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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-05162

Exact name of registrant as specified in charter:		Delaware VIP^®Trust

Address of principal executive offices:		610 Market Street
		Philadelphia, PA 19106

Name and address of agent for service:		David F. Connor, Esq.
		610 Market Street
		Philadelphia, PA 19106

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		December 31

Date of reporting period:		June 30, 2022

Item 1. Reports to Stockholders

Table of Contents

Semiannual report

Delaware VIP^®Trust

Delaware VIP Emerging Markets Series

June 30, 2022

Table of Contents

Table of contents

Disclosure of Series expenses		1
Security type / country and sector allocations		2
Schedule of investments		3
Statement of assets and liabilities		6
Statement of operations		7
Statements of changes in net assets		8
Financial highlights		9
Notes to financial statements		11
Other Series information		20

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

Table of Contents

Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from January 1, 2022 to June 30, 2022.

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	1/1/22 to
	1/1/22			6/30/22			Ratio	6/30/22*
Actual Series return^†
Standard Class		$	1,000.00		$	773.10	1.21%		$	5.32
Service Class			1,000.00			771.90	1.51%			6.63
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,018.79	1.21%		$	6.06
Service Class			1,000.00			1,017.31	1.51%			7.55

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Series' expenses reflected above, the Series also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

Table of Contents

Security type / country and sector allocations
Delaware VIP Emerging Markets Series

As of June 30, 2022 (Unaudited)

Sector designations may be different from 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 Stocks by Country		94.66%
Argentina		0.75%
Bahrain		0.24%
Brazil		5.04%
Chile		1.46%
China/Hong Kong		32.82%
India		13.08%
Indonesia		1.44%
Japan		0.52%
Malaysia		0.06%
Mexico		4.07%
Peru		0.41%
Republic of Korea		16.00%
Russia		0.28%
South Africa		0.07%
Taiwan		17.30%
Turkey		0.79%
United Kingdom		0.33%
Convertible Preferred Stock		0.04%
Preferred Stocks		4.62%
Warrants		0.02%
Participation Notes		0.00%
Total Value of Securities		99.34%
Receivables and Other Assets Net of Liabilities		0.66%
Total Net Assets		100.00%

Common stock, participation notes, and preferred	Percentage
stock by sector◆	of net assets
Communication Services		13.87%
Consumer Discretionary		12.56%
Consumer Staples		15.13%
Energy		11.15%
Financials		3.56%
Healthcare		0.65%
Industrials		1.03%
Information Technology*		36.47%
Materials		3.51%
Real Estate		0.42%
Utilities		0.93%
Total		99.28%

◆

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 Computers, Electronics, Electronic Components-Semiconductors, Internet, Investment Companies, Retail, Semiconductor Components-Integrated Circuits, and Software. As of June 30, 2022, such amounts, as a percentage of total net assets were 2.02%, 2.50%,17.36%, 1.24%, 1.66%, 0.0%, 11.02%, and 0.67%, 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%.

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

June 30, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 94.66%Δ
Argentina – 0.75%
	Cablevision Holding GDR		262,838	$	655,253
	Cresud ADR †		326,731		1,646,724
	Grupo Clarin GDR Class B 144A
		#, †	77,680		89,128
	IRSA Inversiones y
		Representaciones ADR †	535,335		1,927,206
					4,318,311
Bahrain – 0.24%
	Aluminium Bahrain GDR 144A #		91,200		1,397,029
					1,397,029
Brazil – 5.04%
	AES Brasil Energia		310,668		634,580
	Americanas		1,560,623		4,016,776
	Arcos Dorados Holdings Class A		280,478		1,890,422
	Banco Bradesco ADR		1,749,871		5,704,580
	Banco Santander Brasil ADR		53,466		293,528
	BRF ADR †		788,900		2,019,584
	Getnet Adquirencia e Servicos
		para Meios de Pagamento ADR	6,683		10,826
	Itau Unibanco Holding ADR		1,049,325		4,491,111
	Rumo		217,473		662,378
	Telefonica Brasil ADR		272,891		2,472,392
	TIM ADR		155,003		1,883,286
	Vale		149,527		2,189,141
	Vale ADR		146,165		2,138,394
	XP Class A †		24,226		435,099
					28,842,097
Chile – 1.46%
	Sociedad Quimica y Minera de
		Chile ADR	100,000		8,353,000
					8,353,000
China/Hong Kong – 32.82%
	Alibaba Group Holding †		609,000		8,684,699
	Alibaba Group Holding ADR †		137,900		15,676,472
	ANTA Sports Products		268,400		3,297,365
	Baidu ADR †		49,719		7,394,707
	BeiGene †		167,800		2,106,375
	China Petroleum & Chemical ADR		31,177		1,396,418
	DiDi Global ADR †		81,500		240,425
	Hengan International Group		260,500		1,223,355
	iQIYI ADR †		59,542		250,076
	JD.com Class A		34,285		1,104,558
	JD.com ADR		350,000		22,477,000
	Joinn Laboratories China Class H
		144A #, †	6,860		57,787
	Kunlun Energy		3,360,900		2,754,064
	Kweichow Moutai Class A		111,913		34,187,605
	New Oriental Education &
		Technology Group ADR †	16,190		329,628
	Ping An Insurance Group Co. of
		China Class H	324,000		2,202,860
	Sohu.com ADR †		429,954		7,124,338
	TAL Education Group ADR †		50,701		246,914
	Tencent Holdings		720,000		32,518,734
	Tencent Music Entertainment
		Group ADR †	159		798
	Tianjin Development Holdings		35,950		7,651
	Tingyi Cayman Islands Holding		1,582,000		2,709,650
	Trip.com Group ADR †		120,588		3,310,141
	Tsingtao Brewery Class H		797,429		8,292,579
	Uni-President China Holdings		2,800,000		2,401,488
	Weibo Class A †		65,500		1,589,336
	Weibo ADR †		40,000		925,200
	Wuliangye Yibin Class A		837,792		25,271,550
	Zhihu ADR †		15,600		27,924
					187,809,697
India – 13.08%
	HCL Technologies		312,400		3,849,990
	Indiabulls Real Estate GDR †		44,628		34,443
	Infosys		285,200		5,279,482
	Natco Pharma		185,519		1,526,484
	Reliance Industries		859,880		28,262,338
	Reliance Industries GDR 144A #,
		†	452,657		29,445,338
	Sify Technologies ADR †		91,200		177,840
	Tata Consultancy Services		151,800		6,279,981
					74,855,896
Indonesia – 1.44%
	Astra International		18,590,600		8,267,342
					8,267,342
Japan – 0.52%
	Renesas Electronics †		324,700		2,950,730
					2,950,730
Malaysia – 0.06%
	UEM Sunrise †		4,748,132		333,958
					333,958
Mexico – 4.07%
	America Movil ADR Class L		162,815		3,326,310
	Banco Santander Mexico ADR		276,900		1,396,961
	Becle		1,571,000		3,389,726
	Cemex ADR †		469,537		1,840,585
	Coca-Cola Femsa ADR		75,784		4,189,340
	Fomento Economico Mexicano
		ADR	19,186		1,294,863

Table of Contents

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

			Number of
			shares	Value (US $)
Common StocksΔ (continued)
Mexico (continued)
	Grupo Financiero Banorte Class O		440,979	$	2,464,807
	Grupo Televisa ADR		656,458		5,369,826
					23,272,418
Peru – 0.41%
	Cia de Minas Buenaventura ADR		356,605		2,353,593
					2,353,593
Republic of Korea – 16.00%
	Fila Holdings		101,760		2,202,292
	LG Uplus †		250,922		2,463,998
	Samsung Electronics		671,359		29,472,784
	Samsung Life Insurance		66,026		3,183,324
	SK Hynix		360,000		25,231,054
	SK Square †		315,059		9,475,550
	SK Telecom		159,405		6,384,057
	SK Telecom ADR		590,316		13,175,853
					91,588,912
Russia – 0.28%
	ENEL RUSSIA PJSC GDR †		15,101		366
	Etalon Group GDR 144A #		354,800		77,916
	Gazprom PJSC ADR †		1,043,900		490,300
	Rosneft Oil PJSC GDR		1,449,104		707,060
	Sberbank of Russia PJSC †		2,058,929		21,182
	Surgutneftegas PJSC ADR		294,652		111,875
	T Plus PJSC =, †		25,634		0
	VK GDR †		71,300		49,301
	Yandex Class A †		101,902		119,884
					1,577,884
South Africa – 0.07%
	Sun International †		210,726		372,652
	Tongaat Hulett †		182,915		29,233
					401,885
Taiwan – 17.30%
	Hon Hai Precision Industry		3,881,564		14,229,420
	MediaTek		1,125,000		24,631,308
	Taiwan Semiconductor
		Manufacturing	3,756,864		60,143,181
					99,003,909
Turkey – 0.79%
	D-MARKET Elektronik Hizmetler
		ve Ticaret ADR †	15,200		9,242
	Turkcell Iletisim Hizmetleri		677,165		657,235
	Turkiye Sise ve Cam Fabrikalari		3,008,750		3,875,571
					4,542,048
United Kingdom – 0.33%
	Griffin Mining †		1,642,873		1,869,878
					1,869,878
Total Common Stocks
	(cost $499,119,270)				541,738,587

Convertible Preferred Stock – 0.04%
Republic of Korea – 0.04%
	CJ 3.25%		4,204		229,238

Total Convertible Preferred Stock
	(cost $470,723)				229,238

Preferred Stocks – 4.62%Δ
Brazil – 0.87%
	Centrais Eletricas Brasileiras
		Class B 3.29% ω	216,779		1,933,984
	Petroleo Brasileiro ADR 28.52% ω		285,509		3,034,961
					4,968,945
Republic of Korea – 3.68%
	CJ 4.73% ω		28,030		1,071,850
	Samsung Electronics 2.08% ω		499,750		20,014,633
					21,086,483
Russia – 0.07%
	Transneft PJSC 7.55% ω		3,606		401,620
					401,620
Total Preferred Stocks
	(cost $16,880,353)				26,457,048

Warrants – 0.02%
Argentina – 0.02%
	IRSA Inversiones y
		Representaciones exercise
		price 0.18, expiration date
		3/5/26 †	594,450		117,434
Total Warrants
	(cost $0)				117,434

Participation Notes – 0.00%Δ
	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
Total Value of Securities–99.34%
	(cost $521,422,543)			$	568,542,307

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The following foreign currency exchange contracts were outstanding at June 30, 2022:¹

Foreign Currency Exchange Contracts


	Currency to				Settlement	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Depreciation
BNYM	CNY	(2,183,142)	USD	325,553	7/5/22	$	(615)

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 represent the Series' total exposure in such contracts, whereas only the net unrealized depreciation is reflected in the Series' net assets.

¹	See Note 6 in “Notes to financial statements.”
Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 2 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 June 30, 2022, the aggregate value of Rule 144A securities was $31,067,198, which represents 5.43% of the Series' net assets. See Note 9 in “Notes to financial statements."
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:
ADR – American Depositary Receipt
BNYM – Bank of New York Mellon
GDR – Global Depositary Receipt
LEPO – Low Exercise Price Option
PJSC – Private Joint Stock Company

Summary of currencies:
CNY – China Yuan Renminbi
USD – US Dollar

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

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

June 30, 2022 (Unaudited)


Assets:
	Investments, at value*	$	568,542,307
	Foreign currencies, at value^Δ		2,488,680
	Dividends and interest receivable		3,764,552
	Receivable for series shares sold		74,077
	Foreign tax reclaims receivable		66,331
	Prepaid expenses		423
	Other assets		4,951
	Total Assets		574,941,321
Liabilities:
	Due to custodian		20,910
	Capital gains tax payable		1,639,574
	Investment management fees payable to affiliates		482,394
	Other accrued expenses		343,995
	Payable for series shares redeemed		76,202
	Distribution fees payable to affiliates		70,119
	Unrealized depreciation on foreign currency exchange contracts		615
	Administration expenses payable to affiliates		610
	Total Liabilities		2,634,419
Total Net Assets		$	572,306,902

Net Assets Consist of:
	Paid-in capital	$	528,903,784
	Total distributable earnings (loss)		43,403,118
Total Net Assets		$	572,306,902

Net Asset Value
Standard Class:
Net assets		$	301,140,350
Shares of beneficial interest outstanding, unlimited authorization, no par			14,322,446
Net asset value per share		$	21.03
Service Class:
Net assets		$	271,166,552
Shares of beneficial interest outstanding, unlimited authorization, no par			12,921,707
Net asset value per share		$	20.99

^*	Investments, at cost	$	521,422,543
^Δ	Foreign currencies, at cost		2,616,850

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

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

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends		$	11,419,740
	Foreign tax withheld			(1,226,522	)
				10,193,218

Expenses:
	Management fees			3,993,859
	Distribution expenses — Service Class			466,573
	Custodian fees			188,272
	Accounting and administration expenses			66,872
	Dividend disbursing and transfer agent fees and expenses			60,715
	Reports and statements to shareholders expenses			33,409
	Audit and tax fees			19,766
	Legal fees			13,820
	Trustees’ fees and expenses			13,380
	Other			28,409
				4,885,075
	Less expenses waived			(503,213	)
	Less expenses paid indirectly			(2	)
	Total operating expenses			4,381,860
Net Investment Income (Loss)				5,811,358

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments¹		(426,507	)
		Foreign currencies		(55,497	)
		Foreign currency exchange contracts		(11,438	)
	Net realized gain (loss)			(493,442	)
	Net change in unrealized appreciation (depreciation) on:
		Investments¹		(172,505,557	)
		Foreign currencies		(135,146	)
		Foreign currency exchange contracts		(615	)
	Net change in unrealized appreciation (depreciation)			(172,641,318	)
Net Realized and Unrealized Gain (Loss)				(173,134,760	)
Net Increase (Decrease) in Net Assets Resulting from Operations			$	(167,323,402	)

¹	Includes $(1,047) capital gains tax paid and $(1,639,574) capital gains tax accrued.

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 Emerging Markets Series

	Six months
	ended
	6/30/22			Year ended
	(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	5,811,358		$	23,672,695
Net realized gain (loss)		(493,442	)		(6,830,787	)
Net change in unrealized appreciation (depreciation)		(172,641,318	)		(37,897,681	)
Net increase (decrease) in net assets resulting from operations		(167,323,402	)		(21,055,773	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Standard Class		(13,031,896	)		(2,707,604	)
Service Class		(10,983,197	)		(1,921,987	)
		(24,015,093	)		(4,629,591	)

Capital Share Transactions:
Proceeds from shares sold:
Standard Class		23,343,869			77,991,728
Service Class		15,320,698			37,115,785
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		13,031,896			2,707,604
Service Class		10,983,197			1,921,987
		62,679,660			119,737,104
Cost of shares redeemed:
Standard Class		(13,192,219	)		(29,293,517	)
Service Class		(23,470,111	)		(45,809,192	)
		(36,662,330	)		(75,102,709	)
Increase in net assets derived from capital share transactions		26,017,330			44,634,395
Net Increase (Decrease) in Net Assets		(165,321,165	)		18,949,031

Net Assets:
Beginning of period		737,628,067			718,679,036
End of period	$	572,306,902		$	737,628,067

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

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Financial highlights
Delaware VIP^®Emerging Markets Series Standard Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Net asset value, beginning of period	$	28.37		$	29.42		$	24.27		$	20.36		$	25.06		$	17.94

Income (loss) from investment operations:
Net investment income²		0.24			1.00			0.10			0.19			0.16			0.53
Net realized and unrealized gain (loss)		(6.62	)		(1.81	)		5.65			4.35			(3.98	)		6.72
Total from investment operations		(6.38	)		(0.81	)		5.75			4.54			(3.82	)		7.25

Less dividends and distributions from:
Net investment income		(0.96	)		(0.10	)		(0.18	)		(0.15	)		(0.80	)		(0.13	)
Net realized gain		—			(0.14	)		(0.42	)		(0.48	)		(0.08	)		—
Total dividends and distributions		(0.96	)		(0.24	)		(0.60	)		(0.63	)		(0.88	)		(0.13	)

Net asset value, end of period	$	21.03		$	28.37		$	29.42		$	24.27		$	20.36		$	25.06

Total return³		(22.69%	)⁴		(2.84%	)⁴		25.09%	⁴		22.63%	⁴		(15.81%	)		40.55%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	301,140		$	377,296		$	339,348		$	328,524		$	236,592		$	291,019
Ratio of expenses to average net assets⁵		1.21%			1.25	%		1.28%			1.30%			1.34%			1.36%
Ratio of expenses to average net assets prior to fees waived⁵		1.37%			1.34	%		1.36%			1.34%			1.34%			1.38%
Ratio of net investment income to average net assets		1.95%			3.34	%		0.44%			0.86%			0.71%			2.40%
Ratio of net investment income to average net assets prior to fees waived		1.79%			3.25	%		0.36%			0.82%			0.71%			2.38%
Portfolio turnover		1%			2	%		3%			20%			11%			6%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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 any Underlying Funds in which the Series invests.

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

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Financial highlights
Delaware VIP^®Emerging Markets Series Service Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Net asset value, beginning of period	$	28.25		$	29.31		$	24.17		$	20.28		$	24.97		$	17.88

Income (loss) from investment operations:
Net investment income²		0.20			0.90			0.03			0.12			0.10			0.48
Net realized and unrealized gain (loss)		(6.59	)		(1.80	)		5.64			4.34			(3.97	)		6.69
Total from investment operations		(6.39	)		(0.90	)		5.67			4.46			(3.87	)		7.17

Less dividends and distributions from:
Net investment income		(0.87	)		(0.02	)		(0.11	)		(0.09	)		(0.74	)		(0.08	)
Net realized gain		—			(0.14	)		(0.42	)		(0.48	)		(0.08	)		—
Total dividends and distributions		(0.87	)		(0.16	)		(0.53	)		(0.57	)		(0.82	)		(0.08	)

Net asset value, end of period	$	20.99		$	28.25		$	29.31		$	24.17		$	20.28		$	24.97

Total return³		(22.81%	)		(3.13%	)		24.69%			22.25%			(16.03%	)		40.22%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	271,167		$	360,332		$	379,331		$	358,165		$	323,530		$	386,207
Ratio of expenses to average net assets⁴		1.51%			1.55%			1.58%			1.60%			1.62%			1.61%
Ratio of expenses to average net assets prior to fees waived⁴		1.67%			1.64%			1.66%			1.64%			1.64%			1.68%
Ratio of net investment income to average net assets		1.65%			3.04%			0.14%			0.56%			0.43%			2.15%
Ratio of net investment income to average net assets prior to fees waived		1.49%			2.95%			0.06%			0.52%			0.41%			2.08%
Portfolio turnover		1%			2%			3%			20%			11%			6%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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 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.
⁴	Expense ratios do not include expenses of any 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 Emerging Markets Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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 six months ended June 30, 2022, and for all open tax years (years ended December 31, 2018–December 31, 2021), and has concluded that no provision for federal income tax is required in the Series’ financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2022, 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

(continues) 11

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

1. Significant Accounting Policies (continued)

“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 dividend have been recorded in accordance with the Series’ understanding of the applicable country’s tax rules and rates. Income and capital gain distributions from any Underlying Funds in which the Series invests are recorded on the ex-dividend date. The Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statement of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." There were no such earnings credits for the six months ended June 30, 2022.

The Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2022, the Series earned $2 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Series pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 1.25% on the first $500 million of average daily 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 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 total annual series operating expenses from exceeding 1.18% of the Series’ average daily net assets from April 29, 2022 through June 30, 2022.* From January 1, 2022 through April 28, 2022, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual series operating expenses from exceeding 1.23% of the Series’ average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on its behalf. DMC 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.

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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2022, the Series was charged $12,571 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $25,100 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $7,554 for internal legal 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 any 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 any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	15,965,015
Sales			8,854,151

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

3. Investments (continued)

At June 30, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2022, the cost and unrealized appreciation (depreciation) of investments for the Series were as follows:

Cost of investments	$	521,422,543
Aggregate unrealized appreciation of investments	$	226,265,748
Aggregate unrealized depreciation of investments		(179,145,984	)
Net unrealized appreciation of investments	$	47,119,764

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 June 30, 2022:

	Level 1			Level 2			Level 3			Total
Securities
Assets:
Common Stocks
Argentina		$	3,573,930		$	744,381		$	—		$	4,318,311
Bahrain			1,397,029			—			—			1,397,029
Brazil			28,842,097			—			—			28,842,097
Chile			8,353,000			—			—			8,353,000
China/Hong Kong			187,809,697			—			—			187,809,697
India			74,821,453			34,443			—			74,855,896

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	Level 1			Level 2				Level 3			Total
Indonesia		$	8,267,342		$	—			$	—		$	8,267,342
Japan			2,950,730			—				—			2,950,730
Malaysia			333,958			—				—			333,958
Mexico			23,272,418			—				—			23,272,418
Peru			2,353,593			—				—			2,353,593
Republic of Korea			91,588,912			—				—			91,588,912
Russia			119,884			—				1,458,000			1,577,884
South Africa			401,885			—				—			401,885
Taiwan			99,003,909			—				—			99,003,909
Turkey			4,542,048			—				—			4,542,048
United Kingdom			1,869,878			—				—			1,869,878
Convertible Preferred Stock			229,238			—				—			229,238
Participation Notes			—			—				—¹			—
Preferred Stocks²			26,055,428			401,620				—			26,457,048
Warrants			117,434			—				—			117,434
Total Value of Securities		$	565,903,863		$	1,180,444			$	1,458,000		$	568,542,307

Derivatives
Liabilities:
Foreign Currency Exchange
Contracts		$	—		$	(615	)		$	—		$	(615	)

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

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		98.48%		1.52%		—		100.00%

As a result of utilizing international fair value pricing at June 30, 2022, a portion of the common stock in the portfolio was categorized as Level 2.

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

During the six months ended June 30, 2022, 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 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 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 Fund’s net assets at the end of the period.

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

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	6/30/22		12/31/21
Shares sold:
Standard Class	979,699		2,643,070
Service Class	644,825		1,257,728
Shares issued upon reinvestment of dividends and distributions:
Standard Class	581,781		88,920
Service Class	490,980		63,265
	2,697,285		4,052,983
Shares redeemed:
Standard Class	(538,415	)	(966,708	)
Service Class	(969,503	)	(1,507,444	)
	(1,507,918	)	(2,474,152	)
Net increase	1,189,367		1,578,831

5. Line of Credit

The Series, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 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. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts — The Series may enter into foreign currency exchange contracts 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

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mitigated by having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty.

During the six months ended June 30, 2022, the Series entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the six months ended June 30, 2022, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the "Statement of assets and liabilities" and “Statement of operations.”

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2022:

	Long Derivative	Short Derivative
	Volume	Volume
Foreign currency exchange contracts (average notional value)	$98,037	$66,927

7. Offsetting

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

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

At June 30, 2022, 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
Bank of New York Mellon	$—	$(615)	$(615)

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received

Collateral Pledged

Pledged

Net Exposure

Bank of New York Mellon

$(615)

$—

$(615)

8. Securities Lending

(continues) 17

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

8. Securities Lending (continued)

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 the 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; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

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

During the six months ended June 30, 2022, 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.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region's economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and 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.

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The Series invests a significant portion of its assets in the greater China region, which consists of Hong Kong, the People's Republic of China, and Taiwan, among other countries. As a result, the Series' investments in the region are particularly susceptible to risks in that region. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Series than if the Series were more geographically diversified, which could result in greater volatility in the Series' net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.

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.”

10. Contractual Obligations

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

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 19

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

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Series’ liquidity needs. The Series’ HLIM is set at an appropriate level and the Series complied with its HLIM at all times during the reporting period.

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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.

(2314852)
SA-VIPEM-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Small Cap Value Series

June 30, 2022

Table of Contents

Table of contents

Disclosure of Series expenses		1
Security type / sector allocation and top 10 equity holdings		2
Schedule of investments		3
Statement of assets and liabilities		5
Statement of operations		6
Statements of changes in net assets		7
Financial highlights		8
Notes to financial statements		10
Other Series information		16

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

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

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

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	1/1/22 to
	1/1/22			6/30/22		Ratio	6/30/22*
Actual Series return^†
Standard Class		$	1,000.00	$	831.00	0.76%		$	3.45
Service Class			1,000.00		829.80	1.06%			4.81
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00	$	1,021.03	0.76%		$	3.81
Service Class			1,000.00		1,019.54	1.06%			5.31

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks ◆		98.44%
Basic Industry		8.33%
Consumer Discretionary		10.77%
Consumer Staples		3.32%
Energy		6.65%
Financial Services*		28.46%
Healthcare		4.70%
Industrials		11.89%
Real Estate Investment Trusts		8.03%
Technology		9.93%
Transportation		2.16%
Utilities		4.20%
Short-Term Investments		1.76%
Total Value of Securities		100.20%
Liabilities Net of Receivables and Other Assets		(0.20%	)
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 June 30, 2022, such amounts, as a percentage of total net assets were 19.27%, 2.15%, and 7.04%, 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		2.58%
Webster Financial		2.35%
Stifel Financial		2.15%
Hancock Whitney		2.12%
MasTec		1.99%
Western Alliance Bancorp		1.94%
Louisiana-Pacific		1.81%
WESCO International		1.78%
Selective Insurance Group		1.75%
American Equity Investment Life Holding		1.72%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

June 30, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 98.44% ◆
Basic Industry – 8.33%
	Arconic †	449,600	$	12,611,280
	Ashland Global Holdings	101,700		10,480,185
	Avient	243,900		9,775,512
	Berry Global Group †	384,900		21,030,936
	HB Fuller	210,600		12,680,226
	Huntsman	523,000		14,827,050
	Louisiana-Pacific	465,700		24,407,337
	Summit Materials Class A †	280,300		6,528,187
				112,340,713
Consumer Discretionary – 10.77%
	Acushnet Holdings	218,800		9,119,584
	Adient †	370,400		10,974,952
	Barnes Group	323,100		10,061,334
	Cable One	4,650		5,995,338
	Choice Hotels International	68,400		7,635,492
	Columbia Sportswear	93,708		6,707,619
	Cracker Barrel Old Country Store	89,800		7,497,402
	Denny's †	281,200		2,440,816
	Group 1 Automotive	75,300		12,785,940
	KB Home	318,700		9,070,202
	Meritage Homes †	144,900		10,505,250
	Nexstar Media Group Class A	67,100		10,929,248
	PROG Holdings †	141,200		2,329,800
	Steven Madden	232,250		7,480,772
	Texas Roadhouse	130,800		9,574,560
	UniFirst	79,000		13,602,220
	Wolverine World Wide	423,575		8,539,272
				145,249,801
Consumer Staples – 3.32%
	J & J Snack Foods	96,500		13,477,190
	Performance Food Group †	295,537		13,588,791
	Scotts Miracle-Gro	52,400		4,139,076
	Spectrum Brands Holdings	166,000		13,615,320
				44,820,377
Energy – 6.65%
	CNX Resources †	1,085,150		17,861,569
	Delek US Holdings †	282,700		7,304,968
	Dril-Quip †	105,878		2,731,652
	Helix Energy Solutions Group †	496,789		1,540,046
	Magnolia Oil & Gas Class A	876,400		18,395,636
	Matador Resources	271,520		12,650,117
	Murphy Oil	432,900		13,069,251
	Patterson-UTI Energy	1,025,600		16,163,456
				89,716,695
Financial Services – 28.46%
	American Equity Investment Life Holding	633,900		23,181,723
	Bank of NT Butterfield & Son	272,500		8,499,275
	East West Bancorp	537,636		34,838,813
	Essent Group	275,600		10,720,840
	First Financial Bancorp	625,900		12,142,460
	First Interstate BancSystem Class A	538,264		20,513,241
	FNB	1,973,300		21,430,038
	Hancock Whitney	644,200		28,557,386
	Hanover Insurance Group	151,700		22,186,125
	Hope Bancorp	579,710		8,023,186
	Kemper	154,100		7,381,390
	Metropolitan Bank Holding †	91,831		6,374,908
	S&T Bancorp	16,092		441,403
	Sandy Spring Bancorp	193,400		7,556,138
	Selective Insurance Group	271,190		23,577,259
	Stewart Information Services	160,000		7,960,000
	Stifel Financial	518,550		29,049,171
	Synovus Financial	427,500		15,411,375
	Umpqua Holdings	1,261,600		21,157,032
	Valley National Bancorp	1,649,200		17,168,172
	Webster Financial	750,784		31,645,546
	Western Alliance Bancorp	371,000		26,192,600
				384,008,081
Healthcare – 4.70%
	Avanos Medical †	253,900		6,941,626
	Integer Holdings †	170,300		12,033,398
	Integra LifeSciences Holdings †	231,500		12,507,945
	NuVasive †	177,400		8,720,984
	Select Medical Holdings	340,500		8,042,610
	Service Corp. International	166,600		11,515,392
	Syneos Health †	51,085		3,661,773
				63,423,728
Industrials – 11.89%
	Altra Industrial Motion	362,070		12,762,968
	Atkore †	229,200		19,025,892
	CACI International Class A †	49,400		13,919,932
	H&E Equipment Services	207,300		6,005,481
	ITT	261,280		17,568,467
	KBR	286,593		13,868,235
	MasTec †	375,656		26,919,509
	Primoris Services	241,400		5,252,864
	Regal Rexnord	100,252		11,380,607
	WESCO International †	224,300		24,022,530
	Zurn Elkay Water Solutions	352,900		9,612,996
				160,339,481
Real Estate Investment Trusts – 8.03%
	Brandywine Realty Trust	1,019,333		9,826,370

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

		Number of
		shares		Value (US $)
Common Stocks ◆ (continued)
Real Estate Investment Trusts (continued)
	Independence Realty Trust	479,300	$	9,935,889
	Kite Realty Group Trust	650,118		11,240,540
	Life Storage	120,150		13,415,949
	LXP Industrial Trust	1,039,300		11,162,082
	National Health Investors	218,300		13,231,163
	Outfront Media	736,400		12,481,980
	RPT Realty	647,500		6,364,925
	Spirit Realty Capital	399,400		15,089,332
	Summit Hotel Properties †	768,800		5,589,176
				108,337,406
Technology – 9.93%
	Cirrus Logic †	170,300		12,353,562
	Concentrix	72,800		9,874,592
	Diodes †	163,700		10,570,109
	Flex †	1,115,557		16,142,110
	NCR †	264,921		8,241,692
	NetScout Systems †	287,063		9,717,083
	Power Integrations	158,500		11,889,085
	TD SYNNEX	102,800		9,365,080
	Tower Semiconductor †	401,700		18,550,506
	TTM Technologies †	975,212		12,190,150
	Viavi Solutions †	832,500		11,013,975
	Vishay Intertechnology	226,200		4,030,884
				133,938,828
Transportation – 2.16%
	Kirby †	171,000		10,403,640
	Saia †	27,050		5,085,400
	Werner Enterprises	354,900		13,677,846
				29,166,886
	Utilities – 4.20%
	ALLETE	194,000		11,403,320
	Black Hills	242,370		17,637,265
	OGE Energy	341,900		13,183,664
	Southwest Gas Holdings	165,400		14,403,032
				56,627,281
Total Common Stocks (cost $995,128,975)				1,327,969,277

Short-Term Investments – 1.76%
Money Market Mutual Funds – 1.76%
	BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 1.32%)	5,928,450		5,928,450
	Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 1.21%)	5,928,451		5,928,451
	GS Financial Square Government Fund – Institutional Shares (seven- day effective yield 1.39%)	5,928,451		5,928,451
	Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 1.34%)	5,928,451		5,928,451
Total Short-Term Investments (cost $23,713,803)				23,713,803
Total Value of Securities–100.20% (cost $1,018,842,778)			$	1,351,683,080

◆	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.

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Statement of assets and liabilities
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	1,351,683,080
	Dividends and interest receivable		1,425,890
	Receivable for series shares sold		730,439
	Receivable for securities sold		528,774
	Prepaid expenses		816
	Other assets		10,999
	Total Assets		1,354,379,998
Liabilities:
	Payable for securities purchased		3,666,547
	Investment management fees payable to affiliates		823,895
	Payable for series shares redeemed		444,862
	Distribution fees payable to affiliates		228,009
	Other accrued expenses		188,166
	Administration expenses payable to affiliates		1,953
	Total Liabilities		5,353,432
Total Net Assets		$	1,349,026,566

Net Assets Consist of:
	Paid-in capital	$	948,121,216
	Total distributable earnings (loss)		400,905,350
Total Net Assets		$	1,349,026,566

Net Asset Value
Standard Class:
Net assets		$	478,782,055
Shares of beneficial interest outstanding, unlimited authorization, no par			13,666,284
Net asset value per share		$	35.03
Service Class:
Net assets		$	870,244,511
Shares of beneficial interest outstanding, unlimited authorization, no par			24,965,097
Net asset value per share		$	34.86
____________________
*Investments, at cost		$	1,018,842,778

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

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Statement of operations
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	11,681,383

Expenses:
	Management fees		5,267,808
	Distribution expenses — Service Class		1,507,410
	Accounting and administration expenses		127,846
	Dividend disbursing and transfer agent fees and expenses		127,163
	Reports and statements to shareholders expenses		70,158
	Legal fees		31,003
	Trustees’ fees and expenses		30,743
	Custodian fees		22,710
	Audit and tax fees		14,753
	Other		49,986
	Less expenses paid indirectly		(4	)
	Total operating expenses		7,249,576
Net Investment Income (Loss)			4,431,807

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		64,669,834
	Net change in unrealized appreciation (depreciation) on investments		(344,255,936	)
Net Realized and Unrealized Gain (Loss)			(279,586,102	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(275,154,295	)

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 Small Cap Value Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	4,431,807		$	8,581,667
	Net realized gain (loss)		64,669,834			108,182,310
	Net change in unrealized appreciation (depreciation)		(344,255,936	)		313,331,545
	Net increase (decrease) in net assets resulting from operations		(275,154,295	)		430,095,522

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(35,691,430	)		(4,302,653	)
	Service Class		(71,917,836	)		(6,284,187	)
			(107,609,266	)		(10,586,840	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		91,787,333			92,896,158
	Service Class		63,001,113			116,866,106
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		35,691,430			4,302,653
	Service Class		71,917,836			6,284,187
			262,397,712			220,349,104
	Cost of shares redeemed:
	Standard Class		(42,790,357	)		(137,335,057	)
	Service Class		(104,297,750	)		(190,326,537	)
			(147,088,107	)		(327,661,594	)
	Increase (decrease) in net assets derived from capital share transactions		115,309,605			(107,312,490	)
Net Increase (Decrease) in Net Assets			(267,453,956	)		312,196,192

Net Assets:
	Beginning of period		1,616,480,522			1,304,284,330
	End of period	$	1,349,026,566		$	1,616,480,522

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

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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:

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Net asset value, beginning of period	$	45.54		$	34.16		$	38.30		$	32.76		$	42.73		$	39.84

Income (loss) from investment operations:
Net investment income²		0.16			0.32			0.35			0.44			0.41			0.34
Net realized and unrealized gain (loss)		(7.52	)		11.41			(2.28	)		8.48			(7.03	)		4.30
Total from investment operations		(7.36	)		11.73			(1.93	)		8.92			(6.62	)		4.64

Less dividends and distributions from:
Net investment income		(0.34	)		(0.35	)		(0.41	)		(0.40	)		(0.35	)		(0.35	)
Net realized gain		(2.81	)		—			(1.80	)		(2.98	)		(3.00	)		(1.40	)
Total dividends and distributions		(3.15	)		(0.35	)		(2.21	)		(3.38	)		(3.35	)		(1.75	)

Net asset value, end of period	$	35.03		$	45.54		$	34.16		$	38.30		$	32.76		$	42.73

Total return³		(16.90%	)		34.42%			(1.90%	)		28.14%			(16.72%	)		12.05%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	478,782		$	522,319		$	424,213		$	435,375		$	357,318		$	439,612
Ratio of expenses to average net assets⁴		0.76%			0.75%			0.78%			0.77%			0.77%			0.78%
Ratio of net investment income to average net assets		0.79%			0.77%			1.20%			1.22%			1.03%			0.85%
Portfolio turnover		13%			13%			24%			17%			18%			14%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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 any Underlying Funds in which the Series invests.

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

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Delaware VIP^®Small Cap Value Series Service Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Net asset value, beginning of period	$	45.26		$	33.98		$	38.06		$	32.58		$	42.52		$	39.67

Income (loss) from investment operations:
Net investment income²		0.10			0.19			0.26			0.33			0.29			0.24
Net realized and unrealized gain (loss)		(7.48	)		11.35			(2.22	)		8.42			(6.98	)		4.27
Total from investment operations		(7.38	)		11.54			(1.96	)		8.75			(6.69	)		4.51

Less dividends and distributions from:
Net investment income		(0.21	)		(0.26	)		(0.32	)		(0.29	)		(0.25	)		(0.26	)
Net realized gain		(2.81	)		—			(1.80	)		(2.98	)		(3.00	)		(1.40	)
Total dividends and distributions		(3.02	)		(0.26	)		(2.12	)		(3.27	)		(3.25	)		(1.66	)

Net asset value, end of period	$	34.86		$	45.26		$	33.98		$	38.06		$	32.58		$	42.52

Total return³		(17.02%	)		34.02%			(2.18%	)		27.72%			(16.95%	)⁴		11.76%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	870,245		$	1,094,161		$	880,071		$	879,365		$	700,824		$	853,046
Ratio of expenses to average net assets⁵		1.06%			1.05%			1.08%			1.07%			1.05%			1.03%
Ratio of expenses to average net assets prior to fees waived⁵		1.06%			1.05%			1.08%			1.07%			1.07%			1.08%
Ratio of net investment income to average net assets		0.49%			0.47%			0.90%			0.92%			0.74%			0.60%
Ratio of net investment income to average net assets prior to fees waived		0.49%			0.47%			0.90%			0.92%			0.72%			0.55%
Portfolio turnover		13%			13%			24%			17%			18%			14%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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 any 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 Small Cap Value Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq) are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the six months ended June 30, 2022, and for all open tax years (years ended December 31, 2018–December 31, 2021), and has concluded that no provision for federal income tax is required in the Series' financial statements. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2022, the Series did not incur any interest or tax penalties.

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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.” There were no such earnings credits for the six months ended June 30, 2022.

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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $57,689 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $16,749 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

(continues) 11

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$196,412,631
Sales		189,302,094

Cost of investments	$	1,018,842,778
Aggregate unrealized appreciation of investments	$	407,445,519
Aggregate unrealized depreciation of investments		(74,605,217	)
Net unrealized appreciation of investments	$	332,840,302

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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

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	Level 1
Securities
Assets:
Common Stocks	$	1,327,969,277
Short-Term Investments		23,713,803
Total Value of Securities	$	1,351,683,080

During the six months ended June 30, 2022, 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.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	6/30/22		12/31/21
Shares sold:
Standard Class	2,313,813		2,234,907
Service Class	1,518,749		2,806,280
Shares issued upon reinvestment of dividends and distributions:
Standard Class	908,641		103,206
Service Class	1,839,331		151,353
	6,580,534		5,295,746
Shares redeemed:
Standard Class	(1,024,856	)	(3,287,190	)
Service Class	(2,568,230	)	(4,682,884	)
	(3,593,086	)	(7,970,074	)
Net increase (decrease)	2,987,448		(2,674,328	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

(continues) 13

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

6. Securities Lending (continued)

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.

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

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

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The Series invests in REITs and is subject to the risks associated with that industry. If the Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2022. The Series’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2022, there were no Rule 144A securities held by the Series.

8. Contractual Obligations

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 15

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Small Cap Value Series

Liquidity Risk Management Program

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(2314852)
SA-VIPSCV-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Equity Income Series

June 30, 2022

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Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	5
Statement of operations	6
Statements of changes in net assets	7
Financial highlights	8
Notes to financial statements	9
Other Series information	15

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

The investment objective of the Series is to seek total return.

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

				Expenses
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	1/1/22 to
	1/1/22	6/30/22	Ratio	6/30/22*
Actual Series return^†
Standard Class	$1,000.00	$938.10	0.75%	$3.60
Hypothetical 5% return (5% return before expenses)
Standard Class	$1,000.00	$1,021.08	0.75%	$3.76

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks ◆		99.50	%
Communication Services		8.47	%
Consumer Discretionary		7.33	%
Consumer Staples		6.21	%
Energy		7.97	%
Financials		20.74	%
Healthcare*		26.77	%
Industrials		7.53	%
Information Technology		13.97	%
Materials		0.51	%
Short-Term Investments		0.41	%
Total Value of Securities		99.91	%
Receivables and Other Assets Net of Liabilities		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 Healthcare 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 Healthcare sector consisted of Biotechnology and Pharmaceuticals. As of June 30, 2022, such amounts, as a percentage of total net assets were 2.85% and 23.92%, respectively. The percentage in any such single industry will comply with the Series' concentration policy even if the percentage in the Healthcare 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
Johnson & Johnson		5.86	%
Exxon Mobil		5.23	%
Bristol-Myers Squibb		4.43	%
Raytheon Technologies		4.17	%
Merck & Co.		3.93	%
Verizon Communications		3.53	%
Philip Morris International		3.50	%
Cisco Systems		3.36	%
Allstate		3.21	%
Motorola Solutions		3.11	%

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

June 30, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 99.50% ◆
Communication Services – 8.47%
	AT&T	110,608	$	2,318,344
	Comcast Class A	73,229		2,873,506
	Verizon Communications	73,199		3,714,849
				8,906,699
Consumer Discretionary – 7.33%
	APA	71,821		2,506,553
	Chipotle Mexican Grill†	354		462,770
	Ford Motor	29,669		330,216
	Lowe's	6,034		1,053,959
	Tapestry	18,158		554,182
	TJX	50,160		2,801,436
				7,709,116
Consumer Staples – 6.21%
	Altria Group	36,724		1,533,961
	Archer-Daniels-Midland	5,985		464,436
	Mondelez International Class A	13,642		847,032
	Philip Morris International	37,303		3,683,298
				6,528,727
Energy – 7.97%
	ConocoPhillips	32,072		2,880,386
	Exxon Mobil	64,159		5,494,577
				8,374,963
Financials – 20.74%
	Allstate	26,581		3,368,610
	American Financial Group	6,797		943,492
	American International Group	37,482		1,916,455
	Discover Financial Services	5,198		491,627
	Evercore Class A	7,551		706,849
	Fidelity National Financial	41,405		1,530,329
	First American Financial	37,011		1,958,622
	MetLife	43,908		2,756,983
	Old Republic International	75,530		1,688,851
	OneMain Holdings	30,609		1,144,164
	Synchrony Financial	56,682		1,565,557
	Truist Financial	54,856		2,601,820
	Unum Group	33,241		1,130,859
				21,804,218
Healthcare – 26.77%
	AmerisourceBergen	11,142		1,576,370
	Bristol-Myers Squibb	60,476		4,656,652
	Cardinal Health	12,105		632,728
	Cigna	12,074		3,181,740
	CVS Health	26,354		2,441,962
	Gilead Sciences	48,462		2,995,436
	Johnson & Johnson	34,701		6,159,775
	Merck & Co.	45,294		4,129,454
	Pfizer	21,363		1,120,062
	Viatris	118,638		1,242,140
				28,136,319
Industrials – 7.53%
	Emerson Electric	17,845		1,419,391
	Honeywell International	9,972		1,733,233
	Northrop Grumman	792		379,028
	Raytheon Technologies	45,566		4,379,348
				7,911,000
Information Technology – 13.97%
	Broadcom	5,919		2,875,510
	Cisco Systems	82,819		3,531,402
	Cognizant Technology Solutions
	Class A	44,684		3,015,723
	HP	51,764		1,696,824
	Motorola Solutions	15,620		3,273,952
	Western Union	17,911		294,994
				14,688,405
Materials – 0.51%
	DuPont de Nemours	4,468		248,331
	Newmont	4,744		283,075
				531,406
Total Common Stocks
	(cost $95,024,712)			104,590,853

Short-Term Investments – 0.41%
Money Market Mutual Funds – 0.41%
	BlackRock Liquidity FedFund –
	Institutional Shares (seven-day
	effective yield 1.32%)	108,783		108,783
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield
	1.21%)	108,783		108,783
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield
	1.39%)	108,783		108,783
	Morgan Stanley Institutional
	Liquidity Funds Government
	Portfolio – Institutional Class
	(seven-day effective yield
	1.34%)	108,783		108,783
Total Short-Term Investments
	(cost $435,132)			435,132
Total Value of Securities–99.91%
	(cost $95,459,844)		$	105,025,985

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

◆	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.

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	105,025,985
	Dividends receivable		226,021
	Prepaid expenses		14
	Other assets		829
	Total Assets		105,252,849
Liabilities:
	Investment management fees payable to affiliates		56,097
	Payable for series shares redeemed		44,099
	Other accrued expenses		33,539
	Administration expenses payable to affiliates		716
	Total Liabilities		134,451
Total Net Assets		$	105,118,398

Net Assets Consist of:
	Paid-in capital	$	90,896,202
	Total distributable earnings (loss)		14,222,196
Total Net Assets		$	105,118,398

Net Asset Value
Standard Class:
Net assets		$	105,118,398
Shares of beneficial interest outstanding, unlimited authorization, no par			6,687,150
Net asset value per share		$	15.72
____________________
*Investments, at cost		$	95,459,844

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

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

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	1,811,439

Expenses:
	Management fees		376,850
	Accounting and administration expenses		28,838
	Audit and tax fees		15,045
	Reports and statements to shareholders expenses		4,947
	Dividend disbursing and transfer agent fees and expenses		4,763
	Legal fees		2,317
	Custodian fees		2,163
	Trustees’ fees and expenses		1,503
	Registration fees		1
	Other		5,694
			442,121
	Less expenses waived		(5,581	)
	Total operating expenses		436,540
Net Investment Income (Loss)			1,374,899

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		3,338,785
	Net change in unrealized appreciation (depreciation) on investments		(11,629,909	)
Net Realized and Unrealized Gain (Loss)			(8,291,124	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(6,916,225	)

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 Equity Income Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	1,374,899		$	2,591,060
	Net realized gain (loss)		3,338,785			13,404,615
	Net change in unrealized appreciation (depreciation)		(11,629,909	)		7,905,654
	Net increase (decrease) in net assets resulting from operations		(6,916,225	)		23,901,329

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(15,625,074	)		(2,135,847	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		423,533			1,131,148
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		15,625,074			2,135,847
			16,048,607			3,266,995
	Cost of shares redeemed:
	Standard Class		(10,333,955	)		(16,204,690	)
	Increase (decrease) in net assets derived from capital share transactions		5,714,652			(12,937,695	)
Net Increase (Decrease) in Net Assets			(16,826,647	)		8,827,787

Net Assets:
	Beginning of period		121,945,045			113,117,258
	End of period	$	105,118,398		$	121,945,045

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

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Financial highlights
Delaware VIP^®Equity Income Series Standard Class

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

		Six months
		ended
		6/30/22¹			Year ended
		(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period		$	19.35		$	16.12		$	22.37		$	20.61		$	23.64		$	21.36

Income (loss) from investment operations:
Net investment income³			0.22			0.39			0.32			0.41			0.66			0.40
Net realized and unrealized gain (loss)			(1.23	)		3.16			(1.67	)		3.94			(2.57	)		2.81
Total from investment operations			(1.01	)		3.55			(1.35	)		4.35			(1.91	)		3.21

Less dividends and distributions from:
Net investment income			(0.43	)		(0.32	)		(0.48	)		(0.68	)		(0.43	)		(0.42	)
Net realized gain			(2.19	)		—			(4.42	)		(1.91	)		(0.69	)		(0.51	)
Total dividends and distributions			(2.62	)		(0.32	)		(4.90	)		(2.59	)		(1.12	)		(0.93	)

Net asset value, end of period		$	15.72		$	19.35		$	16.12		$	22.37		$	20.61		$	23.64

Total return⁴			(6.19%	)⁵		22.20%			(0.33%	)⁵		22.71%			(8.42%	)		15.52%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	105,118		$	121,945		$	113,117		$	128,260		$	113,885		$	129,994
Ratio of expenses to average net assets⁶			0.75%			0.75%			0.80%			0.82%			0.81%			0.80%
Ratio of expenses to average net assets prior to
	fees waived⁶		0.76%			0.75%			0.82%			0.82%			0.81%			0.80%
Ratio of net investment income to average net
	assets		2.38%			2.16%			2.04%			1.96%			2.92%			1.81%
Ratio of net investment income to average net
	assets prior to fees waived		2.37%			2.16%			2.02%			1.96%			2.92%			1.81%
Portfolio turnover			10%			49%			30%			118%	⁷		50%			18%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of any Underlying Funds in which the Series invests.
⁷	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.

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

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

(continues) 9

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Equity 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.” There were no such earnings credits for the six months ended June 30, 2022.

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), in order to prevent total annual series operating expenses from exceeding 0.74% of the Series’ average daily net assets from April 29, 2022 through June 30, 2022.* From January 1, 2022 through April 28, 2022, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual series operating expenses from exceeding 0.76% of the Series' average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (MFMHKL) (together, the “Affiliated Sub-Advisors”), to execute Series equity security trades on its behalf. DMC 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. MIMGL is the sub-adviser with primary responsibility for management. MFMHKL may execute trades. For these services, DMC, not the Series, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $4,426 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $1,283 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

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Trustees’ fees include expenses accrued by the Series for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and Delaware Distributors, L.P. 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 any 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 any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

______________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	11,666,079
Sales			20,224,343

Cost of investments	$	95,459,844
Aggregate unrealized appreciation of investments	$	15,783,276
Aggregate unrealized depreciation of investments		(6,217,135	)
Net unrealized appreciation of investments	$	9,566,141

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)

(continues) 11

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

3. Investments (continued)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1
Securities
Assets:
Common Stocks	$	104,590,853
Short-Term Investments		435,132
Total Value of Securities	$	105,025,985

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	6/30/22		12/31/21
Shares sold:
Standard Class	21,864		64,240
Shares issued upon reinvestment of dividends and distributions:
Standard Class	922,922		122,118
	944,786		186,358
Shares redeemed:
Standard Class	(560,297	)	(902,171	)
Net increase (decrease)	384,489		(715,813	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

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6. Securities Lending

The Series, along with other funds in 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.

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

(continues) 13

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

7. Credit and Market Risk (continued)

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2022, there were no Rule 144A securities held by the Series.

8. Contractual Obligations

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Equity Income Series

Liquidity Risk Management Program

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(2314852)
SA-VIPEI-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Fund for Income Series

June 30, 2022

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Table of contents

Disclosure of Series expenses		1
Security type / sector allocation		2
Schedule of investments		3
Statement of assets and liabilities		8
Statement of operations		9
Statements of changes in net assets		10
Financial highlights		11
Notes to financial statements		13
Other Series information		20

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

The investment objective of the Series is to seek high current income.

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning			Ending			During
	Account			Account		Annualized	Period
	Value			Value		Expense	1/1/22 to
	1/1/22			6/30/22		Ratio	6/30/22*
Actual Series return^†
Standard Class		$	1,000.00	$	862.60	0.77%		$	3.56
Service Class^**			1,000.00		1,000.00	1.04%			2.62
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00	$	1,020.98	0.77%		$	3.86
Service Class^**			1,000.00		1,009.98	1.04%			2.63

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.
^**	The Service Class shares commenced operations on March 31, 2022. 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 91/365 (to reflect the actual days since inception).

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Convertible Bond		0.15%
Corporate Bonds		84.77%
Banking		1.03%
Basic Industry		6.61%
Capital Goods		3.49%
Communications		7.10%
Consumer Cyclical		2.26%
Consumer Non-Cyclical		1.30%
Energy		12.03%
Financial Services		3.94%
Healthcare		8.89%
Insurance		3.33%
Leisure		5.17%
Media		10.17%
Real Estate Investment Trusts		0.31%
Retail		4.11%
Services		5.40%
Technology & Electronics		4.17%
Transportation		2.90%
Utilities		2.56%
Loan Agreements		8.07%
Short-Term Investments		6.23%
Total Value of Securities		99.22%
Receivables and Other Assets Net of Liabilities		0.78%
Total Net Assets		100.00%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Fund for Income Series

June 30, 2022 (Unaudited)

		Principal
		amount^°	Value (US $)
Convertible Bond – 0.15%
	Spirit Airlines 1.00% exercise price
	$49.07, maturity date 5/15/26	123,000	$	111,499
Total Convertible Bond
	(cost $108,335)			111,499

Corporate Bonds – 84.77%
Banking – 1.03%
	Barclays 6.125% 12/15/25 µ, ψ	465,000		432,323
	Deutsche Bank 6.00%
	10/30/25 µ, ψ	400,000		347,000
				779,323
Basic Industry – 6.61%
	Allegheny Technologies
	4.875% 10/1/29	105,000		83,882
	5.125% 10/1/31	235,000		180,379
	Cerdia Finanz 144A 10.50%
	2/15/27 #	320,000		263,201
	Chemours 144A 5.75% 11/15/28 #	485,000		414,241
	Domtar 144A 6.75% 10/1/28 #	216,000		203,301
	Eldorado Gold 144A 6.25% 9/1/29 #	460,000		375,780
	First Quantum Minerals
	144A 6.875% 10/15/27 #	440,000		394,143
	144A 7.50% 4/1/25 #	520,000		492,672
	FMG Resources August 2006
	144A 5.875% 4/15/30 #	330,000		297,540
	144A 6.125% 4/15/32 #	150,000		135,298
	Hudbay Minerals 144A 6.125%
	4/1/29 #	215,000		174,664
	INEOS Quattro Finance 2 144A
	3.375% 1/15/26 #	490,000		412,330
	M/I Homes 4.95% 2/1/28	605,000		515,106
	New Gold 144A 7.50% 7/15/27 #	255,000		222,165
	Novelis
	144A 3.875% 8/15/31 #	95,000		73,326
	144A 4.75% 1/30/30 #	550,000		458,199
	Vibrantz Technologies 144A 9.00%
	2/15/30 #	447,000		315,736
				5,011,963
Capital Goods – 3.49%
	ARD Finance 144A PIK 6.50%
	6/30/27 #, >	425,000		315,937
	Clydesdale Acquisition Holdings
	144A 6.625% 4/15/29 #	75,000		70,580
	Granite US Holdings 144A 11.00%
	10/1/27 #	225,000		211,798
	Madison IAQ 144A 5.875%
	6/30/29 #	455,000		349,838
	OT Merger 144A 7.875%
	10/15/29 #	170,000		97,925
	Sealed Air 144A 5.00% 4/15/29 #	215,000		201,317
	Terex 144A 5.00% 5/15/29 #	545,000		464,057
	TK Elevator Holdco 144A 7.625%
	7/15/28 #	215,000		193,337
	TransDigm 4.625% 1/15/29	920,000		742,757
				2,647,546
Communications – 7.10%
	Altice France 144A 5.50%
	10/15/29 #	690,000		529,220
	Altice France Holding 144A 6.00%
	2/15/28 #	705,000		501,717
	Connect Finco 144A 6.75%
	10/1/26 #	590,000		532,183
	Consolidated Communications
	144A 5.00% 10/1/28 #	220,000		176,191
	144A 6.50% 10/1/28 #	510,000		435,071
	Digicel International Finance 144A
	8.75% 5/25/24 #	410,000		381,925
	Frontier Communications Holdings
	144A 5.875% 10/15/27 #	560,000		504,954
	144A 6.75% 5/1/29 #	255,000		210,443
	144A 8.75% 5/15/30 #	110,000		111,429
	LCPR Senior Secured Financing
	DAC 144A 6.75% 10/15/27 #	280,000		261,936
	Northwest Fiber 144A 4.75%
	4/30/27 #	150,000		123,729
	Sable International Finance 144A
	5.75% 9/7/27 #	320,000		294,115
	Sprint 7.625% 3/1/26	450,000		475,117
	Sprint Capital 6.875% 11/15/28	44,000		46,398
	T-Mobile USA
	3.375% 4/15/29	260,000		228,255
	3.50% 4/15/31	199,000		172,228
	Vmed O2 UK Financing I 144A
	4.75% 7/15/31 #	485,000		392,850
				5,377,761
Consumer Cyclical – 2.26%
	Allison Transmission 144A 5.875%
	6/1/29 #	410,000		382,081
	Ford Motor Credit
	3.375% 11/13/25	260,000		234,941
	4.542% 8/1/26	270,000		247,539
	5.584% 3/18/24	470,000		468,534
	Goodyear Tire & Rubber 5.25%
	7/15/31	470,000		378,507
				1,711,602
Consumer Non-Cyclical – 1.30%
	JBS USA LUX 144A 5.50%
	1/15/30 #	625,000		592,456

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Fund for Income Series

		Principal
		amount^��	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Pilgrim's Pride 144A 4.25%
	4/15/31 #	465,000	$	389,389
				981,845
Energy – 12.03%
	Ascent Resources Utica Holdings
	144A 5.875% 6/30/29 #	495,000		436,300
	144A 7.00% 11/1/26 #	230,000		214,206
	Callon Petroleum
	144A 7.50% 6/15/30 #	200,000		184,336
	144A 8.00% 8/1/28 #	290,000		279,002
	CNX Midstream Partners 144A
	4.75% 4/15/30 #	240,000		201,905
	CNX Resources 144A 6.00%
	1/15/29 #	485,000		453,965
	Crestwood Midstream Partners
	144A 6.00% 2/1/29 #	522,000		456,408
	EQM Midstream Partners 144A
	4.75% 1/15/31 #	915,000		732,334
	Genesis Energy
	5.625% 6/15/24	100,000		93,910
	7.75% 2/1/28	375,000		324,919
	8.00% 1/15/27	775,000		688,045
	Hilcorp Energy I
	144A 6.00% 4/15/30 #	520,000		453,242
	144A 6.25% 4/15/32 #	105,000		92,405
	Murphy Oil 6.375% 7/15/28	820,000		766,241
	NuStar Logistics
	5.625% 4/28/27	185,000		165,877
	6.00% 6/1/26	267,000		250,118
	6.375% 10/1/30	530,000		461,331
	Occidental Petroleum
	4.20% 3/15/48	25,000		19,517
	4.40% 4/15/46	100,000		80,991
	4.40% 8/15/49	200,000		160,475
	4.50% 7/15/44	105,000		83,418
	6.45% 9/15/36	225,000		231,169
	6.60% 3/15/46	360,000		383,386
	6.625% 9/1/30	340,000		350,819
	PDC Energy 5.75% 5/15/26	588,000		549,601
	Southwestern Energy
	5.375% 2/1/29	75,000		69,710
	5.375% 3/15/30	750,000		691,522
	Weatherford International 144A
	8.625% 4/30/30 #	295,000		245,362
				9,120,514
Financial Services – 3.94%
	AerCap Holdings 5.875%
	10/10/79 µ	600,000		514,852
	Air Lease 4.65% 6/15/26 µ, ψ	450,000		374,800
	Ally Financial 8.00% 11/1/31	330,000		367,258
	Castlelake Aviation Finance DAC
	144A 5.00% 4/15/27 #	710,000		590,973
	Hightower Holding 144A 6.75%
	4/15/29 #	300,000		226,034
	Medline Borrower 144A 3.875%
	4/1/29 #	385,000		329,221
	Midcap Financial Issuer Trust
	144A 5.625% 1/15/30 #	295,000		230,653
	144A 6.50% 5/1/28 #	410,000		353,775
				2,987,566
Healthcare – 8.89%
	Avantor Funding 144A 3.875%
	11/1/29 #	1,270,000		1,112,615
	Bausch Health 144A 6.25%
	2/15/29 #	685,000		366,475
	Cheplapharm Arzneimittel 144A
	5.50% 1/15/28 #	425,000		355,618
	CHS
	144A 4.75% 2/15/31 #	470,000		345,390
	144A 8.00% 3/15/26 #	240,000		219,257
	Consensus Cloud Solutions
	144A 6.00% 10/15/26 #	170,000		146,498
	144A 6.50% 10/15/28 #	255,000		210,791
	DaVita 144A 4.625% 6/1/30 #	405,000		317,124
	Encompass Health
	4.625% 4/1/31	145,000		117,625
	4.75% 2/1/30	360,000		302,200
	Hadrian Merger Sub 144A 8.50%
	5/1/26 #	504,000		479,873
	HCA
	3.50% 9/1/30	170,000		145,113
	5.375% 2/1/25	155,000		154,657
	5.875% 2/15/26	125,000		125,881
	5.875% 2/1/29	255,000		255,696
	ModivCare Escrow Issuer 144A
	5.00% 10/1/29 #	470,000		380,294
	Organon & Co. 144A 5.125%
	4/30/31 #	665,000		576,203
	Surgery Center Holdings 144A
	10.00% 4/15/27 #	245,000		237,638
	Tenet Healthcare
	144A 4.375% 1/15/30 #	235,000		199,283
	144A 6.125% 10/1/28 #	265,000		227,601
	6.75% 6/15/23	255,000		262,628
	6.875% 11/15/31	223,000		198,659
				6,737,119

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Insurance – 3.33%
	GTCR AP Finance 144A 8.00%
	5/15/27 #	156,000	$	146,241
	HUB International 144A 5.625%
	12/1/29 #	655,000		541,887
	NFP 144A 6.875% 8/15/28 #	500,000		413,930
	Roller Bearing Co. of America 144A
	4.375% 10/15/29 #	735,000		626,342
	USI 144A 6.875% 5/1/25 #	821,000		793,381
				2,521,781
Leisure – 5.17%
	Boyd Gaming 4.75% 12/1/27	505,000		458,085
	Caesars Entertainment
	144A 6.25% 7/1/25 #	290,000		280,463
	144A 8.125% 7/1/27 #	245,000		237,240
	Carnival
	144A 5.75% 3/1/27 #	1,155,000		838,195
	144A 6.00% 5/1/29 #	150,000		105,905
	144A 7.625% 3/1/26 #	355,000		275,791
	Royal Caribbean Cruises 144A
	5.50% 4/1/28 #	1,372,000		956,771
	Scientific Games Holdings 144A
	6.625% 3/1/30 #	455,000		387,464
	Scientific Games International 144A
	7.25% 11/15/29 #	405,000		380,372
				3,920,286
Media – 10.17%
	AMC Networks 4.25% 2/15/29	450,000		365,969
	Arches Buyer 144A 6.125%
	12/1/28 #	465,000		379,910
	Beasley Mezzanine Holdings 144A
	8.625% 2/1/26 #	475,000		356,974
	CCO Holdings
	144A 4.50% 8/15/30 #	875,000		729,298
	4.50% 5/1/32	120,000		97,570
	144A 5.375% 6/1/29 #	365,000		327,011
	CMG Media 144A 8.875%
	12/15/27 #	645,000		511,327
	CSC Holdings
	144A 4.625% 12/1/30 #	900,000		604,597
	144A 5.00% 11/15/31 #	440,000		297,261
	Cumulus Media New Holdings
	144A 6.75% 7/1/26 #	484,000		446,560
	Directv Financing 144A 5.875%
	8/15/27 #	670,000		573,724
	DISH DBS 144A 5.75% 12/1/28 #	415,000		308,048
	Gray Escrow II 144A 5.375%
	11/15/31 #	610,000		490,077
	Gray Television 144A 4.75%
	10/15/30 #	275,000		215,560
	Netflix 4.875% 4/15/28	190,000		179,204
	Nexstar Media 144A 4.75%
	11/1/28 #	345,000		296,540
	Nielsen Finance
	144A 4.50% 7/15/29 #	125,000		113,088
	144A 4.75% 7/15/31 #	410,000		369,376
	Sirius XM Radio 144A 4.00%
	7/15/28 #	935,000		812,090
	VZ Secured Financing 144A 5.00%
	1/15/32 #	285,000		237,143
				7,711,327
Real Estate Investment Trusts – 0.31%
	XHR 144A 4.875% 6/1/29 #	270,000		232,031
				232,031
Retail – 4.11%
	Asbury Automotive Group
	144A 4.625% 11/15/29 #	360,000		297,965
	4.75% 3/1/30	320,000		263,502
	Bath & Body Works
	6.875% 11/1/35	295,000		240,564
	6.95% 3/1/33	330,000		264,032
	144A 9.375% 7/1/25 #	116,000		117,862
	Bloomin' Brands 144A 5.125%
	4/15/29 #	495,000		420,731
	CP Atlas Buyer 144A 7.00%
	12/1/28 #	250,000		180,897
	LSF9 Atlantis Holdings 144A 7.75%
	2/15/26 #	545,000		462,335
	Murphy Oil USA 144A 3.75%
	2/15/31 #	450,000		383,218
	PetSmart 144A 7.75% 2/15/29 #	540,000		487,488
				3,118,594
Services – 5.40%
	ADT Security 144A 4.125%
	8/1/29 #	470,000		382,759
	Ahern Rentals 144A 7.375%
	5/15/23 #	230,000		178,250
	Clarivate Science Holdings 144A
	4.875% 7/1/29 #	640,000		527,370
	Gartner 144A 4.50% 7/1/28 #	395,000		363,400
	Iron Mountain
	144A 5.25% 3/15/28 #	460,000		413,837
	144A 5.25% 7/15/30 #	260,000		226,538
	NESCO Holdings II 144A 5.50%
	4/15/29 #	445,000		373,991
	PECF USS Intermediate Holding III
	144A 8.00% 11/15/29 #	135,000		107,176
	Prime Security Services Borrower
	144A 5.75% 4/15/26 #	265,000		247,645
	Sotheby's 144A 5.875% 6/1/29 #	455,000		391,206

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Fund for Income Series

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Services (continued)
	United Rentals North America
	5.25% 1/15/30	430,000	$	399,586
	White Cap Buyer 144A 6.875%
	10/15/28 #	599,000		480,027
				4,091,785
Technology & Electronics – 4.17%
	Black Knight InfoServ 144A 3.625%
	9/1/28 #	410,000		355,704
	Entegris Escrow 144A 5.95%
	6/15/30 #	585,000		557,821
	Go Daddy Operating 144A 3.50%
	3/1/29 #	475,000		401,335
	Minerva Merger Sub 144A 6.50%
	2/15/30 #	445,000		371,372
	NCR
	144A 5.00% 10/1/28 #	220,000		186,835
	144A 5.25% 10/1/30 #	450,000		388,703
	Sensata Technologies 144A 4.00%
	4/15/29 #	575,000		488,917
	SS&C Technologies 144A 5.50%
	9/30/27 #	440,000		411,708
				3,162,395
Transportation – 2.90%
	Delta Air Lines 7.375% 1/15/26	224,000		224,245
	Grupo Aeromexico 144A 8.50%
	3/17/27 #	255,000		246,652
	Laredo Petroleum 144A 7.75%
	7/31/29 #	420,000		379,508
	Seaspan 144A 5.50% 8/1/29 #	730,000		583,405
	VistaJet Malta Finance 144A
	6.375% 2/1/30 #	955,000		766,521
				2,200,331
Utilities – 2.56%
	Calpine
	144A 4.625% 2/1/29 #	155,000		129,213
	144A 5.00% 2/1/31 #	510,000		412,990
	144A 5.125% 3/15/28 #	270,000		238,341
	PG&E 5.25% 7/1/30	240,000		197,903
	Vistra
	144A 7.00% 12/15/26 #, µ, ψ	670,000		609,362
	144A 8.00% 10/15/26 #, µ, ψ	365,000		352,313
				1,940,122
Total Corporate Bonds
	(cost $75,263,634)			64,253,891

Loan Agreements – 8.07%
	Applied Systems 2nd Lien 7.75%
	(LIBOR03M + 5.50%) 9/19/25 ●	1,444,734		1,400,189
	Calpine 4.17% (LIBOR01M +
	2.50%) 12/16/27 ●	636		605
	Clydesdale Acquisition Holdings
	Tranche B 5.875% (SOFR01M +
	4.25%) 4/13/29 ●	120,000		112,863
	Covis Finco Tranche B 8.704%
	(SOFR01M + 6.65%) 2/18/27 ●	306,125		258,676
	Epicor Software 2nd Lien 9.416%
	(LIBOR01M + 7.75%) 7/31/28 ●	368,200		359,685
	Form Technologies Tranche B
	6.006% (LIBOR03M + 4.50%)
	7/22/25 ●	635,392		584,560
	Hamilton Projects Acquiror 6.75%
	(LIBOR03M + 4.50%) 6/17/27 ●	634,625		607,125
	Hexion Holdings 1st Lien 5.924%
	(SOFR03M + 4.65%) 3/15/29 ●	130,000		116,919
	Hexion Holdings 2nd Lien 8.871%
	(SOFR01M + 7.54%) 3/15/30 ●	330,000		292,050
	PECF USS Intermediate Holding III
	5.916% (LIBOR01M + 4.25%)
	12/15/28 ●	368,150		333,820
	Pre Paid Legal Services 2nd Lien
	8.666% (LIBOR01M + 7.00%)
	12/14/29 ●	230,000		217,350
	Sovos Compliance 1st Lien 6.166%
	(LIBOR01M + 4.50%) 8/11/28 ●	114,544		108,292
	SPX Flow 5.634% (SOFR01M +
	4.50%) 4/5/29 ●	463,106		433,389
	SWF Holdings I TBD 10/6/28 Х	337,460		277,842
	UKG 2nd Lien 7.535% (LIBOR03M
	+ 5.25%) 5/3/27 ●	574,000		533,103
	Vantage Specialty Chemicals 1st
	Lien 4.739% - 5.75%
	(LIBOR03M + 3.50%) 10/28/24 ●	339,665		322,894
	Vantage Specialty Chemicals 2nd
	Lien 9.825% (LIBOR03M +
	8.25%) 10/27/25 ●	169,000		162,240
Total Loan Agreements
	(cost $6,401,692)			6,121,602

Table of Contents

		Number of
		shares	Value (US $)
Short-Term Investments – 6.23%
Money Market Mutual Funds – 6.23%
	BlackRock Liquidity FedFund –
	Institutional Shares (seven-day
	effective yield 1.32%)	1,179,612	$	1,179,612
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield 1.21%)	1,179,613		1,179,613
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield 1.39%)	1,179,614		1,179,614
	Morgan Stanley Institutional
	Liquidity Funds Government
	Portfolio – Institutional Class
	(seven-day effective yield 1.34%)	1,179,613		1,179,613
Total Short-Term Investments
	(cost $4,718,451)			4,718,452
Total Value of Securities–99.22%
	(cost $86,492,112)		$	75,205,444

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $48,819,847, which represents 64.41% of the Series' net assets. See Note 7 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 June 30, 2022. 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.
Х	This loan will settle after June 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

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 were outstanding at June 30, 2022:

				Unrealized
	Principal			Appreciation
Borrower	Amount	Commitment	Value	(Depreciation)
Sovos Compliance 1st Lien 8/11/28	$19,880	$19,880	$18,795	$(1,085)

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
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined
USD – US Dollar

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

Table of Contents

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	75,205,444
	Dividends and interest receivable		1,232,598
	Other assets		633
	Total Assets		76,438,675
Liabilities:
	Due to custodian		22,387
	Payable for securities purchased		487,541
	Payable for series shares redeemed		56,088
	Other accrued expenses		38,689
	Investment management fees payable to affiliates		34,992
	Unrealized depreciation on unfunded loan commitments**		1,085
	Administration expenses payable to affiliates		635
	Distribution fees payable to affiliates		3
	Total Liabilities		641,420
Total Net Assets		$	75,797,255

Net Assets Consist of:
	Paid-in capital	$	92,093,222
	Total distributable earnings (loss)		(16,295,967	)
Total Net Assets		$	75,797,255

Net Asset Value
Standard Class:
Net assets		$	75,782,968
Shares of beneficial interest outstanding, unlimited authorization, no par			14,722,308
Net asset value per share		$	5.15
Service Class:
Net assets		$	14,287
Shares of beneficial interest outstanding, unlimited authorization, no par			2,777
Net asset value per share		$	5.14
____________________
*Investments, at cost		$	86,492,112
**See Note 7 in “Notes to financial statements.”

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

Table of Contents

Statement of operations
Delaware VIP^®Trust — Delaware VIP Fund for Income Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Interest	$	2,387,479
	Dividends		6,857
			2,394,336

Expenses:
	Management fees		275,221
	Distribution expenses — Service Class		8
	Administration expenses		26,795
	Audit and tax fees		21,981
	Dividend disbursing and transfer agent fees and expenses		3,784
	Custodian fees		2,072
	Legal fees		1,852
	Trustees’ fees and expenses		1,191
	Registration fees		1
	Other		23,285
			356,190
	Less expenses waived		(31,113	)
	Total operating expenses		325,077
Net Investment Income (Loss)			2,069,259

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		(793,186	)
	Net change in unrealized appreciation (depreciation) on investments		(13,740,558	)
Net Realized and Unrealized Gain (Loss)			(14,533,744	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(12,464,485	)

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

Table of Contents

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

			Six months
			ended
			6/30/22			Year ended
			(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	2,069,259		$	4,283,469
	Net realized gain (loss)			(793,186	)		2,917,342
	Net change in unrealized appreciation (depreciation)			(13,740,558	)		(2,603,436	)
	Net increase (decrease) in net assets resulting from operations			(12,464,485	)		4,597,375

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Standard Class		(5,758,945	)		(4,961,205	)
		Service Class		(669	)		—
				(5,759,614	)		(4,961,205	)

Capital Share Transactions:
	Proceeds from shares sold:
		Standard Class		337,192			2,472,909
		Service Class		15,485			—
	Net asset value of shares issued upon reinvestment of dividends and distributions:
		Standard Class		5,758,945			4,961,205
		Service Class		669			—
				6,112,291			7,434,114
	Cost of shares redeemed:
		Standard Class		(5,257,146	)		(11,772,138	)
	Increase (decrease) in net assets derived from capital share transactions			855,145			(4,338,024	)
Net Decrease in Net Assets				(17,368,954	)		(4,701,854	)

Net Assets:
	Beginning of period			93,166,209			97,868,063
	End of period		$	75,797,255		$	93,166,209

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

Table of Contents

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:

		Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	6.41		$	6.44		$	6.36		$	5.96		$	6.45		$	6.36

Income (loss) from investment operations:
Net investment income³		0.14			0.28			0.29			0.30			0.30			0.30
Net realized and unrealized gain (loss)		(0.99	)		0.02			0.16			0.44			(0.46	)		0.12
Total from investment operations		(0.85	)		0.30			0.45			0.74			(0.16	)		0.42

Less dividends and distributions from:
Net investment income		(0.32	)		(0.33	)		(0.37	)		(0.34	)		(0.33	)		(0.33	)
Net realized gain		(0.09	)		—			—			—			—			—
Total dividends and distributions		(0.41	)		(0.33	)		(0.37	)		(0.34	)		(0.33	)		(0.33	)

Net asset value, end of period	$	5.15		$	6.41		$	6.44		$	6.36		$	5.96		$	6.45

Total return⁴		(13.74%	)⁵		4.88%			7.95%	⁵		12.78%	⁵		(2.58%	)		6.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	75,783		$	93,166		$	97,868		$	105,035		$	100,198		$	106,011
Ratio of expenses to average net assets⁶		0.77%			0.80%			0.83%			0.85%			0.91%			0.89%
Ratio of expenses to average net assets prior to
fees waived⁶		0.84%			0.80%			0.87%			0.88%			0.91%			0.89%
Ratio of net investment income to average net
assets		4.90%			4.45%			4.73%			4.94%			4.93%			4.70%
Ratio of net investment income to average net
assets prior to fees waived		4.82%			4.45%			4.69%			4.91%			4.93%			4.70%
Portfolio turnover		25%			86%			131%			115%			73%			66%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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

Table of Contents

Financial highlights
Delaware VIP^®Fund for Income Series Service Class

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

	3/31/22¹
	to
	6/30/22
	(Unaudited)
Net asset value, beginning of period	$	6.13

Income (loss) from investment operations:
Net investment income²		0.06
Net realized and unrealized loss		(0.64	)
Total from investment operations		(0.58	)

Less dividends and distributions from:
Net investment income		(0.32	)
Net realized gain		(0.09	)
Total dividends and distributions		(0.41	)

Net asset value, end of period	$	5.14

Total return³		—

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14
Ratio of expenses to average net assets⁴		1.04%
Ratio of expenses to average net assets prior to fees waived⁴		1.11%
Ratio of net investment income to average net assets		4.71%
Ratio of net investment income to average net assets prior to fees waived		4.64%
Portfolio turnover		25%	⁵

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Calculated using average shares outstanding.
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 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.
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.

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 Fund for Income Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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 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 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

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 the 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.

(continues) 13

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

1. Significant Accounting Policies (continued)

(Underlying Funds) are recorded on the ex-dividend date. 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.

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

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

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.74% of the Series’ average daily net assets for the Standard Class and 1.04% for the Service Class from March 10, 2022 through June 30, 2022.* From January 1, 2022 through March 9, 2022, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total annual series operating expenses from exceeding 0.81% of the Series’ average daily net assets for the Standard Class. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

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

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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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $3,652 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	20,031,934
Sales			23,377,495

Cost of investments	$	86,803,923
Aggregate unrealized appreciation of investments	$	68,303
Aggregate unrealized depreciation of investments		(11,666,782	)
Net unrealized depreciation of investments	$	(11,598,479	)

(continues) 15

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Fund for Income 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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1			Level 2			Total
Securities
Assets:
Convertible Bond		$	—		$	111,499		$	111,499
Corporate Bonds			—			64,253,891			64,253,891
Loan Agreements			—			6,121,602			6,121,602
Short-Term Investments			4,718,452			—			4,718,452
Total Value of Securities		$	4,718,452		$	70,486,992		$	75,205,444

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4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	6/30/22		12/31/21
Shares sold:
Standard Class	56,621		387,116
Service Class	2,658		—
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,033,922		800,194
Service Class	119		—
	1,093,320		1,187,310
Shares redeemed:
Standard Class	(899,163	)	(1,847,542	)
Net increase (decrease)	194,157		(660,232	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

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

6. Securities Lending (continued)

supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

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 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.

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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.”

8. Contractual Obligations

9. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), 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.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 19

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Fund for Income Series

Liquidity Risk Management Program

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(2314852)
SA-VIPFFI-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Growth and Income Series

June 30, 2022

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Disclosure of Series expenses		1
Security type / sector allocation and top 10 equity holdings		2
Schedule of investments		3
Statement of assets and liabilities		5
Statement of operations		6
Statements of changes in net assets		7
Financial highlights		8
Notes to financial statements		9
Other Series information		15

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

The investment objective of the Series is to seek long-term growth of capital and current income.

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

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			1/1/22 to
	1/1/22			6/30/22			Ratio			6/30/22*
Actual Series return^†
Standard Class		$	1,000.00		$	937.70		0.71	%		$	3.41
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,021.27		0.71	%		$	3.56

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks ◆		99.50	%
Communication Services		8.24	%
Consumer Discretionary		7.45	%
Consumer Staples		6.61	%
Energy		7.82	%
Financials		20.47	%
Healthcare*		26.27	%
Industrials		7.85	%
Information Technology		13.77	%
Materials		1.02	%
Short-Term Investments		0.39	%
Total Value of Securities		99.89	%
Receivables and Other Assets Net of Liabilities		0.11	%
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 Healthcare 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 Healthcare sector consisted of Biotechnology and Pharmaceuticals. As of June 30, 2022, such amounts, as a percentage of total net assets were 2.84% and 23.43%, respectively. The percentage in any such single industry will comply with the Series' concentration policy even if the percentage in the Healthcare 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
Johnson & Johnson		5.72	%
Exxon Mobil		4.97	%
Bristol-Myers Squibb		4.38	%
Raytheon Technologies		4.24	%
Merck & Co.		3.77	%
Verizon Communications		3.53	%
Philip Morris International		3.49	%
Cisco Systems		3.21	%
Motorola Solutions		3.10	%
Allstate		3.09	%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Growth and Income Series

June 30, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 99.50% ◆
Communication Services – 8.24%
	AT&T	458,763	$	9,615,673
	Comcast Class A	305,156		11,974,321
	Verizon Communications	318,820		16,180,115
				37,770,109
Consumer Discretionary – 7.45%
	APA	317,618		11,084,868
	Chipotle Mexican Grill †	2,083		2,723,023
	Ford Motor	130,251		1,449,694
	Lowe's	26,311		4,595,742
	Tapestry	77,872		2,376,653
	TJX	213,832		11,942,517
				34,172,497
Consumer Staples – 6.61%
	Altria Group	152,280		6,360,736
	Archer-Daniels-Midland	34,034		2,641,038
	Mondelez International Class A	85,131		5,285,784
	Philip Morris International	162,057		16,001,508
				30,289,066
Energy – 7.82%
	ConocoPhillips	145,514		13,068,612
	Exxon Mobil	266,048		22,784,351
				35,852,963
Financials – 20.47%
	Allstate	111,930		14,184,889
	American Financial Group	31,500		4,372,515
	American International Group	180,461		9,226,971
	Discover Financial Services	22,752		2,151,884
	Evercore Class A	31,436		2,942,724
	Fidelity National Financial	179,849		6,647,219
	First American Financial	149,741		7,924,294
	MetLife	193,987		12,180,444
	Old Republic International	312,811		6,994,454
	OneMain Holdings	120,850		4,517,373
	Synchrony Financial	250,884		6,929,416
	Truist Financial	233,815		11,089,845
	Unum Group	138,708		4,718,846
				93,880,874
Healthcare – 26.27%
	AmerisourceBergen	51,392		7,270,940
	Bristol-Myers Squibb	261,030		20,099,310
	Cardinal Health	57,662		3,013,993
	Cigna	51,138		13,475,886
	CVS Health	107,994		10,006,724
	Gilead Sciences	210,443		13,007,482
	Johnson & Johnson	147,806		26,237,043
	Merck & Co.	189,357		17,263,677
	Pfizer	89,818		4,709,158
	Viatris	513,040		5,371,529
				120,455,742
Industrials – 7.85%
	Emerson Electric	74,400		5,917,776
	Honeywell International	41,469		7,207,727
	Northrop Grumman	7,155		3,424,168
	Raytheon Technologies	202,278		19,440,939
				35,990,610
Information Technology – 13.77%
	Broadcom	26,023		12,642,234
	Cisco Systems	345,678		14,739,710
	Cognizant Technology Solutions
	Class A	195,865		13,218,929
	HP	217,663		7,134,993
	Motorola Solutions	67,777		14,206,059
	Western Union	74,082		1,220,130
				63,162,055
Materials – 1.02%
	CF Industries Holdings	10,749		921,512
	DuPont de Nemours	45,845		2,548,065
	Newmont	20,355		1,214,583
				4,684,160
Total Common Stocks
	(cost $412,827,327)			456,258,076

Short-Term Investments – 0.39%
Money Market Mutual Funds – 0.39%
	BlackRock Liquidity FedFund –
	Institutional Shares (seven-day
	effective yield 1.32%)	446,170		446,170
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield
	1.21%)	446,171		446,171
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield
	1.39%)	446,171		446,171
	Morgan Stanley Institutional
	Liquidity Funds Government
	Portfolio – Institutional Class
	(seven-day effective yield
	1.34%)	446,170		446,170
Total Short-Term Investments
	(cost $1,784,682)			1,784,682
Total Value of Securities–99.89%
	(cost $414,612,009)		$	458,042,758

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Growth and Income Series

◆	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.

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	458,042,758
	Dividends receivable		980,306
	Prepaid expenses		225
	Other assets		3,510
	Total Assets		459,026,799
Liabilities:
	Investment management fees payable to affiliates		254,392
	Payable for series shares redeemed		163,723
	Other accrued expenses		37,754
	Administration expenses payable to affiliates		1,960
	Total Liabilities		457,829
Total Net Assets		$	458,568,970

Net Assets Consist of:
	Paid-in capital	$	396,333,957
	Total distributable earnings (loss)		62,235,013
Total Net Assets		$	458,568,970

Net Asset Value
Standard Class:
Net assets		$	458,568,970
Shares of beneficial interest outstanding, unlimited authorization, no par			16,387,050
Net asset value per share		$	27.98
___________________
*Investments, at cost		$	414,612,009

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

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Statement of operations
Delaware VIP^®Trust — Delaware VIP Growth and Income Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	7,751,938

Expenses:
	Management fees		1,618,256
	Accounting and administration expenses		59,501
	Dividend disbursing and transfer agent fees and expenses		19,959
	Audit and tax fees		15,045
	Legal fees		9,575
	Custodian fees		7,624
	Trustees’ fees and expenses		6,234
	Reports and statements to shareholders expenses		5,575
	Registration fees		1
	Other		19,679
	Total operating expenses		1,761,449
Net Investment Income (Loss)			5,990,489

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		13,698,033
	Net change in unrealized appreciation (depreciation) on investments		(50,070,718	)
Net Realized and Unrealized Gain (Loss)			(36,372,685	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(30,382,196	)

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 and Income Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	5,990,489		$	11,107,894
	Net realized gain (loss)		13,698,033			51,788,654
	Net change in unrealized appreciation (depreciation)		(50,070,718	)		36,550,302
	Net increase (decrease) in net assets resulting from operations		(30,382,196	)		99,446,850

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(59,105,904	)		(9,074,137	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		130,026			1,047,557
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		59,105,904			9,074,137
			59,235,930			10,121,694
	Cost of shares redeemed:
	Standard Class		(27,429,053	)		(51,410,464	)
	Increase (decrease) in net assets derived from capital share transactions		31,806,877			(41,288,770	)
Net Increase (Decrease) in Net Assets			(57,681,223	)		49,083,943

Net Assets:
	Beginning of period		516,250,193			467,166,250
	End of period	$	458,568,970		$	516,250,193

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

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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:

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	33.80		$	28.17		$	43.10		$	41.84		$	49.45		$	44.18

Income (loss) from investment operations:
Net investment income³		0.38			0.70			0.59			0.71			0.72			0.66
Net realized and unrealized gain (loss)		(2.20	)		5.49			(3.82	)		8.82			(5.48	)		7.09
Total from investment operations		(1.82	)		6.19			(3.23	)		9.53			(4.76	)		7.75

Less dividends and distributions from:
Net investment income		(0.75	)		(0.56	)		(0.75	)		(0.74	)		(0.68	)		(0.71	)
Net realized gain		(3.25	)		—			(10.95	)		(7.53	)		(2.17	)		(1.77	)
Total dividends and distributions		(4.00	)		(0.56	)		(11.70	)		(8.27	)		(2.85	)		(2.48	)

Net asset value, end of period	$	27.98		$	33.80		$	28.17		$	43.10		$	41.84		$	49.45

Total return⁴		(6.23%	)		22.20%			(0.46%	)		25.60%			(10.17%	)		18.28%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	458,569		$	516,250		$	467,166		$	518,042		$	448,975		$	531,695
Ratio of expenses to average net assets⁵		0.71%			0.70%			0.74%			0.76%			0.77%			0.78%
Ratio of net investment income to average net
assets		2.41%			2.22%			2.09%			1.75%			1.54%			1.45%
Portfolio turnover		11%			49%			30%			122%	⁶		58%			17%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Expense ratios do not include expenses of any 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.

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

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

(continues) 9

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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.” There were no such earnings credits for the six months ended June 30, 2022.

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), in order to prevent total annual series operating expenses from exceeding 0.72% of the Series’ average daily net assets from January 1, 2022 through June 30, 2022.* 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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $18,949 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $5,458 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

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____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	56,419,916
Sales			76,166,809

Cost of investments	$	414,612,009
Aggregate unrealized appreciation of investments	$	70,130,396
Aggregate unrealized depreciation of investments		(26,699,647	)
Net unrealized appreciation of investments	$	43,430,749

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)

(continues) 11

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

3. Investments (continued)

comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1
Securities
Assets:
Common Stocks		$	456,258,076
Short-Term Investments			1,784,682
Total Value of Securities		$	458,042,758

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	6/30/22		12/31/21
Shares sold:
Standard Class	3,905		34,121
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,959,745		296,929
	1,963,650		331,050
Shares redeemed:
Standard Class	(849,873	)	(1,641,369	)
Net increase (decrease)	1,113,777		(1,310,319	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

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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.

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

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.

(continues) 13

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

7. Credit and Market Risk (continued)

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2022, there were no Rule 144A securities held by the Series.

8. Contractual Obligations

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Growth and Income Series

Liquidity Risk Management Program

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(2314852)
SA-VIPGI-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Growth Equity Series

June 30, 2022

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Disclosure of Series expenses		1
Security type / sector allocation and top 10 equity holdings		2
Schedule of investments		3
Statement of assets and liabilities		4
Statement of operations		5
Statements of changes in net assets		6
Financial highlights		7
Notes to financial statements		8
Other Series information		14

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

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

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			1/1/22 to
	1/1/22		6/30/22		Ratio			6/30/22*
Actual Series return^†
Standard Class	$	1,000.00	$	729.80		0.78	%		$	3.35
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.93		0.78	%		$	3.91

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks ◆		99.03	%
Communication Services		11.83	%
Consumer Discretionary		12.31	%
Consumer Staples		3.82	%
Financials		4.60	%
Healthcare		9.96	%
Industrials		10.36	%
Information Technology*		46.15	%
Total Value of Securities		99.03	%
Receivables and Other Assets Net of Liabilities		0.97	%
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, Diversified Financial Services, Internet, Semiconductors, Software, and Telecommunications. As of June 30, 2022, such amounts, as a percentage of total net assets, were 0.93%, 6.08%, 5.46%, 3.79%, 3.20%, 22.23%, and 4.46%, 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
Microsoft		12.74	%
Apple		6.08	%
Alphabet Class A		5.50	%
Visa Class A		4.89	%
Amazon.com		4.86	%
UnitedHealth Group		4.47	%
Motorola Solutions		4.47	%
CoStar Group		3.88	%
Coca-Cola		3.82	%
VeriSign		3.79	%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Growth Equity Series

June 30, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks ‒ 99.03% ◆
Communication Services ‒ 11.83%
	Alphabet Class A †	2,354	$	5,129,978
	Alphabet Class C †	396		866,230
	Electronic Arts	23,731		2,886,876
	Meta Platforms Class A †	10,519		1,696,189
	Pinterest Class A †	24,488		444,702
				11,023,975
Consumer Discretionary ‒ 12.31%
	Amazon.com †	42,613		4,525,927
	Booking Holdings †	722		1,262,771
	Ferrari	9,017		1,654,439
	Home Depot	4,664		1,279,195
	LVMH Moet Hennessy Louis Vuitton
	ADR	9,713		1,187,123
	NIKE Class B	15,258		1,559,367
				11,468,822
Consumer Staples ‒ 3.82%
	Coca-Cola	56,536		3,556,680
				3,556,680
Financials ‒ 4.60%
	Intercontinental Exchange	19,480		1,831,899
	S&P Global	7,290		2,457,168
				4,289,067
Healthcare ‒ 9.96%
	Cooper	5,701		1,785,097
	Danaher	5,006		1,269,121
	Intuitive Surgical †	5,008		1,005,156
	UnitedHealth Group	8,106		4,163,485
	Zoetis	6,156		1,058,155
				9,281,014
Industrials ‒ 10.36%
	CoStar Group †	59,815		3,613,424
	J.B. Hunt Transport Services	10,386		1,635,483
	Stanley Black & Decker	3,637		381,376
	TransUnion	29,031		2,322,190
	Union Pacific	3,627		773,567
	Verisk Analytics	5,391		933,128
				9,659,168
Information Technology ‒ 46.15%
	Adobe †	5,465		2,000,518
	Apple	41,441		5,665,813
	Autodesk †	5,806		998,400
	Broadridge Financial Solutions	14,627		2,085,079
	Intuit	5,881		2,266,773
	Mastercard Class A	1,671		527,167
	Microsoft	46,246		11,877,360
	Motorola Solutions	19,858		4,162,237
	NVIDIA	19,676		2,982,685
	PayPal Holdings †	12,409		866,644
	Salesforce †	9,004		1,486,020
	VeriSign †	21,107		3,531,834
	Visa Class A	23,166		4,561,154
				43,011,684
Total Common Stocks
	(cost $91,269,736)			92,290,410
Total Value of Securities‒99.03%
	(cost $91,269,736)		$	92,290,410

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
ADR – American Depositary Receipt
S&P – Standard & Poor’s Financial Services LLC

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

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	92,290,410
	Cash		932,839
	Dividends receivable		51,038
	Receivable for series shares sold		16,886
	Other assets		902
	Total Assets		93,292,075
Liabilities:
	Investment management fees payable to affiliates		49,322
	Other accrued expenses		36,725
	Payable for series shares redeemed		8,625
	Administration expenses payable to affiliates		463
	Total Liabilities		95,135
Total Net Assets		$	93,196,940

Net Assets Consist of:
	Paid-in capital	$	67,193,316
	Total distributable earnings (loss)		26,003,624
Total Net Assets		$	93,196,940

Net Asset Value
Standard Class:
Net assets		$	93,196,940
Shares of beneficial interest outstanding, unlimited authorization, no par			5,974,275
Net asset value per share		$	15.60
____________________
*Investments, at cost		$	91,269,736

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

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Statement of operations
Delaware VIP^®Trust — Delaware VIP Growth Equity Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	560,532

Expenses:
	Management fees		352,934
	Accounting and administration expenses		28,858
	Audit and tax fees		15,018
	Dividend disbursing and transfer agent fees and expenses		7,633
	Reports and statements to shareholders expenses		5,966
	Legal fees		2,247
	Custodian fees		2,107
	Trustees’ fees and expenses		1,943
	Other		6,898
			423,604
	Less expenses waived		(2,271	)
	Total operating expenses		421,333
Net Investment Income (Loss)			139,199

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		24,845,806
	Net change in unrealized appreciation (depreciation) on investments		(60,028,451	)
Net Realized and Unrealized Gain (Loss)			(35,182,645	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(35,043,446	)

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

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	139,199		$	(39,535	)
	Net realized gain (loss)		24,845,806			20,236,259
	Net change in unrealized appreciation (depreciation)		(60,028,451	)		19,836,439
	Net increase (decrease) in net assets resulting from operations		(35,043,446	)		40,033,163

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(20,195,621	)		(5,241,382	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		2,355,990			3,102,696
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		20,195,621			5,241,382
			22,551,611			8,344,078
	Cost of shares redeemed:
	Standard Class		(5,975,594	)		(17,600,858	)
	Increase (decrease) in net assets derived from capital share transactions		16,576,017			(9,256,780	)
Net Increase (Decrease) in Net Assets			(38,663,050	)		25,535,001

Net Assets:
	Beginning of period		131,859,990			106,324,989
	End of period	$	93,196,940		$	131,859,990

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:

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	26.34		$	19.79		$	16.53		$	14.14		$	15.87		$	13.37

Income (loss) from investment operations:
Net investment income (loss)³		0.03			(0.01	)		0.01			0.07			0.05			0.06
Net realized and unrealized gain (loss)		(6.65	)		7.56			4.39			3.28			(0.57	)		3.97
Total from investment operations		(6.62	)		7.55			4.40			3.35			(0.52	)		4.03

Less dividends and distributions from:
Net investment income		—			(0.01	)		(0.07	)		(0.05	)		(0.06	)		(0.08	)
Net realized gain		(4.12	)		(0.99	)		(1.07	)		(0.91	)		(1.15	)		(1.45	)
Total dividends and distributions		(4.12	)		(1.00	)		(1.14	)		(0.96	)		(1.21	)		(1.53	)

Net asset value, end of period	$	15.60		$	26.34		$	19.79		$	16.53		$	14.14		$	15.87

Total return⁴		(27.02%	)⁵		39.23%			29.50%	⁵		24.35%	⁵		(3.79%	)		32.80%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	93,197		$	131,860		$	106,325		$	91,962		$	73,629		$	69,829
Ratio of expenses to average net assets		0.78%			0.75%			0.80%			0.82%			0.81%			0.81%
Ratio of expenses to average net assets prior to
fees waived		0.78%			0.75%			0.83%			0.84%			0.81%			0.81%
Ratio of net investment income (loss) to average
net assets		0.26%			(0.03%	)		0.04%			0.43%			0.34%			0.40%
Ratio of net investment income (loss) to average
net assets prior to fees waived		0.26%			(0.03%	)		0.01%			0.41%			0.34%			0.40%
Portfolio turnover		88%			31%			37%			45%			31%			52%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

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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.” There were no such earnings credits for the six months ended June 30, 2022.

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), in order to prevent total annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2022 through June 30, 2022.* 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.

Prior to May 31, 2022, 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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $4,294 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $4,666 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

(continues) 9

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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)

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	96,239,731
Sales			99,255,252

Cost of investments	$	91,269,736
Aggregate unrealized appreciation of investments	$	6,761,415
Aggregate unrealized depreciation of investments		(5,740,741	)
Net unrealized appreciation of investments	$	1,020,674

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)

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The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1
Securities
Assets:
Common Stocks	$	92,290,410
Total Value of Securities	$	92,290,410

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	6/30/22		12/31/21
Shares sold:
Standard Class	114,804			142,140
Shares issued upon reinvestment of dividends and distributions:
Standard Class	1,139,065			243,559
	1,253,869			385,699
Shares redeemed:
Standard Class	(286,182	)		(751,455	)
Net increase (decrease)	967,687			(365,756	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

(continues) 11

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Growth Equity Series

6. Securities Lending (continued)

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.

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

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not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2022, there were no Rule 144A securities held by the Series.

8. Contractual Obligations

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 13

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Growth Equity Series

Liquidity Risk Management Program

Board consideration of sub-advisory agreements for Delaware VIP Growth Equity Series at a meeting held March 1-3, 2022

At a meeting held on March 1-3, 2022, the Board of Trustees (the “Board”) of Delaware VIP Growth Equity Series (the “Series”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Global Limited (“MIMGL”) and Macquarie Funds Management Hong Kong Limited (“MFMHKL”), respectively. MIMGL and MFMHK may also be referenced as “sub-advisors” below.

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

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with 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 Agreements. This discussion of the information and factors considered by the Board is not

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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 each sub-advisor, the Board reviewed the services to be provided by each sub-advisor pursuant to the Sub-Advisory Agreement and as described at the meeting. The Board reviewed materials provided by each sub-advisor 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 the sub-advisors. In discussing the nature of the services proposed to be provided by each sub-advisor, it was observed that, unlike traditional sub-advisors who make all of the investment-related decisions with respect to a sub-advised portfolio, the relationship between DMC (the Series’ investment manager) and each sub-advisor as currently contemplated is primarily more of a collaborative effort between DMC and the sub-advisor and a cross pollination of investment ideas. The Board further noted the stated intention under the new Sub-Advisory Agreements that DMC would have the sole discretion to delegate portions of the implementation of the Series’ strategy to the sub-advisors who would be permitted to execute Series trades and exercise investment discretion pursuant to that delegation and subject to DMC oversight.

However, DMC and the Series’ named portfolio managers will continue to retain principal responsibility for the Series’ strategy and investment process and be primarily responsible for the day-to-day management of the Series’ portfolio. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by each sub-advisor to the Series and its shareholders and was confident in the abilities of the sub-advisor to provide quality services to the Series and its shareholders.

Investment performance. In regards to the appointment of each sub-advisor for the Series, the Board reviewed information on prior performance for the sub-advisors. In evaluating performance, the Board considered that the sub-advisors would provide investment advice and recommendations, including with respect to specific securities, but that DMC’s portfolio managers for the Series would retain principal responsibility for the Series’ strategy as described above. In addition, the Board considered that the sub-advisors would also execute Series security trades on behalf of DMC and be permitted by DMC to exercise investment discretion for securities in certain markets where DMC wanted to utilize each sub-advisor’s specialized market knowledge.

Sub-advisory fees. The Board considered that DMC would pay each sub-advisor a sub-advisory fee based on the extent to which the sub-advisor provides services to the Series as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fee, the Board also reviewed and considered the fee in light of the nature, extent, and quality of the sub-advisory services to be provided by each sub-advisor. The Board noted that the sub-advisory fee is paid by DMC to each sub-advisor 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 was provided with information showing an estimate of the sub-advisory fee to be paid to each sub-advisor based on a projection of the sub-advisor’s allocations given certain historical investment trends, as well as information regarding the expected impact the sub-advisory arrangement would have on the profitability of DMC. The Board also noted that, given the collaborative nature of the services to be provided by each sub-advisor, there were no comparable accounts and corresponding fees to which the sub-advisors were able to compare this arrangement. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and each sub-advisor, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Information about each sub-advisor’s profitability from its relationship with the Series was not available because it had not begun to provide services to the Series. With regard to potential fall-out benefits derived or to be derived by each sub-advisor and its affiliates in connection with their relationship to the Series, the Board considered the potential benefit to DMC and the sub-advisors of marketing a global approach on the portfolio management of their 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.

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(2314852)
SA-VIPGE-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP International Series

June 30, 2022

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Disclosure of Series expenses	1
Security type / country and sector allocations	2
Schedule of investments	3
Statement of assets and liabilities	5
Statement of operations	6
Statements of changes in net assets	7
Financial highlights	8
Notes to financial statements	10
Other Series information	18

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

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

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			1/1/22 to
	1/1/22		6/30/22		Ratio			6/30/22*
Actual Series return^†
Standard Class	$	1,000.00	$	805.10		0.86	%		$	3.85
Service Class		1,000.00		804.10		1.16	%			5.19
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.53		0.86	%		$	4.31
Service Class		1,000.00		1,019.04		1.16	%			5.81

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Series' expenses reflected above, the Series also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above does not reflect the expenses of any Underlying Funds.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / country	of net assets
Common Stocks by Country		97.70	%
Denmark		5.38	%
France		17.66	%
Germany		13.55	%
Japan		11.12	%
Netherlands		5.45	%
Spain		6.10	%
Sweden		9.32	%
Switzerland		15.35	%
United Kingdom		13.77	%
Exchange-Traded Funds		1.60	%
Short-Term Investments		0.23	%
Total Value of Securities		99.53	%
Receivables and Other Assets Net of Liabilities		0.47	%
Total Net Assets		100.00	%

	Percentage
Common stock by sector ◆	of net assets
Communication Services		5.90	%
Consumer Discretionary		15.01	%
Consumer Staples*		32.96	%
Health Care		18.48	%
Industrials		9.89	%
Information Technology		10.23	%
Materials		5.23	%
Total		97.70	%

◆

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, and Food. As of June 30, 2022, such amounts, as a percentage of total net assets were 6.55%, 8.09%, and 18.32%, respectively. The percentage in any such single industry will comply with the Series’ concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

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

June 30, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 97.70%Δ
Denmark – 5.38%
	Novo Nordisk Class B		82,920	$	9,196,783
					9,196,783
France – 17.66%
	Air Liquide		66,583		8,939,657
	Danone		121,280		6,769,100
	Orange		349,200		4,105,893
	Publicis Groupe		64,970		3,176,860
	Sodexo		102,250		7,185,673
					30,177,183
Germany – 13.55%
	adidas AG		39,000		6,897,230
	Fresenius Medical Care AG & Co.		125,500		6,264,189
	Knorr-Bremse		51,460		2,934,735
	SAP		77,450		7,055,563
					23,151,717
Japan – 11.12%
	Asahi Group Holdings		55,200		1,808,402
	Kao		164,400		6,630,283
	KDDI		88,600		2,800,747
	Makita		150,000		3,738,945
	Seven & i Holdings		103,900		4,033,323
					19,011,700
Netherlands – 5.45%
	Koninklijke Ahold Delhaize		357,640		9,317,251
					9,317,251
Spain – 6.10%
	Amadeus IT Group †		187,040		10,419,815
					10,419,815
Sweden – 9.32%
	Essity Class B		275,280		7,187,594
	H & M Hennes & Mauritz Class B		288,210		3,441,700
	Securitas Class B		614,290		5,291,550
					15,920,844
Switzerland – 15.35%
	Nestle		95,880		11,192,444
	Roche Holding		20,740		6,920,575
	Swatch Group		34,200		8,114,283
					26,227,302
United Kingdom – 13.77%
	Diageo		218,210		9,377,963
	Intertek Group		96,570		4,944,349
	Smith & Nephew		660,070		9,220,199
					23,542,511
Total Common Stocks
	(cost $191,942,618)				166,965,106

Exchange-Traded Funds – 1.60%
	iShares MSCI EAFE ETF		540		33,745
	iShares Trust iShares ESG Aware
		MSCI EAFE ETF	37,960		2,382,369
	Vanguard FTSE Developed
		Markets ETF	7,750		316,200
Total Exchange-Traded Funds
	(cost $3,162,117)				2,732,314

Short-Term Investments – 0.23%
Money Market Mutual Funds – 0.23%
	BlackRock Liquidity FedFund –
		Institutional Shares (seven-day
		effective yield 1.32%)	96,954		96,954
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		1.21%)	96,953		96,953
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		1.39%)	96,953		96,953
	Morgan Stanley Institutional
		Liquidity Funds Government
		Portfolio – Institutional Class
		(seven-day effective yield
		1.34%)	96,953		96,953
Total Short-Term Investments
	(cost $387,813)				387,813
Total Value of Securities–99.53%
	(cost $195,492,548)			$	170,085,233

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 2 in “Security type / country and sector allocations.”
†	Non-income producing security.

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

The following foreign currency exchange contract was outstanding at June 30, 2022:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Appreciation

BNYM

EUR

281,832

USD

(295,300

)

7/1/22

BNYM

GBP

185,703

USD

(225,576

)

7/1/22

483

Total Foreign Currency Exchange Contracts

547

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 6 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International

Summary of currencies:
EUR – European Monetary Unit
GBP – British Pound Sterling
USD – US Dollar

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

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	170,085,233
	Cash		116,299
	Foreign currencies, at value^Δ		56,818
	Foreign tax reclaims receivable		1,168,031
	Receivable for securities sold		267,099
	Dividends receivable		95,165
	Unrealized appreciation on foreign currency exchange contracts		547
	Receivable for series shares sold		148
	Other assets		1,479
	Total Assets		171,790,819
Liabilities:
	Payable for securities purchased		637,702
	Investment management fees payable to affiliates		106,522
	Payable for series shares redeemed		85,673
	Other accrued expenses		64,599
	Administration expenses payable to affiliates		1,031
	Distribution fees payable to affiliates		215
	Total Liabilities		895,742
Total Net Assets		$	170,895,077

Net Assets Consist of:
	Paid-in capital	$	195,963,629
	Total distributable earnings (loss)		(25,068,552	)
Total Net Assets		$	170,895,077

Net Asset Value
Standard Class:
Net assets		$	170,041,574
Shares of beneficial interest outstanding, unlimited authorization, no par			11,684,306
Net asset value per share		$	14.55
Service Class:
Net assets		$	853,503
Shares of beneficial interest outstanding, unlimited authorization, no par			58,754
Net asset value per share		$	14.53
____________________
*Investments, at cost		$	195,492,548
^ΔForeign currencies, at cost			56,409

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

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

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	3,458,021
	Foreign tax withheld		(441,672	)
			3,016,349

Expenses:
	Management fees		825,518
	Distribution expenses – Service Class		1,171
	Administration expenses		36,408
	Custodian fees		27,201
	Audit and tax fees		16,390
	Dividend disbursing and transfer agent fees and expenses		8,722
	Legal fees		4,308
	Trustees’ fees and expenses		2,950
	Registration fees		1
	Other		17,697
			940,366
	Less expenses waived		(103,653	)
	Less expenses paid indirectly		(1	)
	Total operating expenses		836,712
Net Investment Income (Loss)			2,179,637

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		(1,123,915	)
	Foreign currencies		(36,947	)
	Foreign currency exchange contracts		(59,693	)
	Net realized gain (loss)		(1,220,555	)
	Net change in unrealized appreciation (depreciation) on:
	Investments		(42,740,030	)
	Foreign currencies		(62,414	)
	Foreign currency exchange contracts		64
	Net change in unrealized appreciation (depreciation)		(42,802,380	)
Net Realized and Unrealized Gain (Loss)			(44,022,935	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(41,843,298	)

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 International Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	2,179,637		$	2,859,061
	Net realized gain (loss)		(1,220,555	)		14,958,977
	Net change in unrealized appreciation (depreciation)		(42,802,380	)		(2,848,153	)
	Net increase (decrease) in net assets resulting from operations		(41,843,298	)		14,969,885

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(17,608,545	)		(6,663,940	)
	Service Class		(71,038	)		(24,142	)
			(17,679,583	)		(6,688,082	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		2,990,997			5,463,716
	Service Class		349,755			44,014
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		17,608,545			6,663,940
	Service Class		71,038			24,142
			21,020,335			12,195,812
	Cost of shares redeemed:
	Standard Class		(8,467,434	)		(18,765,233	)
	Service Class		(79,065	)		(121,694	)
			(8,546,499	)		(18,886,927	)
	Increase (decrease) in net assets derived from capital share transactions		12,473,836			(6,691,115	)
Net Increase (Decrease) in Net Assets			(47,049,045	)		1,590,688

Net Assets:
	Beginning of period		217,944,122			216,353,434
	End of period	$	170,895,077		$	217,944,122

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

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Financial highlights
Delaware VIP^®International Series Standard Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	19.87		$	19.16		$	25.00		$	22.08		$	26.57		$	20.22

Income (loss) from investment operations:
Net investment income³		0.19			0.26			0.27			0.18			0.21			0.22
Net realized and unrealized gain (loss)		(3.87	)		1.05			—			4.97			(3.29	)		6.38
Total from investment operations		(3.68	)		1.31			0.27			5.15			(3.08	)		6.60

Less dividends and distributions from:
Net investment income		(0.25	)		(0.19	)		—			(0.19	)		(0.21	)		(0.25	)
Net realized gain		(1.39	)		(0.41	)		(6.11	)		(2.04	)		(1.20	)		—
Total dividends and distributions		(1.64	)		(0.60	)		(6.11	)		(2.23	)		(1.41	)		(0.25	)

Net asset value, end of period	$	14.55		$	19.87		$	19.16		$	25.00		$	22.08		$	26.57

Total return⁴		(19.49%	)⁵		6.87%	⁵		7.16%	⁵		24.91%	⁵		(12.16%	)		32.96%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	170,042		$	217,194		$	215,577		$	166,210		$	142,248		$	160,128
Ratio of expenses to average net assets⁶		0.86%			0.90%			0.87%			0.83%			0.86%			0.84%
Ratio of expenses to average net assets prior to
fees waived⁶		0.97%			1.00%			1.04%			0.87%			0.86%			0.84%
Ratio of net investment income to average net
assets		2.25%			1.28%			1.44%			0.75%			0.84%			0.90%
Ratio of net investment income to average net
assets prior to fees waived		2.14%			1.18%			1.27%			0.71%			0.84%			0.90%
Portfolio turnover		17%			33%			16%			144%	⁷		50%			29%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
⁷	The Series' portfolio turnover rate increased substantially during the year ended 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.

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Delaware VIP^®International Series Service Class

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

	Six months
	ended						12/14/20¹
	6/30/22²			Year ended			to
	(Unaudited)			12/31/21			12/31/20
Net asset value, beginning of period	$	19.81		$	19.15		$	18.93

Income (loss) from investment operations:
Net investment income³		0.18			0.20			—	⁴
Net realized and unrealized gain (loss)		(3.87	)		1.06			0.22
Total from investment operations		(3.69	)		1.26			0.22

Less dividends and distributions from:
Net investment income		(0.20	)		(0.19	)		—
Net realized gain		(1.39	)		(0.41	)		—
Total dividends and distributions		(1.59	)		(0.60	)		—

Net asset value, end of period	$	14.53		$	19.81		$	19.15

Total return⁵		(19.59%	)		6.59%			1.16%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	853		$	750		$	776
Ratio of expenses to average net assets⁶		1.16%			1.20%			1.16%
Ratio of expenses to average net assets prior to fees waived⁶		1.27%			1.30%			1.33%
Ratio of net investment income to average net assets		2.09%			0.98%			0.27%
Ratio of net investment income to average net assets prior to fees waived		1.98%			0.88%			0.10%
Portfolio turnover		17%			33%			16%	⁷

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	Amount is less than $0.005 per share.
⁵	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects 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.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
⁷	Portfolio turnover is representative of the Series for the entire period.

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 International Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

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 the 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 and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Series may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Series values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Series may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Series evaluates tax positions taken or expected to be taken in the course of preparing the Series' tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Series' tax positions taken or expected to be taken on the Series' federal income tax returns through the six months ended June 30, 2022, and for all open tax years (years ended December 31, 2018–December 31, 2021), and has concluded that no provision for federal income tax is required in the Series' financial statements. In regard to foreign taxes only, the Series has open tax years in certain foreign countries in which it invests that may date back to the inception of the Series. If applicable, the Series recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2022, the Series did not incur any interest or tax penalties.

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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.

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. Income and capital gain distributions from any Underlying Funds in which the Series invests are recorded on the ex-dividend date. 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.

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.

(continues) 11

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

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

Standard Class and 1.16% for the Service Class from January 1, 2022 through June 30, 2022.* 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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $7,544 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $2,256 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

___________________

*The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$32,826,687
Sales		36,069,645

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At June 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Series were as follows:

Cost of investments and derivatives	$	195,492,548
Aggregate unrealized appreciation of investments and derivatives	$	15,224,833
Aggregate unrealized depreciation of investments and derivatives		(40,631,601	)
Net unrealized depreciation of investments and derivatives	$	(25,406,768	)

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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2			Total
Securities
Assets:
Common Stocks	$	166,965,106		$	—	$	166,965,106
Exchange-Traded Funds		2,732,314			—		2,732,314
Short-Term Investments		387,813			—		387,813
Total Value of Securities	$	170,085,233		$	—	$	170,085,233

Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	—		$	547	$	547

(continues) 13

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

3. Investments (continued)

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

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		6/30/22		12/31/21
Shares sold:
	Standard Class	169,271			277,201
	Service Class	21,310			2,287
Shares issued upon reinvestment of dividends and distributions:
	Standard Class	1,068,480			338,959
	Service Class	4,316			1,229
		1,263,377			619,676
Shares redeemed:
	Standard Class	(482,941	)		(938,955	)
	Service Class	(4,718	)		(6,184	)
		(487,659	)		(945,139	)
Net increase (decrease)		775,718			(325,463	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Derivatives

Foreign Currency Exchange Contracts

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

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

During the six months ended June 30, 2022, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

During the six months ended June 30, 2022, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2022:

	Long Derivative			Short Derivative
	Volume			Volume
Foreign currency exchange contracts (average notional value)		$	199,674		$	263,165

7. Offsetting

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

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

7. Offsetting (continued)

At June 30, 2022, 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

Derivative

Counterparty

Derivative Asset

Liability

Net Position

Bank of New York Mellon

$547

$—

$547

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received

Collateral Pledged

Pledged

Net Exposure^(a)

Bank of New York Mellon

$547

$—

$547

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

8. Securities Lending

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

9. Credit and Market Risk

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2020, there were no Rule 144A securities held by the Series.

10. Contractual Obligations

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 17

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP International Series

Liquidity Risk Management Program

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(2314852)
SA-VIPINT-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Investment Grade Series

June 30, 2022

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Disclosure of Series expenses		1
Security type / sector allocation		2
Schedule of investments		3
Statement of assets and liabilities		9
Statement of operations		10
Statements of changes in net assets		11
Financial highlights		12
Notes to financial statements		14
Other Series information		23

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (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.

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			1/1/22 to
	1/1/22		6/30/22		Ratio			6/30/22*
Actual Series return^†
Standard Class	$	1,000.00	$	841.10		0.63	%		$	2.88
Service Class		1,000.00		840.40		0.93	%			4.24
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,021.67		0.63	%		$	3.16
Service Class		1,000.00		1,020.18		0.93	%			4.66

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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Security type / sector allocation
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations		0.16	%
Convertible Bond		0.15	%
Corporate Bonds		88.09	%
Banking		16.41	%
Basic Industry		3.36	%
Brokerage		2.03	%
Capital Goods		4.72	%
Communications		11.69	%
Consumer Cyclical		3.46	%
Consumer Non-Cyclical		5.43	%
Electric		9.89	%
Energy		8.25	%
Finance Companies		3.76	%
Insurance		5.18	%
Natural Gas		1.06	%
Real Estate Investment Trusts		1.72	%
Technology		8.55	%
Transportation		2.23	%
Utilities		0.35	%
Municipal Bonds		0.49	%
Non-Agency Asset-Backed Securities		1.98	%
Loan Agreements		2.84	%
US Treasury Obligations		2.58	%
Short-Term Investments		3.27	%
Total Value of Securities		99.56	%
Receivables and Other Assets Net of Liabilities		0.44	%
Total Net Assets		100.00	%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

June 30, 2022 (Unaudited)

			Principal
			amount^°	Value (US $)
Agency Collateralized Mortgage Obligations – 0.16%
	Freddie Mac Structured Agency
		Credit Risk REMIC Trust
		Series 2021-DNA3 M1 144A
		1.676% (SOFR + 0.75%)
		10/25/33 #, •	68,002	$	66,930
Total Agency Collateralized Mortgage
	Obligations
	(cost $68,002)				66,930

Convertible Bond – 0.15%
	Spirit Airlines 1.00% exercise price
		$49.07, maturity date 5/15/26	69,000		62,548
Total Convertible Bond
	(cost $60,760)				62,548

Corporate Bonds – 88.09%
Banking – 16.41%
	Ally Financial
		4.70% 5/15/26 µ, ψ	135,000		107,479
		5.75% 11/20/25	170,000		167,754
	Bank of America
		2.482% 9/21/36 µ	415,000		322,329
		2.551% 2/4/28 µ	105,000		95,574
		2.972% 2/4/33 µ	120,000		102,341
		4.571% 4/27/33 µ	110,000		107,183
		6.125% 4/27/27 µ, ψ	125,000		120,859
	Bank of New York Mellon 4.70%
		9/20/25 µ, ψ	350,000		342,825
	Fifth Third Bancorp 4.337%
		4/25/33 µ	95,000		90,463
	Goldman Sachs Group
		1.542% 9/10/27 µ	630,000		553,464
		2.383% 7/21/32 µ	150,000		121,445
	Huntington National Bank 4.552%
		5/17/28 µ	250,000		248,504
	JPMorgan Chase & Co.
		1.47% 9/22/27 µ	255,000		223,830
		1.764% 11/19/31 µ	595,000		470,989
		4.586% 4/26/33 µ	65,000		63,913
	KeyCorp 4.789% 6/1/33 µ		90,000		88,885
	Morgan Stanley
		1.928% 4/28/32 µ	415,000		329,511
		2.484% 9/16/36 µ	560,000		431,187
	NatWest Group 4.60% 6/28/31 µ, ψ		200,000		147,750
	PNC Bank 4.05% 7/26/28		250,000		242,196
	PNC Financial Services Group
		6.00% 5/15/27 µ, ψ	70,000		67,367
	State Street
		1.684% 11/18/27 µ	110,000		98,923
		2.203% 2/7/28 µ	140,000		128,305
		4.421% 5/13/33 µ	80,000		78,967
	SVB Financial Group
		1.80% 10/28/26	62,000		55,425
		2.10% 5/15/28	355,000		303,780
		4.00% 5/15/26 µ, ψ	155,000		118,301
		4.57% 4/29/33 µ	169,000		158,823
	Toronto-Dominion Bank 4.108%
		6/8/27	285,000		282,066
	Truist Bank 2.636% 9/17/29 µ		445,000		423,515
	Truist Financial 4.95% 9/1/25 µ, ψ		395,000		385,495
	US Bancorp
		2.215% 1/27/28 µ	80,000		73,346
		2.491% 11/3/36 µ	115,000		93,839
		2.677% 1/27/33 µ	85,000		73,240
	Wells Fargo & Co.
		3.526% 3/24/28 µ	230,000		218,049
		4.611% 4/25/53 µ	125,000		115,885
					7,053,807
Basic Industry – 3.36%
	Graphic Packaging International
		144A 3.50% 3/1/29 #	130,000		109,321
	Newmont
		2.25% 10/1/30	135,000		112,191
		2.60% 7/15/32	100,000		82,627
		2.80% 10/1/29	395,000		349,202
	Sherwin-Williams 2.90% 3/15/52		345,000		235,732
	Steel Dynamics 1.65% 10/15/27		100,000		85,931
	Suzano Austria 3.125% 1/15/32		285,000		215,223
	Westlake 3.125% 8/15/51		365,000		255,437
					1,445,664
Brokerage – 2.03%
	Blackstone Holdings Finance 144A
		1.625% 8/5/28 #	325,000		274,905
	Charles Schwab 5.375%
		6/1/25 µ, ψ	180,000		178,650
	Jefferies Group
		2.625% 10/15/31	425,000		328,456
		6.50% 1/20/43	90,000		89,239
					871,250
Capital Goods – 4.72%
	Amphenol 2.20% 9/15/31		195,000		159,400
	Ardagh Metal Packaging Finance
		USA 144A 4.00% 9/1/29 #	200,000		161,106
	Ashtead Capital 144A 1.50%
		8/12/26 #	400,000		349,594
	Boeing 3.75% 2/1/50		60,000		42,452

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Lockheed Martin
		3.90% 6/15/32	120,000	$	118,549
		4.15% 6/15/53	90,000		84,187
	Madison IAQ 144A 4.125%
		6/30/28 #	75,000		62,058
	Pactiv Evergreen Group Issuer
		144A 4.00% 10/15/27 #	140,000		119,984
	Parker-Hannifin 4.25% 9/15/27		310,000		308,073
	Teledyne Technologies 2.25%
		4/1/28	405,000		351,752
	Waste Connections 2.95% 1/15/52		100,000		71,946
	Weir Group 144A 2.20% 5/13/26 #		225,000		198,102
					2,027,203
Communications – 11.69%
	Altice France
		144A 5.125% 1/15/29 #	200,000		151,795
		144A 5.50% 10/15/29 #	130,000		99,708
	AMC Networks 4.75% 8/1/25		156,000		145,619
	AT&T
		3.50% 9/15/53	555,000		421,625
		4.50% 5/15/35	125,000		118,966
	CCO Holdings
		144A 4.50% 6/1/33 #	35,000		27,656
		144A 4.75% 2/1/32 #	150,000		123,195
	Cellnex Finance 144A 3.875%
		7/7/41 #	200,000		137,641
	Charter Communications Operating
		3.85% 4/1/61	360,000		237,448
		4.40% 12/1/61	75,000		54,094
	Comcast 3.20% 7/15/36		580,000		491,877
	Crown Castle International
		1.05% 7/15/26	100,000		86,657
		2.10% 4/1/31	136,000		108,313
	CSC Holdings 144A 4.50%
		11/15/31 #	200,000		154,860
	Directv Financing 144A 5.875%
		8/15/27 #	150,000		128,446
	Discovery Communications 4.00%
		9/15/55	303,000		212,839
	Magallanes 144A 5.141% 3/15/52 #		430,000		361,483
	Netflix 4.875% 4/15/28		115,000		108,466
	Rogers Communications 144A
		4.55% 3/15/52 #	45,000		39,623
	Time Warner Cable 7.30% 7/1/38		200,000		209,188
	Time Warner Entertainment 8.375%
		3/15/23	290,000		298,495
	T-Mobile USA
		3.00% 2/15/41	205,000		153,203
		3.375% 4/15/29	305,000		267,761
		144A 3.375% 4/15/29 #	230,000		201,918
	Verizon Communications
		2.875% 11/20/50	125,000		88,886
		4.50% 8/10/33	425,000		414,939
	Virgin Media Secured Finance
		144A 5.50% 5/15/29 #	200,000		179,227
					5,023,928
Consumer Cyclical – 3.46%
	ADT Security 144A 4.875%
		7/15/32 #	139,000		110,923
	Amazon.com
		2.50% 6/3/50	455,000		321,645
		3.95% 4/13/52	65,000		60,164
	Aptiv 3.10% 12/1/51		569,000		368,085
	General Motors Financial 5.70%
		9/30/30 µ, Ψ	97,000		84,754
	Levi Strauss & Co. 144A 3.50%
		3/1/31 #	110,000		90,141
	Lowe's 2.80% 9/15/41		145,000		105,560
	Prime Security Services Borrower
		144A 3.375% 8/31/27 #	42,000		34,728
	VICI Properties 4.95% 2/15/30		120,000		113,944
	Volkswagen Group of America
		Finance 144A 4.35% 6/8/27 #	200,000		196,225
					1,486,169
Consumer Non-Cyclical – 5.43%
	Baxter International 3.132%
		12/1/51	255,000		184,876
	Bimbo Bakeries USA 144A 4.00%
		5/17/51 #	200,000		162,471
	Bunge Finance 2.75% 5/14/31		290,000		239,670
	CSL Finance 144A 4.75% 4/27/52 #		75,000		71,855
	CVS Health 2.70% 8/21/40		419,000		303,193
	JBS USA 144A 3.00% 2/2/29 #		128,000		108,340
	Keurig Dr Pepper 3.95% 4/15/29		160,000		152,789
	Merck & Co. 2.75% 12/10/51		72,000		53,308
	Perrigo Finance Unlimited 4.375%
		3/15/26	300,000		283,931
	Royalty Pharma
		3.35% 9/2/51	460,000		312,646
		3.55% 9/2/50	19,000		13,305
	Sodexo 144A 1.634% 4/16/26 #		260,000		234,557
	Tenet Healthcare 144A 4.25%
		6/1/29 #	140,000		118,325
	Viatris 4.00% 6/22/50		142,000		95,324
					2,334,590
Electric – 9.89%
	Berkshire Hathaway Energy 2.85%
		5/15/51	110,000		78,216
	Commonwealth Edison 2.75%
		9/1/51	300,000		214,251

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Duke Energy Carolinas
		3.55% 3/15/52	25,000	$	20,834
		3.95% 11/15/28	70,000		69,067
	Enel Finance International 144A
		4.25% 6/15/25 #	400,000		396,137
	Entergy Texas 3.55% 9/30/49		115,000		92,013
	Fells Point Funding Trust 144A
		3.046% 1/31/27 #	200,000		184,598
	IPALCO Enterprises 4.25% 5/1/30		145,000		134,832
	Liberty Utilities Finance GP 1 144A
		2.05% 9/15/30 #	190,000		155,990
	NextEra Energy Capital Holdings
		3.00% 1/15/52	135,000		96,786
		5.00% 7/15/32	145,000		148,687
	NRG Energy
		144A 2.45% 12/2/27 #	100,000		85,955
		144A 3.375% 2/15/29 #	41,000		33,136
	Oglethorpe Power
		3.75% 8/1/50	215,000		171,508
		144A 4.50% 4/1/47 #	210,000		181,609
	Pacific Gas and Electric
		2.10% 8/1/27	180,000		151,040
		3.30% 8/1/40	45,000		31,093
		4.60% 6/15/43	135,000		103,231
		4.95% 7/1/50	130,000		103,977
	PacifiCorp 2.90% 6/15/52		580,000		424,162
	Public Service Co. of Colorado
		4.10% 6/1/32	243,000		242,588
	Public Service Co. of Oklahoma
		3.15% 8/15/51	170,000		125,120
	San Diego Gas & Electric 3.32%
		4/15/50	120,000		93,852
	Southern California Edison
		3.45% 2/1/52	65,000		48,501
		4.125% 3/1/48	120,000		98,962
		4.875% 3/1/49	155,000		140,802
	Southwestern Electric Power 3.25%
		11/1/51	167,000		123,945
	Vistra Operations
		144A 3.55% 7/15/24 #	244,000		235,757
		144A 5.125% 5/13/25 #	170,000		168,638
	Xcel Energy 4.60% 6/1/32		95,000		94,309
					4,249,596
Energy – 8.25%
	BP Capital Markets 4.875%
		3/22/30 µ, Ψ	330,000		288,344
	BP Capital Markets America
		2.939% 6/4/51	145,000		103,993
	Cheniere Corpus Christi Holdings
		7.00% 6/30/24	305,000		316,288
	ConocoPhillips 3.80% 3/15/52		220,000		188,752
	Continental Resources
		144A 2.875% 4/1/32 #	139,000		108,825
		4.375% 1/15/28	110,000		103,607
	Diamondback Energy
		3.125% 3/24/31	190,000		165,689
		4.25% 3/15/52	70,000		58,216
	Enbridge
		1.60% 10/4/26	120,000		106,920
		5.75% 7/15/80 µ	195,000		178,780
	Energy Transfer
		6.25% 4/15/49	140,000		136,004
		6.50% 11/15/26 µ, Ψ	385,000		341,271
	Enterprise Products Operating
		3.30% 2/15/53	275,000		200,465
	EQM Midstream Partners 144A
		4.75% 1/15/31 #	150,000		120,055
	Galaxy Pipeline Assets Bidco 144A
		2.94% 9/30/40 #	196,522		160,800
	NuStar Logistics 5.625% 4/28/27		183,000		164,083
	ONEOK 7.50% 9/1/23		290,000		300,493
	Targa Resources Partners
		4.00% 1/15/32	95,000		81,474
		4.875% 2/1/31	155,000		141,583
		5.00% 1/15/28	71,000		67,699
	Valero Energy 3.65% 12/1/51		285,000		213,550
					3,546,891
Finance Companies – 3.76%
	AerCap Ireland Capital DAC
		3.00% 10/29/28	150,000		126,489
		3.40% 10/29/33	300,000		237,257
	Air Lease
		2.875% 1/15/32	150,000		117,234
		4.125% 12/15/26 µ, Ψ	90,000		64,800
	Aviation Capital Group
		144A 1.95% 1/30/26 #	143,000		124,551
		144A 3.50% 11/1/27 #	300,000		265,017
		144A 5.50% 12/15/24 #	355,000		352,194
	Avolon Holdings Funding
		144A 2.75% 2/21/28 #	160,000		130,635
		144A 3.25% 2/15/27 #	80,000		69,717
		144A 4.25% 4/15/26 #	140,000		129,825
					1,617,719
Insurance – 5.18%
	Aon 2.90% 8/23/51		110,000		76,572
	Athene Global Funding 144A
		1.985% 8/19/28 #	190,000		157,933

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Insurance (continued)
	Athene Holding
		3.45% 5/15/52	125,000	$	86,084
		3.95% 5/25/51	115,000		85,797
	Berkshire Hathaway Finance 3.85%
		3/15/52	405,000		347,458
	Brighthouse Financial
		3.85% 12/22/51	90,000		61,378
		4.70% 6/22/47	288,000		229,772
	Global Atlantic 144A 4.70%
		10/15/51 #, µ	200,000		160,914
	Hartford Financial Services Group
		2.90% 9/15/51	135,000		94,006
	Humana 1.35% 2/3/27		46,000		40,259
	Jackson Financial
		144A 3.125% 11/23/31 #	120,000		95,702
		144A 4.00% 11/23/51 #	29,000		20,632
	Prudential Financial 3.70%
		10/1/50 µ	145,000		121,662
	UnitedHealth Group 4.00% 5/15/29		655,000		649,287
					2,227,456
Natural Gas – 1.06%
	Atmos Energy 2.85% 2/15/52		14,000		10,035
	Sempra Energy
		4.125% 4/1/52 µ	180,000		144,714
		4.875% 10/15/25 µ, Ψ	325,000		299,806
					454,555
Real Estate Investment Trusts – 1.72%
	American Homes 4 Rent 3.625%
		4/15/32	70,000		61,446
	Corporate Office Properties 2.75%
		4/15/31	150,000		121,449
	Extra Space Storage 2.35%
		3/15/32	350,000		277,847
	Global Net Lease 144A 3.75%
		12/15/27 #	123,000		102,896
	MPT Operating Partnership 3.50%
		3/15/31	130,000		102,846
	Public Storage 1.85% 5/1/28		85,000		73,695
					740,179
Technology – 8.55%
	Alphabet 2.05% 8/15/50		390,000		262,319
	Autodesk 2.40% 12/15/31		185,000		151,194
	Broadcom 144A 3.469% 4/15/34 #		255,000		207,875
	Broadridge Financial Solutions
		2.60% 5/1/31	319,000		266,756
	CDW 3.276% 12/1/28		435,000		376,049
	Clarivate Science Holdings 144A
		3.875% 7/1/28 #	149,000		124,930
	CoStar Group 144A 2.80%
		7/15/30 #	175,000		145,870
	Entegris Escrow
		144A 4.75% 4/15/29 #	140,000		130,627
		144A 5.95% 6/15/30 #	135,000		128,728
	Global Payments
		2.15% 1/15/27	90,000		79,956
		2.90% 11/15/31	340,000		278,821
	KLA 4.95% 7/15/52		165,000		166,197
	Marvell Technology
		1.65% 4/15/26	210,000		188,402
		2.45% 4/15/28	110,000		96,120
	NCR 144A 5.125% 4/15/29 #		140,000		118,702
	NXP
		3.125% 2/15/42	110,000		80,305
		4.40% 6/1/27	75,000		73,905
		5.55% 12/1/28	90,000		91,369
	PayPal Holdings
		3.90% 6/1/27	355,000		354,041
		4.40% 6/1/32	110,000		109,024
	VMware 1.80% 8/15/28		195,000		162,136
	Workday
		3.50% 4/1/27	20,000		19,142
		3.70% 4/1/29	35,000		32,773
		3.80% 4/1/32	35,000		32,017
					3,677,258
Transportation – 2.23%
	Burlington Northern Santa Fe
		2.875% 6/15/52	148,000		110,846
		4.45% 1/15/53	260,000		251,965
	Delta Air Lines 144A 7.00%
		5/1/25 #	136,000		137,842
	Mileage Plus Holdings 144A 6.50%
		6/20/27 #	160,000		157,732
	Norfolk Southern 3.15% 6/1/27		95,000		90,494
	Penske Truck Leasing 144A 4.40%
		7/1/27 #	100,000		98,121
	Seaspan 144A 5.50% 8/1/29 #		120,000		95,902
	Union Pacific 3.375% 2/14/42		20,000		16,688
					959,590
Utilities – 0.35%
	American Water Capital 4.45%
		6/1/32	65,000		64,699
	Essential Utilities
		3.351% 4/15/50	100,000		75,703
		4.276% 5/1/49	12,000		10,555
					150,957
Total Corporate Bonds
	(cost $43,857,348)				37,866,812

Table of Contents

			Principal
			amount	Value (US $)
Municipal Bonds – 0.49%
	Commonwealth of Puerto Rico
		(Restructured)
		Series A-1 2.986% 7/1/24^	3,619	$	3,314
		Series A-1 4.00% 7/1/33	7,036		6,464
		Series A-1 4.00% 7/1/35	6,324		5,680
		Series A-1 4.00% 7/1/37	5,428		4,818
		Series A-1 4.00% 7/1/41	7,380		6,408
		Series A-1 4.00% 7/1/46	7,675		6,467
		Series A-1 4.362% 7/1/33^	9,054		5,099
		Series A-1 5.25% 7/1/23	3,929		4,001
		Series A-1 5.625% 7/1/27	7,765		8,271
		Series A-1 5.625% 7/1/29	7,639		8,217
		Series A-1 5.75% 7/1/31	7,420		8,120
		Series C 2.646% 11/1/43●	35,132		17,522
	GDB Debt Recovery Authority of
		Puerto Rico
		7.50% 8/20/40	144,213		127,989
Total Municipal Bonds
	(cost $230,455)				212,370

Non-Agency Asset-Backed Securities – 1.98%
	Enterprise Fleet Financing
		Series 2022-2 A2 144A 4.65%
		5/21/29 #	225,000		226,679
	Ford Credit Floorplan Master
		Owner Trust
		Series 2019-2 A 3.06% 4/15/26	205,000		201,992
	Toyota Auto Loan Extended Note
		Trust
		Series 2022-1A A 144A 3.82%
		4/25/35 #	225,000		222,050
	Volkswagen Auto Lease Trust
		Series 2022-A A3 3.44% 7/21/25	200,000		199,500
Total Non-Agency Asset-Backed Securities
	(cost $853,814)				850,221

Loan Agreements – 2.84%
	AmWINS Group 3.916%
		(LIBOR01M + 2.25%) 2/19/28 ●	108,351		102,481
	Applied Systems 1st Lien 5.25%
		(LIBOR03M + 3.00%) 9/19/24 ●	117,006		112,667
	Gates Global Tranche B-3 4.166%
		(LIBOR01M + 2.50%) 3/31/27 ●	118,200		111,847
	Horizon Therapeutics USA
		Tranche B-2 3.375% (LIBOR01M
		+ 1.75%) 3/15/28 ●	108,625		105,095
	Informatica 4.438% (LIBOR01M +
		2.75%) 10/27/28 ●	114,713		109,192
	Prime Security Services Borrower
		Tranche B-1 3.557% (LIBOR01M
		+ 2.75%) 9/23/26 ●	118,500		111,064
	RealPage 1st Lien 4.666%
		(LIBOR01M + 3.00%) 4/24/28 ●	119,100		110,227
	Reynolds Group Holdings
		Tranche B-2 4.916% (LIBOR01M
		+ 3.25%) 2/5/26 ●	113,275		106,007
	Standard Industries 3.788%
		(LIBOR03M + 2.50%) 9/22/28 ●	363,594		352,889
Total Loan Agreements
	(cost $1,277,476)				1,221,469

US Treasury Obligations – 2.58%
	US Treasury Notes
		2.75% 5/15/25	225,000		223,295
		2.75% 5/31/29	225,000		220,605
		2.875% 5/15/32	675,000		667,512
Total US Treasury Obligations
	(cost $1,090,315)				1,111,412

			Number of
			shares
Short-Term Investments – 3.27%
Money Market Mutual Funds – 3.27%
	BlackRock Liquidity FedFund –
		Institutional Shares (seven-day
		effective yield 1.32%)	351,572		351,572
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield 1.21%)	351,571		351,571
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield 1.39%)	351,571		351,571
	Morgan Stanley Institutional
		Liquidity Funds Government
		Portfolio – Institutional Class
		(seven-day effective yield 1.34%)	351,571		351,571
Total Short-Term Investments
	(cost $1,406,285)				1,406,285
Total Value of Securities—99.56%
	(cost $48,844,455)			$	42,798,047

°	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 June 30, 2022, the aggregate value of Rule 144A securities was $9,311,691, which represents 21.66% of the Series' net assets. See Note 8 in “Notes to financial statements."

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2022. 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 June 30, 2022. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

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

REMIC – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

USD – US Dollar

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

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	42,798,047
	Cash		4,185
	Dividends and interest receivable		372,320
	Receivable for securities sold		230,536
	Other assets		366
	Total Assets		43,405,454
Liabilities:
	Payable for securities purchased		319,587
	Other accrued expenses		56,595
	Payable for series shares redeemed		31,811
	Investment management fees payable to affiliates		8,470
	Administration expenses payable to affiliates		401
	Distribution fees payable to affiliates		2
	Total Liabilities		416,866
Total Net Assets		$	42,988,588

Net Assets Consist of:
	Paid-in capital	$	51,123,226
	Total distributable earnings (loss)		(8,134,638	)
Total Net Assets		$	42,988,588

Net Asset Value
Standard Class:
Net assets		$	42,979,275
Shares of beneficial interest outstanding, unlimited authorization, no par			4,984,117
Net asset value per share		$	8.62
Service Class:
Net assets		$	9,313
Shares of beneficial interest outstanding, unlimited authorization, no par			1,082
Net asset value per share		$	8.61
___________________
*Investments, at cost		$	48,844,455

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

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Statement of operations
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Interest	$	841,951
	Dividends		3,139
			845,090

Expenses:
	Management fees		118,626
	Distribution expenses — Service Class		15
	Administration expenses		23,592
	Audit and tax fees		22,446
	Dividend disbursing and transfer agent fees and expenses		3,477
	Custodian fees		2,091
	Legal fees		1,093
	Trustees’ fees and expenses		812
	Other		21,249
			193,401
	Less expenses waived		(43,909	)
	Total operating expenses		149,492
Net Investment Income (Loss)			695,598

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		(2,487,706	)
	Swap contracts		(592	)
	Net realized gain (loss)		(2,488,298	)
	Net change in unrealized appreciation (depreciation) on:
	Investments		(6,573,981	)
	Swap contracts		592
	Net change in unrealized appreciation (depreciation)		(6,573,389	)
Net Realized and Unrealized Gain (Loss)			(9,061,687	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(8,366,089	)

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 Investment Grade Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	695,598		$	1,403,626
	Net realized gain (loss)		(2,488,298	)		895,374
	Net change in unrealized appreciation (depreciation)		(6,573,389	)		(2,755,154	)
	Net increase (decrease) in net assets resulting from operations		(8,366,089	)		(456,154	)

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(2,333,366	)		(3,612,371	)
	Service Class		(463	)		(646	)
			(2,333,829	)		(3,613,017	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		732,139			2,636,589
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		2,333,366			3,612,371
	Service Class		463			646
			3,065,968			6,249,606
	Cost of shares redeemed:
	Standard Class		(3,457,771	)		(8,191,477	)
	Decrease in net assets derived from capital share transactions		(391,803	)		(1,941,871	)
Net Decrease in Net Assets			(11,091,721	)		(6,011,042	)

Net Assets:
	Beginning of period		54,080,309			60,091,351
	End of period	$	42,988,588		$	54,080,309

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

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Financial highlights
Delaware VIP^®Investment Grade Series Standard Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	10.80		$	11.60		$	11.02		$	10.18		$	10.80		$	10.73

Income (loss) from investment operations:
Net investment income³		0.14			0.27			0.26			0.29			0.31			0.31
Net realized and unrealized gain (loss)		(1.84	)		(0.37	)		0.98			0.95			(0.53	)		0.18
Total from investment operations		(1.70	)		(0.10	)		1.24			1.24			(0.22	)		0.49

Less dividends and distributions from:
Net investment income		(0.34	)		(0.34	)		(0.41	)		(0.40	)		(0.40	)		(0.42	)
Net realized gain		(0.14	)		(0.36	)		(0.25	)		—			—			—
Total dividends and distributions		(0.48	)		(0.70	)		(0.66	)		(0.40	)		(0.40	)		(0.42	)

Net asset value, end of period	$	8.62		$	10.80		$	11.60		$	11.02		$	10.18		$	10.80

Total return⁴		(15.89%	)		(0.72%	)		11.91%			12.62%			(2.03%	)		4.72%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	42,979		$	54,069		$	60,080		$	61,952		$	61,630		$	66,163
Ratio of expenses to average net assets⁵		0.63%			0.65%			0.69%			0.73%			0.70%			0.68%
Ratio of expenses to average net assets prior to
fees waived⁵		0.82%			0.74%			0.81%			0.90%			0.85%			0.83%
Ratio of net investment income to average net
assets		2.94%			2.45%			2.39%			2.76%			3.05%			2.93%
Ratio of net investment income to average net
assets prior to fees waived		2.75%			2.36%			2.27%			2.59%			2.90%			2.78%
Portfolio turnover		54%			110%			147%			157%	⁶		53%			60%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
⁶	The Series' portfolio turnover rate increased substantially during the year ended 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.

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Delaware VIP^®Investment Grade Series Service Class

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

		Six months
		ended									10/31/19¹
		6/30/22²		Year ended							to
		(Unaudited)			12/31/21		12/31/20				12/31/19
Net asset value, beginning of period	$	10.76		$	11.56		$	11.01		$	10.97

Income (loss) from investment operations:
Net investment income³		0.13			0.23			0.23			0.03
Net realized and unrealized gain (loss)		(1.83	)		(0.36	)		0.97			0.01
Total from investment operations		(1.70	)		(0.13	)		1.20			0.04

Less dividends and distributions from:
Net investment income		(0.31	)		(0.31	)		(0.40	)		—
Net realized gain		(0.14	)		(0.36	)		(0.25	)		—
Total dividends and distributions		(0.45	)		(0.67	)		(0.65	)		—

Net asset value, end of period	$	8.61		$	10.76		$	11.56		$	11.01

Total return⁴		(15.96%	)		(1.03%	)		11.57%			0.37%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10		$	11		$	11		$	10
Ratio of expenses to average net assets⁵		0.93%			0.95%			0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived⁵		1.09%			1.04%			1.11%			1.31%
Ratio of net investment income to average net assets		2.64%			2.15%			2.09%			1.50%
Ratio of net investment income to average net assets prior to fees waived		2.48%			2.06%			1.97%			1.18%
Portfolio turnover		54%			110%			147%			157%	^6,7

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
⁶	Portfolio turnover is representative of the Series for the entire period.
⁷	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.

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

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 the 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 the 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.

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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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. 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.

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), in order to prevent total annual series operating expenses from exceeding 0.63% of the Series’ average daily net assets for the Standard Class and 0.93% for the Service Class from January 1, 2022 through June 30, 2022.* 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.

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

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

amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2022, the Series was charged $2,774 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $1,853 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $561 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	22,884,584
Purchases of US government securities		2,380,398
Sales other than US government securities		27,199,385
Sales of US government securities		1,277,148

Cost of investments	$	49,048,883
Aggregate unrealized appreciation of investments	$	35,340
Aggregate unrealized depreciation of investments		(6,286,176	)
Net unrealized depreciation of investments	$	(6,250,836	)

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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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1			Level 2			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	—		$	66,930		$	66,930
Convertible Bond			—			62,548			62,548
Corporate Bonds			—			37,866,812			37,866,812
Loan Agreements			—			1,221,469			1,221,469
Municipal Bonds			—			212,370			212,370
Non-Agency Asset-Backed Securities			—			850,221			850,221
US Treasury Obligations			—			1,111,412			1,111,412
Short-Term Investments			1,406,285			—			1,406,285
Total Value of Securities		$	1,406,285		$	41,391,762		$	42,798,047

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended			Year ended
	6/30/22			12/31/21
Shares sold:
Standard Class		76,238			239,094
Shares issued upon reinvestment of dividends and distributions:
Standard Class		260,420			342,405
Service Class		52			61
		336,710			581,560
Shares redeemed:
Standard Class		(361,112	)		(752,914	)
Net decrease		(24,402	)		(171,354	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Derivatives

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. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).

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.

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During the six months ended June 30, 2022, the Series entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2022, 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 June 30, 2022.

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.”

7. Securities Lending

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

7. Securities Lending (continued)

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

8. Credit and Market Risk

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

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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.

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

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

9. Contractual Obligations

10. Recent Accounting Pronouncements

(continues) 21

Table of Contents

Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

Table of Contents

Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Investment Grade Series

Liquidity Risk Management Program

Table of Contents

(2314852)
SA-VIPIG-822

Table of Contents

Semiannual report

Delaware VIP^®Trust

Delaware VIP Limited Duration Bond Series

June 30, 2022

Table of Contents

Table of contents

Disclosure of Series expenses		1
Security type / sector allocation		2
Schedule of investments		3
Statement of assets and liabilities		8
Statement of operations		9
Statements of changes in net assets		10
Financial highlights		11
Notes to financial statements		12
Other Series information		22

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

Table of Contents

Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

The investment objective of the Series is to seek current income consistent with low volatility of principal.

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			1/1/22 to
	1/1/22			6/30/22			Ratio			6/30/22*
Actual Series return^†
Standard Class		$	1,000.00		$	957.10		0.53	%		$	2.57
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,022.17		0.53	%		$	2.66

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Table of Contents

Security type / sector allocation
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations		1.59	%
Agency Mortgage-Backed Securities		4.92	%
Collateralized Debt Obligations		8.37	%
Corporate Bonds		63.84	%
Banking		15.74	%
Basic Industry		1.61	%
Brokerage		0.46	%
Capital Goods		4.43	%
Communications		3.18	%
Consumer Cyclical		4.22	%
Consumer Non-Cyclical		4.17	%
Electric		6.96	%
Energy		4.86	%
Finance Companies		4.24	%
Insurance		6.36	%
Natural Gas		0.47	%
Technology		5.00	%
Transportation		2.14	%
Non-Agency Asset-Backed Securities		7.87	%
US Treasury Obligations		12.75	%
Short-Term Investments		0.11	%
Total Value of Securities		99.45	%
Receivables and Other Assets Net of Liabilities		0.55	%
Total Net Assets		100.00	%

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

June 30, 2022 (Unaudited)

			Principal
			amount^°	Value (US $)
Agency Collateralized Mortgage Obligations – 1.59%
	Freddie Mac REMICs
		Series 5092 WG 1.00% 4/25/31	277,787	$	255,828
	Freddie Mac Structured Agency
		Credit Risk REMIC Trust
		Series 2021-HQA1 M1 144A
		1.626% (SOFR + 0.70%)
		8/25/33 #, •	23,657		23,474
		Series 2021-HQA2 M1 144A
		1.626% (SOFR + 0.70%)
		12/25/33 #, •	65,303		64,604
Total Agency Collateralized Mortgage
	Obligations
	(cost $368,395)				343,906

Agency Mortgage-Backed Securities – 4.92%
	Fannie Mae S.F. 15 yr
		2.50% 8/1/35	68,539		65,612
	Fannie Mae S.F. 30 yr
		4.50% 2/1/44	89,298		91,956
		4.50% 4/1/44	105,826		108,976
		4.50% 1/1/50	258,931		267,213
		5.00% 7/1/47	301,295		317,101
		5.00% 5/1/48	115,874		119,879
	Freddie Mac S.F. 30 yr
		5.00% 8/1/48	87,445		90,362
Total Agency Mortgage-Backed Securities
	(cost $1,132,908)				1,061,099

Collateralized Debt Obligations – 8.37%
	ARES LX CLO
		Series 2021-60A A 144A 2.164%
		(LIBOR03M + 1.12%, Floor
		1.12%) 7/18/34 #, •	250,000		240,254
	Canyon Capital CLO
		Series 2019-2A AR 144A 2.224%
		(LIBOR03M + 1.18%, Floor
		1.18%) 10/15/34 #, •	250,000		240,670
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 2.043%
		(LIBOR03M + 0.98%, Floor
		0.98%) 4/20/31 #, •	250,000		244,665
	CIFC Funding
		Series 2013-4A A1RR 144A
		2.285% (LIBOR03M + 1.06%,
		Floor 1.06%) 4/27/31 #, •	250,000		245,374
	Dryden 83 CLO
		Series 2020-83A A 144A 2.264%
		(LIBOR03M + 1.22%, Floor
		1.22%) 1/18/32 #, •	250,000		245,604
	KKR CLO 32
		Series 32A A1 144A 2.364%
		(LIBOR03M + 1.32%, Floor
		1.32%) 1/15/32 #, •	100,000		98,327
	LCM XVIII
		Series 18A A1R 144A 2.083%
		(LIBOR03M + 1.02%)
		4/20/31 #, •	250,000		244,986
	Octagon Investment Partners 33
		Series 2017-1A A1 144A 2.253%
		(LIBOR03M + 1.19%)
		1/20/31 #, •	250,000		245,950
Total Collateralized Debt Obligations
	(cost $1,839,804)				1,805,830

Corporate Bonds – 63.84%
Banking – 15.74%
	Ally Financial 5.75% 11/20/25		118,000		116,441
	Bank of America
		1.843% 2/4/25 µ	190,000		183,299
		3.458% 3/15/25 µ	80,000		78,915
		4.10% 7/24/23	130,000		131,323
	BBVA Bancomer 144A 1.875%
		9/18/25 #	200,000		181,614
	Citigroup
		1.281% 11/3/25 µ	35,000		32,525
		1.678% 5/15/24 µ	105,000		102,934
		2.014% 1/25/26 µ	30,000		28,139
	Deutsche Bank 0.898% 5/28/24		150,000		140,633
	Fifth Third Bancorp
		2.375% 1/28/25	35,000		33,549
		3.65% 1/25/24	35,000		34,881
	Goldman Sachs Group
		0.925% 10/21/24 µ	175,000		167,461
		1.542% 9/10/27 µ	25,000		21,963
		2.261% (SOFR + 0.81%)
		3/9/27 •	270,000		257,167
		3.615% 3/15/28 µ	15,000		14,207
	JPMorgan Chase & Co.
		2.092% (SOFR + 0.58%)
		3/16/24 •	90,000		88,948
		2.545% 11/8/32 µ	10,000		8,318
		4.023% 12/5/24 µ	330,000		329,111
		4.60% 2/1/25 µ, ψ	20,000		16,940
	KeyCorp 3.878% 5/23/25 µ		45,000		44,697
	Morgan Stanley
		0.731% 4/5/24 µ	135,000		131,661
		1.164% 10/21/25 µ	125,000		115,944
		2.475% 1/21/28 µ	15,000		13,648
		3.737% 4/24/24 µ	25,000		24,924

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Nordea Bank 144A 0.625%
		5/24/24 #	200,000	$	188,320
	PNC Bank 3.875% 4/10/25		250,000		248,117
	PNC Financial Services Group
		6.00% 5/15/27 µ, ψ	15,000		14,436
	State Street 1.684% 11/18/27 µ		55,000		49,461
	Toronto-Dominion Bank
		1.764% (SOFR + 0.355%)
		3/4/24 •	50,000		49,394
		4.108% 6/8/27	115,000		113,816
	Truist Bank 2.636% 9/17/29 µ		215,000		204,620
	US Bancorp 3.375% 2/5/24		55,000		54,920
	Wells Fargo & Co.
		3.526% 3/24/28 µ	15,000		14,221
		3.908% 4/25/26 µ	165,000		162,483
					3,399,030
Basic Industry – 1.61%
	Avient 144A 5.75% 5/15/25 #		139,000		133,459
	First Quantum Minerals 144A
		7.50% 4/1/25 #	200,000		189,490
	Nucor 3.95% 5/23/25		25,000		24,885
					347,834
Brokerage – 0.46%
	SURA Asset Management 144A
		4.875% 4/17/24 #	100,000		99,273
					99,273
Capital Goods – 4.43%
	Carlisle 0.55% 9/1/23		70,000		67,550
	Mauser Packaging Solutions
		Holding 144A 5.50% 4/15/24 #	153,000		146,421
	Parker-Hannifin
		3.65% 6/15/24	95,000		94,449
		4.25% 9/15/27	70,000		69,565
	Roper Technologies 2.35% 9/15/24		145,000		140,588
	Spirit AeroSystems 144A 5.50%
		1/15/25 #	50,000		46,337
	Teledyne Technologies 0.95%
		4/1/24	280,000		264,950
	TransDigm
		144A 6.25% 3/15/26 #	25,000		24,176
		144A 8.00% 12/15/25 #	51,000		51,673
	WESCO Distribution 144A 7.125%
		6/15/25 #	51,000		50,994
					956,703
Communications – 3.18%
	AMC Networks 5.00% 4/1/24		30,000		29,114
	Fox 4.03% 1/25/24		100,000		100,091
	Magallanes 144A 3.638% 3/15/25 #		110,000		106,675
	NBN 144A 0.875% 10/8/24 #		200,000		186,881
	Rogers Communications 144A
		3.20% 3/15/27 #	50,000		47,471
	T-Mobile USA 3.75% 4/15/27		105,000		101,192
	Verizon Communications 0.75%
		3/22/24	120,000		114,543
					685,967
Consumer Cyclical – 4.22%
	Aptiv 2.396% 2/18/25		70,000		66,913
	BMW US Capital 144A 0.75%
		8/12/24 #	90,000		84,724
	Carnival 144A 7.625% 3/1/26 #		51,000		39,621
	Daimler Trucks Finance North
		America 144A 1.625%
		12/13/24 #	150,000		141,159
	General Motors Financial
		2.203% (SOFR + 0.76%)
		3/8/24 •	260,000		252,627
		3.10% 1/12/32	10,000		8,046
		4.15% 6/19/23	30,000		30,029
		4.35% 4/9/25	45,000		44,490
		5.25% 3/1/26	7,000		7,020
	IRB Holding 144A 7.00% 6/15/25 #		8,000		7,843
	MGM Resorts International 5.75%
		6/15/25	120,000		114,464
	Prime Security Services Borrower
		144A 5.25% 4/15/24 #	68,000		66,593
	VF 2.40% 4/23/25		40,000		38,421
	VICI Properties 4.95% 2/15/30		10,000		9,495
					911,445
Consumer Non-Cyclical – 4.17%
	AbbVie
		2.60% 11/21/24	90,000		87,220
		3.75% 11/14/23	165,000		165,542
	Conagra Brands 0.50% 8/11/23		65,000		62,680
	CSL Finance 144A 4.05% 4/27/29 #		10,000		9,826
	Gilead Sciences 3.70% 4/1/24		80,000		80,130
	HCA 144A 3.125% 3/15/27 #		120,000		109,129
	Royalty Pharma 1.20% 9/2/25		195,000		174,050
	Takeda Pharmaceutical 4.40%
		11/26/23	200,000		201,637
	Viatris 1.65% 6/22/25		10,000		9,063
					899,277
Electric – 6.96%
	AEP Texas 2.40% 10/1/22		140,000		140,082
	Avangrid 3.20% 4/15/25		60,000		58,402
	CenterPoint Energy 1.879%
		(SOFR + 0.65%) 5/13/24 •	285,000		278,051

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Cleveland Electric Illuminating
		5.50% 8/15/24	115,000	$	118,661
	Duke Energy 4.875% 9/16/24 µ, ψ		65,000		59,312
	Entergy Louisiana 4.05% 9/1/23		10,000		10,052
	Eversource Energy 2.90% 3/1/27		25,000		23,491
	National Rural Utilities Cooperative
		Finance 1.875% 2/7/25	135,000		129,109
	NRG Energy 144A 3.75% 6/15/24 #		95,000		93,266
	Pacific Gas and Electric 3.75%
		2/15/24	120,000		117,360
	Southern California Edison 1.10%
		4/1/24	210,000		199,905
	Vistra Operations
		144A 3.55% 7/15/24 #	105,000		101,453
		144A 5.125% 5/13/25 #	40,000		39,680
	WEC Energy Group 0.80% 3/15/24		140,000		133,034
					1,501,858
Energy – 4.86%
	ConocoPhillips 2.40% 3/7/25		70,000		67,619
	Devon Energy 5.25% 9/15/24		39,000		39,815
	Enbridge 0.55% 10/4/23		115,000		110,802
	Exxon Mobil 2.019% 8/16/24		130,000		126,759
	MPLX 4.875% 12/1/24		135,000		136,071
	Murphy Oil 5.75% 8/15/25		57,000		56,502
	NuStar Logistics 5.75% 10/1/25		73,000		68,365
	Occidental Petroleum 5.50%
		12/1/25	58,000		57,225
	ONEOK 7.50% 9/1/23		115,000		119,161
	Sabine Pass Liquefaction 5.75%
		5/15/24	110,000		112,279
	Schlumberger Holdings 144A
		3.75% 5/1/24 #	145,000		144,486
	Southwestern Energy 5.95%
		1/23/25	10,000		9,896
					1,048,980
Finance Companies – 4.24%
	AerCap Ireland Capital DAC
		1.65% 10/29/24	150,000		138,665
		3.15% 2/15/24	150,000		145,260
	Air Lease
		0.80% 8/18/24	105,000		96,228
		2.875% 1/15/26	15,000		13,793
		3.00% 9/15/23	80,000		78,248
	Aviation Capital Group
		144A 1.95% 1/30/26 #	65,000		56,614
		144A 4.375% 1/30/24 #	60,000		58,965
	Avolon Holdings Funding 144A
		3.95% 7/1/24 #	145,000		138,936
	DAE Sukuk DIFC 144A 3.75%
		2/15/26 #	200,000		189,363
					916,072
Insurance – 6.36%
	Athene Global Funding 144A 1.00%
		4/16/24 #	205,000		193,222
	Brighthouse Financial Global
		Funding
		144A 1.00% 4/12/24 #	115,000		108,645
		144A 1.562% (SOFR + 0.76%)
		4/12/24 #, •	85,000		84,467
	Equitable Financial Life Global
		Funding 144A 0.80% 8/12/24 #	100,000		93,398
	Equitable Holdings 3.90% 4/20/23		61,000		61,321
	F&G Global Funding 144A 0.90%
		9/20/24 #	135,000		125,293
	GA Global Funding Trust 144A
		1.00% 4/8/24 #	275,000		259,609
	Humana 0.65% 8/3/23		205,000		198,441
	Met Tower Global Funding 144A
		3.70% 6/13/25 #	150,000		148,936
	USI 144A 6.875% 5/1/25 #		103,000		99,535
					1,372,867
Natural Gas – 0.47%
	Sempra Energy 3.30% 4/1/25		75,000		73,343
	Southern California Gas 2.95%
		4/15/27	30,000		28,421
					101,764
Technology – 5.00%
	Global Payments
		1.50% 11/15/24	75,000		70,471
		2.65% 2/15/25	100,000		95,526
	International Business Machines
		3.00% 5/15/24	100,000		99,292
	Microchip Technology
		0.983% 9/1/24	150,000		139,998
		4.333% 6/1/23	55,000		55,047
	NXP
		2.70% 5/1/25	5,000		4,758
		4.875% 3/1/24	165,000		166,707
	S&P Global 144A 2.45% 3/1/27 #		50,000		46,839
	Sensata Technologies
		144A 5.00% 10/1/25 #	90,000		86,549
		144A 5.625% 11/1/24 #	25,000		24,715
	Skyworks Solutions 0.90% 6/1/23		150,000		145,030
	VMware 1.00% 8/15/24		140,000		131,105

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	Workday
		3.50% 4/1/27	5,000	$	4,786
		3.70% 4/1/29	10,000		9,364
					1,080,187
Transportation – 2.14%
	Canadian Pacific Railway 1.35%
		12/2/24	90,000		84,767
	Delta Air Lines
		144A 7.00% 5/1/25 #	185,000		187,506
		7.375% 1/15/26	24,000		24,026
	Spirit Loyalty Cayman 144A 8.00%
		9/20/25 #	24,000		24,675
	Triton Container International 144A
		1.15% 6/7/24 #	140,000		131,166
	United Airlines 144A 4.375%
		4/15/26 #	10,000		8,847
					460,987
Total Corporate Bonds
	(cost $14,433,314)				13,782,244

Non-Agency Asset-Backed Securities – 7.87%
	Enterprise Fleet Financing
		Series 2022-2 A2 144A 4.65%
		5/21/29 #	60,000		60,448
	Ford Credit Auto Owner Trust
		Series 2022-A B 1.91% 7/15/27	86,000		80,025
	Hyundai Auto Lease Securitization
		Trust
		Series 2021-A B 144A 0.61%
		10/15/25 #	900,000		873,498
	JPMorgan Chase Bank
		Series 2020-2 B 144A 0.84%
		2/25/28 #	96,141		93,935
	Tesla Auto Lease Trust
		Series 2021-A B 144A 1.02%
		3/20/25 #	235,000		223,238
	Trafigura Securitisation Finance
		Series 2021-1A A2 144A 1.08%
		1/15/25 #	200,000		187,010
	Verizon Master Trust
		Series 2022-2 B 1.83% 7/20/28	86,000		81,685
	Volkswagen Auto Lease Trust
		Series 2022-A A3 3.44% 7/21/25	100,000		99,750
Total Non-Agency Asset-Backed Securities
	(cost $1,763,051)				1,699,589

US Treasury Obligations – 12.75%
	US Treasury Notes
		2.625% 5/31/27	1,915,000		1,879,019
	US Treasury Notes
		2.75% 5/15/25	880,000		873,331
Total US Treasury Obligations
	(cost $2,761,243)				2,752,350

			Number of
			shares
Short-Term Investments – 0.11%
Money Market Mutual Funds – 0.11%
	BlackRock Liquidity FedFund –
		Institutional Shares (seven-day
		effective yield 1.32%)	5,944		5,944
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield 1.21%)	5,944		5,944
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield 1.39%)	5,944		5,944
	Morgan Stanley Institutional
		Liquidity Funds Government
		Portfolio – Institutional Class
		(seven-day effective yield 1.34%)	5,944		5,944
Total Short-Term Investments
	(cost $23,776)				23,776
Total Value of Securities–99.45%
	(cost $22,322,491)			$	21,468,794

°	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 June 30, 2022, the aggregate value of Rule 144A securities was $7,689,881, which represents 35.62% of the Series' net assets. See Note 8 in “Notes to financial statements."
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2022. 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 June 30, 2022. Rate will reset at a future date.

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ψ	Perpetual security. Maturity date represents next call date.

The following futures contracts were outstanding at June 30, 2022:¹

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
7	US Treasury 2 yr Notes	$	1,470,109		$	1,475,516		9/30/22	$	—	$	(5,407	)	$	3,937
4	US Treasury 3 yr Notes		863,750			867,376		9/30/22		—		(3,626	)		3,750
(10)	US Treasury 5 yr Notes		(1,122,500	)		(1,126,070	)	9/30/22		3,570		—			(7,031	)
Total Futures Contracts					$	1,216,822			$	3,570	$	(9,033	)	$	656

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amount presented above represents the Series’ total exposure in such contracts, whereas only the variation margin is reflected in the Series’ net assets.

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

Summary of abbreviations:
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
USD – US Dollar
yr – Year

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

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Statement of assets and liabilities
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	21,468,794
	Cash		6,636
	Cash collateral due from brokers		13,237
	Foreign currencies, at value^Δ		213
	Receivable for securities sold		380,299
	Dividends and interest receivable		115,944
	Receivable from investment manager		2,456
	Variation margin due from broker on futures contracts		656
	Other assets		171
	Total Assets		21,988,406
Liabilities:
	Payable for securities purchased		300,669
	Other accrued expenses		55,506
	Payable for series shares redeemed		43,816
	Administration expenses payable to affiliates		368
	Total Liabilities		400,359
Total Net Assets		$	21,588,047

Net Assets Consist of:
	Paid-in capital	$	24,876,474
	Total distributable earnings (loss)		(3,288,427	)
Total Net Assets		$	21,588,047

Net Asset Value
Standard Class:
Net assets		$	21,588,047
Shares of beneficial interest outstanding, unlimited authorization, no par			2,430,175
Net asset value per share		$	8.88
____________________
*Investments, at cost		$	22,322,491
^ΔForeign currencies, at cost			225

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

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Statement of operations
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Interest	$	218,519
	Dividends		439
			218,958

Expenses:
	Management fees		58,008
	Audit and tax fees		22,446
	Administration expenses		21,344
	Dividend disbursing and transfer agent fees and expenses		1,792
	Custodian fees		1,240
	Legal fees		549
	Trustees’ fees and expenses		388
	Other		18,110
			123,877
	Less expenses waived		(62,384	)
	Total operating expenses		61,493
Net Investment Income (Loss)			157,465

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		(229,449	)
	Foreign currencies		185
	Futures contracts		(3,769	)
	Swap contracts		2,704
	Net realized gain (loss)		(230,329	)
	Net change in unrealized appreciation (depreciation) on:
	Investments		(964,579	)
	Foreign currencies		(102	)
	Futures contracts		(1,684	)
	Net change in unrealized appreciation (depreciation)		(966,365	)
Net Realized and Unrealized Gain (Loss)			(1,196,694	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(1,039,229	)

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 Limited Duration Bond Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	157,465		$	245,432
	Net realized gain (loss)		(230,329	)		65,770
	Net change in unrealized appreciation (depreciation)		(966,365	)		(482,456	)
	Net increase (decrease) in net assets resulting from operations		(1,039,229	)		(171,254	)

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(458,920	)		(589,680	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		168,588			1,605,912
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		458,920			589,680
			627,508			2,195,592
	Cost of shares redeemed:
	Standard Class		(2,804,388	)		(5,107,563	)
	Decrease in net assets derived from capital share transactions		(2,176,880	)		(2,911,971	)
Net Decrease in Net Assets			(3,675,029	)		(3,672,905	)

Net Assets:
	Beginning of period		25,263,076			28,935,981
	End of period	$	21,588,047		$	25,263,076

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

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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:

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	9.47		$	9.74		$	9.66		$	9.34		$	9.61		$	9.66

Income (loss) from investment operations:
Net investment income³		0.06			0.09			0.12			0.21			0.05			0.10
Net realized and unrealized gain (loss)		(0.46	)		(0.15	)		0.24			0.17			(0.07	)		0.02
Total from investment operations		(0.40	)		(0.06	)		0.36			0.38			(0.02	)		0.12

Less dividends and distributions from:
Net investment income		(0.19	)		(0.21	)		(0.28	)		(0.06	)		(0.25	)		(0.17	)
Total dividends and distributions		(0.19	)		(0.21	)		(0.28	)		(0.06	)		(0.25	)		(0.17	)

Net asset value, end of period	$	8.88		$	9.47		$	9.74		$	9.66		$	9.34		$	9.61

Total return⁴		(4.29%	)		(0.68%	)		3.79%			4.09%			(0.22%	)		1.26%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,588		$	25,263		$	28,936		$	31,712		$	33,522		$	7,220
Ratio of expenses to average net assets⁵		0.53%			0.60%			0.75%			0.86%			1.15%			1.01%
Ratio of expenses to average net assets prior to
fees waived⁵		1.07%			0.94%			1.03%			1.10%			1.30%			1.16%
Ratio of net investment income to average net
assets		1.36%			0.90%			1.25%			2.15%			0.49%			1.09%
Ratio of net investment income to average net
assets prior to fees waived		0.82%			0.56%			0.97%			1.91%			0.34%			0.94%
Portfolio turnover		98%			252%			126%			108%			268%			82%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.

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 Limited Duration Bond Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

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 the 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. Futures contracts and options on futures contracts are valued at the daily quoted settlement 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.

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exchange rates from that which is due to changes in market price. 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.

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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. 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.

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), in order to prevent total annual series operating expenses from exceeding 0.53% of the Series’ average daily net assets from January 1, 2022 through June 30, 2022.* 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.

(continues) 13

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

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

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $896 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $268 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	3,606,482
Purchases of US government securities		18,738,063
Sales other than US government securities		2,738,114
Sales of US government securities		21,199,243

Cost of investments and derivatives	$	22,331,734
Aggregate unrealized appreciation of investments and derivatives	$	4,025
Aggregate unrealized depreciation of investments and derivatives		(1,029,068	)
Net unrealized depreciation of investments and derivatives	$	(1,025,043	)

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At December 31, 2021, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$1,164,247	$1,032,998	$2,197,245

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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1			Level 2			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	—		$	343,906		$	343,906
Agency Mortgage-Backed Securities			—			1,061,099			1,061,099
Collateralized Debt Obligations			—			1,805,830			1,805,830
Corporate Bonds			—			13,782,244			13,782,244
Non-Agency Asset-Backed Securities			—			1,699,589			1,699,589
US Treasury Obligations			—			2,752,350			2,752,350
Short-Term Investments			23,776			—			23,776
Total Value of Securities		$	23,776		$	21,445,018		$	21,468,794

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

3. Investments (continued)

	Level 1				Level 2			Total
Derivatives¹
Assets:
Futures Contracts		$	3,570			$	—		$	3,570
Liabilities:
Futures Contracts		$	(9,033	)		$	—		$	(9,033	)

¹	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended			Year ended
		6/30/22			12/31/21
Shares sold:
	Standard Class		18,048			166,715
Shares issued upon reinvestment of dividends and distributions:
	Standard Class		51,219			62,006
			69,267			228,721
Shares redeemed:
	Standard Class		(305,610	)		(532,712	)
Net decrease			(236,343	)		(303,991	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Derivatives

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Futures Contracts

A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2022, the Series posted $13,237 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 six months ended June 30, 2022, 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 credit default swaps (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. Swap contracts are bilaterally negotiated agreements between a Series and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).

During the six months ended June 30, 2022, 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 six months ended June 30, 2022, the Series did not enter into any CDS contracts as a seller of protection.

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

6. Derivatives (continued)

During the six months ended June 30, 2022, the Series entered into CDS contracts 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.”

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Futures				Swap
	Contracts				Contracts			Total
Interest rate
contracts		$	(3,769	)		$	—		$	(3,769	)
Credit
contracts			—				2,704			2,704
Total		$	(3,769	)		$	2,704		$	(1,065	)

			Net Change in Unrealized Appreciation (Depreciation) of:
								Futures
								Contracts
Interest rate
contracts									$	(1,684	)

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2022:

	Long Derivative			Short Derivative
	Volume			Volume
Futures contracts (average notional value)		USD	1,778,697		975,449
CDS contracts (average notional value)*		EUR	—		24,000

* Long represents buying protection and short represents selling protection.

7. Securities Lending

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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.

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

8. Credit and Market Risk

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

8. Credit and Market Risk (continued)

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.

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 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.

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9. Contractual Obligations

10. Recent Accounting Pronouncements

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

(continues) 21

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Limited Duration Bond Series

Liquidity Risk Management Program

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(2314852)
SA-VIPLDB-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Opportunity Series

June 30, 2022

Table of Contents

Table of contents

Disclosure of Series expenses		1
Security type / sector allocation and top 10 equity holdings		2
Schedule of investments		3
Statement of assets and liabilities		6
Statement of operations		7
Statements of changes in net assets		8
Financial highlights		9
Notes to financial statements		10
Other Series information		17

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses

For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

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

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			1/1/22 to
	1/1/22			6/30/22			Ratio			6/30/22*
Actual Series return^†
Standard Class		$	1,000.00		$	810.90		0.83	%		$	3.73
Hypothetical 5% return (5% return before expenses)
Standard Class		$	1,000.00		$	1,020.68		0.83	%		$	4.16

*	“Expenses Paid During Period” are equal to the Series' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks		98.98	%
Basic Materials		8.25	%
Business Services		4.68	%
Capital Goods		11.67	%
Communications Services		0.89	%
Consumer Discretionary		5.20	%
Consumer Services		1.83	%
Consumer Staples		3.13	%
Credit Cyclicals		2.86	%
Energy		5.59	%
Financial Services		14.49	%
Healthcare		13.89	%
Media		1.19	%
Real Estate Investment Trusts		6.32	%
Technology		13.77	%
Transportation		3.04	%
Utilities		2.18	%
Short-Term Investments		1.08	%
Total Value of Securities		100.06	%
Liabilities Net of Receivables and Other Assets		(0.06	%)
Total Net Assets		100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
Diamondback Energy		2.77	%
Quanta Services		2.01	%
Reliance Steel & Aluminum		1.77	%
ExlService Holdings		1.63	%
Huntsman		1.49	%
Chesapeake Energy		1.46	%
Catalent		1.41	%
Liberty Energy Class A		1.36	%
East West Bancorp		1.33	%
PTC		1.22	%

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

June 30, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 98.98%
Basic Materials – 8.25%
	Beacon Roofing Supply †	11,742	$	603,069
	Boise Cascade	8,956		532,793
	Huntsman	37,338		1,058,532
	Kaiser Aluminum	6,727		532,038
	Minerals Technologies	12,532		768,713
	Reliance Steel & Aluminum	7,391		1,255,435
	Westrock	12,803		510,072
	Worthington Industries	13,378		589,970
				5,850,622
Business Services – 4.68%
	ABM Industries	11,046		479,617
	Aramark	21,679		664,028
	ASGN †	7,672		692,398
	Casella Waste Systems Class A †	4,419		321,173
	Clean Harbors †	4,570		400,652
	WillScot Mobile Mini Holdings †	23,430		759,600
				3,317,468
Capital Goods – 11.67%
	Ameresco Class A †	5,178		235,910
	Barnes Group	4,655		144,957
	Carlisle	2,172		518,261
	Federal Signal	8,268		294,341
	Gates Industrial †	17,760		191,986
	Generac Holdings †	1,237		260,487
	Graco	6,890		409,335
	Jacobs Engineering Group	5,795		736,718
	Kadant	1,787		325,859
	KBR	11,312		547,388
	Lincoln Electric Holdings	4,256		525,020
	MasTec †	6,569		470,735
	Oshkosh	5,921		486,351
	Quanta Services	11,370		1,425,116
	Regal Rexnord	2,850		323,532
	Tetra Tech	2,820		385,071
	WESCO International †	3,175		340,042
	Woodward	2,741		253,515
	Zurn Elkay Water Solutions	14,552		396,396
				8,271,020
Communications Services – 0.89%
	Switch Class A	18,810		630,135
				630,135
Consumer Discretionary – 5.20%
	American Eagle Outfitters	27,418		306,533
	BJ's Wholesale Club Holdings †	7,704		480,113
	Dick's Sporting Goods	9,012		679,235
	Five Below †	6,394		725,271
	Malibu Boats Class A †	11,601		611,489
	Steven Madden	22,282		717,703
	Tractor Supply	853		165,354
				3,685,698
Consumer Services – 1.83%
	Brinker International †	9,190		202,456
	Jack in the Box	4,145		232,369
	Texas Roadhouse	5,716		418,411
	Wendy's	23,715		447,739
				1,300,975
Consumer Staples – 3.13%
	Casey's General Stores	4,540		839,809
	Helen of Troy †	1,726		280,320
	J & J Snack Foods	3,740		522,328
	YETI Holdings †	13,271		574,236
				2,216,693
Credit Cyclicals – 2.86%
	BorgWarner	13,382		446,557
	Dana	18,398		258,860
	KB Home	8,699		247,574
	La-Z-Boy	11,751		278,616
	Taylor Morrison Home †	12,251		286,183
	Toll Brothers	11,432		509,867
				2,027,657
Energy – 5.59%
	Chesapeake Energy	12,765		1,035,242
	Diamondback Energy	16,181		1,960,328
	Liberty Energy Class A †	75,570		964,273
				3,959,843
Financial Services – 14.49%
	Axis Capital Holdings	14,628		835,113
	Comerica	8,253		605,605
	East West Bancorp	14,590		945,432
	Essent Group	14,602		568,018
	Hamilton Lane Class A	5,355		359,749
	Kemper	11,830		566,657
	NMI Holdings Class A †	17,696		294,638
	Primerica	7,032		841,660
	Raymond James Financial	6,187		553,180
	Reinsurance Group of America	6,897		808,949
	SouthState	7,969		614,808
	Stifel Financial	7,251		406,201
	Umpqua Holdings	36,926		619,249
	Valley National Bancorp	42,752		445,048
	Webster Financial	17,836		751,788
	Western Alliance Bancorp	8,555		603,983
	WSFS Financial	11,277		452,095
				10,272,173

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


		Number of
		shares	Value (US $)
Common Stocks (continued)
Healthcare – 13.89%
	Amicus Therapeutics †	27,398	$	294,255
	Azenta	7,263		523,662
	Biohaven Pharmaceutical Holding †	3,543		516,251
	Bio-Techne	1,899		658,269
	Blueprint Medicines †	7,118		359,530
	Catalent †	9,342		1,002,303
	Encompass Health	10,422		584,153
	Exact Sciences †	3,674		144,719
	Halozyme Therapeutics †	15,359		675,796
	ICON †	2,687		582,273
	Insmed †	13,673		269,632
	Inspire Medical Systems †	2,925		534,310
	Ligand Pharmaceuticals †	4,826		430,576
	Natera †	6,739		238,830
	Neurocrine Biosciences †	6,807		663,546
	QuidelOrtho †	3,860		375,115
	Repligen †	3,708		602,179
	Shockwave Medical †	3,030		579,245
	Supernus Pharmaceuticals †	13,352		386,140
	Ultragenyx Pharmaceutical †	7,167		427,583
				9,848,367
Media – 1.19%
	IMAX †	16,754		282,975
	Interpublic Group of Companies	20,484		563,924
				846,899
Real Estate Investment Trusts – 6.32%
	Brixmor Property Group	30,636		619,153
	Camden Property Trust	5,634		757,660
	Cousins Properties	8,138		237,874
	DiamondRock Hospitality †	28,636		235,102
	First Industrial Realty Trust	10,318		489,899
	Kite Realty Group Trust	17,938		310,148
	Life Storage	6,012		671,300
	LXP Industrial Trust	32,109		344,851
	Pebblebrook Hotel Trust	20,777		344,275
	Physicians Realty Trust	26,781		467,328
				4,477,590
Technology – 13.77%
	Blackline †	2,979		198,401
	Box Class A †	9,131		229,553
	Dynatrace †	9,755		384,737
	ExlService Holdings †	7,834		1,154,183
	Guidewire Software †	4,767		338,409
	Ichor Holdings †	4,188		108,804
	II-VI †	10,637		541,955
	MACOM Technology Solutions
	Holdings †	7,101		327,356
	MaxLinear †	12,498		424,682
	ON Semiconductor †	11,083		557,586
	Paycom Software †	470		131,656
	Procore Technologies †	6,175		280,283
	PTC †	8,113		862,737
	Q2 Holdings †	7,008		270,299
	Rapid7 †	5,948		397,327
	Semtech †	6,185		339,990
	Silicon Laboratories †	3,015		422,763
	Smartsheet Class A †	8,406		264,201
	Sprout Social Class A †	2,812		163,293
	SS&C Technologies Holdings	5,174		300,454
	Tyler Technologies †	369		122,685
	Varonis Systems †	12,367		362,601
	WNS Holdings ADR †	10,914		814,621
	Yelp †	12,230		339,627
	Ziff Davis †	5,713		425,790
				9,763,993
Transportation – 3.04%
	Allegiant Travel †	3,286		371,614
	Kirby †	9,872		600,612
	Knight-Swift Transportation
	Holdings	11,741		543,491
	Werner Enterprises	16,646		641,537
				2,157,254
Utilities – 2.18%
	Black Hills	10,381		755,426
	Spire	10,625		790,181
				1,545,607
Total Common Stocks
	(cost $64,228,095)			70,171,994

Short-Term Investments – 1.08%
Money Market Mutual Funds – 1.08%
	BlackRock Liquidity FedFund –
	Institutional Shares (seven-day
	effective yield 1.32%)	191,908		191,908
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield 1.21%)	191,910		191,910
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield 1.39%)	191,911		191,911

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			Number of
			shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley Institutional
		Liquidity Funds Government
		Portfolio – Institutional Class
		(seven-day effective yield 1.34%)	191,910	$	191,910
Total Short-Term Investments
	(cost $767,639)				767,639
Total Value of Securities—100.06%
	(cost $64,995,734)			$	70,939,633

†	Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

GS – Goldman Sachs

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

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	70,939,633
	Dividends receivable		49,269
	Receivable for series shares sold		16,762
	Other assets		626
	Total Assets		71,006,290
Liabilities:
	Other accrued expenses		40,835
	Investment management fees payable to affiliates		38,079
	Payable for series shares redeemed		26,862
	Administration expenses payable to affiliates		451
	Total Liabilities		106,227
Total Net Assets		$	70,900,063

Net Assets Consist of:
	Paid-in capital	$	61,121,460
	Total distributable earnings (loss)		9,778,603
Total Net Assets		$	70,900,063

Net Asset Value
Standard Class:
Net assets		$	70,900,063
Shares of beneficial interest outstanding, unlimited authorization, no par			4,622,760
Net asset value per share		$	15.34
____________________
*Investments, at cost		$	64,995,734

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

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

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	531,230

Expenses:
	Management fees		304,650
	Accounting and administration expenses		26,131
	Audit and tax fees		15,291
	Dividend disbursing and transfer agent fees and expenses		6,466
	Reports and statements to shareholders expenses		5,645
	Custodian fees		3,908
	Legal fees		1,670
	Trustees’ fees and expenses		1,413
	Other		4,457
			369,631
	Less expenses waived		(32,465	)
	Total operating expenses		337,166
Net Investment Income (Loss)			194,064

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		3,769,014
	Net change in unrealized appreciation (depreciation) on investments		(20,884,775	)
Net Realized and Unrealized Gain (Loss)			(17,115,761	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(16,921,697	)

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 Opportunity Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	194,064		$	175,971
	Net realized gain (loss)		3,769,014			6,000,160
	Net change in unrealized appreciation (depreciation)		(20,884,775	)		12,793,310
	Net increase (decrease) in net assets resulting from operations		(16,921,697	)		18,969,441

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(6,199,616	)		(2,573,260	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		1,904,541			2,199,697
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		6,199,616			2,573,260
			8,104,157			4,772,957
	Cost of shares redeemed:
	Standard Class		(6,195,424	)		(14,732,766	)
	Increase (decrease) in net assets derived from capital share transactions		1,908,733			(9,959,809	)
Net Increase (Decrease) in Net Assets			(21,212,580	)		6,436,372

Net Assets:
	Beginning of period		92,112,643			85,676,271
	End of period	$	70,900,063		$	92,112,643

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

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Financial highlights
Delaware VIP^®Opportunity Series Standard Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	20.48		$	17.10		$	19.50		$	15.58		$	18.76		$	15.87

Income (loss) from investment operations:
Net investment income³		0.04			0.04			0.22			0.11			0.24			0.10
Net realized and unrealized gain (loss)		(3.75	)		3.88			0.36			4.49			(3.08	)		2.90
Total from investment operations		(3.71	)		3.92			0.58			4.60			(2.84	)		3.00

Less dividends and distributions from:
Net investment income		(0.04	)		(0.23	)		(0.12	)		(0.23	)		(0.10	)		(0.11	)
Net realized gain		(1.39	)		(0.31	)		(2.86	)		(0.45	)		(0.24	)		—
Total dividends and distributions		(1.43	)		(0.54	)		(2.98	)		(0.68	)		(0.34	)		(0.11	)

Net asset value, end of period	$	15.34		$	20.48		$	17.10		$	19.50		$	15.58		$	18.76

Total return⁴		(18.91%	)⁵		23.13%	⁵		10.80%	⁵		30.11%	⁵		(15.38%	)		19.00%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	70,900		$	92,113		$	85,676		$	82,342		$	64,195		$	69,977
Ratio of expenses to average net assets⁶		0.83%			0.83%			0.83%			0.84%			0.83%			0.84%
Ratio of expenses to average net assets prior to fees waived⁶		0.91%			0.88%			0.97%			0.89%			0.83%			0.84%
Ratio of net investment income to average net assets		0.48%			0.19%			1.50%			0.65%			1.34%			0.59%
Ratio of net investment income to average net assets prior to fees waived		0.40%			0.14%			1.36%			0.60%			1.34%			0.59%
Portfolio turnover		18%			17%			31%			125%	⁷		59%			30%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of any Underlying Funds in which the Series invests.
⁷	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.

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

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Series invests are recorded on the ex-dividend date. 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

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capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. The Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2022.

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), in order to prevent total annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets from January 1, 2022 through June 30, 2022.* 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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $3,160 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $678 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

(continues) 11

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

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

Cross trades for the six months ended June 30, 2022, 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 a report related to the Series’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended June 30, 2022, the Series engaged in Rule 17a-7 securities purchases of $3,337,608. The Series did not engage in Rule 17a-7 securities sales.

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	14,672,391
Sales			18,861,774

Cost of investments	$	64,995,734
Aggregate unrealized appreciation of investments	$	12,203,892
Aggregate unrealized depreciation of investments		(6,259,993	)
Net unrealized appreciation of investments	$	5,943,899

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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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1
Securities
Assets:
Common Stocks	$	70,171,994
Short-Term Investments		767,639
Total Value of Securities	$	70,939,633

(continues) 13

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

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended			Year ended
		6/30/22			12/31/21
Shares sold:
	Standard Class		106,137			113,500
Shares issued upon reinvestment of dividends and distributions:
	Standard Class		358,982			133,468
			465,119			246,968
Shares redeemed:
	Standard Class		(339,667	)		(758,921	)
Net increase (decrease)			125,452			(511,953	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

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obligations; certain money market funds; and asset-backed securities. The Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

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

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2022, there were no Rule 144A securities held by the Series.

8. Contractual Obligations

(continues) 15

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

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Opportunity Series

Liquidity Risk Management Program

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(2314852)
SA-VIPOP-822

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Semiannual report

Delaware VIP^®Trust

Delaware VIP Special Situations Series

June 30, 2022

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Table of contents

Disclosure of Series expenses	1
Security type / sector allocation and top 10 equity holdings	2
Schedule of investments	3
Statement of assets and liabilities	5
Statement of operations	6
Statements of changes in net assets	7
Financial highlights	8
Notes to financial statements	9
Other Series information	15

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

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Disclosure of Series expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

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

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	1/1/22 to
	1/1/22		6/30/22		Ratio	6/30/22*
Actual Series return^†
Standard Class	$	1,000.00	$	830.90	0.80%		$	3.63
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.83	0.80%		$	4.01

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Series’ expenses reflected above, the Series also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

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

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks ◆		97.75	%
Basic Industry		8.27	%
Consumer Discretionary		10.74	%
Consumer Staples		3.28	%
Energy		6.64	%
Financial Services*		28.17	%
Healthcare		4.69	%
Industrials		11.86	%
Real Estate Investment Trusts		7.93	%
Technology		9.89	%
Transportation		2.13	%
Utilities		4.15	%
Short-Term Investments		2.48	%
Total Value of Securities		100.23	%
Liabilities Net of Receivables and Other Assets		(0.23	%)
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 June 30, 2022, such amounts, as a percentage of total net assets were 19.12%, 2.11%, and 6.94%, 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		2.61	%
Webster Financial		2.40	%
Stifel Financial		2.11	%
Hancock Whitney		2.08	%
MasTec		1.97	%
Western Alliance Bancorp		1.91	%
Louisiana-Pacific		1.82	%
WESCO International		1.76	%
Selective Insurance Group		1.72	%
American Equity Investment Life Holding		1.69	%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Special Situations Series

June 30, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 97.75% ◆
Basic Industry – 8.27%
	Arconic †	69,200	$	1,941,060
	Ashland Global Holdings	15,500		1,597,275
	Avient	37,100		1,486,968
	Berry Global Group †	58,400		3,190,976
	HB Fuller	32,000		1,926,720
	Huntsman	79,600		2,256,660
	Louisiana-Pacific	71,900		3,768,279
	Summit Materials Class A †	42,400		987,496
				17,155,434
Consumer Discretionary – 10.74%
	Acushnet Holdings	33,700		1,404,616
	Adient †	57,200		1,694,836
	Barnes Group	48,400		1,507,176
	Cable One	800		1,031,456
	Choice Hotels International	10,100		1,127,463
	Columbia Sportswear	14,459		1,034,975
	Cracker Barrel Old Country Store	13,700		1,143,813
	Denny’s †	43,400		376,712
	Group 1 Automotive	11,500		1,952,700
	KB Home	48,500		1,380,310
	Meritage Homes †	22,300		1,616,750
	Nexstar Media Group Class A	10,200		1,661,376
	PROG Holdings †	22,300		367,950
	Steven Madden	35,100		1,130,571
	Texas Roadhouse	20,150		1,474,980
	UniFirst	12,000		2,066,160
	Wolverine World Wide	65,513		1,320,742
				22,292,586
Consumer Staples – 3.28%
	J & J Snack Foods	14,800		2,066,968
	Performance Food Group †	44,316		2,037,650
	Scotts Miracle-Gro	8,000		631,920
	Spectrum Brands Holdings	25,100		2,058,702
				6,795,240
Energy – 6.64%
	CNX Resources †	167,250		2,752,935
	Delek US Holdings †	44,300		1,144,712
	Dril-Quip †	15,872		409,498
	Helix Energy Solutions Group †	79,811		247,414
	Magnolia Oil & Gas Class A	135,100		2,835,749
	Matador Resources	41,200		1,919,508
	Murphy Oil	65,900		1,989,521
	Patterson-UTI Energy	157,800		2,486,928
				13,786,265
Financial Services – 28.17%
	American Equity Investment Life
	Holding	96,000		3,510,720
	Bank of NT Butterfield & Son	41,000		1,278,790
	East West Bancorp	83,700		5,423,760
	Essent Group	42,400		1,649,360
	First Financial Bancorp	94,500		1,833,300
	First Interstate BancSystem
	Class A	81,385		3,101,582
	FNB	298,800		3,244,968
	Hancock Whitney	97,250		4,311,093
	Hanover Insurance Group	22,900		3,349,125
	Hope Bancorp	87,460		1,210,447
	Kemper	23,400		1,120,860
	Metropolitan Bank Holding †	14,398		999,509
	S&T Bancorp	2,473		67,834
	Sandy Spring Bancorp	29,000		1,133,030
	Selective Insurance Group	41,000		3,564,540
	Stewart Information Services	24,300		1,208,925
	Stifel Financial	78,250		4,383,565
	Synovus Financial	64,700		2,332,435
	Umpqua Holdings	191,000		3,203,070
	Valley National Bancorp	249,700		2,599,377
	Webster Financial	117,999		4,973,658
	Western Alliance Bancorp	56,050		3,957,130
				58,457,078
Healthcare – 4.69%
	Avanos Medical †	38,700		1,058,058
	Integer Holdings †	25,900		1,830,094
	Integra LifeSciences
	Holdings †	35,400		1,912,662
	NuVasive †	27,600		1,356,816
	Select Medical Holdings	54,100		1,277,842
	Service Corp. International	25,050		1,731,456
	Syneos Health †	7,852		562,831
				9,729,759
Industrials – 11.86%
	Altra Industrial Motion	54,900		1,935,225
	Atkore †	37,200		3,087,972
	CACI International Class A †	7,600		2,141,528
	H&E Equipment Services	31,200		903,864
	ITT	39,800		2,676,152
	KBR	43,332		2,096,836
	MasTec †	57,190		4,098,235
	Primoris Services	37,150		808,384
	Regal Rexnord	15,408		1,749,116
	WESCO International †	34,200		3,662,820
	Zurn Elkay Water Solutions	53,200		1,449,168
				24,609,300
Real Estate Investment Trusts – 7.93%
	Brandywine Realty Trust	154,600		1,490,344
	Independence Realty Trust	73,700		1,527,801

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Special Situations Series

			Number of
			shares	Value (US $)
Common Stocks◆ (continued)
Real Estate Investment Trusts (continued)
	Kite Realty Group Trust		100,105	$	1,730,815
	Life Storage		18,150		2,026,629
	LXP Industrial Trust		155,000		1,664,700
	National Health Investors		33,600		2,036,496
	Outfront Media		111,500		1,889,925
	RPT Realty		98,400		967,272
	Spirit Realty Capital		60,700		2,293,246
	Summit Hotel Properties †		115,100		836,777
					16,464,005
Technology – 9.89%
	Cirrus Logic †		25,900		1,878,786
	Concentrix		10,800		1,464,912
	Diodes †		25,200		1,627,164
	Flex †		169,509		2,452,795
	NCR †		40,788		1,268,915
	NetScout Systems †		43,900		1,486,015
	Power Integrations		24,100		1,807,741
	TD SYNNEX		15,800		1,439,380
	Tower Semiconductor †		63,200		2,918,576
	TTM Technologies †		148,500		1,856,250
	Viavi Solutions †		128,000		1,693,440
	Vishay Intertechnology		35,000		623,700
					20,517,674
Transportation – 2.13%
	Kirby †		26,100		1,587,924
	Saia †		4,100		770,800
	Werner Enterprises		53,500		2,061,890
					4,420,614
Utilities – 4.15%
	ALLETE		29,300		1,722,254
	Black Hills		36,890		2,684,485
	OGE Energy		52,800		2,035,968
	Southwest Gas Holdings		25,000		2,177,000
					8,619,707
Total Common Stocks
	(cost $181,327,607)				202,847,662

Short-Term Investments – 2.48%
Money Market Mutual Funds – 2.48%
	BlackRock Liquidity FedFund –
		Institutional Shares (seven-day
		effective yield 1.32%)	1,287,339		1,287,339
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		1.21%)	1,287,340		1,287,340
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		1.39%)	1,287,340		1,287,340
	Morgan Stanley Institutional
		Liquidity Funds Government
		Portfolio – Institutional Class
		(seven-day effective yield
		1.34%)	1,287,339		1,287,339
Total Short-Term Investments
	(cost $5,149,358)				5,149,358
Total Value of Securities–100.23%
	(cost $186,476,965)			$	207,997,020

◆	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.

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	207,997,020
	Dividends receivable		217,491
	Receivable for securities sold		82,099
	Receivable for series shares sold		4,456
	Prepaid expenses		78
	Other assets		1,779
	Total Assets		208,302,923
Liabilities:
	Payable for securities purchased		570,989
	Investment management fees payable to affiliates		120,597
	Payable for series shares redeemed		55,996
	Other accrued expenses		44,479
	Administration expenses payable to affiliates		709
	Total Liabilities		792,770
Total Net Assets		$	207,510,153

Net Assets Consist of:
	Paid-in capital	$	177,691,109
	Total distributable earnings (loss)		29,819,044
Total Net Assets		$	207,510,153

Net Asset Value
Standard Class:
Net assets		$	207,510,153
Shares of beneficial interest outstanding, unlimited authorization, no par			7,272,995
Net asset value per share		$	28.53
___________________
*Investments, at cost		$	186,476,965

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

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Statement of operations
Delaware VIP^®Trust — Delaware VIP Special Situations Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	1,827,289

Expenses:
	Management fees		893,734
	Administration expenses		38,935
	Dividend disbursing and transfer agent fees and expenses		16,992
	Audit and tax fees		15,499
	Custodian fees		8,293
	Legal fees		4,841
	Trustees’ fees and expenses		4,032
	Other		17,355
			999,681
	Less expenses waived		(46,287	)
	Total operating expenses		953,394
Net Investment Income (Loss)			873,895

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		10,196,726
	Net change in unrealized appreciation (depreciation) on investments		(53,865,067	)
Net Realized and Unrealized Gain (Loss)			(43,668,341	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(42,794,446	)

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 Special Situations Series

			Six months
			ended
			6/30/22			Year ended
			(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	873,895		$	1,613,633
	Net realized gain (loss)			10,196,726			16,275,104
	Net change in unrealized appreciation (depreciation)			(53,865,067	)		53,892,021
	Net increase (decrease) in net assets resulting from operations			(42,794,446	)		71,780,758

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Standard Class		(13,870,026	)		(2,190,732	)

Capital Share Transactions:
	Proceeds from shares sold:
		Standard Class		348,094			1,064,688
	Net asset value of shares issued upon reinvestment of dividends and distributions:
		Standard Class		13,870,026			2,190,732
				14,218,120			3,255,420
	Cost of shares redeemed:
		Standard Class		(11,255,283	)		(29,344,471	)
	Increase (decrease) in net assets derived from capital share transactions			2,962,837			(26,089,051	)
Net Increase (Decrease) in Net Assets				(53,701,635	)		43,500,975

Net Assets:
	Beginning of period			261,211,788			217,710,813
	End of period		$	207,510,153		$	261,211,788

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

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Financial highlights
Delaware VIP^®Special Situations Series Standard Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18			12/31/17
Net asset value, beginning of period	$	36.48		$	27.40		$	32.21		$	28.86		$	40.08		$	34.64

Income (loss) from investment operations:
Net investment income³		0.12			0.21			0.30			0.33			0.23			0.15
Net realized and unrealized gain (loss)		(6.08	)		9.16			(2.40	)		5.39			(6.17	)		6.06
Total from investment operations		(5.96	)		9.37			(2.10	)		5.72			(5.94	)		6.21

Less dividends and distributions from:
Net investment income		(0.23	)		(0.29	)		(0.42	)		(0.22	)		(0.18	)		(0.33	)
Net realized gain		(1.76	)		—			(2.29	)		(2.15	)		(5.10	)		(0.44	)
Total dividends and distributions		(1.99	)		(0.29	)		(2.71	)		(2.37	)		(5.28	)		(0.77	)

Net asset value, end of period	$	28.53		$	36.48		$	27.40		$	32.21		$	28.86		$	40.08

Total return⁴		(16.91%	)⁵		34.28%	⁵		(1.85%	)⁵		20.36%	⁵		(16.60%	)		18.26%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	207,510		$	261,212		$	217,711		$	239,350		$	209,826		$	255,999
Ratio of expenses to average net assets⁶		0.80%			0.80%			0.80%			0.80%			0.80%			0.80%
Ratio of expenses to average net assets prior to fees waived⁶		0.84%			0.82%			0.88%			0.82%			0.80%			0.80%
Ratio of net investment income to average net assets		0.73%			0.64%			1.27%			1.08%			0.65%			0.40%
Ratio of net investment income to average net assets prior to fees waived		0.69%			0.62%			1.19%			1.06%			0.65%			0.40%
Portfolio turnover		10%			13%			21%			128%	⁷		54%			38%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	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.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
5	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
7	The Series' portfolio turnover rate increased substantially during the year ended 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.

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Notes to financial statements

Delaware VIP^®Trust — Delaware VIP Special Situations Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

(continues) 9

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Notes to financial statements

Delaware VIP^®Trust — Delaware VIP Special Situations Series

1. Significant Accounting Policies (continued)

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.

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), in order to prevent total annual series operating expenses from exceeding 0.80% of the Series’ average daily net assets from January 1, 2022 through June 30, 2022.* 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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $9,197 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 and regulatory reporting services to the Series. For the six months ended June 30, 2022, the Series was charged $2,692 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

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____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	24,207,456
Sales			36,806,740

Cost of investments	$	186,476,965
Aggregate unrealized appreciation of investments	$	36,451,169
Aggregate unrealized depreciation of investments		(14,931,114	)
Net unrealized appreciation of investments	$	21,520,055

At December 31, 2021, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$2,510,953	$—	$2,510,953

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)

(continues) 11

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Notes to financial statements

Delaware VIP^®Trust — Delaware VIP Special Situations Series

3. Investments (continued)

Level 3 –

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

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1
Securities
Assets:
Common Stocks	$	202,847,662
Short-Term Investments		5,149,358
Total Value of Securities	$	207,997,020

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended			Year ended
	6/30/22			12/31/21
Shares sold:
Standard Class		10,891			32,316
Shares issued upon reinvestment of dividends and distributions:
Standard Class		433,981			65,552
		444,872			97,868
Shares redeemed:
Standard Class		(332,253	)		(882,729	)
Net increase (decrease)		112,619			(784,861	)

5. Line of Credit

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The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

During the six months ended June 30, 2022, the Series had no securities out on loan.

7. Credit and Market Risk

(continues) 13

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Notes to financial statements

Delaware VIP^®Trust — Delaware VIP Special Situations Series

7. Credit and Market Risk (continued)

The Series may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series’ 10% limit on investments in illiquid securities. As of June 30, 2022, there were no Rule 144A securities held by the Series.

8. Contractual Obligations

9. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

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Other Series information (Unaudited)

Delaware VIP^®Trust — Delaware VIP Special Situations Series

Liquidity Risk Management Program

Table of Contents

(2314852)
SA-VIPSS-822

Table of Contents

Semiannual report

Delaware VIP^®Trust

Delaware VIP Total Return Series

June 30, 2022

Table of Contents

Table of contents

Disclosure of Series expenses	1
Security type / sector allocation	2
Schedule of investments	3
Statement of assets and liabilities	12
Statement of operations	13
Statements of changes in net assets	14
Financial highlights	15
Notes to financial statements	17
Other Series information	29

The Series is governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

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

Table of Contents

Disclosure of Series expenses

For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

The investment objective of the Series is to seek to provide sustainable current income with potential for capital appreciation with moderate investment risk.

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 January 1, 2022 to June 30, 2022.

Actual expenses

Hypothetical example for comparison purposes

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			1/1/22 to
	1/1/22		6/30/22		Ratio			6/30/22*
Actual Series return^†
Standard Class	$	1,000.00	$	866.90		0.85	%		$	3.93
Service Class		1,000.00		865.80		1.15	%			5.32
Hypothetical 5% return (5% return before expenses)
Standard Class	$	1,000.00	$	1,020.58		0.85	%		$	4.26
Service Class		1,000.00		1,019.09		1.15	%			5.76

*	“Expenses Paid During Period” are equal to the Series’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Series’ expenses reflected above, the Series also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above does not reflect the expenses of any Underlying Funds.

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Security type / sector allocation
Delaware VIP^®Trust — Delaware VIP Total Return Series

As of June 30, 2022 (Unaudited)

	Percentage
Security type / sector	of net assets
Convertible Bonds		6.50	%
Basic Industry		0.11	%
Capital Goods		0.20	%
Communications		0.77	%
Consumer Cyclical		0.37	%
Consumer Non-Cyclical		1.68	%
Electric		0.41	%
Energy		0.24	%
Financials		0.50	%
Industrials		0.31	%
Real Estate Investment Trusts		0.24	%
Technology		1.28	%
Transportation		0.39	%
Corporate Bonds		7.58	%
Automotive		0.16	%
Basic Industry		0.40	%
Capital Goods		0.27	%
Communications		0.41	%
Consumer Goods		0.15	%
Energy		1.28	%
Financial Services		0.30	%
Healthcare		0.79	%
Insurance		0.23	%
Leisure		0.67	%
Media		1.14	%
Real Estate		0.07	%
Retail		0.41	%
Services		0.48	%
Technology & Electronics		0.23	%
Transportation		0.32	%
Utilities		0.27	%
US Treasury Obligations		22.66	%
Common Stocks		56.85	%
Communication Services		3.00	%
Consumer Discretionary		6.75	%
Consumer Staples		3.95	%
Energy		3.90	%
Financials		7.07	%
Healthcare		8.91	%
Industrials		3.40	%
Information Technology		13.56	%
Materials		1.31	%
Real Estate		0.17	%
REIT Diversified		0.32	%
REIT Healthcare		0.34	%
REIT Industrial		0.48	%
REIT Information Technology		0.24	%
REIT Lodging		0.10	%
REIT Mall		0.08	%
REIT Manufactured Housing		0.06	%
REIT Multifamily		1.03	%
REIT Office		0.14	%
REIT Self-Storage		0.42	%
REIT Shopping Center		0.34	%
REIT Single Tenant		0.20	%
REIT Specialty		0.18	%
Utilities		0.90	%
Convertible Preferred Stock		1.43	%
Exchange-Traded Funds		1.71	%
Short-Term Investments		2.96	%
Total Value of Securities		99.69	%
Receivables and Other Assets Net of Liabilities		0.31	%
Total Net Assets		100.00	%

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Schedule of investments
Delaware VIP^®Trust — Delaware VIP Total Return Series

June 30, 2022 (Unaudited)

			Principal
			amount^°	Value (US $)
Convertible Bonds – 6.50%
Basic Industry – 0.11%
	Ivanhoe Mines 144A 2.50%
		exercise price $7.43, maturity
		date 4/15/26 #	48,000	$	49,560
					49,560
Capital Goods – 0.20%
	Kaman 3.25% exercise price
		$65.26, maturity date 5/1/24	92,000		86,480
					86,480
Communications – 0.77%
	Cable One 1.125% exercise price
		$2,275.83, maturity date 3/15/28	113,000		95,259
	DISH Network 3.375% exercise
		price $65.18, maturity date
		8/15/26	120,000		81,360
	Liberty Broadband 144A 1.25%
		exercise price $900.01, maturity
		date 9/30/50 #	125,000		117,375
	Liberty Latin America 2.00%
		exercise price $20.65, maturity
		date 7/15/24	51,000		44,402
					338,396
Consumer Cyclical – 0.37%
	Cheesecake Factory 0.375%
		exercise price $77.83, maturity
		date 6/15/26	134,000		102,845
	Ford Motor 0.00% exercise price
		$17.31, maturity date 3/15/26 ^	66,000		60,522
					163,367
Consumer Non-Cyclical – 1.68%
	BioMarin Pharmaceutical 0.599%
		exercise price $124.67, maturity
		date 8/1/24	35,000		34,738
	Chefs' Warehouse 1.875% exercise
		price $44.20, maturity date
		12/1/24	120,000		133,200
	Chegg 3.90% exercise price
		$107.55, maturity date 9/1/26 ^	127,000		95,059
	Coherus Biosciences 1.50%
		exercise price $19.26, maturity
		date 4/15/26	66,000		43,197
	Collegium Pharmaceutical 2.625%
		exercise price $29.19, maturity
		date 2/15/26	68,000		59,927
	CONMED 144A 2.25% exercise
		price $145.33, maturity date
		6/15/27 #	5,000		4,690
	Integra LifeSciences Holdings
		0.50% exercise price $73.67,
		maturity date 8/15/25	106,000		99,767
	Ionis Pharmaceuticals 0.125%
		exercise price $83.28, maturity
		date 12/15/24	74,000		65,379
	Jazz Investments I 2.00% exercise
		price $155.81, maturity date
		6/15/26	45,000		52,988
	Neurocrine Biosciences 2.25%
		exercise price $75.92, maturity
		date 5/15/24	28,000		37,170
	Paratek Pharmaceuticals 4.75%
		exercise price $15.90, maturity
		date 5/1/24	126,000		108,877
					734,992
Electric – 0.41%
	NextEra Energy Partners 144A
		0.357% exercise price $75.96,
		maturity date 11/15/25 #, ^	35,000		36,347
	NRG Energy 2.75% exercise price
		$44.15, maturity date 6/1/48	70,000		75,495
	Ormat Technologies 144A 2.50%
		exercise price $90.27, maturity
		date 7/15/27 #	63,000		67,221
					179,063
Energy – 0.24%
	Helix Energy Solutions Group
		6.75% exercise price $6.97,
		maturity date 2/15/26	110,000		105,710
					105,710
Financials – 0.50%
	FTI Consulting 2.00% exercise
		price $101.38, maturity date
		8/15/23	60,000		108,372
	Repay Holdings 144A 2.007%
		exercise price $33.60, maturity
		date 2/1/26 #, ^	141,000		109,451
					217,823
Industrials – 0.31%
	Chart Industries 144A 1.00%
		exercise price $58.73, maturity
		date 11/15/24 #	42,000		120,855

Table of Contents

Schedule of investments

Delaware VIP^®Trust – Delaware VIP Total Return Series

		Principal
		amount^°	Value (US $)
Convertible Bonds (continued)
Industrials (continued)
	Danimer Scientific 144A 3.25%
	exercise price $10.79, maturity
	date 12/15/26 #	20,000	$	14,220
				135,075
Real Estate Investment Trusts – 0.24%
	Blackstone Mortgage Trust 4.75%
	exercise price $36.23, maturity
	date 3/15/23	79,000		79,103
	Summit Hotel Properties 1.50%
	exercise price $11.99, maturity
	date 2/15/26	30,000		25,500
				104,603
Technology – 1.28%
	Block 0.125% exercise price
	$121.01, maturity date 3/1/25	54,000		50,895
	InterDigital 144A 3.50% exercise
	price $77.49, maturity date
	6/1/27 #	119,000		121,023
	ON Semiconductor 1.625%
	exercise price $20.72, maturity
	date 10/15/23	43,000		105,049
	Palo Alto Networks 0.75% exercise
	price $266.35, maturity date
	7/1/23	49,000		91,209
	Quotient Technology 1.75%
	exercise price $17.36, maturity
	date 12/1/22	68,000		63,240
	RingCentral 4.55% exercise price
	$360.43, maturity date 3/1/25 ^	70,000		57,575
	Vishay Intertechnology 2.25%
	exercise price $31.25, maturity
	date 6/15/25	43,000		40,798
	Wolfspeed 144A 0.25% exercise
	price $127.22, maturity date
	2/15/28 #	38,000		31,635
				561,424
Transportation – 0.39%
	Seaspan 144A 3.75% exercise
	price $13.01, maturity date
	12/15/25 #	88,000		90,596
	Spirit Airlines 1.00% exercise price
	$49.07, maturity date 5/15/26	86,000		77,959
				168,555
Total Convertible Bonds
	(cost $2,885,341)			2,845,048

Corporate Bonds – 7.58%
Automotive – 0.16%
	Allison Transmission 144A 5.875%
	6/1/29 #	55,000		51,255
	Goodyear Tire & Rubber 5.25%
	7/15/31	25,000		20,133
				71,388
Basic Industry – 0.40%
	Allegheny Technologies 5.125%
	10/1/31	15,000		11,514
	Avient 144A 5.75% 5/15/25 #	17,000		16,322
	Chemours 144A 5.75% 11/15/28 #	35,000		29,894
	Freeport-McMoRan 5.45% 3/15/43	62,000		57,491
	New Gold 144A 7.50% 7/15/27 #	15,000		13,069
	Novelis 144A 4.75% 1/30/30 #	35,000		29,158
	Olin 5.00% 2/1/30	20,000		17,308
				174,756
Capital Goods – 0.27%
	Madison IAQ 144A 5.875%
	6/30/29 #	30,000		23,067
	Sealed Air 144A 5.00% 4/15/29 #	25,000		23,409
	Terex 144A 5.00% 5/15/29 #	40,000		34,059
	TransDigm 144A 6.25% 3/15/26 #	40,000		38,681
				119,216
Communications – 0.41%
	Altice France 144A 5.50%
	10/15/29 #	35,000		26,844
	Consolidated Communications
	144A 5.00% 10/1/28 #	20,000		16,017
	144A 6.50% 10/1/28 #	20,000		17,062
	Frontier Communications Holdings
	144A 5.875% 10/15/27 #	55,000		49,594
	144A 6.75% 5/1/29 #	20,000		16,505
	Sprint Capital 6.875% 11/15/28	2,000		2,109
	T-Mobile USA
	2.625% 4/15/26	20,000		18,187
	3.375% 4/15/29	20,000		17,558
	3.50% 4/15/31	17,000		14,713
				178,589
Consumer Goods – 0.15%
	JBS USA LUX 144A 6.50%
	4/15/29 #	8,000		8,061
	Pilgrim’s Pride 144A 4.25%
	4/15/31 #	25,000		20,935
	Post Holdings 144A 5.50%
	12/15/29 #	43,000		38,527
				67,523

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Energy – 1.28%
	Ascent Resources Utica Holdings
	144A 5.875% 6/30/29 #	35,000	$	30,850
	144A 7.00% 11/1/26 #	20,000		18,627
	Callon Petroleum 144A 8.00%
	8/1/28 #	30,000		28,862
	CNX Midstream Partners 144A
	4.75% 4/15/30 #	15,000		12,619
	CNX Resources 144A 6.00%
	1/15/29 #	35,000		32,760
	Crestwood Midstream Partners
	144A 5.625% 5/1/27 #	11,000		9,808
	144A 6.00% 2/1/29 #	31,000		27,105
	EQM Midstream Partners 144A
	4.75% 1/15/31 #	45,000		36,016
	Genesis Energy
	7.75% 2/1/28	60,000		51,987
	8.00% 1/15/27	35,000		31,073
	Hilcorp Energy I
	144A 6.00% 4/15/30 #	25,000		21,791
	144A 6.25% 4/15/32 #	5,000		4,400
	Murphy Oil 6.375% 7/15/28	65,000		60,739
	NuStar Logistics
	5.625% 4/28/27	30,000		26,899
	6.00% 6/1/26	10,000		9,368
	Occidental Petroleum
	6.45% 9/15/36	10,000		10,274
	6.60% 3/15/46	35,000		37,274
	6.625% 9/1/30	20,000		20,636
	PDC Energy 5.75% 5/15/26	43,000		40,192
	Southwestern Energy
	5.375% 2/1/29	5,000		4,647
	5.375% 3/15/30	15,000		13,830
	7.75% 10/1/27	18,000		18,392
	Weatherford International 144A
	8.625% 4/30/30 #	15,000		12,476
				560,625
Financial Services – 0.30%
	Ally Financial 8.00% 11/1/31	35,000		38,952
	Castlelake Aviation Finance DAC
	144A 5.00% 4/15/27 #	35,000		29,133
	Hightower Holding 144A 6.75%
	4/15/29 #	30,000		22,603
	Medline Borrower 144A 3.875%
	4/1/29 #	20,000		17,102
	MSCI 144A 3.625% 11/1/31 #	30,000		24,753
				132,543
Healthcare – 0.79%
	Avantor Funding 144A 3.875%
	11/1/29 #	75,000		65,706
	Bausch Health 144A 6.25%
	2/15/29 #	75,000		40,125
	CHS 144A 4.75% 2/15/31 #	30,000		22,046
	DaVita 144A 4.625% 6/1/30 #	30,000		23,491
	Encompass Health 4.75% 2/1/30	30,000		25,183
	Hadrian Merger Sub 144A 8.50%
	5/1/26 #	40,000		38,085
	HCA
	5.375% 2/1/25	30,000		29,934
	5.875% 2/15/26	35,000		35,247
	ModivCare Escrow Issuer 144A
	5.00% 10/1/29 #	25,000		20,228
	Tenet Healthcare
	144A 4.375% 1/15/30 #	15,000		12,720
	144A 6.125% 10/1/28 #	40,000		34,355
				347,120
Insurance – 0.23%
	HUB International 144A 5.625%
	12/1/29 #	35,000		28,956
	NFP 144A 6.875% 8/15/28 #	25,000		20,696
	USI 144A 6.875% 5/1/25 #	55,000		53,150
				102,802
Leisure – 0.67%
	Boyd Gaming 4.75% 12/1/27	35,000		31,748
	Caesars Entertainment 144A 6.25%
	7/1/25 #	75,000		72,533
	Carnival
	144A 5.75% 3/1/27 #	75,000		54,428
	144A 7.625% 3/1/26 #	50,000		38,844
	Royal Caribbean Cruises 144A
	5.50% 4/1/28 #	75,000		52,302
	Scientific Games International 144A
	7.25% 11/15/29 #	20,000		18,784
	Six Flags Entertainment 144A
	4.875% 7/31/24 #	25,000		23,806
				292,445
Media – 1.14%
	AMC Networks 4.25% 2/15/29	65,000		52,862
	CCO Holdings
	4.50% 5/1/32	90,000		73,178
	144A 5.375% 6/1/29 #	30,000		26,878
	CMG Media 144A 8.875%
	12/15/27 #	35,000		27,746
	CSC Holdings 144A 5.75%
	1/15/30 #	200,000		146,046
	Cumulus Media New Holdings
	144A 6.75% 7/1/26 #	36,000		33,215

Table of Contents

Schedule of investments

Delaware VIP^®Trust – Delaware VIP Total Return Series

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Media (continued)
	Directv Financing 144A 5.875%
	8/15/27 #	25,000	$	21,408
	Gray Escrow II 144A 5.375%
	11/15/31 #	25,000		20,085
	Nielsen Finance
	144A 4.50% 7/15/29 #	10,000		9,047
	144A 4.75% 7/15/31 #	30,000		27,027
	Sirius XM Radio 144A 4.00%
	7/15/28 #	70,000		60,798
				498,290
Real Estate – 0.07%
	VICI Properties 144A 3.875%
	2/15/29 #	35,000		30,171
				30,171
Retail – 0.41%
	Asbury Automotive Group
	144A 4.625% 11/15/29 #	30,000		24,830
	4.75% 3/1/30	15,000		12,352
	Bath & Body Works
	6.875% 11/1/35	35,000		28,541
	6.95% 3/1/33	29,000		23,203
	CP Atlas Buyer 144A 7.00%
	12/1/28 #	15,000		10,854
	Levi Strauss & Co. 144A 3.50%
	3/1/31 #	32,000		26,223
	LSF9 Atlantis Holdings 144A 7.75%
	2/15/26 #	27,000		22,904
	Murphy Oil USA 144A 3.75%
	2/15/31 #	35,000		29,806
				178,713
Services – 0.48%
	Iron Mountain 144A 5.25%
	3/15/28 #	55,000		49,481
	NESCO Holdings II 144A 5.50%
	4/15/29 #	25,000		21,011
	Prime Security Services Borrower
	144A 5.75% 4/15/26 #	65,000		60,743
	United Rentals North America
	3.875% 2/15/31	56,000		47,352
	Univar Solutions USA 144A 5.125%
	12/1/27 #	25,000		23,315
	White Cap Buyer 144A 6.875%
	10/15/28 #	8,000		6,411
				208,313
Technology & Electronics – 0.23%
	Entegris Escrow 144A 5.95%
	6/15/30 #	30,000		28,606
	Go Daddy Operating 144A 3.50%
	3/1/29 #	40,000		33,797
	SS&C Technologies 144A 5.50%
	9/30/27 #	40,000		37,428
				99,831
Transportation – 0.32%
	Delta Air Lines 7.375% 1/15/26	24,000		24,026
	Laredo Petroleum 144A 7.75%
	7/31/29 #	20,000		18,072
	Seaspan 144A 5.50% 8/1/29 #	35,000		27,971
	United Airlines
	144A 4.375% 4/15/26 #	15,000		13,271
	144A 4.625% 4/15/29 #	20,000		17,034
	VistaJet Malta Finance 144A
	6.375% 2/1/30 #	50,000		40,132
				140,506
Utilities – 0.27%
	Calpine
	144A 4.50% 2/15/28 #	16,000		14,558
	144A 5.00% 2/1/31 #	35,000		28,342
	144A 5.25% 6/1/26 #	16,000		15,229
	PG&E 5.25% 7/1/30	20,000		16,492
	Vistra
	144A 7.00% 12/15/26 #, µ, ψ	30,000		27,285
	144A 8.00% 10/15/26 #, µ, ψ	15,000		14,479
				116,385
Total Corporate Bonds
	(cost $3,814,144)			3,319,216

US Treasury Obligations – 22.66%
	US Treasury Bonds
	1.375% 8/15/50	200,000		131,738
	1.875% 2/15/51	245,000		183,893
	2.25% 8/15/49	150,000		123,146
	2.25% 2/15/52	20,000		16,466
	2.50% 2/15/45	65,000		55,179
	2.50% 2/15/46	80,000		67,897
	2.875% 5/15/43	80,000		73,019
	3.00% 5/15/42	60,000		56,297
	3.00% 2/15/47	95,000		88,784
	3.00% 8/15/48	135,000		127,622
	3.125% 11/15/41	150,000		144,100
	3.375% 5/15/44	75,000		74,089
	4.25% 11/15/40	120,000		135,680
	4.375% 11/15/39	30,000		34,684
	4.50% 5/15/38	15,000		17,700
	5.00% 5/15/37	25,000		30,925
	US Treasury Notes
	0.625% 12/31/27	500,000		438,242
	1.00% 7/31/28	800,000		707,656
	1.125% 2/15/31	90,000		77,351

Table of Contents

		Principal
		amount^°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Notes
	1.375% 8/31/23	2,820,000	$	2,769,328
	1.50% 2/15/30	255,000		229,082
	1.875% 2/28/29	230,000		213,819
	2.125% 5/31/26	955,000		922,825
	2.75% 2/15/24	2,030,000		2,023,498
	2.875% 5/31/25	905,000		901,323
	5.375% 2/15/31	230,000		271,005
Total US Treasury Obligations
	(cost $10,557,596)			9,915,348

		Number of
		shares
Common Stocks – 56.85%
Communication Services – 3.00%
	Alphabet Class A †	29		63,198
	Alphabet Class C †	19		41,562
	AT&T	5,915		123,978
	Comcast Class A	6,283		246,545
	KDDI	1,200		37,933
	Orange	4,960		58,320
	Publicis Groupe	910		44,497
	Verizon Communications	9,377		475,883
	Walt Disney †	2,342		221,085
				1,313,001
Consumer Discretionary – 6.75%
	adidas AG	540		95,500
	Amazon.com †	971		103,130
	Bath & Body Works	2,982		80,275
	Best Buy	1,991		129,793
	Buckle	1,262		34,945
	Dollar General	1,051		257,957
	Dollar Tree †	1,600		249,360
	eBay	1,482		61,755
	Ethan Allen Interiors	1,831		37,005
	H & M Hennes & Mauritz Class B	4,110		49,080
	Home Depot	1,036		284,144
	Lowe’s	1,244		217,290
	NIKE Class B	1,436		146,759
	PulteGroup	1,262		50,013
	Ross Stores	1,992		139,898
	Sodexo	1,420		99,791
	Sturm Ruger & Co.	588		37,426
	Swatch Group	485		115,071
	Tesla †	73		49,160
	TJX	7,983		445,851
	Tractor Supply	1,066		206,644
	Ulta Beauty †	164		63,219
				2,954,066

Consumer Staples – 3.95%
	Altria Group	4,870		203,420
	Archer-Daniels-Midland	3,000		232,800
	Asahi Group Holdings	800		26,209
	Conagra Brands	7,200		246,528
	Danone	1,690		94,325
	Diageo	3,050		131,079
	Essity Class B	3,930		102,613
	Kao	2,300		92,759
	Koninklijke Ahold Delhaize	4,970		129,479
	Nestle	1,340		156,423
	Philip Morris International	2,555		252,281
	Seven & i Holdings	1,400		54,347
	Vector Group	624		6,552
				1,728,815
Energy – 3.90%
	Chevron	927		134,211
	ConocoPhillips	5,295		475,544
	Devon Energy	2,182		120,250
	EOG Resources	625		69,025
	Exxon Mobil	4,413		377,929
	Kinder Morgan	11,077		185,651
	Marathon Petroleum	2,081		171,079
	Viper Energy Partners	2,350		62,698
	Williams	3,581		111,763
				1,708,150
Financials – 7.07%
	American Financial Group	1,603		222,512
	American International Group	4,400		224,972
	Ameriprise Financial	587		139,518
	BlackRock	314		191,239
	Blackstone	1,816		165,674
	Diamond Hill Investment Group	300		52,092
	Discover Financial Services	2,878		272,201
	Fidelity National Financial	389		14,377
	Invesco	6,178		99,651
	MetLife	7,559		474,630
	Moelis & Co. Class A	1,189		46,787
	New Residential Investment	7,109		66,256
	Principal Financial Group	3,313		221,275
	Prudential Financial	2,276		217,768
	S&P Global	259		87,298
	Synchrony Financial	3,659		101,062
	Truist Financial	5,300		251,379
	US Bancorp	5,300		243,906
				3,092,597
Healthcare – 8.91%
	AbbVie	2,231		341,700
	AmerisourceBergen	1,580		223,538
	Amgen	186		45,254

Table of Contents

Schedule of investments

Delaware VIP^®Trust – Delaware VIP Total Return Series

		Number of
		shares	Value (US $)
Common Stocks (continued)
Healthcare (continued)
	Baxter International	3,500	$	224,805
	Bristol-Myers Squibb	3,773		290,521
	Cigna	900		237,168
	CVS Health	2,700		250,182
	Fresenius Medical Care AG & Co.	1,780		88,847
	Gilead Sciences	1,276		78,870
	Hologic †	3,442		238,531
	Johnson & Johnson	3,796		673,828
	Merck & Co.	5,643		514,472
	Molina Healthcare †	311		86,959
	Novo Nordisk Class B	1,170		129,766
	Pfizer	2,650		138,939
	Roche Holding	290		96,768
	Smith & Nephew	9,290		129,767
	UnitedHealth Group	212		108,890
				3,898,805
Industrials – 3.40%
	Boise Cascade	1,184		70,436
	Dover	1,991		241,548
	Honeywell International	1,286		223,520
	Intertek Group	1,340		68,608
	Knorr-Bremse	720		41,061
	Lockheed Martin	496		213,260
	Makita	2,100		52,345
	Northrop Grumman	500		239,285
	Raytheon Technologies	2,739		263,245
	Securitas Class B	8,680		74,771
				1,488,079
Information Technology – 13.56%
	Adobe †	130		47,588
	Advanced Micro Devices †	719		54,982
	Amadeus IT Group †	2,610		145,401
	Apple	7,699		1,052,607
	Applied Materials	577		52,495
	Broadcom	956		464,434
	Cisco Systems	9,263		394,974
	Cognizant Technology Solutions
	Class A	3,478		234,730
	Dropbox Class A †	1,734		36,397
	Fidelity National Information
	Services	2,564		235,042
	HP	6,814		223,363
	International Business Machines	233		32,897
	KLA	198		63,178
	Lam Research	378		161,085
	Micron Technology	1,646		90,991
	Microsoft	3,773		969,020
	Monolithic Power Systems	449		172,434
	Motorola Solutions	1,200		251,520
	NetApp	2,679		174,778
	NVIDIA	858		130,064
	Oracle	3,600		251,532
	Paychex	1,946		221,591
	QUALCOMM	1,579		201,702
	SAP	1,080		98,386
	Western Union	10,388		171,090
				5,932,281
Materials – 1.31%
	Air Liquide	930		124,865
	CF Industries Holdings	1,165		99,875
	Dow	2,439		125,877
	DuPont de Nemours	4,000		222,320
				572,937
Real Estate – 0.17%
	Iron Mountain	1,542		75,080
				75,080
REIT Diversified – 0.32%
	Gaming and Leisure Properties	200		9,172
	LXP Industrial Trust	1,098		11,793
	VICI Properties	4,023		119,845
				140,810
REIT Healthcare – 0.34%
	Alexandria Real Estate Equities	272		39,448
	CareTrust REIT	452		8,335
	Healthcare Trust of America Class A	924		25,789
	Healthpeak Properties	271		7,022
	Medical Properties Trust	474		7,238
	Ventas	131		6,737
	Welltower	655		53,939
				148,508
REIT Industrial – 0.48%
	Duke Realty	842		46,268
	Plymouth Industrial REIT	199		3,490
	Prologis	1,156		136,003
	Rexford Industrial Realty	223		12,843
	Terreno Realty	223		12,428
				211,032
REIT Information Technology – 0.24%
	Digital Realty Trust	294		38,170
	Equinix	100		65,702
				103,872
REIT Lodging – 0.10%
	Apple Hospitality	1,679		24,631
	Chatham Lodging Trust †	1,057		11,046

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks (continued)
REIT Lodging (continued)
	Host Hotels & Resorts	586	$	9,188
				44,865
REIT Mall – 0.08%
	Simon Property Group	346		32,842
				32,842
REIT Manufactured Housing – 0.06%
	Equity LifeStyle Properties	142		10,007
	Sun Communities	107		17,051
				27,058
REIT Multifamily – 1.03%
	American Campus Communities	56		3,610
	American Homes 4 Rent Class A	463		16,409
	AvalonBay Communities	172		33,411
	Camden Property Trust	165		22,189
	Equity Residential	4,131		298,341
	Essex Property Trust	159		41,580
	Independence Realty Trust	611		12,666
	Mid-America Apartment
	Communities	105		18,340
	UDR	113		5,203
				451,749
REIT Office – 0.14%
	Boston Properties	49		4,360
	City Office REIT	119		1,541
	Cousins Properties	473		13,826
	Douglas Emmett	121		2,708
	Highwoods Properties	582		19,898
	Kilroy Realty	212		11,094
	Piedmont Office Realty Trust Class A	617		8,095
				61,522
REIT Self-Storage – 0.42%
	CubeSmart	283		12,090
	Extra Space Storage	276		46,953
	Life Storage	259		28,920
	National Storage Affiliates Trust	283		14,170
	Public Storage	257		80,356
				182,489
REIT Shopping Center – 0.34%
	Agree Realty	187		13,488
	Brixmor Property Group	1,259		25,444
	Kimco Realty	883		17,457
	Kite Realty Group Trust	733		12,674
	Phillips Edison & Co.	684		22,852
	Regency Centers	364		21,589
	Retail Opportunity Investments	1,221		19,267
	SITE Centers	768		10,345
	Urban Edge Properties	379		5,765
				148,881
REIT Single Tenant – 0.20%
	Four Corners Property Trust	283		7,525
	Realty Income	600		40,956
	Spirit Realty Capital	465		17,567
	STORE Capital	734		19,143
				85,191
REIT Specialty – 0.18%
	EPR Properties	36		1,689
	Essential Properties Realty Trust	510		10,960
	Invitation Homes	1,262		44,902
	Lamar Advertising Class A	65		5,718
	Outfront Media	548		9,289
	WP Carey	88		7,292
				79,850
Utilities – 0.90%
	Edison International	3,900		246,636
	Vistra	6,381		145,806
				392,442
Total Common Stocks
	(cost $24,754,223)			24,874,922

Convertible Preferred Stock – 1.43%
	2020 Mandatory Exchangeable
	Trust 144A 6.50% exercise price
	$47.09, maturity date 5/16/23 #	72		61,145
	Algonquin Power & Utilities 7.75%
	exercise price $18.00, maturity
	date 6/15/24	815		35,664
	AMG Capital Trust II 5.15%
	exercise price $195.47, maturity
	date 10/15/37	949		46,046
	Bank of America 7.25% exercise
	price $50.00 ω	63		75,884
	El Paso Energy Capital Trust I
	4.75% exercise price $34.49,
	maturity date 3/31/28	2,164		100,518
	Elanco Animal Health 5.00%
	exercise price $38.40, maturity
	date 2/1/23	1,154		36,974
	Lyondellbasell Advanced Polymers
	6.00% exercise price $52.33 ω	78		61,620
	RBC Bearings 5.00% exercise price
	$226.60, maturity date 10/15/24	841		80,147
	UGI 7.25% exercise price $52.57,
	maturity date 6/1/24	864		78,710

Table of Contents

Schedule of investments
Delaware VIP^®Trust — Delaware VIP Total Return Series

		Number of
		shares	Value (US $)
Convertible Preferred Stock (continued)
	Wells Fargo & Co. 7.50% exercise
	price $156.71 ω	39	$	47,405
Total Convertible Preferred Stock
	(cost $706,532)			624,113

Exchange-Traded Funds – 1.71%
	iShares MSCI EAFE ETF	30		1,875
	iShares Trust iShares ESG Aware
	MSCI EAFE ETF	110		6,904
	SPDR S&P Global Natural
	Resources ETF	14,158		737,490
	Vanguard FTSE Developed Markets
	ETF	10		408
Total Exchange-Traded Funds
	(cost $818,037)			746,677

Short-Term Investments – 2.96%
Money Market Mutual Funds – 2.96%
	BlackRock Liquidity FedFund –
	Institutional Shares (seven-day
	effective yield 1.32%)	323,864		323,864
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield 1.21%)	323,864		323,864
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield 1.39%)	323,864		323,864
	Morgan Stanley Institutional
	Liquidity Funds Government
	Portfolio – Institutional Class
	(seven-day effective yield 1.34%)	323,864		323,864
Total Short-Term Investments
	(cost $1,295,456)			1,295,456
Total Value of Securities–99.69%
	(cost $44,831,329)		$	43,620,780

The following foreign currency exchange contracts were outstanding at June 30, 2022:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	EUR	3,695		USD	(3,871	)	7/1/22	$	1	$	—
BNYM	GBP	2,169		USD	(2,635	)	7/1/22		6		—
BNYM	JPY	(531,734	)	USD	3,897		7/5/22		—		(23	)
Total Foreign Currency Exchange Contracts								$	7	$	(23	)

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 6 in “Notes to financial statements.”

°	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 June 30, 2022, the aggregate value of Rule 144A securities was $3,219,940, which represents 7.36% of the Series’ net assets. See Note 9 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 June 30, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
DAC – Designated Activity Company
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange

Table of Contents

Summary of abbreviations: (continued)
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
SPDR – Standard & Poor’s Depositary Receipt

Summary of currencies:
EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
USD – US Dollar

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

Table of Contents

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

June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	43,620,780
	Dividends and interest receivable		177,906
	Receivable for securities sold		63,870
	Foreign tax reclaims receivable		15,142
	Receivable for series shares sold		3,194
	Unrealized appreciation on foreign currency exchange contracts		7
	Other assets		382
	Total Assets		43,881,281
Liabilities:
	Due to custodian		3,576
	Other accrued expenses		72,588
	Payable for series shares redeemed		19,798
	Investment management fees payable to affiliates		16,350
	Payable for securities purchased		13,189
	Accounting and administration expenses payable to affiliates		422
	Unrealized depreciation on foreign currency exchange contracts		23
	Total Liabilities		125,946
Total Net Assets		$	43,755,335

Net Assets Consist of:
	Paid-in capital	$	44,761,236
	Total distributable earnings (loss)		(1,005,901	)
Total Net Assets		$	43,755,335

Net Asset Value
Standard Class:
Net assets		$	43,744,870
Shares of beneficial interest outstanding, unlimited authorization, no par			3,964,352
Net asset value per share		$	11.03
Service Class:
Net assets		$	10,465
Shares of beneficial interest outstanding, unlimited authorization, no par			951
Net asset value per share		$	11.00
____________________
*Investments, at cost		$	44,831,329

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

Table of Contents

Statement of operations
Delaware VIP^®Trust — Delaware VIP Total Return Series

Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Dividends	$	420,731
	Interest		185,626
	Foreign tax withheld		(6,542	)
			599,815

Expenses:
	Management fees		162,634
	Distribution expenses — Service Class		17
	Administration expenses		23,684
	Audit and tax fees		23,335
	Custodian fees		8,465
	Dividend disbursing and transfer agent fees and expenses		3,096
	Legal fees		1,073
	Trustees’ fees and expenses		824
	Other		24,365
			247,493
	Less expenses waived		(34,708	)
	Total operating expenses		212,785
Net Investment Income (Loss)			387,030

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		133,758
	Foreign currencies		(7,564	)
	Foreign currency exchange contracts		3,665
	Futures contracts		(3,477	)
	Options written		930
	Net realized gain (loss)		127,312
	Net change in unrealized appreciation (depreciation) on:
	Investments		(7,542,424	)
	Foreign currencies		(811	)
	Foreign currency exchange contracts		(34	)
	Net change in unrealized appreciation (depreciation)		(7,543,269	)
Net Realized and Unrealized Gain (Loss)			(7,415,957	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(7,028,927	)

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 Total Return Series

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	387,030		$	877,327
	Net realized gain (loss)		127,312			5,538,388
	Net change in unrealized appreciation (depreciation)		(7,543,269	)		2,113,842
	Net increase (decrease) in net assets resulting from operations		(7,028,927	)		8,529,557

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Standard Class		(5,441,309	)		(1,270,802	)
	Service Class		(1,219	)		(221	)
			(5,442,528	)		(1,271,023	)

Capital Share Transactions:
	Proceeds from shares sold:
	Standard Class		351,085			1,948,057
	Net asset value of shares issued upon reinvestment of dividends and distributions:
	Standard Class		5,441,308			1,270,802
	Service Class		1,219			221
			5,793,612			3,219,080
	Cost of shares redeemed:
	Standard Class		(5,655,466	)		(8,679,996	)
	Increase (decrease) in net assets derived from capital share transactions		138,146			(5,460,916	)
Net Increase (Decrease) in Net Assets			(12,333,309	)		1,797,618

Net Assets:
	Beginning of period		56,088,644			54,291,026
	End of period	$	43,755,335		$	56,088,644

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

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Financial highlights
Delaware VIP^®Total Return Series Standard Class

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

	Six months
	ended
	6/30/22¹			Year ended
	(Unaudited)			12/31/21			12/31/20			12/31/19²			12/31/18				12/31/17
Net asset value, beginning of period	$	14.29		$	12.56		$	14.29		$	12.50		$	13.83		��	$	12.58

Income (loss) from investment operations:
Net investment income³		0.10			0.21			0.24			0.22			0.24				0.18
Net realized and unrealized gain (loss)		(1.88	)		1.82			(0.44	)		2.08			(1.28	)			1.28
Total from investment operations		(1.78	)		2.03			(0.20	)		2.30			(1.04	)			1.46

Less dividends and distributions from:
Net investment income		(0.28	)		(0.30	)		(0.27	)		(0.26	)		(0.22	)			(0.21	)
Net realized gain		(1.20	)		—			(1.26	)		(0.25	)		(0.07	)			—
Total dividends and distributions		(1.48	)		(0.30	)		(1.53	)		(0.51	)		(0.29	)			(0.21	)

Net asset value, end of period	$	11.03		$	14.29		$	12.56		$	14.29		$	12.50			$	13.83

Total return⁴		(13.31%	)⁵		16.37%	⁵		0.91%	⁵		18.88%	⁵		(7.65%	)			11.75%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	43,745		$	56,077		$	54,281		$	58,637		$	51,630			$	47,910
Ratio of expenses to average net assets⁶		0.85%			0.86%			0.86%			0.93%			0.90%				0.86%
Ratio of expenses to average net assets prior to
fees waived⁶		0.99%			0.96%			1.06%			0.99%			0.90%				0.86%
Ratio of net investment income to average net
assets		1.55%			1.56%			2.01%			1.63%			1.80%				1.39%
Ratio of net investment income to average net
assets prior to fees waived		1.41%			1.46%			1.81%			1.57%			1.80%				1.39%
Portfolio turnover		33%			95%			87%			150%	⁷		68%				48%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	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.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Total return during the period reflects waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
⁷	The Series‘ portfolio turnover rate increased substantially during the year ended 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.

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Financial highlights
Delaware VIP^®Total Return Series Service Class

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

	Six months
	ended									10/31/19¹
	6/30/22²			Year ended						to
	(Unaudited)			12/31/21			12/31/20			12/31/19
Net asset value, beginning of period	$	14.23		$	12.52		$	14.29		$	13.79

Income (loss) from investment operations:
Net investment income³		0.08			0.17			0.20			0.04
Net realized and unrealized gain (loss)		(1.87	)		1.81			(0.44	)		0.46
Total from investment operations		(1.79	)		1.98			(0.24	)		0.50

Less dividends and distributions from:
Net investment income		(0.24	)		(0.27	)		(0.27	)		—
Net realized gain		(1.20	)		—			(1.26	)		—
Total dividends and distributions		(1.44	)		(0.27	)		(1.53	)		—

Net asset value, end of period	$	11.00		$	14.23		$	12.52		$	14.29

Total return⁴		(13.42%	)		15.96%			0.54%			3.63%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10		$	12		$	10		$	10
Ratio of expenses to average net assets⁵		1.15%			1.16%			1.16%			1.16%
Ratio of expenses to average net assets prior to fees waived⁵		1.29%			1.25%			1.36%			1.50%
Ratio of net investment income to average net assets		1.27%			1.26%			1.71%			1.79%
Ratio of net investment income to average net assets prior to fees waived		1.13%			1.17%			1.51%			1.45%
Portfolio turnover		33%			95%			87%			150%	^6,7

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Calculated using average shares outstanding.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Delaware VIP Trust serves as an underlying investment vehicle.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Series invests.
⁶	Portfolio turnover is representative of the Series for the entire period.
⁷	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.

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

June 30, 2022 (Unaudited)

Delaware VIP Trust (Trust) is organized as a Delaware statutory trust. The Trust consists of 12 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

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 the 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. Other debt securities 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 the 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. 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.

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

1. Significant Accounting Policies (continued)

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Series’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Series generally bifurcates that portion of realized gains and losses 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.

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. Income and capital gain distributions from any Underlying Funds in which the Series invests are recorded on the ex-dividend date. 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.” There were no such earnings credits for the six months ended June 30, 2022.

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

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

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding 0.83% of the Series’ average daily net assets for the Standard Class and 1.13% for the Service Class from April 29, 2022 through June 30, 2022.* From January 1, 2022 through April 28, 2022, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in order to prevent total 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. 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.

Macquarie Investment Management Austria Kapitalanlage AG is primarily responsible for the day-to-day management of the Series’ portfolio and determines its asset allocation.

DMC may seek investment advice and recommendations from its affiliates Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute security trades for the Series on behalf of DMC 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; Macquarie Investment Management Global Limited is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time, as well as providing quantitative support.

DMC may permit its affiliate Macquarie Funds Management Hong Kong Limited to execute Series security trades on its behalf. 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.

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series’ average daily net assets. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2022, the Series was charged $1,945 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.

(continues) 19

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

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

ended June 30, 2022, the Series was charged $580 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

____________________

*	The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Series made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	5,830,333
Purchases of US government securities		10,512,361
Sales other than US government securities		14,369,709
Sales of US government securities		7,066,355

Cost of investments and derivatives	$	44,975,563
Aggregate unrealized appreciation of investments and derivatives	$	2,803,037
Aggregate unrealized depreciation of investments and derivatives		(4,157,820	)
Net unrealized appreciation of investments and derivatives	$	(1,354,783	)

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

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	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)

The following table summarizes the valuation of the Series' investments by fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2			Total
Securities
Assets:
Common Stocks	$	24,874,922	$	—		$	24,874,922
Convertible Bonds		—		2,845,048			2,845,048
Convertible Preferred Stock		624,113		—			624,113
Corporate Bonds		—		3,319,216			3,319,216
Exchange-Traded Funds		746,677		—			746,677
US Treasury Obligations		—		9,915,348			9,915,348
Short-Term Investments		1,295,456		—			1,295,456
Total Value of Securities	$	27,541,168	$	16,079,612		$	43,620,780

Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	—	$	7		$	7
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(23	)	$	(23	)

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

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		6/30/22		12/31/21
Shares sold:
	Standard Class	26,721		147,459
Shares issued upon reinvestment of dividends and distributions:
	Standard Class	453,821		96,492
	Service Class	102		17
		480,644		243,968
Shares redeemed:
	Standard Class	(440,323	)	(642,479	)
Net increase (decrease)		40,321		(398,511	)

5. Line of Credit

The Series had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Derivatives

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.

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During the six months ended June 30, 2022, the Series entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the six months ended June 30, 2022, the Series experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statement of assets and liabilities” and “Statement of operations.”

Futures Contracts

A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. No futures contracts were outstanding at June 30, 2022.

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 securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Series buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the 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 June 30, 2022.

During the six months ended June 30, 2022, the Series entered into option contracts to manage the Series’ exposure to changes in securities prices caused by interest rates or market conditions.

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

6. Derivatives (continued)

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures				Options
	Contracts			Contracts				Written			Total
Currency
contracts		$	3,665		$	—			$	—	$	3,665
Interest rate
contracts			—			(3,477	)			—		(3,477	)
Equity
contracts			—			—				930		930
Total		$	3,665		$	(3,477	)		$	930	$	1,118

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange	Futures
	Contracts	Contracts	Total
Currency
contracts	$(34)	$—	$(34)

The table below summarizes the average balance of derivative holdings by the Series during the six months ended June 30, 2022:

	Long Derivative			Short Derivative
	Volume			Volume
Foreign currency exchange contracts (average notional value)		$	2,859		$	13,722
Futures contracts (average notional value)			66,427			10,336
Options contracts (average value)*			—			19

*Long represents purchased options and short represents written options.

7. Offsetting

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

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At June 30, 2022, 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
Bank of New York Mellon	$7	$(23)	$(16)

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received

Collateral Pledged

Pledged

Net Exposure^(a)

Bank of New York Mellon

$(16)

$—

$(16)

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

8. Securities Lending

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

8. Securities Lending (continued)

During the six months ended June 30, 2022, the Series had no securities out on loan.

9. Credit and Market Risk

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 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.

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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.

10. Contractual Obligations

11. Recent Accounting Pronouncements

(continues) 27

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Notes to financial statements
Delaware VIP^®Trust — Delaware VIP Total Return Series

11. Recent Accounting Pronouncements (continued)

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 June 30, 2022, that would require recognition or disclosure in the Series' financial statements.

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Other Series information (Unaudited)
Delaware VIP^®Trust — Delaware VIP Total Return Series

Liquidity Risk Management Program

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(2314852)
SA-VIPTR-822

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) 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. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE VIP^® TRUST

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 6, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 6, 2022

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	September 6, 2022

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