,000		150,180
	General Motors Financial
	3.45% 4/10/22	50,000		51,424
	4.15% 6/19/23	30,000		32,284
	5.25% 3/1/26	7,000		8,258
	IRB Holding 144A 7.00%
	6/15/25 #	8,000		8,754
	L Brands 144A 6.875%
	7/1/25 #	25,000		27,182
	Prime Security Services
	Borrower 144A 5.25%
	4/15/24 #	68,000		72,675

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Scientific Games
	International 144A
	5.00% 10/15/25 #	75,000	$	77,485
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	45,000		45,203
	Station Casinos 144A
	5.00% 10/1/25 #	29,000		29,389
	VF 2.40% 4/23/25	40,000		42,686
				703,956
Consumer Non-Cyclical — 5.47%
	AbbVie
	2.60% 11/21/24	90,000		96,531
	2.95% 11/21/26	115,000		127,311
	Anheuser-Busch InBev
	Worldwide 4.15%
	1/23/25	355,000		404,365
	Bausch Health 144A
	6.125% 4/15/25 #	57,000		58,805
	Bristol-Myers Squibb
	2.90% 7/26/24	130,000		141,207
	CVS Health
	3.35% 3/9/21	110,000		110,605
	3.70% 3/9/23	14,000		14,991
	General Mills 3.70%
	10/17/23	80,000		87,200
	Keurig Dr Pepper 3.551%
	5/25/21	60,000		60,754
	Molson Coors Beverage
	2.10% 7/15/21	95,000		95,805
	Mondelez International
	2.125% 4/13/23	40,000		41,566
	Ortho-Clinical Diagnostics
	144A 7.375% 6/1/25 #	59,000		62,946
	Pilgrim’s Pride 144A
	5.75% 3/15/25 #	61,000		62,699
	Primo Water Holdings
	144A 5.50% 4/1/25 #	58,000		59,957
	Royalty Pharma
	144A 1.20% 9/2/25 #	35,000		35,567
	144A 1.75% 9/2/27 #	25,000		25,745
	Tenet Healthcare 5.125%
	5/1/25	74,000		75,535
	Viatris
	144A 1.65% 6/22/25 #	10,000		10,345
	144A 2.30% 6/22/27 #	10,000		10,657
				1,582,591
Electric — 3.97%
	AEP Texas 2.40% 10/1/22	140,000		144,488
	Avangrid 3.20% 4/15/25	60,000		65,737
	CenterPoint Energy 3.85%
	2/1/24	70,000		76,629
	Cleveland Electric
	Illuminating 5.50%
	8/15/24	115,000		132,551
	Duke Energy
	1.80% 9/1/21	165,000		166,448
	4.875% µ, ψ	65,000		70,546
	Entergy 4.00% 7/15/22	90,000		94,393
	Entergy Louisiana 4.05%
	9/1/23	10,000		10,871
	NextEra Energy Capital
	Holdings 3.15% 4/1/24	85,000		91,913
	NRG Energy 144A 3.75%
	6/15/24 #	95,000		104,049
	Pacific Gas and Electric
	2.10% 8/1/27	75,000		76,220
	Vistra Operations 144A
	3.55% 7/15/24 #	105,000		113,759
				1,147,604
Energy — 4.52%
	Apache 4.625% 11/15/25	42,000		44,153
	Continental Resources
	3.80% 6/1/24	41,000		42,307
	Energy Transfer Operating
	5.25% 4/15/29	45,000		52,552
	7.125% µ, ψ	75,000		71,438
	Exxon Mobil 2.019%
	8/16/24	130,000		136,932
	Marathon Oil 2.80%
	11/1/22	19,000		19,535
	MPLX
	1.75% 3/1/26	25,000		25,885
	4.875% 12/1/24	135,000		154,951
	Murphy Oil 5.75%
	8/15/25	57,000		56,863
	NuStar Logistics 5.75%
	10/1/25	73,000		77,854
	Occidental Petroleum
	5.50% 12/1/25	58,000		60,580
	ONEOK 7.50% 9/1/23	115,000		133,156
	Sabine Pass Liquefaction
	5.75% 5/15/24	110,000		125,799
	Schlumberger Holdings
	144A 3.75% 5/1/24 #	145,000		158,192
	Southwestern Energy
	6.45% 1/23/25	69,000		71,717
	Western Midstream
	Operating 4.10%
	2/1/25	32,000		33,029

10

	Principal
	amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
WPX Energy 5.25%
9/15/24	39,000	$	42,579
			1,307,522
Finance Companies — 2.39%
AerCap Ireland Capital
3.15% 2/15/24	150,000		157,306
Air Lease 2.875% 1/15/26	15,000		15,883
Aviation Capital Group
144A 2.875%
1/20/22 #	130,000		131,650
144A 4.375%
1/30/24 #	10,000		10,561
Avolon Holdings Funding
144A 3.95% 7/1/24 #	85,000		89,833
DAE Funding 144A 4.50%
8/1/22 #	80,000		81,136
DAE Sukuk DIFC 144A
3.75% 2/15/26 #	200,000		206,000
			692,369
Insurance — 0.72%
Equitable Holdings 3.90%
4/20/23	95,000		102,236
USI 144A 6.875%
5/1/25 #	103,000		105,896
			208,132
Natural Gas — 0.09%
NiSource 0.95% 8/15/25	25,000		25,162
			25,162
Technology — 2.68%
Broadcom
3.15% 11/15/25	30,000		32,770
4.70% 4/15/25	20,000		22,924
Global Payments 2.65%
2/15/25	100,000		107,130
International Business
Machines 3.00%
5/15/24	100,000		108,364
Microchip Technology
3.922% 6/1/21	30,000		30,429
4.333% 6/1/23	55,000		59,574
NXP
144A 2.70% 5/1/25 #	5,000		5,385
144A 4.875% 3/1/24 #	165,000		186,162
PayPal Holdings 1.35%
6/1/23	145,000		148,546
Sabre GLBL 144A 7.375%
9/1/25 #	68,000		73,882
			775,166
Transportation — 3.54%
Delta Air Lines
144A 7.00% 5/1/25 #	144,000	$	166,351
7.375% 1/15/26	42,000		48,007
Heathrow Funding 144A
4.875% 7/15/23 #	691,000		705,458
Penske Truck Leasing 144A
1.20% 11/15/25 #	60,000		60,556
Spirit Loyalty Cayman
144A 8.00% 9/20/25 #	40,000		45,000
			1,025,372
Total Corporate Bonds
(cost $12,865,554)			13,301,946
Non-Agency Asset-Backed Securities — 9.54%
ARI Fleet Lease Trust
Series 2019-A A2B
144A 0.639%
(LIBOR01M + 0.48%)
11/15/27 #, ●	92,301		92,353
BMW Vehicle Lease Trust
Series 2018-1 A3
3.26% 7/20/21	11,268		11,286
CarMax Auto Owner Trust
Series 2018-2 B 3.37%
10/16/23	150,000		155,596
Chase Auto Credit Linked
Notes
Series 2020-2 B 144A
0.84% 2/25/28 #	250,000		250,240
Ford Credit Auto Lease
Trust
Series 2019-B A2A
2.28% 2/15/22	54,380		54,472
Ford Credit Auto Owner
Trust
Series 2017-2 A 144A
2.36% 3/15/29 #	900,000		930,856
Series 2017-C A3
2.01% 3/15/22	21,229		21,253
Hyundai Auto Receivables
Trust
Series 2019-B A2
1.93% 7/15/22	223,687		224,470
John Deere Owner Trust
Series 2019-A A3
2.91% 7/17/23	177,169		180,560
Mercedes-Benz Auto Lease
Trust
Series 2019-B A2
2.01% 12/15/21	97,819		98,016

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

		Principal
		amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
Tesla Auto Lease Trust
Series 2018-B A 144A
3.71% 8/20/21 #		230,586	$	232,047
Toyota Auto Receivables
Owner Trust
Series 2017-D A3
1.93% 1/18/22		26,710		26,762
Verizon Owner Trust
Series 2018-A A1A
3.23% 4/20/23		179,587		181,970
Volvo Financial Equipment
Series 2020-1A A2
144A 0.37% 4/17/23 #		300,000		300,198
Total Non-Agency Asset-Backed
Securities
(cost $2,748,361)				2,760,079
Sovereign Bonds — 2.55%
Spain — 2.55%
Spanish Treasury Bill
0.00% 1/15/21 ^	EUR	605,000		739,300
Total Sovereign Bonds
(cost $735,086)				739,300
US Treasury Obligations — 23.82%
US Treasury Floating Rate
Note
0.145% (USBMMY3M
+ 0.055%) 7/31/22 ●		525,000		525,063
US Treasury Notes
0.375% 11/30/25		3,310,000		3,314,137
1.50% 10/31/21		2,310,000		2,336,540
1.75% 7/31/24		680,000		717,294
Total US Treasury Obligations
(cost $6,825,991)				6,893,034
		Number
		of shares
Short-Term Investments — 2.60%
Money Market Mutual Funds — 2.60%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.00%)		187,850		187,850
Fidelity Investments Money
Market Government
Portfolio – Class I
(seven-day effective
yield 0.01%)		187,850		187,850
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.02%)		187,850		187,850
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)		187,850		187,850
Total Short-Term Investments
(cost $751,400)				751,400
Total Value of
Securities—100.44%
(cost $28,476,203)			$	29,064,225

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $9,199,782, which represents 31.79% of the Series’ net assets. See Note 11 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
^	Zero-coupon security. The rate shown is the effective yield through maturity.

12

The following foreign currency exchange contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Depreciation
TD	EUR	(605,000)	USD	734,878	1/15/21	$	(4,510)

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

¹ See Note 8 in “Notes to financial statements.”

Summary of abbreviations:
CLO – Collateralized Loan Obligation
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
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.– SingleFamily
TD – TD Bank
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:
EUR – European Monetary Unit
USD – US Dollar

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

13

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

December 31, 2020

Assets:
Investments, at value*	$	29,064,225
Dividends and interest receivable		168,846
Receivable for series shares sold		1,216
Other assets		1,435
Total Assets		29,235,722
Liabilities:
Due to custodian		1
Payable for securities purchased		250,000
Reports and statements to shareholders expenses payable to non-affiliates		13,250
Accounting and administration fees payable to non-affiliates		10,616
Other accrued expenses		9,675
Investment management fees payable to affiliates		5,571
Audit and tax fees payable		5,000
Unrealized depreciation on foreign currency exchange contracts		4,510
Accounting and administration expenses payable to affiliates		421
Payable for series shares redeemed		335
Dividend disbursing and transfer agent fees and expenses payable to affiliates		186
Trustees’ fees and expenses payable		95
Legal fees payable to affiliates		52
Reports and statements to shareholders expenses payable to affiliates		29
Total Liabilities		299,741
Total Net Assets	$	28,935,981
Net Assets Consist of:
Paid-in capital	$	29,965,325
Total distributable earnings (loss)		(1,029,344	)
Total Net Assets	$	28,935,981
Net Asset Value
Standard Class:
Net assets	$	28,935,981
Shares of beneficial interest outstanding, unlimited authorization, no par		2,970,509
Net asset value per share	$	9.74
____________________
*  Investments, at cost	$	28,476,203

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

14

Statement of operations
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

Year ended December 31, 2020

Investment Income:
Interest	$	599,393
Dividends		1,387
		600,780
Expenses:
Management fees		149,932
Audit and tax fees		72,322
Accounting and administration expenses		44,792
Reports and statements to shareholders expenses		24,007
Dividend disbursing and transfer agent fees and expenses		2,533
Trustees’ fees and expenses		1,754
Custodian fees		1,117
Legal fees		549
Registration fees		12
Other		11,571
		308,589
Less expenses waived		(83,204	)
Less expenses paid indirectly		(448	)
Total operating expenses		224,937
Net Investment Income		375,843
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		281,784
Foreign currencies		1,544
Foreign currency exchange contracts		(999	)
Net realized gain		282,329
Net change in unrealized appreciation (depreciation) of:
Investments		465,334
Foreign currency exchange contracts		(4,510	)
Net change in unrealized appreciation (depreciation)		460,824
Net Realized and Unrealized Gain		743,153
Net Increase in Net Assets Resulting from Operations	$	1,118,996

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

15

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

	Year ended
	12/31/20			12/31/19
Increase in Net Assets from Operations:
Net investment income	$	375,843		$	714,736
Net realized gain		282,329			455,374
Net change in unrealized appreciation (depreciation)		460,824			181,974
Net increase in net assets resulting from operations		1,118,996			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		3,522,260			1,672,149
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		841,238			212,829
		4,363,498			1,884,978
Cost of shares redeemed:
Standard Class		(7,417,491	)		(4,833,772	)
Decrease in net assets derived from capital share transactions		(3,053,993	)		(2,948,794	)
Net Decrease in Net Assets		(2,776,235	)		(1,809,539	)
Net Assets:
Beginning of year		31,712,216			33,521,755
End of year	$	28,935,981		$	31,712,216

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

16

Financial highlights
Delaware VIP^® Limited Duration Bond Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	9.66		$	9.34		$	9.61		$	9.66		$	9.69
Income (loss) from investment operations
Net investment income (loss)2		0.12			0.21			0.05			0.10			(0.03	)
Net realized and unrealized gain (loss)		0.24			0.17			(0.07	)		0.02			0.09
Total from investment operations		0.36			0.38			(0.02	)		0.12			0.06
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	$	9.74		$	9.66		$	9.34		$	9.61		$	9.66
Total return3		3.79%			4.09%			(0.22%	)		1.26%			0.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,936		$	31,712		$	33,522		$	7,220		$	7,837
Ratio of expenses to average net assets4		0.75%			0.86%			1.15%			1.01%			1.06%
Ratio of expenses to average net assets prior to fees waived4		1.03%			1.10%			1.30%			1.16%			1.21%
Ratio of net investment income (loss) to average net assets		1.25%			2.15%			0.49%			1.09%			(0.34%	)
Ratio of net investment income (loss) to average net assets prior
to fees waived		0.97%			1.91%			0.34%			0.94%			(0.49%	)
Portfolio turnover		126%			108%			268%			82%			78%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Limited Duration Bond Fund shares.
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 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.
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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 2020, the Series did not incur any interest or tax penalties.

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

18

“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. 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. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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 year ended December 31, 2020, the Series earned $447 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

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 year ended December 31, 2020, the Series was charged $5,025 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 year ended December 31, 2020, the Series was charged $2,249 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 year ended December 31, 2020, the Series was charged $1,030 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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	12,089,157
Purchases of US government securities		24,526,310
Sales other than US government securities		11,202,893
Sales of US government securities		28,618,373

20

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	28,592,285
Aggregate unrealized appreciation of investments and derivatives	$	505,873
Aggregate unrealized depreciation of investments and derivatives		(38,443	)
Net unrealized appreciation of investments	$	467,430

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 as follows:

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 December 31, 2020:

	Level 1			Level 2			Total
Securities
Assets:
Agency Mortgage-Backed Securities		$	—		$	2,523,553		$	2,523,553
Collateralized Debt Obligations			—			2,094,913			2,094,913
Corporate Bonds			—			13,301,946			13,301,946
Non-Agency Asset-Backed Securities			—			2,760,079			2,760,079
Sovereign Bonds			—			739,300			739,300
US Treasury Obligations			—			6,893,034			6,893,034
Short-Term Investments			751,400			—			751,400
Total Value of Securities		$	751,400		$	28,312,825		$	29,064,225

21

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

3. Investments (continued)

	Level 1		Level 2			Total
Derivatives1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(4,510	)	$	(4,510	)

¹ Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	841,238	$	212,829

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	29,965,325
Undistributed ordinary income		587,158
Capital loss carryforwards*		(2,083,932	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		467,430
Net assets	$	28,935,981

* $2,147,055 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market on foreign currency contracts and market premium and discount on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2020, $125,901 of capital loss carryforwards was utilized.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term		Long-term		Total
$	1,017,848	$	1,066,084	$	2,083,932

22

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	364,350		175,965
Shares issued upon reinvestment of dividends and distributions:
Standard Class	88,551		22,690
	452,901		198,655
Shares redeemed:
Standard Class	(766,105	)	(505,917	)
Net decrease	(313,204	)	(307,262	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

8. 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

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

8. Derivatives (continued)

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 year ended December 31, 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 year ended December 31, 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 year ended December 31, 2020:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	2,903	$	43,570

9. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

						Gross Value of
					Gross Value of	Derivative
Counterparty					Derivative Asset	Liability		Net Position
TD Bank					$—		$(4,510)	$(4,510)
			Fair Value of		Fair Value of
			Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position		Collateral Received	Received(a)	Collateral Pledged	Pledged		Net Exposure(b)
TD Bank		$(4,510)	$—	$—	$—		$—	$(4,510)

(a)	The value of the related collateral exceeded the value of the derivatives as of December 31, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. 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

24

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

11. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or corresponding IBOR). The potential abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Limited Duration Bond Series

11. Credit and Market Risk (continued)

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.

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 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.

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

26

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.”

12. 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.

13. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

27

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Limited Duration Bond Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Limited Duration Bond Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Limited Duration Bond Fund (subsequent to reorganization, known as Delaware VIP Limited Duration Bond Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

28

Other Series information (Unaudited)
Delaware VIP^® Limited Duration Bond Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis) 100.00%

____________________

(A) is based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited Duration Bond Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited Duration Bond Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for

29

Other Series information (Unaudited)
Delaware VIP^® Limited Duration Bond Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Limited Duration Bond Series at a meeting held August 11-13, 2020 (continued)

the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all short-intermediate investment-grade debt funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-, 3-, 5-, and 10-year periods was in the fourth quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the

30

Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

31

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

32

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

33

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

34

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

35

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

36

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.

(1502651)
AR-VIPLDB-221

Delaware VIP^® Trust

Delaware VIP Opportunity Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	5
Security type / sector allocation and top 10 equity holdings	6
Schedule of investments	7
Statement of assets and liabilities	10
Statement of operations	11
Statements of changes in net assets	12
Financial highlights	13
Notes to financial statements	14
Report of independent registered public accounting firm	21
Other Series information	22
Board of trustees / directors and officers addendum	25

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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Opportunity Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Opportunity Series (the “Series”) Standard Class shares gained 10.80%. The figure reflects all dividends reinvested. For the same period, the Series’ benchmark, the Russell 2500™ Index, appreciated 19.99%.

Over the year, small-cap stocks outperformed mid-cap stocks. The smaller-cap Russell 2000^® Index gained 19.96% for the year while the Russell Midcap^® Index gained 17.10%. Growth companies outperformed value companies during the year as Russell 2500™ Growth Index appreciated 40.47% versus the 4.88% gain for the Russell 2500™ Value Index.

In the Russell 2500 Index, high-beta (higher risk) companies outperformed lower-beta (lower risk) stocks, and companies without earnings – as well as those with higher price-to-earnings (P/E) ratios – returned more on average than companies with lower P/E ratios. Sector-level performance within the Russell 2500 Index was mostly positive with 12 of 16 sectors advancing. The weakest-performing sector in the benchmark over the fiscal year was energy, which declined more than 35%. The real estate investment trust (REIT), media, and finance sectors in the benchmark declined during the year. The technology, healthcare, and communications services sectors in the benchmark were the strongest performing, each advancing more than 30% during the fiscal year.

Stock selection was the most significant detractor from the Series’ performance for the fiscal year. The technology sector in the benchmark was the strongest performing sector for the 12-month period, and the Series’ holdings in the sector did not advance by as much as those in the benchmark, which detracted. Stock selection in the utilities sector detracted as the Series’ holdings declined on average while those in the benchmark advanced. Stock selection in the capital goods and basic materials sectors detracted as the Series’ holdings in those sectors lagged the returns of those sectors in the benchmark. Stock selection in the healthcare sector contributed. The Series also benefited from relative underweights to the energy and media sectors.

In the utilities sector, shares of local distribution company (LDC) South Jersey Industries Inc. detracted during the fiscal year. During the year, natural gas utilities in the LDC industry underperformed due to investor pessimism regarding the potential impacts from decarbonization and regulatory developments. While shares of South Jersey Industries declined during the year, the company’s earnings were resilient, and financials supported its 22nd consecutive year of dividend increase. In September, the New Jersey Board of Public Utilities approved increases in South Jersey Industries’ base rates and recognized the company’s investments to enhance the safety, reliability, and resiliency of its natural gas distribution system. We maintained a position in South Jersey Industries as the company is trading at a valuation below that of our estimate of its intrinsic value and has, in our view, a favorable capital plan to drive customer growth.

In the first quarter of the fiscal year, we initiated a position in biopharmaceutical company Intercept Pharmaceuticals Inc. Intercept is focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Shares of Intercept detracted during the fiscal year as the company’s stock declined after it received a complete response letter (CRL) from the US Food and Drug Administration (FDA) regarding the company’s new drug application (NDA) for obeticholic acid (OCA) for the treatment of fibrosis due to NASH. The letter indicated that Intercept should submit additional post-interim analysis efficacy and safety data from its ongoing study to support a potential accelerated approval. Following the letter, the company worked with the FDA and provided initial feedback to investors later in the fiscal year that it could refile its NDA in 2021. We maintained the Series’ position in Intercept as the company lead therapy, Ocaliva is approved by the FDA for PBC and its NASH trial is in Phase 3 trials.

Shares of glucose monitoring systems company DexCom Inc. contributed to performance in the healthcare sector. During the year, DexCom’s financial results continued to grow and exceeded expectations. The company’s growth in international markets benefited by gaining approval for its products in multiple new countries. In the US, DexCom’s G6 continuous glucose monitoring system received temporary approval from the FDA for in-hospital use as a way to improve the glucose management of COVID-19 patients and reduce both the workload and risk of infection for the healthcare workers tasked with caring for these individuals. We exited the Series’ position in DexCom prior to the end of the fiscal year as its market cap had grown larger than the upper end of the benchmark.

II-VI Inc. develops and markets engineered materials and optoelectronic components for use in industrial material processing, optical communications, and consumer electronics. The company also serves automotive and military markets. II-VI is vertically integrated, differentiating it from its competitors and, more importantly, in our opinion, providing exposure to several emerging mega trends including 5G, cloud computing, 3D LiDAR sensors, electronic vehicles, and silicon carbide (SiC) devices and modules for power electronics. During the year,

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Opportunity Series

II-VI outperformed and we maintained the Series’ position in the company as we believe II-VI appears well positioned for future potential growth as it provides support to these emerging trends.

With respect to sector positioning, the Series ended the year with its largest relative underweights to companies in the healthcare, business services, energy, media, communications services, and credit cyclicals sectors. The Series held notable relative overweights in the capital goods, basic materials, finance, and transportation sectors at the end of the fiscal year. On balance, we believe the macroeconomic environment favors active managers that can apply thorough company-level analysis when making investment decisions. We continue to maintain our strategy of investing in companies that, we believe, have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the ability to potentially deliver value to shareholders.

2    Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Opportunity Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	Lifetime
Standard Class shares (commenced operations on December 17, 2012)	+10.80%	+6.85%	+9.46%	+11.04%
Russell 2500 Index	+19.99%	+11.33%	+13.64%	+13.19%*

* The benchmark lifetime return is calculated using the last business day in the month of the Series’ inception date.

Returns reflect the reinvestment of all distributions. Please see page 4 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.83%, while total operating expenses for Standard Class shares were 0.91%. The management fee for Standard Class shares was 0.75%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.** Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, ad generally function as if they were stocks.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Opportunity Series

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 investment
For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020

For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020		Starting value			Ending value
	Russell 2500 Index		$	10,000		$	27,286
	Delaware VIP Opportunity Series — Standard Class shares		$	10,000		$	23,206

The graph shows a $10,000 investment in Delaware VIP Opportunity Series Standard Class shares for the period from December 17, 2012 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 2500 Index for the period from December 17, 2012 through December 31, 2020.

The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000^® Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000 Index, mentioned on page 1, measures the performance of the small-cap segment of the US equity universe.

The Russell Midcap Index, mentioned on page 1, measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000^® Index.

The Russell 2500 Growth Index, mentioned on page 1, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2500 Value Index, mentioned on page 1, measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

4

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			7/1/20 to
	7/1/20		12/31/20		Ratio			12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,294.50		0.83	%		$	4.79
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.96		0.83	%		$	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 184/366 (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.

5

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Opportunity Series

As of December 31, 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
Security type / sector	of net assets
Common Stock		99.00	%
Basic Materials		8.76	%
Business Services		4.01	%
Capital Goods		12.74	%
Consumer Discretionary		4.68	%
Consumer Services		3.17	%
Consumer Staples		2.50	%
Credit Cyclicals		2.56	%
Energy		1.22	%
Financial Services		14.43	%
Healthcare		14.51	%
Media		1.05	%
Real Estate Investment Trusts		6.55	%
Technology		18.03	%
Transportation		1.68	%
Utilities		3.11	%
Short-Term Investments		1.07	%
Total Value of Securities		100.07	%
Liabilities Net of Receivables and Other
Assets		(0.07	%)
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
Proofpoint		1.41	%
Ultragenyx Pharmaceutical		1.41	%
Catalent		1.38	%
Reliance Steel & Aluminum		1.30	%
PTC		1.30	%
II-VI		1.26	%
Bio-Techne		1.24	%
Huntsman		1.23	%
Knight-Swift Transportation Holdings		1.13	%
Repligen		1.12	%

6

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Opportunity Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.00%
Basic Materials — 8.76%
	Balchem	4,980	$	573,796
	Boise Cascade	7,805		373,079
	Eastman Chemical	6,088		610,505
	Ferro †	14,383		210,423
	Huntsman	41,875		1,052,737
	Kaiser Aluminum	9,042		894,254
	Minerals Technologies	14,215		883,036
	Neenah	16,568		916,542
	Reliance Steel & Aluminum	9,290		1,112,477
	Worthington Industries	17,043		874,988
				7,501,837
Business Services — 4.01%
	ABM Industries	13,670		517,273
	Aramark	20,463		787,416
	ASGN †	9,823		820,515
	Casella Waste Systems
	Class A †	7,037		435,942
	US Ecology	13,629		495,142
	WillScot Mobile Mini
	Holdings †	16,435		380,799
				3,437,087
Capital Goods — 12.74%
	Barnes Group	7,601		385,295
	BWX Technologies	10,612		639,691
	Columbus McKinnon	5,059		194,468
	ESCO Technologies	6,863		708,399
	Federal Signal	9,474		314,253
	Gates Industrial †	20,346		259,615
	Graco	9,176		663,884
	Jacobs Engineering Group	7,104		774,052
	Kadant	5,262		741,837
	KBR	12,959		400,822
	Lincoln Electric Holdings	7,970		926,512
	MasTec †	7,319		499,009
	Oshkosh	9,042		778,245
	Quanta Services	13,026		938,132
	Rexnord	18,500		730,565
	Tetra Tech	3,230		373,969
	United Rentals †	3,919		908,855
	Woodward	5,598		680,325
				10,917,928
Consumer Discretionary — 4.68%
	American Eagle Outfitters	22,527		452,117
	BJ’s Wholesale Club
	Holdings †	7,437		277,251
	Dick’s Sporting Goods	7,764		436,414
	Five Below †	5,414		947,342
	Malibu Boats Class A †	12,831		801,168
	Sonic Automotive Class A	5,147		198,520
	Steven Madden	25,528		901,649
				4,014,461
Consumer Services — 3.17%
	Allegiant Travel	1,730		327,385
	Brinker International	4,672		264,295
	Chuy’s Holdings †	9,082		240,582
	Jack in the Box	6,289		583,619
	Texas Roadhouse	6,549		511,870
	Wendy’s	36,143		792,255
				2,720,006
Consumer Staples — 2.50%
	Casey’s General Stores	5,200		928,824
	Helen of Troy †	1,977		439,270
	J & J Snack Foods	4,977		773,276
				2,141,370
Credit Cyclicals — 2.56%
	BorgWarner	15,332		592,429
	KB Home	9,967		334,094
	La-Z-Boy	8,580		341,827
	Taylor Morrison Home †	14,036		360,023
	Toll Brothers	13,097		569,327
				2,197,700
Energy — 1.22%
	Diamondback Energy	15,886		768,882
	Patterson-UTI Energy	7,546		39,692
	PDC Energy †	11,354		233,098
				1,041,672
Financial Services — 14.43%
	American Equity
	Investment Life Holding	2,711		74,986
	Axis Capital Holdings	11,687		588,908
	Comerica	7,462		416,827
	East West Bancorp	16,585		841,025
	Essent Group	15,708		678,586
	First Financial Bancorp	31,351		549,583
	Great Western Bancorp	15,890		332,101
	Hamilton Lane Class A	4,235		330,542
	Independent Bank Group	8,708		544,424
	Kemper	6,490		498,627
	NMI Holdings Class A †	20,273		459,183
	Primerica	5,186		694,561
	Reinsurance Group of
	America	5,856		678,710
	Selective Insurance Group	9,802		656,538
	South State	9,129		660,027
	Sterling Bancorp	28,300		508,834

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Opportunity Series

		Number
		of shares	Value (US $)
Common Stock (continued)
Financial Services (continued)
	Stifel Financial	14,878	$	750,744
	Umpqua Holdings	42,305		640,498
	Valley National Bancorp	48,979		477,545
	Webster Financial	17,677		745,086
	Western Alliance Bancorp	9,180		550,341
	WSFS Financial	15,288		686,125
				12,363,801
Healthcare — 14.51%
	Agios Pharmaceuticals †	10,334		447,772
	Amicus Therapeutics †	23,020		531,532
	Bio-Techne	3,351		1,064,110
	Blueprint Medicines †	6,512		730,321
	Catalent †	11,376		1,183,900
	Encompass Health	11,103		918,107
	Exact Sciences †	4,889		647,744
	Halozyme Therapeutics †	15,369		656,410
	ICON †	3,628		707,387
	Intercept
	Pharmaceuticals †	7,188		177,544
	Ligand Pharmaceuticals †	5,598		556,721
	Natera †	5,950		592,144
	Neurocrine Biosciences †	8,364		801,689
	Quidel †	3,368		605,061
	Repligen †	5,028		963,516
	Supernus
	Pharmaceuticals †	15,292		384,747
	Teladoc Health †	1,249		249,750
	Ultragenyx
	Pharmaceutical †	8,739		1,209,740
				12,428,195
Media — 1.05%
	Cinemark Holdings	19,774		344,265
	Interpublic Group of
	Companies	23,468		551,968
				896,233
Real Estate Investment Trusts — 6.55%
	American Assets Trust	9,331		269,479
	Apartment Income REIT †	15,308		587,980
	Brixmor Property Group	31,164		515,764
	Camden Property Trust	6,457		645,183
	Cousins Properties	20,561		688,794
	EastGroup Properties	2,677		369,587
	EPR Properties	7,805		253,663
	First Industrial Realty Trust	13,568		571,620
	Kite Realty Group Trust	24,909		372,639
	Lexington Realty Trust	36,786		390,667
	Life Storage	3,806		454,398
	Pebblebrook Hotel Trust	14,970		281,436
	Physicians Realty Trust	12,058		214,632
				5,615,842
Technology — 18.03%
	Blackline †	2,626		350,256
	Box Class A †	10,459		188,785
	Brooks Automation	8,448		573,197
	Chegg †	6,703		605,482
	ExlService Holdings †	10,560		898,973
	Glu Mobile †	24,642		222,024
	Guidewire Software †	4,948		636,956
	II-VI †	14,256		1,082,886
	J2 Global †	9,190		897,771
	LendingTree †	2,428		664,762
	MACOM Technology
	Solutions Holdings †	9,926		546,327
	MaxLinear †	20,553		784,919
	Medallia †	14,353		476,807
	NETGEAR †	11,431		464,441
	Paycom Software †	616		278,586
	Proofpoint †	8,870		1,209,957
	PTC †	9,293		1,111,536
	Rapid7 †	6,816		614,531
	Semtech †	11,230		809,571
	Silicon Laboratories †	1,845		234,942
	SS&C Technologies
	Holdings	11,644		847,101
	Tyler Technologies †	762		332,628
	Varonis Systems †	1,545		252,777
	WNS Holdings ADR †	12,505		900,985
	Yelp †	14,012		457,772
				15,443,972
Transportation — 1.68%
	Knight-Swift Transportation
	Holdings	23,037		963,407
	Werner Enterprises	12,050		472,601
				1,436,008
Utilities — 3.11%
	Black Hills	8,252		507,085
	NorthWestern	13,021		759,255
	South Jersey Industries	31,110		670,421
	Spire	11,355		727,174
				2,663,935
Total Common Stock
	(cost $70,784,683)			84,820,047

8

		Number
		of shares	Value (US $)
Short-Term Investments — 1.07%
Money Market Mutual Funds — 1.07%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	228,815	$	228,815
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	228,815		228,815
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	228,815		228,815
	Morgan Stanley
	Government Portfolio –
	Institutional Share Class
	(seven-day effective
	yield 0.00%)	228,815		228,815
Total Short-Term Investments
	(cost $915,260)			915,260
Total Value of
	Securities—100.07%
	(cost $71,699,943)		$	85,735,307

† Non-income producing security.

Summary of abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs
REIT – Real Estate Investment Trust

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

9

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Opportunity Series

December 31, 2020

Assets:
Investments, at value*	$	85,735,307
Dividends receivable		70,563
Receivable for series shares sold		2,427
Other assets		2,115
Total Assets		85,810,412
Liabilities:
Due to custodian		29
Investment management fees payable to affiliates		42,729
Payable for series shares redeemed		32,625
Payable for securities purchased		23,381
Reports and statements to shareholders expenses payable to non-affiliates		13,237
Accounting and administration fees payable to non-affiliates		12,556
Audit and tax fees payable		4,500
Other accrued expenses		3,472
Accounting and administration expenses payable to affiliates		580
Dividend disbursing and transfer agent fees and expenses payable to affiliates		542
Trustees’ fees and expenses payable		261
Legal fees payable to affiliates		143
Reports and statements to shareholders expenses payable to affiliates		86
Total Liabilities		134,141
Total Net Assets	$	85,676,271
Net Assets Consist of:
Paid-in capital	$	69,172,536
Total distributable earnings (loss)		16,503,735
Total Net Assets	$	85,676,271
Net Asset Value
Standard Class:
Net assets	$	85,676,271
Shares of beneficial interest outstanding, unlimited authorization, no par		5,009,261
Net asset value per share	$	17.10
____________________
*  Investments, at cost	$	71,699,943

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

10

Statement of operations
Delaware VIP^® Trust — Delaware VIP Opportunity Series

Year ended December 31, 2020

Investment Income:
Dividends	$	1,704,821
Expenses:
Management fees		547,745
Audit and tax fees		54,498
Accounting and administration expenses		51,861
Reports and statements to shareholders expenses		27,958
Custodian fees		6,134
Dividend disbursing and transfer agent fees and expenses		6,103
Legal fees		4,290
Trustees’ fees and expenses		4,187
Registration fees		722
Other		2,157
		705,655
Less expenses waived		(99,286	)
Less expenses paid indirectly		(1,249	)
Total operating expenses		605,120
Net Investment Income		1,099,701
Net Realized and Unrealized Gain:
Net realized gain on investments		1,404,183
Net change in unrealized appreciation (depreciation) of investments		6,145,419
Net Realized and Unrealized Gain		7,549,602
Net Increase in Net Assets Resulting from Operations	$	8,649,303

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

11

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Opportunity Series

		Year ended
		12/31/20			12/31/19
Increase in Net Assets from Operations:
	Net investment income	$	1,099,701		$	492,100
	Net realized gain		1,404,183			12,145,268
	Net change in unrealized appreciation (depreciation)		6,145,419			6,796,778
	Net increase in net assets resulting from operations		8,649,303			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		4,765,458			5,636,422
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		12,579,339			2,832,760
			17,344,797			8,469,182
	Cost of shares redeemed:
	Standard Class		(10,079,917	)		(6,924,307	)
	Increase in net assets derived from capital share transactions		7,264,880			1,544,875
Net Increase in Net Assets			3,334,844			18,146,261
Net Assets:
	Beginning of year		82,341,427			64,195,166
	End of year	$	85,676,271		$	82,341,427

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

12

Financial highlights
Delaware VIP^® Opportunity Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	19.50		$	15.58		$	18.76		$	15.87		$	14.73
Income (loss) from investment operations
Net investment income2		0.22			0.11			0.24			0.10			0.12
Net realized and unrealized gain (loss)		0.36			4.49			(3.08	)		2.90			1.09
Total from investment operations		0.58			4.60			(2.84	)		3.00			1.21
Less dividends and distributions from:
Net investment income		(0.12	)		(0.23	)		(0.10	)		(0.11	)		(0.07	)
Net realized gain		(2.86	)		(0.45	)		(0.24	)		—			—
Total dividends and distributions		(2.98	)		(0.68	)		(0.34	)		(0.11	)		(0.07	)
Net asset value, end of period	$	17.10		$	19.50		$	15.58		$	18.76		$	15.87
Total return3		10.80%	4		30.11%	4		(15.38%	)		19.00%			8.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	85,676		$	82,342		$	64,195		$	69,977		$	52,737
Ratio of expenses to average net assets5		0.83%			0.84%			0.83%			0.84%			0.87%
Ratio of expenses to average net assets prior to fees waived5		0.97%			0.89%			0.83%			0.84%			0.87%
Ratio of net investment income to average net assets		1.50%			0.65%			1.34%			0.59%			0.83%
Ratio of net investment income to average net assets prior to
fees waived		1.36%			0.60%			1.34%			0.59%			0.83%
Portfolio turnover		31%			125%	6		59%			30%			31%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Opportunity Fund shares.
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	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 December 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.

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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. 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

14

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 year ended December 31, 2020, the Series earned $1,249 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $6,493 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 year ended December 31, 2020, the Series was charged $5,477 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 year ended December 31, 2020, the Series was charged $2,465 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.”

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity Series

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	22,324,066
Sales		25,771,358

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	71,801,852
Aggregate unrealized appreciation of investments	$	17,491,738
Aggregate unrealized depreciation of investments		(3,558,283	)
Net unrealized appreciation of investments	$	13,933,455

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 as follows:

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)

16

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	84,820,047
Short-Term Investments		915,260
Total Value of Securities	$	85,735,307

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	3,177,010	$	941,032
Long-term capital gains		9,402,329		1,891,728
Total	$	12,579,339	$	2,832,760

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	69,172,536
Undistributed ordinary income		2,570,280
Unrealized appreciation of investments		13,933,455
Net assets	$	85,676,271

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity Series

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	339,961		319,545
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,114,202		164,986
	1,454,163		484,531
Shares redeemed:
Standard Class	(667,790	)	(382,909	)
Net increase	786,373		101,622

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

18

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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 December 31, 2020, there were no Rule 144A securities held by the Series.

19

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Opportunity 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

20

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Opportunity Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Opportunity Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements 0f changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Opportunity Fund (subsequent to reorganization, known as Delaware VIP Opportunity Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and broker; when a reply was not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

21

Other Series information (Unaudited)
Delaware VIP^® Opportunity Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	74.74	%
(B) Ordinary Income Distributions (Tax Basis)	25.26	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualified Dividends1	30.14	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Opportunity Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Opportunity Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

22

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all mid-cap core funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1- and 3-year periods was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information

23

Other Series information (Unaudited)
Delaware VIP^® Opportunity Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Opportunity Series at a meeting held August 11-13, 2020 (continued)

to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

24

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

26

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

27

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

28

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

29

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.

(1502651)
AR-VIPOP-221

Delaware VIP^® Trust

Delaware VIP Special Situations Series

December 31, 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

Portfolio management review	1
Performance summary	2
Disclosure of Series expenses	4
Security type / sector allocation and top 10 equity holdings	5
Schedule of investments	6
Statement of assets and liabilities	8
Statement of operations	9
Statements of changes in net assets	10
Financial highlights	11
Notes to financial statements	12
Report of independent registered public accounting firm	19
Other Series information	20
Board of trustees / directors and officers addendum	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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Special Situations Series

January 12, 2021 (Unaudited)

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

For the fiscal year ended December 31, 2020, Delaware VIP Special Situations Series (the “Series”) Standard Class shares declined -1.85%. This figure reflects all dividends reinvested. The Series’ benchmark, the Russell 2000^® Value Index, advanced 4.63% for the same period.

During the fiscal year, growth companies outperformed value companies across the United States market capitalization spectrum as investors appeared to favor momentum over quality. The performance disparity between value companies and growth companies was significant in small-cap equities as the Russell 2000 Growth Index advanced 34.63% during the fiscal year.

Sector performance for the fiscal year was mixed within the Russell 2000 Value Index, with nine sectors advancing and four sectors declining. The strongest-performing sectors in the benchmark were healthcare, consumer staples, and technology, each returning more than 25% for the fiscal year while the energy sector was by far the weakest sector in the benchmark, declining more than 35%. The other three sectors that declined were the real estate investment trust (REIT), financial services, and utilities sectors.

Within the Series, stock selection and sector positioning detracted. The largest relative detractor from performance was the Series’ performance in the consumer services sector as the Series’ holdings in the sector declined on average while those in the benchmark advanced. While the Series’ returns in the healthcare sector essentially matched the sector returns in the benchmark, the Series’ allocation underweight to the healthcare sector detracted from performance. The Series’ holdings in the energy sector detracted as these holdings declined more on average than those in the energy sector of the benchmark. Contributing on a relative basis was stock selection and a relative underweight allocation in the REIT sector as the Series’ holdings declined by less than those in the REIT sector of the benchmark. Additionally, stock selection contributed in the financial services and capital spending sectors.

Shares of movie theater company Cinemark Holdings Inc. detracted from the Series’ relative performance during the fiscal year. In mid-March, Cinemark announced the temporary closure of all its theaters to protect employees and moviegoers from the coronavirus. Cinemark’s stock price declined given that revenue was likely to be lower than expected. Prior to the end of the fiscal year, we sold the Series’ position in Cinemark as we believe the company may, for a period, be unable to generate free cash flow.

Great Western Bancorp Inc. is a bank holding company headquartered in South Dakota with branches in South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas, and Missouri that specializes in agribusiness banking. During the fiscal year, Great Western Bancorp detracted from performance when it reported an increase in provision expenses related to loans made to hospitals and hotels. We maintained the Series’ position in Great Western as the company cut its dividend to increase its capital levels and trades at near historically low valuation levels.

Teradyne Inc., a supplier of automation equipment for test and industrial applications, designs systems used to test semiconductors, wireless products, and electronic systems. It also produces collaborative industrial-use robots. Shares of Teradyne contributed during the fiscal year as Teradyne reported multiple quarters of improved financial results driven by stronger-than-expected test revenues and demand trends.

Altra Industrial Motion Corp. is a premier global designer and producer of a wide range of motion control and power transmission solutions. Altra contributed to the Series’ performance for the fiscal year. The company made cost reductions early in the period to maintain financial flexibility. Likewise, by reducing its dividend early in the period, the company had additional cash available that it used to pay down debt. Having benefited from cost reductions that led to improved earnings, Altra was able to increase its dividend later in the fiscal year.

Compared with the benchmark, the Series ended the fiscal year overweight in the technology, capital spending, transportation, financial services, and consumer staples sectors. The Series ended the period with notable underweights in the consumer services, healthcare, REIT, and utilities sectors. We continue to identify new companies across several sectors in the market, trading at what we view as attractive valuations that have been able to generate strong free cash flow.

Toward the end of the fiscal year, companies began to reinitiate earnings guidance, although most guidance is given along with several qualifiers and within a range. We recognize that many businesses are likely to lack an earnings catalyst until the pandemic and broader health issues show some resolution and clarity. We believe capital expenditures and dividends are likely to remain subdued as many firms focus on their balance sheets. Additionally, at the end of the fiscal year, some companies announced plans to resume share repurchases.

Our team’s disciplined philosophy remains unchanged. We continue to focus on bottom-up stock selection and specifically on identifying companies that, in our view, trade at attractive valuations, generate strong free cash flow, and have the ability to implement shareholder-friendly policies through share buybacks, dividend increases, and debt reduction.

Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.     1

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Special Situations Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	10 year	Lifetime
Standard Class shares (commenced operations on      November 9, 1987)	-1.85%	-0.49%	+6.23%	+7.73%	—
Russell 2000 Value Index	+4.63%	+3.72%	+9.65%	+8.66%	—

Returns reflect the reinvestment of all distributions. Please see page 3 for a description of the index.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares of the Series was 0.80%, while total operating expenses for Standard Class shares were 0.84%. The management fee for Standard Class shares was 0.75%.The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2020 through December 31, 2020.* Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

2

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

Performance of a $10,000 investment
For period beginning December 31, 2010 through December 31, 2020

For period beginning December 31, 2010 through December 31, 2020		Starting value	Ending value
	Russell 2000 Value Index	$10,000	$22,943
	Delaware VIP Special Situations Series — Standard Class shares	$10,000	$21,059

The graph shows a $10,000 investment in Delaware VIP Special Situations Series Standard Class shares for the period from December 31, 2010 through December 31, 2020.

The graph also shows $10,000 invested in the Russell 2000 Value Index for the period from December 31, 2010 through December 31, 2020.

The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Growth Index, mentioned on page 1, measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

Past performance is not a guarantee of future results.

3

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	7/1/20 to
	7/1/20		12/31/20		Ratio	12/31/20*
Actual Series return†
Standard Class	$	1,000.00	$	1,327.50	0.80%	$	4.68
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.11	0.80%	$	4.06

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

4

Security type / sector allocation and top 10 equity holdings
Delaware VIP^® Trust — Delaware VIP Special Situations Series As of

December 31, 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
Security type / sector	of net assets
Common Stock◆	99.41	%
Basic Industry	7.38	%
Business Services	1.99	%
Capital Spending	10.22	%
Consumer Cyclical	4.26	%
Consumer Services	10.40	%
Consumer Staples	3.79	%
Energy	3.29	%
Financial Services*	27.48	%
Healthcare	3.60	%
Real Estate Investment Trusts	8.43	%
Technology	11.91	%
Transportation	3.03	%
Utilities	3.63	%
Short-Term Investments	0.51	%
Total Value of Securities	99.92	%
Receivables and Other Assets Net of
Liabilities	0.08	%
Total Net Assets	100.00	%

◆

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

*

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 Bank, Diversified Financial Services and Insurance. As of December 31, 2020, such amounts, as a percentage of total net assets were 20.29%, 2.25% and 4.94%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentage 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	3.02%
MasTec	2.49%
Stifel Financial	2.26%
ITT	1.93%
Berry Global Group	1.93%
Webster Financial	1.86%
Western Alliance Bancorp	1.78%
Flex	1.77%
Hancock Whitney	1.74%
Altra Industrial Motion	1.71%

5

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Special Situations Series

December 31, 2020

		Number
		of shares	Value (US $)
Common Stock — 99.41%◆
Basic Industry — 7.38%
	Arconic †	55,100	$	1,641,980
	Ashland Global Holdings	18,000		1,425,600
	Avient	11,965		481,950
	Berry Global Group †	74,800		4,203,012
	HB Fuller	36,400		1,888,432
	Huntsman	76,700		1,928,238
	Louisiana-Pacific	94,900		3,527,433
	Summit Materials Class A †	48,200		967,856
				16,064,501
Business Services — 1.99%
	Deluxe	20,000		584,000
	PAE †	60,300		553,554
	WESCO International †	40,800		3,202,800
				4,340,354
Capital Spending — 10.22%
	Altra Industrial Motion	67,300		3,730,439
	Atkore International
	Group †	55,400		2,277,494
	H&E Equipment Services	35,500		1,058,255
	ITT	54,600		4,205,292
	KBR	49,132		1,519,653
	MasTec †	79,400		5,413,492
	Primoris Services	59,550		1,644,175
	Rexnord	60,500		2,389,145
				22,237,945
Consumer Cyclical — 4.26%
	Adient †	54,300		1,888,011
	Barnes Group	38,500		1,951,565
	KB Home	55,100		1,846,952
	Knoll	58,500		858,780
	Meritage Homes †	25,400		2,103,628
	Standard Motor Products	15,300		619,038
				9,267,974
Consumer Services — 10.40%
	Aaron’s †	14,050		266,388
	Acushnet Holdings	28,000		1,135,120
	Asbury Automotive
	Group †	16,000		2,331,840
	Cable One	800		1,782,176
	Choice Hotels
	International	23,900		2,550,847
	Cracker Barrel Old Country
	Store	15,800		2,084,336
	Denny’s †	39,900		585,732
	PROG Holdings	28,100		1,513,747
	Steven Madden	59,300		2,094,476
	TEGNA	121,400		1,693,530
	Texas Roadhouse	24,250		1,895,380
	UniFirst	13,200		2,794,308
	Wolverine World Wide	61,213		1,912,906
				22,640,786
Consumer Staples — 3.79%
	Core-Mark Holding	39,100		1,148,367
	J & J Snack Foods	13,900		2,159,643
	Performance Food Group †	33,200		1,580,652
	Scotts Miracle-Gro	7,300		1,453,722
	Spectrum Brands Holdings	24,200		1,911,316
				8,253,700
Energy — 3.29%
	CNX Resources †	173,600		1,874,880
	Delek US Holdings	61,800		993,126
	Dril-Quip †	27,100		802,702
	Helix Energy Solutions
	Group †	173,900		730,380
	Patterson-UTI Energy	167,300		879,998
	WPX Energy †	231,700		1,888,355
				7,169,441
Financial Services — 27.48%
	American Equity
	Investment Life Holding	98,200		2,716,212
	Bank of NT Butterfield &
	Son	46,700		1,455,172
	East West Bancorp	129,600		6,572,016
	First Financial Bancorp	107,200		1,879,216
	First Interstate BancSystem
	Class A	46,000		1,875,420
	First Midwest Bancorp	120,800		1,923,136
	FNB	312,300		2,966,850
	Great Western Bancorp	87,500		1,828,750
	Hancock Whitney	111,550		3,794,931
	Hanover Insurance Group	25,800		3,016,536
	Kemper	23,200		1,782,456
	NBT Bancorp	26,200		841,020
	Prosperity Bancshares	29,000		2,011,440
	S&T Bancorp	36,000		894,240
	Sandy Spring Bancorp	30,400		978,576
	Selective Insurance Group	48,300		3,235,134
	Stifel Financial	97,350		4,912,281
	Synovus Financial	65,100		2,107,287
	Umpqua Holdings	210,100		3,180,914
	Valley National Bancorp	256,700		2,502,825
	Webster Financial	95,900		4,042,185
	WesBanco	48,300		1,447,068
	Western Alliance Bancorp	64,550		3,869,773
				59,833,438

6

	Number
	of shares	Value (US $)
Common Stock◆ (continued)
Healthcare — 3.60%
Avanos Medical †	41,400	$	1,899,432
Integer Holdings †	26,200		2,127,178
Integra LifeSciences
Holdings †	35,100		2,278,692
Service Corp. International	31,250		1,534,375
			7,839,677
Real Estate Investment Trusts — 8.43%
Brandywine Realty Trust	179,400		2,136,654
Independence Realty Trust	76,900		1,032,767
Kite Realty Group Trust	55,505		830,355
Lexington Realty Trust	193,800		2,058,156
Life Storage	20,600		2,459,434
National Health Investors	22,600		1,563,242
Outfront Media	126,700		2,478,252
RPT Realty	111,800		967,070
Spirit Realty Capital	56,300		2,261,571
STAG Industrial	34,140		1,069,265
Summit Hotel Properties	130,800		1,178,508
Washington Real Estate
Investment Trust	14,700		317,961
			18,353,235
Technology — 11.91%
Cirrus Logic †	25,800		2,120,760
Coherent †	9,113		1,367,132
Concentrix †	12,400		1,223,880
Diodes †	19,200		1,353,600
Flex †	214,809		3,862,266
NCR †	18,688		702,108
NetScout Systems †	49,700		1,362,774
ON Semiconductor †	82,100		2,687,133
SYNNEX	12,400		1,009,856
Teradyne	26,600		3,189,074
Tower Semiconductor †	89,200		2,303,144
TTM Technologies †	142,200		1,961,649
Viavi Solutions †	131,400		1,967,715
Vishay Intertechnology	39,500		818,045
			25,929,136
Transportation — 3.03%
Kirby †	29,900		1,549,717
Saia †	9,700		1,753,760
SkyWest	26,350		1,062,169
Werner Enterprises	56,700		2,223,774
			6,589,420
Utilities — 3.63%
ALLETE	30,956		1,917,415
Black Hills	35,200		2,163,040
PNM Resources	12,334		598,569
South Jersey Industries	59,381		1,279,660
Southwest Gas Holdings	31,900		1,937,925
			7,896,609
Total Common Stock
(cost $194,923,115)			216,416,216
Short-Term Investments — 0.51%
Money Market Mutual Funds — 0.51%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.00%)	279,592		279,592
Fidelity Investments Money
Market Government
Portfolio – Class I
(seven-day effective
yield 0.01%)	279,593		279,593
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.02%)	279,594		279,594
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	279,593		279,593
Total Short-Term Investments
(cost $1,118,372)			1,118,372
Total Value of
Securities—99.92%
(cost $196,041,487)		$	217,534,588

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

7

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Special Situations Series

December 31, 2020

Assets:
Investments, at value*	$	217,534,588
Receivable for securities sold		392,053
Dividends receivable		238,536
Receivable for series shares sold		1,395
Other assets		7,880
Total Assets		218,174,452
Liabilities:
Due to custodian		2
Payable for securities purchased		225,084
Investment management fees payable to affiliates		112,704
Payable for series shares redeemed		70,194
Reports and statements to shareholders expenses payable to non-affiliates		28,380
Accounting and administration fees payable to non-affiliates		13,494
Audit and tax fees payable		5,500
Other accrued expenses		4,738
Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,371
Accounting and administration expenses payable to affiliates		949
Trustees’ fees and expenses payable to affiliates		649
Legal fees payable to affiliates		355
Reports and statements to shareholders expenses payable to affiliates		219
Total Liabilities		463,639
Total Net Assets	$	217,710,813
Net Assets Consist of:
Paid-in capital	$	200,817,323
Total distributable earnings (loss)		16,893,490
Total Net Assets	$	217,710,813
Net Asset Value
Standard Class:
Net assets	$	217,710,813
Shares of beneficial interest outstanding, unlimited authorization, no par		7,945,237
Net asset value per share	$	27.40
____________________
*  Investments, at cost	$	196,041,487

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

8

Statement of operations
Delaware VIP^® Trust — Delaware VIP Special Situations Series

Year ended December 31, 2020

Investment Income:
Dividends	$	3,864,726
Expenses:
Management fees		1,399,921
Accounting and administration expenses		70,537
Audit and tax fees		60,140
Reports and statements to shareholders expenses		50,341
Dividend disbursing and transfer agent fees and expenses		15,518
Custodian fees		11,825
Legal fees		10,911
Trustees’ fees and expenses		10,699
Registration fees		434
Other		4,406
		1,634,732
Less expenses waived		(142,490	)
Less expenses paid indirectly		(1,707	)
Total operating expenses		1,490,535
Net Investment Income		2,374,191
Net Realized and Unrealized Loss:
Net realized loss on investments		(6,612,222	)
Net change in unrealized appreciation (depreciation) of investments		(1,823,229	)
Net Realized and Unrealized Loss		(8,435,451	)
Net Decrease in Net Assets Resulting from Operations	$	(6,061,260	)

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

9

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Special Situations Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,374,191		$	2,490,812
Net realized gain (loss)		(6,612,222	)		17,409,630
Net change in unrealized appreciation (depreciation)		(1,823,229	)		22,063,593
Net increase (decrease) in net assets resulting from operations		(6,061,260	)		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		4,224,703			4,903,509
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		19,890,702			17,270,300
		24,115,405			22,173,809
Cost of shares redeemed:
Standard Class		(19,802,578	)		(17,343,572	)
Increase in net assets derived from capital share transactions		4,312,827			4,830,237
Net Increase (Decrease) in Net Assets		(21,639,135	)		29,523,972
Net Assets:
Beginning of year		239,349,948			209,825,976
End of year	$	217,710,813		$	239,349,948

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

10

Financial highlights
Delaware VIP^® Special Situations Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	32.21		$	28.86		$	40.08		$	34.64		$	32.40
Income (loss) from investment operations
Net investment income2		0.30			0.33			0.23			0.15			0.33
Net realized and unrealized gain (loss)		(2.40	)		5.39			(6.17	)		6.06			4.28
Total from investment operations		(2.10	)		5.72			(5.94	)		6.21			4.61
Less dividends and distributions from:
Net investment income		(0.42	)		(0.22	)		(0.18	)		(0.33	)		(0.18	)
Net realized gain		(2.29	)		(2.15	)		(5.10	)		(0.44	)		(2.19	)
Total dividends and distributions		(2.71	)		(2.37	)		(5.28	)		(0.77	)		(2.37	)
Net asset value, end of period	$	27.40		$	32.21		$	28.86		$	40.08		$	34.64
Total return3		(1.85%	)4		20.36%	4		(16.60%	)		18.26%			16.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	217,711		$	239,350		$	209,826		$	255,999		$	224,220
Ratio of expenses to average net assets5		0.80%			0.80%			0.80%			0.80%			0.81%
Ratio of expenses to average net assets prior to fees waived5		0.88%			0.82%			0.80%			0.80%			0.81%
Ratio of net investment income to average net assets		1.27%			1.08%			0.65%			0.40%			1.06%
Ratio of net investment income to average net assets prior to
fees waived		1.19%			1.06%			0.65%			0.40%			1.06%
Portfolio turnover		21%			128%	6		54%			38%			31%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Special Situations Fund shares.
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	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 December 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.

11

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 December 31, 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. 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

12

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 year ended December 31, 2020, the Series earned $1,707 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 year ended December 31, 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 January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 year ended December 31, 2020, the Series was charged $10,367 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 year ended December 31, 2020, the Series was charged $13,999 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 year ended December 31, 2020, the Series was charged $6,265 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.”

13

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

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 October 4, 2019 through October 31, 2021.

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	38,636,069
Sales		47,913,361

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Series were as follows:

Cost of investments	$	196,270,087
Aggregate unrealized appreciation of investments	$	36,432,677
Aggregate unrealized depreciation of investments		(15,168,176	)
Net unrealized appreciation of investments	$	21,264,501

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 as follows:

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)

14

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 December 31, 2020:

	Level 1
Securities
Assets:
Common Stock	$	216,416,216
Short-Term Investments		1,118,372
Total Value of Securities	$	217,534,588

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	3,104,566	$	1,634,303
Long-term capital gains		16,786,136		15,635,997
Total	$	19,890,702	$	17,270,300

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	200,817,323
Undistributed ordinary income		2,189,454
Capital loss carryforwards*		(6,560,465	)
Unrealized appreciation of investments		21,264,501
Net assets	$	217,710,813

* $3,271,246 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.

15

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

5. Components of Net Assets on a Tax Basis (continued)

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnership income. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series recorded the following reclassifications:

Paid-in capital	$	137,640
Total distributable earnings (loss)		(137,640	)

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$6,560,465	$—	$6,560,465

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	205,154		162,943
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,125,676		569,038
	1,330,830		731,981
Shares redeemed:
Standard Class	(817,269	)	(571,361	)
Net increase	513,561		160,620

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

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

16

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

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

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

During the year ended December 31, 2020, the Series had no securities out on loan.

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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.

17

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Special Situations Series

9. Credit and Market Risk (continued)

The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly 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 year ended December 31, 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 December 31, 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, 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 December 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 December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

18

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Special Situations Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Special Situations Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of First Investors Life Series Special Situations Fund (subsequent to reorganization, known as Delaware VIP Special Situations Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

19

Other Series information (Unaudited)
Delaware VIP^® Special Situations Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	84.39	%
(B) Ordinary Income Distributions (Tax Basis)	15.61	%
Total Distributions (Tax Basis)	100.00	%
(C) Qualified Dividends1	96.49	%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.
(C) is based on the Series’ ordinary income distributions.
1	Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Special Situations Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Special Situations Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong (“MFMHK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

20

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe��). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Broadridge currently classifies the Series as a small-cap core fund. However, Management believes that, after implementing strategy changes in connection with the acquisition of the Series in October 2019, it would be more appropriate to include the Series in the small-cap value funds category. Accordingly, the Broadridge report prepared for the Series compares the Series’ performance to two separate Performance Universes – one, consisting of the Series and all small-cap core funds underlying variable insurance products, and the other, consisting of the Series and all small-cap value funds underlying variable insurance products. When compared to other small-cap core funds, the Broadridge report comparison showed that the Series’ total return for the 1- and 10- year periods was in the fourth quartile of its Performance Universe. The report further showed that the Series’ total return for the 3- and 5-year periods was in the third quartile of its Performance Universe. When compared to other small-cap value funds, the Broadridge report comparison showed that the Series’ total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-year period was in the first quartile of its Performance Universe and the Series’ total return for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Board observed that, when compared to other small-cap core funds, the Series’ performance results were not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

When compared to other small-cap core funds, the expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. When compared to other small-cap value funds, the expense comparisons for the Series showed that the actual management fee was in the quartile with the second highest expenses of the Expense Group and its total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the total expenses of the Series in comparison to those of its Expense Group.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in

21

Other Series information (Unaudited)
Delaware VIP^® Special Situations Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Special Situations Series at a meeting held August 11-13, 2020 (continued)

providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, 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 and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

22

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

23

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

24

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

25

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016)
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and	Senior Vice President and	Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

26

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

27

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.

(1502651)
AR-VIPSS-221

Delaware VIP^® Trust

Delaware VIP Total Return Series

December 31, 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

Portfolio management review	1
Performance summary	3
Disclosure of Series expenses	6
Security type / sector allocation	7
Schedule of investments	8
Statement of assets and liabilities	18
Statement of operations	19
Statements of changes in net assets	20
Financial highlights	21
Notes to financial statements	23
Report of independent registered public accounting firm	37
Other Series information	38
Board of trustees / directors and officers addendum	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, 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 December 31, 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.

© 2021 Macquarie Management Holdings, Inc.

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

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Total Return Series

January 12, 2021 (Unaudited)

The investment objective of the Series is to seek to provide sustainable current income with potential for capital appreciation with moderate investment risk.

For the fiscal year ended December 31, 2020, Delaware VIP Total Return Series (the “Series”) Standard Class shares gained 0.91% and Service Class shares gained 0.54% (both figures reflect all distributions reinvested). The Series’ primary benchmark, the S&P 500^® Index, gained 18.40% for the 1-year period. The Series’ secondary benchmarks, the Bloomberg Barclays US Aggregate Index and a blend of 60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index, gained 7.51% and 15.68%, respectively, for the same period.

The 12-month period was mixed from a performance perspective, with risk assets in positive territory overall, albeit with heightened volatility. The fiscal year began with optimism, as the consensus view expected a midcycle bounce in growth to be the dominant theme for at least the first two months of 2020.

That optimism quickly faded when a dangerous coronavirus, or COVID-19, emerged in China in mid-January and it became increasingly clear through February and March that the virus would not be contained, as reported cases around the globe increased significantly. The realization of a widespread pandemic ignited a repricing within global asset markets as equity prices fell heavily amid a flight to quality, particularly in US Treasurys and the US dollar, and a scramble for liquidity.

Contrasting themes marked the latter half of the fiscal year as equities recovered and pushed toward all-time highs despite virus cases increasing in the United States, Europe, and Asia. Financial markets focused on the improving economic data, the abundant liquidity provided by central banks, and the prospect of additional fiscal stimulus. Optimism faded in September as a resurgence in coronavirus cases, political uncertainty surrounding the US presidential election, and continued US-China tensions concerned investors.

Overall, the Series underperformed the S&P 500 Index primarily because of its strategic allocation to fixed income. The US Federal Reserve signaled that monetary policy would likely remain very accommodative for years to come. As a result, after the initial drawdown in equities during March 2020, equities rallied sharply throughout the remainder of the year, significantly outperforming fixed income securities. While the Series’ exposure to corporate bonds and structured fixed income securities fared well for the 12-month period and contributed to the Series’ performance, these asset classes did not gain as much as equities, resulting in underperformance relative to the benchmark.

In addition, the Series’ equity component underperformed the S&P 500 Index because of its exposure to energy and real estate equities. The energy sector declined for the 12-month period owing to the oil supply war between Russia and the Organization of the Petroleum Exporting Countries Plus (OPEC+) and waning demand on the back of COVID-19. The virus led many countries to enact social distancing and stay-at-home orders, resulting in a drop in consumer spending and general economic activity. Real estate was hurt as a result, with the cyclical real estate investment trust (REIT) sectors such as hotels and retail down sharply. Although the stock market rebounded strongly through the second half of the fiscal year, both energy and real estate equities lagged the market recovery as fundamentals for both spaces remained uncertain, especially with no clear guidance on the path to normalization for the economy.

The Series’ strategic policy weights reflect a commitment to seeking diversification across geographies and asset classes. As part of the oversight process, we periodically analyze the sources of the Series’ active performance.

Over the 12 months ended December 31, 2020, the Series’ active positioning with respect to the strategic policy weights of different asset classes detracted from the Series’ active performance, relative to its hypothetical returns at the strategic policy weights. Most of this underperformance occurred after the first quarter of 2020.

We periodically examine the contribution of derivatives to the Series’ performance. Based on the available information, the Series’ combination of futures, options, swaps, and currency positions had only a limited impact on performance during the 12 months ended December 31, 2020.

As the Series’ fiscal year ended, we sought to continue to deliver the potential benefits of diversification while actively managing risk. With these two principles in mind, the Series seeks to deliver returns that are derived from tactical asset allocation decisions and from active management of individual asset classes and investment styles. We manage the Series based on the assumption that investors should keep a global perspective when evaluating potential investment opportunities, and therefore continue to include investment possibilities around the globe within the Series.

The growth outlook is unclear to us, as volatile macroeconomic factors paired with the pandemic have escalated global economic and market uncertainties. While we think the worst of the recession is likely behind us, the path to recovery is not yet laid out. In our view, a thoughtful

1

Portfolio management review
Delaware VIP^® Trust — Delaware VIP Total Return Series

active management approach is needed given increased political, economic, and market uncertainty. We believe vigilant and continuous assessment of the current market environment offers opportunities to seek to take advantage of market dislocations with an aim of achieving what we view as attractive risk-adjusted returns through an active focus on portfolio risk and diversification.

2     Unless otherwise noted, views expressed herein are current as of December 31, 2020, and subject to change.

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Total Return Series

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Carefully consider the Series’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series’ prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Series and benchmark performance	Average annual total returns through December 31, 2020
	1 year	3 year	5 year	Lifetime
Standard Class shares (commenced operations on December 17, 2012)	+0.91%	+3.47%	+5.71%	+6.01%
Service Class shares (commenced operations on October 31, 2019)	+0.54%	—	—	+3.58%
S&P 500 Index	+18.40%	+14.18%	+15.22%	+15.18%*
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index	+15.68%	+11.34%	+11.29%	+10.66%*
Bloomberg Barclays US Aggregate Index	+7.51%	+5.34%	+4.44%	+3.30%*

* The benchmark lifetime return is for Standard Class share comparison only and is calculated using the last business day in the month of the Series’ Standard Class inception date.

Returns reflect the reinvestment of all distributions. Please see page 5 for a description of the indices.

As described in the Series’ most recent prospectus, the net expense ratio for Standard Class shares and Service Class shares of the Series were 0.86% and 1.16%, respectively, while total operating expenses for Standard Class and Service Class shares were 0.92% and 1.22%, respectively. The management fee for Standard Class and Service Class shares was 0.65%. The Series’ investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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) in order to prevent annual series operating expenses from exceeding 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from January 1, 2020 through December 31, 2020.** Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

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.

Earnings from a variable annuity or variable life investment compound tax-free until withdrawal, and as a result, no adjustments were made for income taxes.

Expense limitations were in effect for Standard Class shares during certain periods shown in the Series performance table above and in the Performance of a $10,000 Investment graph on the next page.

Performance data do not reflect insurance fees related to a variable annuity or variable life investment or the deferred sales charge that would apply to certain withdrawals of investments held for fewer than eight years. Performance shown here would have been reduced if such fees were included and the expense limitation removed. For more information about fees, consult your variable annuity or variable life prospectus.

Investments in variable products involve risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

3

Performance summary (Unaudited)
Delaware VIP^® Trust — Delaware VIP Total Return Series

The Series may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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

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

Equity securities are subject to price fluctuation and possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal. Each Series has a different level of risk.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

The Series may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series’ ability to achieve its investment objective and the value of the Series’ investments.

Please read both the contract and underlying prospectus for specific details regarding the product’s risk profile.

____________________

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

4

Performance of a $10,000 investment
For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020

For period beginning December 17, 2012 (Series’ inception date) through December 31, 2020		Starting value	Ending value
	S&P 500 Index	$10,000	$30,916
	60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index	$10,000	$22,511
	Delaware VIP Total Return Series — Standard Class shares	$10,000	$15,990
	Bloomberg Barclays US Aggregate Index	$10,000	$12,996

The graph shows a $10,000 investment in Delaware VIP Total Return Series Standard Class shares for the period from December 17, 2012 through December 31, 2020.

The graph also shows $10,000 invested in the S&P 500 Index, a blend of 60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index, and the Bloomberg Barclays US Aggregate Index for the period from December 17, 2012 through December 31, 2020.

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance of Service Class shares will vary due to different charges and expenses.

Past performance is not a guarantee of future results.

5

Disclosure of Series expenses
For the six-month period from July 1, 2020 to December 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 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 the 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
								Paid
	Beginning			Ending				During
	Account			Account			Annualized	Period
	Value			Value			Expense	7/1/20 to
	7/1/20			12/31/20			Ratio	12/31/20*
Actual Series return†
Standard Class		$	1,000.00		$	1,148.10	0.86%		$	4.64
Service Class			1,000.00			1,146.50	1.16%			6.26
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,020.81	0.86%		$	4.37
Service Class			1,000.00			1,019.30	1.16%			5.89

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

6

Security type / sector allocation
Delaware VIP^® Trust — Delaware VIP Total Return Series

As of December 31, 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
Security type / sector	��	of net assets
Convertible Bonds			9.37	%
Capital Goods			0.46	%
Communications			1.35	%
Consumer Non-Cyclical			1.95	%
Electric			0.41	%
Energy			1.38	%
Real Estate Investment Trusts			0.37	%
Technology			3.20	%
Transportation			0.25	%
Corporate Bonds			13.94	%
Banking			0.68	%
Basic Industry			1.43	%
Capital Goods			0.49	%
Communications			1.39	%
Consumer Cyclical			1.61	%
Consumer Non-Cyclical			0.80	%
Energy			1.26	%
Financials			1.23	%
Healthcare			1.24	%
Insurance			0.23	%
Media			1.77	%
Real Estate Investment Trusts			0.30	%
Services			0.51	%
Technology & Electronics			0.21	%
Transportation			0.28	%
Utilities			0.51	%
US Treasury Obligations			7.32	%
Common Stock			54.54	%
Communication Services			5.65	%
Consumer Discretionary			4.03	%
Consumer Staples			6.37	%
Energy			1.22	%
Financials			5.29	%
Healthcare			8.77	%
Industrials			5.42	%
Information Technology			8.42	%
Materials			1.69	%
REIT Diversified			0.18	%
REIT Healthcare			0.72	%
REIT Hotel			0.29	%
REIT Industrial			0.63	%
REIT Information Technology			0.82	%
REIT Mall			0.18	%
REIT Manufactured Housing			0.20	%
REIT Multifamily			1.69	%
REIT Office			0.37	%
REIT Self-Storage			0.41	%
REIT Shopping Center			0.29	%
REIT Single Tenant			0.36	%
REIT Specialty			0.36	%
Utilities			1.18	%
Convertible Preferred Stock			2.78	%
Preferred Stock			0.12	%
Exchange-Traded Funds			9.13	%
Short-Term Investments			2.13	%
Total Value of Securities			99.33	%
Receivables and Other Assets Net of      Liabilities			0.67	%
Total Net Assets			100.00	%

7

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

December 31, 2020

		Principal
		amount°	Value (US $)
Convertible Bonds — 9.37%
Capital Goods — 0.46%
	Aerojet Rocketdyne
	Holdings 2.25%
	exercise price $26.00,
	maturity date 12/15/23	24,000	$	48,792
	Chart Industries 144A
	1.00% exercise price
	$58.72, maturity date
	11/15/24 #	97,000		203,682
				252,474
Communications — 1.35%
	DISH Network 3.375%
	exercise price $65.18,
	maturity date 8/15/26	163,000		155,784
	InterDigital 2.00% exercise
	price $81.29, maturity
	date 6/1/24	156,000		164,908
	Liberty Broadband 144A
	1.25% exercise price
	$900.01, maturity date
	9/30/50 #	168,000		170,438
	Liberty Media 2.25%
	exercise price $32.96,
	maturity date 9/30/46	475,000		225,612
	TechTarget 144A 0.125%
	exercise price $70.43,
	maturity date
	12/15/25 #	14,000		15,258
				732,000
Consumer Non-Cyclical — 1.95%
	BioMarin Pharmaceutical
	0.599% exercise price
	$124.67, maturity date
	8/1/24	157,000		168,867
	Chefs’ Warehouse 1.875%
	exercise price $44.20,
	maturity date 12/1/24	128,000		123,881
	Coherus Biosciences 144A
	1.50% exercise price
	$19.26, maturity date
	4/15/26 #	14,000		16,264
	Collegium Pharmaceutical
	2.625% exercise price
	$29.19, maturity date
	2/15/26	84,000		83,517
	FTI Consulting 2.00%
	exercise price $101.38,
	maturity date 8/15/23	123,000		154,304
	Integra LifeSciences
	Holdings 144A 0.50%
	exercise price $73.67,
	maturity date 8/15/25 #	129,000		142,599
	Jazz Investments I 144A
	2.00% exercise price
	$155.81, maturity date
	6/15/26 #	90,000		117,572
	Neurocrine Biosciences
	2.25% exercise price
	$75.92, maturity date
	5/15/24	53,000		73,658
	Paratek Pharmaceuticals
	4.75% exercise price
	$15.90, maturity date
	5/1/24	202,000		175,850
				1,056,512
Electric — 0.41%
	NextEra Energy Partners
	144A 0.357% exercise
	price $76.16, maturity
	date 11/15/25 #, ^	56,000		56,158
	NRG Energy 2.75%
	exercise price $46.25,
	maturity date 6/1/48	148,000		168,912
				225,070
Energy — 1.38%
	Cheniere Energy 4.25%
	exercise price $138.38,
	maturity date 3/15/45	377,000		298,309
	Helix Energy Solutions
	Group 6.75% exercise
	price $6.97, maturity
	date 2/15/26	181,000		190,702
	PDC Energy 1.125%
	exercise price $85.39,
	maturity date 9/15/21	263,000		258,156
				747,167

8

		Principal
		amount°	Value (US $)
Convertible Bonds (continued)
Real Estate Investment Trusts — 0.37%
	Blackstone Mortgage Trust
	4.75% exercise price
	$36.23, maturity date
	3/15/23	199,000	$	200,094
				200,094
Technology — 3.20%
	Boingo Wireless 1.00%
	exercise price $42.32,
	maturity date 10/1/23	305,000		282,125
	CSG Systems International
	4.25% exercise price
	$56.67, maturity date
	3/15/36	162,000		171,315
	Knowles 3.25% exercise
	price $18.43, maturity
	date 11/1/21	80,000		91,348
	Ligand Pharmaceuticals
	0.75% exercise price
	$248.48, maturity date
	5/15/23	174,000		165,037
	Microchip Technology
	1.625% exercise price
	$94.63, maturity date
	2/15/27	88,000		178,209
	ON Semiconductor 1.625%
	exercise price $20.72,
	maturity date 10/15/23	71,000		119,137
	Palo Alto Networks 0.75%
	exercise price $266.35,
	maturity date 7/1/23	130,000		183,678
	Pluralsight 0.375%
	exercise price $38.76,
	maturity date 3/1/24	120,000		119,220
	Quotient Technology
	1.75% exercise price
	$17.36, maturity date
	12/1/22	177,000		177,638
	Synaptics 0.50% exercise
	price $73.02, maturity
	date 6/15/22	64,000		88,408
	Travere Therapeutics
	2.50% exercise price
	$38.80, maturity date
	9/15/25	158,000		160,970
				1,737,085
Transportation — 0.25%
	Seaspan 144A 3.75%
	exercise price $13.01,
	maturity date
	12/15/25 #	128,000		137,981
				137,981
Total Convertible Bonds
	(cost $4,715,459)			5,088,383
Corporate Bonds — 13.94%
Banking — 0.68%
	Morgan Stanley 5.875%
	µ, ψ	70,000		78,575
	Natwest Group 8.625% µ,
	ψ	200,000		208,026
	Popular 6.125% 9/14/23	75,000		81,273
				367,874
Basic Industry — 1.43%
	Allegheny Technologies
	5.875% 12/1/27	40,000		42,175
	Avient 144A 5.75%
	5/15/25 #	17,000		18,084
	Boise Cascade 144A
	4.875% 7/1/30 #	33,000		35,784
	Chemours
	144A 5.75%
	11/15/28 #	40,000		40,875
	7.00% 5/15/25	10,000		10,376
	Freeport-McMoRan
	4.55% 11/14/24	25,000		27,359
	5.45% 3/15/43	192,000		239,397
	Olin
	5.00% 2/1/30	20,000		21,346
	5.125% 9/15/27	60,000		62,844
	PowerTeam Services 144A
	9.033% 12/4/25 #	75,000		83,633
	Standard Industries 144A
	4.375% 7/15/30 #	40,000		42,851
	Steel Dynamics 5.00%
	12/15/26	65,000		69,335
	Tronox 144A 6.50%
	4/15/26 #	80,000		83,400
				777,459
Capital Goods — 0.49%
	Bombardier 144A 6.00%
	10/15/22 #	30,000		29,524
	Crown Americas 4.25%
	9/30/26	75,000		82,802
	Reynolds Group Issuer
	144A 4.00%
	10/15/27 #	40,000		41,050

9

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Terex 144A 5.625%
	2/1/25 #	40,000	$	41,280
	TransDigm 144A 6.25%
	3/15/26 #	65,000		69,307
				263,963
Communications — 1.39%
	Altice France 144A
	7.375% 5/1/26 #	200,000		210,750
	CenturyLink 144A 5.125%
	12/15/26 #	75,000		79,306
	Frontier Communications
	144A 5.875%
	10/15/27 #	40,000		43,325
	Level 3 Financing 144A
	4.25% 7/1/28 #	155,000		159,418
	Sprint 7.125% 6/15/24	80,000		93,652
	Zayo Group Holdings
	144A 4.00% 3/1/27 #	60,000		60,228
	144A 6.125% 3/1/28 #	100,000		105,922
				752,601
Consumer Cyclical — 1.61%
	Allison Transmission 144A
	5.875% 6/1/29 #	60,000		66,532
	Boyd Gaming 6.00%
	8/15/26	60,000		62,400
	Caesars Entertainment
	144A 6.25% 7/1/25 #	80,000		85,300
	Carnival 144A 7.625%
	3/1/26 #	40,000		43,655
	Ford Motor 9.00%
	4/22/25	35,000		43,055
	Hilton Domestic Operating
	144A 4.00% 5/1/31 #	55,000		58,134
	Hilton Worldwide Finance
	4.875% 4/1/27	70,000		74,221
	L Brands
	144A 6.875% 7/1/25 #	55,000		59,801
	6.875% 11/1/35	13,000		14,617
	MGM Resorts International
	4.75% 10/15/28	15,000		16,106
	Murphy Oil USA 4.75%
	9/15/29	183,000		195,090
	Scientific Games
	International 144A
	8.25% 3/15/26 #	24,000		25,903
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	25,000		25,113
	Wyndham Hotels & Resorts
	144A 4.375%
	8/15/28 #	101,000		105,133
				875,060
Consumer Non-Cyclical — 0.80%
	JBS USA LUX 144A 6.50%
	4/15/29 #	78,000		90,995
	Kraft Heinz Foods
	144A 3.875%
	5/15/27 #	40,000		43,137
	5.20% 7/15/45	75,000		89,182
	Pilgrim’s Pride 144A
	5.875% 9/30/27 #	65,000		70,581
	Post Holdings 144A 5.50%
	12/15/29 #	98,000		107,067
	Primo Water Holdings
	144A 5.50% 4/1/25 #	34,000		35,148
				436,110
Energy — 1.26%
	Apache
	4.75% 4/15/43	25,000		25,969
	4.875% 11/15/27	20,000		21,230
	Cheniere Corpus Christi
	Holdings 5.875%
	3/31/25	20,000		23,292
	CNX Resources
	144A 6.00% 1/15/29 #	40,000		41,054
	144A 7.25% 3/14/27 #	20,000		21,425
	Crestwood Midstream
	Partners
	144A 5.625% 5/1/27 #	30,000		29,756
	6.25% 4/1/23	5,000		5,022
	DCP Midstream Operating
	5.125% 5/15/29	60,000		66,649
	EQM Midstream Partners
	144A 6.50% 7/1/27 #	75,000		84,559
	Murphy Oil 5.875%
	12/1/27	63,000		62,114
	NuStar Logistics 5.625%
	4/28/27	30,000		32,019
	Occidental Petroleum
	3.50% 8/15/29	95,000		87,093
	PDC Energy 5.75%
	5/15/26	28,000		28,962
	Southwestern Energy
	7.75% 10/1/27	38,000		41,100
	Targa Resources Partners
	5.375% 2/1/27	30,000		31,581

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Western Midstream
	Operating 4.75%
	8/15/28	80,000	$	83,400
				685,225
Financials — 1.23%
	AerCap Global Aviation
	Trust 144A 6.50%
	6/15/45 #, µ	200,000		204,500
	Ally Financial
	5.75% 11/20/25	100,000		116,500
	8.00% 11/1/31	210,000		308,704
	DAE Funding 144A 5.75%
	11/15/23 #	35,000		36,006
				665,710
Healthcare — 1.24%
	Bausch Health 144A
	5.50% 11/1/25 #	80,000		82,983
	Centene
	3.375% 2/15/30	45,000		47,414
	4.625% 12/15/29	30,000		33,345
	144A 5.375%
	8/15/26 #	60,000		63,525
	CHS
	144A 5.625%
	3/15/27 #	30,000		32,295
	144A 6.625%
	2/15/25 #	25,000		26,359
	Encompass Health 4.75%
	2/1/30	30,000		32,188
	Hadrian Merger Sub 144A
	8.50% 5/1/26 #	45,000		46,623
	HCA
	5.375% 2/1/25	70,000		78,821
	5.875% 2/15/26	40,000		46,050
	Hill-Rom Holdings 144A
	4.375% 9/15/27 #	30,000		31,768
	Ortho-Clinical Diagnostics
	144A 7.25% 2/1/28 #	20,000		21,138
	144A 7.375% 6/1/25 #	40,000		42,675
	Service Corp. International
	4.625% 12/15/27	36,000		38,408
	Tenet Healthcare 144A
	6.125% 10/1/28 #	45,000		47,049
				670,641
Insurance — 0.23%
	HUB International 144A
	7.00% 5/1/26 #	60,000		62,808
	USI 144A 6.875%
	5/1/25 #	60,000		61,687
				124,495
Media — 1.77%
	AMC Networks 4.75%
	8/1/25	70,000		72,394
	CCO Holdings
	144A 4.50% 5/1/32 #	100,000		106,897
	144A 5.375% 6/1/29 #	30,000		32,922
	144A 5.875% 5/1/27 #	95,000		98,776
	CSC Holdings 144A 5.75%
	1/15/30 #	200,000		219,501
	Cumulus Media New
	Holdings 144A 6.75%
	7/1/26 #	41,000		41,990
	Gray Television 144A
	7.00% 5/15/27 #	55,000		60,294
	Lamar Media 5.75%
	2/1/26	60,000		61,981
	Netflix 5.875% 11/15/28	80,000		96,043
	Sinclair Television Group
	144A 5.125%
	2/15/27 #	45,000		45,872
	Sirius XM Radio 144A
	5.50% 7/1/29 #	75,000		82,664
	Terrier Media Buyer 144A
	8.875% 12/15/27 #	40,000		44,175
				963,509
Real Estate Investment Trusts — 0.30%
	Global Net Lease 144A
	3.75% 12/15/27 #	45,000		46,480
	Iron Mountain 144A
	5.25% 3/15/28 #	60,000		63,430
	MGM Growth Properties
	Operating Partnership
	144A 3.875%
	2/15/29 #	50,000		51,219
				161,129
Services — 0.51%
	Aramark Services 144A
	5.00% 2/1/28 #	65,000		68,575
	GFL Environmental 144A
	3.75% 8/1/25 #	15,000		15,328
	H&E Equipment Services
	144A 3.875%
	12/15/28 #	25,000		25,220
	Prime Security Services
	Borrower 144A 5.75%
	4/15/26 #	70,000		76,737
	United Rentals North
	America 3.875%
	2/15/31	61,000		64,106
	Univar Solutions USA 144A
	5.125% 12/1/27 #	25,000		26,449
				276,415

11

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Technology & Electronics — 0.21%
	CommScope Technologies
	144A 5.00% 3/15/27 #	25,000	$	24,797
	SS&C Technologies 144A
	5.50% 9/30/27 #	85,000		90,888
				115,685
Transportation — 0.28%
	Delta Air Lines
	144A 7.00% 5/1/25 #	75,000		86,641
	7.375% 1/15/26	22,000		25,147
	Mileage Plus Holdings
	144A 6.50% 6/20/27 #	40,000		43,075
				154,863
Utilities — 0.51%
	Calpine
	144A 4.50% 2/15/28 #	16,000		16,664
	144A 5.00% 2/1/31 #	40,000		41,860
	144A 5.25% 6/1/26 #	37,000		38,332
	PG&E 5.25% 7/1/30	80,000		88,100
	Vistra Operations
	144A 5.00% 7/31/27 #	60,000		63,660
	144A 5.50% 9/1/26 #	25,000		26,086
				274,702
Total Corporate Bonds      (cost $7,219,710)				7,565,441
US Treasury Obligations — 7.32%
	US Treasury Bonds
	1.125% 5/15/40	85,000		80,617
	1.375% 8/15/50	5,000		4,673
	2.00% 2/15/50	55,000		59,626
	2.25% 8/15/49	85,000		97,099
	2.75% 8/15/47	55,000		68,836
	2.875% 5/15/43	50,000		63,117
	2.875% 11/15/46	55,000		70,151
	3.00% 5/15/42	30,000		38,532
	3.00% 11/15/45	50,000		64,963
	3.00% 8/15/48	30,000		39,397
	3.375% 5/15/44	55,000		75,101
	3.375% 11/15/48	65,000		91,142
	4.375% 2/15/38	5,000		7,426
	4.50% 2/15/36	5,000		7,333
	4.50% 5/15/38	5,000		7,544
	4.50% 8/15/39	30,000		45,851
	4.75% 2/15/41	20,000		31,913
	5.00% 5/15/37	10,000		15,660
	US Treasury Bonds
	5.375% 2/15/31	5,000		7,185
	US Treasury Floating Rate
	Notes
	0.15% (USBMMY3M +
	0.06%) 10/31/22 ●	1,290,000		1,289,997
	US Treasury Notes
	0.125% 4/30/22	40,000		40,014
	0.375% 11/30/25	85,000		85,106
	0.625% 8/15/30	90,000		87,708
	2.25% 10/31/24	370,000		398,371
	2.25% 11/15/27	235,000		260,864
	2.625% 1/31/26	250,000		278,438
	2.625% 2/15/29	120,000		137,705
	2.75% 2/15/28	125,000		143,306
	2.875% 5/31/25	340,000		378,303
Total US Treasury Obligations      (cost $4,026,685)				3,975,978
		Number of shares
Common Stock — 54.54%
Communication Services — 5.65%
	Alphabet Class A †	8		14,021
	Alphabet Class C †	10		17,519
	AT&T	20,660		594,182
	Comcast Class A	11,883		622,669
	Facebook Class A †	100		27,316
	KDDI	5,200		154,181
	Orange	9,990		118,797
	Publicis Groupe	4,100		204,157
	Verizon Communications	11,260		661,525
	ViacomCBS Class B	370		13,786
	Walt Disney †	3,542		641,740
				3,069,893
Consumer Discretionary — 4.03%
	adidas AG †	425		154,617
	Amazon.com †	33		107,479
	Best Buy	310		30,935
	Buckle	970		28,324
	Dollar Tree †	5,500		594,220
	eBay	630		31,657
	Hennes & Mauritz
	Class B †	4,460		93,625
	Home Depot	210		55,780
	Lowe’s	3,970		637,225
	MercadoLibre †	5		8,376
	Newell Brands	1,320		28,024
	Next †	820		79,459
	Sodexo	1,440		121,770

12

		Number
		of shares	Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
	Swatch Group	575	$	156,310
	Tractor Supply	230		32,333
	Whirlpool	160		28,878
				2,189,012
Consumer Staples — 6.37%
	Altria Group	820		33,620
	Archer-Daniels-Midland	12,300		620,043
	Asahi Group Holdings	2,600		107,074
	Clorox	150		30,288
	Colgate-Palmolive	430		36,769
	Conagra Brands	17,100		620,046
	Danone	3,430		225,268
	Diageo	5,440		214,100
	Essity Class B	2,460		79,259
	Kao	800		61,805
	Kellogg	450		28,003
	Kimberly-Clark	230		31,011
	Kirin Holdings	2,200		51,949
	Koninklijke Ahold Delhaize	5,910		166,853
	Kroger	510		16,198
	Lawson	1,500		69,804
	Mondelez International
	Class A	10,500		613,935
	Nestle	2,005		237,014
	Philip Morris International	470		38,911
	Seven & i Holdings	5,000		177,053
				3,459,003
Energy — 1.22%
	ConocoPhillips	15,149		605,809
	Kinder Morgan	1,850		25,289
	Williams	1,470		29,473
				660,571
Financials — 5.29%
	AGNC Investment	1,870		29,172
	Allstate	5,800		637,594
	American International
	Group	15,900		601,974
	Ameriprise Financial	170		33,036
	Artisan Partners Asset
	Management Class A	560		28,190
	BlackRock	55		39,685
	Comerica	180		10,055
	Discover Financial Services	7,000		633,710
	eXp World Holdings †	200		12,624
	Huntington Bancshares	2,550		32,207
	Invesco	1,680		29,282
	MetLife	730		34,274
	Morgan Stanley	370		25,356
	Principal Financial Group	640		31,750
	Prudential Financial	420		32,789
	S&P Global	100		32,873
	Truist Financial	13,100		627,883
				2,872,454
Healthcare — 8.77%
	AbbVie	420		45,003
	AmerisourceBergen	310		30,306
	Amgen	160		36,787
	Cardinal Health	11,200		599,872
	Cigna	2,900		603,722
	CVS Health	8,600		587,380
	Eli Lilly and Co.	140		23,638
	Fresenius Medical Care AG
	& Co.	2,570		214,305
	Humana	80		32,822
	Johnson & Johnson	4,410		694,046
	Merck & Co.	7,960		651,128
	Molina Healthcare †	150		31,902
	Novo Nordisk Class B	3,230		225,322
	Pfizer	1,195		43,988
	Roche Holding	725		252,516
	UnitedHealth Group	160		56,109
	Viatris †	33,711		631,744
				4,760,590
Industrials — 5.42%
	Caterpillar	3,303		601,212
	G4S †	63,650		220,911
	Honeywell International	2,786		592,582
	Lockheed Martin	100		35,498
	Northrop Grumman	2,000		609,440
	Raytheon Technologies	8,439		603,473
	Secom	600		55,351
	Securitas Class B †	11,450		184,730
	United Parcel Service
	Class B	230		38,732
				2,941,929
Information Technology — 8.42%
	Adobe †	100		50,012
	Apple	1,310		173,824
	Broadcom	1,510		661,154
	Cisco Systems	14,240		637,240
	Cognizant Technology
	Solutions Class A	7,678		629,212
	HP	1,480		36,393
	Intel	12,000		597,840
	International Business
	Machines	320		40,282

13

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

		Number
		of shares	Value (US $)
Common Stock (continued)
Information Technology (continued)
	Lam Research	75	$	35,420
	Maxim Integrated
	Products	390		34,574
	Microsoft	755		167,927
	Motorola Solutions	3,600		612,216
	NetApp	550		36,432
	NVIDIA	110		57,442
	Oracle	9,500		614,555
	Paychex	330		30,749
	QUALCOMM	280		42,655
	SAP	660		85,482
	Western Union	1,290		28,303
				4,571,712
Materials — 1.69%
	Air Liquide	1,510		247,650
	Dow	650		36,075
	DuPont de Nemours	8,900		632,879
				916,604
REIT Diversified — 0.18%
	Alpine Income Property
	Trust	140		2,099
	Colony Capital	10,039		48,287
	Lexington Realty Trust	4,606		48,916
				99,302
REIT Healthcare — 0.72%
	Alexandria Real Estate
	Equities	568		101,229
	CareTrust REIT	1,021		22,646
	Healthcare Realty Trust	3		89
	Healthcare Trust of America
	Class A	799		22,004
	Healthpeak Properties	855		25,847
	Medical Properties Trust	5,051		110,061
	National Health Investors	317		21,927
	Omega Healthcare
	Investors	800		29,056
	Ventas	355		17,409
	Welltower	659		42,585
				392,853
REIT Hotel — 0.29%
	Gaming and Leisure
	Properties	636		26,959
	Host Hotels & Resorts	1,081		15,815
	VICI Properties	4,503		114,827
				157,601
REIT Industrial — 0.63%
	Americold Realty Trust	809		30,200
	Duke Realty	1,709		68,309
	Prologis	2,414		240,579
				339,088
REIT Information Technology — 0.82%
	American Tower	130		29,180
	CyrusOne	420		30,723
	Digital Realty Trust	967		134,906
	Equinix	281		200,685
	QTS Realty Trust Class A	791		48,947
				444,441
REIT Mall — 0.18%
	Simon Property Group	1,152		98,242
				98,242
REIT Manufactured Housing — 0.20%
	Equity LifeStyle Properties	647		40,994
	Sun Communities	435		66,098
				107,092
REIT Multifamily — 1.69%
	Apartment Income REIT †	356		13,674
	Apartment Investment and
	Management Class A	356		1,880
	AvalonBay Communities	387		62,086
	Bluerock Residential
	Growth REIT	3,709		46,993
	Camden Property Trust	349		34,872
	Equity Residential	11,114		658,838
	Essex Property Trust	261		61,967
	UDR	914		35,125
				915,435
REIT Office — 0.37%
	Boston Properties	931		88,007
	Cousins Properties	1,014		33,969
	Highwoods Properties	1,251		49,577
	Postal Realty Trust Class A	1,441		24,324
	SL Green Realty	113		6,733
				202,610
REIT Self-Storage — 0.41%
	CubeSmart	409		13,746
	Extra Space Storage	730		84,578
	National Storage Affiliates
	Trust	791		28,500
	Public Storage	424		97,914
				224,738
	REIT Shopping Center — 0.29%
	Agree Realty	442		29,428
	Kimco Realty	1,242		18,643

14

		Number
		of shares	Value (US $)
Common Stock (continued)
REIT Shopping Center (continued)
	Regency Centers	741	$	33,782
	Retail Opportunity
	Investments	1,454		19,469
	Urban Edge Properties	1,832		23,706
	Weingarten Realty
	Investors	1,379		29,883
				154,911
REIT Single Tenant — 0.36%
	National Retail Properties	1,200		49,104
	Realty Income	1,527		94,934
	Spirit Realty Capital	1,321		53,064
				197,102
REIT Specialty — 0.36%
	Invitation Homes	3,344		99,317
	Iron Mountain	1,090		32,133
	Outfront Media	1,353		26,465
	Safehold	492		35,665
				193,580
Utilities — 1.18%
	Edison International	9,700		609,354
	PPL	1,140		32,148
				641,502
Total Common Stock
	(cost $27,234,014)			29,610,265
Convertible Preferred Stock — 2.78%
	2020 Mandatory
	Exchangeable Trust
	144A 6.50% exercise
	price $47.09, maturity
	date 5/16/23 #	120		241,804
	AMG Capital Trust II
	5.15% exercise price
	$195.47, maturity date
	10/15/37	2,034		101,662
	Assurant 6.50% exercise
	price $106.55, maturity
	date 3/15/21	1,065		138,290
	Bank of America 7.25%
	exercise price $50.00 ψ	78		118,449
	El Paso Energy Capital Trust
	I 4.75% exercise price
	$34.49, maturity date
	3/31/28	4,518		233,852
	Elanco Animal Health
	5.00% exercise price
	$38.40, maturity date
	2/1/23	3,402		166,154
	Essential Utilities 6.00%
	exercise price $42.29,
	maturity date 4/30/22	2,550		158,151
	Lyondellbasell Advanced
	Polymers 6.00%
	exercise price $25.00 ψ	243		253,328
	QTS Realty Trust 6.50%
	exercise price $46.77 ψ	700		99,330
Total Convertible Preferred Stock
	(cost $1,300,340)			1,511,020
Preferred Stock — 0.12%
	Bank of America 6.50% µ	55,000		62,975
Total Preferred Stock
	(cost $62,154)			62,975
Exchange-Traded Funds — 9.13%
	iShares MSCI EAFE ETF	50		3,648
	iShares MSCI EAFE Growth
	ETF	1,530		154,392
	iShares Russell
	1000 Growth ETF	9,700		2,339,058
	Vanguard FTSE Developed
	Markets ETF	1,340		63,261
	Vanguard Mega Cap
	Growth ETF	11,770		2,398,138
Total Exchange-Traded Funds
	(cost $4,018,750)			4,958,497
Short-Term Investments — 2.13%
Money Market Mutual Funds — 2.13%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.00%)	288,241		288,241
	Fidelity Investments Money
	Market Government
	Portfolio – Class I
	(seven-day effective
	yield 0.01%)	288,241		288,241
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.02%)	288,241		288,241

15

Schedule of investments
Delaware VIP^® Trust — Delaware VIP Total Return Series

	Number
	of shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley
Government Portfolio –
Institutional Share Class
(seven-day effective
yield 0.00%)	288,241	$	288,241
Total Short-Term Investments
(cost $1,152,964)			1,152,964
Total Value of
Securities—99.33%
(cost $49,730,076)		$	53,925,523

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $5,537,734, which represents 10.20% of the Series’ net assets. See Note 11 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ	No contractual maturity date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
†	Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2020:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	EUR	(408	)	USD	500		1/5/21	$	1	$	—
BNYM	JPY	(518,893	)	USD	5,007		1/4/21		—		(18	)
BNYM	SEK	154,140		USD	(18,810	)	1/4/21		—		(75	)
Total Foreign Currency Exchange Contracts								$	1	$	(93	)

Futures Contracts
Exchange-Traded

								Variation
								Margin
			Notional			Value/		Due from
	Notional		Cost		Expiration	Unrealized		(Due to)
Contracts to Buy (Sell)	Amount		(Proceeds)		Date	Appreciation		Brokers
3     US Treasury 2 yr Notes	$	662,930	$	662,351	3/31/21	$	579	$	509
2     US Treasury 3 yr Notes		466,266		465,489	3/31/21		777		698
Total Futures Contracts			$	1,127,840		$	1,356	$	1,207

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

¹ See Note 8 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon

16

Summary of abbreviations: (continued)
EAFE – Europe, Australasia, and Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year

Summary of currencies:
EUR – European Monetary Unit
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

17

Statement of assets and liabilities
Delaware VIP^® Trust — Delaware VIP Total Return Series

December 31, 2020

Assets:
Investments, at value*	$	53,925,523
Cash		305,919
Cash collateral due from brokers		1,980
Receivable for securities sold		36,879
Dividends and interest receivable		201,072
Foreign tax reclaims receivable		1,748
Receivable for series shares sold		3,518
Variation margin due from broker on future contracts		1,207
Unrealized appreciation on foreign currency exchange contracts		1
Other assets		1,746
Total Assets		54,479,593
Liabilities:
Payable for securities purchased		101,361
Payable for series shares redeemed		19,819
Pricing fees payable		16,087
Investment management fees payable to affiliates		14,080
Reports and statements to shareholders expenses payable to non-affiliates		12,732
Accounting and administration fees payable to non-affiliates		11,105
Audit and tax fees payable		6,260
Other accrued expenses		3,681
Legal fees payable to affiliates		2,292
Accounting and administration expenses payable to affiliates		491
Dividend disbursing and transfer agent fees and expenses payable to affiliates		341
Trustees’ fees and expenses payable		168
Unrealized depreciation on foreign currency exchange contracts		93
Reports and statements to shareholders expenses payable to affiliates		55
Distribution fees payable to affiliates		2
Total Liabilities		188,567
Total Net Assets	$	54,291,026
Net Assets Consist of:
Paid-in capital	$	50,084,006
Total distributable earnings (loss)		4,207,020
Total Net Assets	$	54,291,026
Net Asset Value
Standard Class:
Net assets	$	54,280,611
Shares of beneficial interest outstanding, unlimited authorization, no par		4,322,661
Net asset value per share	$	12.56
Service Class:
Net assets	$	10,415
Shares of beneficial interest outstanding, unlimited authorization, no par		832
Net asset value per share	$	12.52
____________________
*  Investments, at cost	$	49,730,076

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

18

Statement of operations
Delaware VIP^® Trust — Delaware VIP Total Return Series

Year ended December 31, 2020

Investment Income:
	Dividends	$	984,694
	Interest		500,069
	Foreign tax withheld		(8,127	)
			1,476,636
Expenses:
	Management fees		334,468
	Distribution expenses — Service Class		28
	Audit and tax fees		77,213
	Accounting and administration expenses		48,322
	Reports and statements to shareholders expenses		25,319
	Legal fees		14,039
	Custodian fees		11,545
	Dividend disbursing and transfer agent fees and expenses		4,331
	Trustees’ fees and expenses		2,978
	Registration fees		261
	Other		27,238
			545,742
	Less expenses waived		(101,307	)
	Less expenses paid indirectly		(2,230	)
	Total operating expenses		442,205
Net Investment Income			1,034,431
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		(945,706	)
	Foreign currencies		93
	Foreign currency exchange contracts		(13,477	)
	Futures contracts		(476	)
	Options written		247
	Options purchased		(270	)
	Swap contracts		13,554
	Net realized loss		(946,035	)
	Net change in unrealized appreciation (depreciation) of:
	Investments		4,915
	Foreign currencies		139
	Foreign currency exchange contracts		250
	Futures contracts		1,822
	Net change in unrealized appreciation (depreciation)		7,126
Net Realized and Unrealized Loss			(938,909	)
Net Increase in Net Assets Resulting from Operations		$	95,522

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

19

Statements of changes in net assets
Delaware VIP^® Trust — Delaware VIP Total Return Series

	Year ended
	12/31/20			12/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,034,431		$	929,739
Net realized gain (loss)		(946,035	)		5,506,713
Net change in unrealized appreciation (depreciation)		7,126			3,254,152
Net increase in net assets resulting from operations		95,522			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		2,876,593			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			—
		8,950,706			5,334,236
Cost of shares redeemed:
Standard Class		(7,328,299	)		(5,890,384	)
Increase (decrease) in net assets derived from capital share transactions		1,622,407			(556,148	)
Net Increase (Decrease) in Net Assets		(4,356,184	)		7,017,620
Net Assets:
Beginning of year		58,647,210			51,629,590
End of year	$	54,291,026		$	58,647,210

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

20

Financial highlights
Delaware VIP^® Total Return Series Standard Class

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

	Year ended
	12/31/20			12/31/191			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	14.29		$	12.50		$	13.83		$	12.58		$	11.98
Income (loss) from investment operations
Net investment income2		0.24			0.22			0.24			0.18			0.18
Net realized and unrealized gain (loss)		(0.44	)		2.08			(1.28	)		1.28			0.59
Total from investment operations		(0.20	)		2.30			(1.04	)		1.46			0.77
Less dividends and distributions from:
Net investment income		(0.27	)		(0.26	)		(0.22	)		(0.21	)		(0.17	)
Net realized gain		(1.26	)		(0.25	)		(0.07	)		—			—
Total dividends and distributions		(1.53	)		(0.51	)		(0.29	)		(0.21	)		(0.17	)
Net asset value, end of period	$	12.56		$	14.29		$	12.50		$	13.83		$	12.58
Total return3		0.91%	4		18.88%	4		(7.65%	)		11.75%			6.62%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	54,281		$	58,637		$	51,630		$	47,910		$	40,400
Ratio of expenses to average net assets5		0.86%			0.93%			0.90%			0.86%			0.89%
Ratio of expenses to average net assets prior to fees waived5		1.06%			0.99%			0.90%			0.86%			0.89%
Ratio of net investment income to average net assets		2.01%			1.63%			1.80%			1.39%			1.45%
Ratio of net investment income to average net assets prior to
fees waived		1.81%			1.57%			1.80%			1.39%			1.45%
Portfolio turnover		87%			150%	6		68%			48%			67%

1	On October 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 October 4, 2019, reflect the performance of the First Investors Life Series Total Return Fund shares.
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	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 December 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.

21

Financial highlights
Delaware VIP^® Total Return Series Service Class

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

				10/31/191
	Year ended			to
	12/31/20			12/31/19
Net asset value, beginning of period	$	14.29		$	13.79
Income (loss) from investment operations
Net investment income2		0.20			0.04
Net realized and unrealized gain (loss)		(0.44	)		0.46
Total from investment operations		(0.24	)		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	$	12.52		$	14.29
Total return3		0.54%			3.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10		$	10
Ratio of expenses to average net assets4		1.16%			1.16%
Ratio of expenses to average net assets prior to fees waived4		1.36%			1.50%
Ratio of net investment income to average net assets		1.71%			1.79%
Ratio of net investment income to average net assets prior to fees waived		1.51%			1.45%
Portfolio turnover		87%			150%	5,6

1	Date of commencement of operations; ratios have been annualized and total return has 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	Portfolio turnover is representative of the Series for the entire period.
6	The Series’ portfolio turnover rate increased substantially during the year ended December 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.

22

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

December 31, 2020

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 19 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 October 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 and options on 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). 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 year ended December 31, 2020 and for all open tax years (years ended December 31, 2017–December 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 year ended December 31, 2020, the Series did not incur any interest or tax penalties.

23

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

1. Significant Accounting Policies (continued)

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 invests 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 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. 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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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 year ended December 31, 2020, the Series earned $2,229 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 year ended December 31, 2020, the Series earned $1 under this arrangement.

24

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 0.86% of the Series’ average daily net assets for the Standard Class and 1.16% for the Service Class from January 1, 2020 through December 31, 2020.* These waivers and reimbursements may be terminated only 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 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 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 year ended December 31, 2020, the Series was charged $5,758 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 year ended December 31, 2020, the Series was charged $3,859 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 year ended December 31, 2020, the Series was charged $13,096 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.

25

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

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

In addition to the management fees and other expenses of the Series, the Series indirectly bears the investment management fees and other expenses of the 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 year ended December 31, 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 year ended December 31, 2020, the Series engaged in Rule 17a-7 securities sales of $860,186, which resulted in net realized loss of $78,173. The Series did not engage in Rule 17a-7 securities purchases for the year ended December 31, 2020.

____________________

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

3. Investments

For the year ended December 31, 2020, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	35,690,318
Purchases of US government securities		6,093,786
Sales other than US government securities		41,343,692
Sales of US government securities		3,143,849

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments, but approximates the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Series were as follows:

Cost of investments and derivatives	$	49,987,578
Aggregate unrealized appreciation of investments and derivatives	$	5,117,280
Aggregate unrealized depreciation of investments and derivatives		(1,178,071	)
Net unrealized appreciation of investments and derivatives	$	3,939,209

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 as follows:

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

26

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 December 31, 2020:

	Level 1		Level 2		Total
Securities
Assets:
Common Stock
Communication Services	$	2,915,712	$	154,181	$	3,069,893
Consumer Discretionary		1,784,460		404,552		2,189,012
Consumer Staples		2,675,045		783,958		3,459,003
Energy		660,571		—		660,571
Financials		2,859,830		—		2,859,830
Healthcare		4,068,447		692,143		4,760,590
Industrials		2,701,848		240,081		2,941,929
Information Technology		4,486,230		85,482		4,571,712
Materials		916,604		—		916,604
REIT Diversified		99,302		—		99,302
REIT Healthcare		392,853		—		392,853
REIT Hotel		157,601		—		157,601
REIT Industrial		339,088		—		339,088
REIT Information Technology		444,441		—		444,441
REIT Mall		98,242		—		98,242
REIT Manufactured Housing		107,092		—		107,092
REIT Multifamily		928,059		—		928,059
REIT Office		202,610		—		202,610
REIT Self-Storage		224,738		—		224,738
REIT Shopping Center		154,911		—		154,911
REIT Single Tenant		197,102		—		197,102
REIT Specialty		193,580		—		193,580
Utilities		641,502		—		641,502
Convertible Bonds		—		5,088,383		5,088,383
Convertible Preferred Stock1		914,226		596,794		1,511,020
Corporate Bonds		—		7,565,441		7,565,441
Exchange-Traded Funds		4,958,497		—		4,958,497
Preferred Stock		—		62,975		62,975
US Treasury Obligations		—		3,975,978		3,975,978
Short-Term Investments		1,152,964		—		1,152,964
Total Value of Securities	$	34,275,555	$	19,649,968	$	53,925,523

27

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

3. Investments (continued)

	Level 1		Level 2			Total
Derivatives2
Assets:
Futures Contracts	$	1,356	$	—		$	1,356
Foreign Currency Exchange Contracts		—		1			1
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(93	)	$	(93	)

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

	Level 1	Level 2	Total
Convertible Preferred Stock	60.50%	39.50%	100.00%

² Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended December 31, 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 year ended December 31, 2020, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2020 and 2019 was as follows:

	Year ended
	12/31/20		12/31/19
Ordinary income	$	2,615,508	$	1,085,004
Long-term capital gains		3,458,605		1,031,832
Total	$	6,074,113	$	2,116,836

5. Components of Net Assets on a Tax Basis

As of December 31, 2020, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	50,084,006
Undistributed ordinary income		1,268,679
Capital loss carryforwards*		(1,000,868	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		3,939,209
Net assets	$	54,291,026

* $499,063 of this loss which can be utilized is subject to an annual limitation in accordance with the Internal Revenue Code 382 due to an ownership change on July 1, 2020.

28

The differences between the book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, market premium and discount on debt instruments, trust preferred securities, contingent payment on debt instruments, deemed dividend income, mark-to-market on foreign currency exchange contracts and mark-to-market on futures contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2020, the Series had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At December 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,000,868	$—	$1,000,868

6. Capital Shares

Transactions in capital shares were as follows:

	Year ended
	12/31/20		12/31/19
Shares sold:
Standard Class	246,344		240,492
Service Class	—		725
Shares issued upon reinvestment of dividends and distributions:
Standard Class	587,332		165,120
Service Class	107		—
	833,783		406,337
Shares redeemed:
Standard Class	(613,240	)	(434,147	)
Net increase (decrease)	220,543		(27,810	)

7. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Series, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Series had no amounts outstanding as of December 31, 2020, or at any time during the year then ended.

29

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

8. 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 year ended December 31, 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 to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase (decrease) exposure to foreign currencies.

During the year ended December 31, 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. At December 31, 2020, the Series posted $1,980 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities”.

During the year ended December 31, 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.

Options Contracts — The Series may enter into options contracts in the normal course of pursuing its investment objectives. 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

30

securities, futures, swaps, 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 options 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 options written. Premiums received from writing options that expire unexercised are treated by the Series on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Series has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Series. The Series, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Series is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. No options contracts were outstanding at December 31, 2020.

During the year ended December 31, 2020, the Series entered into option contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions.

Swap Contracts

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

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

During the year ended December 31, 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 as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended December 31, 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, and (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were outstanding at December 31, 2020.

During the year ended December 31, 2020, the Series entered in to CDS contracts to hedge against credit events.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Series terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

31

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

8. Derivatives (continued)

Fair values of derivative instruments as of December 31, 2020 were as follows:

	Asset Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized appreciation of foreign currency exchange contracts		$	1		$	—	$	1
Variation margin due from broker on futures contracts*			—			1,207		1,207
Total		$	1		$	1,207	$	1,208
		Liability Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$(93)		$—			$(93)

* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2020. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the year ended December 31, 2020 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures				Options				Options			Swap
	Contracts			Contracts				Purchased				Written			Contracts			Total
Currency
contracts	$	(13,477	)		$	—			$	—			$	—		$	—		$	(13,477	)
Interest rate
contracts		—				(476	)			—				—			—			(476	)
Equity
contracts		—				—				(270	)			247			—			(23	)
Credit
contracts		—				—				—				—			13,554			13,554
Total	$	(13,477	)		$	(476	)		$	(270	)		$	247		$	13,554		$	(422	)

	Net Change in Unrealized Appreciation (Depreciation)
	of:
	Foreign
	Currency
	Exchange			Futures
	Contracts			Contracts			Total
Currency
contracts		$	250		$	—		$	250
Interest rate
contracts			—			1,822			1,822
Total		$	250		$	1,822		$	2,072

32

The table below summarizes the average balance of derivative holdings by the Series during the year ended December 31, 2020:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	19,491	$	14,585
Futures contracts (average notional value)		346,272		—
Options contracts (average notional value)*		4		6
CDS contracts (average notional value)**		68,348		—

*	Long represents purchased options and short represents written options.
**	Long represents buying protection and short represents selling protection.

9. 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.”

At December 31, 2020, the Series had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

		Gross Value of
	Gross Value of	Derivative
Counterparty	Derivative Asset	Liability	Net Position
The Bank of New York Mellon	$1	$(93)	$(92)

		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
The Bank of New York Mellon	$(92)	$—	$—	$—	$—	$(92)

(a)	The value of the related collateral exceeded the value of the derivatives as of December 30, 2020, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. 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

33

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

10. Securities Lending (continued)

such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

The Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of 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 year ended December 31, 2020, the Series had no securities out on loan.

11. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

34

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.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Series invests will cause the NAV of the Series to fluctuate.

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 year ended December 31, 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 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’

35

Notes to financial statements
Delaware VIP^® Trust — Delaware VIP Total Return Series

11. Credit and Market Risk (continued)

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.”

12. 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.

13. Recent Accounting Pronouncements

In August 2018, 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 December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, 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 provide 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 December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in the Series’ financial statements.

36

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware VIP^® Trust and Shareholders of Delaware VIP Total Return Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware VIP Total Return Series (one of the series constituting Delaware VIP^® Trust, referred to hereafter as the “Series”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Series as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020, and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Class Name	Financial Highlights
Standard Class	For the years ended December 31, 2020 and 2019
Service Class	For the year ended December 31, 2020 and the
	period from October 31, 2019 (commencement of
	operations) through December 31, 2019

The financial statements of First Investors Life Series Total Return Fund (subsequent to reorganization, known as Delaware VIP Total Return Series) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 26, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2021

We have served as the auditor of one or more investment companies in Delaware Funds^® by Macquarie since 2010.

37

Other Series information (Unaudited)
Delaware VIP^® Total Return Series

Tax Information

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended December 31, 2020, the Series reports distributions paid during the year as follows:

(A) Long-Term Capital Gain Distributions (Tax Basis)	56.94%
(B) Ordinary Income Distributions (Tax Basis)	43.06%
Total Distributions (Tax Basis)	100.00%

____________________

(A) and (B) are based on a percentage of the Series’ total distributions.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Total Return Series at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware VIP Total Return Series (the “Series”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Series performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Funds Management Hong Kong Limited (“MFMHK”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Series; the costs of such services to the Series; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Series’ investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Series policies.

In considering information relating to the approval of the Series’ advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Series and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (the “Delaware Funds”), and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Series matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

38

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Series. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Series; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Series; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Series in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Series showed the investment performance of its Standard Class shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Series was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, ended December 31, 2019. The Board’s objective is that the Series’ performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Series consisted of the Series and all mixed-asset target allocation moderate funds underlying variable insurance products as selected by Broadridge. The Broadridge report comparison showed that the Series’ total return for the 1-year period was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the 3-year period was in the fourth quartile of its Performance Universe and the Series’ total return for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Board observed that the Series’ performance was not in line with the Board’s objective. In evaluating the Series’ performance, the Board considered that much of the Series’ underperformance preceded Management’s acquisition of the Series in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Series performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Series as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Series versus effective management fees and expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Series’ contractual management fee and the actual management fee incurred by the Series were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Series) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Series’ total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Standard Class shares which do not charge 12b-1 and non-12b-1 service fees. The Board’s objective is for each Series’ total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Series showed that the actual management fee and total expenses were in the quartile with the second highest expenses of its Expense Group. The Series’ total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered fee waivers in place through October 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight, and custody services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Series’ total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Series. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as

39

Other Series information (Unaudited)
Delaware VIP^® Total Return Series

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware VIP Total Return Series at a meeting held August 11-13, 2020 (continued)

service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Series and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Series, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Series’ assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Series’ advisory fee pricing and structure approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee, than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Series had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Series increases sufficiently in size, then economies of scale may be shared.

Board consideration of sub-advisory agreement for Delaware VIP Total Return Series at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020, the Board of Trustees (the “Board”) of Delaware VIP Total Return Series (the “Series”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved new Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. 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 the MIMAK; information concerning MIMAK’s organizational structure and the experience of their key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; 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 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 MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Series. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMAK, to include the provision of discretionary investment management services as well as asset allocation services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Series and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Series and its shareholders.

40

Investment performance. In regards to the appointment of MIMAK for the Series, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Series as described in the Sub-Advisory Agreement, in addition to the asset allocation sub-advisory fee previously approved. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fees are paid by DMC to MIMAK and are not additional fees borne by the Series, and that the management fee paid by the Series to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Series and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Series expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Series. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Series and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Series so that as the Series grows in size, its effective investment management fee rate declines.

41

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Interested Trustee
Shawn K. Lytle1	President,	President and	Global Head of Macquarie Investment	85	Trustee — UBS
610 Market Street	Chief Executive Officer,	Chief Executive Officer	Management2		Relationship Funds, SMA
Philadelphia, PA	and Trustee	since August 2015	(January 2019–Present)		Relationship Trust, and
19106-2354		Trustee since	Head of Americas of		UBS Funds
February 1970		September 2015	Macquarie Group		(May 2010–April 2015)
			(December 2017–Present)
			Deputy Global Head of Macquarie Investment
			Management
			(2017–2019)
			Head of Macquarie Investment Management
			Americas
			(2015–2017)

42

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Independent Trustees
Jerome D. Abernathy	Trustee	Since January 2019	Managing Member, Stonebrook Capital	85	None
610 Market Street			Management, LLC (financial technology: macro
Philadelphia, PA			factors and databases)
19106-2354			(January 1993-Present)
July 1959
Thomas L. Bennett	Chair and Trustee	Trustee since March	Private Investor	85	None
610 Market Street		2005	(March 2004–Present)
Philadelphia, PA		Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec	Trustee	Since March 2015	Chief Executive Officer, Private Wealth	85	Director — Banco
610 Market Street			Management (2011–2013) and Market		Santander International
Philadelphia, PA			Manager, New Jersey Private Bank (2005–		(October 2016–December
19106-2354			2011) — J.P. Morgan Chase & Co.		2019)
November 1958					Director — Santander
					Bank, N.A. (December
					2016–December 2019)
Joseph W. Chow	Trustee	Since January 2013	Private Investor	85	Director and Audit
610 Market Street			(April 2011–Present)		Committee Member —
Philadelphia, PA					Hercules Technology
19106-2354					Growth Capital, Inc.
January 1953					(July 2004–July 2014)
John A. Fry	Trustee	Since January 2001	President — Drexel University (August	85	Director; Compensation
610 Market Street			2010–Present)		Committee and
Philadelphia, PA			President — Franklin & Marshall College (July		Governance Committee
19106-2354			2002–June 2010)		Member — Community
May 1960					Health Systems
					(May 2004–Present)
					Director — Drexel Morgan
					& Co. (2015–2019)
					Director and Audit
					Committee Member —
					vTv Therapeutics Inc.
					(2017–Present)
					Director and Audit
					Committee Member — FS
					Credit Real Estate Income
					Trust, Inc. (2018–Present)
					Director — Federal
					Reserve
					Bank of Philadelphia
					(January 2020–Present)

43

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Frances A.	Trustee	Since September 2011	Private Investor	85	Trust Manager and Audit
Sevilla-Sacasa			(January 2017–Present)		Committee Chair —
610 Market Street			Chief Executive Officer — Banco Itaú		Camden Property Trust
Philadelphia, PA			International		(August 2011–Present)
19106-2354			(April 2012–December 2016)		Director; Strategic
January 1956			Executive Advisor to Dean (August 2011–		Planning and Reserves
			March 2012) and Interim Dean		Committee and
			(January 2011–July 2011) — University of		Nominating
			Miami School of Business Administration		and Governance
			President — U.S. Trust, Bank of America		Committee Member —
			Private Wealth Management (Private Banking)		Callon Petroleum
			(July 2007-December 2008)		Company
					(December 2019–Present)
					Director — New Senior
					Investment Group Inc.
					(January 2021–Present)
					Director; Audit Committee
					Member — Carrizo Oil &
					Gas, Inc. (March 2018–
					December 2019)
Thomas K. Whitford	Trustee	Since January 2013	Vice Chairman (2010–April 2013) — PNC	85	Director — HSBC North
610 Market Street			Financial Services Group		America Holdings Inc.
Philadelphia, PA					(December 2013–Present)
19106-2354					Director — HSBC USA Inc.
March 1956					(July 2014–Present)
					Director — HSBC Bank
					USA, National Association
					(July 2014–March 2017)
					Director — HSBC Finance
					Corporation
					(December 2013–April
					2018)

44

				Number of	Other
			Principal	Portfolios in Fund	Directorships
Name,	Position(s)		Occupation(s)	Complex Overseen	Held by
Address,	Held with	Length of Time	During the	by Trustee	Trustee
and Birth Date	Fund(s)	Served	Past Five Years	or Officer	or Officer
Christianna Wood	Trustee	Since January 2019	Chief Executive Officer and President — Gore	85	Director; Finance
610 Market Street			Creek Capital, Ltd. (August 2009–Present)		Committee and Audit
Philadelphia, PA					Committee Member —
19106-2354					H&R Block Corporation
August 1959					(July 2008–Present)
					Director; Investments
					Committee, Capital and
					Finance Committee, and
					Audit Committee Member
					— Grange Insurance
					(2013–Present)
					Trustee; Chair of
					Nominating and
					Governance Committee
					and Audit Committee
					Member — The Merger
					Fund (2013–Present), The
					Merger Fund VL (2013–
					Present); WCM
					Alternatives: Event-Driven
					Fund (2013–Present), and
					WCM Alternatives: Credit
					Event Fund (December
					2017–Present)
					Director; Chair of
					Governance Committee
					and Audit Committee
					Member — International
					Securities Exchange
					(2010–2016
Janet L. Yeomans	Trustee	Since April 1999	Vice President and Treasurer (January 2006–	85	Director; Personnel and
610 Market Street			July 2012), Vice President — Mergers &		Compensation Committee
Philadelphia, PA			Acquisitions		Chair; Member of
19106-2354			(January 2003–January 2006), and Vice		Nominating, Investments,
July 1948			President and Treasurer		and Audit Committees for
			(July 1995–January 2003) — 3M Company		various periods
					throughout directorship
					— Okabena Company
					(2009–2017)
Officers
David F. Connor	Senior Vice President,	Senior Vice President,	David F. Connor has served in various	85	None3
610 Market Street	General Counsel, and	since May 2013; General	capacities at different times at Macquarie
Philadelphia, PA	Secretary	Counsel since May 2015;	Investment Management.
19106-2354		Secretary since October
December 1963		2005
Daniel V. Geatens	Vice President and	Vice President and	Daniel V. Geatens has served in various	85	None3
610 Market Street	Treasurer	Treasurer since October	capacities at different times at Macquarie
Philadelphia, PA		2007	Investment Management.
19106-2354
October 1972
Richard Salus	Senior Vice President and Senior Vice President and		Richard Salus has served in various capacities	85	None
610 Market Street	Chief Financial Officer	Chief Financial Officer	at different times at Macquarie Investment
Philadelphia, PA		since November 2006	Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.

45

Board of trustees / directors and officers addendum
Delaware Funds^® by Macquarie

³ David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc. In addition, Mr. Connor serves as Chief Legal Officer and Secretary for Macquarie Global Infrastructure Total Return Fund Inc.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

46

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.

(1502651)
AR-VIPTR-221

Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds^® by Macquarie Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

Jerome D. Abernathy
John A. Fry
Thomas K. Whitford, Chair
Christianna Wood

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $662,180 for the fiscal year ended December 31, 2020.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $921,410 for the fiscal year ended December 31, 2019.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended December 31, 2020.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended December 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended December 31, 2019.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $909,000 for the registrant’s fiscal year ended December 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

(c) Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $87,780 for the fiscal year ended December 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended December 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $103,000 for the fiscal year ended December 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended December 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended December 31, 2020.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended December 31, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended December 31, 2019.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended December 31, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds^® by Macquarie.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $40,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $8,455,000 and $4,687,000 for the registrant’s fiscal years ended December 31, 2020 and December 31, 2019, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

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 period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE VIP^® TRUST

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	March 5, 2021

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:	March 5, 2021
/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	March 5, 2021